TCR_Public/140327.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Thursday, March 27, 2014, Vol. 18, No. 85

                            Headlines

ADVANCED MICRO: West Coast Hitech Stake at 18.6% as of March 7
AFA INVESTMENT: Court Approves FTI's Revised Fee Structure
ALLEN FERGUSON: Transfers to Wells Fargo Not Avoidable
ALLENS INC: Creditor Wants Sanctions For Freeborn & Peters
ANACOR PHARMACEUTICALS: Joshua Ruch Stake at 4.8% as of Feb. 13

ANACOR PHARMACEUTICALS: Wellington Stake at 9.7% as of Dec. 31
ANACOR PHARMACEUTICALS: Kingdon Capital Stake at 4% as of Dec. 31
ANACOR PHARMACEUTICALS: Baker Bros. Stake at 6.1% as of Dec. 31
ANACOR PHARMACEUTICALS: Klingenstein Stake at 2.4% as of Feb. 19
ANTERO RESOURCES: S&P Alters Outlook to Positive & Affirms BB- CCR

ARISTA POWER: Paul Packer Stake at 9.7% as of Dec. 31
BIRDSALL SERVICES: Trustee Recovers $3.95 Million from Insurance
BON-TON STORES: FMR LLC Equity Stake Down to 0%
BROWN PUBLISHING: Court Narrows Trust Suit v. Brinnon
C&K MARKET: Court Okays Hiring of Investment Realty as Broker

C&K MARKET: Taps Great American A&V for Additional Valuation
C&K MARKET: Hires Evans Elder as Real Estate Broker
CAMCO FINANCIAL: Tontine Financial No Longer a Shareholder
CAMCO FINANCIAL: Ryan Heslop No Longer a Shareholder
CAPITAL SAFETY: Moody's Rates $700MM First Lien Debt 'B1'

CAPITAL SAFETY: S&P Affirms 'B' CCR & Rates 1st Lien Loans 'B'
CASH STORE: Prohibited From Selling Payday Loan in Ontario
CASH STORE: Coliseum Capital Stake at 19.3% as of Dec. 31
CHRISTOPHER PAXOS: Wins Summary Judgment in Spirit SPE Suit
CIRCLE STAR: Issues 7.7 Million Restricted Shares

COEUR MINING: Moody's Raises Sr. Unsecured Notes Rating to 'B3'
COMMUNITY HOME: Trustee Taps John Moore as Conflicts Counsel
COTTONWOOD ESTATES: Hires Summit Sotheby as Real Estate Broker
COVANTA HOLDING: Fitch Cuts IDR to BB- & Alters Outlook to Stable
DECA FINANCIAL: Bankruptcy Trustee Takes Over

DETROIT, MI: S&P Cuts Water & Sewer Revenue Bond Ratings to 'CCC'
DETROIT, MI: S&P Puts 'CCC' Rating on Sewage Bonds on Watch Neg
DETROIT, MI: Funding from Michigan Legislature Unlikely after May
DETROIT, MI: Bankruptcy Swaps Settlement Still Being Finalized
DETROIT, MI: Syncora Objecting to New Swap Settlement

DIGITAL REALTY: Fitch Rates $300MM Series H Preferred Stock 'BB+'
DIONNE WARWICK: Chapter 7 Pays Creditors Nothing
DOLAN COMPANY: To Pay Severance to CEO Dolan and COO Pollei
DYNEGY INC: Denies Lying About Prebankruptcy Coal Deal
EAST 81ST: Petermark Wins Dismissal of Case

EASTMAN KODAK: Narrows Loss, Segments Post Decline in Q4 Sales
EDISON MISSION: Files Amendment No. 1 to 2013 Annual Report
EDISON MISSION: FERC Approves Sale to NRG Energy
ENDEAVOUR INTERNATIONAL: Talisman Stake at 14.7% as of March 3
ENOVA SYSTEMS: CEO Agrees to Lend $50,000

EVERYWARE GLOBAL: Moody's Puts 'B2' CFR on Review for Downgrade
EXIDE TECHNOLOGIES: S&P Withdraws 'D' Corporate Credit Rating
EXIDE TECHNOLOGIES: Court Approves Deal with Vernon Facility Union
FANNIE MAE: Fitch Affirms 'C' Rating on Preferred Stock
FEDERAL-MOGUL: Moody's Assigns B1 Rating on New $2.6 Billion Debt

FEDERAL-MOGUL: S&P Assigns 'B' CCR, Outlook Negative
FIBERTOWER NETWORKS: Post-Confirmation Amendment Sought
FIRST DATA: Incurs $869 Million Net Loss in 2013
FLETCHER LAUNDRY: Case Summary and Largest Unsecured Creditors
FLORIDA GAMING: Court Approves Credit Bid Settlement

FOREST CITY: Fitch Affirms 'BB-' Issuer Default Rating
GARLOCK SEALING: PI Claimants, Aetna Spar Over Info Disclosure
GENERAL MOTORS: Suit Aims to Have Firm Pay for Ignition Deception
GENERAL MOTORS: Ignition Victims Need Help From Bankruptcy Judge
GLOBAL GEOPHYSICAL: Has Forbearance, Stock Plunges

GREGORY MAUCHLEY: Stipulation Reached in Fox Hollow Suit
GUITAR CENTER: Moody's Rates New $615MM First Lien Notes 'B3'
GUITAR CENTER: S&P Lowers Corp. Credit Rating to CC; Outlook Neg.
GULFCO HOLDING: PE Firm Urges Judge to Throw Out Ch. 11
HANDLEBAR ENTERPRISES: Entertainment Bar to Close April 30

HAWAII MEDICAL: Wins Approval to Settle Dispute With GECC, Otis
HAWAII OUTDOOR: Inks Agreement to Settle Tax, Utility Claims
HOLISTIC HOTEL: Case Summary and 20 Largest Unsecured Creditors
HOPKINS COUNTY HOSP: S&P Cuts Hospital Revenue Bonds Rating to BB
HRK HOLDINGS: Maturity Dates Under DIP Facilities Extended

IZEA INC: Austin Marxe Stake at 19.9% as of Feb. 28
JACKSON HEWITT: $7MM Franchise Suit Survives Ch. 11 Discharge
JAMES RIVER: Pioneer Global Stake at 7.8% as of Dec. 31
JEFFERIES FINANCE: Moody's Affirms Ba3 CFR & B1 Sr. Bond Rating
JEFFERIES FINANCE: S&P Lowers ICR to 'B+' on Higher Leverage

KAHN FAMILY: March 28 Final Hearing on Access to Cash
KAHN FAMILY: Hearing on Further Use of Cash Collateral Tomorrow
KATHLEEN KELLOGG-TAXE: Ch.7 Trustee May Sell Vestone Way Property
LAURENTIAN BANK: S&P Assigns 'BB' Rating to Preferred Shares
LEHMAN BROTHERS: Judge Peck Reflects on 'Case Of A Lifetime'

LIGHTSQUARED INC: Judge Hears Arguments on Bankruptcy Plan
LONESTAR RESOURCE: Moody's Assigns Caa1 Corp. Family Rating
LONG BEACH MEDICAL: Court Won't Order Appointment of Ombudsman
LONG BEACH MEDICAL: Can Employ Garfunkel Wild as Counsel
LONG BEACH MEDICAL: Panel Can Retain Klestadt & Winters as Counsel

LONG BEACH MEDICAL: Files Schedules of Assets and Liabilities
LIGHTSQUARED INC: Witness Predicts FCC Airwave Approval by 2015
LOFINO PROPERTIES: Wants Atty. Application Granted Nunc Pro Tunc
MASON COPPEL: Section 341(a) Meeting Scheduled for April 16
MCCLATCHY CO: Morgan Stanley Has 2.2% of Shares as of Feb. 28

METRO AFFILIATES: Court Okays Sale of Vehicles to Holcomb Bus
MILA INC: 9th Cir. Says MERS Transfer of Note, Deed of Trust Valid
MISSISSIPPI VALLEY: Circuits Split on Allowing Constructive Trusts
MONEYGRAM INTERNATIONAL: S&P Affirms 'BB-' ICR; Outlook Stable
MONTREAL MAINE: Trustee Wants Lawyers Barred From Court

MP3TUNES LLC: Former Chief Held Liable in Music Copyright Case
MT. GOX: CEO Stashing Bitcoins Outside US, Atty Says
MT. GOX: Judge Loosens Bitcoin Freeze to Chase Assets
NEWLEAD HOLDINGS: Issues $25 Million Perpetual Preferred Shares
NEWLEAD HOLDINGS: Ironridge Stake at 9.9% as of March 4

ORMET CORP: 6th Interim Wind Down Plan Approved
PALM BEACH COMMUNITY: Plan & Disclosure Statement Due May 19
PEREGRINE FINANCIAL: Trustee Settles With Founder Wasendorf's Wife
PHYSIOTHERAPY HOLDINGS: May Assume Huron License Deal
PURE PRESBYTERIAN: Voluntary Chapter 11 Case Summary

PVR PARTNERS: S&P Raises CCR to 'BB' & Removes From Watch Positive
QBEX ELECTRONICS: Court Converts Case to Chapter 7
QUIZNOS CORP: Seeks to Employ Akin Gump as Bankruptcy Counsel
QUIZNOS CORP: Taps Richards Layton as Local Delaware Counsel
QUIZNOS CORP: Names Jonathan Tibus of A&M as Chief Admin. Officer

QUIZNOS CORP: Seeks to Hire Lazard Freres as Investment Banker
QUIZNOS CORP: Seeks to Hire Prime Clerk as Administrative Advisor
QUIZNOS CORP: Asks Court to Set May 12 as Claims Bar Date
REALOGY CORP: Amends Credit Agreement with JPMorgan
REGIONAL CARE: Court Directs Revisions to Disclosure Statement

REGIONAL CARE: Allowed to Take Back Bid for Approval of Plan Deal
REGIONAL CARE: Has Final Authority to Pay $3MM to Critical Vendors
RICHSTEAD REALTY: Foreclosure Sale Set for April 24
ROBERT N. MORAN: 5th Amended Bankruptcy Plan Confirmed
ROCKWELL MEDICAL: Incurs $48.7 Million Net Loss in 2013

RYNARD PROPERTIES: Owner of Apartment Complex Files Bankruptcy
SALEM NURSING: Ala. Judge Puts Nursing Home Under Receiver's Care
SAVIENT PHARMACEUTICALS: Gets Approval of Plan Disclosures
SCI ENGINEERING: Case Summary and 5 Largest Unsecured Creditors
SCRUB ISLAND: Assailed by Bank Over Agreement

SCRUB ISLAND: Files Reorganization Plan
SECONDMARKET INC: Plans Bitcoin Fund Targeting Regular Investors
SECURITY NATIONAL: Can Use Cash Collateral Until April 18
SECURITY NATIONAL: Gets Approval to Increase DIP Loan by $2MM
SEGA BIOFUELS: U.S. Trustee Seeks Case Conversion to Chapter 7

SEGA BIOFUELS: Gets Court Nod for $5.5 Million Improvement Loan
SENTINEL MANAGEMENT: Safe Harbor Protects Fraud, Appeals Ct Rules
SHOTWELL LANDFILL: Panel Hires Gerald Jeutter as Attorney
SILVERADO STREET: Taps David Gilmore as Attorney
SOUTH FLORIDA SOD: Seeks Approval to Sell McCall Ranch to SFWMD

SPIG INDUSTRY: Court Dismisses Chapter 11 Case
SRKO FAMILY: Proposes Roadmap for Colorado Crossing
STANWICH FINANCIAL: Agent May Amended Suit v. Bear Stearns et al.
STRATUS MEDIA: Acquires Paloma and VasculoMedics
STRATUS MEDIA: To Change Name to "RestorGenex Corporation"

TELEFONICA FINANCE: Fitch Affirms 'BB+' Preference Shares Rating
TELLEGENIX CORP: CEO Pino Dismissed in Allen & Vellone Suit
TLC HEALTH: Panel Taps NextPoint LLC as Financial Advisor
TLC HEALTH: Can Tap Cash Realty as Equipment Appraisers
TRAVELPORT HOLDINGS: Reports $192 Million 2013 Net Loss

TRIBUNE CO: Looks to Turn Readers Into Listeners
TUSCANY INT'L: Bidding Procedures Order This Week
TUSCANY INTERNATIONAL: Has Final Approval to Obtain $70MM DIP Loan
TUSCANY INTERNATIONAL: Has Authority to Assume Plan Support Deal
TWIN RIVER: Moody's Confirms 'B1' Corporate Family Rating

VERITY CORP: Delays Filing of Dec. 31 Form 10-Q
VERTIS HOLDINGS: MARTA Buys Atlanta Property for $625,000
VICTORY ENERGY: To Issue 4.1 Million Shares Under Plan
VISTEON CORP: Moody's Assigns B1 Rating on $800MM Sr. Sec. Debt
VISTEON CORP: S&P Assigns 'BB-' Rating to Senior Secured Debt

VOYAGEUR ACADEMY: S&P Lowers Rating on Revenue Bonds to 'B'
WEB.COM GROUP: S&P Raises Corp. Credit Rating to 'B+'
YRC WORLDWIDE: Files Form 10-K, Incurs $83.6 Million 2013 Loss

* Third Circuit Drives Another Nail in Frenville's Coffin
* 8th Circ. Beefs Up 'New Value' Exception to Clawbacks
* Fla. Court Can't Install Fla. Receiver For Out-Of-State Biz
* Stern Case Can't Be Used to Vacate Prior Judgments

* JPMorgan Agrees to Sell Commodities Unit for $3.5 Billion
* CFTC Begins Swaps-Data Overhaul in Effort to Boost Comprehension
* Fed "Stress Test" Results: 29 Big Banks Could Weather Big Shock
* New York Fed President Expresses Concern on Bank Leverage Rule

* Volcker Rule Will Cost Banks Up to $4.3 Billion
* Wisconsin Assembly Passes Asbestos Trust Transparency Bill
* Experts Share View on State of Corporate Restructuring

* Recent Small-Dollar & Individual Chapter 11 Filings


                             *********


ADVANCED MICRO: West Coast Hitech Stake at 18.6% as of March 7
--------------------------------------------------------------
Advanced Micro Devices, Inc., issued 34,906,166 shares of the
Company's common stock, par value $0.01 per share, pursuant to the
cashless exercise in full by West Coast Hitech, L.P., of its
warrant to purchase up to 35,000,000 shares of Common Stock at an
exercise price of $0.01 per share.  As a result, the Warrant is no
longer outstanding.

Based on the number of shares of Common Stock outstanding as of
March 7, 2014, the Warrant Shares constitute approximately 4.58
percent of the Company's total outstanding shares of Common Stock,
and as a result of the issuance of the Warrant Shares, WCH
beneficially owns approximately 141,906,166 million shares, or
approximately 18.63 percent of the Company's total outstanding
shares of Common Stock.   WCH filed a regulatory filing with the
U.S. Securities and Exchange Commission, a copy of which is
available for free at http://is.gd/2ijpdA

WCH originally acquired the warrant on March 2, 2009, in
connection with the closing of the transactions contemplated by
that certain Master Transaction Agreement, dated as of Oct. 6,
2008. The Warrant became exercisable on July 24, 2009.

The Company does not expect the issuance of the Warrant Shares to
have a material change on basic and dilutive earnings per share
amounts because the Company has previously included the full
35,000,000 shares of Common Stock issuable to WCH upon exercise of
the Warrant in the denominator for calculating basic and dilutive
earnings per share.

                    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.

For the nine months ended Sept. 28, 2013, Advanced Micro incurred
a net loss of $172 million.  Advanced Micro reported a net loss of
$1.18 billion for the year ended Dec. 29, 2012, following net
income of $491 million for the year ended Dec. 31, 2011.  As of
Sept. 28, 2013, the Company had $4.31 billion in total assets,
$3.88 billion in total liabilities and $434 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.


AFA INVESTMENT: Court Approves FTI's Revised Fee Structure
----------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware granted AFA Investment Inc. et al.'s Second
Motion for an Order Modifying Terms of Engagement of FTI
Consulting, Nunc Pro Tunc as of December 1, 2013.

Specifically, the terms of the Debtors' engagement of FTI are
modified solely to the extent necessary to replace the firm's
Monthly Fee Structure, effective Dec. 1, 2013.  The Court approved
a Second Revised Monthly Fee Structure.

The Debtors said FTI will continue to be compensated at the
revised monthly fee structure rate of $10,000 per month until
earlier of:

   i) the effective date of the plan,

  ii) the conversion or dismissal of all of the Debtors'
      respective Chapter 11 cases, or

iii) the entry of a Court order terminating the firm's
      retention or further modifying the firm's compensation.

The Debtors added that, effective Dec. 1, 2013, the firm also may
bill and be paid on an hourly basis for work relating to plan-
related services, up to an additional $125,000 in the aggregate.

                         About AFA Foods

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

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

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

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

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

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

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

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

On July 2, 2013, the Court approved a global settlement among the
Debtors, the Committee, Yucaipa, the Second Lien Agent, the WARN
Class representatives, and several other parties-in-interest.  The
Global Settlement provides for, among others, the treatment of the
second lien lenders' collateral, which comprises substantially all
of the Debtors' assets, and the resolution of various related
disputes.  The Debtors have proposed a plan of liquidation
incorporating the terms of the Global Settlement Order.


ALLEN FERGUSON: Transfers to Wells Fargo Not Avoidable
------------------------------------------------------
Lynn L. Tavenner, the trustee for the Chapter 7 bankruptcy estate
of Allen Mead Ferguson and Mary Rutherfoord Ferguson, commenced an
adversary proceeding against Wells Fargo Bank, National
Association, to avoid certain transfers under 11 U.S.C. Sec. 548
and Sec. 55-81 of the Code of Virginia, and to recover the avoided
transfers for the benefit of the bankruptcy estate under 11 U.S.C.
Sec. 550.

Beginning sometime around 2002, a series of transactions occurred
that resulted in Mr. Ferguson individually becoming indebted to
Wells Fargo on an unsecured basis.  Mr. Ferguson's liability to
Wells Fargo was evidenced over the years by a series of promissory
notes, a number of which served to roll up and refinance prior
existing obligations.  Mr. Ferguson used the proceeds from the
loans he received exclusively for commercial purposes.

This relationship changed at the beginning of 2009 when Wells
Fargo agreed to make a new unsecured loan in the amount of
$655,000, but insisted that Mr. Ferguson's wife be included as a
party to the transaction.  This marked the first time that Mrs.
Ferguson assumed responsibility for any portion of Mr. Ferguson's
debt to Wells Fargo.

On January 30, 2009, Wells Fargo placed loan proceeds of $655,000
into a joint checking account in the name of both of the Debtors.
The loan was evidenced by a promissory note dated February 2,
2009, in the original principal amount of $655,000.  The
Promissory Note specified that the loan proceeds were to be used
solely for commercial purposes.  Almost immediately after the loan
was made, Wells Fargo debited $118,740 and $450,011 respectively
from the Joint Account to satisfy the prior, outstanding
obligations that Mr. Ferguson owed individually to Wells Fargo.
An additional $1,637 was withdrawn from the Joint Account for
payment of a loan origination fee.  This left a balance in the
Joint Account of $84,610, which represented the "limited
additional availability" referenced in the Promissory Note.

Mrs. Ferguson testified at a deposition conducted by the parties
that she had no knowledge of the Joint Account and that she never
individually received any of the loan proceeds evidenced by the
Promissory Note. While the monthly statements issued by Wells
Fargo identify both Mr. and Mrs. Ferguson on the Joint Account,
and while the Deposit Account Application was signed by both of
the Debtors, indicating an election to create a joint account with
survivorship, Mrs. Ferguson never wrote a single check on the
Joint Account nor did she ever access any of the funds in the
Joint Account. Mrs. Ferguson does not deny, however, that she
executed the Promissory Note.

On June 7, 2010, Wells Fargo issued a Notice of Default and Demand
for Payment in connection with the Promissory Note.  The Debtors,
nevertheless, subsequently requested Wells Fargo to forbear from
exercising its rights under the Promissory Note to give them an
opportunity to workout repayment arrangements.  Wells Fargo agreed
to forbear in exchange for a pledge of collateral to secure the
Debtors' unsecured obligation under the Promissory Note.

The Debtors entered into a Forbearance Agreement with Wells Fargo
on August 16, 2010.  As part of the Forbearance Agreement, the
Debtors granted Wells Fargo a security interest in: (1) an art
collection which was to be sold at auction in Reno, Nevada, (2)
all of the Debtors' bonds, securities, and intangible interests,
and (3) real property located at 9 Hammock Drive, Cora, Wyoming --
Forbearance Agreement Transfers.  Except for the artwork, all of
the collateral Wells Fargo received from the Forbearance Agreement
Transfers was owned exclusively by Mrs. Ferguson or held jointly
by the Debtors as tenants by the entirety.

The Chapter 7 Trustee alleges that the value of Mrs. Ferguson's
interest in the collateral Wells Fargo received from the
Forbearance Agreement Transfers was approximately $515,000.  All
of the collateral conveyed to Wells Fargo has now been liquidated.
The proceeds realized from the liquidation of the collateral have
either been applied to the repayment of the Debtors' outstanding
obligation under the Promissory Note, or have been placed in
escrow awaiting such application pending Court authorization.

The Complaint seeks to recover the Forbearance Agreement Transfers
made by Mrs. Ferguson to Wells Fargo. The Trustee contends that
Mrs. Ferguson received no consideration from Wells Fargo in
exchange for the obligation she incurred on the Promissory Note.
The Trustee maintains that Mrs. Ferguson conveyed property during
the year immediately preceding the Petition Date to secure an
obligation in exchange for which she received less than reasonably
equivalent value.

On Jan. 31, 2014, Wells Fargo moved for summary judgment under
Rule 56(c) of the Federal Rules of Civil Procedure, as
incorporated by Rule 7056 of the Federal Rules of Bankruptcy
Procedure, contending that no material issues of fact remain in
dispute and that it is entitled to judgment on the Complaint as a
matter of law.

The Chapter 7 Trustee filed her response in opposition to the
Defendant's Summary Judgment Motion on Feb. 26, 2014.  Wells Fargo
filed a reply to the Trustee's opposition on March 3, 2014.

In a March 18, 2014 Memorandum Opinion available at
http://is.gd/TlCAP6from Leagle.com, Bankruptcy Judge Kevin R.
Huennekens held that as a matter of law Mrs. Ferguson is liable on
the Promissory Note in her capacity as a maker.  The liability
Mrs. Ferguson assumed when she executed the Promissory Note
created a valid antecedent debt that the Trustee cannot avoid
either under the Bankruptcy Code or under Virginia law.  As the
Forbearance Agreement Transfers made by Mrs. Ferguson to Wells
Fargo were given to secure a valid, non-avoidable antecedent debt,
Mrs. Ferguson received reasonably equivalent value for them.
Accordingly, the Trustee cannot avoid the Forbearance Agreement
Transfers under Sec. 548(a)(1)(B) of the Bankruptcy Code.

The case is, LYNN L. TAVENNER, TRUSTEE, Plaintiff, v. WELLS FARGO
BANK, NATIONAL ASSOCIATION, Defendant, APN 13-03067-KRH (Bankr.
E.D. Va., March 29, 2013).

                       About Allen Ferguson

Allen Ferguson, along with his wife, filed a Chapter 11 bankruptcy
petition (Bankr. E.D. Va. Case No. 11-32141) on March 31, 2011.
Mr. Ferguson also signed a Chapter 11 petition for Mercer Rug
Cleansing, Inc. on April 26, 2011 (Bankr. E.D. Va. Case No.
11-32775).  David K. Spiro, Esq., at Hirschler Fleischer, in
Richmond, represents Mercer.  Mercer is estimated to have
$1 million to $10 million in assets and debts in its Chapter 11
petition.

The Debtors' Chapter 11 case was converted on June 28, 2011, to a
case under Chapter 7 of the Bankruptcy Code, and Lynn L. Tavenner
was appointed Chapter 7 Trustee.

Mr. Ferguson, the former chairman and chief executive of Craigie
Inc., formerly one of Richmond's oldest investment banking firms,
faced federal criminal charges after admitting he lied to several
banks about his wealth to keep borrowing money.  He was charged on
Oct. 22, 2012, by the U.S. Attorney's Office with mail fraud and
money laundering.  The allegations stem from millions of dollars
in bank loans Mr. Ferguson secured by claiming as collateral
assets that did not exist.


ALLENS INC: Creditor Wants Sanctions For Freeborn & Peters
----------------------------------------------------------
Razorback Farms, Inc., and Central Produce Sales, Inc. --
claimants under the Perishable Agricultural Commodities Act --
asks the U.S. District Court for the Western District of Arkansas,
Fayetteville Division, for sanctions against Freeborn & Peters
LLP, the special counsel of Allens, Inc., hired to handle the PACA
claims for violation of Rule 9011(b) of the Federal Rules of
Bankruptcy Procedure.

Razorback is represented by Michael J. Keaton, Esq., and Scott E.
Hillison, Esq., at KEATON LAW FIRM, P.C., in Deerfield, Illinois.

A hearing to consider Razorback's motion will be held on April 18,
2014, at 9:00 a.m.

                        About Allens Inc.

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

Bankruptcy Judge Ben T. Barry presides over the cases.  The
Debtors are represented by Stan D. Smith, Esq., Lance R. Miller,
Esq., and Chris A. McNulty, Esq., at Mitchell, Williams, Selig,
Gates & Woodyard, P.L.L.C., in Little Rock, Arkansas; and Nancy A.
Mitchell, Esq., Maria J. DiConza, Esq., and Matthew L. Hinker,
Esq., at Greenberg Traurig, LLP, in New York.  Jonathan Hickman of
Alvarez & Marsal North America, LLC, serves as the Debtors' chief
restructuring officer.  Cary Daniel, Nick Campbell and Markus
Lahrkamp of A&M serve as assistant CROs.  Lazard Freres & Co. LLC
and Lazard Middle Market LLC serve as investment bankers, while GA
Keen Realty Advisors, LLC, serves as real estate advisor to the
Debtors.

The Official Committee of Unsecured Creditors tapped Eichenbaum
Liles P.A.'s Martha Jett McAlister, Esq.; and Cooley LLP's Cathy
Hershcopf, Esq., Jeffrey L. Cohen, Esq., Seth Van Aalton, Esq.,
and Robert B. Winning, Esq., as counsel.

On Feb. 12, 2014, the Court entered the order (i) authorizing and
approving the sale of substantially all of the assets of the
Allens Inc. to Sager Creek Acquisition Corp. -- which is owned by
investment funds controlled or advised by Sankaty Advisors LLC and
GB Credit Partners LLC -- free and clear of all liens, claims,
encumbrances, and interests; and (ii) approving the assumption and
assignment of certain of the Debtor's executory contracts and
unexpired leases.  The sale was expected to close Feb. 28.

The Associated Press said the assets will be sold to Sager Creek
for $124.78 million.  Katy Stech, writing for Daily Bankruptcy
Review, the investment vehicle won the bidding with a $160 million
offer, topping stalking horse bidder Seneca Foods Corp. at a
bankruptcy auction.  Seneca Foods signed an agreement to purchase
the Debtors' assets for $148 million plus assumption of specified
debt.

Counsel to the stalking horse purchaser is Tim C. Loftis, Esq., at
Jaeckle, Fleishmann & Mugel, LLP, in Buffalo, New York.  Local
counsel to the stalking horse purchaser is Charles T. Coleman,
Esq., at Wright, Lindsey & Jennings, LLP, in Little Rock,
Arkansas.

Allens Inc. scheduled $294,465,233 in total assets and
$287,945,167 in total liabilities.


ANACOR PHARMACEUTICALS: Joshua Ruch Stake at 4.8% as of Feb. 13
---------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Joshua Ruch and his affiliates disclosed that
as of Feb. 13, 2014, they beneficially owned 1,969,127 shares of
common stock of Anacor Pharmaceuticals, Inc., representing 4.8
percent of the shares outstanding.  The reporting persons
previously owned 4,535,404 shares at Oct. 24, 2013.  A copy of the
regulatory filing is available for free at http://is.gd/etZts8

                    About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

As reported in the TCR on Mar 25, 2013, Ernst & Young LLP, in
Redwood City, California, in its report on the Company's financial
statements for the year ended Dec. 31, 2012, expressed substantial
doubt about the Company's ability to continue as a going concern,
citing the Company's recurring losses from operations and its need
for additional capital.

The Company's balance sheet at Sept. 30, 2013, showed $44.88
million in total assets, $52.15 million in total liabilities,
$4.95 million in redeemable common stock and a $12.22 million
total stockholders' deficit.


ANACOR PHARMACEUTICALS: Wellington Stake at 9.7% as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Wellington Management Company, LLP, disclosed
that as of Dec. 31, 2013, it beneficially owned 3,963,880 shares
of common stock of Anacor Pharmaceuticals, Inc., representing 9.73
percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/56LCNE

                   About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

As reported in the TCR on Mar 25, 2013, Ernst & Young LLP, in
Redwood City, California, in its report on the Company's financial
statements for the year ended Dec. 31, 2012, expressed substantial
doubt about the Company's ability to continue as a going concern,
citing the Company's recurring losses from operations and its need
for additional capital.

The Company's balance sheet at Sept. 30, 2013, showed $44.88
million in total assets, $52.15 million in total liabilities,
$4.95 million in redeemable common stock and a $12.22 million
total stockholders' deficit.


ANACOR PHARMACEUTICALS: Kingdon Capital Stake at 4% as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Kingdon Capital Management, L.L.C., and
Mark Kingdon disclosed that as of Dec. 31, 2013, they beneficially
owned 1,651,437 shares of common stock of Anacor Pharmaceuticals,
Inc., representing 4.05 percent of the shares outstanding.  A copy
of the regulatory filing is available for free at:

                         http://is.gd/43pUvU

                   About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

As reported in the TCR on Mar 25, 2013, Ernst & Young LLP, in
Redwood City, California, in its report on the Company's financial
statements for the year ended Dec. 31, 2012, expressed substantial
doubt about the Company's ability to continue as a going concern,
citing the Company's recurring losses from operations and its need
for additional capital.

The Company's balance sheet at Sept. 30, 2013, showed $44.88
million in total assets, $52.15 million in total liabilities,
$4.95 million in redeemable common stock and a $12.22 million
total stockholders' deficit.


ANACOR PHARMACEUTICALS: Baker Bros. Stake at 6.1% as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Baker Bros. Advisors LP and its affiliates
disclosed that as of Dec. 31, 2013, they beneficially owned
2,500,000 shares of common stock of Anacor Pharmaceuticals, Inc.,
representing 6.1 percent based on 40,745,566 shares of common
stock outstanding as of Oct. 31, 2013, as reported in the
Company's Form 10-Q filed with the SEC on Nov. 8, 2013.  A copy of
the regulatory filing is available for free at http://is.gd/BN0x6S

                    About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

As reported in the TCR on Mar 25, 2013, Ernst & Young LLP, in
Redwood City, California, in its report on the Company's financial
statements for the year ended Dec. 31, 2012, expressed substantial
doubt about the Company's ability to continue as a going concern,
citing the Company's recurring losses from operations and its need
for additional capital.

The Company's balance sheet at Sept. 30, 2013, showed $44.88
million in total assets, $52.15 million in total liabilities,
$4.95 million in redeemable common stock and a $12.22 million
total stockholders' deficit.


ANACOR PHARMACEUTICALS: Klingenstein Stake at 2.4% as of Feb. 19
----------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Paul H. Klingenstein and his affiliates
disclosed that as of Feb. 19, 2014, they beneficially owned
1,011,413 shares of common stock of Anacor Pharmaceuticals Inc.
representing 2.4 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/ODfuwC

                    About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

As reported in the TCR on Mar 25, 2013, Ernst & Young LLP, in
Redwood City, California, in its report on the Company's financial
statements for the year ended Dec. 31, 2012, expressed substantial
doubt about the Company's ability to continue as a going concern,
citing the Company's recurring losses from operations and its need
for additional capital.

The Company's balance sheet at Sept. 30, 2013, showed $44.88
million in total assets, $52.15 million in total liabilities,
$4.95 million in redeemable common stock and a $12.22 million
total stockholders' deficit.


ANTERO RESOURCES: S&P Alters Outlook to Positive & Affirms BB- CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook to positive from stable on Denver-based Antero Resources
Corp. and affirmed its 'BB-' corporate credit rating on the
company.

S&P also affirmed its 'BB-' issue-level ratings on the company's
unsecured notes.  The recovery rating on the notes remains '3',
indicating S&P's expectation of meaningful (50% to 70%) recovery
in the event of a payment default.

"The positive outlook reflects the potential for an upgrade if the
company is able to continue to increase reserves and production in
the Marcellus and Utica shales and increase liquids production,
while continuing to improve credit measures," said Standard &
Poor's credit analyst Stephen Scovotti.

S&P could revise the outlook to stable if the company is unable to
increase proved developed reserves and production at a pace S&P
expects.  S&P could also revise the outlook to stable if the
company pursues a move aggressive financial policy, which may
include outspending cash flows by more than S&P's expectations or
making a debt funded acquisition.

S&P could raise the rating due to its assessment of an improvement
in the company's business profile.  An improvement in the business
profile would be due to continued growth in proved developed
reserves, higher production from the Marcellus and Utica, and
increased profitability as a result of a higher proportion of
liquids production.


ARISTA POWER: Paul Packer Stake at 9.7% as of Dec. 31
-----------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Paul Packer and his affiliates disclosed that
as of Dec. 31, 2013, they beneficially owned 1,800,000 shares of
common stock of Arista Power, Inc., representing 9.7 percent of
the shares outstanding.  A full-text copy of the regulatory filing
is available for free at http://is.gd/kMdraL

                        About Arista Power

Rochester, N.Y.-based Arista Power, Inc., is a developer,
manufacturer, and supplier of custom-designed power management
systems, renewable energy storage systems, and a supplier and
designer of solar energy systems.

The Company's balance sheet at Sept. 30, 2013, showed $3.07
million in total assets, $4.48 million in total liabilities and a
$1.41 million total stockholders' deficit.

"Since its formation, the Company utilized funds generated from
private placement offerings and debt to fund its product
development and operations and has incurred a cumulative net loss
of $26,831,824.  The recurring losses from operations to date
raise substantial doubt about the Company's ability to continue as
a going concern," the Company said in its quarterly report for the
period ended Sept. 30, 2013.


BIRDSALL SERVICES: Trustee Recovers $3.95 Million from Insurance
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Chapter 7 trustee for Birdsall Services Group
Inc. settled with U.S. Specialty Insurance Co., the provider of
directors' and officers' liability insurance for the defunct
engineering firm.

According to the report, in return for $3.95 million, the trustee
will release the insurer from any further liability to Birdsall
with regard to the policies and will also release claims against
company officers, directors and employees, including those who
were indicted.

The settlement also waives claims against law firms that had
represented the company, the report related.  The U.S. Bankruptcy
Judge in Trenton, New Jersey, approved the settlement last week.

The indicted officers waived $10 million in claims against
Birdsall, the report further related.  The trustee didn't release
claims against unindicted employees for sums they owe the company.

Some company officers already pleaded guilty to criminal counts
for making political contributions in violation of New Jersey's
so-called pay-to-play law, the report said.  The company's
indictment and accompanying criminal forfeiture suit led to the
Chapter 11 filing in March 2013.

                    About Birdsall Services

Birdsall Services Group Inc., an engineering firm from Eatontown,
New Jersey, filed for Chapter 11 protection (Bankr. D.N.J. Case
No. 13-16743) on March 29, 2013, when the state attorney general
indicted the business and obtained a court order seizing the
assets.

Birdsall was accused by the state of violating laws prohibiting
so-called pay-to-play, where businesses make political
contributions in return for government contracts.  The state
charged that the company arranged for individuals to make
contributions and then reimbursed the employees.  A company
officer pleaded guilty last year to making political contributions
disguised to appear as though made by individuals.

The Chapter 11 petition filed in Trenton, New Jersey, disclosed
assets of $41.6 million and liabilities totaling $27 million.
Debt includes $3.6 million owing to a bank on a secured claim and
$2.4 million in payables to trade suppliers.

In April 2013, Birdsall reached a $3.6 million settlement that
ended New Jersey's opposition to the company's bankruptcy and
resolves the state's lawsuit aiming to seize Birdsall's assets.
As part of the settlement, Edwin Stier, a member of Stier
Anderson, was appointed as Chapter 11 trustee for Birdsall.


BON-TON STORES: FMR LLC Equity Stake Down to 0%
-----------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission on March 7, 2014, FMR LLC and Edward C.
Johnson 3d disclosed that they beneficially owned 61 shares of
common stock of Bon-Ton Stores, Inc., representing 0% of the
shares outstanding.  FMR LLC previously owned 2,589,289 shares at
Feb. 13, 2014.  A copy of the regulatory filing is available for
free at http://is.gd/ahEEmN

                      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.


BROWN PUBLISHING: Court Narrows Trust Suit v. Brinnon
-----------------------------------------------------
Bankruptcy Judge Dorothy Eisenberg granted, in part, the motion
for summary judgment by Catherine Brown Brinnon, a defendant in
the lawsuit, THE BROWN PUBLISHING COMPANY LIQUIDATING TRUST,
Plaintiff, v. ROY E. BROWN, CLARENCE J. BROWN III, CLARENCE BROWN,
JR., JOYCE E. BROWN, DOROTHY HAINES, RICHARD HAINES, CATHERINE
BROWN BRINNON, CRJ INVESTMENTS LLC, AEG EQUITY HOLDINGS, LTD.,
SODALIS, L.L.C. and B'S NEST PARTNERSHIP, Defendants, Case No.
Adv. Proc. No. 12-08193 (Bankr. E.D.N.Y.).

Ms. Brown is the sister of Roy Brown and Clarence J. Brown III. Up
until November 17, 1999, she was an employee of The Brown
Publishing Company.  She and her brothers each owned a 33.3%
partnership interest in The B's Nest, an Ohio partnership and non-
debtor affiliate of BPC.  The B's Nest held the common stock of
BPC.  Roy Brown was the president of the Debtor from at least 2006
until the Debtor's bankruptcy filing on April 30, 2010.  Clancy
Brown was a member of the board of directors of BPC and eventually
became the chairman of the board.

The Trust commenced the adversary proceeding on April 30, 2012,
against individuals and entities who are either insiders of the
Debtor or entities in which the insiders have an interest.  The
Amended Complaint contains 26 causes of action against the various
defendants, including Ms. Brown, seeking to avoid numerous alleged
fraudulent transfers and preferences with respect to various
unrelated transactions.  With respect to Ms. Brown, the Plaintiff
seeks, inter alia, to avoid $2,465,000 in payments made to Ms.
Brown within four years of the chapter 11 filing as fraudulent
conveyances.

Ms. Brown seeks dismissal of counts VI through IX and counts XXI
through XXIV alleged against her in the Amended Complaint.

At the hearing on the Summary Judgment Motion held on Feb. 27,
2014, the Plaintiff agreed to the dismissal of counts XXI through
XXIV against the Defendant concerning certain payments made by the
Debtor to AXA Equitable Life Insurance Company.  What remains is
whether the Defendant's Summary Judgment Motion seeking the
dismissal of counts VI through IX which seek to avoid certain
transfers made by the Debtor to the Defendant as fraudulent
conveyances, should be granted.

In a March 20, 2014 Memorandum Decision and Order available at
http://is.gd/4WVT7Mfrom Leagle.com, the Court finds that there
are no genuine issues of fact with respect to the Defendant's
Summary Judgment Motion relating to counts XXI through XXIV
concerning the payments by the Debtor to AXA Equitable Life
Insurance Company, and therefore, Ms. Brown's Summary Judgment
Motion to dismiss counts XXI through XXIV against only this
Defendant is granted.  With respect to counts VI through IX, the
Court finds that there are genuine issues of material fact that
should be determined at trial; and therefore, the Summary Judgment
Motion to dismiss counts VI through IX against the Defendant is
denied.

James C. Frooman, Esq., at Frost Brown Todd LLC, in Cincinnati,
represents Catherine Brown Brinnon.

Lee S. Shalov, Esq., and Wade C. Wilkinson, Esq., at McLaughlin &
Stern LLP, represent the Trust.

                      About Brown Publishing

The Brown Publishing Company, Brown Media Holdings Company and
their subsidiaries filed for Chapter 11 bankruptcy (Bankr.
E.D.N.Y. Lead Case No. 10-73295) on April 30, 2010 and May 1,
2010.  BPC estimated $10 million to $50 million in assets and
debts in its Chapter 11 petition.  Edward M. Fox, Esq., and Eric
T. Moser, Esq., at K&L Gates LLP, served as counsel for the
Debtors.

BPC is a privately held community news and information
corporation, organized under the laws of the State of Ohio that,
prior to the sale of its assets, had been one of the largest
newspaper publishers in Ohio, and also operated publications in
Illinois, South Carolina, Texas and Utah.

Roy E. Brown, former CEO, shareholder, and director of each of the
debtors, and other insiders of the Debtors formed Brown Media
Corporation to acquire the assets and serve as stalking horse
bidder.  BMC offered a stalking horse bid of $15.3 million cash
plus additional consideration.  The auction commenced July 19,
2010 and lasted into the early morning hours of July 20.  With the
exception of certain assets of the Debtors located in Van Wert,
Ada and Putnam, Ohio that were sold to Delphos Herald, Inc., BMC
was the successful bidder with respect to substantially all of the
Debtors's remaining assets after making the highest and best offer
for $22.4 million cash plus additional consideration.  PNC Bank,
N.A., a secured creditor of the Debtors, was the next successful
bidder after BMC.

BMC, however, lost financing and failed to close on the sale.  The
insiders had obtained a commitment from Guggenheim Corporate
Funding, LLC and/or one of its affiliates for financing.

Subsequently, the Court approved the asset purchase agreements for
the sale of the Debtors' assets to PNC's assignee, Ohio Community
Media LLC, and to ISIS Ventures Partners LLC pursuant to orders
dated Sept. 3, 2010.  ISIS formed Dan's Papers Holdings LLC to
purchase the assets of one of the Debtors, Dan's Papers, for
$1,750,000.  PNC agreed to pay $21,750,000 for substantially all
of the Debtors remaining assets.  The total purchase price
tendered for the Debtors' assets, including cash and debt
forgiveness, was about $27.09 million.

On June 16, 2011, the Court entered an order confirming the
Debtors' chapter 11 plan which provided that any remaining assets
of the Debtors' bankruptcy estate that were not sold pursuant to
the Auction Sale, including all claims and causes of action, would
vest in a trust.


C&K MARKET: Court Okays Hiring of Investment Realty as Broker
-------------------------------------------------------------
C & K Market, Inc. sought and obtained permission from the U.S.
Bankruptcy Court for the District of Oregon to employ Investment
Realty as liquor license broker.

Investment Realty will assist in selling Debtor's liquor license
associated with the Debtor's store in Crescent City, California.

The Debtor seeks to compensate Broker at a commission rate of 10%
of the gross sale price of the Liquor License, with such
commission to be paid directly out of the proceeds from the sale
of the Liquor License without the need for a fee application and
without seeking further approval from the Court.

Roy R. Tedsen, owner of Investment 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.

Investment Realty can be reached at:

       Roy R. Tedsen
       INVESTMENT REALTY
       1495 Parkway Drive
       Crescent City, CA 95531
       Tel: (707) 464-8757
       Fax: (707) 464-1507

                         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.


C&K MARKET: Taps Great American A&V for Additional Valuation
------------------------------------------------------------
C&K Market, Inc. asks for permission from the U.S. Bankruptcy
Court for the District of Oregon to employ Great American Group
Advisory & Valuation Services, LLC to provide additional valuation
services to the Debtor's machinery and equipment.

The Debtor desires to retain Great American A&V to provide a
supplemental valuation of certain inventory, machinery, and
equipment in this Chapter 11 case.

Great American A&V has already been employed by the Debtor to
provide valuation services pursuant to a Court Order entered
March 4, 2014.

For the supplemental valuation, the Debtor will pay Great American
A&V a fixed fee of $3,000, plus out-of-pocket expenses.

Michael Marchlik, national sales and marketing director of Great
American A&V, 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.

Great American A&V can be reached at:

       Michael Marchlik
       GREAT AMERICAN GROUP ADVISORY &
         VALUATION SERVICES LLC
       21860 Burbank Blvd. Suite 300
       South Woodland Hills, CA 91367
       Tel: (818) 884-3737
       E-mail: mmarchlik@greatamerican.com

                         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.


C&K MARKET: Hires Evans Elder as Real Estate Broker
---------------------------------------------------
C&K Market, Inc. asks for permission from the U.S. Bankruptcy
Court for the District of Oregon to employ Evans, Elder & Brown,
Inc. as real estate broker.

The Debtor desires to employ Broker to assist in selling the
Debtor's real property located at Map 21-35-16-31, tax lots 01700,
02000, and 03100, Lane County, Oregon, commonly known as 48083
Highway 58, Oakridge, OR 97463 (the "Property").

The Debtor seeks to compensate Broker at a commission rate of 5%
of the gross sale price of the Property, with such commission to
be paid directly out of the proceeds from the sale of the Property
without the need for a fee application.

Alan Evans, partner of Evans Elder, 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.

Evans Elder can be reached at:

       Alan Evans
       EVANS ELDER & BROWN, INC.
       101 E. Broadway, suite 101
       Eugene, OR 97401
       Tel: (541) 345-4860
       E-mail: alan@eebcre.com

                         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: Tontine Financial No Longer a Shareholder
----------------------------------------------------------
Tontine Financial Partners, L.P., and its affiliates disclosed in
an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission that as of Dec. 31, 2013, they ceased to be
the beneficial owner of any shares of common stock of Camco
Financial Corporation.  Tontine, et al., previously owned
400,794 common shares at Dec. 31, 2012.   A copy of the regulatory
filing is available for free at http://is.gd/OQCxlI

                       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 filed on March 10, 2014, a Form 15 with the U.S.
Securities and Exchange Commission to terminate the registration
of its common stock under Section 12(g) of the Securities Exchange
Act of 1934.  Effective March 1, 2014, Camco Financial merged with
and into Huntington Bancshares Incorporated, with Huntington
Bancshares Incorporated surviving the merger as the surviving
corporation.

                           *    *     *

This concludes the Troubled Company Reporter's coverage of Camco
Financial until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


CAMCO FINANCIAL: Ryan Heslop No Longer a Shareholder
----------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Ryan Heslop and his affiliates disclosed that
as of Dec. 31, 2013, they ceased to own any shares of common stock
of Camco Financial Corporation.  The reporting persons previously
held 1,436,418 common shares at Jan. 1, 2013.  A copy of the
regulatory filing is available for free at http://is.gd/QFt9ed

                       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 filed on March 10, 2014, a Form 15 with the U.S.
Securities and Exchange Commission to terminate the registration
of its common stock under Section 12(g) of the Securities Exchange
Act of 1934.  Effective March 1, 2014, Camco Financial merged with
and into Huntington Bancshares Incorporated, with Huntington
Bancshares Incorporated surviving the merger as the surviving
corporation.

                           *    *     *

This concludes the Troubled Company Reporter's coverage of Camco
Financial until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


CAPITAL SAFETY: Moody's Rates $700MM First Lien Debt 'B1'
---------------------------------------------------------
Moody's Investors Service assigned B1 ratings to Capital Safety
North America Holdings Inc.'s ("Capital Safety") proposed $65
million revolving credit facility and to its $700 million first
lien term loan, and assigned a Caa1 rating on the proposed $135
second lien term loan. Moody's also affirmed the company's B2
corporate family and B2-PD probability of default ratings. The
rating outlook is stable. Proceeds from these offerings will be
used to fund a dividend primarily to Kohlberg Kravis Roberts &
Co., ("KKR"), and to repay approximately $418 million due on its
term loan and $125 million of private high yield debt. The B1
ratings on the Company's existing revolving credit facility and
term loan will be withdrawn upon repayment.

Ratings:

Capital Safety North America Holdings Inc.

Corporate Family Rating: affirmed B2

Probability of Default Rating: affirmed B2-PD

$65 million first lien revolving credit facility due 2019:
assigned B1 / LGD3-41%

$700 million first lien term loan due 2021: assigned B1 / LGD3-41%

$135 million second lien term loan due 2022: assigned Caa1 / LGD6-
91%

Rating Outlook: Stable

Ratings Rationale

The B2 corporate family and probability of default ratings reflect
Capital Safety's small scale, meaningful debt, and high revenue
concentration in fall protection products. The rating also
recognizes the cash generating and deleveraging capacity that is
supported by the company's strong business position and its high
profit margins. These strengths, however, are mitigated by a
financial strategy geared toward returning capital to
shareholders, as evidenced by the dividend distribution. This
distribution will result in pro forma leverage of approximately
6.5 times on a Moody's adjusted basis. Over the next 12 to 18
months, Moody's expects low- to mid-single digit organic revenue
growth, modest improvements in margins and free cash flow
generation, resulting in an improvement in credit metrics. Moody's
expect the Company's initially high leverage to improve to
approximately 6 times by the end of FYE March 2015 on a Moody's
adjusted basis, which should decline further if the current
revenue and margin growth trajectories continue.

The B1 rating on the $65 million first lien revolver and $700
million term loan reflect their senior secured first priority
position on the majority of the company's assets with an
anticipated above average recovery on the company's capital
structure.

The Caa1 rating on the subordinate $135 million second lien term
loan reflecting its significant expected loss in a default
scenario.

The ratings benefit from the well established market for fall
protection products -- which are a necessity product and are
required by OSHA regulations in the US for applications involving
workers at height. Quality safety products not only help protect
employees on the job but also protect employers by increasing
safety levels, reducing job injuries and employee absences, and
potentially improving their position in the event of a lawsuit.
Moreover the cost of safety products is low when compared to total
project costs. The company's good brand position within the
industry is believed to be a competitive advantage. The rating
also benefits from the company's good margins and positive free
cash generation. The ratings are limited by the cyclical nature of
the company's end markets -- which are tightly correlated with
GDP, high current leverage, and the role of the financial sponsor
with further risk of leveraging transactions.

The company's liquidity, pro-forma for the refinancing, is
considered to be good with the $65 million revolver expected to be
undrawn at closing, approximately $56 million of available cash on
the balance sheet, and the expectation for modest positive free
cash flow generation in FYE 2014 and FYE 2015. Annual debt
amortization is limited at $7 million; 1% of the principal of the
first lien term loan. While the current transaction provides for
the company to pay a substantial dividend, the company has not
paid a dividend since being acquired by affiliates of KKR from
Arle Capital in January 2012. Total revenues for the LTM period
ended December 31, 2013 totaled approximately $390 million.

Adjusted leverage over 6.5 times on a sustained basis, negative
free cash flow, or a material decline in margins could lead to a
ratings downgrade. Items that could result in a positive rating
action include leverage improving and remaining below 5 times on a
Moody's adjusted basis, free cash flow/debt over 10%, and evidence
of a commitment to a more conservative financial policy.

Capital Safety Group S.A., headquartered in Bloomington, MN, is a
global manufacturer and distributor of fall-arrest and rescue
systems -- such as harnesses, lanyards, and anchor points -- used
in the construction, energy, and industrial sectors. The company
is majority-owned by affiliates of Kohlberg Kravis Roberts & Co.
LP.


CAPITAL SAFETY: S&P Affirms 'B' CCR & Rates 1st Lien Loans 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Bloomington, Minn.-based Capital Safety Group
S.A.  The rating outlook is stable.

At the same time, S&P assigned the company's proposed first-lien
credit facilities, including a $65 million revolver and a
$700 million first-lien term loan, its 'B' issue-level rating,
with a recovery rating of '3', indicating S&P's expectation for
meaningful (50%-70%) recovery in a default scenario.

In addition, S&P assigned the company's proposed new $135 million
second-lien credit facility its 'CCC+' issue-level rating, with a
recovery rating of '6', indicating S&P's expectation for
negligible (0%-10%) recovery in a payment default scenario.

The rating on Capital Safety reflects the company's "highly
leveraged" financial risk profile and "weak" business risk
profile.  Capital Safety's weak business risk profile stems from
its narrow focus in a niche market, fall protection equipment,
which is a subset of the competitive and fragmented personal
protection equipment industry.  The company's leading market
position, brand recognition, and a significant proportion of
recurring revenue partially offset the negative factors.

Capital Safety manufactures fall protection, confined space, and
rescue equipment such as harnesses, lanyards, blocks, and anchor
points through its two brands--DBI-SALA and PROTECTA.  Demand for
the company's products continues to be tied to safety regulations
and compliance rates, as well as to the activity of the company's
end markets, which include construction, oil and gas, industrial,
utilities, telecom, and others.  S&P believes the company should
continue to benefit from rising safety regulations and increasing
compliance rates as well as from oil and gas-related activity and
a modest uptick in nonresidential construction growth.  S&P
expects Capital Safety to maintain its No. 1 market share in the
global fall protection market, particularly in North America,
Asia, and South America.  The company's overall geographic
diversity should continue to be fair, with about 40% of revenues
coming from outside of North America; its presence in emerging
markets should continue to increase.

"We expect the company's customers will continue to exhibit some
brand loyalty and should remain less price-sensitive because of
the critical nature of the products as well as the training
services that the company provides.  The volatility of the
company's raw material costs (including steel) could pressure
margins, but we believe Capital Safety will be able to pass
through most raw material inflation to its customers, although
there could be a time lag between cost increase and price
increases.  The company could have product liability claims if a
significant accident or safety failure were linked to its
products.  Capital Safety carries insurance, and therefore we do
not expect the financial effect of such occurrences to be
material. We expect the company to maintain margins that we
consider to be above average for capital goods manufacturers," S&P
said.

"We continue to view Capital Safety's financial risk profile as
'highly leveraged.'  Financial sponsor Kohlberg Kravis Roberts &
Co. L.P. (KKR) owns Capital Safety.  We assess Capital Safety's
financial policy as "Financial Sponsor-6," which reflects our
forecast that the company will maintain metrics consistent with a
highly leveraged financial risk profile. Pro forma for the
transaction, we expect debt to EBITDA (adjusted to include
operating leases and pension liabilities) will be about 6x, and
funds from operations (FFO) to total debt of about 10% as of
March 31, 2014.  We expect the company will gradually reduce debt
using free cash flow, but that metrics will remain in line with
our expectations for the rating, which include leverage of 5x to
6x and FFO to debt of less than 12%," S&P added.


CASH STORE: Prohibited From Selling Payday Loan in Ontario
----------------------------------------------------------
The Ontario Superior Court of Justice has ordered that Cash Store
Financial is 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 Company's subsidiaries have
already applied for licenses under the Payday Loans Act in
anticipation of changes in regulatory requirements.

In February 2013, the Company began brokering the basic line of
credit as part of a wider initiative to offer a risk-based suite
of line of credit products allowing customers to build credit and
gain access to less costly funding.  On June 7, 2013, an
application was commenced in the Ontario Superior Court of Justice
pursuant to section 54(1) of the Payday Loans Act seeking a
declaration that the basic line of credit constitutes a payday
loan under subsection 1(1) of the Payday Loans Act.  The
application was heard on Nov. 29, 2013.

As part of its overall business strategy, the current regulatory
environment and the decision, the Company has taken the steps
necessary to immediately cease offering all line of credit
products offered to its customers in Ontario branches.

The Registrar of the Ministry of Consumer Services in Ontario had
proposed to refuse to issue a license to the Company's
subsidiaries, The Cash Store Inc. and Instaloans Inc. under the
Payday Loans Act, 2008.  The Payday Loans Act provides that
applicants are entitled to a hearing before the License Appeal
Tribunal in respect of a proposal by the Registrar to refuse to
issue a license.  The Cash Store Inc. and Instaloans Inc. will be
requesting a hearing.

The Company is not currently permitted to sell any payday loan
products in Ontario.  The Company is no longer offering any of its
line of credit products in Ontario.

                    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.


CASH STORE: Coliseum Capital Stake at 19.3% as of Dec. 31
---------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Coliseum Capital Management, LLC, and its
affiliates disclosed that as of Dec. 31, 2013, they beneficially
owned 3,386,378 common shares, no par value per share, of
The Cash Store Financial Services Inc. representing 19.3 percent
of the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/pgRa3U

                     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.


CHRISTOPHER PAXOS: Wins Summary Judgment in Spirit SPE Suit
-----------------------------------------------------------
SPIRIT SPE PORTFOLIO 2007-1 LLC, Plaintiff, v. CHRISTOPHER PAXOS,
Defendant, Adv. Proc. No. 12-6112 (Bankr. N.D. Ohio, August 13,
2012), seeks to determine that a judgment it holds against Mr.
Paxos is nondischargeable under 11 U.S.C. Sec. 523(a)(2) and (4).
In 2011, the Carroll County Common Pleas Court issued a default
judgment in the Plaintiff's favor, and against the Defendant and
others, jointly and severally, in the amount of $1,075,187.  The
Plaintiff contends the judgment was the result of fraud and should
be excepted from discharge.

On March 19, 2014, Judge Russ Kendig issued a Memorandum of
Opinion, which is available at http://is.gd/IyyGOWfrom
Leagle.com, granting the Defendant's motion for summary judgment.
Judge Kendig said the debt the Plaintiff seeks to find
nondischargeable arises from a state court default judgment that
is not subject to collateral estoppel because there was no express
adjudication of the fraud issue.  The Defendant, however, in an
admission, established that he did not possess the requisite
intent for the underlying causes of action seeking
nondischargeability. For this reason, the Court grants Defendant's
motion for summary judgment.

The Court also strikes the Plaintiff's response to the Defendant's
renewed motion for summary judgment, which response was filed more
than six weeks late, specifies no justification for the late
filing, and is not responsive to the renewed motion.

Christopher Paxos filed a chapter 11 petition (Bankr. N.D. Ohio
Case No. 12-61280) on May 4, 2012.


CIRCLE STAR: Issues 7.7 Million Restricted Shares
-------------------------------------------------
Circle Star Energy Corp. authorized the issuance of a total of
7,758,621 restricted shares of its common stock for the following:

   * 4,310,345 shares to S. Jeffrey Johnson for a bonus of
     $50,000, including a tax gross-up adjustment of 25 percent;

   * 3,103,448 shares to Jayme Wollison for accrued salary of
     $135,500, which is being settle for $45,000; and

   * 344,828 shares to an employee of the Company for a bonus of
     $5,000.

All of the shares were valued at $0.0145, being the closing price
of the shares on March 6, 2014.

                         About Circle Star

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

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

Circle Star incurred a net loss of $10.81 million for the year
ended April 30, 2013, following a net loss of $11.07 million
during the prior year.  The Company's balance sheet at Oct. 31,
2013, showed $3.33 million in total assets, $5.54 million in total
liabilities and a $2.21 million total stockholders' deficit.

"At October 31, 2013, we had cash and cash equivalents of $84,391
and a working capital deficit of $5,279,080.  For the six months
ended October 31, 2013, we had a net loss of $477,298 and an
operating loss of $336,832 and cash provided by operations
amounted to $50,019.  As of October 31, 2013 our 10% convertible
notes payable due February 8, 2013 in the principal amount of
$2,750,000 had matured, and the principal and accrued interest
remain outstanding, which notes are currently in default and in
litigation," the Company said in its quarterly report for the
period ended Oct. 31, 2013.

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


COEUR MINING: Moody's Raises Sr. Unsecured Notes Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured notes
rating of Coeur Mining, Inc. to B3 from Caa1, and affirmed the
company's Corporate Family Rating (CFR) and Probability of Default
Rating of B3 and B3-PD, respectively. Moody's also affirmed the
Speculative Grade Liquidity Rating at SGL-2. The ratings outlook
is stable.

Ratings Rationale

The upgrade of the senior unsecured rating to B3, the same level
as the CFR, follows the company's cancellation of its secured
revolver and reflects the preponderance of unsecured notes in the
capital structure, relative to a modest balance of priority
accounts payables and no remaining secured debt. On March 20,
2014, the company announced the termination of its $100 million
senior secured revolving credit facility ("revolver") effective
March 25, 2014. Also in March 2014 the company completed an
offering of $150 million in senior unsecured notes due 2021 as an
add-on to existing $300 million in senior unsecured notes. These
actions improve the position of senior unsecured instruments in
the liability waterfall under our Loss Given Default (LGD)
methodology.

Coeur's Speculative Grade Liquidity rating of SGL-2 reflects
Moody's view that Coeur will maintain good liquidity over the next
four quarters, highlighted by a substantial cash cushion and our
expectation of modestly positive free cash flows in spite of the
recent weakness in metal prices. As of December 31, 2013 the
company's cash balance stood at approximately $200 million, and
Moody's expect it to increase following the recent $150 million
note offering. The company has indicated that it expects capital
expenditures in 2014 of $65 to $80 million, which is lower than
$101 million in 2013 and $116 million in 2012. Despite the
termination of its revolver, Moody's believes that the company can
support its working capital and capital requirements over the next
four quarters given the substantial cash balance and our
expectations for cash flow generation. The SGL-2 rating further
reflects the unencumbered nature of the company's assets and
absence of restrictive financial covenants following the
termination of the revolver.

Coeur's B3 corporate family rating reflects its modest size and
limited mine diversification, relatively short reserve life,
exposure to geopolitical risks, and uncertainties over potential
investments that the company may make to boost its reserve life
and productive capacity. The rating also captures the company's
weakened debt protection metrics and higher leverage as a result
of earnings deterioration on lower precious metal prices and a
high cost position. Nevertheless, the ratings are supported by the
company's flexibility to scale down production and reduce per-unit
costs and capital investments if metal prices continue to
deteriorate.

The stable outlook reflects Moody's expectation that the company
will maintain modestly positive free cash flows, with debt-to-
EBITDA, as adjusted, tracking below 5.5 times on a sustained
basis.

Ratings could be downgraded if prices of gold and silver decline
sharply, and if the company's cost position remains high such that
profit margins, debt protection metrics and the company's
liquidity position deteriorate significantly. Quantitatively,
ratings could be lowered if debt-to-EBITDA is likely to exceed and
be sustained above 5.5 times, EBIT-to-interest likely to fall and
be sustained below 1.0 times, EBIT margins likely to fall and be
sustained below 2% and the company generates negative free cash
flow on a sustained basis.

Given the near term price and cost headwinds facing Coeur, an
upward movement in the rating is unlikely at this point. The
ratings could be upgraded if the company can improve its cost
position and demonstrate stable operating performance even at
lower gold and silver prices. Quantitatively, ratings could be
upgraded if debt-to-EBITDA were sustained below 4.0 times, EBIT-
to-interest above 3.0 times and EBIT margins above 4%.

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.

Coeur Mining, Inc. (Coeur) is a mid-tier silver and gold producer
whose properties include the Kensington gold mine in Alaska,
Rochester silver and gold mine in Nevada, Palmarejo silver and
gold mine in Mexico, and the San Bartolome silver mine in Bolivia.
The company also has additional assets in Mexico, Argentina and
Australia. For the fiscal year ending December 31, 2013, the
company generated revenues of approximately $746 million and had
silver and gold production of roughly 17 million ounces and
262,200 ounces, respectively.


COMMUNITY HOME: Trustee Taps John Moore as Conflicts Counsel
------------------------------------------------------------
Kristina M. Johnson, the Chapter 11 trustee of the estate of
Community Home Financial Services, Inc., asks for permission from
the U.S. Bankruptcy Court for the Southern District of Mississippi
to employ John D. Moore of the Law Offices of John D. Moore, P.A.
as special counsel, nunc pro tunc to Mar. 3, 2014.

As special conflicts counsel, the Moore law firm will represent
the Trustee in certain real estate matters in which Jones Walker
LLP, the Trustee's main counsel, may have an actual or perceived
conflict, and any related litigation by rendering legal services
that include, but are not limited to:

   (a) assist the Trustee in evaluating title issues and whether
       the Estate has equity in properties in which competing
       lienholders have begun foreclosure;

   (b) advise the Trustee whether or how to protect any equity the
       Estate has in property subject to such foreclosure
       proceedings;

   (c) represent the Trustee in such foreclosure proceedings,
       including filing responsive and other pleadings;

   (d) represent the Trustee in negotiations with competing
       lienholders, borrowers, and borrower bankruptcy trustees;
       and

   (e) represent the Trustee in contested matters or adversary
       proceedings filed in this Chapter 11 case or in bankruptcy
       cases filed by borrowers.

The Moore law firm will be paid at these hourly rates:

       John D. Moore                     $340
       Kim Grant, Legal Assistant        $95

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

Mr. Moore 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 Southern District of Mississippi will hold a
hearing on the application on April 15, 2014, at 2:30 p.m.

The firm can be reached at:

       John D. Moore, Esq.
       LAW OFFICES OF JOHN D. MOORE, P.A.
       301 Highland Park Cove, Suite B
       P.O. Box 3344
       Ridgeland, MS 39158-3344
       Tel: (601) 853-9131
       Fax: (601) 853-9139
       E-mail: john@johndmoorepa.com

                        About Community Home

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.

The Debtor was first represented by Roy H. Liddell, Esq., and
Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as
Chapter 11 counsel.  Wells Marble was terminated Nov. 13, 2013.
The Debtor is now being represented by Derek A. Henderson, Esq.,
in Jackson, Miss.  In 2013, the Debtor sought to employ David
Mullin, Esq., at Mullin Hoard & Brown LLP, as special counsel.

On Aug. 8, 2013, the Court approved the Disclosure Statement
explaining the Debtor's Plan of Reorganization dated Jan. 29,
2013.

Kristina M. Johnson has been appointed the Chapter 11 trustee for
Community Home Financial Services, at the behest of the United
States Trustee.


COTTONWOOD ESTATES: Hires Summit Sotheby as Real Estate Broker
--------------------------------------------------------------
Cottonwood Estates Development, LLC seeks authorization from the
Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah to employ Summit Sotheby's International Real
Estate as real estate broker.

Summit Sotheby would provide real estate brokerage services
through Feb. 7, 2016, to the Debtor's property described as Tavaci
Development of 38 Lots, Cottonwood Canyon Estates, UT 84121.

Summit Sotheby's standard 6% commission on each sale.  However, if
DR Horton purchases lots in Tavaci, the commission is reduced to
3% and Summit Sotheby agrees to pay 25% of the 3% commission to CR
Referral, an unrelated entity.

Paul Benson of Summit Sotheby 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.

Summit Sotheby can be reached at:

       Paul Benson
       SUMMIT SOTHEBY'S INTERNATIONAL REALTY
       625 Main Street
       Park City, UT 84060
       Tel: (435) 640-7441
       Fax: (435) 214-0014

Cottonwood Estates Development, LLC filed a Chapter 11 petition
(Bankr. D. Utah Case No. 13-34298) on Dec. 30, 2013, in Salt Lake
City, Utah.  James W. Anderson, Esq., at Miller Guymon, PC, in
Salt Lake City, serves as counsel to the Debtor.  The Debtor
estimated up to $50 million in both assets and debts.


COVANTA HOLDING: Fitch Cuts IDR to BB- & Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Rating
(IDR) of Covanta Holding Corporation (CVA) and Covanta Energy
Corporation (CEC) to 'BB-' from 'BB'.  Fitch has revised the
Rating Outlook to Stable from Negative for both companies.  The
ratings of CVA and CEC have been withdrawn as the ratings are no
longer considered by Fitch to be analytically relevant to the
agency's coverage.

Credit metrics for CVA and CEC have continuously weakened due to
higher maintenance expenses and lower margins on renewal of
expiring waste management and energy sale contracts.  Aging
equipment, declining metal prices, and ongoing exposure to low
waste and energy prices further stress credit protection measures
under Fitch's conservative rating case assumptions.  Fitch's
rating case assumptions include low margins from spot electricity
and recycled metal sales, higher than normal generating assets
maintenance expenses, and low waste volume growth over next three
years.  Rating concerns include an aggressive shareholder
distribution policy and elevated capex.

Key Rating Drivers

Weakening Metrics: Fitch estimates funds from operations (FFO)
based leverage will weaken and remain between 5.5x and 6.0x
through 2016.  Meanwhile, EBITDAR-to-interest coverage ratios are
expected to fall to around 3x by the end of 2016.  Rising
equipment maintenance costs, higher capex, and low metal prices
are among the main reasons for the weakening credit protection
measures.

Increasing Exposure to Market Risks: Power prices have been
adversely affected by low peak-demand and natural gas prices,
which Fitch expects to persist in the near-to-intermediate term.
In addition, a significant portion of Covanta's electricity
generation volume will be rolling off lucrative long-term
electricity sales contracts over next three years.  Covanta also
faces similar pricing environment for its waste management
contracts that will be up for renewal over next three years.  The
new contracts are expected to be for a shorter duration than the
previous contracts and will expose the Company frequently to the
market based pricing.

Increasing Operating Costs: Higher maintenance costs and increased
unscheduled outages at CEC's aging generating assets will continue
to weigh on future cash flow, in Fitch's opinion.

Environmental Regulations May Challenge Future Cash Flow: Costs
incurred to comply with MACT rules is recoverable under existing
contractual arrangements, however, application of MACT rule to
biomass plants will still result in addition costs for CVA. In
addition to the MACT Rule, the PM2.5 Rule (Ambient Air Quality
Standards from fine particulate matter) will be a factor in the
future expansions and equipment replacement decisions, in Fitch's
opinion.

Stable Outlook: Sustainable Cash Flows from Waste Processing with
high quality counter parties -- mainly municipalities and local
governments support the Stable Outlook.  These contracts not only
provide cash flow sustainability, but also improve visibility over
the rating horizon.  In addition, manageable debt maturities and
available liquidity, through 2016, also support the Stable Outlook
Strong Liquidity: Cash and cash equivalents totaled $198 million
at Dec. 31, 2013.  Additional liquidity includes $519 million
available under a $900 million revolving credit facility. Covanta
primarily uses its revolver to support letters of credit (LOCs) as
well as for general corporate purposes.  As of Dec. 31, 2013,
Covanta had $271 million in LOCs outstanding under its revolver
and $110 million in borrowings.  The company's debt maturity
through 2016 are manageable with the partial prefunding of its
2014 debt maturities with the issuance of $400 million 5.875%
unsecured notes.

Fitch has downgraded and withdrawn the following ratings:

Covanta Holding Corporation (CVA)

   -- Long-term IDR to 'BB-' from 'BB';
   -- unsecured tax-exempt bonds to 'BB' from 'BB+';
   -- Senior unsecured debt to 'BB-'from 'BB'.

Covanta Energy Corporation (CEC)

   -- Long-term IDR to 'BB-' from 'BB';
   -- Senior secured debt to 'BB+' from 'BBB-'.

The Rating Outlook is revised to Stable from Negative.

RATING SENSITIVITY

Positive: An upgrade of CVA and its subsidiary, CEC, is considered
unlikely given their credit profile.

Negative: Future developments that may, individually or
collectively, lead to a lower rating include:

   -- Decline in the credit metrics, with EBITDAR/interest
      expenses remaining below 2.5x and adjusted debt/FFO ratio
      remaining above 6x on a sustainable basis.

   -- Additionally, new environmental rules or changes to the
      regulatory framework adversely affecting cash flows and a
      leveraged acquisition will also lead to a lower rating.


DECA FINANCIAL: Bankruptcy Trustee Takes Over
---------------------------------------------
The Indiana Business Journal reported that Fishers-based bill-
collection firm Deca Financial Services LLC missed a March 17
deadline to come up with more than $11 million to avoid
involuntary Chapter 11 reorganization sought by its creditors.

That means bankruptcy trustee Ellen Fujawa will take control of
the firm, which in 2012 was named one of the fastest growing
Indiana companies and offered $2.5 million in conditional tax
credits from the Indiana Economic Development Corp. for its job-
creation plans, according to the report.

Deca, founded in 2010, told the bankruptcy court earlier this
month that it had lined up financing to pay creditors to avoid
being forced into Chapter 11, the report related.  But David J.
Tipton, an attorney for the company, said the plan hit a snag when
a potential purchaser of company land pulled out at the last
minute.

Earlier this month, U.S. Bankruptcy Judge Robyn Moberly told Deca
if it failed to make the deadline the trustee would immediately
assume control of the company, the report further related.

The company is believed to have 80 employees and about 200
customers, the report said, citing court documents.

David Hoeft, Emergency Medicine Associates, MW Consulting, LLC
Commission, and Whitaker Physician Billing, which holds claims
aggregating $362,750, filed an involuntary Chapter 11 petition
against DECA Financial Services, LLC, on Feb. 21, 2014 (Case No.
14-01093, Bankr. S.D. Ind.).  The case is assigned to Judge Robyn
L. Moberly.

The Petitioners' counsel is Samuel D. Hodson, Esq., at TAFT
STETTINIUS & HOLLISTER LLP, in Indianapolis, Indiana.


DETROIT, MI: S&P Cuts Water & Sewer Revenue Bond Ratings to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings on Detroit's water and sewer revenue bonds to 'CCC' from
'BB-'.  The ratings remain on CreditWatch with negative
implications, indicating that Standard & Poor's could lower them
further within 90 days as the city moves through the bankruptcy
process.

"We lowered our rating because we view the obligations as
currently vulnerable to nonpayment," said Standard & Poor's credit
analyst Scott Garrigan.  In Standard & Poor's view, the city's
Plan of Adjustment indicates that the treatment of the water- and
sewer-related debt classes could involve an exchange offer where
investors receive less value than the promise of the original
securities.  S&P views such an exchange as tantamount to a
default.

"We could remove the rating from CreditWatch, or even raise the
rating," said Mr. Garrigan, "if we determine that there is a
diminished likelihood of an exchange offer involving less value
than the original promise."  In determining this, S&P will
consider the answers to additional information as it considers
appropriate, based on its criteria.


DETROIT, MI: S&P Puts 'CCC' Rating on Sewage Bonds on Watch Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services has corrected by placing its
'CCC' rating on Detroit's series 1998A and B sewage disposal
system revenue refunding bonds on CreditWatch with negative
implications.  This action follows Standard & Poor's March 25,
2014, downgrade of its underlying rating (SPUR) to 'CCC' from
'BB-'.


DETROIT, MI: Funding from Michigan Legislature Unlikely after May
-----------------------------------------------------------------
Paul Egan, writing for Detroit Free Press, reported that getting
$350 million in state money to put toward a global settlement of
the Detroit bankruptcy case could be "extremely difficult" if
lawmakers haven't taken action by May, Gov. Rick Snyder said.

But Snyder also said he -- like many lawmakers -- is looking for
retirees, unions and the city to reach some kind of preliminary
agreement as a first step that would make it easier to get the
funding package through the Legislature, according to the report.

Snyder has proposed adding $350 million over 20 years from the
state's tobacco settlement fund to about $465 million pledged by
foundations and the Detroit Institute of Arts as part of a grand
bargain intended to minimize the impact of the bankruptcy on
Detroit pensioners while preventing a sell-off of DIA artwork, the
report related.

Snyder has said the state money, which must be approved by the
Legislature, would be conditional on a final settlement signed off
on by retirees and city employee unions, the report further
related.

"A lot of that is evolving still," Snyder told reporters at the
Capitol, the report cited.

                 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 Swaps Settlement Still Being Finalized
--------------------------------------------------------------
Nathan Borney, writing for Detroit Free Press, reported that the
city of Detroit is still putting the finishing touches on a
bankruptcy debt settlement with two global banks, officials said
on March 20.

A Detroit bankruptcy attorney told Judge Steven Rhodes that the
city is still finalizing documents related to its deal to pay $85
million to eliminate a $288 million "swaps" debt with Bank of
America Merrill Lynch and UBS, according to the report.

The settlement is not a done deal until the city and the banks
give their final approval and until Judge Rhodes signs off, the
report related.

Bill Nowling, a spokesman for Detroit emergency manager Kevyn Orr,
said in an email that the process is part of the "normal course of
business," Reuters further related.

Judge Rhodes -- who has twice rejected previous swaps settlements
as too generous for the banks -- has set a April 3 hearing to
consider approval of the new deal, the report added.

                 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: Syncora Objecting to New Swap Settlement
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that bond insurer Syncora Guarantee Inc. made good on its
threat and filed papers objecting to the revised settlement that
would cost Detroit $85 million to end liability under a swap
agreement, compared with the $165 million cost under a prior
settlement the bankruptcy judge refused to approve.

According to the report, Syncora isn't alone in objecting as about
10 other objections were filed. There will be a hearing on April 3
where the bankruptcy judge in Detroit will consider approving the
settlement.

The proposed settlement is with the Merrill Lynch Capital Services
Inc. unit of Bank of America Corp. and UBS AG, the report said.
They are the other side to swap agreements intended to protect
Detroit from rising interest rates on floating-rate loans taken
down to fund the pension systems.

Syncora faults the new settlement because, unlike the prior
version, it doesn't terminate the swap agreement and thus can't
properly terminate the security interest in casino revenue, the
report further related.  Unlike the prior disapproved settlement,
the new one does not terminate Syncora's insurance on the swap
agreement.

The bankruptcy court, according to Syncora, cannot simply
"vaporize" liens on casino revenue, the report further related.

                 About City of Detroit, Michigan

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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.


DIGITAL REALTY: Fitch Rates $300MM Series H Preferred Stock 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the $300 million
7.375% series H cumulative redeemable preferred stock issued by
Digital Realty Trust, Inc. (NYSE: DLR).  The company expects to
use the net proceeds to temporarily repay borrowings under its
global revolving credit facility, to acquire additional
properties, to fund development opportunities and/or for general
corporate purposes.  Fitch currently rates Digital Realty Trust,
Inc., Digital Realty Trust, L.P., and Digital Stout Holding, LLC
(collectively, Digital Realty) as follows:

Digital Realty Trust, Inc.

   -- Issuer Default Rating (IDR) 'BBB';
   -- $1 billion preferred stock 'BB+'.

Digital Realty Trust, L.P.

   -- IDR 'BBB';
   -- $2 billion unsecured revolving credit facility 'BBB';
   -- $1 billion senior unsecured term loan facility 'BBB';
   -- $1.6 billion senior unsecured notes 'BBB';
   -- $266.4 million senior unsecured exchangeable debentures
      'BBB'.

Digital Stout Holding, LLC

   -- IDR 'BBB';
   -- GBP400 million unsecured guaranteed notes 'BBB'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Digital Realty's 'BBB' IDR takes into account the company's strong
access to capital evidenced by increasing institutional acceptance
of the company's data center portfolio, as well as adequate
liquidity due to laddered debt maturities, moderate retained cash
flow and a less aggressive development pipeline.  Credit strengths
also include a global platform and limited tenant concentration.
These strengths are balanced by an uncertain leasing environment
following reduced occupancy rates and select rental rate roll
downs; however, fixed-charge coverage should remain appropriate
for the 'BBB' rating.  Corporate leverage is low for the rating
although unencumbered asset coverage is somewhat weak for the
'BBB' level as the company's unsecured debt incurrence has
outpaced the growth of the unencumbered pool.

Uncertain Leasing Environment

Same-store cash net operating income (NOI) increased by 8.9% in
2013. However, same-store occupancy decreased to 91.2% as of
Dec. 31, 2013 from 93.3% as of Dec. 31, 2012, principally due to a
sizeable non-data center asset lease expiration.  Cash rental rate
roll downs on renewals were negative 0.4% for 2013.  Further
rental roll downs are possible in 2014 when 7.6% of rents expire
as well as in 2015 when 8.5% of rents expire.  Nevertheless, the
company sees an opportunity to increase revenues from colocation
(i.e., providing space, power, connectivity and outsourced IT
solutions for corporate enterprises).  Colocation provides an
alternative vehicle for growth that would enhance DLR's revenue
diversity to the benefit of unsecured bondholders.

Tenant retention was solid at 77% for 2013, indicating that only
select tenants have chosen not to renew in favor of building their
own data centers, which is a secular data center industry risk.
In addition, the weighted average remaining lease term for the
portfolio is approximately seven years, providing cash flow
stability absent tenant bankruptcies.

Solid Fixed-Charge Coverage

The company's fixed-charge coverage ratio was strong for the 'BBB'
rating at 2.8x for 2013 pro forma for the preferred stock offering
(3.0x actual in 2013), compared with 3.1x in 2012 and 2.9x in
2011.  Fitch defines fixed-charge coverage as recurring operating
EBITDA less recurring capital expenditures less straight-line rent
adjustments divided by total cash interest incurred and preferred
stock dividends.

Fitch anticipates that a backlog of leases signed but not yet
commenced will offset potential further rent roll downs and
increased capital expenditures associated with the lease-up of
vacant space.  Fixed-charge coverage should remain solid for the
'BBB' rating in the high 2.0x range.  In a stress case not
anticipated by Fitch in which rental rate roll downs result in low
single digit same-store NOI declines, coverage would decline to
2.5x, which would remain adequate for a 'BBB' rating.

Reduced Development Pipeline

Fitch views favorably DLR's reduction in development activities in
response to market conditions.  DLR's future funding requirements
for the total active development pipeline represented 4.9% of
gross asset value as of Dec. 31, 2013, compared with 6.0% as of
year-end 2012 and 6.9% as of year-end 2011.  Among the in-service
development inventory, approximately 17.3% of space is pre-leased
as of Dec. 31, 2013, indicative of elevated lease-up risk going
forward.  However, approximately 79.4% of space was pre-leased
across data centers under construction as of Dec. 31, 2013.
Construction costs on a per-square foot basis are declining as
well but remain high compared with other commercial property
sectors.

Strong Access to Capital

The company continues to demonstrate strong access to multiple
sources of capital on favorable terms.  In August 2013, the
company refinanced its revolving credit facility, increasing its
total borrowing capacity to $2 billion from $1.8 billion and also
refinanced its senior unsecured multi-currency term loan facility,
increasing its total borrowing capacity to $1 billion from
$750 million.  In September 2013, DLR formed a joint venture with
an investment fund managed by Prudential Real Estate Investors
(PREI) and contributed nine Powered Base Building data centers
valued at approximately $366.4 million.  The PREI-managed fund
took an 80% interest in the joint venture and DLR retained a 20%
interest.  The company contributed another Powered Base Building
data center to this venture in the first quarter of 2014 (1Q'14).

Adequate Liquidity

Liquidity coverage assuming no additional capital raising,
calculated as liquidity sources divided by uses, is 1.2x for the
period Jan. 1, 2014 to Dec. 31, 2015.  Sources of liquidity
include unrestricted cash, availability under the company's global
credit facility pro forma for the series H preferred stock
offering, and projected retained cash flows from operating
activities after dividends and distributions.  Uses of liquidity
include debt maturities, projected recurring capital expenditures
and development costs.  Assuming 80% of the company's secured debt
is refinanced--a scenario not likely as the company continues to
unencumber the portfolio--liquidity coverage would be 1.4x.  Debt
maturities are laddered in the coming years with 9.0% of debt
maturing in 2014 followed by 10.4% in 2015. In addition, the
company's adjusted funds from operations (AFFO) payout ratio was
83.9% in 2013 compared with 83.7% in 2012, reflective of good
internally-generated liquidity of over $200 million annually.

Global Platform

Digital Realty offers Turn-Key Flex, Powered Base Building, and
colocation space and its 131 properties span 33 markets across 10
countries and four continents.  This significant market presence
gives the company strong tenant relationships; approximately 58%
of the company's customers occupy space in DLR data centers across
multiple markets.  Top markets as of Dec. 31, 2013 were London
(12.6% of rent), Northern Virginia (10.2%), New York (9.5%),
Dallas (9.3%), and Silicon Valley (8.4%).

Limited Tenant Concentration

Tenant concentration continues to decline, which Fitch views
favorably and which differentiates DLR from its major competitors,
CoreSite Realty Corporation, DuPont Fabros Technology, Inc. and
Global Switch Holdings Ltd. (Fitch IDR of 'BBB' with a Stable
Rating Outlook).  DLR's top five tenants comprise 23.5% of total
base rent, compared with 23.1% to 61% for its primary competitors.
DLR's top tenants as of Dec. 31, 2013 were CenturyLink, Inc. (IDR
of 'BB+' with a Stable Rating Outlook) at 7.8% of rent, IBM (IDR
of 'A+' with a Stable Rating Outlook) at 5.5%, TelX Group, Inc. at
4.3%, Equinix Operating Company, Inc. at 3.2% and Morgan Stanley
(IDR of 'A' with a Stable Rating Outlook) at 2.7%.

Technical Team Focused on New Initiatives

The company offers customized solutions to its tenants; recent
initiatives include the launch of EnVision, a comprehensive data
center infrastructure management (DCIM) solution that provides
increased visibility into data center operations, and the launch
of Digital Open Internet Exchange (Digital Open-IX), a neutral and
member-governed internet exchanges self-regulatory body in North
America, similar to the system in Europe.  The initial rollout for
Digital Open-IX will take place in the New York metro area and
Northern Virginia, followed by deployment in several other U.S.
markets.

Low Corporate Leverage for 'BBB'

Leverage is low for the 'BBB' rating, with net debt as of Dec. 31,
2013 pro forma for the preferred stock offering to 2013 recurring
operating EBITDA at 5.3x, compared with 5.5x as of Dec. 31, 2012
and 4.7x as of Dec. 31, 2011.  The incurrence of debt to fund a
portion of acquisitions and development contributed towards the
trend from 2011 to 2012. In addition, on March 17, 2014, Digital
Realty announced its intention to redeem all its outstanding 5.5%
senior unsecured exchangeable debentures.  The exchange of these
shares to common stock would further reduce leverage.

Fitch's base case anticipates that the company's same-property NOI
will be flat over the next 12-to-24 months, which will result in
leverage in the low-to-mid 5x range.  In a stress case not
anticipated by Fitch in which the company experiences low single
digit same-store NOI declines, leverage would approach 6.0x, which
would be weak for a 'BBB' rating.  Separately, in October 2013,
DLR's board of directors authorized a $500 million share
repurchase program, although the company has yet to utilize the
program.  Fitch does not expect the company to access this program
actively; should the company do so, it would weaken the position
of unsecured bondholders.

Slightly Weak Unencumbered Asset Coverage

Digital Realty is committed to an unsecured funding profile.
However, the company's unsecured debt incurrence has outpaced the
growth of the unencumbered pool.  Unencumbered assets
(unencumbered NOI pro forma for redevelopment and development NOI
divided by a stressed capitalization rate of 10%) covered pro
forma net unsecured debt by 1.8x.

Executive Leadership Announcement

On March 17, 2014, the company announced that Michael F. Foust
departed as Chief Executive Officer. Digital Realty's Board of
Directors appointed A. William Stein, Chief Financial Officer and
Chief Investment Officer, to serve as Interim Chief Executive
Officer.  Stein joined the company's predecessor private equity
fund in April 2004 and, having overseen the company's growth and
achievement of investment-grade credit ratings, is well-positioned
to serve in this role.

Preferred Stock Notching

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

Stable Outlook

The Stable Outlook reflects Fitch's projection that fixed charge
coverage will remain in the high 2x to low 3x range, that leverage
will remain in the low-to-mid 5x range, and that the company will
continue its gradual tenant and asset diversification via
acquisitions and development.

RATING SENSITIVITIES

The following factors may result in positive momentum in the
rating and/or Outlook:

   -- Increased mortgage lending activity in the datacenter
      sector;
   -- Fitch's expectation of fixed-charge coverage sustaining
      above 3.0x (pro forma fixed-charge coverage is 2.8x);
   -- Fitch's expectation of net debt to recurring operating
      EBITDA sustaining below 4.5x (pro forma leverage is 5.3x).

The following factors may result in negative momentum in the
rating and/or Outlook:

   -- Sustained declines in rental rates and same-property NOI;
   -- Fitch's expectation of fixed-charge coverage sustaining
      below 2.5x;
   -- Fitch's expectation of leverage sustaining above 6.0x;
   -- Base case liquidity coverage sustaining below 1.0x.


DIONNE WARWICK: Chapter 7 Pays Creditors Nothing
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that singer Dionne Warwick, who filed for personal
bankruptcy a year ago this month, won't be paying anything to her
creditors.

Whether she can escape $10.2 million in taxes owed to the Internal
Revenue Service and California authorities remains to be seen, Mr.
Rochelle pointed out.

According to the report, the bankruptcy trustee filed a report on
March 19 saying there's no property available to pay creditors, in
view of Warwick's assets that are exempt from creditors' claims.

Warwick, whose first major hit was "Walk on By" in 1964, filed a
Chapter 7 bankruptcy petition in Newark, New Jersey, near her home
in South Orange, expressly for the court to decide whether tax
debts are discharged, or wiped out, in bankruptcy, the report
recalled.

The state and local taxing authorities filed claims for tax years
from 1990 to 2008, the report related.  They contend the claims
are secured and thus would survive bankruptcy.

The case is In re Warwick, 13-bk-15875, U.S. Bankruptcy Court,
District of New Jersey (Newark).  In bankruptcy papers, Warwick
listed assets of $25,500 and monthly income of about $21,000, the
largest a $14,000 monthly pension, the Bloomberg report related.
She also receives $2,200 in Social Security.  She listed monthly
expenses including $9,000 for housekeeping and a personal
assistant.


DOLAN COMPANY: To Pay Severance to CEO Dolan and COO Pollei
-----------------------------------------------------------
The Dolan Company entered into a Separation and General Release
Agreement on March 18, 2014, with each of James P. Dolan, the
Company's Chairman, President and Chief Executive Officer, and
Scott Pollei, the Company's Executive Vice President and Chief
Operating Officer.

Pursuant to the Separation and General Release Agreement with Mr.
Dolan, Mr. Dolan resigned his position as a member of the
Company's board of directors effective when the agreement was
executed, and resigned his positions as President and Chief
Executive Officer of the Company effective when the Bankruptcy
Filing was made.  In consideration for his release of any claims
against the Company and confidentiality, non-solicitation, and
non-competition provisions, Mr. Dolan will be entitled to
severance pay and benefits as follows: cash payment of $937,500,
payment of COBRA premiums for continuation of medical and dental
insurance for up to 18 months, and payment of legal fees incurred
in connection with the separation.

Pursuant to the Separation and General Release Agreement with Mr.
Pollei, Mr. Pollei resigned his positions as Executive Vice
President and Chief Operating Officer of the Company effective
when the Bankruptcy Filing was made. In consideration for his
release of any claims against the Company and confidentiality,
non-solicitation, and non-competition provisions, Mr. Pollei will
be entitled to severance pay and benefits as follows: cash payment
of $562,500, payment of COBRA premiums for continuation of medical
and dental insurance for up to 18 months, payment of legal fees
incurred in connection with the separation, and outplacement
services for one year.

On February 28, 2014, the Company and other subsidiary borrowers
entered into a Tenth Amendment to its Third Amended and Restated
Credit Agreement, dated as of December 6, 2010, with lenders from
time to time party thereto, U.S. Bank National Association, as LC
issuer, swing line lender and administrative agent.  The Agreement
had required Dolan to reach agreement with lenders by February 28
on terms for addressing the Company's capital structure, and the
Amendment extends that milestone date to March 7.  The Amendment
also extends the termination date for the period during which the
lenders will waive certain defaults under the Agreement from
February 28 to March 7.  A copy of that deal is available at
http://is.gd/rBl4mT

                      About The Dolan Company

Minneapolis, Minn.-based The Dolan Company (OTC:DOLN) and its
subsidiaries provide professional services and business
information to the legal, financial and real estate sectors.

The Dolan Company and several affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 14-10614 to
14-10637) on March 23, 2014.  Marc Kieselstein, P.C., Jeffrey D.
Pawlitz, Esq., and Joseph M. Graham, Esq., at Kirkland & Ellis
LLP, serve as the Debtors' counsel.  Timothy P. Cairns, Esq.,
Laura Davis Jones, Esq., and Michael Seidl, Esq., at Pachulski
Stang Ziehl & Jones LLP, serve as local counsel.

Faegre Baker Daniels LLP serves as the Debtors' special counsel;
Peter J. Solomon Company serves as financial advisors; and
Kurtzman Carson Consultants, LLC, serves s noticing and balloting
agent.  Deloitte Tax LLP serves as tax advisors.  Zolfo Cooper LLC
also serves as advisors.

Dolan listed $236.2 million in total assets and $185.9 million in
total debts at Sept. 30, 2013.  The petitions were signed by Vicki
J. Duncomb, authorized signatory.

Global investment management firm T. Rowe Price Associates, Inc.,
owns nearly 10% of the company's stock, while James Dolan owns
6.8%.

Dolan's e-discovery business, DiscoverReady LLC, did not file a
chapter 11 petition and its operations will not be affected by the
proposed chapter 11 process.

On March 18, 2014, Dolan and its lenders and certain of its swap
counterparties executed a restructuring support agreement that
sets forth the material terms of the chapter 11 restructuring and
secures the support of the secured creditors for that process. In
accordance with the RSA, the Company commenced solicitation for
votes on the chapter 11 plan from secured creditors, the only
parties entitled to vote under the plan of reorganization.

The chapter 11 plan contemplates that the secured lenders will
become the owner of DiscoverReady and The Dolan Company upon the
completion of the restructuring process and each business will be
operated as separate and distinct entities.  Investment funds
managed by Bayside Capital, Inc. will become the majority owner of
DiscoverReady and The Dolan Company.  Bayside Capital is an
affiliate of H.I.G. Capital, a global private investment firm with
more than $15 billion of equity capital under management.

The chapter 11 plan process will allow the filing subsidiaries of
the Company to deleverage its capital structure by reducing its
projected secured debt obligations from approximately $170 million
to approximately $50 million.  The RSA also secures support from
the lenders to refinance DiscoverReady's capital structure with a
$10 million unfunded secured revolving facility.  The existing
preferred and common shares will be cancelled and will not receive
a recovery in the chapter 11 plan.  After emergence from
bankruptcy, both The Dolan Company and DiscoverReady LLC will be
privately held companies.

Kevin Nystrom serves as the Company's chief restructuring officer.

The lenders are to provide a $10 million DIP loan to fund the cash
needs of the Company and DiscoverReady through the reorganization
process.

The Company expects to emerge from bankruptcy within two months.


DYNEGY INC: Denies Lying About Prebankruptcy Coal Deal
------------------------------------------------------
Law360 reported that attorneys for Dynegy Inc. told a New York
federal judge that the company never lied or omitted material
information about a 2011 coal deal that an examiner who was
appointed to investigate the company's pre-bankruptcy
restructuring later called a fraudulent transfer.

According to the report, Dynegy purchased coal-fired and gas-
powered facilities from Dynegy Holdings LLC in September 2011,
shortly before placing the holding company into bankruptcy as part
of a pact with investors to sort out more than $4 billion in debt.

The case is Silsby v. Icahn et al., Case No. 1:12-cv-02307
(S.D.N.Y.) before Judge John G. Koeltl.

                          About Dynegy

Through its subsidiaries, Houston, Texas-based Dynegy Inc.
(NYSE: DYN) -- http://www.dynegy.com/-- produces and sells
electric energy, capacity and ancillary services in key U.S.
markets.  The power generation portfolio consists of approximately
12,200 megawatts of baseload, intermediate and peaking power
plants fueled by a mix of natural gas, coal and fuel oil.

Dynegy Holdings LLC and four other affiliates of Dynegy Inc.
sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case
No. 11-38111) on Nov. 7, 2011, to implement an agreement with a
group of investors holding more than $1.4 billion of senior notes
issued by Dynegy's direct wholly-owned subsidiary, Dynegy
Holdings, regarding a framework for the consensual restructuring
of more than $4.0 billion of obligations owed by DH.  If this
restructuring support agreement is successfully implemented, it
will significantly reduce the amount of debt on the Company's
consolidated balance sheet.  Dynegy Holdings disclosed assets of
$13.77 billion and debt of $6.18 billion.

Dynegy Inc. on July 6, 2012, filed a voluntary petition to
reorganize under Chapter 11 (Bankr. S.D.N.Y. Case No. 12-36728) to
effectuate a merger with Dynegy Holdings, pursuant to Holdings'
Chapter 11 plan.

Dynegy Holdings and its affiliated debtor-entities are represented
in the Chapter 11 proceedings by Sidley Austin LLP as their
reorganization counsel.  Dynegy and its other subsidiaries are
represented by White & Case LLP, who is also special counsel to
the Debtor Entities with respect to the Roseton and Danskammer
lease rejection issues.  The financial advisor is FTI Consulting.

The Official Committee of Unsecured Creditors in Holdings' cases
has tapped Akin Gump Strauss Hauer & Feld LLP as counsel.

Dynegy Holdings and its parent, Dynegy Inc., completed their
Chapter 11 reorganization and emerged from bankruptcy Oct. 1,
2012.  Under the terms of the DH/Dynegy Plan, DH merged with and
into Dynegy, with Dynegy, Inc., remaining as the surviving entity.

Dynegy Northeast Generation, Inc., Hudson Power, L.L.C., Dynegy
Danskammer, L.L.C. and Dynegy Roseton, L.L.C., won confirmation of
their plan of liquidation in March 2013, allowing the former
operating units of Dynegy to consummate a settlement agreement
resolving some lease trustee claims and sell their facilities.


EAST 81ST: Petermark Wins Dismissal of Case
-------------------------------------------
Bankruptcy Judge Stuart M. Bernstein granted the request of lender
Petermark II, LLC to dismiss the Chapter 11 case of East 81st,
LLC, the owner of several condominium units in a building located
at 215 East 81st Street in Manhattan.  The units serve as
collateral for a loan advanced by Petermark.  In its request,
Petermark moved to convert or dismiss the case, or for relief from
the automatic stay or abstention.  The debtor owes Petermark
roughly $4.5 million, plus additional legal fees, and Petermark's
claim is secured by the Residential Units and the Professional
Unit.  The Court conducted a two-day evidentiary hearing and
decided to dismiss the case.

A copy of the Court's March 17, 2014 Findings of Fact and
Conclusions of Law is available at http://is.gd/Okfaijfrom
Leagle.com.

East 81st, LLC, based in New York, filed for Chapter 11 bankruptcy
(Bankr. S.D.N.Y. Case No. 13-13685) on Nov. 12, 2013, represented
by:

     Gilbert A. Lazarus, Esq.
     LAZARUS & LAZARUS, P.C.
     240 Madison Avenue, 8th Floor
     New York, NY 10016
     Tel: (212) 889-7400
     Fax: (212) 684-0314
     Email: glazarus@lazarusandlazarus.com

The Debtor estimated $1 million to $10 million in assets and
liabilities.  The petition was signed by Yossi Zaga, managing
member.

Jonathan H. Freiberger, Esq., and Lara P. Emouna, Esq., at Gleich,
Siegel & Farkas, LLP, argue for Petermark II LLC.


EASTMAN KODAK: Narrows Loss, Segments Post Decline in Q4 Sales
--------------------------------------------------------------
Erin McCarthy, writing for The Wall Street Journal, reported that
Eastman Kodak Co. said its loss narrowed in the fourth quarter,
though both of the company's segments posted a decline in net
sales.

According to the report, for 2014, Kodak forecast full-year
revenue between $2.1 billion and $2.3 billion, and said it expects
between a $40 million loss and break-even earnings from continuing
operations.

The Rochester, N.Y., company emerged from Chapter 11 restructuring
in September, the report related.  Kodak, which struggled as
physical film was largely replaced by digital photography, filed
for bankruptcy protection in January 2012, reducing its head count
and shedding unprofitable business units during the process. Now
the company is focused on commercial imaging.

Overall for the period, Kodak reported a loss of $63 million,
compared with a year-earlier loss of $402 million, the report
further related.  Excluding discontinued operations, the company
posted a $51 million loss for the quarter.

Net sales fell about 18% to $607 million. Graphics, entertainment
and commercial films revenue was down 12%, while digital printing
and enterprise sales fell 22%, the report said.

                        About Eastman Kodak

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

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

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

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

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

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

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

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

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

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

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

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


EDISON MISSION: Files Amendment No. 1 to 2013 Annual Report
-----------------------------------------------------------
Edison Mission Energy and Midwest Generation, LLC, filed with the
Securities and Exchange Commission a Form 10-K/A, or Amendment
No. 1 to the Annual Report for the fiscal year ended December 31,
2013.  A copy of the Form 10-K/A is available at
http://is.gd/aht8Dh

Amendment No. 1 amends the Annual Report, which was originally
filed on March 12, 2014.  It does not update any other disclosures
in the Original Filing to reflect developments since the original
date of filing.

These items of the Original Form 10-K Filing are amended and
restated in their entirety by Amendment No.

     Item 10.  Directors, Executive Officers and Corporate
               Governance

     Item 11.  Executive Compensation

     Item 12.  Security Ownership of Certain Beneficial Owners
               and Management and Related Stockholder Matters;
               and

     Item 13.  Certain Relationships and Related Transactions,
               and Director Independence.

Amendment No. 1 also sets forth an amended "Item 15. Exhibits and
Financial Schedules" in its entirety and includes the new
certifications from EME's and Midwest Generation's principal
executive officer and principal financial officer.

Unaffected items have not been repeated in Amendment No. 1.

In their Original Form 10-K Report, EME reported narrow net loss
of $641 million for 2013, from net losses of $909 million for 2012
and $1,079 million for 2011. Operating revenues were $1,331
million for 2013, up from $1,287 million in 2012, but down $1,653
million for 2011.

Midwest posted a net loss of $633 million in 2013, down from
$1,464 million net loss in 2012.  In 2011, it posted a net loss of
$270 million.  Midwest said "Operating Revenues from Marketing
Affiliate" is $817 million for 2013, down from $892 million in
2012 and $1,286 million in 2011.

A copy of Original Annual Report is available at
http://is.gd/6ftLMK

                      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 was confirmed on March 11,
2014.  The Plan provides for: (a) the sale to NRG Energy, Inc. and
NRG Energy Holdings, Inc. of substantially all of EME's assets for
approximately $2.635 billion, subject to certain adjustments
provided in the Acquisition Agreement, and assumption of so-called
PoJo Leases, as modified; (b) a settlement with Edison
International -- EIX -- and certain EME noteholders pursuant
to which EME will emerge from bankruptcy free of liabilities but
will remain an indirect wholly-owned subsidiary of EIX; and (c)
the transfer of substantially all remaining assets and liabilities
of EME that are not otherwise discharged in the bankruptcy or
transferred to NRG to the Reorganization Trust.  Once consummated,
the Plan will result in recoveries of over 80% for holders of
unsecured claims against EME and payment in full in cash of claims
against EME's subsidiaries.


EDISON MISSION: FERC Approves Sale to NRG Energy
------------------------------------------------
BankruptcyData reported that Edison Mission Energy announced that
the Federal Energy Regulatory Commission approved the sale of
substantially all of EME's assets to NRG Energy. The acquisition
of EME's portfolio of renewable and conventional generation assets
will create the second-largest U.S. power company with enough
capacity to support nearly 48 million American homes, and NRG
Energy will become the third-largest U.S.-based renewable energy
generator.

This FERC approval represents the final regulatory authorization
required to close the sale and parties expect to finalize the
transaction on April 1, 2014, the BData report said.

As previously reported, the U.S. Bankruptcy Court approved the
sale on March 11, 2014, concurrent with its order confirming EME's
Third Amended Joint Chapter 11 Plan of Reorganization.

                      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.


ENDEAVOUR INTERNATIONAL: Talisman Stake at 14.7% as of March 3
--------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Talisman Realty Capital Master, L.P., and its
affiliates disclosed that as of March 3, 2014, they beneficially
owned 7,620,570 shares of common stock of Endeavour International
Corporation representing 14.73 percent of the shares outstanding.
A copy of the regulatory filing is available at:

                        http://is.gd/ZdCbE8

                  About Endeavour International

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

For the year ended Dec. 31, 2012, the Company incurred a net loss
of $126.22 million as compared with a net loss of $130.99 million
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $1.50 billion in total assets, $1.41 billion in total
liabilities, $43.70 million in series C convertible preferred
stock, and $46.24 million in total stockholders' equity.

                           *     *     *

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

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


ENOVA SYSTEMS: CEO Agrees to Lend $50,000
-----------------------------------------
Enova Systems, Inc., and John Micek, the president and chief
executive officer of Enova, mutually terminated and rescinded
their Feb. 28, 2014, oral agreement whereby Enova was going to
sell to Mr. Micek, and Mr. Micek was going 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.  In lieu
of that purchase, Mr. Micek has orally agreed with Enova to loan
Enova $50,000 in cash with payment due on demand.

                        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.


EVERYWARE GLOBAL: Moody's Puts 'B2' CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed EveryWare Global Inc.'s Corporate
Family Rating, Probability of Default Rating, and $250 million
senior secured term loan rating on review for downgrade.
Concurrently, Moody's lowered the company's Speculative-Grade
Liquidity Rating ("SGL") to SGL-4 from SGL-2.

Ratings Rationale

The downgrade to SGL-4 and review for downgrade were triggered by
the company's weakened near-term liquidity profile, operating
underperformance, and uncertainty stemming from recent executive
changes. Moody's expects covenant tightness and a potential need
for an amendment in the near term given challenging industry
conditions, the already weak cushion as of Q3 2013, contractual
tightening beginning in Q1 2014, and the company's seasonal
working capital pattern, which historically has required
incremental Q1 and Q2 borrowings. In addition, Moody's anticipates
reduced free cash generation due to soft industry demand.

Moody's review will focus on (1) EveryWare's ability to improve
its covenant cushion and free cash flow; (2) the company's 4Q 2013
performance as reflected in its forthcoming FY 2013 audited
financial statements; (3) clarity regarding previous CEO's
departure and new CEO's strategic plans.

The following ratings were placed on review for downgrade:

Issuer: EveryWare Global, Inc.

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

Anchor Hocking, LLC and Oneida, Ltd

$250 million senior secured term loan maturing in 2020 at B2
(LGD 4, 54%)

The following rating was downgraded:

Speculative-Grade Liquidity Rating, to SGL-4 from SGL-2

EveryWare (NASDAQ: EVRY), headquartered in Lancaster, OH, sells
tableware to mass retail and foodservice industries. The company's
portfolio of brands includes Anchor, Oneida, Sant'Andrea, St"lzle,
Spiegelau, Viners, Buffalo China and Sch"nwald. Revenue for the
twelve months ended September 30, 2013 approximated $434 million.
The company is controlled by Monomoy Capital Management.

The principal methodology used in this rating was the Global
Consumer Durables 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.


EXIDE TECHNOLOGIES: S&P Withdraws 'D' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' corporate
credit rating on Milton, Ga.-based battery manufacturer Exide
Technologies at the company's request.  At the same time, S&P
withdrew the 'D' issue-level ratings on the $675 million senior
secured notes and the $60 million convertible senior subordinated
debt.


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

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

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

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

                   About Exide Technologies

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

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

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

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

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

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

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


FANNIE MAE: Fitch Affirms 'C' Rating on Preferred Stock
-------------------------------------------------------
Fitch Ratings has affirmed Fannie Mae's and Freddie Mac's 'AAA'
Long-term Issuer Default Ratings (IDRs) and removed all ratings
from Rating Watch Negative.  The Rating Outlook is Stable.

KEY RATING DRIVERS - IDRs, UNSECURED DEBT, SUPPORT RATINGS,
SUPPORT RATING FLOORS

The ratings of Fannie Mae and Freddie Mac are directly linked to
the U.S. sovereign rating, based on Fitch's view of the U.S.
government's direct financial support of the two housing
government sponsored enterprises (GSEs).  The rating linkages are
further articulated in Fitch's report 'Rating Linkages to the U.S.
Sovereign Rating', dated July 18, 2011.

The housing GSEs are among the most active issuers in the capital
markets, benefiting from meaningful financial support from the
U.S. government.  A key rating driver and Fitch's rationale for
aligning the GSEs' ratings to the U.S. government rating is the
U.S. Treasury's Senior Preferred Stock Purchase Agreement (PSPA).
Under the PSPA, the U.S. Treasury is required to inject funds into
Fannie Mae and Freddie Mac to maintain positive net worth, so that
each firm can avoid being considered technically insolvent by
their conservator.  Under the PSPA, the remaining funding
available to Fannie Mae and Freddie Mac is $117.6 billion and
$140.5 billion, respectively.

KEY RATING DRIVERS - SUBORDINATED DEBT & PREFERRED STOCK

The terms of Fannie Mae and Freddie Mac's subordinated debt
require the deferral of interest payments if the firms fail to
maintain specified capital levels.  However, in a 2008 statement,
the Director of the Federal Housing Finance Agency (FHFA) stated
that the GSEs would continue to make interest and principal
payments on the subordinated debt, even if the minimum capital
levels are not maintained.  Fitch's 'AA-' ratings on the
subordinated debt are reflective of the conservator's willingness
to support these obligations and the current timeliness of
interest and principal on these obligations.

The 'C/RR6' ratings of Fannie Mae's and Freddie Mac's preferred
stock reflect the ongoing deferral of payments and very low
prospects for recovery.

RATING SENSITIVITIES - IDRs, UNSECURED DEBT, SUBORDINATED DEBT,
SUPPORT RATINGS, SUPPORT RATING FLOORS

The ratings of Fannie Mae and Freddie Mac are directly linked to
the U.S. sovereign rating and will continue to move in tandem.  If
at some point in the future, Fitch views government support as
being reduced, the ratings of the GSEs may be delinked from the
sovereign and downgraded.

Deterioration in Fannie Mae's or Freddie Mac's available liquidity
and/or inability to access capital markets over an extended period
may result in negative rating actions, irrespective of the U.S.
sovereign rating.

Should the FHFA change its position regarding the payment of the
GSEs' subordinated debt obligations or if there is any deferral of
interest or principal payments, Fitch would likely downgrade the
ratings on the subordinated debt.

RATING SENSITIVITIES - PREFERRED STOCK

Given the ongoing deferral of dividends and low prospects for
recovery on Fannie Mae's and Freddie Mac's preferred stock
obligations, Fitch does not envision any changes to the 'C/RR6'
ratings for the foreseeable future.

As of Dec. 31, 2013, Fannie Mae and Freddie Mac remained by far
the largest players in the U.S. mortgage market, with total assets
of $3.3 trillion and $2.0 trillion, respectively.

Fitch has affirmed and removed the following ratings from Rating
Watch Negative and assigned Outlooks as indicated:

Fannie Mae (Federal National Mortgage Association)

   -- Long-term IDR at 'AAA', Rating Outlook Stable;
   -- Short-term IDR at 'F1+';
   -- Support rating at '1';
   -- Support floor at 'AAA';
   -- Short-term debt at 'F1+';
   -- Senior unsecured at 'AAA';
   -- Subordinated debt at 'AA-'.

Freddie Mac (Federal Home Loan Mortgage Corporation)

   -- Long-term IDR at 'AAA', Rating Outlook Stable;
   -- Short-term IDR at 'F1+';
   -- Support rating at '1';
   -- Support floor at 'AAA';
   -- Short-term debt at 'F1+';
   -- Senior unsecured at 'AAA';
   -- Subordinated debt at 'AA-'.

Fitch has also affirmed the following ratings:
Fannie Mae

   -- Preferred stock at 'C/RR6'.

Freddie Mac

   -- Preferred stock at 'C/RR6'.


FEDERAL-MOGUL: Moody's Assigns B1 Rating on New $2.6 Billion Debt
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Federal-Mogul
Corporation's proposed $2.6 billion of senior secured term loans.
In a related action, Moody's affirmed the Corporate Family and
Probability of Default Ratings of Federal-Mogul at B2 and B2-PD,
respectively, and the company's existing debt ratings. The rating
outlook is negative. The Speculative Grade Liquidity Rating is
SGL-4.

The proposed senior secured term loans are expected to be used to
refinance Federal-Mogul's existing $1.6 billion of debt maturing
in December 2014 and $940 million of debt maturing in December
2015. As part of the transaction, Federal-Mogul's bank credit
facilities will be moved to a new parent holding company, Federal-
Mogul Holdings Corporation, and existing upstream guarantees from
operating subsidiaries will be maintained. With the completion of
the refinancing and extension of the company's debt maturities
Moody's expects the rating outlook to be revised to stable and the
Speculative Grade Liquidity Rating to be revised to SGL-3. In the
event the refinancing transaction is not completed in the coming
weeks the Corporate Family Rating will be lowered, likely by one
notch, due to the resulting strain on the company's liquidity
position.

Ratings assigned:

Federal-Mogul Holdings Corporation

B1 (LGD3, 39%) to the $500 million senior secured tranche B term
loan due 2018;

B1 (LGD3, 39%) to the $2.1 billion senior secured tranche C term
loan due 2021

Ratings affirmed:

Federal-Mogul Corporation

Corporate Family Rating, at B2;

Probability of Default Rating, at B2-PD;

$550 million senior secured asset based revolver due 2018, at Ba2
(LGD1, 2%);

$1.6 billion (remaining amount) senior secured tranche B term loan
due December 2014, at B1 (LGD3, 39%);

$940 million (remaining amount) senior secured term loan facility
due December 2015, which includes a $50 million senior secured
synthetic letter of credit facility and a $0.89 billion senior
secured term loan, at B1 (LGD3, 39%)

Speculative Grade Liquidity Rating, at SGL-4

Following the completion of the transaction, Federal-Mogul
Corporation's Corporate Family, Probability of Default, and
Speculative Grade Liquidity Ratings will be assigned to Federal-
Mogul Holdings Corporation and withdrawn at Federal-Mogul
Corporation. The ratings of Federal-Mogul Corporation's existing
debt will be withdrawn upon its repayment.

Ratings Rationale

The affirmation of the B2 Corporate Family Rating reflects
Federal-Mogul's improving quarterly operating performance trends
experienced through 2013 and the company's position as a leading
global automotive parts supplier. Federal Mogul's EBITA margin
improved to an average of 5.1% for fiscal 2013 (inclusive of
Moody's standard adjustments) from 4.2% in 2012. Leverage remains
high for the assigned rating at 6.1x at December 31, 2013. Yet,
the company's restructuring actions and improved operating
performance has led to free cash flow generation returning to
positive levels during fiscal 2013 after two years of negative
free cash flow generation. Moody's expects these improving trends
to continue through 2014 as Federal-Mogul continues with
additional restructuring actions combined with a recovery of
macroeconomic conditions in Europe (about 44% of 2013 revenues)
where Moody's forecasts automotive demand to increase about 3%.
Moody's also forecasts automotive demand in North America to
continue to grow in 2014 supported by a forecasted increase in
U.S. automotive demand of about 2.9%.

The negative rating outlook reflects Federal-Mogul's weak
liquidity profile pending the completion of the refinancing
transaction. The completion of the refinancing transaction in the
coming weeks would improve the company's liquidity profile and
support a stable rating outlook. Inability to complete a
refinancing transaction in the coming weeks would result in
pressure on the company's ratings, with the CFR likely being
lowered one notch.

Federal-Mogul's Speculative Grade Liquidity profile remains at
SGL-4 pending the completion of the refinancing transaction driven
by the December 2014 maturity of the $1.6 billion tranche B term
loan and the December 2015 maturity of the $0.9 billion tranche C
term loan. These amounts are far in excess of the company's free
cash flow generation ability and committed liquidity lines.

Should the proposed refinancing be completed, Federal-Mogul's
liquidity position will improve considerably, but will remain
modest. Pro forma for the transaction the company's liquidity
gross liquidity position would approximate $1.3 billion and would
include: cash and cash equivalent as of December 31, 2013 of $761
million; and availability under the $550 million asset based
revolving credit facility that matures in 2018. Yet, the company's
major liquidity requirements over the near-term amount to
approximately $0.9 billion and include: Moody's estimate of about
$300 million in minimum levels of cash for operating needs; about
$305 million to fund acquisitions for which the company has made
commitments; and $271 million to potentially refund outstanding
amounts under accounts receivable factoring programs.

Future events that have potential to drive a higher rating outlook
include addressing the company's 2014 and 2015 debt maturities;
and the continuation of positive operating trends resulting in
EBITA/Interest coverage at about 2.0x, and Debt/EBITDA leverage
approaching 6x.

Future events that have potential to drive Federal-Mogul's ratings
lower include the inability to address the company's 2014 and 2015
debt maturities over the coming weeks; deterioration in automotive
industry conditions without offsetting restructuring actions; or
material increases in raw materials costs that cannot be passed on
to customers, leading to lower profitability. Consideration for a
lower rating could arise if any combination of these factors were
to result in EBITA/Interest coverage approaching 1.0x or
debt/EBITDA being sustained above 6.5x.

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

Federal-Mogul Corporation, headquartered in Southfield, MI is a
leading global supplier of products and services to the world's
manufacturers and servicers of vehicles and equipment in the
automotive, light, medium and heavy-duty commercial, marine, rail,
aerospace, power generation and industrial markets. The company's
products and services enable improved fuel economy, reduced
emissions and enhanced vehicle safety. Revenues in 2013 were $6.8
billion.


FEDERAL-MOGUL: S&P Assigns 'B' CCR, Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services assigned Southfield, Mich.-
based U.S. automotive supplier Federal-Mogul Holdings Corp. a 'B'
corporate credit rating.  The rating outlook is negative.

At the same time, S&P assigned the company's proposed $500 million
senior secured term loan B due 2018 and $2.1 billion senior
secured term loan C due 2021 a 'B' issue-level rating, with a
recovery rating of '4', indicating S&P's expectation for average
(30%-50%) recovery for lenders in the event of a payment default.

The company plans to use proceeds from the transaction to
refinance its existing term loans issued by subsidiary Federal-
Mogul Corp. (B/Negative/--).  S&P plans to withdraw its corporate
credit rating on Federal-Mogul Corp. and the issue-level ratings
on the refinanced debt upon completion of the proposed
transaction.

The 'B' corporate credit rating on Federal-Mogul reflects S&P's
assessment of the business risk profile as "weak" and its
financial risk profile as "highly leveraged."

Federal-Mogul is a supplier of products and services to
manufacturers and servicers of vehicles and equipment in the
automotive, light-, medium-, and heavy-duty commercial and
industrial markets.  The company serves the light automotive
vehicle (74%), heavy-duty truck (17%), and industrial (9%)
markets.  Its powertrain segment (57% of sales) sells technologies
and components for powertrain applications and environments to
original equipment (OE) manufacturers.  The majority of sales in
the company's vehicle components segment (43% of sales) are to
aftermarket participants.  S&P expects this mix to remain about
the same.  Aftermarket sales provide diversity to Federal-Mogul's
revenue stream.  However, although aftermarket sales have
historically been more stable than OE sales, S&P believes recent
experience has shown the aftermarket is under pressure from lower
consumer spending during weak economic periods and a sharper focus
on private-label products.

"Our "weak" business risk assessment incorporates the multiple
industry risks facing automotive suppliers, including volatile
demand, high fixed costs, and severe pricing pressures.  We
believe the company's risk profile is tied to the performance of
the global auto industry, which is contingent on a myriad of
factors.  These include general economic sentiment, consumer
confidence, credit availability, and unemployment levels.  We
believe light-vehicle production in North America should rise 3.9%
this year and 2.5% next, and that it could increase in Europe 1%
in 2014 and 3.4% in 2015. Over time, in the company's powertrain
segment, we believe the company could benefit from increasing
content per engine, even as the number of cylinders per engine
declines.  In the company's aftermarket business, we believe
Federal-Mogul could benefit over the long term as a result of
increasing demand from the growing number of vehicles on the road
globally and the higher average age of vehicles in North American
and Europe," S&P noted.

"Although we view commodity price fluctuations as a risk because
of uncertainty of recovery from customers, the company has passed
most of its incremental costs on to customers, albeit with a lag,
through some contractual price escalations.  We consider Federal-
Mogul's customer base and end markets as diverse.  No single
customer accounts for more than about 6% of sales.  The company
maintains a No. 1 or No. 2 market share in most of its markets,
which we believe indicates acceptable technological expertise and
quality.  The majority of the company's sales are in North America
and Europe, with the remainder coming from the rest of the world,"
S&P said.

S&P's "highly leveraged" financial risk profile assessment is
supported by a ratio of debt to EBITDA as of Dec. 31, 2013, of
6.5x.  In S&P's opinion, improvements in EBITDA through 2014 could
allow the company to decrease its leverage to about 6x.  For the
12 months ended Dec. 31, 2013, free operating cash flow to total
debt was weak at 2%.  S&P expects free operating cash flow to
remain positive in 2014, at about the same level as 2013.


FIBERTOWER NETWORKS: Post-Confirmation Amendment Sought
-------------------------------------------------------
BankruptcyData reported that FiberTower filed with the U.S.
Bankruptcy Court a motion for authority to (i) make a post-
confirmation amendment to its Fourth Amended Joint Chapter 11 Plan
and (ii) enter into a trust agreement with respect to certain
Federal Communication Commission (FCC) licenses.

According to the report, the motion explains, "The Debtors submit
that amending the Plan to make it clear that the Plan may go
effective prior to the FCC making a determination with respect to
the transfer of the three (3) Pending Licenses to Reorganized
FiberTower Spectrum is in the best interests of the Debtors'
estates and parties in interest. Consequently, the Debtors propose
to amend the condition precedent set forth in section 10.2(d) of
the Plan. The Debtors' proposed Plan Amendment removes the
ambiguity in the Plan and explicitly provides that the Plan may go
effective if the FCC Licenses are approved for transfer from
FiberTower Spectrum Holdings, LLC to either Reorganized FiberTower
Spectrum or a trust in a form approved by, and subject to the
continuing jurisdiction of, this Court. The Debtors submit that
such Plan Amendment is immaterial and not adverse to parties in
interest. Indeed, the Debtors submit that such amendment is
necessary to carry out the purposed and effects of the Plan and
will benefit parties in interest. The Plan was confirmed more than
six weeks ago and the FCC has approved the transfer to the
Reorganized Debtors of substantially all of the FCC
Licenses....Moreover, the transfer of the Pending Licenses from
FiberTower Spectrum Holdings,LLC to the Trust shall be subject to
the prior approval of the FCC. The Debtors believe that, under the
terms of the Plan, the Effective Date could occur now, as the
condition precedent in section 10.2(d) has most likely been
satisfied. The proposed amendment to the Plan, however, would
'cure' the ambiguity in section 10.2(d) of the Plan and allow the
Debtor's Plan to go effective, and permit the Debtors to emerge,
expeditiously from Chapter 11, without any question as to whether
the condition is section 10.2(d) has been satisfied."

Fiber Tower filed a separate motion for an expedited hearing on
the same, stating, "The Debtors request that a hearing on the
Motion be set no later than March 25, 2014 at 1:30 p.m. prevailing
Central Time. A hearing by such date is necessary because, as
described in the Motion, due to an ambiguity in the Plan, the
Effective Date under the Plan has not yet occurred,
notwithstanding that the Plan was confirmed more than six (6)
weeks ago. The Debtors submit that going effective as
expeditiously as possible would be in the best interests of the
Debtors' estates and all parties in interest. Approval of the
Motion on the expedited basis requested herein would permit that
to happen," the report related.

                       About FiberTower Corp.

FiberTower Corporation, FiberTower Network Services Corp.,
FiberTower Licensing Corp., and FiberTower Spectrum Holdings
LLC filed for Chapter 11 protection (Bankr. N.D. Tex. Case Nos.
12-44027 to 12-44031) on July 17, 2012, together with a plan
support agreement struck with prepetition secured noteholders.

FiberTower is an alternative provider of facilities-based backhaul
services, principally to wireless carriers, and a national
provider of millimeter-band spectrum services.  Backhaul is the
transport of voice, video and data traffic from a wireless
carrier's mobile base station, or cell site, to its mobile
switching center or other exchange point.  FiberTower provides
spectrum leasing services directly to other carriers and
enterprise clients, and also offer their spectrum services through
spectrum brokerage arrangements and through fixed wireless
equipment partners.

FiberTower's significant asset is the ownership of a national
spectrum portfolio of 24 GHz and 39 GHz wide-area spectrum
licenses, including over 740 MHz in the top 20 U.S. metropolitan
areas and, in the aggregate, roughly 1.72 billion channel pops
(calculated as the number of channels in a given area multiplied
by the population, as measured in the 2010 census, covered by
these channels).  FiberTower believes the Spectrum Portfolio
represents one of the largest and most comprehensive collections
of millimeter wave spectrum in the U.S., covering areas with a
total population of over 300 million.

As of the Petition Date, FiberTower provides service to roughly
5,390 customer locations at 3,188 deployed sites in 13 markets
throughout the U.S.  The fixed wireless portion of these hybrid
services is predominantly through common carrier spectrum in the
11, 18 and 23 GHz bands.  FiberTower's biggest service markets are
Dallas/Fort Worth and Washington, D.C./Baltimore, with additional
markets in Atlanta, Boston, Chicago, Cleveland, Denver, Detroit,
Houston, New York/New Jersey, Pittsburgh, San Antonio/Austin/Waco
and Tampa.

As of June 30, 2012, FiberTower's books and records reflected
total combined assets, at book value, of roughly $188 million and
total combined liabilities of roughly $211 million.  As of the
Petition Date, FiberTower had unrestricted cash of roughly $23
million.  For the six months ending June 30, 2012, FiberTower had
total revenue of roughly $33 million.  With the help of FTI
Consulting Inc., FiberTower's preliminary valuation work shows
that the Company's enterprise value is materially less than $132
million -- i.e., the approximate principal amount of the 9.00%
Senior Secured Notes due 2016 outstanding as of the Petition Date.
The preliminary valuation work is based upon the assumption that
FiberTower's spectrum licenses will not be terminated.  Fibertower
Spectrum disclosed $106,630,000 in assets and $175,501,975 in
liabilities as of the Chapter 11 filing.

Judge D. Michael Lynn oversees the Chapter 11 case.  Lawyers at
Andrews Kurth LLP serve as the Debtors' lead counsel.  Lawyers at
Hogan Lovells and Willkie Farr and Gallagher LLP serve as special
FCC counsel.  FTI Consulting serve as financial advisor.  BMC
Group Inc. serve as claims and noticing agent.  The petitions were
signed by Kurt J. Van Wagenen, president.

Wells Fargo Bank, National Association -- as indenture trustee and
collateral agent to the holders of 9.00% Senior Secured Notes due
2016 owed roughly $132 million as of the Petition Date -- is
represented by Eric A. Schaffer, Esq., at Reed Smith LLP.  An Ad
Hoc Committee of Holders of the 9% Secured Notes Due 2016 is
represented by Kris M. Hansen, Esq., and Sayan Bhattacharyya,
Esq., at Stroock & Stroock & Lavan LLP.  Wells Fargo and the Ad
Hoc Committee also have hired Stephen M. Pezanosky, Esq., and Mark
Elmore, Esq., at Haynes and Boone, LLP, as local counsel.

U.S. Bank, National Association -- in its capacity as successor
indenture trustee and collateral agent to holders of the 9.00%
Convertible Senior Secured Notes due 2012, owed $37 million as of
the Petition Date -- is represented by Michael B. Fisco, Esq., at
Faegre Baker Daniels LLP, as counsel and J. Mark Chevallier, Esq.,
at McGuire Craddock & Strother PC as local counsel.

William T. Neary, the U.S. Trustee for Region 6 appointed five
members to the Official Committee of Unsecured Creditors in the
Debtors' cases.  The Committee is represented by Otterbourg,
Steindler, Houston & Rosen, P.C., and Cole, Schotz, Meisel, Forman
& Leonard, P.A.  Goldin Associates, LLC serves as its financial
advisors.

On March 15, 2013, the Court entered an order authorizing the
Debtors to sell assets that are primarily utilized by the Debtors
to provide wireless backhaul services in the State of Ohio to
Cellco Partnership (dba Verizon Wireless) free and clear for $1.5
million.

In May 2013, FiberTower sought and obtained Court authority to
sell their telecommunications equipment and employ American
Communications, LLC, as telecommunications equipment reseller.
According to the Debtors, the telecommunications equipment, which
was a part of their backhaul business, is no longer necessary in
the conduct of their business.  They, however, believe that the
equipment may have resale value that would benefit their estates.

On Jan. 27, 2014, FiberTower, et al., obtained confirmation of
their Fourth Amended Joint Chapter 11 Plan.


FIRST DATA: Incurs $869 Million Net Loss in 2013
------------------------------------------------
First Data Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company of $869.1 million on $10.80 billion of
revenues for the year ended Dec. 31, 2013, as compared with a net
loss attributable to the Company of $700.9 million on $10.68
billion of revenues in 2012.  The Company had a net loss
attributable to the Company of $516.1 million in 2011.

The Company's balance sheet at Dec. 31, 2013, showed $35.23
billion in total assets, $33.47 billion in total liabilities,
$69.1 million in redeemable noncontrolling interest and $1.69
billion in total equity.

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

                        http://is.gd/ra9Xov

                          About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FLETCHER LAUNDRY: Case Summary and Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                     Case No.
     ------                                     --------
     Fletcher Laundry I, LLC                    14-10810
     1342-52 E. 75th Street
     Chicago, IL 60619

     Fletcher Laundry II, LLC                   14-10818
     6043-49 S. Halsted Street
     Chicago, IL 60621

Chapter 11 Petition Date: March 25, 2014

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Donald R Cassling (14-10810)
       Hon. Janet S. Baer (14-10818)

Debtor's Counsel: David R Herzog, Esq.
                  HERZOG & SCHWARTZ PC
                  77 W Washington Suite 1717
                  Chicago, IL 60602
                  Tel: 312-977-1600
                  Email: drhlaw@mindspring.com

                                 Estimated      Estimated
                                  Assets       Liabilities
                                 ---------     -----------
Fletcher Laundry I              $0-$50K       $1MM-$10MM
Fletcher Laundry II             $0-$50K       $1MM-$10MM

The petitions were signed by Alexander Fletcher, operating
manager.

A list of Fletcher Laundry I's three largest unsecured creditors
is available for free at http://bankrupt.com/misc/ilnb14-10810.pdf

A list of Fletcher Laundry II's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/ilnb14-10818.pdf


FLORIDA GAMING: Court Approves Credit Bid Settlement
----------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern
District of Florida approved the settlement and compromise among
Florida Gaming Centers, Inc., et al., the Official Joint Committee
of Unsecured Creditors, William B. Collett and William B. Collett,
Jr., and ABC Funding, LLC, as administrative agent under a
prepetition credit agreement.

Under the settlement agreement, ABC is granted the following
allowed claims: (1) a senior secured claim equal to approximately
$99,907,336 as of March 31, 2014, on account of all claims arising
under or relating to Credit Agreement; and (2) Repurchase Claims
equal to $37,000,000.

ABC will be allowed to credit bid the full amount of the Loan
Claim at the Auction, and the Debtors and the Committee will not
object to any credit bid on any grounds, including the grounds set
forth in Section 363(k) of the Bankruptcy Code.  For avoidance of
doubt, the only credit bid rights pursuant to Section 363(k) of
the Bankruptcy Code that ABC will have will be the right to credit
bid its Loan Claim.

Under the settlement, provided that William Bennett Collett, Jr.
or Daniel Licciardi are not employed by the buyer at the 363 Sale,
and the Collett Employment Agreement and/or the Licciardi
Employment Agreement are otherwise rejected by Centers, then the
claims by William B. Collett, Jr. and Daniel Licciardi against
Centers for six months of severance pay will be deemed allowed in
the amount of $165,375 and $124,031, respectively; provided,
however, that any creditor, party-in-interest or the Office of the
United States Trustee may object to those claims within 10 days
after the entry of the order of the Court approving the 363 Sale.

The settlement provides that the sale proceeds will be distributed
according to the following:

   (a) First, the full amount of the Loan Claim will be
       distributed to ABC;

   (b) Second, the Estates will be funded with Sale Proceeds
       sufficient to satisfy:

          i. the Administrative Claim Reserves;
         ii. the Property Tax Amount, if any;
        iii. the Guggenheim Fee; and
         iv. the Silvermark Break-Up Fee, if any.

   (c) Third, the Estates will be funded with the Centers Claim
       Reserve;

   (d) Fourth, the Estates will be funded with the Initial
       Holdings Distribution Amount;

   (e) Fifth, ABC will be funded with the Initial Repurchase Claim
       Distribution Amount;

   (f) Sixth, the next $10,000,000 in Sale Proceeds will be
       distributed as follows: (i) 95.00% of each dollar will be
       distributed to ABC for payment of the Repurchase Claims;
       and (ii) 5.00% of each dollar will be distributed to the
       Estates for payment of Non-Subordinated Holdings Claims.

   (g) Seventh, until funds sufficient to pay an additional
       portion of the Repurchase Claims in the amount of
       $15,325,000, any Sale Proceeds remaining after the
       distributions will be distributed as follows: i. 92.50% of
       each dollar of will be distributed to ABC for payment of
       the Repurchase Claims; and ii. 7.50% of each dollar will be
       distributed to the Estates for payment of Non-Subordinated
       Holdings Claims.

   (h) Eighth, until funds sufficient to pay an additional portion
       of the Repurchase Claims in the amount of $2,175,000, any
       Sale Proceeds remaining after the distributions will be
       distributed as follows: i. 50.00% of each dollar of will be
       distributed to ABC for payment of the Repurchase Claims
       until the Repurchase Claims are paid in full; and ii.
       50.00% of each dollar will be distributed to the Estates
       for payment of the remaining Holdings stakeholders.

   (i) Ninth, any Sale Proceeds remaining after distribution of
       amounts to ABC sufficient to pay the Repurchase Claims in
       full will be distributed to the Estates for payment of the
       remaining Holdings stakeholders in the following order of
       priority: i. First, to pay any remaining Non-Subordinated
       Holdings Claims in full; ii. Second, to pay Subordinated
       Holdings Claims in full; and iii. Third, for distribution
       to Holdings Equity Interests.

                    About Florida Gaming

Florida Gaming Centers Inc. filed for Chapter 11 bankruptcy
(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.
Florida Gaming Centers operates a casino and jai-alai frontons in
Miami.  The Company disclosed debt of $138.3 million and assets of
$180 million in its petition.

Its parent, Florida Gaming Corp. (FGMG:US), and two other
affiliates also sought court protection.

Florida Gaming previously negotiated a sale of virtually all its
assets to casino operator Silvermark LLC for $115 million in cash
and $14 million in assumed liabilities.  A provision in the
financing agreement required Florida Gaming to make an additional
payment to the lender -- ABC Funding -- if the assets are sold to
third party.  Jefferies LLC was hired to determine that amount,
about $26.8 million, and valued the company at more than $180
million.

Luis Salazar, Esq., Esq., at Salazar Jackson in Miami, represents
Florida Gaming.

ABC Funding, LLC, as Administrative Agent for a consortium of
prepetition lenders, and the prepetition lenders are represented
by Dennis Twomey, Esq., and Andrew F. O'Neill, Esq., at SIDLEY
AUSTIN LLP, in Chicago, Illinois; and Drew M. Dillworth, Esq., and
Marissa D. Kelley, Esq., at STEARNS WEAVER MILLER WEISSLER
ALHADEFF & SITTERSON, P.A., in Miami, Florida.  The Prepetition
Lenders are Summit Partners Subordinated Debt Fund IV-A, L.P.,
Summit Partners Subordinated Debt Fund IV-B, L.P., JPMorgan Chase
Bank, N.A., Locust Street Funding LLC, Canyon Value Realization
Fund, L.P., Canyon Value Realization Master Fund, L.P., Canyon
Distressed Opportunity Master Fund, L.P., and Canyon-GRF Master
Fund II, L.P.

Counsel to the Official Joint Committee of Unsecured Creditors are
Glenn D. Moses, Esq., and Paul J. Battista, Esq., at Genovese
Joblove & Battista, P.A., in Miami, Florida.


FOREST CITY: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Forest City Enterprises,
Inc. (NYSE: FCEA, NYSE: FCEB, collectively 'FCE') as follows:

-- Issuer Default Rating (IDR) at 'BB-';
-- Bank revolving credit facility at 'BB-';
-- Convertible senior unsecured notes at 'BB-'.

The Rating Outlook is Stable.

In conjunction with FCE's redemption of all outstanding senior
unsecured notes, Fitch has affirmed and withdrawn the senior
unsecured notes ratings at 'BB-' as these ratings are no longer
considered by Fitch to be relevant to the agency's coverage.

Key Ratings Drivers

The affirmation centers on FCE's high leverage and limited
unencumbered assets but acknowledges the material improvements
made over the course of 2013 principally through the creation of
development-focused joint ventures.  FCE's corporate financing
strategy emphasizes secured debt to isolate refinancing and
operating risks to individual properties as opposed to the general
corporate credit and equity holders.

Credit strengths include the high quality of FCE's portfolio,
strong relative operating performance, a manageable debt maturity
schedule and sufficient internal liquidity.  Further, FCE's REOC
structure is worth a one-notch uplift relative to a comparable
REIT, due to FCE's ability to retain cash for development and
other corporate uses.

Leverage Reduced; Remains Elevated
FCE's leverage improved materially to 9.7x for the trailing 11
months ended Dec. 31, 2013 (2013) as compared to 11.4x for the
trailing 12 months (TTM) ended Jan. 31, 2013 (2012).  The
improvement continues FCE's multi-year efforts to reduce leverage
and corporate recourse obligations and compares favorably to
leverage that was 13.0x for the TTM ended Jan. 31, 2011.  FCE has
reduced leverage on an absolute basis by retiring all of its
senior unsecured notes and some of its unsecured convertible notes
through both common stock conversions and net cash proceeds from
dispositions and joint venture contributions.  Over the past four
years, FCE has improved the strength of its balance sheet by
reducing recourse corporate debt obligations by $384 million with
the majority, $310 million net in 2013.

Fitch projects leverage will remain appropriate for the rating at
around 10.0x over the next 24 months, driven by modest same-store
net operating income (SSNOI) growth offset by increasing equity
contributions to fund joint venture developments.  Fitch defines
leverage as consolidated net debt to consolidated recurring
operating EBITDA including Fitch's estimate of recurring cash
distributions from joint venture operations.

Limited Unencumbered Assets

FCE's pool of unencumbered assets (that typically act as support
for the IDR and a source of contingent liquidity) is small in size
and is not a focal point of FCE's financial policies.  Assets in
the unencumbered pool are, at times, timing based or reflect an
asset that may be sold or repositioned.  Fitch notes the size of
the pool (based on number of assets) was larger at Dec. 31, 2013
than at Jan. 31, 2013 and supports a smaller amount of unsecured
debt.

Adequate Fixed Charge Coverage For Rating

Fitch projects fixed charge coverage will improve to 1.3x from
1.2x for 2013 over the next 12-24 months driven by lower fixed
charges from the retirement of all outstanding preferred stock and
higher coupon senior unsecured notes.  Fitch defines fixed charge
coverage as consolidated recurring operating EBITDA including
Fitch's estimate of recurring cash distributions from joint
venture operations less straight line rent adjustments and
recurring maintenance capital expenditures divided by total
interest incurred and preferred stock dividends.

High-Quality, Idiosyncratic Portfolio Drives Performance
Since its founding, FCE has grown its expertise in developing
large, mixed-use master planned communities, notably those in
densely populated markets. 2013 pro rata NOI was well-diversified
by segment (34% retail, 33% office, 26% multifamily and the
remainder military housing and land) and located in strong markets
(30% in New York City with Washington, D.C., Los Angeles, Boston,
San Francisco, Denver, Chicago and Philadelphia each comprising
3%-10%).

FCE's operating performance has been strong both on an absolute
basis and relative to its underlying markets and select public
peers, evidencing durable operating cash flows.  The segment
diversification further enhances the durability of FCE's overall
cash flows.  FCE's SSNOI growth averaged 2.0% from 2003 through
2013 and FCE weathered the recent downturn with only a single-year
decline of 0.7% in 2009.  SSNOI growth was 2.2% for 2013 before
the negative effects of vacancy at One Pierrepont Plaza.  Fitch
expects SSNOI growth will be in the low single digits over the
next 12-24 months driven by positive leasing spreads and
incremental occupancy gains.

Joint Ventures Reduce Development Risk

The company has a proven capacity to acquire, aggregate and
entitle adjoining plots of land and to work with local
municipalities, community groups and government agencies to
receive requisite approvals and tax credit financings. Over the
past 12 months, FCE entered into two joint ventures that
materially reduce the company's funding requirements for
development going forward.  In the fourth quarter of 2012 (4Q'12),
FCE entered into a partnership with the Arizona State Retirement
System (ASRS) for a $400 million equity fund that invests in
multifamily development projects in New York City, Washington,
D.C., Boston, Los Angeles and San Francisco.  The venture is 75%
ASRS / 25% FCE and intends to invest in aggregate investments of
$800 million to $1 billion.  FCE acts as fund manager and
estimates that, at the time of formation, 2/3 of its equity
contributions would be in the form of contributed projects.  At
Dec. 31, 2013, the fund had two projects, 2175 Market Street an 88
unit building in San Francisco and B2 - BKLYN, a 363 unit building
at Atlantic Yards.

In 4Q'13, FCE entered into an agreement to develop the remainder
of Atlantic Yards (a $4.9 billion project) through a joint venture
with Greenland Group (70% ownership).  The transaction is largely
a credit positive as the company expects capital contributions
received from Greenland Group could help fund FCE's share of
remaining equity requirements.  Further, FCE will be responsible
for a smaller aggregate amount of non-recourse construction
financing than if developed 100% on balance sheet.  However, Fitch
notes that only 'Special Major Decisions' must be approved by at
least one member from both Greenland and Forest City, potentially
limiting FCE's control over the project.

Manageable Debt Maturities Drive Sufficient Liquidity
Liquidity coverage of 0.5x is adequate for the rating for the
period Jan. 1, 2014 through Dec. 31, 2015 as it improves to 1.5x
assuming 80% of secured debt is refinanced which Fitch views as
the appropriate base-case given the company's financing strategy.
A corporate default is highly unlikely given full availability
under the $500 million line of credit, $280 million of
unrestricted cash and no recourse debt maturities until $50
million of convertible notes mature in 2016.

FCE's debt maturities are well-laddered for the rating with 30.5%
of total debt maturities including pro rata share of non-recourse
debt coming due over the next three years.  By design, recourse
debt maturities are limited over the foreseeable future with only
$50 million (which is convertible) maturing before 2018.
Additionally, as FCE is not a REIT it can retain operating cash
flows to reduce leverage and fund development and the covenants
under the company's credit facility limit cash distributions and
share buybacks should management change its dividend strategy.

Fitch defines liquidity coverage as sources of liquidity
(unrestricted cash, availability under the revolving credit
facility, committed but undrawn project financing) divided by uses
(unsecured debt maturities, secured debt maturities, pro rata
unconsolidated debt maturities, maintenance capital expenditures
and committed development expenditures).

Stable Rating Outlook
The Stable Outlook reflects Fitch's expectation that FCE's metrics
will remain appropriate for the 'BB-' rating over the next 12-to-
24 months.

Rating Sensitivities

Although Fitch does not anticipate positive ratings momentum in
the near to medium term, the following factors may have a positive
impact on the ratings and/or Outlook:

-- The maintenance of a sizable unencumbered asset pool;

-- Fitch's expectation of leverage sustaining below 10.0x
   (leverage was 9.7x and 10.7x as of Dec. 31, 2013 on a
   consolidated and pro rata basis, respectively).

The following factors may result in negative momentum on the
ratings and/or Outlook:

-- Fitch's expectation of leverage sustaining above 13.0x;

-- Fitch's expectation of fixed charge coverage sustaining below
   1.0x (coverage was 1.2x for the trailing 11 months ended
   Dec. 31, 2013);

-- Material growth in on-balance sheet development projects;

-- A material investment in a non-real estate project or entity.


GARLOCK SEALING: PI Claimants, Aetna Spar Over Info Disclosure
--------------------------------------------------------------
Aetna, Inc., an insurance company, and The Rawlings Company LLC, a
vendor to insurers, who said they provided benefits to health plan
members to treat their asbestos-related illnesses, asked the U.S.
Bankruptcy Court for the Western District of North Carolina,
Charlotte Division, to grant them access to statements filed
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
in the Chapter 11 case of Garlock Sealing Technologies, LLC.

Arguing that American courts, including those of the Fourth
Circuit, uniformly recognize a common law right of access to
judicial records that is rebuttable only upon a showing of
"significant" interests that "heavily outweigh the public
interests in access" and tapping on the Bankruptcy Court's 2012
Order allowing and directing access to those Rule 2019 Statements,
Aetna and Rawlings seek access to the public records to determine
the full-extent of their subrogation and reimbursement rights as
to asbestos-related personal injury claims brought against the
Debtor.

Aetna and Rawlings clarified that they seek access to the public
records filed with the Court, but not made available on the
electronic docket.  The health plan providers asserted that more
than 40 law firms or attorneys filed Rule 2019 Statements and the
required exhibits but these exhibits are not available on the
electronic docket, which contains a notation that "[e]xhibits have
been scanned but may be accessed by parties who obtain Court order
authorizing access."

The Official Committee of Asbestos Personal Injury Claimants, in
opposition to the motion to access, complains that the motion
"appears to cast  it in the dubious position of asserting the
hypothetical rights of third persons, namely Aetna and other
unnamed customers.  [Rawlings] lacks standing to do so under the
familiar doctrine of jus tertii."  The PI Committee further
complains that Aetna and Rawlings have not explained why Aetna
cannot efficiently develop the basis for reimbursement or
subrogation claims, if any, through direct communications with its
members, rather than by sifting through undifferentiated
collections of 2019 Exhibits that undoubtedly sweep in many
asbestos victims who have nothing to do with Aetna's plan.

Williams Kherkher Hart Boundas, LLP; certain asbestos personal
injury and wrongful death claimants represented by the law firm of
Brayton Purcell LLP; Patten, Wornom, Hatten & Diamonstein, L.C.,
individually and as counsel to certain asbestos personal injury
and wrongful death claimants; and Cascino Vaughan Law Offices
Ltd., join in the PI Committee's objection.

The Court will convene a hearing on March 27, 2014, at 1:00 p.m.,
to consider approval of the motion to access and objections
thereto.

Aetna and Rawlings are represented by Thomas W. Waldrep, Jr., Esq.
-- twaldrep@wcsr.com -- at WOMBLE CARLYLE SANDRIDGE & RICE, LLP, a
Limited Liability Partnership, in Winston-Salem, North Carolina.

The PI Committee is represented by Travis W. Moon, Esq., at MOON
WRIGHT & HOUSTON, PLLC, in Charlotte, North Carolina; Trevor W.
Swett III, Esq., Kevin C. Maclay, Esq., and Todd E. Phillips,
Esq., at CAPLIN & DRYSDALE, CHARTERED, in Washington, D.C.; and
Elihu Inselbuch, Esq., at CAPLIN & DRYSDALE, CHARTERED, in New
York.

Williams Kherker is represented by Raymond E. Owens, Jr., Esq. --
rowens@higginsowens.com -- and Sara W. Higgins, Esq. --
shiggins@higginsowens.com -- at HIGGINS & OWENS, PLLC, in
Charlotte, North Carolina.

Brayton Purcell may be reached through:

         Matthew Lee, Esq.
         BRAYTON PURCELL
         222 Rush Landing Road
         Novato, California 94948
         Tel: (415) 898-1555
         Fax: (415) 898-1247

Patten Wornom may be reached through:

         Robert R. Hatten, Esq.
         Donald N. Patten, Esq.
         William W. C. Harty, Esq.
         Jennifer W. Stevens, Esq.
         Erin E. Jewell, Esq.
         F. Alex Coletrane, Esq.
         PATTEN, WORNOM, HATTEN & DIAMONSTEIN, L.C.
         12350 Jefferson Avenue, Suite 300
         Newport News, VA 23602
         Tel: (757) 223-4500
         Fax: (757) 249-3242

Cascino Vaughan may be reached through:

         Michael P. Cascino, Esq.
         CASCINO VAUGHAN LAW OFFICES, LTD.
         220 S. Ashland Avenue
         Chicago, IL 60607
         Tel: 312.944.0600
         Fax: 312.944.1870

                       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: Suit Aims to Have Firm Pay for Ignition Deception
-----------------------------------------------------------------
Jessica Dye, writing for Reuters, reported that General Motors Co.
was hit with a lawsuit demanding that the company be held liable
for allegedly concealing ignition problems before its 2009
bankruptcy.

According to the report, the ignition switch problems led to the
recall of 1.6 million vehicles last month.

GM is a different legal entity than the one that filed the 2009
bankruptcy that shook the U.S. economy, the report related.  The
so-called new GM is not responsible under the terms of its
bankruptcy exit for legal claims relating to incidents that took
place before July 2009. Those claims must be brought against what
remains of the "old" or pre-bankruptcy GM.

But the proposed class action, filed in federal court in
California, said plaintiffs should be allowed to sue over the pre-
bankruptcy actions, "because of the active concealment by Old GM
and GM," the report further related.

The lawsuit also said that GM was responsible for reporting to the
federal government any safety-related problems for cars made
before its bankruptcy, the report added.

                     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.


GENERAL MOTORS: Ignition Victims Need Help From Bankruptcy Judge
----------------------------------------------------------------
Linda Sandler and Patrick G. Lee, writing for Bloomberg News,
reported that lawyers looking to sue General Motors Co. after its
global recall of 1.6 million vehicles over an ignition defect may
find their path blocked by a judge's order five years ago in the
company's reorganization.

According to the report, allegations about deaths or economic
losses occurring before July 2009 were barred by a bankruptcy
judge when he approved the sale of the automaker's assets to the
new GM. Attorneys are now examining pre-bankruptcy deaths and
claims with a view to getting the ban lifted.

Clarence Ditlow, executive director of the Washington-based Center
for Auto Safety, said he would like GM to set up a fund as a sign
of goodwill, the report related.  Such a move may resolve claims
that deaths and injuries were tied to the faulty ignition
switches, a problem GM admitted it knew of more than a decade ago
and failed to fix.

"For every incident that gets reported to the automaker, there are
usually nine or 10 more," said Ditlow, the report cited.  "You can
expect the number of deaths associated with this recall to rise."

By court order, the new GM can't be held responsible for any
product-related liabilities, such as wrongful death, personal
injury or property damage, except those arising on or after July
10, 2009, when the new entity was born, the report further
related.  Challenging GM's immunity would require asking the judge
who oversaw the historic U.S.-backed bankruptcy to reconsider his
ban on claims.

                     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.


GLOBAL GEOPHYSICAL: Has Forbearance, Stock Plunges
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Global Geophysical Services Inc., a provider of
seismic data for the oil and gas drilling industry, signed a
forbearance agreement with TPG Specialty Lending Inc., as agent
for lenders.

According to the report, the agreement precludes the lenders from
calling a default before March 24, the company said in a
regulatory filing.

The company is also restating financial statements going back to
2009 as a result of "accounting errors," the report related.

Missouri City, Texas-based Global hired advisers to analyze
"strategic alternatives," the report further related.

The $200 million in 10.5 percent senior unsecured notes last
traded on March 19 for 58.4 cents on the dollar, to yield 32.831
percent, the Bloomberg report said, citing Trace, the bond-price
reporting system of the Financial Industry Regulatory Authority.

Global plunged 61 percent on March 18 to a record closing low of
46 cents after announcement of the forbearance agreement and the
restatement, the report said.  The stock rose 11 cents on March 19
to close at 57 cents in New York trading. In the past three years,
the closing high was $18.99 on April 29, 2011.

Global Geophysical Services, Inc. is a Missouri City, Texas-based
provider of an integrated suite of seismic data solutions to the
global oil and gas companies.  Its data solutions encompass
seismic data acquisition, microseismic monitoring, data
processing, and interpretation services.


GREGORY MAUCHLEY: Stipulation Reached in Fox Hollow Suit
--------------------------------------------------------
District Judge Anthony W. Ishii in Fresno approved a stipulation
in the case styled, FOX HOLLOW OF TURLOCK OWNERS' ASSOCIATION, a
California Nonprofit Mutual Benefit Corporation; et al.,
Plaintiffs, v. RICHARD SINCLAIR, an individual; et al.,
Defendants, AND CONSOLIDATED ACTIONS, Case No. 1:03-CV-05439-AWI-
SAB (E.D. Cal.).

Fox Hollow of Turlock Owners Association and California Equity
Management Group, Inc. filed their Consolidated Amended and
Supplemental Complaint for Declaratory and Injunctive Relief and
for Damages on July 21, 2010 against Gregory Mauchley, Mauctrst,
LLC, and others.

Mr. Mauchley and others filed their Answer to the Consolidated
Amended Complaint and a Cross-Complaint against Plaintiffs and
Andrew Katakis -- CEMG/Fox Hollow Parties -- on August 10, 2010.

Mauctrst and others filed an Answer to the Consolidated Amended
Complaint on January 18, 2011.

Mauctrst and others had previously filed a First Amended Complaint
in one of the actions consolidated against the CEMG/Fox Hollow
Parties on December 22, 2004, and the CEMG/Fox Hollow Parties had
filed an answer thereto on March 9, 2005.

The CEMG/Fox Hollow Parties filed a motion on November 15, 2012,
for Judgment on the Pleadings as to: (1) claims asserted by
Mauctrst, LLC in its December 22, 2004 First Amended Complaint;
and (2) against Mauctrst, LLC on Plaintiffs' Consolidated Amended
Complaint in which the CEMG/Fox Hollow Parties moved "for an order
granting judgment on the pleadings as to (1) claims asserted by
Mauctrst, LLC in its December 22, 2004, First Amended Complaint;
and (2) an entry of default against Mauctrst, LLC on Fox Hollow
HOA's and CEMG's Consolidated Amended Supplemental Complaint for
Declaratory and Injunctive Relief and Damages.

Mr. Mauchley and Mauctrst, LLC filed their opposition to the
motion on December 21, 2012, and the CEMG/Fox Hollow Parties filed
their reply in support of such motion on December 28, 2012.

The Court, in its Order re Motion for Judgment on the Pleadings
entered herein on April 15, 2013, granted the motion in part and
denied it in part, directing: "all claims by and against Mauctrst,
LLC are dismissed. Mauctrst, LLC itself is dismissed from the
case."

The CEMG/Fox Hollow Parties filed a Motion for an Order Altering
or Amending Order Dismissing Claim Asserted against Mauctrst, LLC
and Vacating Judgment Entered Thereon on May 9, 2013, and an
Application for Reconsideration Pursuant to L.R. 230(j) in Support
of Motion by the CEMG/Fox Hollow Parties for an Order Altering or
Amended Order Dismissing Claims Asserted against Mauctrst LLC, and
Vacating Judgment Entered Thereon.

Mr. Mauchley and Mauctrst, LLC filed their opposition to the
Motion To Set Aside And For Reconsideration on May 31, 2013 and
the CEMG/Fox Hollow Parties filed their reply in support of such
motion on June 10, 2013.

The Court, by Order entered on June 14, 2013, vacated the hearing
on such motion and requested additional briefing.

The CEMG/Fox Hollow Parties provided additional briefing thereon
on July 10, 2013, and Mr. Mauchley and Mauctrst, LLC provided
additional briefing thereon on July 31, 2013.

Mr. Mauchley, on October 4, 2013, filed a Chapter 11 Petition with
the U.S. Bankruptcy Court, District of Utah, Case No. 13-31334.

The CEMG/Fox Hollow Parties, Mr. Mauchley, Mauctrst, LLC and Mrs.
Mauchley, have reached a global settlement involving the within
action, as well as a State Court judgment and a request for an
award of attorneys' fees on appeal, claims of non-dischargability
in the Mauchley bankruptcy, and additional claims.

As part of that settlement, the Parties have stipulated and agreed
that the Court grant the Motion To Set Aside And For
Reconsideration and that a default against Mauctrst, LLC on the
Consolidate Amended Complaint be entered.  Mr. Mauchley and
Mauctrst, LLC will withdraw their opposition to the Motion To Set
Aside And For Reconsideration.

A copy of the March 18, 2014 Stipulation is available at
http://is.gd/GOOmkifrom Leagle.com.


GUITAR CENTER: Moody's Rates New $615MM First Lien Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service rated Guitar Center Inc.'s proposed $615
million senior secured first lien notes at B3 and its proposed
$325 million senior unsecured notes at Caa2. Moody's also revised
Guitar Center's Probability of Default Rating to Caa2-PD/LD. The
LD (Limited Default) indicator reflects the pending exchange of
Guitar Center's $435 million senior unsecured holdco notes and
$100 million of its senior unsecured notes into preferred stock
which Moody's views as a distressed exchange. The debt to equity
conversion will occur upon the closing of the proposed senior
secured and senior unsecured notes.

At the same time, Moody's placed Guitar Center Holdings, Inc. Caa2
Corporate Family Rating and Caa2-PD/LD Probability of Default
rating on review for upgrade. The review for upgrade acknowledges
that the pending conversion of the $435 million of senior
unsecured holdco notes and $100 million of senior unsecured opco
notes into preferred stock significantly reduces Guitar Center's
leverage. The $535 million of combined senior unsecured notes that
will be converted currently represent over 35% of Guitar Center's
total debt. Moody's estimates that pro forma for the debt to
equity conversion and proposed refinancing of the remaining debt,
Guitar Center's debt to EBITDA will be reduced to 7.5 times from
10.5 times at December 31, 2013.

The review for upgrade also reflects that the proposed transaction
will extend Guitar Center's debt maturities such that its earliest
maturities will be in 2019 versus 2016 currently. The proposed
transaction will also reduce Guitar Center's interest expense.

The following ratings are assigned subject to receipt and review
of final documentation:

For Guitar Center Inc.:

Proposed $615 million senior secured first lien notes due 2019 at
B3 (LGD 3, 47%)

Proposed $325 million senior unsecured notes due 2020 at Caa2 (LGD
5, 86%)

The following rating is revised and placed on review for upgrade:

For Guitar Center Holdings, Inc.:

Probability of Default to Caa2-PD/LD from Caa2-PD

The following rating is placed on review for upgrade:

For Guitar Center Holdings, Inc.:

Corporate Family Rating at Caa2

The following ratings are affirmed:

For Guitar Center Inc.

Senior Secured Term Loan B at Caa1 (LGD 3, 36%)

For Guitar Center Holdings, Inc.

Speculative Grade Liquidity rating at SGL -3

Ratings Rationale

Upon closing of the transaction the Corporate Family Rating,
Probability of Default Rating, and Speculative Grade Liquidity
rating will be moved from Guitar Center Holdings, Inc. to Guitar
Center Inc.

So long as the transaction closes upon terms and pricing
substantially similar to what is currently anticipated, the
Corporate Family Rating will likely be upgraded to B3 and the
Probability of Default Rating will likely be upgraded to B3-PD.
This upgrade will acknowledge the substantial improvement in both
Guitar Center's leverage and coverage. Moody's estimates that
Guitar Center's EBITA to interest expense will improve to 1.2
times pro forma for proposed transaction at December 31, 2013
compared to 0.6 times currently. If the transaction does note
close, it is likely that the Corporate Family Rating will be
affirmed at Caa2.

The ratings on the proposed senior secured first lien notes at B3
and the senior unsecured notes at Caa2 are predicated upon a B3
Corporate Family Rating. The secured notes are rated at the same
level as the Corporate Family Rating acknowledging their size and
position in the capital structure where they will be junior to the
proposed $325 million asset based revolving credit facility but
structurally senior to the $325 million senior unsecured notes.
The Caa2 rating on the senior unsecured notes reflects their
junior position in the capital structure behind all other classes
of debt.

The principal methodology used in this rating was the Global
Retail Industry published in June 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.

Guitar Center holdings, Inc. is a holding company whose sole asset
is Guitar Center, Inc. Guitar Center, Inc. is headquartered in
Westlake Village, California. The company is the largest musical
instrument retailer in the United States. It operates three
distinct retail businesses -- Guitar Center (253 stores and about
75% of revenues) which targets professional and aspiring
musicians, Music & Arts (117 Stores and about 12% of revenues)
which targets beginning musicians and specializes in band and
orchestra instruments; and Musician's Friend (a direct response
subsidiary with 13% of revenue) which targets hobbyists and
serious musicians. The company is wholly owned by affiliates of
Bain Capital. After the closing of the proposed transaction, it
will also be owned by Ares Capital. Total revenue is about $2.2
billion.


GUITAR CENTER: S&P Lowers Corp. Credit Rating to CC; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Westlake Village, California-based Guitar Center
Holdings Inc. to 'CC' from 'CCC+'.  The outlook is negative.

S&P also took the following rating actions on the company's
existing debt instruments:

   -- S&P lowered its issue-level rating on the company's $323
      million ABL revolving credit facility to 'CCC' from 'B'.
      S&P's '1' recovery rating is unchanged.

   -- S&P lowered its issue-level rating on the company's $650
      million term loan to 'CC' from 'CCC+'.  The '3' recovery
      rating is unchanged.

   -- S&P lowered its issue-level rating on the company's senior
      unsecured debt to 'C' from 'CCC-'.  The '6' recovery rating
      is unchanged.

Upon successful completion of the proposed debt exchange, S&P
expects to lower the corporate credit rating to 'SD', and lower
the issue-level ratings on the existing senior unsecured notes at
both the holding company and operating company to 'D'.  As soon as
possible after lowering the ratings, S&P plans on raising the
corporate credit rating to 'B-' with a negative outlook, assuming
all aspects of the restructuring and completed as indicated.

In addition, S&P assigned ratings to the company's proposed credit
facilities, based on a projected corporate credit rating of 'B-'
following the restructuring transaction.  S&P rated the $325
million senior secured bank loan 'B+', with a recovery rating of
'1', indicating its expectation of very high recovery (90%-100%)
in the event of a payment default.  S&P rated the $615 million
secured notes 'B-', with a recovery rating of '3', indicating its
expectation of meaningful recovery (50%-70%).  And S&P rated the
unsecured $325 million notes 'CCC', with a recovery rating of '6',
indicating its expectation of negligible recovery (0%-10%).

Guitar Center Inc. is the issuer under the proposed debt
instruments.

The rating actions reflect the company's announcement that it
plans to exchange its $401.8 million of senior unsecured notes (of
which there is $463 million currently outstanding, including
accrued interest) into holding company preferred stock.

In addition, the company is refinancing its $375 million of senior
unsecured notes (at closing, the outstanding balance will include
$21 million of accrued interest) with the new $325 million senior
unsecured notes.  After fees and expenses, the remaining $100
million of the notes that are not refinanced will be exchanged
into operating company preferred stock.

"We treat both transactions as tantamount to a default, given the
current distressed financial condition of the company and since
the investors are receiving less than the original promise of the
original security," said Standard & Poor's credit analyst Mariola
Borysiak.

In addition to the proposed distressed exchanges, the company is
refinancing its existing $323 million ABL facility with a new $325
million ABL revolver maturing in 2019.  It is also refinancing its
$650 million term loan (of which there is currently $616 million
outstanding) with new $615 million senior secured notes.

S&P's 'CC' corporate credit rating also incorporates its view that
the company's existing capital structure is unsustainable and its
assessment of its liquidity as "weak."  However, S&P believes the
restructuring transactions will improve the company's cash flow
generation and its liquidity profile, which S&P expects to revise
to "adequate" following the completion of the exchange and debt
offering.


GULFCO HOLDING: PE Firm Urges Judge to Throw Out Ch. 11
-------------------------------------------------------
Law360 reported that Prospect Capital Corp., a major creditor in
oil drilling equipment holding company Gulfco Holding Corp.'s
Chapter 11, urged a Delaware bankruptcy judge to throw out the
entire case, arguing the debtor is simply using the Bankruptcy
Code to take advantage of the court's protection.

According to the report, at oral arguments on the matter in
Wilmington, the private equity firm contended that Gulfco's
Chapter 11 filing in November was just a "lawsuit disguised as a
bankruptcy."

                       About Gulfco Holding

Headquartered in Wilton, Connecticut, Gulfco Holding Corp. filed a
bare-bones Chapter 11 petition (Bankr. D. Del. Case No. 13-13113)
on Nov. 27, 2013.

The Hon. Brendan Linehan Shannon presides over the case.  Michael
Jason Barrie, Esq., at Benesch Friedlander Coplan & Aronoff LLP
represents the Debtor in its restructuring effort.  The Debtor
estimated $10 million to $50 million in assets and debts.

According to the list of top unsecured creditors, PNC Bank,
National Association is owed $5.4 million and Prospect Capital
Corp. has a disputed claim of $40.95 million on account of its
shares of stock in Gulf Coast Machine & Supply Company.

Altus Capital Partners II, L.P. and its affiliates, Franklin Park
Co-Investment Fund, L.P., David LeBlanc, and Steven Tidwell own
shares in the company.

Elizabeth A. Burgess, as president and CEO, signed the Chapter 11
petition.


HANDLEBAR ENTERPRISES: Entertainment Bar to Close April 30
----------------------------------------------------------
Handlebar Enterprises, Inc., dba The Handlebar: A Listening Room,
filed for Chapter 11 bankruptcy (Bankr. D. S.C. Case No. 13-07327)
on Dec. 10, 2013, listing under $1 million in both assets and
debs.  A copy of the petition is available at
http://bankrupt.com/misc/scb13-07327.pdf

James E. Sterling, Esq., at Smith Jordan Lavery & Lee, P.A.,
serves as counsel.

GSA Business reported that The Handlebar, an entertainment and
dining venue, has debts totaling more than $416,000, and
bankruptcy documents show the landlord, Mauldin Investments LLC,
is seeking back rent totaling $156,163.

According to GSA Business, Mr. Sterling said the bankruptcy filing
is "primarily a dispute between shareholders of The Handlebar."
Mr. Sterling said the disputes pit co-owner John Jeter and his
wife, shareholder Kathy Laughlin, against other shareholders of
the business who are also shareholders of Mauldin Investments.
Court records show those other shareholders are John Egan Jr. of
Greenville, Charlie Tremonti of Taylors and Joseph Sorrentino of
Camden.

The report also said a post on The Handlebar website said the 20-
year-old business is closing April 30 with plans to reopen Sept.
15 at another location.

Randy Skinner, whose firm represents Mauldin Investments, did not
return a telephone message seeking comment,the report added.


HAWAII MEDICAL: Wins Approval to Settle Dispute With GECC, Otis
---------------------------------------------------------------
Hawaii Medical Center received court approval for a deal resolving
its dispute with General Electric Capital Corp. and Otis Elevator
Co.

Hawaii Medical Center sued both companies last year to recover
preferential transfers allegedly received by the companies.

Under the settlement, GECC and Otis Elevator will pay Hawaii
Medical Center $42,000 and $16,250, respectively.  In exchange,
Hawaii Medical Center agreed to file a stipulation to dismiss the
cases it filed against the companies.

The agreement also calls for mutual release of claims the parties
may have against each other.  A copy of the agreement is available
for free at http://is.gd/J6NTJi

                    About Hawaii Medical Center

The Hawaii Medical Center, along with its affiliates, filed for
Chapter 11 bankruptcy (Bankr. D. Hawaii Lead Case No. 11-01746) on
June 21, 2011, just a year after exiting court protection.  Hawaii
Medical Center owns two hospital campuses -- HMC East in North
Honolulu and HMC West in Ewa Beach.  The two hospitals have 342
licensed beds and have a total of more than 1,000 employees.  The
hospitals were known as St. Francis Medical Center before Hawaii
Medical purchased the hospitals in 2007.

Judge Robert J. Faris presides over the 2011 case.  Lawyers at
Moseley Biehl Tsugawa Lau & Muzzi, in Honolulu, Hawaii, and
McDonald Hopkins LLC, in Cleveland, Ohio, serve as the Debtors'
counsel.  The Debtors' financial advisors are Scouler & Company,
LLC.  In its 2011 petition, Hawaii Medical Center estimated
$50 million to $100 million in assets and $100 million to $500
million in debts.  The petitions were signed by Kenneth J. Silva,
member of the board of directors.

Attorneys at Wagner Choi & Verbrugge, in Honolulu, Hawaii, and
Pachulski Stang Ziehl & Jones LLP, in Los Angeles, represent the
Official Committee of Unsecured Creditors as counsel.

The Debtors' prepetition debt structure is comprised of (i) the
Prepetition Revolving Loan with MidCap Financial, LLC, and the
Prepetition Term Loan with St. Francis Healthcare Systems of
Hawaii.  As of the Petition Date, the aggregate outstanding
principal on the Prepetition MidCap Revolving Loan and the
Prepetition St. Francis Term Loan is $46,851,772.  The principal
balance of the Prepetion MidCap Revolving Loan is $7,676,495.  The
amount owed under the Prepetition St. Francis Term Loan is
$39,175,277, secured by St. Francis's first priority lien on,
among other things, all real property of the Debtors.

Through the Chapter 11 filing, the Debtors plan to return the
hospitals to the control of St. Francis.

In the prior case, HMC and its affiliated debtors were converted
to new, Hawaii non-profit corporations.  CHA Hawaii, one of HMC's
affiliated debtors and a subsidiary of Cardiovascular Hospitals of
America LLC, discontinued management of the reorganized Debtors.

Wichita, Kansas-based CHA Hawaii LLC, and its affiliates --
including Hawaii Medical Center LLC -- filed for Chapter 11
protection on Aug. 29, 2008 (Bankr. D. Del. Case No. 08-12027).
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP
represented the Debtors in their restructuring efforts.  CHA
Hawaii estimated assets of up to $10 million and debts between
$50 million and $100 million when it filed for bankruptcy.  The
Debtors obtained confirmation of their Chapter 11 plan in May 2010
and emerged from bankruptcy in August 2010.

The Debtor disclosed $74,713,475 in assets and $91,599,563 in
liabilities as of the Chapter 11 filing.


HAWAII OUTDOOR: Inks Agreement to Settle Tax, Utility Claims
------------------------------------------------------------
The bankruptcy trustee of Hawaii Outdoor Tours Inc. seeks court
approval to settle the claims of Hawaii Department of Taxation and
utility companies.

Under the settlement, the tax agency will receive payment in the
amount of $25,225 on account of its priority tax claim.

Meanwhile, a total of $245,000 will be paid to utility companies,
which assert $326,108 in claims, to cure monetary defaults under a
lease contract that was assigned as part of the sale of the
Naniloa Volcanoes Resort and Naniloa Volcanoes Golf.

The remaining balance of the utility claims will be paid as part
of the distribution of the so-called "unsecured creditor fund" in
the amount of $250,000.  The fund was established in connection
with the sale.

A full-text copy of the agreement is available without charge at
http://is.gd/0wBqd6

The other signatories to the agreement are First-Citizens Bank &
Trust Co., the Hawaii Department of Taxation and the committee
representing Hawaii Outdoor's unsecured creditors.

                    About Hawaii Outdoor Tours

Hawaii Outdoor Tours, Inc., operator of the Naniloa Volcanoes
Resort in Hilo, Hawaii, filed a Chapter 11 petition (Bankr. D.
Haw. Case No. 12-02279) in Honolulu on Nov. 20, 2012.  Naniloa
Volcanoes is a 382-room hotel with a nine-hole golf course.  The
64-acre property is subject to a 65-year lease, commencing Feb. 1,
2006, and provides for a total ground rent for the first 10 years
of $500,000 annually.  The Debtor used a $10 million loan from
First Regional Bank and $10 million of its own cash to invest in
the property.

First-Citizens Bank & Trust Company, which acquired the First
Regional note from the Federal Deposit Insurance Corp., commenced
foreclosure proceedings in August.  First-Citizens Bank asserts a
claim of $9.95 million.  The Debtor believes that the value of the
hotel property exceeds the amount of the First-Citizens Bank note.
Just the bricks and mortar alone was valued in excess of
$35 million by First Regional's appraiser and the insurance
company.

Bankruptcy Judge Robert J. Faris oversees the case.  Ramon J.
Ferrer, Esq., represents the Debtor as counsel.

In its schedules, the Debtor disclosed $52,492,891 in assets and
$11,756,697 in liabilities.  The petition was signed by CEO
Kenneth Fujiyama.

Ted N. Petitt, Esq., represents secured creditor First-Citizens
Bank as counsel.  Cynthia M. Johiro, Esq., represents the State of
Hawaii Department of Taxation as counsel.

Timothy J. Hogan, Esq., represents David C. Farmer, the Chapter 11
Trustee, as counsel.

Christopher J. Muzzi, Esq., at Tsugawa Biehl Lau & Muzzi, LLLC,
represents the Official Committee of Unsecured Creditors as
counsel.

The Bankruptcy Court, in the minutes of the hearing held Nov. 12,
2013, authorized the Chapter 11 trustee to sell hotel, assets and
assignments to the highest bidder.

Ken Direction Corporation, the parent company of Hawaii Outdoor
Tours, Inc., filed with the U.S. Bankruptcy Court for the District
of Hawaii on Nov. 5, 2013, a disclosure statement explaining its
proposed plan of reorganization for the Debtor, dated Nov. 4,
2013.  According to the Disclosure Statement, the source of about
$14,000,000 in new funds will be the proceeds from the sale of
real estate owned by HPAC, LLC, an affiliated company of the
Proponent, to Shalom Amar Revocable Trust 2000 by way of a 1031
exchange.


HOLISTIC HOTEL: Case Summary and 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Holistic Hotel, LLC
        8600 West Irlo Bronson Memorial Highway
        Kissimmee, FL 34747

Case No.: 14-03296

Chapter 11 Petition Date: March 24, 2014

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

Judge: Hon. Karen S. Jennemann

Debtor's Counsel: Timothy Frantz, Esq.
                  32306 Oak Park Drive
                  Leesburg, FL 34748
                  Tel: 407-346-8913
                  Email: tfrantz.passionforjustice@live.com

Total Assets: $5.63 million

Total Liabilities: $6.74 million

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmn14-3296.pdf


HOPKINS COUNTY HOSP: S&P Cuts Hospital Revenue Bonds Rating to BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'BB' from 'BB+' on Hopkins County Hospital District, Texas'
$22.7 million series 2008 hospital revenue bonds.  The district
does business as Hopkins County Memorial Hospital (HCMH).  The
outlook remains negative.

"The downgrade and negative outlook reflect our view of HCMH's
continued, albeit reduced, operating loss in fiscal 2013 and
significantly lower unrestricted reserves, which have been
trending down for several years," said Standard & Poor's credit
analyst Karl Propst.

More specifically, the 'BB' rating reflects S&P's view of:

   -- The district's negative operating performance for the past
      four years and budgeted fiscal 2014 loss;

   -- The district's persistently light unrestricted reserves,
      which remain weak on a cash-to-debt basis;

   -- Weaker volumes;

   -- A small revenue base and limited service area coupled with a
      high concentration of governmental reimbursement; and

   -- The district's high debt burden.


HRK HOLDINGS: Maturity Dates Under DIP Facilities Extended
----------------------------------------------------------
HRK Holdings LLC obtained a court order extending to March 31 the
maturity dates under two loan facilities extended by Regions Bank
N.A.

The extension of the maturity dates will give the company
additional time to satisfy the conditions to funding, which
include the closing of two pending sales of HRK Holdings' real
property to Allied Universal Corp. and Mayo Fertilizer, Inc.

The order dated March 21 was signed by Judge K. Rodney May of
U.S. Bankruptcy Court for the Middle District of Florida.

                        About HRK Holdings

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

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

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

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


IZEA INC: Austin Marxe Stake at 19.9% as of Feb. 28
---------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Austin W. Marxe, David M. Greenhouse and Adam C.
Stettner disclosed that as of Feb. 28, 2014, they beneficially
owned 21,714,288 shares of common stock of IZEA, Inc.,
representing 19.99 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                        http://is.gd/4XUa1q

                          About IZEA, Inc.

IZEA, Inc., headquartered in Orlando, Fla., believes it is a world
leader in social media sponsorships ("SMS"), a rapidly growing
segment within social media where a company compensates a social
media publisher to share sponsored content within their social
network.  The Company accomplishes this by operating multiple
marketplaces that include its platforms SocialSpark,
SponsoredTweets and WeReward, as well as its legacy platforms
PayPerPost and InPostLinks.

IZEA reported a net loss of $4.67 million in 2012 as compared with
a net loss of $3.97 million in 2011.  The Company's balance sheet
at Sept. 30, 2013, showed $3.39 million in total assets,
$4.68 million in total liabilities and a $1.28 million total
stockholders' deficit.

Cross, Fernandez & Riley, LLP, in Orlando, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company has incurred recurring operating
losses and had a negative working capital and an accumulated
deficit at Dec. 31, 2012.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern
without raising sufficient additional financing.


JACKSON HEWITT: $7MM Franchise Suit Survives Ch. 11 Discharge
-------------------------------------------------------------
Law360 reported that an Oregon franchisee of Jackson Hewitt Inc.
can continue with its $7 million contract-breach suit against the
nation's second-largest tax preparation service, despite missing a
deadline to contest a Chapter 11 bankruptcy discharge of its
claims, a New Jersey federal judge ruled.

According to the report, Boise, Idaho-based FasTax Inc. is
accusing Jackson Hewitt of interfering with FasTax's efforts to
get the best price for franchise territories it was selling,
alleging the tax preparation company imposed an unrealistic two-
week time frame for finding prospective buyers for the
territories.

The case is FASTAX, INC. v. JACKSON HEWITT, INC. et al., Case No.
2:13-cv-03078 (D.N.J.) before Judge William J. Martini.

                       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 RIVER: Pioneer Global Stake at 7.8% as of Dec. 31
-------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Pioneer Global Asset Management S.p.A. (PGAM) and
Pioneer Investment Management, Inc. (PIM) disclosed that as of
Dec. 31, 2013, they beneficially owned 3,031,800 shares of common
stock of representing 7.8 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at:

                        http://is.gd/9rFKXI

                        About James River

Headquartered in Richmond, Virginia, James River Coal Company
(NasdaqGM: JRCC) -- http://www.jamesrivercoal.com/-- mines,
processes and sells bituminous steam and industrial-grade coal
primarily to electric utility companies and industrial customers.
The company's mining operations are managed through six operating
subsidiaries located throughout eastern Kentucky and in southern
Indiana.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $14.99 million.  James River reported a net loss of
$138.90 million in 2012, as compared with a net loss of $39.08
million in 2011.  The Company's balance sheet at Sept. 30, 2013,
showed $1.06 billion in total assets, $818.69 million in total
liabilities and $247.34 million in total shareholders' equity.

                           *     *     *

In the May 24, 2013, edition of the TCR, Moody's Investors Service
downgraded James River Coal Company's Corporate Family Rating to
Caa2 from Caa1.

"While the company continues to take actions to reposition
operations and shore up its balance sheet, we expect external
factors will preclude James River from maintaining credit measures
and liquidity consistent with the Caa1 rating level," said Ben
Nelson, Moody's lead analyst for James River Coal Company.

As reported by the TCR on Nov. 19, 2012, Standard & Poor's Ratings
Services raised its corporate credit rating on Richmond, Va.-based
James River Coal Co. to 'CCC' from 'SD' (selective default).

"We raised our rating on James River Coal because we understand
that the company has stopped repurchasing its debt at deep
discounts, for the time being," said credit analyst Megan
Johnston.


JEFFERIES FINANCE: Moody's Affirms Ba3 CFR & B1 Sr. Bond Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Jefferies Finance's ("JFin")
Ba3 corporate family rating (CFR) and B1 senior unsecured bond
rating. The outlook is stable.

Ratings Rationale

JFin's Ba3 corporate family rating reflects the company's strong
financial performance along with its contractual arrangement as
the arranger and syndicator of Jefferies Group's (Jefferies)
leveraged loan business. The rating incorporates the credit risk
of the company's loan portfolio along with the liquidity and
market value exposures associated with the company's syndicated
loan commitments. Offsetting these risks is the company's solid
liquidity profile, with available capital approaching $2.4 billion
as of November 30, 2013.

The B1 senior unsecured debt rating reflects its unsecured
position with respect to the company's $1 billion senior secured
funding facility.

The rating outlook is stable, reflecting Moody's expectation that
the company will be able to continue to grow its leverage loan
business while maintaining its solid liquidity position and strong
financial performance.

On March 25, 2014, JFin announced its intention to issue $350
million of additional senior unsecured debt the proceeds of which
will be used to provide additional liquidity to support the
company's expected increase in syndication volume as well as
larger individual syndications.

The ratings could be upgraded if the company demonstrates its
ability to successfully manage a larger loan syndication platform
without increasing its credit, liquidity, and market risk profile
while maintaining its financial performance. Particular attention
will be on liquidity and market risk management with respect to
the company's syndication commitment pipeline.

The ratings could be downgraded if the company experiences
liquidity stress or if the company elects to increase its
outstanding commitments without a commensurate increase in its
liquidity resources. In particular, negative ratings pressure
could develop if the company's available liquidity is less than
half of the company's outstanding commitments (e.g. syndication
and revolver commitments).

In addition, the ratings could be downgraded if the company's
financial performances deteriorates. In particular, negative
ratings pressure could develop if net income as a percent of
average assets drops below 3% over three or more quarters or
leverage as measured by the company's tangible equity to average
managed assets falls below 15%

JFin is a commercial finance company headquartered in New York.

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


JEFFERIES FINANCE: S&P Lowers ICR to 'B+' on Higher Leverage
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its issuer
credit rating (ICR) on Jefferies Finance LLC (JFIN) to 'B+' from
'BB-'.  The outlook is stable.  At the same time, S&P lowered its
rating on the company's existing $600 million of senior unsecured
notes to 'B' from 'B+' and assigned a 'B' rating to its proposed
offering of $350 million of senior unsecured notes.

"We are lowering our ratings on JFIN and its senior unsecured
notes as a result of the company's plans to use a new issuance of
$350 million in senior unsecured notes to facilitate a significant
expansion in its loans," said Standard & Poor's credit analyst
Brendan Browne.  S&P expects the company's total debt-to-equity
ratio to rise to around 5x-6x over the next year -- well above the
3.5x S&P previously anticipated.

JFIN is a joint venture owned by Jefferies Group LLC (Jefferies)
(BBB/Stable/--) and Massachusetts Mutual Life Insurance Co.
(MassMutual) (AA+/Stable/A-1+).

The unsecured notes will, in part, enable the company to borrow
substantially more through its various secured funding facilities,
such as collateralized loan obligations (CLOs).  Those facilities
allow the company to borrow roughly 65%-90% against any loans it
originates and places in the facilities -- requiring JFIN to fund
the overcollateralization or equity portion.  S&P expects the
company to effectively use a significant portion of the proceeds
from the $350 million in unsecured notes -- as well as its own
equity--to fund that overcollateralization.  The company will use
the remaining portion to support its liquidity and its syndication
business--where it makes substantial loan commitments prior to
selling of the loans to institutional buyers.

S&P believes the increase in leverage will leave JFIN with fewer
unencumbered assets relative to its unsecured debt than at the end
of its last fiscal year in November 2013--effectively putting
JFIN's unsecured debtholders in a weaker position than currently.
The expanding secured funding facilities will likely encumber an
increasing portion of the company's assets, and JFIN's
overcollateralization in those facilities will make up a larger
share of its unencumbered assets.  In a stress scenario, the value
of that overcollateralization could fall substantially.  S&P rates
the company's unsecured notes a notch below the ICR because of
their structural subordination to the secured credit facilities
that encumber much of the company's balance sheet.

S&P's stable outlook on JFIN reflects its expectation that the
company will expand quickly without greatly easing its
underwriting standards, maintain total leverage around 5x-6x, and
carefully manage its liquidity risk.

S&P could raise its rating on JFIN if it can maintain a track
record of low credit losses -- as it grows over the next two years
-- while providing further evidence of careful underwriting and
liquidity management.  S&P could also raise the rating if the
company lowers its leverage closer to 4x.

"We could lower our rating on JFIN if the company's credit losses
rise, or if we believe it is taking on a level of liquidity risk
in its syndication business that could threaten its ability to
meet all of its commitments.  For instance, we could downgrade the
company if its sources of liquidity drop in relation to its
commitments, compared with current levels. We also could lower our
rating if JFIN's leverage exceeds 6x and if the company does not
have a credible plan to reduce it," S&P said.


KAHN FAMILY: March 28 Final Hearing on Access to Cash
-----------------------------------------------------
Kahn Family LLC will return to the Bankruptcy Court on March 28,
2014, for a final hearing on its bid for access to cash collateral
in which Wells Fargo asserts an interest.  The hearing is set for
10:00 a.m. at 1100 Laurel Street Columbia, South Carolina 29201.

The Debtor said it does not have sufficient unencumbered cash or
other assets to continue operating its business in Chapter 11
pending a Chapter 11 plan of reorganization.  As a result, an
immediate and ongoing need exists for the Debtor to use the cash
collateral to continue the operation of its business as debtor-in-
possession under Chapter 11, to minimize the disruption of the
Debtor as a going concern, and to maximize the value of the
Debtor's estate.

As adequate protection for any diminution of Cash Collateral,
Wells Fargo is granted a post-petition lien and security interest
in the post-petition cash collateral and the proceeds thereof to
the same extent and priority as its pre-petition liens in and to
the cash collateral.  The replacement liens will have the same
rank and priority as Wells Fargo's pre-petition liens.

As reported in the Troubled Company Reporter on Jan. 27, 2014,
Wells Fargo asked the Court to (i) prohibit Kahn Family's use of
cash collateral; and (ii) require the Debtor to account for and
segregate any of Wells Fargo's cash collateral which was generated
by non-debtor property and collected by the Debtor and preserve
all of Wells Fargo's rights with respect to such non-debtor cash
collateral.

Wells Fargo is the holder of six loans to Kahn-related entities,
which are generated by Mr. Kahn and secured by various collateral
pledged by non-debtor and debtor entities.  Collectively, the
loans have a balance due of $61,802,838 as of Jan. 3, 2014.

According to Wells Fargo, the Debtor has not met its burden to
show that the bank is adequately protected or otherwise obtained
approval by the Court to use cash collateral.

                         About Kahn Family

Kahn Family, LLC, and Kahn Properties South, LLC, filed bare-bones
Chapter 11 petitions (Bankr. D. S.C. Case Nos. 13-02354 and
13-02355) on April 22, 2013.  Kahn Family disclosed $50 million to
$100 million in assets and liabilities.  R. Geoffrey Levy, Esq.,
at Levy Law Firm, LLC, serves as the Debtors' counsel.  David G.
Wolff, Esq., at Barnes, Alford, Stork & Johnson, LLP, is the
Debtor's special counsel.  Bill Quattlebaum, CPA of Elliott Davis,
LLC, serves as its accountant.

The Debtor's Plan of Reorganization dated Dec. 20, 2013, provides
that payments and distributions under the Plan will be funded by
(1) the sale of certain of the Debtor's real property at fair
market value; (2) the transfer of certain real property of the
Debtor to Gibraltar BB4, LLC; (3) conversion of certain unsecured
claims against the Debtor to equity in the Reorganized Debtor; (4)
cash on hand on the Effective Date; and (5) cash flow from
continuing operations.


KAHN FAMILY: Hearing on Further Use of Cash Collateral Tomorrow
---------------------------------------------------------------
Kahn Family, LLC, obtained an interim order from the U.S.
Bankruptcy Court to use cash collateral of Wells Fargo.   The
final hearing on the Debtors' request to use cash collateral is
set for March 28, 2014, at 10:00 a.m. at 1100 Laurel Street
Columbia, South Carolina 29201.

The Debtor does not have sufficient unencumbered cash or other
assets to continuing to operate its business in Chapter 11 pending
the Debtor's Chapter 11 plan of reorganization.

As adequate protection, Wells Fargo is granted a postpetition lien
and security interest in the post-petition cash collateral and the
proceeds thereof to the same extent and priority as its
prepetition liens in and to the cash collateral, with such
replacement liens to have the same rank and priority as Wells
Fargo's prepetition liens.

Wells Fargo is the holder of six loans to Kahn-related entities,
which are generated by Mr. Kahn and secured by various collateral
pledged by non-debtor and debtor entities.  Collectively, the
loans have a balance due of $61,802,838 as of Jan. 3, 2014.

                         About Kahn Family

Kahn Family, LLC, and Kahn Properties South, LLC, filed bare-bones
Chapter 11 petitions (Bankr. D. S.C. Case Nos. 13-02354 and
13-02355) on April 22, 2013.  Kahn Family disclosed $50 million to
$100 million in assets and liabilities.  R. Geoffrey Levy, Esq.,
at Levy Law Firm, LLC, serves as the Debtors' counsel.  David G.
Wolff, Esq., at Barnes, Alford, Stork & Johnson, LLP, is the
Debtor's special counsel.  Bill Quattlebaum, CPA of Elliott Davis,
LLC, serves as its accountant.

The Debtor's Plan of Reorganization dated Dec. 20, 2013, provides
that payments and distributions under the Plan will be funded by
(1) the sale of certain of the Debtor's real property at fair
market value; (2) the transfer of certain real property of the
Debtor to Gibraltar BB4, LLC; (3) conversion of certain unsecured
claims against the Debtor to equity in the Reorganized Debtor; (4)
cash on hand on the Effective Date; and (5) cash flow from
continuing operations.


KATHLEEN KELLOGG-TAXE: Ch.7 Trustee May Sell Vestone Way Property
-----------------------------------------------------------------
Bankruptcy Judge Richard M. Neiter granted, in part, and denied,
in part, the motion by Carolyn A. Dye, Chapter 7 Trustee of
Kathleen Kellogg-Taxe, for an order approving the sale of Ms.
Kellogg-Taxe's real property located at 10535 Vestone Way, Los
Angeles, California 90077, subject to a higher and better offer.
The Court authorized the Trustee to sell the asset and approved
overbid procedures.  Proceeds of the sale will be held in escrow
pending resolution of a Quiet Title Action.

The Court also ruled that the Trustee's proposed buyer, John
Levin, is a good faith purchaser under 11 U.S.C. Sec. 363(m).  Mr.
Levin is buying the property for $2,500,000 on an "as is, where
is".

The Court denied without prejudice the Trustee's proposed
treatment of the Debtor's homestead exemption.

The Debtor; Richard Taxe, her husband; and Kellspin, Inc., one of
the alleged secured creditors of the Vestone Way Property, opposed
the sale.

A copy of the Court's March 17, 2014 Memorandum of Decision is
available at http://is.gd/rpe06lfrom Leagle.com.

Kathleen Kellogg-Taxe filed her voluntary chapter 11 petition
(Bankr. C.D. Cal. Case No. 12-bk-51208) on Dec. 18, 2012.  This
was the Debtor's fifth bankruptcy filing.  The Debtor had
commenced four prior chapter 13 cases, all of which were dismissed
shortly after they were filed.  Three of the four prior
bankruptcies were filed and dismissed within the year prior to the
commencement of this case.  On Jan. 24, 2013, the Court entered
its "Order Converting Case to a Case Under Chapter 7" after the
Debtor failed to timely file any schedules and other required
documents.


LAURENTIAN BANK: S&P Assigns 'BB' Rating to Preferred Shares
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
global scale and 'P-3' Canada scale ratings to Laurentian Bank of
Canada's (LBC) proposed Tier 1 non-cumulative five-year preferred
shares series 13.  The issuer credit rating on LBC is
BBB/Stable/A-2.

"In accordance with our criteria for hybrid capital instruments,
the ratings reflect our analysis of the proposed instrument, and
our assessment of LBC's 'bbb' stand-alone credit profile," said
Standard & Poor's credit analyst Michael Leizerovich.

The 'BB' rating stands three notches below the stand-alone credit
profile (SACP), incorporating:

   -- A deduction of two notches, the minimum downward notching
      from the SACP under S&P's criteria for a bank hybrid capital
      instrument; and

   -- The deduction of an additional notch to reflect that the
      preferred shares feature a contingent conversion trigger
      provision.  Should a trigger event occur (as defined by The
      Office of the Superintendent of Financial Institutions'
      [OSFI] guideline for Capital Adequacy Requirements, Chapter
      2), each preferred share outstanding will automatically and
      immediately be converted, without the holder's consent, into
      a number of fully paid and freely tradable common shares of
      the bank determined in accordance with a conversion formula.

The following constitute trigger events:

   -- OSFI publicly announces it has advised LBC that it believes
      the bank has ceased, or is about to cease, to be viable and
      that, after converting the preferred shares and all other
      contingent instruments LBC has issued, and taking into
      account any other relevant factors, it is reasonably likely
      that the bank's viability will be restored or maintained; or

   -- The federal or a provincial government in Canada publicly
      announces that LBC has accepted a capital injection, or
      equivalent support, from a government or agency, without
      which the bank would be nonviable, according to OSFI.

Because S&P expects this instrument's conversion to occur at or
near the point of the bank's non-viability, it views this
mechanism as a nonviability trigger.

S&P expects to assign "intermediate" equity content to these
preferred shares, reflecting LBC's full discretion to suspend
dividends on the instrument.

RATINGS LIST

Laurentian Bank of Canada
  Issuer credit rating       BBB/Stable/A-2

Rating Assigned
Tier 1 noncumulative five-year rate
preferred shares series 13
  Global scale               BB
  Canada scale               P-3


LEHMAN BROTHERS: Judge Peck Reflects on 'Case Of A Lifetime'
------------------------------------------------------------
Law360 reported that the historic Lehman Brothers Holdings Inc.
bankruptcy has become the defining achievement of U.S. Bankruptcy
Judge James M. Peck's career -- but in an interview with Law360,
the now-retired judge says he only came to appreciate the
overwhelming nature of the case years later.

Now, following his recent jump from the bench to co-chair of
Morrison & Foerster LLP's business restructuring and insolvency
practice, Judge Peck says that at the time he didn't think about
the investment bank's historic Chapter 11 case any differently,
according to the report.

                     About Lehman Brothers

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

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

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

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

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

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

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

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

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

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


LIGHTSQUARED INC: Judge Hears Arguments on Bankruptcy Plan
----------------------------------------------------------
Nick Brown, writing for Reuters, reported that a member of a
committee helping to oversee LightSquared's restructuring told the
U.S. Bankruptcy Court in New York that he believes the company's
plan to subordinate the claims of its largest creditor, Dish
Network Corp Chairman Charles Ergen, is fair.

According to the report, testifying in the Bankruptcy Court,
Christopher Rogers, a member of the independent special committee,
said the plan is not an attempt to punish Ergen for what
LightSquared views as his surreptitious methods of acquiring debt,
the report related.

Rogers' testimony came during the opening day of what could be
weeks of court hearings on LightSquared's proposed restructuring
plan, the report said.  The company is seeking approval by Judge
Shelley Chapman to put the plan into effect and exit bankruptcy.

Lawyers for Ergen shifted the focus to the viability of
LightSquared's plan, grilling witnesses on whether LightSquared
can realistically expect to regain the FCC's approval for its
license, the report related.  Though the company does not need
such approval to effect its bankruptcy plan, the issue cuts to the
heart of whether LightSquared is a viable company in the long
term. That question matters especially for creditors such as
Ergen, who may be paid over time rather than in cash.

Robert McDowell, a former FCC commissioner who is now a consultant
for LightSquared on FCC issues, testified that he believes the
company will get approval for the bulk of its broadband rights by
the end of 2015, the report further related.

                      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.


LONESTAR RESOURCE: Moody's Assigns Caa1 Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a first time rating of Caa2 to
Lonestar Resource America Inc.'s proposed $200 million senior
unsecured notes. Moody's assigned a Caa1 Corporate Family Rating
(CFR), a Caa1-PD Probability of Default Rating (PDR), and a SGL-2
Speculative Grade Liquidity Rating. The outlook is stable. Notes
proceeds will be used to repay all outstanding borrowings on
Lonestar's revolving credit facility and term loan, including
amounts used to fund a March 13 acquisition of properties in the
Eagle Ford Shale.

"Through a series of transactions since early 2013, Lonestar has
built up a high quality acreage position in the Eagle Ford's oil
window," commented Andrew Brooks, Moody's Vice President.
"However, the company is small in the size and scope of its
operations, with a limited operating history. Relative debt
leverage is high at the outset, with leverage metrics expected to
improve through 2015."

Ratings Assigned:

Lonestar Resources America Inc.

Corporate Family Rating assigned at Caa1

Probability of Default Rating assigned at Caa1-PD

Senior Unsecured Note Rating assigned at Caa2 (LGD5-70%)

Speculative Grade Liquidity Rating assigned at SGL-2

Outlook stable

Rating Rationale

Lonestar's Caa1 CFR reflects the limited size and scope of its
operations, its limited operating history and elevated leverage.
Pro forma for the $200 million notes offering and a March 13
property acquisition, debt to average daily production was around
$53,000 and debt to proved developed reserves near $22. Pro forma
for March's acquired properties, Lonestar produced 4,510 Boe per
day during 2013's fourth quarter and had estimated proved reserves
of 25.8 million Boe, measures that are among the smallest E&P
companies rated by Moody's. Supporting the rating is the company's
roughly 23,000 net acres in the Eagle Ford's oil window, providing
high margin crude oil upside to production and reserves growth.
Strong cash flow from operations further supports the Caa1 CFR,
with 2013's unlevered cash margins exceeding $45 per Boe and
retained cash flow to debt over 40%, both indicators strong in
comparison to peer group medians. The pro forma reserve life of 18
years provides Lonestar with substantial drilling inventory within
its acreage position, with good liquidity available to fund the
drilling program. Moody's expects that relative leverage metrics
will improve into 2015 and beyond, a function of production and
reserves growth outpacing incremental debt.

Lonestar is a wholly-owned subsidiary of Lonestar Resources Ltd.
(LNR), an Australian Stock Exchange traded holding company. LNR's
equity is 57% owned by Ecofin Water and Power Opportunities PLC
(Ecofin), a UK company. Lonestar was effectively established in
January 2013 as a newly formed entity into which Ecofin
contributed its legacy Eagle Ford assets in conjunction with the
contribution by a partner of producing conventional Texas assets.
Lonestar's current management team was put in place in January
2012 by Ecofin at a predecessor entity. The company's 2013
production averaged roughly 3,000 Boe per day, with total proved
reserves as of December 31, 2013 of 18 million Boe (45% developed,
74% oil, 79% Eagle Ford) and PV-10 of $418 million.

On March 13, Lonestar closed on the acquisition of approximately
13,000 net acres in the Eagle Ford from Clayton Williams Energy,
Inc. (Clayton Williams, B2 stable), increasing its Eagle Ford
presence to 23,000 net acres. The $71 million acquisition added
2013 production of 814 Boe per day, 7.6 million Boe of total
proved reserves, and a PV-10 of $146 million. Pro forma for the
acquisition, proved reserves total 25.8 million Boe (36%
developed, 78% oil, 85% Eagle Ford), with a PV-10 of $564 million
(87% Eagle Ford). In addition to its position in the Eagle Ford,
Lonestar exhibits modest production from conventional assets
dispersed throughout Texas. The company also holds around 32,500
acres in the Bakken Shale, although the position is highly
prospective and non-producing.

Lonestar should have good liquidity through mid-2015, evidenced by
its Speculative Grade Liquidity Rating of SGL-2. The $200 million
senior unsecured notes offering will be used to repay $135 million
in revolver borrowings and $55 million in term loan borrowings as
of March 21, 2014. This includes the $71 million in borrowings
used to fund the Clayton Williams property acquisition. Pro forma
for the offering, Lonestar will have an undrawn $114 million
secured borrowing base revolving credit facility. Moody's believes
2014's $138 million capital budget will create a cash flow deficit
of between $40 and $50 million, assumed to be funded through
revolver borrowings. Moody's expects Lonestar to modestly outspend
cash flow in 2015, with spending aligning itself more closely with
cash flow by the end of 2015. The revolving credit facility
includes a leverage covenant limiting debt/EBITDA to 4x and
requiring a current ratio of at least 1x. Moody's does not
anticipate the covenants limiting access to the facility. Moody's
believes additional liquidity could be alternatively available
through limited asset sales.

The outlook is stable. If production increases above 8,000 Boe per
day while maintaining debt to average daily production below
$40,000, Lonestar could be considered for an upgrade. Moody's
could consider a downgrade if cash flow suffers as a result of
operational issues such that retained cash flow to debt falls
below 20%, if production growth stagnate or liquidity weakens,.

The Caa2 rating on the senior unsecured notes reflects the
subordination of the notes to Lonestar's $114 million secured
borrowing base revolving credit facility's priority claim to the
company's assets. The size of the claim relative to Lonestar's
senior unsecured notes results in the notes being rated one notch
below the Caa1 CFR under Moody's Loss Given Default Methodology.

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.

Lonestar Resources America Inc. is an independent exploration and
production company headquartered in Fort Worth, Texas. The company
is primarily focused on the Eagle Ford Shale in South Texas.


LONG BEACH MEDICAL: Court Won't Order Appointment of Ombudsman
--------------------------------------------------------------
The Bankruptcy Court said it won't direct the appointment of a
patient care ombudsman in the Chapter 11 case of Long Beach
Medical Center, formerly Long Beach Memorial Hospital.

The appointment of a Patient Care Ombudsman is not necessary at
this time for the protection of patients under the specific facts
of the case, in accordance with 11 U.S.C. Sec. 333(a), including,
inter alia, the limited nature of operations at the hospital
premises owned by Debtor.


                    About Long Beach Medical Center

Long Beach Medical Center, formerly Long Beach Memorial Hospital,
was a 162-bed, community-based hospital offering primary, acute,
emergency and long-term health care to residents of Long Beach,
New York.  Founded in 1922, LBMC was a teaching facility for the
New York College of Osteopathic Medicine.  LBMC was shut down
after superstorm Sandy devastated the hospital in October 2012.

Long Beach Memorial Nursing Home Inc, runs The Komanoff Center
for Geriatric and Rehabilitative Medicine, a 200-bed skilled
nursing facility affiliated with LBMC. It provides services for
residents requiring long term nursing home care and short term
post-acute (sub-acute) care.  Currently there are 127 residents of
Komanoff.

Long Beach Medical and Komanoff sought Chapter 11 bankruptcy
protection (Bankr. E.D.N.Y. Case No. 14-70593) on Feb. 19, 2014.
Long Beach estimated assets of at least $10 million and debts of
at least $50 million.

Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is
the Debtors' claims and noticing agent.  The Hon. Alan S. Trust
presides over the cases.

South Nassau Communities Hospital has offered $21 million to
purchase the assets.  The Bankruptcy Court has approved bidding
procedures.  An auction has been scheduled for April 29, 2014, and
SNCH will be the stalking horse bidder.


LONG BEACH MEDICAL: Can Employ Garfunkel Wild as Counsel
--------------------------------------------------------
Long Beach Medical Center and Long Beach Memorial Nursing Home
Inc. sought and obtained approval from the bankruptcy court to
employ Garfunkel Wild, PC, as general bankruptcy counsel.

GW has for 30 years represented LBMC and The Komanoff Center
for Geriatric and Rehabilitative Medicine as general counsel
providing a broad array of legal services including healthcare,
financing, litigation and real estate related work.  GW also has
devoted a substantial amount of time over the last several months
negotiating the terms of an asset purchase agreement with South
Nassau Communities Hospital for the sale of substantially all of
the Debtors' real property assets relating to the Hospital and the
real property and operating assets of the Nursing Home.

For its work as bankruptcy counsel, GW will be paid based on its
normal hourly rate in effect for the period in which services are
rendered and will seek reimbursement of reasonable out-of-pocket
expenses.

The attorneys who will be primarily responsible for providing
services to the Debtors and their respective billing rates are:

                                             Hourly Rate
                                             -----------
      Burton Weston       Partner               $535
      Afsheen Shah        Partner               $430
      Adam T. Berkowitz   Senior Attorney       $395
      Andrew J. Schulson  Partner               $460

The firm's partners and associates charged from $190 to $535 per
hour while paraprofessionals range from $145 to $225 per hour.

Burton S. Weston, a shareholder at the firm, attests that GW is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                    About Long Beach Medical Center

Long Beach Medical Center, formerly Long Beach Memorial Hospital,
was a 162-bed, community-based hospital offering primary, acute,
emergency and long-term health care to residents of Long Beach,
New York.  Founded in 1922, LBMC was a teaching facility for the
New York College of Osteopathic Medicine.  LBMC was shut down
after superstorm Sandy devastated the hospital in October 2012.

Long Beach Memorial Nursing Home Inc, runs The Komanoff Center
for Geriatric and Rehabilitative Medicine, a 200-bed skilled
nursing facility affiliated with LBMC. It provides services for
residents requiring long term nursing home care and short term
post-acute (sub-acute) care.  Currently there are 127 residents of
Komanoff.

Long Beach Medical and Komanoff sought Chapter 11 bankruptcy
protection (Bankr. E.D.N.Y. Case No. 14-70593) on Feb. 19, 2014.
Long Beach estimated assets of at least $10 million and debts of
at least $50 million.

Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is
the Debtors' claims and noticing agent.  The Hon. Alan S. Trust
presides over the cases.

South Nassau Communities Hospital has offered $21 million to
purchase the assets.  The Bankruptcy Court has approved bidding
procedures.  An auction has been scheduled for April 29, 2014, and
SNCH will be the stalking horse bidder.


LONG BEACH MEDICAL: Panel Can Retain Klestadt & Winters as Counsel
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Long Beach
Medical Center, formerly Long Beach Memorial Hospital, sought and
obtained permission from the U.S. Bankruptcy Court to retain
Klestadt & Winters, LLP as counsel.

Sean C. Southard attests that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code.

Sean C. Southard's standard hourly rate is $525 per hour; other
partners of the firm bill from $425 to $650 per hour; associates
bill at $250 per hour; and the firm's paralegals bill at $150 per
hour.

                    About Long Beach Medical Center

Long Beach Medical Center, formerly Long Beach Memorial Hospital,
was a 162-bed, community-based hospital offering primary, acute,
emergency and long-term health care to residents of Long Beach,
New York.  Founded in 1922, LBMC was a teaching facility for the
New York College of Osteopathic Medicine.  LBMC was shut down
after superstorm Sandy devastated the hospital in October 2012.

Long Beach Memorial Nursing Home Inc, runs The Komanoff Center
for Geriatric and Rehabilitative Medicine, a 200-bed skilled
nursing facility affiliated with LBMC. It provides services for
residents requiring long term nursing home care and short term
post-acute (sub-acute) care.  Currently there are 127 residents of
Komanoff.

Long Beach Medical and Komanoff sought Chapter 11 bankruptcy
protection (Bankr. E.D.N.Y. Case No. 14-70593) on Feb. 19, 2014.
Long Beach estimated assets of at least $10 million and debts of
at least $50 million.

Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is
the Debtors' claims and noticing agent.  The Hon. Alan S. Trust
presides over the cases.

South Nassau Communities Hospital has offered $21 million to
purchase the assets.  The Bankruptcy Court has approved bidding
procedures.  An auction has been scheduled for April 29, 2014, and
SNCH will be the stalking horse bidder.


LONG BEACH MEDICAL: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Long Beach Medical Center, formerly Long Beach Memorial Hospital,,
filed with the Bankruptcy Court for the Eastern District of New
York its schedules of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $13,303,000
  B. Personal Property            $4,097,306
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $25,192,338
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $2,838,448
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $56,481,511
                                 -----------      -----------
        TOTAL                    $17,400,606      $84,512,298

                    About Long Beach Medical Center

Long Beach Medical Center, formerly Long Beach Memorial Hospital,
was a 162-bed, community-based hospital offering primary, acute,
emergency and long-term health care to residents of Long Beach,
New York.  Founded in 1922, LBMC was a teaching facility for the
New York College of Osteopathic Medicine.  LBMC was shut down
after superstorm Sandy devastated the hospital in October 2012.

Long Beach Memorial Nursing Home Inc, runs the The Komanoff Center
for Geriatric and Rehabilitative Medicine, a 200-bed skilled
nursing facility affiliated with LBMC. It provides services for
residents requiring long term nursing home care and short term
post-acute (sub-acute) care.  Currently there are 127 residents of
Komanoff.

Long Beach Medical and Komanoff sought Chapter 11 bankruptcy
protection (Bankr. E.D.N.Y. Case No. 14-70593) on Feb. 19, 2014.
Long Beach estimated assets of at least $10 million and debts of
at least $50 million.

Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is
the Debtors' claims and noticing agent.  The Hon. Alan S. Trust
presides over the cases.

South Nassau Communities Hospital has offered $21 million to
purchase the assets.  The Bankruptcy Court has approved bidding
procedures.  An auction has been scheduled for April 29, 2014, and
SNCH will be the stalking horse bidder.


LIGHTSQUARED INC: Witness Predicts FCC Airwave Approval by 2015
---------------------------------------------------------------
Tiffany Kary, writing for Bloomberg News, reported that Philip
Falcone's LightSquared Inc. will probably get U.S. regulatory
approval to use its wireless spectrum by 2015 and may buy more
airwaves, a member of a special committee of the company's board
told a bankruptcy judge.

According to the report, LightSquared, sought bankruptcy
protection in 2012 after the Federal Communications Commission
blocked the company's wireless service, saying it might interfere
with civilian and military global-positioning-system navigation
equipment.

"I believe they will allow the spectrum to be used terrestrially,"
Christopher Rogers, a member of a committee specializing in
airwave issues, told U.S. Bankruptcy Judge Shelley Chapman in
Manhattan on March 20, the report cited.  He was testifying at the
outset of what may be a multiday hearing in which LightSquared is
seeking final approval of its plan to exit bankruptcy.

Rogers cited two meetings with the FCC in December, the report
said.  The agency also has some airwaves right next to
LightSquared's slice of the spectrum, and the company could make a
bid should they go up for auction, Rogers said. The National
Oceanic and Atmospheric Administration currently uses some of that
spectrum.

                      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.


LOFINO PROPERTIES: Wants Atty. Application Granted Nunc Pro Tunc
----------------------------------------------------------------
Lofino Properties, LLC, says approval of its application to employ
Paul H. Shaneyfelt, Shaneyfelt & Associates, LLC, 315 Public
Square, Suite 204, Troy, Ohio 45373, as the case attorney, "nunc
pro tunc" is appropriate based on the unusual circumstances of
this case.

Prior to the hearing on the GLICNY's motion to dismiss the case,
Lofino Properties consented to the appointment of a Chapter 11
Trustee in this case.  GLICNY would not consent to the appointment
of a trustee and presented evidence in support of its Motions. In
its order denying the GLICNY's Motions, the Court found that
evidence "mostly proved [GLICNY's] allegations to be false."

According to the Debtor, the court should approve the application,
noting that there is also no question that all parties to this
case had actual knowledge of the legal services being rendered by
the applicant herein.

The other debtor in the case, Southland 75, LLC, is asking for
approval to employ Joshua M. Kin, Pickrel, Schaefer and Ebeling,
LPA, 2700 Kettering Tower, Dayton, Ohio 45423, as the case
attorney.

According to Southland, given the flurry of activity at the outset
of these cases, the fact that Debtors voluntarily consented to the
appointment of the trustee in an effort to avoid further conflict
with Glicny, the benefit counsel has brought to the estate, and
the relatively short period of time between the completion of the
contested hearing, the appointment of the Chapter 11 trustee, and
the filing of Counsel's application, Southland requests that the
Court grant the application nunc pro tunc.

                     Opposition to Application

Glicny Real Estate Holding LLC, First Financial Bank, N.A., and
Henry E. Menninger, Jr., the trustee, filed objections to the
applications.

First Financial Bank points out that the Debtors are no longer
debtors in possession in this case.  Section 327 therefore
provides no authority for the application, it points out.  First
Financial notes that both Debtors were displaced as debtors in
possession when Henry E. Menninger was appointed Chapter 11
Trustee by an order entered on December 6, 2013.  Thereafter, on
Jan. 28, 2014, the Debtors' estates were subsequently
substantively consolidated.

Proposed Counsel for Lofino Properties can be reached at:

         Paul H. Shaneyfelt, Esq.
         SHANEYFELT & ASSOCIATES, LLC
         315 Public Square
         Suite 204
         Troy, Ohio 45373
         Tel: (937) 216-7727
         E-mail: paulshaneyfeltlaw@gmail.com

Proposed Counsel for Southland 75

         Joshua M. Kin, Esq.
         PICKREL, SCHAEFFER & EBELING CO., LPA
         2700 Kettering Tower
         Dayton OH 45423-2700
         Tel: 937.223.1130
         Fax: 937.223.0339
         E-mail: jkin@pselaw.com

Attorneys for First Financial can be reached at:

         Jason V. Stitt, Esq.
         KEATING MUETHING & KLEKAMP PLL
         Suite 1400 One East Fourth Street
         Cincinnati, Ohio 45202
         Tel: (513) 579-6587
         Fax: (513) 579-6457
         E-mail: rsanker@kmklaw.com
                 jstitt@kmklaw.com

Attorneys for Trustee can be reached at:

         Raymond J. Pikna, Jr., Esq.
         WOOD & LAMPING LLP
         600 Vine Street, Suite 2500
         Cincinnati, Ohio 45202
         Tel. (513) 852-6033
         Fax (513) 852-6087
         E-mail: rjpikna@woodlamping.com

              About Lofino Properties & Southland 75

Dayton, Ohio-based Lofino Properties, LLC, which owns retail
stores, sought bankruptcy protection (Bankr. S.D. Ohio Case No.
13-34099) on Oct. 4, 2013.  Lofino Properties listed assets of
$19.91 million and liabilities of about $13.15 million.

A sister company, Southland 75 LLC, which owns a strip shopping
center, sought bankruptcy protection (Bankr. S.D. Ohio Case No.
13-34100) on the same day.  Southland 75 listed assets of $8.09
million and liabilities of $5.62 million.

The Hon. Judge Lawrence S. Walter presides over the cases.
According to the petitions, attorneys at Pickrel, Schaeffer, and
Ebeling, in Dayton, Ohio, represent the Debtors as counsel.  The
petitions were signed by Michael D. Lofino, managing member.

The Debtors have been operating under state court receiverships
since May 2013.  On Oct. 17, 2013, the Bankruptcy Court entered an
order denying the Debtors' motion for joint administration of
their cases.


MASON COPPEL: Section 341(a) Meeting Scheduled for April 16
-----------------------------------------------------------
A meeting of creditors in the bankruptcy cases of Mason Coppell
OP, LLC, and five debtor affiliates will be held on April 16,
2014, at 10:30 a.m. at Dallas, Room 976.  Creditors have until
July 15, 2014, to submit their proofs of claim.

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

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

Mason Coppell OP, LLC, et al., filed Chapter 11 bankruptcy
petitions (Bankr. N.D. Tex. Case Nos. 14-31327 to 14-14-31334) on
March 18, 2014.  The Debtors estimated assets of at least $10
million and debts of at least $10 million.  Munsch Hardt Kopf &
Harr PC serves as the Debtors' counsel.  Wick Phillips Gould &
Martin LLP is the Debtors' local counsel.  Deloitte Transactions
and Business Analytics, LLP, acts as the Debtors' restructuring
advisor with Louis Robichaux serving as chief restructuring
officer.


MCCLATCHY CO: Morgan Stanley Has 2.2% of Shares as of Feb. 28
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Morgan Stanley and Morgan Stanley Capital
Services LLC disclosed that as of Feb. 28, 2014, they beneficially
owned 1,344,109 shares of Class A Common Stock of McClatchy Co
representing 2.2 percent of the shares outstanding.  Morgan
Stanley previously owned 4,767,112 Class A shares at Dec. 31,
2013.  A copy of the regulatory filing is available for free at:

                          http://is.gd/cWFMVI

                     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).

The Company's balance sheet at Sept. 29, 2013, showed $2.60
billion in total assets, $2.54 billion in total liabilities and
$60.25 million in stockholders' equity.

                           *     *     *

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.


METRO AFFILIATES: Court Okays Sale of Vehicles to Holcomb Bus
-------------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the
Southern District of New York has authorized Metro Affiliates,
Inc., et al., to sell to Holcomb Bus Service, Inc., certain
rights, title and interests in and to certain motor vehicles of
the Debtors.

A copy of the sale agreement is available for free at:

  http://bankrupt.com/misc/METROAFFILIATES_982_886_saleorder.pdf

As reported by the Troubled Company Reporter on March 6, 2014, the
Debtors sought the Court's permission to sell 67 buses to Holcomb
Bus for $987,460, which is 106% of "orderly liquidation value" for
the purchased assets.  The Debtors proposed to sell the Purchased
Assets free and clear of successor liability relating to the
Debtors' business to ensure that Holcomb is protected from any
claims or lawsuits premised on the theory that Holcomb is a
successor in interest to one or more of the Debtors.

                       About Metro Affiliates

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.  In its schedules, Metro
Affiliates disclosed $14,438,351 in total assets and $163,562,007
total liabilities.

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. 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.


MILA INC: 9th Cir. Says MERS Transfer of Note, Deed of Trust Valid
------------------------------------------------------------------
Julie and Daniel Coslow appeal from the dismissal of their claim
that, under the Nevada Revised Statutes Sec. 107.080, Quality Loan
Service Corp., through its agent LSI Title Company, improperly
foreclosed on their property.  The Coslows do not dispute that
they defaulted on their mortgage.  The promissory note was
originally held by MILA, Inc.  Mortgage Electronic Registration
Systems, Inc., an agent for MILA, assigned the Deed of Trust and
the Promissory Note secured by the Deed of Trust to LaSalle Bank
National Association.  Through its agent LSI Title, Quality Loan,
which LaSalle had properly substituted as trustee, filed a notice
of default and to sell the property.

In a March 19, 2014 Memorandum available at http://is.gd/wjolSx
from Leagle.com, the United States Court of Appeals, Ninth
Circuit, in San Francisco, said the foreclosure was valid.  A
three-judge panel of the Ninth Circuit said the fact that "MILA
ceased operations approximately three months prior to its chapter
11 filing on July 2, 2007," Groshong v. Sapp (In re Mila, Inc.),
423 B.R. 537, 540 (B.A.P. 9th Cir. 2010), does not affect MERS's
authority to transfer the deed of trust or the note.

The appellate case is, DANIEL COSLOW; JULIE COSLOW, Plaintiffs-
Appellants, v. INTOHOMES, LLC; MILA, INC.; FIRST AMERICAN TITLE;
LITTON LOAN SERVICING, LP; QUALITY LOAN SERVICE CORP.; LSI TITLE
COMPANY; NORMA GONZALEZ; DOES, 1 through 10 and Corporations A-Z,
Defendants-Appellees, No. 12-15045 (9th Cir.).

                          About MILA Inc.

Headquartered in Mountlake Terrace, Washington, MILA Inc., doing
business as Mortgage Investment Lending Associates, Inc.
-- http://www.mila.com/-- is an e-commerce mortgage solutions
provider that utilizes AccessPoint, a proprietary e-commerce
portal, to help mortgage brokers, realtors and bankers fulfill
customized residential home loans.  The company filed for Chapter
11 protection (Bankr. W.D. Wash. Case No. 07-13059) on July 2,
2007.  Christine M. Tobin, Esq. and James L. Day, Esq., at Bush,
Strout, & Kornfeld, represent the Debtor in its restructuring
efforts.

The Court appointed Geoffrey Groshong as chapter 11 trustee on
July 6, 2007.

The law firm of Crocker Kuno Ostrovsky LLC represents the
Official Committee of Unsecured Creditors.

When the Debtor filed for protection from its creditors, it
disclosed assets of $7,886,962, and liabilities of $174,730,413.


MISSISSIPPI VALLEY: Circuits Split on Allowing Constructive Trusts
------------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Court of Appeals in Chicago parted company
with its sister appeals court in Cincinnati by ruling that the
notion of constructive trust isn't anathema in bankruptcy.

According to the report, the case, decided on March 12 by the
Seventh Circuit Court of Appeals in Chicago, involved a cattle
farmer who delivered cattle to an agent for sale to a specified
buyer.

Within three months of the agent's bankruptcy, the cattle owner
was paid about $900,000, the report related.  The bankruptcy
trustee sued to recover the payments as a preference.

In the bankruptcy court and on a first appeal, the trustee lost,
the report further related. Everyone conceded that all elements of
a preference were present aside from the question of whether
proceeds from the cattle were property of the bankrupt estate.

In her opinion for the three-judge panel, Chief Circuit Judge
Diane P. Wood looked to Illinois law and concluded that the
arrangement was a bailment where the agent didn't have the
right to buy the cattle or keep the money, the report said.  Next,
she examined whether the bailment gave rise to a constructive
trust. The proceeds wouldn't be estate assets if there were a
valid constructive trust, she said.

The case is In re Mississippi Valley Livestock Inc., 13-01377,
U.S. Court of Appeals for Seventh Circuit (Chicago).


MONEYGRAM INTERNATIONAL: S&P Affirms 'BB-' ICR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
issuer credit rating on MoneyGram International.  The outlook is
stable.  S&P is also affirming its 'BB-' senior secured issue
rating after the company's proposed $150 million incremental
senior secured term loan B due 2020.

The affirmation follows MoneyGram's announcement of a planned $300
million stock transaction, made up of a $150 million debt-financed
share buyback and a $150 million secondary stock offering.  In
connection with these transactions, MoneyGram is receiving consent
from its existing bondholders to repurchase up to a total of $300
million of shares.  In S&P's leverage calculations it assumes that
an incremental debt-financed share repurchase transaction would
occur in the second half of 2014, and as a result, S&P included a
total of $300 million of additional debt in our calculations.

"The transactions would result in credit ratios that are below our
previous expectations but at levels that are still appropriate for
the rating," said Standard & Poor's credit analyst Igor Koyfman.
After accounting for the full $300 million of new debt, S&P
expects debt to adjusted EBITDA and EBITDA to interest expense to
be approximately 4.0x and 5.5x, respectively.  These assumptions
also include mid- to high-single-digit EBITDA growth during 2014.
S&P adjusts EBITDA for operating leases and nonrecurring items.
(S&P believes that a part of the compliance-related expenses will
be recurring.  The company announced that it expects compliance-
related cash outlays of approximately $80 million to $90 million
over the next three years.)

MoneyGram's concentrated ownership has limited the rating.  After
the proposed transaction, affiliates of Thomas H. Lee Partners
L.P. (THL) and The Goldman Sachs Group will own slightly more than
50% of the company (assuming conversion of Goldman Sachs's
convertible preferred shares).  S&P believes that THL and Goldman
Sachs will continue to pursue an exit strategy, as is common with
most private equity owners.  While THL and Goldman Sachs could
sell their shares through a secondary offering, a transaction may
involve additional debt for MoneyGram.

S&P also factors into the rating the firm's business
concentration, weaker operating margin compared with Western
Union, exposure to regulatory risk, and negative tangible equity.
MoneyGram's strong market position in the money transfer industry,
steady growth of the remittance market, and strong management of
credit risk partially mitigate these weaknesses.

The stable outlook reflects S&P's expectation that MoneyGram will
operate with leverage (adjusted for non-cancellable operating
leases and unfunded postretirement benefits) of approximately 4.0x
in 2014 and continue to expand its global agent network.  S&P
believes competition could counteract any material benefit in
earnings that relate to moderate improvements in the global
economy and an increase in its agent locations.

MoneyGram's concentrated ownership and relatively high agent
concentration in its Global Funds Transfer segment will continue
to limit the rating.  S&P could lower its ratings on MoneyGram if
its leverage exceeds 4.5x on a sustained basis.  In S&P's view,
this could occur if the company incurs higher-than-expected
compliance costs, financial performance deteriorates as a result
of competition, or the company issues additional debt to finance a
payout to shareholders.

An upgrade is unlikely over the next two years, but S&P could
raise the ratings if THL's and Goldman Sachs's future exit
strategy doesn't result in significantly higher leverage, debt
leverage declines and stays below 3x on a sustained basis, and the
IRS settlement has a limited impact on the company.  (MoneyGram
has an outstanding tax dispute with the IRS related to deductions
taken on past securities losses.)


MONTREAL MAINE: Trustee Wants Lawyers Barred From Court
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the trustee for Montreal Maine & Atlantic Railway
Ltd., whose runaway train killed 47 in Lac-Megantic, Quebec,
contends that lawyers for victims' families still aren't entitled
to participate in the railroad's bankruptcy.

According to the report, U.S. Bankruptcy Judge Louis H. Kornreich
barred the 47 victims' lawyers from participating in the
bankruptcy until they comply with a bankruptcy rule requiring
disclosure of agreements with their clients.

The victims' lawyers have filed more papers describing their
retention agreements and want Judge Kornreich to hold a hearing to
say they are permitted to begin appearing again in the railroad's
Chapter 11 liquidation, the report related.

Trustee Robert J. Keach filed papers saying the new disclosures
still don't comply with requirements when a lawyer represents more
than one client in a bankruptcy, the report further related.
Judge Keach faults the lawyers for not producing retention
agreements with each of the 47 clients.

Judge Keach also said the lawyers don't say whether there is one
agreement signed by all 47 clients or 47 different agreements, the
report added.

                       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.


MP3TUNES LLC: Former Chief Held Liable in Music Copyright Case
--------------------------------------------------------------
Nate Raymond, writing for Reuters, reported that the former chief
executive of bankrupt online music storage firm MP3tunes was found
liable for infringing copyrights for sound recordings,
compositions and cover art owned by record companies and music
publishers once part of EMI Group Ltd.

According to the report, a federal jury in Manhattan found Michael
Robertson, the former MP3tunes chief executive, and the defunct
San Diego-based company liable on various claims that they
infringed on copyrights associated with artists including The
Beatles, Coldplay and David Bowie.

The jurors also found MP3tunes was willfully blind to copyright
infringement on its website, in what a lawyer for the recording
companies suggested before the verdict would be the first ruling
by a jury of its kind, the report said.

The verdict marked a victory for the music industry in its long-
running legal battle against online content providers, which it
accuses of illegally selling its works without permission, costing
revenue and profit, the report related.

Jurors will now decide how much in damages should be awarded after
the verdict and an earlier ruling by the judge finding them liable
on certain copyright claims, the report further related.  The
damages phase is expected to run two to three days.

MP3tunes filed a Chapter 7 petition for liquidation (Bankr. S.D.
Calif. Case No. 12-06037) on April 27, 2012.  In the Petition,
MP3tunes lists assets of $7,754 and liabilities totaling
$2,108,966.37.


MT. GOX: CEO Stashing Bitcoins Outside US, Atty Says
----------------------------------------------------
Law360 reported that lawyers behind a proposed class action over
the collapse of bitcoin exchange Mt. Gox won an order from a
federal judge that they claim will help them trace bitcoins that
they say the company's CEO is attempting to move outside the U.S.

According to the report, U.S. District Judge Gary Feinerman
granted a temporary restraining order in the suit accusing Mt. Gox
CEO Mark Karpeles of fraud that freezes any bitcoins or other
assets that may be held in the U.S. by Karpeles and two entities.

                         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.


MT. GOX: Judge Loosens Bitcoin Freeze to Chase Assets
-----------------------------------------------------
Andrew Harris, writing for Bloomberg News, reported that a U.S.
judge who froze assets belonging to the American affiliate of
bankrupt Bitcoin exchange Mt. Gox Co. loosened that restraint to
see where some of the digital currency flows.

According to the report, U.S. District Judge Gary Feinerman in
Chicago on March 21 revised his temporary order issued March 11 to
allow movement -- and possibly tracking -- of small amounts of
Bitcoin.

Jay Edelson, a lawyer for Mt. Gox depositor Gregory Greene, told
the judge that he was "trying to find a pot of crypto-gold," the
report related.  Greene sued the exchange and and its principal,
Mark Karpeles, for fraud last month. His lawyers asked for the
revised order to look for assets belonging to the U.S. affiliate,
Karpeles and a related company, Tibanne KK.

Mt. Gox has said in a March 21 statement that it had located about
200,000 Bitcoins stored in an old-format "wallet" that it had
previously counted as missing, the report said.  The company said
its revised count of missing Bitcoins, 650,000, may change
depending on the results of an investigation.

Greene, who said he lost access to about $25,000 in Bitcoins, has
accused the companies and Karpeles of misappropriation, the report
further related.

The case is Greene v. Mt. Gox Inc., 14-cv-01437, U.S. District
Court, Northern District of Illinois (Chicago).

                         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.


NEWLEAD HOLDINGS: Issues $25 Million Perpetual Preferred Shares
---------------------------------------------------------------
NewLead Holdings Ltd. completed the issuance of $25 million in
Perpetual Series A Preferred Shares to an institutional investor
under a share subscription agreement.  The preferred shares can be
redeemed by the Company or converted by the purchaser in common
shares.

The Company received partial consideration of $2.5 million in cash
at the closing of the transaction.  The $22.5 million balance is
expected to be received, subject to certain conditions per the
Agreement, in nine consecutive equal monthly installments
commencing approximately ninety days after the closing date.

The Company intends to use this $25 million to grow its fleet.
Partial proceeds from the preferred shares issuance, along with
the 75 percent debt financing recently received, will be deployed
towards the acquisition of two eco-type 31,800 dwt, Handysize bulk
carriers built in 2012. The vessels have a total acquisition price
of $37.0 million, as previously announced on February 13, 2014. Of
the acquisition price, the $9.25 million not subject to the debt
financing is expected to be paid in installments, $1.85 million to
be paid this week and the balance upon delivery of the vessels in
June and July this year.

Mr. Michael Zolotas, chairman and chief executive officer of
NewLead stated, "We are delighted to close the $25.0 million new
equity financing.  We continue to transform our Company with a
focus towards building scale."

                       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: Ironridge Stake at 9.9% as of March 4
-------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Ironridge Global IV, Ltd., and its affiliates
disclosed that as of March 4, 2014, they beneficially owned
578,900 shares of common stock of NewLead Holdings Ltd.
representing 9.99 percent of the shares outstanding.  A copy of
the regulatory filing is available at http://is.gd/yMHwMz

                      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.


ORMET CORP: 6th Interim Wind Down Plan Approved
-----------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware issued a sixth interim order approving Ormet
Corp., et al.'s interim plan to wind down their businesses and
granting them authority to modify employee benefit plans
consistent with the winddown plan.

The Debtors are authorized to make payments through and including
March 31, 2014, in the implementation of the Interim Winddown
Plan.  The Court will hold a further hearing on the Motion on
March 31, at 10:30 a.m. (ET).

                       About Ormet Corp.

Aluminum producer Ormet Corporation, along with affiliates, filed
for Chapter 11 protection (Bankr. D. Del. Case No. 13-10334) on
Feb. 25, 2013, with a deal to sell the business to a portfolio
company owned by private investment funds managed by Wayzata
Investment Partners LLC.

Headquartered in Wheeling, West Virginia, Ormet --
http://www.ormet.com/-- is a fully integrated aluminum
manufacturer, providing primary metal, extrusion and thixotropic
billet, foil and flat rolled sheet and other products.

Ormet disclosed assets of $406.8 million and liabilities totaling
$416 million.  Secured debt of about $180 million includes $139.5
million on a secured term loan and $39.3 million on a revolving
credit.

Affiliates that separately filed Chapter 11 petitions are Ormet
Primary Aluminum Corporation; Ormet Aluminum Mill Products
Corporation; Specialty Blanks Holding Corporation; and Ormet
Railroad Corporation.

Ormet emerged from a prior bankruptcy in April 2005.  Lender
Wayzata Investment Partners LLC is among existing owners.  Others
are UBS Willow Fund LLC and Fidelity Leverage Company Stock Fund.

In the 2013 case, Ormet is represented in the case by Morris,
Nichols, Arsht & Tunnell LLP's Erin R. Fay, Esq., Robert J.
Dehney, Esq., Daniel B. Butz, Esq.; and Dinsmore & Shohl LLP's Kim
Martin Lewis, Esq., Patrick D. Burns, Esq.  Kurtzman Carson
Consultants is the claims and notice agent.  Evercore's Lloyd
Sprung and Paul Billyard serve as investment bankers to the
Debtor.

An official committee of unsecured creditors was appointed in the
case in March 2013.  The Committee is represented by Rafael X.
Zahralddin, Esq., Shelley A. Kinsella, Esq., and Jonathan M.
Stemerman, Esq., at Elliott Greenleaf; and Sharon Levine, Esq., S.
Jason Teele, Esq., and Cassandra M. Porter, Esq., at Lowenstein
Sandler LLP.

In December 2013, Ormet completed a previously approved sale of
its alumina smelter in Burnside, Louisiana, to Almatis Inc. for
$39.4 million.  There was no auction.  Completion of a court-
approved sale of the business to lender and part owner Wayzata
Investment Partners LLC became impossible when Ohio utility
regulators refused in October to grant reductions in electricity
prices. Wayzata would have acquired the business largely in
exchange for debt.

Ormet also has sold 32,000 metric tons of alumina for $8.4 million
to Glencore AG, and its rights and interests in and to 17,086 MT
baked carbon anodes, located at the Debtors' Hannibal, Ohio
location, and its rights and interest in and to 34,755 MT baked
carbon anodes, located in a storage in Baltimore, Maryland, to
Alcoa Materials Management, Inc.


PALM BEACH COMMUNITY: Plan & Disclosure Statement Due May 19
------------------------------------------------------------
In the Chapter 11 case of Palm Beach Community Church, Inc.,
Bankruptcy Judge Erik P. Kimball issued an order on March 6
granted the Debtor's:

     -- Motion to Extend Exclusivity Period to File a Plan and
        Disclosure Statement and Extend Exclusivity Period to
        Solicit Acceptances Thereto; and

     -- Motion to Extend Time to File Plan and Disclosure
        Statement.

According to Judge Kimball:

     -- the exclusive period within which only the Debtor may
        file a Plan is extended by 90 days to May 16, 2014, and
        the period within which only the Debtor may solicit
        acceptances to its Plan is extended by an additional
        90 days, to July 17, 2014; and

     -- the deadline for the Debtor to file a Plan and Disclosure
        is extended by 90 days to May 19, 2014.

Judge Kimball also said the deadline for all parties to file
objections to claims is March 31, 2014.

Palm Beach Community Church, Inc., filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013.  The
petition was signed by Raymond Underwood as president.  The Debtor
scheduled total assets of $14.6 million and total liabilities of
$11.43 million.

Palm Beach Community Church won permission to employ Robert C.
Furr and the law firm of Furr and Cohen, P.A., as attorney; and
Roy Wiley and Covenant Financial, Inc. dba SmartPlan Financial
Services as accountants.

In December, the U.S. Trustee informed the Bankruptcy Court that
it was unable to appoint a committee of creditors in the case.


PEREGRINE FINANCIAL: Trustee Settles With Founder Wasendorf's Wife
------------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the trustee for Peregrine Financial Group Inc.
reached a settlement with Connie Wasendorf, the wife of company
founder Russell R. Wasendorf Sr., who's serving a 50-year prison
sentence for turning his business into a Ponzi scheme.

According to the report, in January 2013, Peregrine trustee Ira
Bodenstein sued the wife to recover $3.5 million she allegedly
received from Peregrine within five years of bankruptcy. Through
mediation, they reached a compromise that is set to go up for
approval at a hearing on March 27 in U.S. Bankruptcy Court in
Chicago.

The wife will pay $2.85 million, including $2.5 million in a
frozen bank account, the report related.  She promises that she
received no transfers from Peregrine apart from those the trustee
was suing to recover.

The wife made a claim for $2.4 million in connection with a
severance agreement, the report said.  The trustee will give her
an approved claim for $700,000.

Separately, the trustee is suing the son of the brokerage's
founder, JPMorgan Chase Bank NA and U.S. Bank NA alongside a
class of customers, the report said.

                   About Peregrine Financial

Peregrine Financial Group Inc. filed to liquidate under Chapter 7
of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 12-27488)
on July 10, 2012, disclosing between $500 million and $1 billion
of assets, and between $100 million and $500 million of
liabilities.

Earlier that day, at the behest of the U.S. Commodity Futures
Trading Commission, a U.S. district judge appointed a receiver and
froze the firm's assets.  The firm put itself into bankruptcy
liquidation in Chicago later the same day.  The CFTC had sued
Peregrine, saying that more than $200 million of supposedly
segregated customer funds had been "misappropriated."  The CFTC
case is U.S. Commodity Futures Trading Commission v. Peregrine
Financial Group Inc., 12-cv-5383, U.S. District Court, Northern
District of Illinois (Chicago).

Peregrine's CEO Russell R. Wasendorf Sr. unsuccessfully attempted
suicide outside a firm office in Cedar Falls, Iowa, on July 9.

The bankruptcy petition was signed in his place by Russell R.
Wasendorf Jr., the firm's chief operating officer. The resolution
stated that Wasendorf Jr. was given a power of attorney on July 3
to exercise if Wasendorf Sr. became incapacitated.

Peregrine Financial is the regulated unit of the brokerage
PFGBest.


PHYSIOTHERAPY HOLDINGS: May Assume Huron License Deal
-----------------------------------------------------
Bankruptcy Judge Kevin Gross ruled that Physiotherapy Holdings,
Inc. may assume a license agreement with Huron Consulting Services
LLC, and reject its other agreements with Huron.

Huron operates a consulting practice for healthcare providers,
helping them to optimize the performance of clients' revenue cycle
functions. In January 2011, the Debtors hired Huron to assess
opportunities for improving the Debtors' revenue cycle. At that
time, the Debtors executed an Assessment Engagement Letter and a
related Business Associate Letter.  Thereafter, on May 19, 2011,
the Debtors and Huron entered into a Master Agreement, a Project
Arrangement Letter and a Methodology/Software License Agreement.

The Debtors seek to assume the License Agreement while rejecting
the Other Agreements.  Huron takes the position that the
Agreements, including the License Agreement, are integrated and
that Debtors are not free to pick and choose which of the
Agreements they wish to assume; the Debtors must assume or reject
all of the Agreements.

The Court, however, held that the Agreements do not constitute an
integrated arrangement which the Court should consider singular.
The Court pointed out that:

     1. The Agreements were not executed at the same time.  The
        Agreements were signed at three different times.

     2. In the event of a contradiction in terms between the
        License Agreement or one of the Other Agreements, the
        Master Agreement takes the back seat.

     3. The integration clause in the Master Agreement does not
        reduce the separate License Agreement to a mere component
        of the Master Agreement.  Instead, the integration clause
        simply means all of the Agreements between the parties
        are reflected in the Agreements as written, thereby
        eliminating parol evidence.

A copy of the Court's March 19, 2014 Opinion is available at
http://is.gd/6z6IoBfrom Leagle.com.

                   About Physiotherapy Holdings

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

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

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

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

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

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

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

Physiotherapy Holdings implemented a prepackaged Chapter 11
reorganization plan on Dec. 31, 2013.  The Plan was confirmed
Dec. 23.  The Plan gives noteholders all the stock in exchange for
debt and a predicted recovery of 40.3%.  Noteholders voted for the
plan before the Chapter 11 filing.


PURE PRESBYTERIAN: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: The Pure Presbyterian Church
        12818 Lee Highway
        Fairfax, VA 22030

Case No.: 14-11094

Chapter 11 Petition Date: March 25, 2014

Court: United States Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Hon. Brian F. Kenney

Debtor's Counsel: Weon Geun Kim, Esq.
                  WEON G. KIM LAW OFFICE
                  8200 Greensboro Drive, Suite 900
                  McLean, VA 22102
                  Tel: (571)-278-3728
                  Fax: (703) 462-5459
                  Email: jkkchadol99@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Suk Koo Roh, representative trustee.

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


PVR PARTNERS: S&P Raises CCR to 'BB' & Removes From Watch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on PVR to 'BB' and then removed the rating from
CreditWatch positive.  S&P subsequently withdrew PVR's corporate
credit rating at the issuer's request.  Regency assumed PVR's debt
and S&P raised the rating to 'BB' from 'B-' and revised the
recovery rating to 4 from 6.

Standard & Poor's raised its corporate credit rating on PVR to
'BB' and then removed it from CreditWatch positive after Regency
completed its acquisition of PVR.  S&P then withdrew its corporate
credit rating at the issuer's request.  Regency assumed all of
PVR's debt, about $1.8 billion, and S&P raised the issue-level
rating to 'BB' from 'B-'.  PVR will be integrated into Regency's
operations. S&P is forecasting Regency's pro forma debt to EBITDA
of 4.5x and distribution coverage of 1.1x in 2014.


QBEX ELECTRONICS: Court Converts Case to Chapter 7
--------------------------------------------------
U.S. Bankruptcy Judge Robert Mark approved a motion filed by
creditors of QBEX Electronics Corp., Inc. to convert the
Chapter 11 cases of the company and its two affiliates to
liquidation under Chapter 7 of the Bankruptcy Code.

The Court ruled that the Debtor and the Chapter 7 are authorized
to use a total of $7,500 of cash collateral for emergency purposes
in the three related cases (Case No. 12-37551-RAM; Case No. 12-
37558-RAM; and Case No. 12-37560-RAM) and that further use of cash
collateral will not be permitted absent consent of Export-Import
Bank of the United States, or further Court order.  The Debtor
must file an accounting of its use of any part of the $7,500
within 14 days of entry of the order.

Export-Import Bank had filed a "Motion for an Order Terminating
Authorization to Use Cash Collateral and to Convert Case."  The
Official Committee of Unsecured Creditors also had filed its own
"Motion to Convert Case to Chapter 7 Proceeding."

In seeking case conversion, the Creditors Committee said the
Debtors "do not have any hope of restructuring, obtaining exit
financing or otherwise."

"There is a continuing loss to and diminution of the estate by
virtue of the debtors' decline in business, state of wind-down and
the accrual of Chapter 11 administrative claims," the Committee
said.

The Export-Import Bank, meanwhile, said QBEX is now winding down
operations and won't be proposing a restructuring plan.

The Conversion Order provides that, if applicable, the Debtor or
the Trustee must immediately remit to the clerk of court the $15
trustee surcharge fee prescribed by the Judicial Conference of the
United States (if not previously paid by the debtor). Failure to
pay this fee will result in dismissal of this case.

The Committee filed the request after QBEX reportedly failed to
sell its business and obtain financing to support its emergence
from bankruptcy.  The period of time during which QBEX alone holds
the right to file a reorganization plan expired on Dec. 7, and the
company did not file a request to further extend it.

The Company is entertaining offers for its inventory and
receivables.  The highest offer it has received so far came from
an entity owned by the wife of QBEX President Jorge Alfonso,
according to the Creditors Committee.

                     About QBEX Electronics

QBEX Electronics Corporation, Inc., based in Miami, Florida, and
its affiliates, Qbex Colombia, S.A., and Comercializadora De
Productos Tecnologicos CPT Colombia SAS, are manufacturers,
assemblers and distributors of personal computers, notebooks,
tablets and compatible accessories, marketed throughout Latin
America under the QBEX brand.

QBEX Electronics filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Case No. 12-37551) on Nov. 15, 2012.  Judge Robert A. Mark
oversees the case.  Robert D. Peters, Esq., Robert A. Schatzman,
Esq., and Steven J. Solomon, Esq., at GrayRobinson, P.A., serve as
the Debtor's counsel.

QBEX scheduled assets of $11,027,058 and liabilities of
$8,246,385.  The petitions were signed by Jorge E. Alfonso,
president.

Qbex Colombia, S.A., also sought Chapter 11 protection (Bankr.
S.D. Fla. Case No. 12-37558) on Nov. 15, 2012, listing $433,627 in
assets and $5,792,217 in liabilities.

Glenn D. Moses, Esq., and Michael L. Schuster, Esq., at Genovese
Joblove & Battista, P.A., represent the Official Committee of
Unsecured Creditors.  The Committee tapped Marcum, LLP, as its
financial advisors.


QUIZNOS CORP: Seeks to Employ Akin Gump as Bankruptcy Counsel
-------------------------------------------------------------
QCE Finance LLC, et al., seek authority from the U.S. Bankruptcy
Court for the District of Delaware to employ Akin Gump Strauss
Hauer & Feld LLP, as lead bankruptcy counsel to, among other
things, advise the Debtors with respect to their rights, powers
and duties as debtors in possession in the continued operation of
their business and the management of their properties.

Akin Gump will be paid the following hourly rates:

   Partners                      $615 to $1,220
   Counsel                       $520 to $925
   Associates                    $355 to $675
   Paraprofessionals             $155 to $345

The Akin Gump attorneys with primary responsibility for providing
services to the Debtors are:

   Ira S. Dizengoff, Esq.        $1,150
   Philip C. Dublin, Esq.          $950
   Daniel I. Fisher, Esq.          $875
   Frederick T. Lee, Esq.          $725
   Jason P. Rubin, Esq.            $775
   Lauren R. Lifland, Esq.         $560

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

Mr. Dizengoff, a partner with Akin Gump Strauss Hauer & Feld LLP,
assures the Court that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.  Mr. Dizengoff, however, discloses that, in connection
with the Debtors' 2012 Restructuring, his firm represented an
informal group of lenders under the Debtors' then-existing credit
facilities, including Avenue Capital Management II, L.P. and its
affiliates, and Fortress Investment Group and its affiliates.
Akin Gump also has in the past represented and currently
represents Avenue and Fortress in a variety of matters.  Avenue
and Fortress own almost 90% of the equity interest in QCE Finance.
In addition, Avenue and Fortress hold various amounts of secured
debt owed by the Debtors, and each are signatories to the
Restructuring Support Agreement.  Mr. Dizengoff says Akin Gump's
former and current representations of Avenue and Fortress have
been in matters unrelated to Akin Gump's representation of the
Debtors in the Chapter 11 cases.  For the avoidance of doubt, Akin
Gump has not represented and will not represent Avenue and
Fortress in connection with the Chapter 11 cases, Mr. Dizengoff
tells the Court.

Mr. Dizengoff also discloses that Akin Gump has represented the
Debtors for approximately one year in connection with certain
litigation and prepetition restructuring matters. Akin Gump
received compensation for fees and reimbursement for expenses
related to the litigation matters in accordance with Akin Gump's
customary billing practices in the aggregate amount of $1,295,445.
Additionally, in the 90 days before the Petition Date, Akin Gump
received payments in the amount of $2,371,487 for services
rendered to the Debtors in connection with the Debtors' potential
restructuring and the commencement of the Chapter 11 cases.

As of the Petition Date, the Debtors advanced $75,000 to Akin Gump
on account of services performed and to be performed and expenses
incurred and to be incurred in connection with the filing and
prosecution of the Chapter 11 cases.

Katie Scherping, Chief Financial Officer of QCE Finance LLC,
relates that the Debtors first retained Akin Gump in early 2013 in
connection with matters unrelated to the Chapter 11 cases.  In the
course of its representation of the Debtors, Akin Gump became
familiar with the Debtors' general business and financial affairs.
When the Debtors determined that it was necessary to retain
counsel to assist in potential restructuring efforts, including a
possible Chapter 11 filing, the Debtors' board of managers
interviewed Akin Gump and recommended that the Debtors retain Akin
Gump as restructuring counsel.  Because of the Debtors' prior
experience with Akin Gump, Akin Gump's existing familiarity with
the Debtors' business and financial affairs, as well as its
significant experience in complex Chapter 11 cases, the Debtors'
board of managers concluded that it was not necessary to interview
any other law firm to serve as the Debtors' restructuring counsel,
Ms. Scherping tells the Court.  Accordingly, no other law firms
were interviewed.

A hearing to consider approval of the employment application will
be on April 9, 2014, at 3:00 p.m.  Objections are due April 2.

                          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: Taps Richards Layton as Local Delaware Counsel
------------------------------------------------------------
QCE Finance LLC, et al., seek authority from the U.S. Bankruptcy
Court for the District of Delaware to employ Richards, Layton &
Finger, P.A., as their local Delaware counsel to be paid the
following hourly rates:

   Partners                     $560 to $800
   Counsel                              $490
   Associates                   $250 to $465
   Paraprofessionals                    $225

The principal professionals and paraprofessionals designated to
represent the Debtors and their current standard hourly rates are
as follows:

   Mark D. Collins, Esq.       $800 per hour
   Paul N. Heath, Esq.         $625 per hour
   Amanda R. Steele, Esq.      $390 per hour
   Rebecca V. Speaker, Esq.    $225 per hour

The firm will also be reimbursed for any necessary out-of-pocket
expenses.  Prior to the Petition Date, the Debtors paid RL&F a
total retainer of $75,000 in connection with and in contemplation
of the Chapter 11 Cases.

Mr. Heath, a director of the firm of Richards, Layton & Finger,
P.A., assures the Court that his firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.

Katie Scherping, Chief Financial Officer of QCE Finance LLC, tells
the Court that RL&F was selected because of the firm's extensive
experience and knowledge in the field of debtor's and creditor's
rights, business reorganizations and liquidations under Chapter 11
of the Bankruptcy Code; its expertise, experience, and knowledge
in practicing before the Bankruptcy Court in Delaware; its
proximity to the Court; and its ability to respond quickly to
emergency hearings and other emergency matters.

A hearing to consider approval of the employment application is
scheduled for April 9, 2014, at 3:00 p.m. (ET).  Objections are
due April 2.

                          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: Names Jonathan Tibus of A&M as Chief Admin. Officer
-----------------------------------------------------------------
QCE Finance LLC, et al., seek authority from the U.S. Bankruptcy
Court for the District of Delaware to (i) retain Alvarez & Marsal
North America, LLC, to provide the Debtors with a Chief
Administrative Officer, as well as Mark A. Roberts as senior
advisor and certain additional employees of A&M and/or its
affiliates and wholly owned subsidiaries to assist the CAO, and
(ii) designate Jonathan M. Tibus as the Debtors' CAO.

The engagement personnel will provide, among other things,
assistance to the Debtors with respect to management of the
overall restructuring process and day-to-day matters associated
with business operations and the Chapter 11 cases.

The current hourly billing rates for the engagement personnel are
the following:

   Managing Directors/Directors          $475-$875
   Consultants/Associates/Analysts       $275-$475

In addition to the hourly rates, the A&M will be reimbursed for
its actual and reasonable expenses.  A&M has agreed to defer the
$75,000 value fee owed under a prior engagement letter until the
earlier of: (a) confirmation of a plan of reorganization, (b) the
sale of substantially all of the Debtors' assets, or (c) A&M's
completion and/or termination of engagement by the Debtors.

A&M originally received $150,000 as a retainer in connection with
services rendered under the Prior Engagement Letter.  In the 90
days prior to the Petition Date, A&M received additional retainers
and payments totaling $925,043.

Mr. Tibus, a managing director of A&M, assures the Court that his
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.  Mr. Tibus discloses
that A&M's subsidiary, Alvarez & Marsal Canada Inc., serves as the
agent for the administrative agent on behalf of certain lenders to
Pareto Corporation in connection with the collection of certain
Pareto receivables.  One of the receivables which A&M Canada was
tasked with collecting was due from Quiznos Canada Advertising
Fund.  Mr. Tibus further discloses that under certain credit
facilities with A&M Holdings, JPMorgan Chase Bank, N.A., together
with Wells Fargo Bank, National Association, are the co-lead
banks.

A hearing to consider approval of the employment application will
be held on April 9, 2014, at 3:00 p.m. (prevailing ET).
Objections are due April 2.

                          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 Hire Lazard Freres as Investment Banker
--------------------------------------------------------------
QCE Finance LLC, et al., seek authority from the U.S. Bankruptcy
Court for the District of Delaware to employ Lazard Freres & Co.
LLC and Lazard Middle Market LLC as their investment banker to,
among other things, review and analyze the Debtors' business,
operations and financial projections and evaluate the Debtors'
potential debt capacity in light of their projected cash flows.

The Debtors will pay Lazard a monthly fee of $100,000, commencing
on March 22, 2014, until the earlier of the completion of a
restructuring transaction or the termination of the firm's
engagement.  The Debtors will also pay Lazard a restructuring fee
equal to 0.75% of the Existing Obligations involved in that
Restructuring, which fee will not be less than $2,500,000;
provided, however, that if a Restructuring is to be completed
through a Pre-Pack, the Restructuring Fee will be $3,000,000.

If, whether in connection with the consummation of a Restructuring
or otherwise, the Debtors consummate a Sale Transaction
incorporating all or a majority of the assets or all or a majority
or controlling interest in the equity securities of the Debtors,
Lazard will be paid a Sale Transaction Fee equal to the greater of
(i) the fee calculated based on the Aggregate Consideration and
(ii) $3,000,000.  The Debtors will also pay Lazard a transaction
fee if, whether in connection with the consummation of a
restructuring or otherwise, the Debtors consummate a sale
transaction that does not include all or a majority of the
Debtors' assets.

Prior to the Petition Date, the Debtors paid Lazard $800,000 in
fees and $70,799 in expenses for prepetition services rendered and
expenses incurred in connection with a Prior Engagement.

Barry W. Ridings, Vice Chairman of U.S. Investment Banking at
Lazard Freres, assures the Court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

A hearing on the employment application will be held on April 9,
2014, at 3:00 p.m.  Objections are due April 2.

                          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 Hire Prime Clerk as Administrative Advisor
-----------------------------------------------------------------
QCE Finance LLC, et al., seek authority from the U.S. Bankruptcy
Court for the District of Delaware to employ Prime Clerk as
administrative advisor to, among other things, assist with
solicitation, balloting, tabulation of votes, and prepare any
related reports, as required in support of confirmation of any
Chapter 11 plan.

The firm will be paid the following hourly rates:

   Director of Solicitation                   $225
   Solicitation Analyst                       $200
   Senior Case Manager                        $195
   Case Manager                               $175
   Analyst                                    $130
   Technology Consultant                      $110
   Clerk                                       $45

Prior to the Petition Date, the Debtors provided Prime Clerk a
retainer in the amount of $25,000.

Michael J. Frishberg, co-president and chief operating officer of
Prime Clerk, assures the Court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

The Debtors have obtained authority to appoint Prime Clerk as
claims and noticing agent to, among other things, (i) distribute
required notices to parties-in-interest, (ii) receive, maintain,
docket and otherwise administer the proofs of claim filed in the
Debtors' cases, and (iii) provide other administer services.

The hearing on the Debtors' application to employ Prime Clerk as
administrative advisor will be on April 9, 2014, at 3:00 p.m.
Objections are due April 2.

                          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: Asks Court to Set May 12 as Claims Bar Date
---------------------------------------------------------
QCE Finance LLC, et al., ask the U.S. Bankruptcy Court for the
District of Delaware to establish May 12, 2014, at 4:00 p.m.
(prevailing Eastern Time) as the deadline by which each person or
entity that asserts a "claim" as that term is defined in Section
101(5) of the Bankruptcy Code against any Debtor that arose on or
prior to the Petition Date, including a claim entitled to priority
under Section 503(b)(9).

The Debtors also ask the Court to establish Sept. 10 as the
deadline by which a governmental unit may file a proof of claim
that arose prior to the Petition Date, including claims for unpaid
taxes, whether those claims arise from prepetition tax years or
periods or prepetition transactions to which the Debtors are a
party.

A hearing on the Debtors' request for the establishment of claims
bar date is scheduled for April 9, 2014 at 3:00 p.m. (prevailing
ET).  Objections are due April 2.

                          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.


REALOGY CORP: Amends Credit Agreement with JPMorgan
---------------------------------------------------
Realogy Group LLC, an indirect, wholly-owned subsidiary of Realogy
Holdings Corp., entered into a first amendment to its Amended and
Restated Credit Agreement, dated as of March 5, 2013, among
Realogy Intermediate Holdings LLC, the Company, the lenders,
JPMorgan Chase Bank, N.A., as administrative agent, and the other
agents.

The First Amendment reprices the $1.906 billion term loan issued
under the Credit Agreement through a refinancing of the existing
term loan with a new term loan.  The interest rate with respect to
the New Term Loan is based on, at the Company's option, adjusted
LIBOR plus 3.00 percent (with a floor of 0.75%) or ABR plus 2.00%
(with an ABR floor of 1.75%).  The maturity date for the New Term
Loan remains March 5, 2020, and all other material provisions
under the Credit Agreement remain unchanged.

A copy of the First Amendment is available for free at:

                        http://is.gd/vsYx2j

                       About Realogy Corp.

Realogy Corp. -- http://www.realogy.com/-- a global provider of
real estate and relocation services with a diversified business
model that includes real estate franchising, brokerage, relocation
and title services.  Realogy's world-renowned brands and business
units include Better Homes and Gardens Real Estate, CENTURY 21,
Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group,
ERA, Sotheby's International Realty, NRT LLC, Cartus and Title
Resource Group.  Collectively, Realogy's franchise systems have
around 15,000 offices and 270,000 sales associates doing business
in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

The Companies' consolidated balance sheet at Dec. 31, 2013, showed
$7.32 billion in total assets, $5.31 billion in total liabilities
and $2.01 billion in total equity.

Realogy reported net income of $443 million in 2013, a net
loss of $540 million in 2012 and a net loss of $439 million in
2011.

                           *     *     *

In the Aug. 1, 2013, edition of the TCR, Moody's Investors Service
upgraded the corporate family rating of Realogy Group to to B2
from B3.  The upgrade to B2 CFR is driven by expectations for
ongoing strong financial performance, supported by Realogy's
recently-concluded debt and equity financing activities and a
continuing recovery in the US existing home sale market.

As reported by the TCR on Feb. 18, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on Realogy Corp. to
'B+' from 'B'.

"The one notch upgrade in the corporate credit rating to 'B+'
reflects an increase in our expectation for operating performance
at Realogy in 2013, and S&P's expectation that total lease
adjusted debt to EBITDA will improve to the low-6x area and funds
from operations (FFO) to total adjusted debt will be improve to
the high-single-digits percentage area in 2013, mostly due to
EBITDA growth in the low- to mid-teens percentage area in 2013,"
S&P said.


REGIONAL CARE: Court Directs Revisions to Disclosure Statement
--------------------------------------------------------------
Regional Care Services Corp., Casa Grande Community Hospital d/b/a
Casa Grande Regional Medical Center, Regional Care Physician?s
Group, Inc., and Casa Grande Regional Retirement Community, filed
with the U.S. Bankruptcy Court for the District of Arizona amended
Joint Chapter 11 Plan of Reorganization and accompanying
disclosures, after being directed by the Court to modify the
explanatory statement finding it deficient of certain information.

At the March 17 hearing on the Disclosure Statement, Bankruptcy
Judge Eileen W. Hollowell conducted an independent review of the
plan outline and determined that additional details need to be
included in the Disclosure Statement in order for it to contain
adequate information.  Among other things, Judge Hollowell asked
the Debtors to provide an explanation of a full-payment plan's
non-payment of interest on unsecured claims.  Accordingly, the
Debtors submitted a revised Plan and Disclosure Statement heeding
the advice of the judge.

A blacklined version of the Disclosure Statement is available
at http://bankrupt.com/misc/REGIONALCAREds0321.pdf

A status hearing on the Plan and Disclosure Statement will be held
on March 25, at 10:00 a.m.

               About Casa Grande Community Hospital
                    and Regional Care Services

Regional Care Services Corp., Casa Grande Community Hospital d/b/a
Casa Grande Regional Medical Center, Regional Care Physician's
Group, Inc., and Casa Grande Regional Retirement Community sought
Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 14-01383) in
Tucson, Arizona, on Feb. 4, 2014.

The Debtors, one of the largest employers in Pinal County, operate
an award winning, full service non-profit community hospital
serving more than 65,000 patients each year from the largely rural
communities of Casa Grande, Sacaton, Eloy, Florence and
surrounding communities.

CGRMC is a 177-licensed bed, general acute care hospital located
in Casa Grande, Arizona.  RCSC is the sole member and sponsor of
CGRMC, RCPG and CGRRC.

As of the Petition Date, CGRRC's management consists of Rona
Curphy as President, Cherie McGlynn as Chairman, David Fitzgibbons
as Vice Chairman, and John Robert McEvoy as Secretary/Treasurer.

Michael McGrath, Esq., and Kasey C. Nye, Esq., at Mesch, Clark &
Rothschild, P.C., in Tucson, Arizona; and Michael J. Pankow, Esq.,
and Joshua M. Hantman, Esq., at Brownstein Hyatt Farber Schreck,
LLP, in Denver, Colorado, serve as counsel to the Debtor.

Casa Grande Hospital estimated $50 million to $100 million in
assets and liabilities.

The Debtors have filed a Plan of Reorganization to effectuate the
sale of substantially all of their assets to Phoenix-based Banner
Health pursuant to a binding Asset Purchase Agreement dated
Feb. 4, 2014.  The hearing on approval the Debtors' Disclosure
Statement is set for March 17, 2014, and the Debtors are working
toward a confirmation in May 2014.

Banner Health is also providing $6.2 million of DIP financing.

Banner Health is represented in the case by Robert M. Charles,
Jr., Esq., and Susan M. Freeman, Esq., at Lewis Roca Rothgerber
LLP, as counsel.


REGIONAL CARE: Allowed to Take Back Bid for Approval of Plan Deal
-----------------------------------------------------------------
Judge Eileen Hollowell of the U.S. Bankruptcy Court for the
District of Arizona granted Regional Care Services Corp., et al.'s
motion to withdraw their motion to approve plan support agreement
and vacate evidentiary hearing related to the PSA.  The Debtors,
as previously reported by The Troubled Company Reporter, sought
permission to withdraw their motion by virtue of the objections
filed against the PSA.

The U.S. Trustee objected to the PSA motion, arguing that in the
absence of an auction which is not contemplated, the break-up fee
and reimbursement provided for under the PSA, are not justified.
Dignity Health, a bidder that did not prevail in the prepetition
process, also objected to the PSA motion.  The Debtors told the
Court that, after considering the time, expense, distraction, and
potential delay arising from litigating the PSA motion, they
decided to withdraw the motion.  They also entered into a
stipulation under which the U.S. Trustee consented to the
dismissal of the PSA motion.  Dignity, however, declined to agree
to the stipulation.

               About Casa Grande Community Hospital
                    and Regional Care Services

Regional Care Services Corp., Casa Grande Community Hospital d/b/a
Casa Grande Regional Medical Center, Regional Care Physician's
Group, Inc., and Casa Grande Regional Retirement Community sought
Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 14-01383) in
Tucson, Arizona, on Feb. 4, 2014.

The Debtors, one of the largest employers in Pinal County, operate
an award winning, full service non-profit community hospital
serving more than 65,000 patients each year from the largely rural
communities of Casa Grande, Sacaton, Eloy, Florence and
surrounding communities.

CGRMC is a 177-licensed bed, general acute care hospital located
in Casa Grande, Arizona.  RCSC is the sole member and sponsor of
CGRMC, RCPG and CGRRC.

As of the Petition Date, CGRRC's management consists of Rona
Curphy as President, Cherie McGlynn as Chairman, David Fitzgibbons
as Vice Chairman, and John Robert McEvoy as Secretary/Treasurer.

Michael McGrath, Esq., and Kasey C. Nye, Esq., at Mesch, Clark &
Rothschild, P.C., in Tucson, Arizona; and Michael J. Pankow, Esq.,
and Joshua M. Hantman, Esq., at Brownstein Hyatt Farber Schreck,
LLP, in Denver, Colorado, serve as counsel to the Debtor.

Casa Grande Hospital estimated $50 million to $100 million in
assets and liabilities.

The Debtors have filed a Plan of Reorganization to effectuate the
sale of substantially all of their assets to Phoenix-based Banner
Health pursuant to a binding Asset Purchase Agreement dated
Feb. 4, 2014.  The hearing on approval the Debtors' Disclosure
Statement is set for March 17, 2014, and the Debtors are working
toward a confirmation in May 2014.

Banner Health is also providing $6.2 million of DIP financing.

Banner Health is represented in the case by Robert M. Charles,
Jr., Esq., and Susan M. Freeman, Esq., at Lewis Roca Rothgerber
LLP, as counsel.


REGIONAL CARE: Has Final Authority to Pay $3MM to Critical Vendors
------------------------------------------------------------------
Judge Eileen Hollowell of the U.S. Bankruptcy Court for the
District of Arizona gave Regional Care Services Corp., et al.,
final authority to pay prepetition claims of critical vendors in
an amount not to exceed $3,000,000 in the aggregate.

Within 60 days of the Court's order, the Debtors must file a
report with the Court listing, as to each Critical Vendor, the
amount paid, and the amount left to be paid.

If a critical vendor refuses to supply goods to the Debtors on
customary trade terms following receipt of payment on its
Critical Vendor Claim, or fails to comply with any trade agreement
entered with the Debtors, then the Debtors may, without further
Court order, declare that the Trade Agreement is terminated, the
payments made to be deemed to have been in payment of then-
outstanding or subsequently accruing postpetition claims of the
Critical Vendor, and recover any payment made to the extent the
payments exceeded the postpetition claims of that Critical Vendor.

In their request, the Debtors proposed to pay the claims of 12
vendors.

               About Casa Grande Community Hospital
                    and Regional Care Services

Regional Care Services Corp., Casa Grande Community Hospital d/b/a
Casa Grande Regional Medical Center, Regional Care Physician's
Group, Inc., and Casa Grande Regional Retirement Community sought
Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 14-01383) in
Tucson, Arizona, on Feb. 4, 2014.

The Debtors, one of the largest employers in Pinal County, operate
an award winning, full service non-profit community hospital
serving more than 65,000 patients each year from the largely rural
communities of Casa Grande, Sacaton, Eloy, Florence and
surrounding communities.

CGRMC is a 177-licensed bed, general acute care hospital located
in Casa Grande, Arizona.  RCSC is the sole member and sponsor of
CGRMC, RCPG and CGRRC.

As of the Petition Date, CGRRC's management consists of Rona
Curphy as President, Cherie McGlynn as Chairman, David Fitzgibbons
as Vice Chairman, and John Robert McEvoy as Secretary/Treasurer.

Michael McGrath, Esq., and Kasey C. Nye, Esq., at Mesch, Clark &
Rothschild, P.C., in Tucson, Arizona; and Michael J. Pankow, Esq.,
and Joshua M. Hantman, Esq., at Brownstein Hyatt Farber Schreck,
LLP, in Denver, Colorado, serve as counsel to the Debtor.

Casa Grande Hospital estimated $50 million to $100 million in
assets and liabilities.

The Debtors have filed a Plan of Reorganization to effectuate the
sale of substantially all of their assets to Phoenix-based Banner
Health pursuant to a binding Asset Purchase Agreement dated
Feb. 4, 2014.  The hearing on approval the Debtors' Disclosure
Statement is set for March 17, 2014, and the Debtors are working
toward a confirmation in May 2014.

Banner Health is also providing $6.2 million of DIP financing.

Banner Health is represented in the case by Robert M. Charles,
Jr., Esq., and Susan M. Freeman, Esq., at Lewis Roca Rothgerber
LLP, as counsel.


RICHSTEAD REALTY: Foreclosure Sale Set for April 24
---------------------------------------------------
Brademer, LLC will sell at public auction on April 24, 2014, at
10:30 a.m., a parcel of land with buildings, located at 416
Emerson Avenue, Hampstead, Rockingham County, New Hampshire.  The
sale will be held at the property's location.

The property serves as collateral to the obligations of Richstead
Realty, LLC, under a Mortgage and Security Agreement given by
Richstead Realty to Georgetown Savings Bank, dated September 22,
2008, as amended by a Loan Modification Agreement dated May 21,
2009, which Mortgage and Security Agreement were assigned to
Brademer, LLC, by Assignment of Mortgage and Security Agreements
and Collateral Assignment of Leases dated February 24, 2014.

Brademer has a mailing address of 355 Middlesex Avenue, Suite 7,
Wilmington, Massachusetts 01887.

The original mortgage instrument may be examined by any interested
person at the office of Peter H. Bronstein, Esquire at Soule,
Leslie, Kidder, Sayward & Loughman, P.L.L.C., 220 Main Street,
Salem, New Hampshire 03079. YOU ARE HEREBY NOTIFIED THAT YOU HAVE
A RIGHT TO PETITION THE SUPERIOR COURT FOR THE COUNTY IN WHICH THE
MORTGAGED PREMISES ARE SITUATED WITH SERVICE UPON THE MORTGAGEE,
AND UPON SUCH BOND AS THE COURT MAY REQUIRE, TO ENJOIN THE
SCHEDULED FORECLOSURE SALE.  The premises will be sold subject to
all unpaid taxes, mortgages and all other liens which may be
entitled to precedence over the mortgage.

Terms of Sale: Fifty Thousand and No/l00 ($50,000), cash or
Certified Check, Cashier's or Treasurer's Check, Bank Draft or
other consideration satisfactory to the Mortgagee or Mortgagee's
Attorney (Satisfactory Funds) at the conclusion of the Public
Auction, and such successful bidder shall simultaneously execute a
Mortgagee's Sale Memorandum prepared by the Mortgagee's Attorney.
The balance of the purchase price of the Mortgaged Premises must
be paid in full by the successful bidder in Satisfactory Funds
upon delivery of the Mortgagee's Foreclosure Deed within 30 days.
If the successful bidder fails to complete the purchase of the
Mortgaged Premises, the Mortgagee reserves the right to retain the
deposit as full, liquidated damages or hold it on account of the
damages actually sustained as a result of the bidder's failure to
perform. The Mortgagee reserves the right to (i) continue the
foreclosure sale to such subsequent date or dates as the Mortgagee
may deem necessary or desirable, (ii) bid upon and purchase the
Mortgaged Premises at the Foreclosure sale, (iii) reject any and
all bids for the Premises, and (iv) amend or change the Terms of
Sale set forth herein by announcement, written or oral, made
before or during the foreclosure sale and such change(s) or
amendment(s) shall be binding on all bidders.

Brademer, LLC is represented by:

     Peter H. Bronstein, Esq.
     SOULE, LESLIE, KIDDER, SAYWARD & LOUGHMAN, P.L.L.C.
     220 Main Street
     Salem, New Hampshire 03079
     Tel: (603) 898-9776
     E-mail: bronstein@soulefirm.com


ROBERT N. MORAN: 5th Amended Bankruptcy Plan Confirmed
------------------------------------------------------
Bankruptcy Judge Robert J. Faris in Hawaii issued his findings of
facts and conclusions of law confirming the Fifth Amended Plan of
Reorganization Dated as of October 25, 2013, filed by Robert N.
Moran.  Hearing to confirm the Plan was held Feb. 10, 2014, at
2:00 p.m.  Judge Faris orally approved the Plan at that hearing.

The Fifth Amended Plan provides for the commencement of the US
Bank Adversary by Oct. 31, 2013, and the cure and reinstatement of
the First Note if the US Bank Claim is Allowed.  The Class 2
"Disputed Northern Pacific Second Mortgage Claim" was removed
after the secured creditors were paid when the Debtor's San Jose
Property was sold in October 2013.  The Plan also provides for a
uniform date of Jan. 1, 2014 for the various notes contemplated in
the Watts Settlement Agreement, and deleted a prior amendment
which provided for a 90-day delay between Confirmation Date and
Effective Date.

The court noted that the holders of Allowed General Unsecured
Claims will receive substantially more than they would receive in
a case under chapter 7 liquidation.  Under the Plan, Class 9 will
receive 100% of their Allowed Claims with interest at the rate of
3% per annum in 12 quarterly installments, beginning on the one
year anniversary of the Effective Date. As a result, holders of
Allowed Class 9 Claims will receive more under the Plan than they
would receive in a chapter 7 liquidation.

The Debtor will retain his Equity Interests under the Plan.

A copy of the Court's March 17-dated FINDINGS OF FACT AND
CONCLUSIONS OF LAW CONFIRMING DEBTOR'S FIFTH AMENDED CHAPTER 11
PLAN OF REORGANIZATION DATED AS OF OCTOBER 25, 2013, is available
at http://is.gd/90RLjKfrom Leagle.com.

Parties in interest in the Moran case and their counsel are:

     -- Cynthia M. Johiro, Esq., Attorney for State of Hawaii,
        Department of Taxation.

     -- Yuklin Aluli, Esq., Attorney for Gerald Watts, Successor
        Trustee Under the Last Will and Testament of Manuel
        Guerreiro, Deceased, by S.P. No. 86-0107, as Special
        Administrator of the Estate of Nuha Kahalewai, Deceased,
        and Special Administrator of the Estate of Nana Kahalewai,
        Deceased.

     -- James N. Duca, Esq., Attorney for James N. Duca
        individually and as Trustee of the Kessner Umebayashi
        Bain & Matsunaga 401K PSP fbo James Duca.

     -- Attorneys for the Debtor:

        WAGNER CHOI & VERBRUGGE
        Chuck C. Choi, Esq.
        Allison A. Ito, Esq.
        Honolulu, Hawaii
        Telephone: (808) 533-1877
        Facsimile: (808) 566-6900
        E-mail: cchoi@hibklaw.com
                aito@hibklaw.com

Robert Norton Moran, aka Bob Moran, filed a Chapter 11 petition
(Bankr. D. Hawaii Case No. 10-03696) on Dec. 6, 2010.  He listed
$1 million to $10 million in both assets and liabilities in his
petition.  A list of the Debtor's 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/hib10-03696.pdf


ROCKWELL MEDICAL: Incurs $48.7 Million Net Loss in 2013
-------------------------------------------------------
Rockwell Medical, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing
a net loss of $48.78 million on $52.37 million of sales for the
year ended Dec. 31, 2013, as compared with a net loss of $54.02
million on $49.84 million of sales for the year ended Dec. 31,
2012.  The Company had a net loss of $21.44 million in 2011.

The Company's balance sheet at Dec. 31, 2013, showed $36.36
million in total assets, $35.76 million in total liabilities and
$595,539 in total shareholders' equity.

Plante & Moran, PLLC, did not issue a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  In their report on the consolidated
financial statements for the year ended Dec. 31, 2012, Plante &
Moran, PLLC, in Clinton Township, Michigan, expressed substantial
doubt about Rockwell Medical's ability to continue as a going
concern, citing the Company's recurring losses from operations,
negative working capital, and insufficient liquidity.

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

                         http://is.gd/DYWhSv

                           About Rockwell

Rockwell Medical, Inc. (Nasdaq: RMTI), headquartered in Wixom,
Michigan, is a fully-integrated biopharmaceutical company
targeting end-stage renal disease ("ESRD") and chronic kidney
disease ("CKD") with innovative products and services for the
treatment of iron deficiency, secondary hyperparathyroidism and
hemodialysis (also referred to as "HD" or "dialysis").

Rockwell's lead investigational drug is in late stage clinical
development for iron therapy treatment in CKD-HD patients.  It is
called Soluble Ferric Pyrophosphate ("SFP").  SFP delivers iron to
the bone marrow in a non-invasive, physiologic manner to
hemodialysis patients via dialysate during their regular dialysis
treatment.


RYNARD PROPERTIES: Owner of Apartment Complex Files Bankruptcy
--------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Rynard Properties
Ridgecrest LP will be held on April 9, 2014, at 2:30 p.m. at Room
400, Memphis, TN.  Creditors have until July 8, 2014.  For
governmental agencies, proofs of claim are due by Sept. 9, 2014.

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

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

The owner of a 256-unit apartment complex at 2881 Range Line Road
in the North Memphis neighborhood, Rynard Properties Ridgecrest
LP, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tenn. Case
No. 14-22674) on March 13, 2014.  John Bartle signed the petition
as secretary/treasurer of Ridgecrest LLC, general partner of the
Debtor.  The Debtor estimated assets of at least $10 million and
liabilities of between $1 million to $10 million.  Toni Campbell
Parker serves as the Debtor's counsel.  Judge Jennie D. Latta
oversees the case.

Memphis Rap said the apartment complex Ridgecrest Apartments is
rapper Yo Gotti's childhood home.  The report said Rynard
Properties owes $8.5 million in secured claims, $2.5 million of
which are owed to Tennessee Housing Development Agency and $6
million to Fannie Mae.  Rynard Properties estimated its interest
at Ridgecrest as being $15 million.

Ridgecrest Apartment Complex was built in 1973.  It was valued at
$4.3 million and bought for $5 million by Rynard in 2008.


SALEM NURSING: Ala. Judge Puts Nursing Home Under Receiver's Care
-----------------------------------------------------------------
Magistrate Judge T. Michael Putnam ruled on the Motion for Summary
Judgment filed January 4, 2013, by The Bank of New York Mellon
Trust Company, as successor Indenture Trustee, on behalf of
bondholders, in its lawsuit styled, THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Indenture Trustee, Plaintiff, v. SALEM
NURSING & REHAB CENTER OF REFORM, INC., THE MEDICAL CLINIC BOARD
OF THE CITY OF REFORM, ALABAMA, and ALTACARE CORPORATION,
Defendants, Case No. 2:11-cv-01509-TMP (N.D. Ala.).

BoNY Mellon's claim arises from alleged defaults by Salem Nursing
& Rehab Center of Reform, Inc., and The Medical Clinic Board of
the City of Reform, Alabama, on bonds issued May 1, 1995.  BoNY
Mellon filed the lawsuit in response to the default.  Its motion
for summary judgment seeks for the court to:

     (1) find that Events of Default have occurred and are
         continuing to occur under the Bond Documents;

     (2) enter a final judgment jointly and severally against
         The Medical Clinic Board of the City of Reform,
         Alabama, and Salem Nursing & Rehab Center of Reform,
         Inc.;

     (3) appoint Derek Pierce of Healthcare Management Partners,
         LLC as receiver over the Property;

     (4) direct Salem Nursing & Rehab Center of Reform, Inc.,
         and AltaCare, on Salem Nursing & Rehab Center's behalf,
         to provide the Trustee with an accounting for each of
         Salem Nursing & Rehab Center's fiscal years ending in
         2010, 2011, and 2012; and

     (5) grant BoNY Mellon leave to prove costs of collection,
         including attorney's fees and expenses.

The Defendants filed a brief in opposition.

In a March 18, 2014 Memorandum Opinion available at
http://is.gd/jzmYtpfrom Leagle.com, the Court said BoNY Mellon's
motion for summary judgment is due to be granted.  The Court also
will grant summary judgment to BoNY Mellon on the liability of the
Defendants, and will order the appointment of a receiver to take
over the operations of the Project nursing home, and will order
the Defendants to make an accounting to the Plaintiff for all
funds, revenues, and expenditures since May 1, 2009.  The court
reserve to a later time the determination whether the plaintiff is
entitled to a money judgment for damages.

BoNY Mellon is represented by Larry B Childs, Esq., and Ryan K
Cochran, Esq., at Waller Lansden Dortch & Davis LLP.


SAVIENT PHARMACEUTICALS: Gets Approval of Plan Disclosures
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the disclosure statement explaining Savient Pharmaceuticals, Inc.,
et al.'s Plan of Liquidation and scheduled the hearing to consider
confirmation of the Plan on May 19, 2014, at 11:30 a.m. (Eastern
Time).

The deadline for filing objections to confirmation of the Plan is
May 5.  To be counted, ballots for accepting or rejecting the Plan
must be received by the voting agent by May 5.

Law360 related that at a hearing in Wilmington, Del., U.S.
Bankruptcy Judge Mary F. Walrath endorsed the disclosure statement
after ruling that a pair of objections from Savient shareholders
dealt with the plan itself and should thus be handled at
confirmation.

As previously reported by The Troubled Company Reporter, the Plan
follows the sale of substantially all of the Debtors' assets to
Crealta Pharmaceuticals LLC.

The Plan impairs senior secured noteholder claims and general
unsecured claims.  The Plan also impairs intercompany claims,
subordinated 510(c) claims and subordinated 510(b) claims,
although holders of these claims are not entitled to vote on the
Plan.

Senior secured noteholder claims will be deemed allowed by the
Plan in the aggregate amount of $147,533,716 as of the effective
date.  Each holder of Senior Secured Notes will receive pro rata
shares of (i) the final cash sweep proceeds, (ii) any cash from
the professional fee reserve and administrative claim reserve
returned by the liquidating trustee to be appointed under the
Plan, and (iii) the net proceeds of the remaining assets.  Holders
of general unsecured claims will receive their pro rata share of
the Liquidating Trust Interests.  Noteholders should have an 87.5
percent recovery, while general unsecured creditors see 1.3
percent, Bill Rochelle, the bankruptcy columnist for Bloomberg
News, pointed out.

                     About Savient Pharmaceuticals

Headquartered in Bridgewater, New Jersey, Savient Pharmaceuticals,
Inc. -- http://www.savient.com/-- is a specialty
biopharmaceutical company focused on developing and
commercializing KRYSTEXXA(R) (pegloticase) for the treatment of
chronic gout in adult patients refractory to conventional therapy.
Savient has exclusively licensed worldwide rights to the
technology related to KRYSTEXXA and its uses from Duke University
and Mountain View Pharmaceuticals, Inc.

The Company and its affiliate, Savient Pharma Holdings, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 13-12680) on Oct. 14, 2013.  In its schedules,
Savient Pharmaceuticals listed $43,065,650 in total assets and
$284,078,461 in total liabilities.

The Debtors are represented by Kenneth S. Ziman, Esq., and David
M. Turetsky, Esq., at Skadden Arps Slate Meagher & Flom LLP, in
New York; and Anthony W. Clark, Esq., at Skadden Arps Slate
Meagher & Flom LLP, in Wilmington, Delaware.  Cole, Schotz,
Meisel, Forman & Leonard P.A., also serves as the Company's
conflicts counsel, and Lazard Freres & Co. LLC serves as its
financial advisor.  GCG Inc. serves as the Debtors' claims agent.
Kramer Levin Naftalis & Frankel LLP is the Debtors' special
intellectual property counsel.

U.S. Bank National Association, as Indenture Trustee and
Collateral Agent, is represented by Clark T. Whitmore, Esq., at
Maslon Edelman Borman & Brand, LLP, in Minneapolis, Minnesota.

The Unofficial Committee of Senior Secured Noteholders is
represented by Andrew N. Rosenberg, Esq., Elizabeth McColm, Esq.,
and Jacob A. Adlerstein, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, in New York; and Pauline K. Morgan, Esq., at Young,
Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware.

The Troubled Company Reporter reported on Jan. 15, 2014, that
Savient Pharmaceuticals has completed the sale of substantially
all of its assets, including all KRYSTEXXA assets, to Crealta
Pharmaceuticals for gross proceeds of approximately $120.4
million.

Savient Pharmaceuticals has filed with the Bankruptcy Court a plan
of liquidation following the sale to Crealta.  The Plan impairs
senior secured noteholder claims and general unsecured claims.
The Plan also impairs intercompany claims, subordinated 510(c)
claims and subordinated 510(b) claims, although holders of these
claims are not entitled to vote on the Plan.


SCI ENGINEERING: Case Summary and 5 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: SCI Engineering, P.C.
        241 West 30th Street, Suite 4
        New York, NY 10001

Case No.: 14-10791

Chapter 11 Petition Date: March 25, 2014

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

Judge: Hon. Stuart M. Bernstein

Debtor's Counsel: Richard M. Gabor, Esq.
                  Daniel C. Marotta, Esq.
                  GABOR & MAROTTA LLC
                  1878 Victory Boulevard
                  Staten Island, NY 10314
                  Tel: (718) 390-0555
                  Fax: (718) 390-9886
                  Email: rgabor@gaborassociates.com

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

Estimated Liabilities: $1 million to $10 million

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb14-10791.pdf


SCRUB ISLAND: Assailed by Bank Over Agreement
---------------------------------------------
Michael Bathon, writing for Bloomberg News, reported that a
bankrupt British Virgin Islands luxury resort owner was assailed
by lender FirstBank Puerto Rico for an allegedly "false and
misleading" court filing saying a settlement had been reached over
the bank's claims.

According to the report, the resort owner, Scrub Island
Development Group Ltd., filed a restructuring proposal March 19 in
U.S. Bankruptcy Court in Tampa, Florida, where it's based, saying
it had an agreement with FirstBank on the treatment of almost $120
million in claims.

The statements in the proposed reorganization plan and an
accompanying explanatory disclosure statement are "completely
false and misleading" and the bank "never agreed to the terms of
this nature," Lawrence Odell, FirstBank's general counsel, said in
a telephone interview with Bloomberg on March 20, the report said.
FirstBank filed an initial objection to the plan making similar
statements.

Charles A. Postler, a lawyer for Scrub Island, didn't return a
phone call or e-mail seeking comment on the bank's objection, the
Bloomberg report said.

                         About Scrub Island

Scrub Island Development Group Ltd., the owner of a British Virgin
Islands luxury resort, and its affiliate, Scrub Island
Construction Limited, sought bankruptcy protection (Bankr. M.D.
Fla. Case Nos. 13-15285 and 13-15286) on Nov. 19, 2013, to end a
receivership Scrub Island claims was secretly put in place by its
lender.  The bankruptcy case is assigned to Judge Michael G.
Williamson.

The 230-acre resort operates as a Marriott Autograph Collection
property.  It has 52 rooms and suites, a spa and a 55-slip marina.

Scrub Island Development Group scheduled $125,569,235 in total
assets and $130,695,731 in total liabilities.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the Debtor's prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Official Committee of Unsecured Creditors appointed in Scrub
Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice,
Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A.,
as general counsel.


SCRUB ISLAND: Files Reorganization Plan
---------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Scrub Island Resort, Spa & Marina in the British
Virgin Islands filed a Chapter 11 reorganization plan on March 19
based on a settlement with secured lender FirstBank Puerto Rico.

The report related that the bankruptcy began on a sour note in
November when the bank, owed about $120 million on secured and
unsecured claims, asked the bankruptcy judge to dismiss the case.
The resort responded by alleging the bank violated the so-called
automatic stay by continuing a receivership that was initiated
before bankruptcy in the British Virgin Islands. Scrub Island's
owner had filed a Chapter 11 petition in Tampa, Florida, to halt
the receivership.

According to the report, the plan calls for new investors to
provide $9.1 million in return for majority ownership. Existing
owners will invest $6 million to retain minority ownership.

The Santurce, Puerto Rico-based bank had a secured claim of $60.6
million and an unsecured claim of $58.6 million, the report said.
It had written the loan down to $40 million, according to court
papers.

In the plan, the bank will receive $7.5 million when the
reorganization is approved by the judge along with a $30 million
five-year note paying interest 3.5 percentage points above the
London interbank offered rate, the report further related.  The
loan will pay interest only for two years, with amortization
beginning in the third year on a 25-year schedule.  The bank will
also receive a portion of proceeds from lot sales.  The bank
agreed to waive its $84.9 million in unsecured and deficiency
claims.

                         About Scrub Island

Scrub Island Development Group Ltd., the owner of a British Virgin
Islands luxury resort, and its affiliate, Scrub Island
Construction Limited, sought bankruptcy protection (Bankr. M.D.
Fla. Case Nos. 13-15285 and 13-15286) on Nov. 19, 2013, to end a
receivership Scrub Island claims was secretly put in place by its
lender.  The bankruptcy case is assigned to Judge Michael G.
Williamson.

The 230-acre resort operates as a Marriott Autograph Collection
property.  It has 52 rooms and suites, a spa and a 55-slip marina.

Scrub Island Development Group scheduled $125,569,235 in total
assets and $130,695,731 in total liabilities.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the Debtor's prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Official Committee of Unsecured Creditors appointed in Scrub
Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice,
Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A.,
as general counsel.


SECONDMARKET INC: Plans Bitcoin Fund Targeting Regular Investors
----------------------------------------------------------------
Michael J. Casey and Paul Vigna, writing for The Wall Street
Journal, reported that SecondMarket Inc. is racing to open up a
private bitcoin investment fund to ordinary investors as soon as
the fourth quarter, potentially beating a rival offering by two
investors best known for their lawsuit against Facebook Inc. chief
executive Mark Zuckerberg.

According to the report, SecondMarket, which launched the Bitcoin
Investment Trust last September to cater to wealthy investors, has
started lining up lawyers and investment banks to help with the
process.

The Bitcoin Investment Trust buys and sells bitcoins, allowing
investors to place bets on the digital currency without owning it
directly, the report related.  It held $54 million in assets under
management, according to its website.

The trust would compete with the Winklevoss Investment Trust, an
effort sponsored by Cameron and Tyler Winklevoss, who won a $65
million settlement with Facebook's Mr. Zuckerberg in 2008 over
their claim that he stole their idea for the social-networking
site, the report further related.

The Winklevoss brothers have applied to create an exchange-traded
fund specializing in bitcoin, the report said.


SECURITY NATIONAL: Can Use Cash Collateral Until April 18
---------------------------------------------------------
Security National Properties Funding III, LLC received interim
approval from U.S. Bankruptcy Judge Kevin Gross to use cash
collateral until April 18.

Security National will use the cash collateral to pay
disbursements, pay certain pre-bankruptcy obligations, and to
maintain its operations and provide funding to affiliates.

As reported by the Troubled Company Reporter on Oct. 29, 2013, the
parties with an alleged interest in cash collateral are Bank of
America, N.A., as administrative agent under a pre-bankruptcy
credit agreement, and Banc of America Securities LLC, as lead
arranger and book manager.

As adequate protection, Bank of America will be granted
replacement liens in certain properties owned by Security National
as well as in all post-petition rents generated by those
properties.  Security National will also grant the bank first
priority liens in unencumbered property.

Judge Gross will hold a hearing on April 15 to consider final
approval of Security National's request to use the collateral.

                      About Security National

Eureka, California-based Security National Properties Funding III
LLC owns and operates 33 commercial office, retail, industrial and
other properties.  Security National and various affiliates filed
for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 11-13277)
on Oct. 13, 2011.  Judge Kevin Gross presides over the case.
Donna L. Culver, Esq., Robert J. Dehney, Esq., Justin K. Houser,
Esq., Andrew R. Remming, Esq., and Gregory W. Werkheiser, Esq., at
Morris, Nichols, Arsht & Tunnell, in Wilmington, Delaware, serve
as the Debtors' counsel.  GCG Inc. serves as the Debtors' claims
and notice agent.  The Debtors' scheduled assets total $24,758,433
while scheduled liabilities total $354,657,501.

The U.S. Trustee for Region 3 was unable to form an official
committee of unsecured creditors.


SECURITY NATIONAL: Gets Approval to Increase DIP Loan by $2MM
-------------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross granted the request of Security
National Properties Funding III LLC to increase its unsecured
debtor-in-possession loan from $3 million to $5 million.

SNPF will use the loan to fund its operating expenses and other
general corporate needs, and pay the fees and expenses of its
attorneys and other bankruptcy professionals.

The loan will be extended by Security National Properties Holding
Company LLC, an affiliate and sponsor of SNPF's proposed plan to
exit Chapter 11 protection, pursuant to terms of an unsecured
note.

The "maturity date" of the unsecured note, will be the earlier of
the effective date of the proposed plan; the occurrence of an
event of default; and May 30.

To secure the loan, the lender will be granted an administrative
expense claim against the estate of SNPF, according to the
bankruptcy judge's order.

Judge Gross will consider at the final hearing on April 15 if the
lender should be granted an administrative expense claim against
SNPF's subsidiaries that also filed for bankruptcy protection.

The bankruptcy judge will also consider the objections of Bank of
America N.A. and other parties to the payment of administrative
expense claims against the estates of SNPF's subsidiaries.  The
objections alleged that the borrowings under the unsecured note
"did not pay the actual, necessary costs and expenses" of
preserving the estate of those subsidiaries.

                      About Security National

Eureka, California-based Security National Properties Funding III
LLC owns and operates 33 commercial office, retail, industrial and
other properties.  Security National and various affiliates filed
for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 11-13277)
on Oct. 13, 2011.  Judge Kevin Gross presides over the case.
Donna L. Culver, Esq., Robert J. Dehney, Esq., Justin K. Houser,
Esq., Andrew R. Remming, Esq., and Gregory W. Werkheiser, Esq., at
Morris, Nichols, Arsht & Tunnell, in Wilmington, Delaware, serve
as the Debtors' counsel.  GCG Inc. serves as the Debtors' claims
and notice agent.  The Debtors' scheduled assets total $24,758,433
while scheduled liabilities total $354,657,501.

The U.S. Trustee for Region 3 was unable to form an official
committee of unsecured creditors.


SEGA BIOFUELS: U.S. Trustee Seeks Case Conversion to Chapter 7
--------------------------------------------------------------
Guy G. Gebhardt, Acting United States Trustee for Region 21, asks
the U.S. Bankruptcy Court for the Southern District of Georgia to
dismiss the Chapter 11 case of SEGA Biofuels Inc. or convert it
into a Chapter 7 proceeding.

Joel Paschke, Esq., Trial Attorney for the U.S. Trustee, tells the
Court that the Debtor is delinquent in filing monthly operating
reports for December 2013 and January 2014.

The Debtor, he adds, is delinquent in paying estimated fourth
quarter 2013 fees totaling $9,750.  The precise amount owed cannot
be confirmed until the delinquent reports are filed, he points
out.

Failure to file the required monthly operating reports and failure
to pay quarterly fees establish cause for the relief sought, Mr.
Paschke maintains.

Counsel to the U.S. Trustee can be reached at:

          Joel Paschke, Esq.
          Office of the United States Trustee
          2 East Bryan Street, Suite 725
          Savannah, GA 31401
          (912) 652-4112

                       About Sega Biofuels

Sega Biofuels LLC, the owner of a wood-pellet plant in Nahunta,
Georgia, filed a petition for Chapter 11 protection (Bankr. S.D.
Ga. 13-50694) on Sept. 11 in Waycross, Georgia.  The Company
listed assets worth $10.6 million and debt totaling $13.7 million.

The U.S. Trustee has not appointed an official committee in the
Debtor's bankruptcy case.


SEGA BIOFUELS: Gets Court Nod for $5.5 Million Improvement Loan
---------------------------------------------------------------
Bankruptcy Judge John S. Dalis entered a ruling allowing Debtor
SEGA Biofuels, LLC, to obtain a $5,500,000 loan from its managing
member, Biofuels Holdings, LLC.

The Loan is earmarked for improvements costs of the Debtor.

In connection with the Loan provided, the Debtor is also
authorized to provide security to the Lender in any of its
property including a first priority security interest in a 1/3
interest on all postpetition receivables (a first priority
security interest in a 2/3 interest in receivables will be held by
The Heritage Bank on its Credit Facility) and a first priority
security interest in equipment purchased with the proceeds of the
Improvement Loan.  Collateral which may be pledged as security for
the loan cannot include causes of action under Chapter 5 of the
Bankruptcy Code.

The Troubled Company Reporter previously reported that the
Improvement Loan will bear interest at the annual rate of
eight percent and is payable interest only until Sept. 15, 2014.

Before the entry of the Court's ruling, Sobios1, LLC, lodged an
objection to the loan request, but eventually withdrew it.  As
previously reported by the TCR, Sobios objected to the Debtor's
financing request on the bases that the Debtor's Motion "woefully
falls short" of the required provisions Rule 4001(c); the Motion
fails to provide creditors notice of what precisely is being
proposed and an opportunity to evaluate the factual significance
and the legal sufficiency of the Debtor's request; the Motion does
not discuss the ability of Biofuels Holdings, LLC to fund an
"improvement loan" for $5,500,000; and the Motion was not properly
served on the 20 largest unsecured creditors in accordance with
Rule 4001(c)(1)(C).

The Debtor is represented by:

          C. James McCallar, Jr.
          McCALLAR LAW FIRM
          P.O. Box 9026
          Savannah, GA 31412

Sobios1, LLC is represented by:

          Matthew S. Cathey, Esq.
          Ward Stone, Jr., Esq.
          STONE & BAXTER, LLP
          577 Mulberry St., Suite 800
          Macon, Georgia 31201
          Tel No: (478) 750-9899
          Fax No: (478) 750-9899

                       About Sega Biofuels

Sega Biofuels LLC, the owner of a wood-pellet plant in Nahunta,
Georgia, filed a petition for Chapter 11 protection (Bankr. S.D.
Ga. 13-50694) on Sept. 11 in Waycross, Georgia.  The Company
listed assets worth $10.6 million and debt totaling $13.7 million.

The U.S. Trustee has not appointed an official committee in the
Debtor's bankruptcy case.


SENTINEL MANAGEMENT: Safe Harbor Protects Fraud, Appeals Ct Rules
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that bankruptcy law's "safe harbor," which prevents
customers of defunct brokerages from being sued, applies even when
the broker was engaged in fraud and violated multiple securities
laws, a March 19 31-page opinion by Judge David F. Hamilton of the
U.S. Court of Appeals in Chicago said.

According to the report, Judge Hamilton reversed a decision from
January 2013 by U.S. District Judge James B. Zagel. Zagel said the
safe harbor of Section 546(e) of the Bankruptcy Code shouldn't be
employed because it was "inconceivable" that Congress wanted the
statute invoked when the broker was benefiting some customers by
defrauding others.

The case before the Chicago appeals court involved liquidated
money manager Sentinel Management Group Inc., the report related.
A registered futures commission merchant, Northbrook, Illinois-
based Sentinel was required to keep investments in two different
segregated accounts for two different types of customers. Each
account was governed by different federal statutes and different
regulatory schemes. Sentinel improperly moved customers'
deposits from one account to the other.

Shortly before bankruptcy, Sentinel began giving preferred
treatment to one group of customers at the expense of the other,
the report related.  Immediately after bankruptcy, although before
the trustee was appointed to oust management, Sentinel prevailed
on the bankruptcy judge to pay out $300 million to the group of
favored customers, Judge Hamilton said.

After his appointment, trustee Frederick Grede started a test case
against futures commission merchant FCStone LLC to recover $15.6
million, representing money received from Sentinel just before and
after the bankruptcy filing in August 2007, the report said.

The appeal is Grede v. FCStone LLC, 13-1232, U.S. Court of Appeals
for the Seventh Circuit (Chicago).

The district court case is Grede v. FCStone LLC, 09-cv-00136, U.S.
District Court, Northern District of Illinois (Chicago).

                      About INTL FCStone Inc.

INTL FCStone Inc. -- http://www.intlfcstone.com-- provides
execution and advisory services in commodities, currencies and
international securities.  INTL's businesses, which include the
commodities advisory and transaction execution firm FCStone Group,
serve more than 20,000 customers in more than 100 countries
through a network of offices in eleven countries around the world.

                     About Sentinel Management

Based in Northbrook, Illinois, Sentinel Management Group Inc. --
http://www.sentinelmgi.com/-- was a full service firm offering a
variety of security solutions.  The Company filed a voluntary
Chapter 11 petition (Bankr. N.D. Ill. Case No. 07-14987) on
Aug. 17, 2007.  Ronald Barliant, Esq., Randall Klein, Esq., and
Kathryn A. Pamenter, Esq., at Goldberg, Kohn, Bell & Black
Rosenbloom & Moritz, Ltd., represented the Debtor.  Lawyers at
Quinn, Emanuel Urquhart Oliver & Hedges, LLP, represented the
Official Committee of Unsecured Creditors.  When the Debtor sought
bankruptcy protection, it estimated assets and debts of more than
$100 million.

On Aug. 28, 2007, the Court approved Frederick Grede as the
Debtor's Chapter 11 Trustee.  Marc I. Fenton, Esq., at DLA Piper
US LLP, and Vincent E. Lazar, Esq., at Jenner & Block LLP,
represent the Chapter 11 Trustee.

The Court confirmed the Fourth Amended Chapter 11 Plan of
Liquidation for Sentinel on Dec. 15, 2008, which created a
Liquidation Trust.  The Plan became effective Dec. 17, 2008, and
Mr. Grede was appointed Liquidation Trustee.


SHOTWELL LANDFILL: Panel Hires Gerald Jeutter as Attorney
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Shotwell
Landfill, Inc. and its debtor-affiliates seeks authorization from
the U.S. Bankruptcy Court for the Eastern District of North
Carolina to retain Gerald A. Jeutter, Jr. as the Committee's
attorney, nunc pro tunc to March 3, 2014.

The Committee requires Mr. Jeutter to:

   (a) give the Committee legal advice with respect to its duties
       and powers in this case;

   (b) assist in its investigation of the acts, conduct, assets,
       liabilities, and financial condition of the Debtor, the
       operation of the Debtor's business and the desirability of
       the continuance of such business, and any other matter
       relevant to the case or to the formulation of a plan;

   (c) participate in the plan confirmation process;

   (d) assist in requesting the appointment of a trustee or
       examiner, should such action become necessary; and

   (e) perform other legal services as may be required and in the
       interest of the creditors.

Mr. Jeutter has agreed to represent the Committee for compensation
at a rate of $400 per hour for his time and $125 per hour for
paralegal time, to be subsequently allowed and approved by this
Court in accordance with the provisions of the Bankruptcy Code.

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

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

Mr. Jeutter can be reached at:

       Gerald A. Jeutter, Jr., Esq.
       GERALD A. JEUTTER, JR., ATTORNEY AT LAW P.A.
       615 Oberlin Road, Suite 102
       P.O. Box 12585
       Raleigh, NC 27605
       Tel: (919) 334-6631
       Fax: (919) 833-9793
       E-mail: jeb@jeutterlaw.com

                 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.


SILVERADO STREET: Taps David Gilmore as Attorney
------------------------------------------------
Silverado Street, LLC seeks authorization from the U.S. Bankruptcy
Court for the Superior Court of California to employ David M.
Gilmore of Gilmore, Wood, Vinnard & Magness as attorney, to
provide advice with respect to the Chapter 11 bankruptcy
proceedings, as well as strategies, development of a plan, which
will include negotiations with creditors and dealing with the
requirements of the U.S. Trustee's office.

Gilmore Wood will be paid at these hourly rates:

       David M. Gilmore, primary counsel      $345
       Stephen D. Blea, associate attorney    $185
       Suzanne Carroll, paralegal             $125

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

Mr. Gilmore 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.

Gilmore Wood can be reached at:

       David M. Gilmore, Esq.
       GILMORE, WOOD, VINNARD & MAGNESS
       P.O. Box 28907
       Fresno, CA 93729-8907
       Tel: (559) 448-9800
       Fax: (559) 448-9899
       E-mail: dgilmore@gwvm.com

Silverado Street, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Cal. Case No. 14-00574) on Jan. 30, 2014, in San
Diego, California.  The company said in its schedules that it has
$22 million to $47 million in total assets and $11 million in
liabilities in total liabilities.  The Debtor is represented by
Golmore, Wood, Vinnard & Magness, in Fresno, as counsel.

The company's property -- Lots 18 and 19 in Block 74 of Villa
Tract, La Jolla Park, in San Diego County -- is valued at $12
million and secures debt in the aggregate amount of $11 million
owed to Chase Mortgage, FHR Realty Advisors and Georgiou Trust.
The company also claims to have mineral rights and oil leases
valued at $2 million.  The company's remaining asset is on account
of notes/deeds of trust judgments that the Debtor estimates to be
valued at $10 million to $35 million.


SOUTH FLORIDA SOD: Seeks Approval to Sell McCall Ranch to SFWMD
---------------------------------------------------------------
South Florida Sod, Inc., has filed a motion seeking court approval
to close on the sale of its property known as the McCall Ranch
pursuant to the proposal of Southwest Florida Water Management
District.

SFWMD proposes to acquire McCall Ranch for $15 million which, the
company said, would be enough to pay real property taxes as well
as claims including Orange Hammock Ranch LLC's $14.4 million
claim.

The balance of the proceeds from the sale could be used to pay
creditors of the bankruptcy estate, South Florida Sod said in the
filing.

In connection with its request, South Florida Sod filed a separate
motion to release the company from its obligations under a court
order issued by Judge Cynthia Jackson last year.

The court order dated Dec. 27 approved the sale of the property by
public auction.  The auction held on Feb. 13 wasn't successful,
however, according to court papers.

South Florida Sod also revised its Chapter 11 plan of
reorganization, which was confirmed on Feb. 12 by the bankruptcy
judge, to conform to the new proposal.

Under the revised plan, the provision concerning the secured claim
of Orange Hammock was deleted.  It was replaced with a new
provision, which allows Orange Hammock to retain its lien on the
property.  The claimant will also receive full payment once the
property is sold to SFWMD.

The revised plan also proposes to pay in full the administrative
claim of Wauchula State Bank.  The bank asserts $202,508 in
administrative claim against the company.

                      Orange Hammock Objects

Orange Hammock, a secured creditor, asked Judge Jackson to deny
the proposed sale, saying SWFWMD makes a "highly contingent" offer
to buy the property.

"Instead of attaching a non-contingent, executed purchase and sale
agreement to support its motion, debtor attaches a proposal from
SWFWMD in which SWFWMD makes a highly contingent offer to purchase
McCall Ranch," said its lawyer, Robert Davis Jr., Esq., at Holland
& Knight LLP, in Orlando, Florida.

According to Mr. Davis, the offer is contingent upon certain
events, which include getting government approvals, obtaining a
boundary survey and title policy, and conducting environmental
site assessments.

Mr. Davis also said the proceeds would only partially pay
Wauchula's claim and would leave nothing for the unsecured
creditors.

Mr. Davis can be reached at:

     Robert W. Davis, Jr., Esq.
     HOLLAND & KNIGHT LLP
     200 S. Orange Ave., Ste. 2600
     Orlando, FL 32801
     Tel: (407) 425-8500
     Fax: (407) 244-5288
     E-mail: robert.davis@,hklaw.com

                    About South Florida Sod

South Florida Sod Inc., a sod farmer, owns multiple parcels of
rural real estate in Florida, Georgia, Michigan and Montana.  The
Debtor uses these parcels in its sod, hay, cattle, timber,
stumping and hunting operations.

The Company filed for Chapter 11 protection (Bankr. M.D. Fla. Case
No. 13-08466) on July 9, 2013, in Orlando, Florida.

The Debtor estimated at least $10 million in assets and
liabilities.  The company owns 13 properties in Florida and three
other states.  The company intends on selling a 5,777-acre
property in Sarasota County, Florida, with a claimed value of
$20 million or more.  Secured debt totals $23.5 million, not
including a $1.6 million judgment.

Latham Shuker Eden & Beaudine, LLP, originally represented the
Debtor as counsel.  Latham Shuker was later replaced by Frank M.
Wolff, Esq., at Wolff, Hill, McFarlin & Herron, P.A.  Jonathan
Stidham, Esq., at Stidham & Stidham, P.A., serves as special
counsel to the Debtor.

South Florida Sod also tapped Daniel Dempsey as its financial
advisor.  Wallace T. Long, Jr., CPA and Lynch, Johnson & Long,
CPA, serve as accountants.

Orange Hammock Ranch, LLC, the principal secured creditor, is
represented by Brian A. McDowell, Esq., at Holland & Knight LLP.

As reported in the TCR on Jan. 17, 2014, the Court authorized the
Debtor to conduct an auction of the property at 5771 acres located
in North Port, Florida, Sarasota County, on Feb. 13, 2014.  The
Debtor said the sale of the property would (i) satisfy secured
claims held by Orange Hammock Ranch, LLC, and Wauchula State Bank
against the property; and (ii) generate cash with which to fund a
plan of reorganization.  The auction will be conducted live from
the property.  South Florida Sod has sought and obtained
authorization from the Bankruptcy Court to employ National Auction
Group, Inc., as auctioneer and real estate broker to sell the
property.

The Bankruptcy Court canceled the hearing scheduled for Feb. 10,
2014, to consider confirmation of South Florida Sod's Amended Plan
of Reorganization, as further amended.  On Nov. 14, 2013, the
Court entered its order conditionally approving the Disclosure
Statement explaining the Plan.  According to the Amended
Disclosure Statement, the Debtor intends to sell at auction, free
and clear of claims and interests, the McCall Ranch Property.  The
Debtor intends that the auction will take place after the
confirmation of the Plan.  By doing so, the Debtor believes that
sufficient funds will be received to pay most, if not all, of its
creditors.  If the proceeds of the sale do not pay all of the
claims in full, the Debtor will select another property to be
sold.  This will be repeated until either all of the property is
sold or the debts are paid in full.

The Debtor intends to sell its interest in the Little Ockmulgee
Property at auction prior to confirmation.  George D. Warthen Bank
has agreed that to the extent there are not sufficient funds to
pay its claim in full, any remaining balance will be discharged,
and any claims against the guarantors released.

A copy of the Amended Disclosure Statement and Amendment to Plan
are available for free at:

     http://bankrupt.com/misc/SOUTHFLORIDASODamendedds.pdf
     http://bankrupt.com/misc/SOUTHFLORIDASODamendmenttoplan.pdf


SPIG INDUSTRY: Court Dismisses Chapter 11 Case
----------------------------------------------
Following a hearing held early this month, the U.S. Bankruptcy
Court for the Western District of Virginia granted a request by
Spig Industry LLC to dismiss its Chapter 11 case.

According to the docket, the Debtor's counsel, Robert Copeland,
made an oral motion to dismiss case which is to be granted by
Court's standard dismissal order.

The Debtor on March 2 filed an objection to a motion by the U.S.
Trustee to convert the case to Chapter 7 liquidation.  The Debtor
said it has focused its efforts on recapitalizing itself, by
either selling itself to outside investors or finding a
postpetition lender who would provide capital to recommence
business operations.  The Debtor added it is a party to a
confidential settlement agreement with Trinity Industries, Inc.
and that settlement agreement is an extremely valuable asset of
the bankruptcy estate, which could be lost, if the case is
converted to one under chapter 7.

Spig Industry filed a Chapter 11 exit plan in February.  Jones Day
suggested that the Court adjourn the hearing on the motion to
convert, or take the motion under advisement, until sometime after
the pending hearing on the disclosure statement explaining the
Plan.  Jones Day noted that the Debtor proposes a post-
confirmation plan that, if successful, would likely provide more
recovery to the creditors than would liquidation.

The Debtor, however, sought dismissal of the case at the March 4
hearing.

                        About SPIG Industry

SPIG Industry, LLC, a manufacturer of highway guardrails, filed a
Chapter 11 petition (Bankr. W.D. Va. Case No. 13-71469) in Roanoke
on Sept. 11, 2013, and is represented by Robert Copeland, Esq., at
Copeland Law Firm, P.C., in Abingdon, Virginia.  Bankruptcy Judge
William F. Stone, Jr. oversees the case.

In its petition, SPIG estimated $1 million to $10 million in both
assets and liabilities.

In November 2013, the U.S. Trustee for Region 4 notified the
Bankruptcy Court that it was unable to appoint an official
committee of unsecured creditors in the Chapter 11 case because
the number of persons eligible or willing to serve on such a
committee is presently insufficient to form an unsecured creditors
committee.


SRKO FAMILY: Proposes Roadmap for Colorado Crossing
---------------------------------------------------
The SRKO Family Limited Partnership and the Chapter 11 trustee for
Jannie Richardson intend to pursue reorganization and liquidation
simultaneously so that if for any reason confirmation is denied or
the effective date cannot be achieved because of the failure of
any conditions, then SRKO can liquidate Colorado Crossing through
an auction.  The auction process will yield, as a byproduct, a
market check for what is available in liquidation.

Accordingly, SRKO asks the bankruptcy court to approve its plan
support agreements, the use of property pursuant to 11 U.S.C. Sec.
363, and the break-up fee contained therein.

SRKO contemplates a trust, held for the benefit of creditors, to
make distributions called for by the plan and forming a new entity
as a limited liability company, LLC, whose members are the equity
sponsor (who is also the exit lender) and the creditor trust.
Pursuant to a plan of reorganization, as contemplated in the plan
support agreements, all of Colorado Crossing will be transferred
to NEWCO for development and sale and as the vehicle to obtain
repayment for the creditors over time.

In pursuit of reorganization, SRKO seeks approval of two letter
agreements: a loan letter of intent and an equity participation
letter.

The agreements provide that:

    (a) ITG Taxable Fund LLLP will lend NEWCO $5 million for the
development of Colorado Crossing and for the payment of what can
loosely be called administrative and priority claims, including
priority secured claims.  In addition, it will make available a
standby line of credit for up to $1 million.  Certain of the terms
and conditions of the loan are still to be negotiated.

    (b) The Creditor Trust will sell ITG 20% of the membership
interests in NEWCO for $3 million cash.  Certain of the terms and
conditions of such sale are still to be negotiated.

    (c) NEWCO will develop Colorado Crossing and distribute the
proceeds in accordance with its plan of reorganization which will
be consistent with the plan support agreements.

It is anticipated that approximately $1.5 million of the total
funding will go to the NEWCO operating budget and interest reserve
for the development of Colorado Crossing.  The remaining $5.5
million ($3 million equity plus $2.5 million to $2.9 million net
loan proceeds) will be used to pay administrative expenses,
priority claims and senior secured claims.  Those claims, in
total, exceed $5.5 million.  It is anticipated that during the
plan confirmation process, agreements will be reached with the
holders of those claims for either reduced or extended payments,
or both, such that the funding available will make any performance
of any plan and development of the property feasible.

To support and assist in the development of such a plan, and to
enter into the plan support agreements, ITG requires that it
receive a break-up fee equal to $160,000.  The break-up fee would
be payable upon (1) the Debtor selecting a different funding
source for its plan, (2) the confirmation of a plan of
reorganization with a competing third party which plan's terms do
not include ITG's plan support agreements, (3) an alternative
transaction resulting in a deposition of Colorado Crossing,
including, but not limited to, a sale of the assets at auction, or
(4) the parties having reached agreement on all of the underlying
agreements and ITG being in full compliance with such agreements
and has not withheld its consent as to any item within its
discretion, but SRKO or NEWCO, as applicable, breaches the same,
including if the plan of reorganization contemplated by the plan
support agreements is not confirmed or there are material adverse
changes in the development assumptions and projections previously
provided to ITG.

SRKO has filed a separate motion for orders (a) to employ NRC
Realty & Capital Advisors, LLC, as exclusive real estate agent to
conduct an auction of Colorado Crossing, and (b) authorizing an
auction to solicit bids for the Debtor's real estate holdings.

                   About The SRKO Family LP

The SRKO Family Limited Partnership, dba Colorado Crossing, is
based in Colorado Springs, Colorado.  SRKO Family is the owner of
the financially troubled Colorado Crossing project.  The Company
was run by Colorado Springs developer Jannie Richardson.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Colo. Case No. 10-13186) on Feb. 19, 2010.  The Debtor disclosed
$34,421,448 in assets and $80,619,854 in liabilities as of the
Petition Date.  Lee M. Kutner at Kutner Miller Brinen, P.C.
represents the Debtor.

On March 25, 2010, Jannie Richardson filed a Chapter 11 petition
in the Court commencing the Richardson bankruptcy case.  C. Randel
Lewis was appointed as the Chapter 11 trustee in the Richardson
case on Jan. 28, 2011.

On March 11, 2011, the Bankruptcy Court entered an order approving
a stipulation pursuant to which the Chapter 11 trustee in the
affiliated Richardson Chapter 11 case was named as the manager of
the Debtor's general partner.  Craig A. Christensen, Esq., at
Lindquist & Vennum LLP, represents C. Randel Lewis, the Chapter 11
trustee of the Jannie Richardson bankruptcy estate.


STANWICH FINANCIAL: Agent May Amended Suit v. Bear Stearns et al.
-----------------------------------------------------------------
Bankruptcy Judge Alan H. W. Shiff granted, in part, the motion of
the Liquidating Agent of Stanwich Financial Services Corp., for
leave to file a third amended complaint in its lawsuit styled, THE
LIQUIDATING AGENT OF STANWICH FINANCIAL SERVICES CORP., on behalf
of THE LIQUIDATING ESTATE OF STANWICH FINANCIAL SERVICES CORP. and
its CREDITORS, Plaintiff, v. JONATHAN H. PARDEE, CAROL P. HAVICAN,
INDIVIDUALLY AND AS TRUSTEE OF THE JONATHAN H. PARDEE CHARITABLE
REMAINDER TRUST, OGDEN H. SUTRO, VIRGINIA S. MORSE, INDIVIDUALLY
AND AS CO-TRUSTEE OF THE DUNBAR HEELER TRUST, PETER M. DODGE,
INDIVIDUALLY AND AS CO-TRUSTEE OF THE DUNBAR WHEELER TRUST, BEAR,
STEARNS & CO., INC., FIRST UNION CAPITAL MARKETS CORPORATION,
HINCKLEY, ALLEN & SNYDER, LLP, SCOTT A. JUNKIN, PC, ROBINSON-
HUMPHREY CO., LLC, and JOHN DOES 1 through 20, Defendants, Adv.
Proc. No. 02-5023 (Bankr. D. Conn.).

The two remaining defendants, Bear Stearns & Co., Inc. and
Hinckley, Allen & Synder, LLP object.

The lawsuit was originally brought on May 3, 2002, by the Official
Committee of Unsecured Creditors.  The impetus for that action was
the Debtor's 1997 leveraged buyout transaction, which Bear Stearns
and Hinckley Allen allegedly helped effectuate and for which they
were allegedly compensated.  The Liquidating Agent contends those
payments are fraudulent transfers and should be avoided.

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

Erick M. Sandler, Esq. -- emsandler@daypitney.com -- at Day Pitney
LLP, Hartford, CT, argues for the the Liquidating Agent.

David B. Zabel, Esq. -- dzabel@cohenandwolf.com -- at Cohen and
Wolf, P.C., in Bridgeport, Conn., argues for Hinckley Allen.

Scott D. Rosen, Esq. -- srosen@cbshealaw.com -- at Cohn Birnbaum &
Shea, P.C., in Hartford, argues for Bear Stearns.

Stanwich Financial Services Corp., filed for chapter 11 protection
on June 25, 2001, in the U.S. Bankruptcy Court for the District of
Connecticut (Bankr. Case No. 01-50831).  Robert U. Sattin, Esq.,
at Reid and Riege, PC, in Hartford, represented the Debtor.  The
Committee, represented by Diedre A. Martini, Esq., and Pamela B.
Corrie, Esq., at Ivey Barnum & O'Mara, in Greenwich, commenced an
adversary proceeding (Adv. Pro. No. 02-05023) against a long list
of alleged recipients of fraudulent transfers on May 3, 2002.


STRATUS MEDIA: Acquires Paloma and VasculoMedics
------------------------------------------------
Stratus Media Group, Inc., acquired, through merger, two
biotechnology companies, Paloma Pharmaceuticals, Inc., and
VasculoMedics, Inc.  With these acquisitions, Stratus, which will
be renamed RestorGenex, plans to create a world-class
pharmaceutical company with an initial focus on dermatology,
ocular diseases and women's health.  The merger agreements were
approved by the boards of directors of all companies and are
expected to close following the satisfaction of certain closing
conditions.

At the closing, the Company will issue an aggregate of 2,500,000
post-reverse stock split common shares to the holders of Paloma
Common Stock and its derivative securities and will assume
promissory notes of Paloma in the aggregate amount currently of
approximately $1,130,500 to be paid on the first anniversary of
the closing of the Paloma Merger.  The consummation of the Paloma
Merger is subject to the satisfaction of certain conditions,
including an agreement from the holders of the Notes to accept the
extension of the maturity of the Notes to the first anniversary of
the closing.

The VasculoMedics Merger will be completed concurrently with and
as a condition to the closing of the Paloma Merger with the
Company issuing an aggregate of 220,000 post-reverse stock split
common shares to the VasculoMedics stockholders.

Paloma Pharmaceuticals brings to RestorGenex an integrated design
platform technology to develop drugs that treat a number of
indications.  In addition, through the merger with VasculoMedics,
RestorGenex will gain an epigenetic platform company utilizing
computational design to create small molecule drugs inhibiting or
stimulating the binding of zinc-finger transcription factor to
their cognate DNA.

As part of the transaction, Paloma Founder and Chief Executive
Officer, David Sherris, Ph.D., will join the RestorGenex board of
directors and will serve as Chief Scientific Officer of
RestorGenex, and President of the Paloma and VasculoMedics
divisions of the company.

"We are excited to debut RestorGenex as a newly integrated
biotechnology company, combining several impressive platforms and
technologies to treat patients in a number of indications with
unmet medical needs," said Sol J. Barer, chairman of the board of
RestorGenex.

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

                        http://is.gd/11z61Z

Copies of the Agreements and Plan of Merger are available at:

                        http://is.gd/kO4gwr
                        http://is.gd/kKumeO

                        About Stratus Media

Santa Barbara, Calif.-based Stratus Media Group, Inc., is an
owner, operator and marketer of live sports and entertainment
events.  Subject to the availability of capital, the Company
intends to aggregate a large number of complementary live sports
and entertainment events across North America and internationally.

As reported by the TCR on Dec. 2, 2013, Stratus Media completed
its merger with Canterbury Acquisition LLC and Hygeia
Therapeutics, Inc.  Effective Nov. 18, 2013, Canterbury and Hygeia
became wholly owned subsidiaries of the
Company.

Stratus Media disclosed a net loss of $6.84 million on $374,542 of
total revenues for the year ended Dec. 31, 2012, as compared with
a net loss of $23.63 million on $570,476 of total revenues for the
year ended Dec. 31, 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $3.23 million in total assets, $9.57
million in total liabilities, all current, and a $6.33 million
total shareholders' deficit.

Goldman Kurland and Mohidin LLP, in Encino, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that Stratus Media has suffered recurring losses
and has negative cash flow from operations which conditions raise
substantial doubt as to the ability of the Company to continue as
a going concern.


STRATUS MEDIA: To Change Name to "RestorGenex Corporation"
----------------------------------------------------------
Stratus Media Group, Inc., announced a name change to RestorGenex
Corporation, as well as a 1 for 100 reverse split of its common
stock.  Both corporate actions were approved previously by the
company's stockholders.

The name change to RestorGenex and the 1 for 100 reverse stock
split will be effective at the start of trading on Monday,
March 10, 2014.  The reverse stock split applies to all of the
outstanding shares of Stratus Media Group's common stock, reducing
the number of current outstanding shares from 571,348,758 to
approximately 5,713,488 shares.

The Company's common stock will trade under the symbol "SMDID" for
a period of 20 trading days as a result of the reverse stock
split, and common shares will also trade under a new CUSIP number.

"These corporate actions are part of the company's strategy to
build a biopharmaceutical company of increasing value to our
stockholders as well as a company that will deliver new products
to patients and consumers in need," said Sol J. Barer, chairman of
the board of RestorGenex.

The Company anticipates that stockholders holding common shares in
book form with registered brokerage firms and investment advisors
will have the name change and reverse split processed
automatically to their accounts without further action required on
their part.  The Company's shareholders of record will receive a
letter of transmittal and instructions from the transfer agent ,
Registrar and Transfer Company,) regarding procedures for
submitting their stock certificates in connection with the reverse
split. No fractional shares shall be issued in conjunction with
the reverse split.

                        About Stratus Media

Santa Barbara, Calif.-based Stratus Media Group, Inc., is an
owner, operator and marketer of live sports and entertainment
events.  Subject to the availability of capital, the Company
intends to aggregate a large number of complementary live sports
and entertainment events across North America and internationally.

As reported by the TCR on Dec. 2, 2013, Stratus Media completed
its merger with Canterbury Acquisition LLC and Hygeia
Therapeutics, Inc.  Effective Nov. 18, 2013, Canterbury and Hygeia
became wholly owned subsidiaries of the
Company.

Stratus Media disclosed a net loss of $6.84 million on $374,542 of
total revenues for the year ended Dec. 31, 2012, as compared with
a net loss of $23.63 million on $570,476 of total revenues for the
year ended Dec. 31, 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $3.23 million in total assets, $9.57
million in total liabilities, all current, and a $6.33 million
total shareholders' deficit.

Goldman Kurland and Mohidin LLP, in Encino, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that Stratus Media has suffered recurring losses
and has negative cash flow from operations which conditions raise
substantial doubt as to the ability of the Company to continue as
a going concern.


TELEFONICA FINANCE: Fitch Affirms 'BB+' Preference Shares Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Telefonica SA's (Telefonica) Long-term
Issuer Default Rating (IDR) at 'BBB+', with Negative Outlook, and
Short-term IDR at 'F2'.

The affirmation reflects Fitch's view that Telefonica continues to
represent one of the most diverse operating and cash flow profiles
among the large incumbent peer group in EMEA.  Compared with
Deutsche Telekom (BBB+/Stable) and Orange (BBB+/Negative),
Telefonica exhibits stronger geographic diversification, a lower,
albeit significant, reliance on its domestic market, along with
significant scale and leading market positions in its
international portfolio.

Management has shown both a resolve and ability to reduce debt
through disposals and cuts to shareholder distributions.  A number
of headwinds exist including an intensifying competitive
environment in Spain, along with significant currency volatility,
mainly due to operations in Latin America.  These downside risks
are reflected in the Negative Outlook, although this will likely
be revised to Stable if our current forecasts are met in 2014.

KEY RATING DRIVERS

Proactive Portfolio Management & Deleveraging

A spike in leverage, following the 2010 Vivo acquisition and
coincident economic slowdown, has been managed well.  A
combination of material cuts to its distribution policy, the sale
of non-core assets and stake sales, along with hybrid issuance has
seen the company reduce net debt to EUR46.6bn (EUR43.6bn adjusted
for post FY13 disposals) - i.e. adjusted for 50% equity credit
assigned to the hybrid instruments.  This compares with debt of
EUR56.3bn at FYE11.

Fitch expects funds from operations (FFO) net adjusted leverage to
stabilise around 3.3x in 2014 and beyond, a level that is
consistent with the large European incumbent peer group and a
'BBB+' rating. FFO net adjusted leverage was 3.2x at FYE13.

Positive Diversification

Telefonica exhibits stronger portfolio diversification than
similarly rated peers, such as Deutsche Telekom and Orange SA.  Of
this group, Telefonica is least reliant on its domestic market at
45% contribution to operating cash flow (OCF; EBITDA less capex)
from Spain in 2013, compared with Deutsche Telekom's 70% from
Germany and Orange's 65% from France.  Fitch estimates that
following the E-Plus transaction (which remains subject to
regulatory approval), Germany will account for 9% and the UK a 10%
contribution - boosting the cash flow from competitive but
nonetheless stronger performing northern European economies, while
Latin America will contribute 39%.  Such broad diversification
offers protection against economic cycles as well as structural
shifts and maturing regional trends.

Domestic Operating Environment Remains Tough

Spain is still Telefonica's single largest market, accounting for
43% of forecast 2014 OCF.  A domestic economy characterised by
high unemployment and weak domestic consumption, along with an
increasingly tough competitive environment will continue to weigh
on this part of the business.  Telefonica's "Fusion" quad-play
product has fundamentally shifted pricing in the market, though
without slowing the pace of mobile subscriber losses.  The
incumbent lost a total of 1.6 million mobile customers in the 12
months to December 2013, while mobile service revenues contracted
by 16%.  Aggressive MVNO mobile offers have had a significant
impact on the established operators, while Vodafone's acquisition
of ONO, the country's largest cable operator, is likely to
increase fixed line and quad-play pressures. Domestic EBITDA fell
7% in 2013.  Further contraction is likely in 2014 and may
continue beyond, in Fitch's view.

FX Headwinds

Currency volatility primarily related to Telefonica's Latin
American businesses had a material impact on 2013 reported results
- revenues suffered a negative EUR5bn currency impact; with a
EUR1.7bn effect felt at the EBITDA level.  Currency devaluation in
Brazil, Argentina and Venezuela has been significant, with the
prospect of any near-term easing in these pressures far from
certain.  While its LatAm operations generally report top-line
growth and solid underlying performance, currency volatility
removed the underlying growth benefits of the LatAm business in
2013 and in the absence of any material appreciation will continue
to impact reported group level results in 2014.

Fitch estimates that LatAm countries in 2014 will account for
around 39% of Telefonica's OCF and their currencies at 8% of group
debt, giving rise to a currency mismatch.  Euro zone countries are
forecast to represent 52% of OCF, compared with an estimated 80%
of euro-dominated debt.

Measured M&A Approach

M&A risk at Telefonica is viewed by Fitch as measured and its
intentions in this area have been well-articulated by management.
Recent activity has focused on the sale of non-core operations
with the agreed disposal of businesses in the Czech Republic and
Ireland expected to raise around EUR3bn in proceeds in 2014.

Disposal proceeds along with approximately EUR900m to be raised
from minorities (at the Telefonica Deutschland level) in a rights
issue accompanying the E-Plus acquisition will offset the EUR5bn
cash component of the German acquisition.  The company's leverage
neutral approach to funding this deal underlines caution in
financial policies, which Fitch views positively.  The possibility
of market consolidation in Brazil would be a transaction that
makes strategic sense - regulatory barriers to such a development
are though considered high.

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
actions include:

   -- FFO net adjusted leverage approaching 3.5x with little
      expectation that deleveraging comfortably below this level
      can be achieved organically. Mid-single digit or below pre-
      dividend FCF margin would increase downgrade pressure.

Positive: Future developments that could lead to a revision of the
Outlook to Stable, are:

   -- FFO net adjusted leverage well below 3.5x on a sustained
      basis.  A mid-to-high single digit pre-dividend free cash
      flow (FCF) margin, which is also deemed an important metric
      at 'BBB+', on a consistent basis is likely to help
      stabilize the Outlook

The following ratings are affirmed:-

Telefonica SA Long term IDR: 'BBB+'; Negative Outlook
Telefonica SA Short term IDR: 'F2'
Telefonica Europe BV's/Telefonica Emisiones' bonds: 'BBB+'
Telefonica Finance USA LLC's preference shares: 'BB+'
Telefonica Europe BV subordinated hybrid securities: 'BBB-'


TELLEGENIX CORP: CEO Pino Dismissed in Allen & Vellone Suit
-----------------------------------------------------------
Colorado District Judge Raymond P. Moore granted the request of
defendant Laurence J. Pino to dismiss for lack of personal
jurisdiction the lawsuit styled as, ALLEN & VELLONE, P.C., a
Colorado Corporation, and STRAUS & BOIES, LLP, Plaintiffs, v.
LAURENCE J. PINO, ENVERGENT CORPORATION, and JOHN DOE CORPORATION,
Defendants, Civil Action No. 13-cv-2002-RM-BNB (D. Colo.).

Judge Moore said the allegations which would establish a prima
facie basis for the exercise of personal jurisdiction against
Defendant Pino in his individual capacity are inadequate.

Laurence J. Pino acted as the CEO and President of Dynetech
Corporation.  On April 16, 2008, Dynetech and GlobalTec, LLP,
executed a class action settlement agreement in Denver, Colorado,
which provided for the payment of the class action plaintiffs'
attorneys' fees and expenses by GlobalTec and Dynetech, as
"secured by the Security Agreements."  Plaintiffs were the
attorneys in the class action to whom payments were owed.
Security Agreements were also executed that same day, which
granted Plaintiffs a security interest in GlobalTec and Dynetech's
assets.  The Security Agreements also provided that "[i]f any of
the Collateral shall be sold, then the proceeds of such sale shall
become collateral."  Dynetech made payments as per the Settlement
Agreements for nine months, but then defaulted on Aug. 1, 2009,
with a remaining balance of $1,050,000.

The Amended Complaint alleges that "in March of 2009, Defendant
Pino, through his control of Dynetech, sold a substantial portion
of its property, which was subject to the security agreements, to
HBK Investments and Optionetics in exchange for forgiveness of
debt and a $3,000,000 cash payment."  In August 2009, Dynetech
completed the sale of more of Plaintiffs' collateral without
notifying Plaintiffs.  No further payments were made to
Plaintiffs.

On Oct. 1, 2009, Dynetech merged with Tellegenix Corporation, and
approximately a week later, Tellegenix filed for Chapter 11
bankruptcy.  Later, the bankruptcy was converted to Chapter 7 and
a trustee was appointed.

The Amended Complaint relates that on Feb. 22, 2011, the
Bankruptcy Court approved the sale of Estate property to an
insider, Defendant Pino, subject to all liens, claims,
encumbrances, and interests . . . The insider purchasing the
assets from the bankruptcy estate was Envergent Corporation, which
is a corporation, controlled by its President, Pino.  Defendant
Pino was also the former President of Tellegenix Corporation, and
is thus an insider of the bankruptcy Debtor.

On Oct. 5, 2011, the Trustee filed a Complaint on behalf of the
bankruptcy estate against the Plaintiffs and others, asserting
claims to avoid lien and preferential transfers.  In April 2012,
the bankruptcy court approved a settlement between the Trustee and
Plaintiffs "wherein a settlement sum was paid to the Trustee but
the Plaintiffs' liens were allowed and acknowledged as valid,
enforceable, and continuing in the property purchased by Defendant
Pino through Envergent."  The bankruptcy court ultimately held
that there was no applicable automatic stay affecting the lien
retained by the Plaintiffs.

The Plaintiffs commenced the suit in Colorado state court on June
20, 2013, and Defendant Pino filed a Notice of Removal removing
the action to this Court based on diversity.

In the Amended Complaint, the Plaintiffs set forth seven claims
for relief: enforcement of lien and request to foreclose, civil
conspiracy, two counts of fraudulent transfer, conversion, common
law fraud, and aiding and abetting fraud.  As to Defendant Pino's
individual conduct, the Plaintiffs specifically allege:

     * "Defendant Pino caused Dynetech to transfer the Property
       with actual intent to hinder, delay or defraud its
       creditors, including Plaintiffs."

     * "Defendant Pino is liable for the acts taken by both
       Dynetech and Tellegenix as the President of the companies
       with authority to sell the assets and authority to
       determine which creditors would be paid."

     * "Defendant Pino is liable for the damage suffered by
       Plaintiffs for his failure to compensate Plaintiffs
       from the proceeds."

     * "Defendant Pino directed Tellegenix to transfer the
       Collateral and failed to compensate Plaintiffs with the
       proceeds received from that sale."

     * "By consummating the sale of the Plaintiff's collateral
       without authorization or payment to Plaintiffs, Defendant
       Pino exercised dominion of Plaintiffs' property."

     * "Defendant Pino concealed the fact that Dynetech sold the
       Wizetrade Group to MB Trading Holdings, LLC, and he should
       have disclosed the sale to Plaintiffs."

     * "Defendant Pino knew that he was concealing a material
       fact from Plaintiffs that in equity and good conscience
       he should disclose."

     * "Plaintiffs did not know prior to the sale of the
       Collateral that Defendant Pino was planning to sell the
       Collateral and default on the [class action settlement
       agreement], and Defendant Pino purposefully kept that
       information from Plaintiffs."

     * "Defendant Pino perpetrated the concealment in an effort
       to avoid Plaintiffs' lien claim and claim to the proceeds
       from the sale."

     * "Defendant Pino's actions in concealing the transfers of
       Collateral resulted in damage to Plaintiffs."

     * "Defendant Pino knew that his actions constituted fraud
       and that his actions would cause Plaintiffs to suffer
       damage."

     * Defendant Pino directed and or substantially assisted the
       acts of fraud upon Plaintiffs."

A copy of the Court's March 18, 2014 Order is available at
http://is.gd/H10ia9from Leagle.com.


TLC HEALTH: Panel Taps NextPoint LLC as Financial Advisor
---------------------------------------------------------
The Official Committee of Unsecured Creditors of TLC Health
Network seeks authorization from the U.S. Bankruptcy Court for the
Western District of New York to retain NextPoint LLC as financial
advisor, nunc pro tunc to Mar. 1, 2014.

The Committee requires NextPoint LLC to:

   (a) review the Debtor's cash position, financial plans,
       strategic plans and business alternatives;

   (b) review and assess the pre-petition management of the
       Debtor's business;

   (c) evaluate the Debtor's operations and ongoing viability as a
       going concern;

   (d) value the Debtor's assets and provide a liquidation
       analysis;

   (e) analyze and assist in negotiations concerning any proposed
       sale of the Debtor's assets or any plan of reorganization
       or liquidation proposed in this Chapter 11 case; and

   (f) enhance the recovery to unsecured creditors through the
       investigation of potential preference actions, equitable
       subordination actions, fraudulent conveyances and
       managerial malfeasance.

NextPoint LLC will be paid at these hourly rates:

       Ronald Teplitsky               $200
       Support professionals          $150

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

Ronald Teplitsky, partner of NextPoint LLC, 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.

NextPoint LLC can be reached at:

       Ronald Teplitsky
       NEXTPOINT LLC
       107 Twin Oaks Drive
       Syracuse, NY 13206
       Tel: (315) 701-1707
       Fax: (716) 847-1488

                      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.  Howard P. Schultz & Associates, LLC
is the Debtor's appraiser.

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.  The
Committee has tapped NextPoint LLC as financial advisor.

Gleichenhaus, Marchese & Weishaar, PC is the general counsel for
Linda Scharf, the Patient Care Ombudsman of TLC Health.


TLC HEALTH: Can Tap Cash Realty as Equipment 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, to appraise the Debtor's furniture,
fixture, and equipment.

The Debtor has said the retention of Cash Realty is vital as there
has been no recent valuation of the furniture, fixture, and
equipment.  The Debtor's secured creditors have requested an
appraisal, and 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.  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.  Howard P. Schultz & Associates, LLC
is the Debtor's appraiser.

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.  The
Committee has tapped NextPoint LLC as financial advisor.

Gleichenhaus, Marchese & Weishaar, PC is the general counsel for
Linda Scharf, the Patient Care Ombudsman of TLC Health.


TRAVELPORT HOLDINGS: Reports $192 Million 2013 Net Loss
-------------------------------------------------------
Travelport Limited 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 $192 million on $2.07 billion of
net revenue for the year ended Dec. 31, 2013, as compared with a
net loss attributable to the Company of $236 million on $2 billion
of net revenue in 2012.

As of Dec. 31, 2013, the Company had $3.08 billion in total
assets, $4.39 billion in total liabilities and a $1.31 billion
total deficit.

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

                        http://is.gd/7fZqxU

                     About Travelport Holdings

Headquartered in Atlanta, Georgia, Travelport provides transaction
processing services to the travel industry through its global
distribution system business, which includes the group's airline
information technology solutions business.  During FYE2011, the
group reported revenues and adjusted EBITDA of US$2 billion and
US$507 million, respectively.

                           *     *     *

As reported by the TCR on March 7, 2014, Standard and Poor's
Rating Services said that it lowered to 'SD' (selective default)
from 'CCC+' its long-term corporate credit ratings on U.S.-based
travel services provider Travelport Holdings Ltd. and its indirect
primary operating subsidiary Travelport LLC (together,
Travelport).  The downgrades follow the completion of Travelport's
debt-to-equity swap of its senior subordinated notes due 2016.


TRIBUNE CO: Looks to Turn Readers Into Listeners
------------------------------------------------
William Launder, writing for The Wall Street Journal, reported
that Tribune Co. has a new tactic to address long-term declines in
newspaper readership?try to turn readers into listeners.

According to the report, Tribune announced the launch of a free
mobile news streaming application, called Newsbeat, which allows
users to listen to audio summaries of newspaper articles published
by Tribune as well as other news publishers.

Users can select the type of topics and publications they are
interested in, as well as get updates on topics like weather and
traffic, the report related.  The app will only offer stories that
aren't protected by newspaper online-subscription "paywalls." It
also will typically not offer audio versions of the entire story,
but 60-90 second long synopses. Tribune has struck deals with
publishers and news syndication services to arrange the content.

The new service is being offered by Tribune's digital division,
which will remain with the company following a spinoff of its
newspapers that is expected to occur later this year, the report
further related.  Tribune's papers, including The Los Angeles
Times, Chicago Tribune and Baltimore Sun, will at that time become
a part of a separate company.

Tribune is hoping to capitalize on consumers' ongoing shift to
mobile devices for news content, the report said.  In 2012, mobile
news consumption grew 58% to 34 million U.S. adults, according to
the Newspaper Association of America. That compares with an
overall decline in weekly newspaper audiences of 2%, excluding the
mobile growth.

                        About Tribune Co.

Chicago, Illinois-based Tribune Co. -- http://www.tribune.com/--
and 110 of its affiliates filed for Chapter 11 protection (Bankr.
D. Del. Lead Case No. 08-13141) on Dec. 8, 2008.  The Debtors
proposed Sidley Austin LLP as their counsel; Cole, Schotz, Meisel,
Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez
& Marsal North America LLC as financial advisors; and Epiq
Bankruptcy Solutions LLC as claims agent.  As of Dec. 8, 2008, the
Debtors listed $7,604,195,000 in total assets and $12,972,541,148
in total debts.  Chadbourne & Parke LLP and Landis Rath LLP served
as co-counsel to the Official Committee of Unsecured Creditors.
AlixPartners LLP served as the Committee's financial advisor.
Landis Rath Moelis & Company served as the Committee's investment
banker.  Thomas G. Macauley, Esq., at Zuckerman Spaeder LLP, in
Wilmington, Delaware, represented the Committee in connection with
the lawsuit filed against former officers and shareholders for the
2007 LBO of Tribune.

Protracted negotiations and mediation efforts and numerous
proposed plans of reorganization filed by Tribune Co. and
competing creditor groups delayed Tribune's emergence from
bankruptcy.  Many of the disputes among creditors center on the
2007 leveraged buyout fraudulence conveyance claims, the
resolution of which is a key issue in the bankruptcy case.

Judge Kevin J. Carey issued an order dated July 13, 2012,
overruling objections to the confirmation of Tribune Co. and its
debtor affiliates' Plan of Reorganization.  In November 2012,
Tribune received approval from the Federal Communications
Commission to transfer media licenses, one of the hurdles to
implementing the reorganization plan.  Aurelius Capital Management
LP failed in halting implementation of the plan pending appeal.

Tribune Co. exited Chapter 11 protection Dec. 31, 2012, ending
four years of reorganization.  The reorganization allowed a group
of banks and hedge funds, including Oaktree Capital Management and
JPMorgan Chase & Co., to take over the media company.


TUSCANY INT'L: Bidding Procedures Order This Week
-------------------------------------------------
The official committee of equity security holders of Tuscany
International Drilling, Inc., opposed a bid by the Debtor for
approval of auction procedures where bids would be due April 25,
2014 and an auction will be held on May 2, 2014.

According to the equity holders, the proposed procedures do not
permit the Debtors, absent the secured lenders' written consent,
to sell their assets outside of the proposed Chapter 11 plan.
They do not effectively permit multiple offers for parts of the
Debtors' assets, the equity holders added.  They contain
unreasonably high hurdles for interested parties to become
"potential bidders", according to the equity holders.

The Debtors objected to a proposal by the equity holders to
continue the March 21 hearing with respect to the first and second
day motions, and the DIP motion, and the bidding procedures
motion.

According to a court filing submitted ahead of the March 21
hearing, the Debtors are working to resolve the informal response
of the United States Trustee and intend to present a revised form
of order at the hearing.

The U.S. Trustee said in a court filing that its counsel has
raised a number of issues regarding the bidding procedures motion
with counsel for the Debtors.  Counsel for the U.S. Trustee is
hopeful that many of those issues will be consensually resolved by
way of modifications to the bidding procedures and related
documents.

According to a minute entry for the March 21 hearing, with respect
to the bidding procedures motion, "Revised order to be submitted
under Certification of No Objection, next week".

The equity committee is represented by:

         LANDIS RATH & COBB LLP
         Adam G. Landis, Esq.
         Kerri K. Mumford, Esq.
         J. Landon Ellis, Esq.
         Joseph D. Wright, Esq.
         919 Market Street, Suite 1800
         Wilmington, DE 19801
         Tel: (302) 467-4400
         Fax: (302) 467-4450
         E-mail: landis@lrclaw.com
                 mumford@lrclaw.com
                 ellis@lrclaw.com
                 wright@lrclaw.com


TUSCANY INTERNATIONAL: Has Final Approval to Obtain $70MM DIP Loan
------------------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware gave Tuscany International Holdings (U.S.A.) Ltd., et
al., final authority to obtains secured postpetition financing on
a senior secured, superpriority basis of up to an aggregate
principal amount of $70 million.

The DIP Loan comes from Credit Suisse AG as administrative agent,
The Bank of New York Mellon as global collateral agent, Credit
Suisse AG, Cayman Islands, as special collateral agent, and BNY
Mellon Servicos Financeiros DTVM S.A. as Brazilian collateral
agent.

The Debtors were also given final Court authority to use cash
collateral until the occurrence of a termination date.

Judge Gross also inserted language in the Final DIP Order
providing for the inclusion of a line item of $25,000 a week in
the Budget for professionals or the official committee of equity
security holders.

Before the entry of the Final DIP Order, the Debtors amended the
DIP Agreement to inform the Court that the Debtors requested
certain amendments to the credit agreement and waiver of certain
defaults under the credit agreement and the Lenders have agreed to
amend the credit agreement and to waive certain defaults.  The
Debtors and the Lenders agreed that notwithstanding anything set
to the contrary, other than an amount of the Committee's portion
of the Carve Out that may be used to pay Professional Fees of the
Committee incurred in investigating the Prepetition Obligations
and liens securing the prepetition obligations in an amount not to
exceed (x) $50,000 for a committee of creditors holding unsecured
claims, if appointed and (y) $25,000 for a committee of equity
holders, if appointed, so long as any DIP loans or prepetition
obligations are then outstanding or any NM commitments are then in
effect, the credit agreement is amended and restated by replacing
the reference therein to 'ten days after the amendment effective
date' with a reference to 'March 1, 2014.'  The credit agreement
was amended and restated by replacing the reference therein to
'March 3, 2014' with a reference to 'March 31, 2014.'"

A full-text copy of the Final DIP Order with Budget is available
at http://bankrupt.com/misc/TUSCANYdipord0321.pdf

                  About Tuscany International

Tuscany International Holdings (U.S.A.) Ltd. and Tuscany
International Drilling Inc. sought protection from creditors under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 14-10193) in Delaware on Feb. 2, 2014.

Tuscany also commenced ancillary proceedings in the Court
of Queen's Bench of Alberta under the Companies' Creditors
Arrangement Act.

Pursuant to a restructuring support agreement with prepetition
lenders holding 95% of the prepetition loans, the Debtors have
agreed to sell substantially all of the assets of TID to lenders
in exchange for a credit bid of certain of their debt, effectuated
through a plan of reorganization.

Headquartered in Calgary, Alberta, Tuscany is engaged in the
business of providing contract drilling and work-over services
along with equipment rentals to the oil and gas industry.  Tuscany
is currently focused on providing services to oil and natural gas
operators in South America.  Tuscany has operating centers in
Colombia, Brazil, and Ecuador.  The Debtor disclosed $414,624,292
in assets and $207,332,530 in liabilities as of the Chapter 11
filing.

The Colombian and Brazilian businesses are operated by certain
non-debtor affiliates, while the Ecuador business is operated by
branch office of debtor TID.  As of the Petition Date, Tuscany
entities owned 26 rigs, of which 12 are located in Colombia, nine
in Brazil and five in Ecuador.  Of the 26 rigs, 15 were contracted
and operational as of the Petition Date and five were directly
owned by the Debtors.

Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon,
Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and
Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq.,
and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel.
FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief
restructuring officer.  Prime Clerk LLC is the claims and notice
agent, and administrative agent.  McCarthy Tetrautt LLP is the
special Canadian counsel.  Deloitte & Touche LLP provides tax
services.

The Debtors' plan of reorganization dated March 3, 2014, proposes
that a newly-formed entity organized by certain prepetition
lenders will credit bid a principal amount of the Prepetition
Credit Agreement Claims or DIP Facility Claims to be determined in
exchange for all or substantially all of the assets of the HoldCo.

The U.S. Trustee said that an official committee of unsecured
creditors has not been appointed in the Debtors' cases.

An Official Committee of Equity Security Holders has been
appointed in the case.  The Equity Committee has tapped as
bankruptcy counsel Adam G. Landis, Esq., Kerri K. Mumford, Esq.,
James S. Green Jr., Esq., J. Landon Ellis, Esq., and Joseph D.
Wright, Esq., at Landis Rath & Cobb LLP.


TUSCANY INTERNATIONAL: Has Authority to Assume Plan Support Deal
----------------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware authorized Tuscany International Holdings (U.S.A.) Ltd.,
et al., to assume the restructuring support agreement entered into
with certain non-debtor affiliates, consenting lenders, and Credit
Suisse AG as the DIP Agent and Prepetition Agent.

Law360 reported that Judge Gross gave the thumbs up for the
Debtors' restructuring support agreement, indicating he would
approve the debtor's sale plan despite objections from the equity
committee.  The report related that Judge Gross said he was
convinced that bid procedures to sell the assets of the oil and
gas exploration support firm were appropriate.

The parties negotiated the RSA to provide a clear path towards
reorganization and emergence from Chapter 11.  In addition, the
consenting lenders agreed to provide the Debtors with DIP
financing in the principal amount of $35 million.  The RSA commits
the parties to a pre-negotiated plan of reorganization designed to
implement a comprehensive balance sheet restructuring through a
credit bid by the lenders for all or substantially all of the
assets of TID pursuant to a plan of reorganization, subject to a
contemplated auction process in connection therewith.

                  About Tuscany International

Tuscany International Holdings (U.S.A.) Ltd. and Tuscany
International Drilling Inc. sought protection from creditors under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 14-10193) in Delaware on Feb. 2, 2014.

Tuscany also commenced ancillary proceedings in the Court
of Queen's Bench of Alberta under the Companies' Creditors
Arrangement Act.

Pursuant to a restructuring support agreement with prepetition
lenders holding 95% of the prepetition loans, the Debtors have
agreed to sell substantially all of the assets of TID to lenders
in exchange for a credit bid of certain of their debt, effectuated
through a plan of reorganization.

Headquartered in Calgary, Alberta, Tuscany is engaged in the
business of providing contract drilling and work-over services
along with equipment rentals to the oil and gas industry.  Tuscany
is currently focused on providing services to oil and natural gas
operators in South America.  Tuscany has operating centers in
Colombia, Brazil, and Ecuador.  The Debtor disclosed $414,624,292
in assets and $207,332,530 in liabilities as of the Chapter 11
filing.

The Colombian and Brazilian businesses are operated by certain
non-debtor affiliates, while the Ecuador business is operated by
branch office of debtor TID.  As of the Petition Date, Tuscany
entities owned 26 rigs, of which 12 are located in Colombia, nine
in Brazil and five in Ecuador.  Of the 26 rigs, 15 were contracted
and operational as of the Petition Date and five were directly
owned by the Debtors.

Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon,
Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and
Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq.,
and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel.
FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief
restructuring officer.  Prime Clerk LLC is the claims and notice
agent, and administrative agent.  McCarthy Tetrautt LLP is the
special Canadian counsel.  Deloitte & Touche LLP provides tax
services.

The Debtors' plan of reorganization dated March 3, 2014, proposes
that a newly-formed entity organized by certain prepetition
lenders will credit bid a principal amount of the Prepetition
Credit Agreement Claims or DIP Facility Claims to be determined in
exchange for all or substantially all of the assets of the HoldCo.

The U.S. Trustee said that an official committee of unsecured
creditors has not been appointed in the Debtors' cases.

An Official Committee of Equity Security Holders has been
appointed in the case.  The Equity Committee has tapped as
bankruptcy counsel Adam G. Landis, Esq., Kerri K. Mumford, Esq.,
James S. Green Jr., Esq., J. Landon Ellis, Esq., and Joseph D.
Wright, Esq., at Landis Rath & Cobb LLP.


TWIN RIVER: Moody's Confirms 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investor Service confirmed Twin River Management Group,
Inc.'s B1 Corporate Family Rating and raised the company's
Probability of Default Rating to B1-PD from B2-PD. Moody's also
assigned a B1 rating to Twin River's proposed $40 million, 5-year
revolver and $480 million 7-year term loan B. The proposed bank
facilities will be used to finance the $250 million acquisition of
HRB, refinance the existing term loan B, and pay fees and
expenses. The rating outlook is stable.

This rating action concludes Moody's review for downgrade that
commenced on December 17, 2013. Moody's will withdraw the ratings
on Twin River's existing revolver and term loan when the new
transaction closes. The ratings are subject to receipt and review
of final terms and conditions.

Rating confirmed:

Corporate Family Rating, at B1

Rating upgraded:

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

Ratings assigned:

$480 million 7-year senior secured term loan B, at B1 (LGD 4, 50%)

$40 million 5-year senior secured revolver, at B1 (LGD 4, 50%)

Ratings confirmed and to be withdrawn upon transaction closing:

$260 million senior secured term loan due 2018, at B1 (LGD 3, 35%)

$25 million senior secured revolver expiring 2018, at B1 (LGD 3,
35%)

Ratings Rationale

The confirmation of Twin River's B1 Corporate Family Rating
reflects the company's increased geographic diversification once
it completes its pending acquisition of the Hard Rock Biloxi Hotel
& Casino ("HRB") in Biloxi, MS. Moody's estimates that HRB will
contribute approximately 22% of 2014 pro-forma consolidated
EBITDA. Twin River currently owns the Twin River casino near
Providence, RI. The addition of the HRB will provide Twin River
with another source of earnings to help offset the expected
material negative impact on EBITDA from new casinos opening within
a 50 mile radius of Twin River. A new slot facility is expected to
open in nearby Plainridge, MA by the end of 2015, a full size
casino resort is expected to open in the Boston area by early
2017, and another full size casino may open in Tauton, MA by 2018.

The B1 Corporate Family Rating also considers the reasonableness
of the acquisition price multiple (estimated at around 7.0 times)
relative to recent regional transactions, the well recognized Hard
Rock brand, and Moody's expectation that Twin River can reduce
pro-forma leverage from 3.8 times to around 3.0 times by 2015
assuming modest growth in EBITDA and use of free cash flow to
reduce debt.

Twin River's Probability of Default Rating was raised to B1-PD,
reflecting the utilization of a lower family recovery rate of 50%
(previously 65%). The lower average family recovery rate reflects
the change in Twin River bank facilities to a covenant lite
structure which in Moody's view does not give lenders the same
ability to take prompt action if Twin Rivers credit profile
deteriorates, thereby lowering the potential average recovery
values. The B1 assigned to the proposed bank facilities reflects
this covenant lite structure. The proposed bank facilities will
have only one financial covenant (debt/EBITDA) that will be tested
only if revolver outstandings exceed 20% of the $40 million
commitment. The facility will be secured by all assets (excluding
Colorado) and guaranteed by Twin River's parent ("Twin River
Worldwide Holdings, Inc.") and operating subsidiaries that own the
Twin River casino, and the HRB.

The stable rating outlook reflects Moody's expectation that Twin
River's EBITDA in 2014 will increase due to the implementation of
table games in mid-2013 and the opening of a new hotel tower (154
rooms) at HRB in February 2014 and that the company will reduce
debt/EBITDA to between 3.0x to 3.5x. The stable outlook also
considers that Twin River has good liquidity. Cash flow from
operations is projected to exceed capital spending needs and the
credit agreement is expected to include an 50% excess cash flow
sweep. The company's $40 million revolver is not expected to be
drawn.

Rating upside is limited at this time given Twin River's small
scale and competition from legalized gaming in Massachusetts.
However, ratings could be upgraded over the longer-term if Twin
River can maintain debt/EBITDA below 3.5x while absorbing the
expected decline in earnings caused by new supply. Ratings could
be lowered if debt/EBITDA rises and is sustained above 5.0x or if
monthly gaming revenue trends in Rhode Island or Mississippi
deteriorate materially in advance of legalized gaming in
Massachusetts.

The principal methodology used in this rating was the Global
Gaming published in December 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.

Twin River Management Group, Inc.'s owns and operates the Twin
River casino located near Providence, Rhode Island. The Twin River
casino operates approximately 4,500 video lottery terminals (VLTs)
on behalf of the State of Rhode Island. Twin River is entitled to
a 27.8% share of the VLT income. In addition, Twin River began
operations of 66 table games in June 2013 that was increased to 80
in late November. Estimated 2013 annual gross revenues are around
$202 million. The company is private and does not disclose public
financials.

The Hard Rock Hotel & Casino in Biloxi, Mississippi, is a
subsidiary of Leucadia National Corp. The property consists of
53,800 square feet of gaming space, a hotel tower with 325 rooms,
five restaurants and a new hotel tower opened in February 2014
with 154 rooms. Estimated 2013 annual gross revenues are around
$140 million.


VERITY CORP: Delays Filing of Dec. 31 Form 10-Q
-----------------------------------------------
Verity Corp. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
Dec. 31, 2013.

The Company said the compilation, dissemination and review of the
information required to be presented in the Form 10-Q for the
relevant fiscal quarter has imposed time constraints that have
rendered timely filing of the Form 10-Q impracticable without
undue hardship and expense to the Company.  The Company undertakes
the responsibility to file that Quarterly Report no later than
five days after its original due date.

The Company estimated that loss from operations is approximately
$461,000 from approximately $6,000,000, which included loss on
goodwill impairment of approximately $5,800,000.

                            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 for the year ended Sept. 30, 2013, as compared with
a net loss attributable to the Company of $623,079 during the
prior fiscal year.  Verity Corp.'s balance sheet at Sept. 30,
2013, showed $4.44 million in total assets, $7.45 million in total
liabilities and a $3 million total stockholders' deficit.

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.

VERTIS HOLDINGS: MARTA Buys Atlanta Property for $625,000
---------------------------------------------------------
Judge Christopher Sontchi in mid-March entered an order
authorizing Vertis Holdings Inc. to sell its real property located
at 3371 Hamilton Boulevard in Atlanta, Georgia, to The
Metropolitan Atlanta Rapid Transit Authority ("MARTA") for
$625,000.

MARTA, a joint public instrumentality of the City of Atlanta and
the counties of Fulton, DeKalb, Cobb, Clayton and Gwinnett, outbid
Georgia LLC at the auction.  Georgia LLC was the stalking horse
bidder and is thus entitled to a break-up fee of $7,548.

GA Keen will also be entitled to a fee or commission in connection
with the sale.

In accordance with the bidding procedures, MARTA is the successful
bidder and Georgia LLC is the back-up bidder.

Assets sold will include all furniture, fixtures, furnishings,
equipment, and other tangible personal property and remnants of
the copper wiring left on the floor on the Real Property.

                      About Vertis Holdings

Vertis Holdings Inc. -- http://www.thefuturevertis.com/--
provides advertising services in a variety of print media,
including newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised
by Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman
Carson Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail inserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08-
11460) on July 15, 2008, to complete a merger with American Color
Graphics.  ACG also commenced separate bankruptcy proceedings.  In
August 2008, Vertis emerged from bankruptcy, completing the
merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-
16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The
bankruptcy court approved the prepackaged Chapter 11 plan on Dec.
16, 2010, and Vertis consummated the plan on Dec. 21.  The plan
reduced Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of
Vertis Holdings for a net purchase price of $170 million.  This
assumes the purchase price of $267 million less the payment of $97
million for current assets that are in excess of normalized
working capital requirements.


VICTORY ENERGY: To Issue 4.1 Million Shares Under Plan
------------------------------------------------------
Victory Energy Corporation filed with the U.S. Securities and
Exchange Commission a Form S-8 prospectus to register 4,134,542
shares of common stock issuable under the Company's 2014 Long Term
Incentive Plan for a proposed maximum aggregate offering price of
$1.15 million.  A copy of the Form S-8 registration statement is
available for free at http://is.gd/akMxg8

                        About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

The Company's balance sheet at Sept. 30, 2013, showed $1.85
million in total assets, $313,114 in total liabilities and $1.54
million in total stockholders' equity.

Marcum, LLP, in Los Angeles, 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 experienced recurring losses since its inception
and has an accumulated deficit.  These conditions raise
substantial doubt regarding the Company's ability to continue as a
going concern.


VISTEON CORP: Moody's Assigns B1 Rating on $800MM Sr. Sec. Debt
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Visteon
Corporation's proposed $800 senior secured bank credit facility.
In a related action Moody's affirmed the B1 Corporate Family
Rating, B1-PD Probability of Default Rating and the company's
existing debt ratings. Visteon's Speculative Grade Liquidity
Rating was affirmed at SGL-3. The rating outlook remains stable.

The proposed $800 million senior secured bank credit facility is
expected to be comprised of a $200 million revolving credit
facility and an $600 million term loan. The net proceeds of the
term loan are expected to be used to redeem Visteon's existing
$400 million of 6.75% senior notes due April 2019, pay related
fees and expenses, and add cash to the balance sheet. The
consummation of the refinancing is subject to market and other
customary conditions.

The following ratings were assigned:

$200 senior secured revolving credit facility due 2019, B1 (LGD4,
50%)

$600 senior secured term loan facility due 2021, B1 (LGD4, 50%))

The following ratings were affirmed:

Corporate Family Rating, at B1;

Probability of Default, at B1-PD.

Existing 6.75% senior notes due April 2019, at B2 (LGD4, 59%),

(this rating will be withdrawn upon its repayment):

Speculative Grade Liquidity Rating, at SGL-3

The $130 million asset based revolving credit facility is not
rated by Moody's.

Ratings Rationale

The affirmation of Visteon's B1 Corporate Family Rating reflects
the company's solid collateral in the form of its 70% ownership
interest in Halla Visteon Climate Control Corporation ("HVCC") and
strategic initiatives taken in 2013 and 2014 to focus the
company's business on its leading competitive positions in the
climate control and electronics segment of the auto parts supplier
industry. Following the completion of these strategic initiatives,
management estimates that approximately 77% of the company's
revenues and about 81% of the EBITDA will be derived from the
company's 70% interest in HVCC. While Visteon will continue to
heavily influence the composition of the board of directors at
HVCC through its majority ownership, HVCC's contribution to
Visteon's debt service ability is derived through after-tax
dividend income from HVCC which is expected to represent only a
portion of HVCC's EBITDA performance. Visteon's strategic goals
include the sale of its remaining interiors business (expected to
be completed in 2014), and the integration of the acquired
Automotive Electronics business from Johnson Controls; both of
which are expected to involve restructuring and related
transaction costs. The Yanfeng Visteon Automotive Trim Systems
Co., Ltd. ("Yanfeng") transaction is expected to be substantially
completed by June 2015 and result in additional monetary
distributions to Visteon.

The stable rating outlook incorporates Moody's belief that HVCC's
expected dividend payments to Visteon combined with Visteon
operating cash flows will adequately support debt service and an
adequate liquidity profile. Moody's believes the incremental
amount of debt raised through the transactions is not required to
execute the above strategic business actions. However, the
refinancing transaction should provide additional liquidity to
support the execution of a portion of Visteon's remaining $875
million share repurchase program over the near-term.

Visteon is anticipated to have an adequate liquidity profile over
the near-term supported by cash balances and availability under
the asset-based revolving credit facility. Unrestricted cash
balances as of December 31, 2013 were approximately $1.7 billion.
About $1.1 billion of this cash was located in parent and
guarantor subsidiaries largely representing cash proceeds received
from the completion of the initial steps of the Yanfeng
transaction. Moody's believes much of this cash will be used for
shareholder friendly activities. As of December 31, 2013, the $130
million asset-based revolver had no cash drawings and had a
borrowing capacity of $100 million. As part of the refinancing
transaction, the asset based revolving credit is expected to be
replaced with a $200 million revolving credit facility which will
not be governed by a borrowing base. The facility is expected to
be largely undrawn over the near-term. Moody's anticipates that
Visteon will be cash flow negative over the near-term after costs
related to completing the company's strategic business objectives.
However, the company's ample cash balances, pending cash used
toward share repurchases, should support the restructuring related
cash needs over the next twelve months. In addition, the proposed
refinancing is expected to add balance sheet cash. Covenants under
the proposed bank credit facilities are expected to include a net
leverage ratio test.

Moody's will continue to evaluate the pace and extent of Visteon's
shareholder friendly actions and the company's operating
performance over the near-term as Visteon take steps to complete
its strategic initiatives. Moody's believes these steps will
involve a number of related costs. As such, positive free cash
flow generation at Visteon's wholly-owned operations supportive of
Visteon Corporation's debt service would support a positive rating
action. In addition, the ability to maintain a liquidity profile
at Visteon's wholly-owned operations supportive of operating
flexibility, capital reinvestment and balanced shareholder return
policies would also support a positive outlook or rating.

Developments that could lead to a lower outlook or ratings include
deterioration in automotive industry conditions that are not
offset by cost saving actions or shareholder return activities
resulting in EBITA/interest sustained below 2.5x or Debt/EBITDA
sustained above 3.5x. Deteriorating liquidity or a decline in
significant ownership of HVCC could also lead to a lower outlook
or rating.

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

Visteon, headquartered in Van Buren Township, Michigan, is a
leading global automotive supplier that designs, engineers and
manufactures innovative climate, electronic, and interior products
for vehicle manufacturers. The company has facilities in 29
countries and employs approximately 24,000 people. Revenues for
the fiscal 2013 were approximately $7.4 billion.


VISTEON CORP: S&P Assigns 'BB-' Rating to Senior Secured Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned 'BB-'
issue ratings to Van Buren Township, Mich.-based global auto
supplier Visteon Corp.'s proposed senior secured debt comprising a
$600 million term loan B maturing 2021 and a new five-year $200
million revolving credit facility.  The recovery rating is '2',
which indicates S&P's expectation for substantial (70% to 90%)
recovery for lenders in the events of a payment default or
bankruptcy.  The term loan issuance, along with some cash from
balance sheet, will repay the remaining $400 million 6.75% Senior
Notes (rated 'B+', with a '3' recovery rating) due 2019 and
finance the acquisition of JCI Electronics.

S&P will withdraw the ratings on the existing notes at the close
of the transaction.  The new revolver will replace its existing
asset-backed lending (ABL) facility, which is expiring in October
2015.

All of S&P's existing ratings on the company, including the 'B+'
corporate credit rating, remain unchanged.  S&P's rating outlook
is positive, which reflects the potential for an upgrade during
the next 12 months, which could occur if S&P revises its
assessment of Visteon's business risk profile because of the
potentially positive impact of the recent and continuing
transactions management has undertaken.  An upgrade also could
occur if S&P revises its financial risk profile assessment as a
result of management maintaining good credit measures and its
expectation that the company will produce higher, consistently
positive, free operating cash flow.

Visteon estimates that the annual cost savings from the
integration of the Johnson Controls Inc. (JCI) assets with its
existing electronics business will reach $40 million by 2017.  S&P
expects that the electronics business' added scale and scope and
could boost margins over the long term and solidify its position
in the global electronics market.

Pro forma for the planned divestiture of its interiors business
and acquisition of JCI's electronics business, S&P expects a ratio
of debt to EBITDA of around 2.0x, which is favorable compared with
peers.  However, S&P assess the company's financial risk as
"aggressive," reflecting its inconsistent free operating cash flow
(FOCF) in recent years, and S&P estimates FOCF to debt to remain
in the range of 5%-10% in 2014 and 2015.

Under S&P's criteria, the combination of a "weak" business risk
profile and an "aggressive" financial risk profile leads to an
initial anchor of 'b+'.  All other modifiers are neutral to the
rating, to arrive at a corporate credit rating of 'B+'.

RATINGS LIST

Visteon Corp.
Corporate credit rating                 B+/Positive/--

Ratings Assigned
Visteon Corp.
Senior secured
  $600 mil. term loan B due 2021         BB-
    Recovery rating                      2
  $200 mil. revolver due 2019            BB-
    Recovery rating                      2


VOYAGEUR ACADEMY: S&P Lowers Rating on Revenue Bonds to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered the long-term
rating to 'B' from 'BB' on the Michigan Finance Authority's
$17.4 million series 2011 public school academy limited obligation
revenue bonds issued for Voyageur Academy and placed the rating on
CreditWatch with negative implications.

"The rating action reflects our view of Voyageur's second
consecutive fiscal year with a massive governmentwide operating
deficit, which has subsequently resulted in very weak coverage
ratios," said Standard & Poor's credit analyst Ashley Ramchandani.
"Despite the fact that Voyageur's enrollment continued to
increase, albeit only minimally, the spring 2013 headcount of
1,139 was well below the budgeted 1,244 figure.  In addition, the
trends of weak operations have deteriorated a once sound
unrestricted liquidity position to just 20 days of cash on hand as
of fiscal year-end 2013," added Ms. Ramchandani.

This metric was down from the 96 days' cash on hand the academy
maintained just a year prior.  Management reported to Standard &
Poor's during S&P's last review, that the board-approved fiscal
year-end 2013 general fund budget would realize a $72,000 surplus.

The CreditWatch with negative implications reflects S&P's opinion
of the increased credit risk posed by the lack of timely and
sufficient information from the school as it relates to the
decision to change management companies.  Per a special board
meeting on March 14, 2014, Voyageur voted to engage the services
of American Promise Management (APM) and discontinue the services
with long-time partner The Leona Group Management Co.  The
unanimous decision was made in the presence of the charter
authorizer, Ferris State University (FSU), both management
companies, and the public.  The transition to APM will begin
immediately whereas The Leona Group will continue to serve in
their current capacity until the contract expires on June 30,
2014.  Standard & Poor's has not reviewed the management contract,
specifically as it relates to terms and fees.  In addition, it is
unclear if APS will alter Voyageur's current mission or operating
strategy.

Per information provided to Standard & Poor's, Voyageur is also in
violation of its liquidity and debt service ratio bond covenants,
as mandated by the series 2011 financing agreement.

Initially chartered in 1998 by FSU, Voyageur serves
underprivileged, school-age children on the west side of inner-
city Detroit.  Voyageur-Consortium Academy serves about 1,150
students in kindergarten through grade 12.  For grades K-8, the
school operates under the Voyageur Academy name whereas the high
school operates under a separate interlocal agreement as
Consortium College Preparatory High School (CCPHS).


WEB.COM GROUP: S&P Raises Corp. Credit Rating to 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Jacksonville, Fla.-based Web.com Group Inc. to
'B+' from 'B'.  The rating outlook is stable.

In addition, S&P revised its recovery rating on the company's
senior secured $355.1 million first-lien term loan and $70 million
revolving credit facility to '1', indicating S&P's expectation for
very high (90% to 100%) recovery for lenders in the event of a
payment default, from '2' (70% to 90% recovery expectation).  S&P
subsequently raised its issue-level rating on this debt to 'BB'
(two notches above the 'B+' corporate credit rating) from 'B+', in
conjunction with S&P's notching criteria.

The upgrade reflects an improvement in the company's credit
metrics as a result of subscriber and organic revenue growth,
especially in its higher-margin "do it for me" services (for which
Web.com builds, maintains, and promotes the customer's Web site),
debt repayment, and S&P's expectation that these trends will
continue in 2014.  S&P believes the subscriber growth is a result
of marketing investments and easy solutions designed to manage
customer's online presence.

S&P's corporate credit rating reflects its expectation that the
company will generate positive discretionary cash flow and
steadily reduce debt.  S&P assess Web.com's business risk profile
as "weak," because of tough competition among Web services
providers for small and midsize business marketing spending.  S&P
views the financial risk profile as "aggressive" based on its
expectation for Web.com's lease-adjusted debt to EBITDA to decline
below 5x on a GAAP basis, consistent with the indicative ratio of
4x to 5x that S&P associates with an aggressive financial risk
profile. In our assessment, the management and governance score
for the company is "fair."

Web.com is a full-service, Web-based marketing service provider
focusing on helping small and midsize businesses establish,
design, maintain, host, promote, and optimize their online
presence.  The successful integration of Network Solutions LLC has
given the company the ability to cross-sell and upsell higher-
margin "do it for me" Web.com services to existing domain name
customers at Network Solutions.  In S&P's view, despite its recent
success, Web.com will face ongoing stiff competition from the
market leader, Go Daddy Operating Co. LLC, and others for domain
name services, Web site hosting, and online marketing.  S&P also
sees the risk that if the economy weakens, small and midsize
businesses could reduce spending and the company's revenue growth
could slow.

Leverage increased significantly after the acquisition of Network
Solutions.  At Dec. 31, 2013, the company's debt to EBITDA fell to
5.1x, from 11.5x a year ago, primarily from EBITDA growth and debt
repayment.  Strong operating performance, lower debt balances, and
lower interest from successive debt repricing transactions
improved the company's cash flow generation.  Discretionary cash
flow increased to $88.7 million in 2013 from $55.7 million a year
ago.  S&P believes that leverage will continue to decline from
voluntary and mandatory debt repayments and management's
commitment to decrease its leverage.


YRC WORLDWIDE: Files Form 10-K, Incurs $83.6 Million 2013 Loss
--------------------------------------------------------------
YRC Worldwide Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$83.6 million on $4.86 billion of operating revenue for the year
ended Dec. 31, 2013, as compared with a net loss of $136.5 million
on $4.85 billion of operating revenue in 2012.  The Company
incurred a net loss of $354.4 million in 2011.

The Company's balance sheet at Dec. 31, 2013, showed $2.06 billion
in total assets, $2.66 billion in total liabilities and a $597.4
million total shareholders' deficit.

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

                         http://is.gd/PsGQvZ

                        About YRC Worldwide

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

                            *    *    *

As reported by the TCR on Feb. 18, 2014, Moody's Investors Service
has upgraded the Corporate Family Rating for YRC Worldwide Inc.
("YRCW") from Caa3 to B3, following the successful closing of its
refinancing transactions.

In the Jan. 31, 2014, edition of the TCR, Standard & Poor's
Ratings Services said that it raised its ratings on Overland Park,
Kansas-based less-than-truckload (LTL) trucker YRC Worldwide Inc.
(YRCW), including the corporate credit rating to 'CCC+' from
'CCC', and removed them from CreditWatch negative, where they were
placed on Jan. 10, 2014.  "The upgrades reflect YRCW's improved
liquidity position and minimal debt maturities as a result of its
proposed refinancing," said Standard & Poor's credit analyst Anita
Ogbara.


* Third Circuit Drives Another Nail in Frenville's Coffin
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that when spouses are divorcing, the claim for equitable
distribution of marital property is a pre-bankruptcy claim,
according to a March 13 opinion from the U.S. Court of Appeals
in Philadelphia.

According to the report, when the husband filed Chapter 7
bankruptcy, the couple already was in divorce proceedings,
although there was no final judgment of divorce and no division by
then of marital property.

The husband's bankruptcy trustee took the position that the wife
had no claim under Section 101(5) of the Bankruptcy Code defining
what's a claim, the report related.

Circuit Thomas Ambro, a bankruptcy lawyer before ascending to the
Third Circuit bench in Philadelphia, used the case to drive
another nail in the coffin of a case called Frenville, which the
appeals court overruled in 2010 in a case called Grossman, the
report further related.

In Grossman, the Third Circuit ended adherence to the Frenville
case dating from 1984, the report said.  After Grossman, the court
no longer followed Frenville and its reference to whether a claim
had "accrued" under state law.

The case is In re Ruitenberg, 13-2175, U.S. Court of Appeals for
the Third Circuit (Philadelphia).


* 8th Circ. Beefs Up 'New Value' Exception to Clawbacks
-------------------------------------------------------
Law360 reported that the Eighth Circuit held that the liquidating
trustee of a bankrupt utility management company can't recover
payments made in the 90 days prior to the bankruptcy filing if the
company received from a separate party new value that was meant
for the recipients of the initial payments.

According to the report, in a published opinion, a three-judge
panel upheld a bankruptcy appellate panel's finding that LGI
Energy Solutions Inc.'s Chapter 7 trustee could not void payments
LGI made to two utilities in the months before it entered
bankruptcy.

The case is John R. Stoebner v. San Diego Gas & Electric Co., et
al., Case No. 12-3899 (8th Cir.).


* Fla. Court Can't Install Fla. Receiver For Out-Of-State Biz
-------------------------------------------------------------
Law360 reported that a Florida appeals court ruled that state
courts do not have the authority to appoint a Florida resident as
a receiver for Ohio corporations, reversing a trial court decision
that appointed a Florida receiver for an apartment complex in
Dayton, Ohio.

According to the report, Florida's Fourth District Court of Appeal
ruled on the trial court's decision relating to the appointment of
a Florida receiver over Florida company Altels Management LLC and
its wholly owned subsidiary Barrington Spring House LLC, an Ohio
corporation -- both of which own the Riverview Park Apartments.


* Stern Case Can't Be Used to Vacate Prior Judgments
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that attacking a judgment by claiming that the bankruptcy
court lacked power to make a final order won't succeed where the
time for appeal has long passed, according to a March 12 decision
from the U.S. Court of Appeals in Chicago.

According to the report, an individual filed in Chapter 7, to be
met by a lawsuit where a creditor successfully contended that a
$45,000 debt was procured by fraud. The bankruptcy judge entered
judgment for the debt and declared the debt non-dischargeable.

Long after the time for appeal lapsed, the U.S. Supreme Court
handed down the Stern v. Marshall opinion declaring that
bankruptcy courts can't make final rulings on some types of state-
law claims against creditors, the report related.

In the reopened bankruptcy, the bankrupt contended that Stern
deprived the bankruptcy judge of the ability to enter judgment
against him, the report further related.  He lost in the
bankruptcy court and on a first appeal in federal district court.

In an unsigned opinion, a three-judge panel on the Seventh Circuit
Court of Appeals in Chicago upheld the lower courts, the report
said.  The circuit court didn't reach the question of whether
Stern deprives bankruptcy courts of the traditional power to enter
judgment in the process of deciding if a debt is dischargeable.

The case is Lee v. Christenson, 13-3256, U.S. Court of Appeals for
the Seventh Circuit (Chicago).


* JPMorgan Agrees to Sell Commodities Unit for $3.5 Billion
-----------------------------------------------------------
Andy Hoffman and Hugh Son, writing for Bloomberg News, reported
that JPMorgan Chase & Co. will sell its physical commodities unit
to Mercuria Energy Group Ltd. for $3.5 billion, ending a five-year
foray into owning and storing raw materials amid pressure from
regulators to leave the business.

The deal, disclosed in a statement from New York-based JPMorgan on
March 20, takes the bank out of industries such as petroleum
products and power while cementing Mercuria's standing among the
world's biggest commodity traders, according to the report.
JPMorgan will continue to provide services and products tied to
commodities including financing, market-making and the vaulting
and trading of precious metals, the bank said.

"Our goal from the outset was to find a buyer that was interested
in preserving the value of JPMorgan's physical business," Blythe
Masters, head of the company's global commodities operations, said
in the statement, the report cited.  "Mercuria is a global leader
in the commodities markets and an excellent long-term home."

JPMorgan is selling amid concern among regulators that banks could
control prices if they own commodities as well as trade them, or
suffer catastrophic losses that would endanger the financial
system, the report said.  The Federal Reserve said in July it
might force insured lenders to get out, and JPMorgan agreed later
that month to pay $410 million to settle claims that it
manipulated power markets, without admitting wrongdoing.


* CFTC Begins Swaps-Data Overhaul in Effort to Boost Comprehension
------------------------------------------------------------------
Silla Brush, writing for Bloomberg News, reported that the
Commodity Futures Trading Commission, citing an inability to fully
understand swaps-market data, has begun an overhaul of information
collected by the Depository Trust & Clearing Corp., CME Group Inc.
and others.

According to the report, the top U.S. derivatives regulator
released a request for comment on March 19 on about 70 questions
on ways to change how and which information must be reported to
the swap-data repositories created under Dodd-Frank Act rules. The
CFTC could later propose changes to policies intended to help
regulators supervise the $693 trillion market.

"The data we've received frankly hasn't been clean enough for us
to make sense of it as easily and as quickly as we need to be able
to do," Mark Wetjen, the CFTC's acting chairman, said at a U.S.
Chamber of Commerce conference in Washington, the report cited.
"We're prepared to make corrections if we need to."

The CFTC and Securities and Exchange Commission were required by
Dodd-Frank, the 2010 regulatory overhaul, to create rules for the
databases to ensure authorities can spot risks in the financial
system, the report related.  Regulators lacked complete
understanding of how interconnected banks had become through the
swaps market before the the collapse of Lehman Brothers Holdings
Inc. during the 2008 credit crisis.

The data regulations have been a challenge at CFTC, which is
defending against a lawsuit brought by DTCC over how trade
information can be reported, the report further related.  New
York-based DTCC said CME's approval to have information about
swaps reported to its own database is anticompetitive and reduces
transparency, and accused the CFTC of unfairly favoring Chicago-
based CME.


* Fed "Stress Test" Results: 29 Big Banks Could Weather Big Shock
-----------------------------------------------------------------
Ryan Tracy, Stephanie Armour and Dan Fitzpatrick, writing for The
Wall Street Journal, reported that the Federal Reserve's annual
test of big banks' financial health showed the largest U.S. firms
are strong enough to withstand a severe economic downturn, a sign
that many will get the green light soon to reward investors by
raising dividends and buying back shares.

According to the report, the Fed said 29 of the 30 largest
institutions have enough capital to continue lending even when
faced with a hypothetical jolt to the U.S. economy lasting into
2015, including a severe drop in housing prices and a spike in
unemployment. The Fed's annual "stress tests" are designed to
ensure large banks can withstand severe losses during times of
market turmoil.

Only Zions Bancorp, a regional lender based in Salt Lake City,
posted capital levels during the two-year-downturn scenario that
didn't meet the Fed's minimum standards, the report related.  The
Fed said Zions had a Tier 1 common capital ratio of 3.6%, below
the 5% level the Fed views as a minimum allowance. The ratio
measures high-quality capital as a percentage of risk-weighted
assets such as mortgages, commercial loans and securities.

The results could buttress the desire of banks -- which have seen
their profits soar amid an improving economy and severe cost
cutting -- to return more of that income to shareholders, the
report further related.  The six biggest banks earned $76 billion
in 2013, just $6 billion shy of their collective all-time high.
All U.S. banks earned a record $154.6 billion, according to data
compiled by SNL Financial.  Some of the biggest financial
institutions, including Bank of America Corp. and Morgan Stanley,
haven't boosted dividend payouts since the financial crisis.

The stress-test results will be a factor in the Fed's decision to
approve or deny individual banks' plans for returning billions of
dollars to shareholders through dividends or share buybacks, the
report said.  But a good performance on the test is no guarantee,
since the Fed also will consider more subjective factors such as
the strength of a bank's internal risk management.


* New York Fed President Expresses Concern on Bank Leverage Rule
----------------------------------------------------------------
Peter Eavis, writing for The New York Times' DealBook, reported
that an influential New York bank regulator has privately raised
concerns about a proposed rule that seeks to make the nation's
largest banks safer, frustrating other regulators who see it as a
centerpiece of a financial system overhaul and want it to take
effect swiftly.

According to the report, William C. Dudley, president of the
Federal Reserve Bank of New York, expressed his concerns to senior
officials at the Federal Reserve in Washington, according to three
people who knew about his efforts. The rule, proposed last July
and known as the supplementary leverage ratio, would put a
stricter cap on the amount of borrowing that the biggest banks can
do. Mr. Dudley raised the possibility that the rule could inhibit
the Fed's ability to conduct monetary policy, these people said.
They spoke on the condition of anonymity.

A person with knowledge of Mr. Dudley's thinking insisted that he
was comfortable with the leverage rule, the report said.  He took
his concerns to Fed officials in Washington simply to help make
sure that they had properly considered the rule's potential effect
on monetary policy, this person said. The officials listened, but
did not think the points he raised were serious enough to warrant
significant changes to the rule, the three people said.

Still, Mr. Dudley's apprehension played a decisive role in holding
up the final version of the rule, two of the people said, the
report related.  Some regulators, including officials at the
Federal Deposit Insurance Corporation, had counted on the leverage
regulation being completed by the end of 2013. Strong supporters
of the rule had wanted it issued by then to reduce the chances
that pressure from bank lobbyists would dilute it. The rule is now
expected to be completed in April at the earliest.

Since the financial crisis, banking regulators have mostly
presented a united front as they have introduced a sweeping
overhaul, the report further related.  But tensions have often
emerged behind the scenes. And when it comes to commitment to the
overhaul, the New York Fed faces greater skepticism than other
agencies. It was criticized after the 2008 financial crisis for
failing to confront the huge weaknesses building up under its nose
on Wall Street. Its critics said it had become too cozy with the
large banks it regulates.


* Volcker Rule Will Cost Banks Up to $4.3 Billion
-------------------------------------------------
Jesse Hamilton, writing for Bloomberg News, reported that the
Volcker Rule will cost U.S. national banks as much as $4.3 billion
to implement as it forces them to sell restricted investments at a
loss, according to a study by the Office of the Comptroller of the
Currency.

According to the report, the regulator estimates implementation
costs between $413 million and $4.3 billion for banks it
supervises, the OCC said in a report released on March 21.  Most
of the potential costs could come from the rule's curbs on certain
investments, such as in some collateralized loan obligations. The
agency also said affected banks will mostly be those with more
than $10 billion in assets and could include as many as seven
community banks.

The Volcker Rule, which bans banks from making speculative trades
with their own money and limits their stakes in certain private
funds, was adopted Dec. 10 by five U.S. financial regulators, the
report related.  The rule, named for former Fed Chairman Paul
Volcker, imposed the restrictions in response to the 2008 credit
crisis.

"The range of our cost estimate primarily reflects the uncertainty
of the final rule's impact on the market value of banks'
investments," the report cited the OCC's report. After Volcker,
the market value "could drop by up to 5.5 percent."

Selling the restricted assets after such a decline could cost the
banks as much as $3.6 billion, the report further related, citing
the report. The remainder of the costs would largely come from as
much as $541 million in compliance and reporting burdens, the
agency said.


* Wisconsin Assembly Passes Asbestos Trust Transparency Bill
------------------------------------------------------------
Law360 reported that the Wisconsin state assembly voted to pass a
measure to require asbestos plaintiffs to reveal the claims they
have filed with bankruptcy trusts amid longstanding complaints by
defendants that plaintiffs downplay the sources of their asbestos
exposure in order to win higher payouts from each company.

According to the report, the state assembly, which has a
Republican majority, voted 55-38 to pass the asbestos trust
transparency reform bill, A.B. 19. The state Senate had voted 17-
16 on March 12 to approve an amended version of the measure, the
report said.


* Experts Share View on State of Corporate Restructuring
--------------------------------------------------------
The Wall Street Journal's Bankruptcy Beat noted that interest
rates that remain near zero and debt maturities that have been
pushed out to 2017 and 2018 have helped drive Chapter 11 filings
to historic lows.  Bankruptcy Beat asked restructuring experts if
this difficult environment has put corporate restructuring on life
support.

     (A) Carol Flaton, a managing director of Zolfo Cooper, a
         global financial advisory and interim management firm,
         told Bankruptcy Beat: "While overall restructuring
         activity might look anemic by historical comparison,
         there are still plenty of vital signs. Companies with
         outmoded business models, shifting customer
         demographics, commodity reliance or heightened
         regulatory compliance, to name a few, are examples
         of situations where we are beginning to see
         restructurings.  Even within the comfortable confines
         of a covenant-lite, long-dated capital structure,
         companies that cannot stabilize or set their operations
         on a growth trajectory run the risk of serial
         underperformance and running out of liquidity,
         ultimately never growing into their capital structure.
         With the runways afforded them by the current capital
         markets, these companies have the opportunity to effect
         operational turnarounds now and, if successful, avoid
         the otherwise-looming balance sheet restructurings."

         See http://is.gd/P8gmIY(subscription required)

     (B) Marshall Huebner, a partner with Davis Polk & Wardwell
         LLP in New York and co-head of the firm's insolvency
         and restructuring group, told Bankruptcy Beat: "A very
         small number of restructuring firms have landed the
         primary leadership roles in a substantial majority of
         the current distressed situations.  It's a lot like the
         absolute priority rule analogy to stacked champagne
         glasses -- when there is plenty of champagne, it
         cascades down to all of the glasses; when it is
         insufficient, the top ones stay full and the bottom
         ones remain empty.  This dynamic seems to have
         manifested in both the legal and financial advisory
         sides of corporate restructuring.  Nor have the big
         banks been immune. There has been pressure for some
         years on the special asset groups at large financial
         institutions, and many internal restructuring groups
         have themselves been restructured or downsized."

         See http://is.gd/0Ce4iD(subscription required)

     (C) Philip C. Dublin, a partner at Akin Gump Strauss Hauer
         & Feld LLP in New York, told Bankruptcy Beat that "true
         'mega' Chapter 11 filings will be fewer and farther
         between in the near term based on, among other things,
         the amount of capital that traditional lenders are
         willing to put at play in the distressed market at
         relatively low interest rates."

         See http://is.gd/svLZkJ(subscription required)

     (D) Paul Leake, a partner in Jones Day's New York office and
         the global practice leader of the firm's business
         restructuring and reorganization practice, said: "We
         continue to see significant restructuring activity,
         though much less in the form of traditional, standalone
         Chapter 11 restructurings, and more in the context of
         refinancings, out-of-court deals, and preparations for
         prepackaged Chapter 11 plans and 'quick sales' under
         Section 363 of the Bankruptcy Code.  We are also more
         involved in other types of restructurings.  We are seeing
         more cross-border restructurings than ever before, and
         municipal restructurings under Chapter 9 are becoming a
         significant component of restructuring activity for the
         first time -- see, for example, the city of Detroit
         (which Jones Day represents).

         See http://is.gd/mDBLx5(subscription required)

     (E) Richard A. Chesley, co-chair of DLA Piper's
         Restructuring practice, told Bankruptcy Beat:
         "The restructuring industry need not fear, as there are
         signs on the horizon. The global economic recovery has
         generally been unspectacular and growth in the emerging
         markets has been lagging and shaky. Demographic shifts
         will continue to weigh on long term growth in key
         economies. Interest rates will surely begin to climb
         in the U.S., U.K. and Asia in 2015, and in the Eurozone
         the following year. And, bank stress testing in Europe
         during 2014 could uncover additional weakness. Private
         equity is sitting on over $1 trillion, some of which is
         certain to be invested in highly leveraged distressed
         situations. And of course, fraudsters will find new ways
         to create distressed opportunities despite new
         regulatory schemes."

         See http://is.gd/jkmX6m(subscription required)

     (F) Bob Caruso, managing director with global professional
         services firm Alvarez & Marsal and co-head of the firm's
         Midwest North American commercial restructuring practice,
         told Bankruptcy Beat: "the corporate restructuring
         industry is very much alive. In fact, many professionals
         are busier than they've been in years past. This is
         especially true at the marquee firms, which routinely
         experience the first waves of new deals. These firms
         largely maintained conservative hiring after the
         right-sizing that took place following the Great
         Recession. Now with modest upticks in activity, leaner
         teams of people are handling more work."

         See http://is.gd/5csPNP(subscription required)

     (G) Lisa Donahue, global leader of the turnaround and
         restructuring services group at AlixPartners LLP, said:
         "Despite the abundant liquidity and lenient lending
         practices available to companies over the last several
         years, there have still been a fair number of
         restructurings (and, importantly, turnarounds) going on.
         While there haven't been as many "big names" as in past
         eras, Kodak and American Airlines notwithstanding, many
         companies -- especially middle-market ones, which often
         don't have the same access to funding sources as larger
         companies -- have had to recalibrate themselves to
         compete in today's fitful economy.  In fact, AlixPartners
         saw its Americas turnaround-and-restructuring revenues
         increase by double digits last year, and we're seeing an
         uptick in engagements so far this year -- in industries
         as diverse as maritime and health care, energy and
         restaurant chains, not to mention growing work in Latin
         America."

         See http://is.gd/xKJ4zB(subscription required)


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In re Marshall Sanders
   Bankr. C.D. Cal. Case No. 14-11663
      Chapter 11 Petition filed March 18, 2014

In re Karidin Holdings, Inc.
        dba Karidin Holdings
   Bankr. C.D. Cal. Case No. 14-13362
     Chapter 11 Petition filed March 18, 2014
         See http://bankrupt.com/misc/cacb14-13362.pdf
         Filed Pro Se

In re Desoto Appliance & Repair, LLC
   Bankr. M.D. Fla. Case No. 14-02924
     Chapter 11 Petition filed March 18, 2014
         See http://bankrupt.com/misc/flmb14-02924.pdf
         represented by: Benjamin G. Martin, Esq.
                         LAW OFFICES OF BENJAMIN MARTIN
                         E-mail: skipmartin@verizon.net

In re Andre Passas
   Bankr. D. Md. Case No. 14-14132
      Chapter 11 Petition filed March 18, 2014

In re John Kalendek
   Bankr. D. Md. Case No. 14-14186
      Chapter 11 Petition filed March 18, 2014

In re Edward Mason
   Bankr. D. Md. Case No. 14-14198
      Chapter 11 Petition filed March 18, 2014

In re JYA Cleaners, Inc.
   Bankr. S.D.N.Y. Case No. 14-10675
     Chapter 11 Petition filed March 18, 2014
         See http://bankrupt.com/misc/nysb14-10675.pdf
         represented by: Dan Miller, Esq.
                         E-mail: lawmill@intl-business.com

In re Nikola Rebraca
   Bankr. S.D.N.Y. Case No. 14-35521
      Chapter 11 Petition filed March 18, 2014

In re Anita Acevedo Vazquez
   Bankr. D.P.R. Case No. 14-02075
      Chapter 11 Petition filed March 18, 2014

In re Jose Crespo Lorenzo
   Bankr. D.P.R. Case No. 14-02078
      Chapter 11 Petition filed March 18, 2014

In re Gas and Else, Inc.
   Bankr. D.P.R. Case No. 14-02079
     Chapter 11 Petition filed March 18, 2014
         See http://bankrupt.com/misc/prb14-02079.pdf
         Filed Pro Se

In re Virginia Pizza Partners, LLC
        dba Cici's Pizza #385
   Bankr. E.D. Va. Case No. 14-31405
     Chapter 11 Petition filed March 18, 2014
         See http://bankrupt.com/misc/vaeb14-31405.pdf
         represented by: Roy M. Terry, Jr., Esq.
                         SANDS ANDERSON, P.C.
                         E-mail: rterry@sandsanderson.com

In re Jacqueline Whalen
   Bankr. W.D. Va. Case No. 14-60514
      Chapter 11 Petition filed March 18, 2014

In re Cutler Amusement Corporation
        Dba Kozy's Pizza
   Bankr. W.D. Wis. Case No. 14-11090
     Chapter 11 Petition filed March 18, 2014
         See http://bankrupt.com/misc/wiwb14-11090.pdf
         represented by: Kristin J. Sederholm, Esq.
                         KREKELER STROTHER, S.C.
                         E-mail: ksederho@ks-lawfirm.com
In re Hossein Najafi
   Bankr. C.D. Cal. Case No. 14-11401
      Chapter 11 Petition filed March 19, 2014

In re Christopher Wood
   Bankr. C.D. Cal. Case No. 14-11700
      Chapter 11 Petition filed March 19, 2014

In re Richard Farrell
   Bankr. C.D. Cal. Case No. 14-11729
      Chapter 11 Petition filed March 19, 2014

In re Travis Hege
   Bankr. D. Colo. Case No. 14-13325
      Chapter 11 Petition filed March 19, 2014

In re Sparkling Court, LLC
   Bankr. M.D. Fla. Case No. 14-02984
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/flmb14-02984.pdf
         represented by: Curran K. Porto, Esq.
                         CURRAN K. PORTO, P.A.
                         E-mail: curran@portolegalcenter.com

In re Usman Ahmad
   Bankr. N.D. Ill. Case No. 14-09822
      Chapter 11 Petition filed March 19, 2014

In re CPC Laboratories, Inc.
   Bankr. N.D. Ill. Case No. 14-09873
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/ilnb14-09873.pdf
         represented by: Gregory J. Jordan, Esq.
                         JORDAN & ZITO LLC
                         E-mail: gjordan@jz-llc.com

In re TJ America, LLC
   Bankr. E.D. Mich. Case No. 14-44474
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/mieb14-44474.pdf
         represented by: Ethan D. Dunn, Esq.
                         MAXWELL DUNN, P.L.C.
                         E-mail: bankruptcy@maxwelldunnlaw.com

In re TJ Associates, LLC
   Bankr. E.D. Mich. Case No. 14-44477
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/mieb14-44477.pdf
         represented by: Ethan D. Dunn, Esq.
                         MAXWELL DUNN, P.L.C.
                         E-mail: bankruptcy@maxwelldunnlaw.com

In re 485 Michigan Inc.
   Bankr. W.D.N.Y. Case No. 14-10597
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/nywb14-10597.pd
         represented by: Matthew Allen Lazroe, Esq.
                         LAW OFFICE OF MATTHEW ALLEN LAZROE
                         E-mail: lazroebankruptcy@gmail.com

In re Payless Cleaners
   Bankr. E.D. Pa. Case No. 14-12048
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/paeb14-12048.pdf
         represented by: James A. Bell, Esq.
                         BELL & BELL, LLP
                         E-mail: jamesbell@bellandbelllaw.com

In re Iglesia Cristiana Senderos De La Verdad Inc.
        dba Iglesia Cristiana Senderos De La Verdad, Inc.
   Bankr. D.P.R. Case No. 14-02136
     Chapter 11 Petition filed March 19, 2014
         See http://bankrupt.com/misc/prb14-02136.pdf
         represented by: Alberto O. Lozada Colon, Esq.
                         BUFETE LOZADA COLON
                         E-mail: lozada1954@hotmail.com

In re Mohamed Diallo
   Bankr. E.D. Va. Case No. 14-11013
      Chapter 11 Petition filed March 19, 2014

In re John Golden
   Bankr. N.D. Ala. Case No. 14-01082
      Chapter 11 Petition filed March 20, 2014

In re David Lind
   Bankr. E.D. Cal. Case No. 14-22832
      Chapter 11 Petition filed March 20, 2014

In re Allstate Realty Services, Inc.
   Bankr. S.D. Fla. Case No. 14-16388
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/flsb14-16388.pdf
         represented by: Aramis Hernandez, Esq.
                         E-mail: aramis@miamilegalcenter.com

In re Getzland Properties, LLC
   Bankr. N.D. Ill. Case No. 14-10044
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/ilnb14-10044.pdf
         represented by: James A. Young, Esq.
                         JAMES A. YOUNG & ASSOCIATES, LTD.
                         E-mail: jyoung@youngbklaw.com

In re Robert Meier
   Bankr. N.D. Ill. Case No. 14-10105
      Chapter 11 Petition filed March 20, 2014

In re SRKP, LLC
   Bankr. W.D. Ky. Case No. 14-10303
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/kywb14-10303.pdf
         represented by: Mark H. Flener, Esq.
                         E-mail: mark@flenerlaw.com

In re 137 Albany, LLC
   Bankr. E.D.N.Y. Case No. 14-41294
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/nyeb14-41294.pdf
         Filed Pro Se

In re Hashi Sushi Fusion, Inc.
   Bankr. S.D.N.Y. Case No. 14-10722
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/nysb14-10722.pdf
         Filed Pro Se

In re Martin Roberts, Inc.
        dba Oh' Mulligans
   Bankr. E.D.N.C. Case No. 14-01608
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/nceb14-01608.pdf
         represented by: J.M. Cook, Esq.
                         J.M. COOK, P.A.
                         E-mail: J.M.Cook@jmcookesq.com

In re Richard Collins
   Bankr. M.D. Tenn. Case No. 14-02308
      Chapter 11 Petition filed March 20, 2014

In re Reggie White Cardiolumonary Rehabilitation Center, LLC
   Bankr. W.D. Tenn. Case No. 14-22961
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/tnwb14-22961.pdf
         represented by: Steven N. Douglass, Esq.
                         HARRIS SHELTON HANOVER WALSH, PLLC
                         E-mail: snd@harrisshelton.com

In re O2 Medical, LLC
   Bankr. W.D. Tenn. Case No. 14-22962
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/tnwb14-22962.pdf
         represented by: Steven N. Douglass, Esq.
                         HARRIS SHELTON HANOVER WALSH, PLLC
                         E-mail: snd@harrisshelton.com

In re Sleep Diagnostics, LLC
        dba Reggie White Sleep Diagnostic Center - Desoto, LLC
   Bankr. W.D. Tenn. Case No. 14-23000
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/tnwb14-23000.pdf
         represented by: Steven N. Douglass, Esq.
                         HARRIS SHELTON HANOVER WALSH, PLLC
                         E-mail: snd@harrisshelton.com

In re Tin Star Contractors, LLC
   Bankr. W.D. Tex. Case No. 14-50748
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/txwb14-50748.pdf
         represented by: Oscar L. Cantu, Jr., Esq.
                         LAW OFFICES OF OSCAR CANTU
                         Email: r3oscar@aol.com

In re Forest Realty Holdings, LLC
   Bankr. E.D. Va. Case No. 14-31469
     Chapter 11 Petition filed March 20, 2014
         See http://bankrupt.com/misc/vaeb14-31469.pdf
         represented by: Ronald A. Page, Jr., Esq.
                         RONALD PAGE, P.L.C.
                         E-mail: rpage@rpagelaw.com
In re JKRW Group Services, Inc.
   Bankr. C.D. Cal. Case No. 14-13582
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/cacb14-13582.pdf
         represented by: Timothy P. Peabody, Esq.
                         LAW OFFICE OF TIMOTHY P. PEABODY
                         E-mail: peabodylaw@aol.com

In re Mark Malan
   Bankr. C.D. Cal. Case No. 14-15356
      Chapter 11 Petition filed March 21, 2014

In re Alexandria Seo
   Bankr. C.D. Cal. Case No. 14-15415
      Chapter 11 Petition filed March 21, 2014

In re Raymond King
   Bankr. E.D. Cal. Case No. 14-22884
      Chapter 11 Petition filed March 21, 2014

In re Manuel Cabello
   Bankr. N.D. Cal. Case No. 14-41215
      Chapter 11 Petition filed March 21, 2014

In re Manuel Torres
   Bankr. N.D. Cal. Case No. 14-51217
      Chapter 11 Petition filed March 21, 2014

In re Samuel Headlam
   Bankr. D. Conn. Case No. 14-50415
      Chapter 11 Petition filed March 21, 2014

In re Harold Claunch
   Bankr. D. Idaho Case No. 14-40265
      Chapter 11 Petition filed March 21, 2014

In re 340 Warren Avenue Realty Trust
   Bankr. D. Mass. Case No. 14-11189
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/mab14-11189.pdf
         represented by: Joseph W. Gruss, Esq.
                         DI GIACOMO & GRUSS
                         E-mail: Law1918@hotmail.com

In re Renaissance Laundromat, LLC
        dba Renaissance Laundromat
   Bankr. E.D. Mich. Case No. 14-30786
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/mieb14-30786.pdf
         represented by: Donald C. Darnell, Esq.
                         DARNELL LAW OFFICES
                         E-mail: dondarnell@darnell-law.com

In re Garmo Management Company, LLC
   Bankr. E.D. Mich. Case No. 14-44724
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/mieb14-44724.pdf
         represented by: Michael E. Baum, Esq.
                         SCHAFER AND WEINER, PLLC
                         E-mail: mbaum@schaferandweiner.com

In re Jerome Usher, LLC
        dba Butler Pantry
   Bankr. W.D. Mich. Case No. 14-01929
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/miwb14-01929.pdf
         represented by: Michael T. Culp, Esq.
                         MICHAEL T. CULP, PLLC
                         E-mail: mtculp@sbcglobal.net

In re S&S Precision Gage, LLC
        dba Kentucky Gage
   Bankr. M.D. Tenn. Case No. 14-02387
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/tnmb14-02387.pdf
         represented by: Steven L. Lefkovitz, Esq.
                         LAW OFFICES LEFKOVITZ & LEFKOVITZ
                         E-mail: slefkovitz@lefkovitz.com

In re Steven Nichols
   Bankr. M.D. Tenn. Case No. 14-02390
      Chapter 11 Petition filed March 21, 2014

In re Norma Yau
   Bankr. N.D. Tex. Case No. 14-31363
      Chapter 11 Petition filed March 21, 2014

In re Mervin Hicks
   Bankr. N.D. Tex. Case No. 14-31363
      Chapter 11 Petition filed March 21, 2014

In re Mervin Duane Hicks
   Bankr. N.D. Tex. Case No. 14-31363
     Chapter 11 Petition filed March 21, 2014
         See http://bankrupt.com/misc/txnb14-31363.pdf
         Filed Pro Se

In re Robert Swisher
   Bankr. D. Ariz. Case No. 14-04017
      Chapter 11 Petition filed March 24, 2014

In re 8 Frederick Place Associates, LLC
   Bankr. D. Conn. Case No. 14-30526
     Chapter 11 Petition filed March 24, 2014
         See http://bankrupt.com/misc/ctb14-30526.pdf
         Filed Pro Se

In re Sunterprise, LLC
   Bankr. S.D. Fla. Case No. 14-16718
     Chapter 11 Petition filed March 24, 2014
         See http://bankrupt.com/misc/flsb14-16718.pdf
         represented by: Steven E. Wallace, Esq.
                         THE WALLACE LAW GROUP, P.L.
                         E-mail: wallacelaw1@me.com

In re Voyager School Foundation
   Bankr. D. Hawaii Case No. 14-00385
     Chapter 11 Petition filed March 24, 2014
         See http://bankrupt.com/misc/hib14-00385.pdf
         represented by: Jerrold K. Guben, Esq.
                         O'CONNOR PLAYDON & GUBEN
                         E-mail: jkg@opglaw.com

In re Donald Saffioti
   Bankr. D.N.J. Case No. 14-15543
      Chapter 11 Petition filed March 24, 2014

In re Siddiqui Group of Companies, LLC
   Bankr. E.D.N.Y. Case No. 14-41353
     Chapter 11 Petition filed March 24, 2014
         See http://bankrupt.com/misc/nyeb14-41353.pdf
         represented by: Todd E. Duffy, Esq.
                         DUFFYAMEDEO, LLP
                         E-mail: tduffy@duffyamedeo.com

In re Anthony Tyndall
   Bankr. E.D.N.C. Case No. 14-01673
      Chapter 11 Petition filed March 24, 2014

In re Edgefield Inn, LLC
   Bankr. D. S.C. Case No. 14-01670
     Chapter 11 Petition filed March 24, 2014
         See http://bankrupt.com/misc/scb14-01670.pdf
         represented by: Carl F. Muller, Esq.
                         CARL F. MULLER, ATTORNEY AT LAW, P.A.
                         E-mail: carl@carlmullerlaw.com

In re Charles Jones
   Bankr. E.D. Tenn. Case No. 14-30921
      Chapter 11 Petition filed March 24, 2014

In re Thomas Reynolds
   Bankr. S.D. W.Va. Case No. 14-50061
      Chapter 11 Petition filed March 24, 2014

In re Ebenezer Oaks, Inc.
   Bankr. W.D. Wis. Case No. 14-11184
     Chapter 11 Petition filed March 24, 2014
         See http://bankrupt.com/misc/wiwb14-11184.pdf
         Filed Pro Se

In re Wyndol Hamer
   Bankr. N.D. Ala. Case No. 14-40476
      Chapter 11 Petition filed March 25, 2014

In re Robert Blessing
   Bankr. C.D. Cal. Case No. 14-15626
      Chapter 11 Petition filed March 25, 2014

In re Kimberly Martin-Bragg
   Bankr. C.D. Cal.  Case No. 14-15698
      Chapter 11 Petition filed March 25, 2014

In re Michael Amwoza
   Bankr. N.D. Ill. Case No. 14-10749
      Chapter 11 Petition filed March 25, 2014

In re Kenilworth Associates
   Bankr. N.D. Ill. Case No. 14-10848
     Chapter 11 Petition filed March 25, 2014
         See http://bankrupt.com/misc/ilnb14-10848.pdf
         represented by: Linda Spak, Esq.
                         SPAK & ASSOCIATES
                         E-mail: attorneyspak@yahoo.com

In re David Soderquist
   Bankr. D. Minn. Case No. 14-41245
      Chapter 11 Petition filed March 25, 2014

In re ACTV, Inc.
       dba Action TV & Appliance Rentals
   Bankr. W.D. Mo. Case No. 14-60360
     Chapter 11 Petition filed March 25, 2014
         See http://bankrupt.com/misc/mowb14-60360.pdf
         represented by: Ted L. Tinsman, Esq.
                         DOUGLAS HAUN & HEIDEMANN, P.C.
                         E-mail: ttinsman@bolivarlaw.com

In re Amy Blum
   Bankr. E.D. Pa. Case No. 14-12227
      Chapter 11 Petition filed March 25, 2014

In re Evaristo Freiria Villamil
   Bankr. D.P.R. Case No. 14-02284
      Chapter 11 Petition filed March 25, 2014

In re Stereo Jungle Warehouse Corp.
   Bankr. D.P.R. Case No. 14-02287
     Chapter 11 Petition filed March 25, 2014
         See http://bankrupt.com/misc/prb14-02287.pdf
         represented by: Miriam A. Murphy, Esq.
                         MURPHY LAW OFFICE
                         E-mail: mamurphyli82@gmail.com

In Re Latin American Music Co., Inc.
   Bankr. D.P.R. Case No. 14-02290
     Chapter 11 Petition filed March 25, 2014
         See http://bankrupt.com/misc/prb14-02290.pdf
         represented by: Gerardo L. Santiago Puig, Esq.
                         SANTIAGO PUIG LAW OFFICES
                         E-mail: gsantiagopuig@gmail.com

In re Melton Nelson
   Bankr. W.D. Tex. Case No. 14-50779
      Chapter 11 Petition filed March 25, 2014

In re Randal Getter
   Bankr. W.D. Wis. Case No. 14-11209
      Chapter 11 Petition filed March 25, 2014

In re LaNita Nelson
   Bankr. W.D. Tex. Case No. 14-50779
      Chapter 11 Petition filed March 25, 2014



                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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