TCR_Public/140328.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, March 28, 2014, Vol. 18, No. 86

                            Headlines

650 CHURCH STREET: Voluntary Chapter 11 Case Summary
ALLONHILL LLC: Files after $25.8 Million Fraud Judgment
ALLY FINANCIAL: U.S. to Shrink Stake by More Than Half
ALLONHILL LLC: Case Summary and 17 Largest Unsecured Creditors
ANDALAY SOLAR: Incurs $3.8 Million Net Loss in 2013

API TECHNOLOGIES: Senator Inv. Ceased as Shareholder as of March 7
ARCHWAY HOMES: Case Summary & 10 Largest Unsecured Creditors
ARVADA STRUCTURES: Has Until May 19 to File Disclosure Statement
ASR CONSTRUCTORS: Inland Machinery May Auction Machinery
ATP OIL: May Reject Contracts With Williams Cos.

AUTO ORANGE: Balks at Bid to Continue Case Dismissal Hearing
AUTO ORANGE: Zhou & Chini Approved as General Insolvency Counsel
BATE LAND: Amends Schedules of Assets and Liabilities
BATE LAND: Has Until July 1 to Solicit Plan Votes
BIOLITEC INC: Angiodynamics Wins $74.9 Million in Damages

BLUEJAY PROPERTIES: 10th Cir. BAP Affirms Access to BBOK Cash
BOOMERANG SYSTEMS: Director Quits for Personal Reasons
BROOKSTONE INC: Preparing to File for Bankruptcy
BUCKEYE AIR: Involuntary Chapter 11 Case Summary
BUFFET PARTNERS: Texas County Balks at Sale of All Assets

BUFFET PARTNERS: April 9 Hearing on Further Cash Access
BUFFET PARTNERS: Baker & McKenzie LLP Approved as Counsel
BUFFET PARTNERS: Okeene Milling No Longer Part of Committee
CAESARS ENTERTAINMENT: Noteholders Want Asset Transfer Terminated
CALUMET SPECIALTY: Moody's Rates $850MM Sr. Unsecured Notes 'B2'

CALUMET SPECIALTY: S&P Affirms 'B+' CCR & Rates $850MM Notes 'B+'
CAMARILLO PLAZA: April 8 Hearing on Motion to Transfer Funds
CAMCO FINANCIAL: Suspending Filing of Reports with SEC
CASH STORE: Voluntarily Delists From NYSE
CASPIAN SERVICES: Delays Form 10-Q for Dec. 31 Quarter

CEMEX FINANCE: Fitch Rates New EUR300MM Notes 'BB-/RR3(EXP)'
CEMEX FINANCE: S&P Assigns 'B+' Rating on 10-Yr. Dollar Bonds
CHA CHA ENTERPRISES: Wants More Time to Decide on Albertsons Lease
CHINA GINSENG: Incurs $612,000 Net Loss in Dec. 31 Quarter
CHINA NATURAL: Exclusive Plan Filing Period Extended to April 7

CHINA NATURAL: Ernst & Young China OK'd as Restructuring Advisor
COEUR MINING: S&P Lowers Corp. Credit Rating to B; Outlook Stable
COMMONWEALTH REIT: S&P Affirms 'BB+' CCR; Outlook Stable
COMMUNITY HOME: Court Holds in Abeyance Case Dismissal Motion
COMMUNITY HOME: Trustee May Employ Jones Walker as Counsel

COMMUNITY HOME: Court Holds in Abeyance Ch. 11 Plan Confirmation
CREATION'S GARDEN: Wins OK to Incur $364,000 Loan From BOTW
CREATION'S GARDEN: BofA Okayed to Foreclose on 4 Properties
DEWEY & LEBOUEF: Ex-Finance Director Says Chairman Feared Audit
DIOCESE OF HELENA: Committee Taps Pachulski Stang as Counsel

DOLAN COMPANY: Targeting May Confirmation of Prepack Plan
DOLAN COMPANY: Unsecured Claims List Filed; Bar Dates Proposed
DOLAN COMPANY: Proposes Kurtzman Carson as Claims & Admin. Agent
DOLAN COMPANY: Asks Court to Limit Trading to Protect NOLs
DMW MARINE: Court Rejects Pearlstein's Summary Judgment Bid

DVORKIN HOLDINGS: Plan Status Hearing Continued Until July 17
DYNAVOX INC: B. Radoff Owned 9.6% of Class A Share at Dec. 31
EAST JEFFERSON GENERAL: Moody's Cuts $161MM Bonds Rating to Ba1
EDENOR SA: Pablo Burkett Serving as Regular Director
ELBIT IMAGING: York Capital Stake at 19.7% as of Feb. 28

ENERGY FUTURE: Tries to Reach Debt-Restructuring Deal w/ Creditors
ENERGY FUTURE: Lenders Sign NDA to Rejoin Negotiations
ENERGY SERVICES: Posts $468,000 Net Income in Dec. 31 Quarter
ENNIS COMMERCIAL: Prudential Okayed as Real Estate Agent
EXIDE TECHNOLOGIES: Committee Blocks King & Spalding Retention

FANNIE MAE: Exempt From State Transfer Taxes, 3rd Cir. Says
FISKER AUTOMOTIVE: $10.5MM Wanxiang DIP Loan Wins Final Okay
FLUX POWER: Incurs $915,000 Net Loss in Dec. 31 Quarter
FRESH CHOICE: Vaught & Boutris Must Disgorge $50,000 Retainer
FURNITURE BRANDS: June 19 Bid Deadline Set for Real Estate Assets

GENERAL MOTORS: Judge To Hear 'Emergency Motion' on Recall April 4
GENERAL MOTORS: CEO Barra Says Recalled Cars Safe to Drive
GENERAL MOTORS: Chrysler Decision May Shield Firm on Cobalt Claims
GENIUS BRANDS: Mark Groussman Reports 5.1% Equity Stake
GLOBAL GEOPHYSICAL: To Reorganize in Corpus Christi, Texas

GLOBAL GEOPHYSICAL: Case Summary & 30 Largest Unsecured Creditors
GLOBAL GEOPHYSICAL: Moody's Cuts CFR to 'Ca' Over Chap. 11 Filing
GLOBALSTAR INC: Incurs $234.7 Million Net Loss in 4th Quarter
GLOBALSTAR INC: Steelhead Stake at 8.3% as of Dec. 31
GRUBB & ELLIS: Highbridge No Longer a Shareholder as of Dec. 31

GUITAR CENTER: Swapping Debt for Stock
GUITAR CENTER: Ares Capital Poised to Take Majority Stake
HAAS ENVIRONMENTAL: April 1 Hearing on Exclusivity Extension
HOTI ENTERPRISES: 2nd Cir. Affirms Confirmation of Lender's Plan
IAP WORLDWIDE: S&P Withdraws 'CC' CCR at Company's Request

INTEGRATED MEDICAL: Tiger Group to Auction Assets on April 1
INTELLICELL BIOSCIENCES: Hikes Authorized Common Shares to 3.5BB
INTERNATIONAL SUNPRINTS: Voluntary Chapter 11 Case Summary
IPC INTERNATIONAL: Has OK to Use Cash Collateral Until March 31
JIANGSU SHEYANG: Small Chinese Lender Reportedly Hit by Bank Run

KASPER LAND: Files Schedules of Assets and Liabilities
KEMET CORP: Cadian Capital Stake at 8.95% as of Dec. 31
KINDRED HEALTHCARE: Moody's Rates $500MM Sr. Unsecured Notes 'B3'
KINDRED HEALTHCARE: S&P Rates $500MM Sr. Unsecured Notes 'B-'
KULBAR DHILLON: Delaat Action Sent to Bankruptcy Court

LAMAR MEDIA: Moody's Lowers $510MM Unsecured Notes' Rating to Ba2
LIGHTSQUARED INC: Dish's Ergen Says Proposal Treats Him Unfairly
LIVE NATION: Moody's Revises 'B1' Rating Outlook to Positive
MARLOW MANOR: Memorandum Issued on Treatment of AHFC Claims
MCC FUNDING: Files for Chapter 11 in Manhattan

METRO AFFILIATES: Can Access DIP Loans Thru May 31
METRO AFFILIATES: Will Return Collateral on GE Capital's Claim
MIDWEST FAMILY: S&P Affirms 'BB' Rating on Class III Revenue Bonds
MISSION NEWENERGY: Houston Int'l Stake at 7.8% as of Dec. 31
MT. GOX: Some Customers Want Founder out During Bankruptcy

MT. GOX: Creditors Band Together to Recover Assets
MT. GOX: Cooperating With Police
NATCHEZ REGIONAL: Hospital Files for Chapter 9 Bankruptcy
NATCHEZ REGIONAL: Ch.9 Case Summary & 20 Top Unsec. Creditors
NEW JERSEY HMFA: Moody's Lowers Rating on 2004A Bonds to 'Ba1'

NEW MEATCO: Plan Exclusivity Terminated
NII HOLDINGS: Files Copy of Supplemental Indentures with SEC
NII HOLDINGS: FMR LLC Stake at 7.6% as of March 7
NII HOLDINGS: Jennison Associates Stake at 3%
NII HOLDINGS: Prudential Financial Lowers Stake to 2.9%

NORTHERN BERKSHIRE: Shutters Operations, Lays Off Staff Today
OASIS PETROLEUM: S&P Raises Sr. Unsecured Notes Rating to 'B+'
OPPENHEIMER HOLDINGS: S&P Affirms 'B' CCR & Alters Outlook to Pos.
OXYSURE SYSTEMS: Files Copy of the Investor Presentation with SEC
PACIFIC GAS: Expects Criminal Charges Over Pipeline Explosion

PITTSBURGH CORNING: April 24 Hearing on Bid to Renew KERP
PLEXTRONICS INC: Solvay Completes Acquisition of Business
POSTROCK ENERGY: Expects to Comply with Covenants at March 31
QUALITY DISTRIBUTION: FMR LLC Stake at 8.5% as of March 7
RAHA LAKES: Court Enter Final Decree Closing Chapter 11 Case

RENT-A-CENTER INC: Moody's Confirms Ba3 Corporate Family Rating
RESTORGENEX CORP: Names Stephen Simes as CEO
REVEL AC: Motion for Final Decree Closing Case Challenged
RIVERHOUNDS EVENT: Files for Ch. 11; Soccer Season Has Funding
RIVERHOUNDS EVENT: Case Summary & 20 Largest Unsecured Creditors

ROBERT SCHWARTZ: Court Affirms Rulings Against Estranged Wife
RYNARD PROPERTIES RIDGECREST: Files for Chapter 11 in Memphis
SACRED ZION: Case Summary & 11 Largest Unsecured Creditors
SAN DIEGO OPERA: Won't Regroup In Bankruptcy
SCRUB ISLAND: Postpetition Financing Hearing Continued to April 14

SENTINEL MANAGEMENT: Former CEO Found Guilty of Investor Fraud
SHILO INN: Brian Glanville Approved to Appraise Hotels
SIGNODE INDUSTRIAL: Moody's Assigns 'B2' CFR; Outlook Stable
SIGNODE INDUSTRIAL: S&P Gives 'B' CCR & Rates $2.15BB Facility 'B'
SPORTS AUTHORITY: Attempts to Make A Comeback

SQUARETWO FINANCIAL: Moody's Affirms 'B2' CFR & Sec. Debt Ratings
SS&C TECHNOLOGIES: S&P Raises Corp. Credit Rating to 'BB'
STEVE HOFSAESS: Counsel Agrees to Get 4 Hrs of CLE Credits
STEVE A. MCKENZIE: GKH Firm Allowed $124,793 Unsecured Claim
T-L BRYWOOD: Has Interim Okay to Use Cash Until Aug. 31

TIRTH LLC: Voluntary Chapter 11 Case Summary
TUSCANY INTERNATIONAL: Has Final Nod to Pay Critical Vendors
TWIN RIVER: S&P Affirms 'BB-' CCR & Rates $520MM Facility 'BB-'
VERMILLION INC: Board OKs $218,000 Executive Bonuses for 2013
VIDEOTRON LTEE: Moody's Rates $500MM Senior Unsecured Notes 'Ba2'

VIGGLE INC: Number of Directors Reduced to Seven
VYCOR MEDICAL: Corrects Inaccuracy in Cert. of Incorporation
WAJDI TABEL: IHOP Franchising Suit Referred to Magistrate Judge
WARNER MUSIC: S&P Affirms 'B+' CCR & Rates $275MM Sr. Notes 'B+'
WEBSENSE INC: S&P Affirms 'B' CCR & Revises Outlook to Negative

WIDEOPENWEST FINANCE: Moody's Rates $100MM Unsecured Bonds 'Caa1'
WIDEOPENWEST FINANCE: S&P Keeps CCC+ Notes Rating on $100MM Add-On
WILLIAM LYON: S&P Rates $150MM Sr. Unsecured Notes 'B-'
WJO INC: Court Converts Case to Chapter 7 Liquidation
WMG ACQUISITION: Moody's Rates $275MM Senior Secured Notes 'B1'

* I.R.S. Says Bitcoin Should Be Considered Property, Not Currency

* Five Banks Fail Fed Stress Test
* Failing Stress Test Is Another Stumble for Citigroup
* ATFA Launches Ad Over Argentina's Contempt for U.S. Courts
* Chris Barbuto, GE M&A Lawyer, Joins Sidley as New York Partner
* Bank of America to Pay $6.3B to Settle Mortgage Securities Suit

* Wilbur Ross's Buyout Firm Names New Leaders
* Larry Larsen to Serve as Senior Advisor for Dresdner
* GreenPath Debt Solutions Acquires CCCS of Greater San Antonio
* Hellmuth & Johnson to Merge with Johnson Law Group

* BOOK REVIEW: Creating Value through Corporate Restructuring:
               Case Studies in Bankruptcies, Buyouts, and
               Breakups


                             *********


650 CHURCH STREET: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: 650 Church Street, LLC
        650 Church Street
        Lake Zurich, IL 60047

Case No.: 14-11091

Chapter 11 Petition Date: March 26, 2014

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

Judge: Hon. Carol A. Doyle

Debtor's Counsel: Nicholas C Kefalos, Esq.
                  VERNOR MORAN LLC
                  27 North Wacker Drive Suite 2000
                  Chicago, IL 60606-2800
                  Tel: 312 264-4460
                  Fax: 312 264-4461
                  Email: nkefalos@vernormoran.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Gerald Chacin, member-manager.

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


ALLONHILL LLC: Files after $25.8 Million Fraud Judgment
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Allonhill LLC, formerly a provider of due diligence
services for mortgage investors, filed a petition for Chapter 11
protection in Delaware.

According to the report, Denver-based Allonhill sold the business
in August to Stewart Information System Corp. under a contract
with terms the company is barred from disclosing.

Allonhill is appealing the Aurora judgment, the report said.  The
company said it is "likely" money will be left over from the
Stewart contract to pay shareholders, who include some of the
company's former employees.

The case is In re Allonhill LLC, 14-bk-10663, U.S. Bankruptcy
Court, District of Delaware (Wilmington).


ALLY FINANCIAL: U.S. to Shrink Stake by More Than Half
------------------------------------------------------
William Alden, writing for The New York Times' DealBook, reported
that the Treasury Department is preparing to reduce its stake in
Ally Financial by more than half, through an initial public
offering of stock.

According to the report, Ally, the former financing arm of General
Motors that the government rescued in the financial crisis, said
in a regulatory filing that the Treasury planned to sell 95
million shares in an I.P.O. Currently, the Treasury owns 177.3
million shares in Ally, or about 37 percent.

The shares are expected to be priced at $25 to $28 in the
offering, Ally said, the report related.  At the high end of that
range, the deal would raise $2.7 billion.

The underwriters of the I.P.O. will have the option to buy an
additional 14.3 million shares, the filing said, the report
further related.  Including those shares, the deal could raise up
to $3.1 billion.

A successful offering would provide a pathway for the Treasury to
eventually sell its entire stake in Ally, a goal it has been
working toward for some time, the report said.  The company
received a $17.2 billion rescue in the crisis.

                       About Ally Financial

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

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

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

                           *     *     *

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

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

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


ALLONHILL LLC: Case Summary and 17 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Allonhill, LLC
           fka Allon Hill, LLC
               Allon Financial, LLC
               The Murrayhill Company, LLC
        1200 17th Street, Suite 880
        Denver, CO 80202

Case No.: 14-10663

Type of Business: A professional services firm based in Denver,
                  Colorado, that previously provided loan due
                  diligence and credit risk management services
                  for institutions that invest in, sell,
                  securitize or service mortgage loans.

Chapter 11 Petition Date: March 26, 2014

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtor's General
Counsel:          HOGAN LOVELLS US LLP

Debtor's Local    Neil B. Glassman, Esq.
Counsel:          BAYARD, P.A.
                  222 Delaware Avenue, Ste 900
                  Wilmington, DE 19801
                  Phone: 302 655-5000
                  Fax: 302-658-6395
                  Email: bankserve@bayardlaw.com

                    - and -

                  Justin R. Alberto, Esq.
                  BAYARD, P.A.
                  222 Delaware Avenue, Suite 900
                  P.O. Box 25130
                  Wilmington, DE 19899
                  Phone: 302-429-4226
                  Fax: 302-658-6395
                  Email: jalberto@bayardlaw.com

                    - and -

                  Evan T. Miller, Esq.
                  BAYARD, P.A.
                  222 Delaware Avenue, Esq., Suite 900
                  Wilmington, DE 19801
                  Tel: 302-429-4227
                  Fax: 302-658-6395
                  Email: emiller@bayardlaw.com

Debtor's Claims   UPSHOT SERVICES LLC
and Noticing
Agent:

Estimated Assets: $50 million

Total Debts: $29.9 million

The petition was signed by Mr. Sue Allon, manager.

List of Debtor's 17 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Aurora Bank, FSB                 Judgment          $25,845,329
10350 Park Meadows
Dr. Littleton, CO 80124

XL Specialty Insurance Company   Insurance          $2,904,977
Company                          Policy Rights
100 Constitution Plaza,
14th Floor
Hartford, CT 06103

Williams & Connolly, LLP         Trade Debt           $945,571
725 Twelfth St., N.W.
Washington, DC 20005

Stewart Lender                   Misdirected          $675,474
Services, Inc.                   Deposits
9700 Bissonet, Suite 1500
Houston, TX 77036

Guardian/DCC, LLC                DTC Rent for April    $52,678

Denver County                    Personal Property Tax $22,489

Complete Discovery Source, Inc.  Trade Debt            $21,876

Linkedln Corporation             Trade Debt             $4,375

CNT Group, Inc.                  Trade Debt             $3,996

Ehrhardt, Keefe, Steiner         Trade Debt             $3,000
& Hottman, P.C.

Dallas County Tax Office         Personal Property Tax  $2,033

ADP, Inc.                        Trade Debt             $1,100

American Express Company         Credit Card Debt         $793

Davis & Ceriani, P.C.            Trade Debt               $346

Husch Blackwell LLP              Trade Debt               $123

FedEx                            Trade Debt                $89

Colorado State                   Unemployment Tax          $26


ANDALAY SOLAR: Incurs $3.8 Million Net Loss in 2013
---------------------------------------------------
Andalay Solar, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common stockholders of $3.85 million on $1.12
million of net revenue for the year ended Dec. 31, 2013, as
compared with a net loss attributable to common stockholders of
$9.15 million on $5.22 million of net revenue in 2012.

As of Dec. 31, 2013, the Company had $3.46 million in total
assets, $6.85 million in total liabilities, $163,998 in series
Convertible redeemable preferred stock, $858,565 in series D
convertible redeemable preferred stock, and a $4.40 million total
stockholders' deficit.

Burr Pilger Mayer, Inc., in San Francisco, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company's significant operating losses and
negative cash flow from operations raise substantial doubt about
its ability to continue as a going concern.

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

                       http://is.gd/exr94H

                       About Andalay Solar

Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar,
Inc., is a provider of innovative solar power systems.  In 2007,
the Company pioneered the concept of integrating the racking,
wiring and grounding directly into the solar panel.  This
revolutionary solar panel, branded "Andalay", quickly won industry
acclaim.  In 2009, the Company again broke new ground with the
first integrated AC solar panel, reducing the number of components
for a rooftop solar installation by approximately 80 percent and
lowering labor costs by approximately 50 percent.  This AC panel,
which won the 2009 Popular Mechanics Breakthrough Award, has
become the industry's most widely installed AC solar panel.  A new
generation of products named "Instant Connect" was introduced in
2012 and is expected to achieve even greater market acceptance.


API TECHNOLOGIES: Senator Inv. Ceased as Shareholder as of March 7
------------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Senator Investment Group LP and its
affiliates disclosed that as of March 7, 2014, they no longer
owned shares of common stock of API Technologies Corp.  Senator
Investment previously disclosed beneficial ownership of 5,929,232
shares at Feb. 1, 2013.  A copy of the regulatory filing is
available at http://is.gd/VR4K8D

                      About API Technologies

API Technologies designs, develops and manufactures electronic
systems, subsystems, RF and secure solutions for technically
demanding defense, aerospace and commercial applications.  API
Technologies' customers include many leading Fortune 500
companies.  API Technologies trades on the NASDAQ under the symbol
ATNY.  For further information, please visit the Company Web site
at www.apitech.com.

For the nine months ended Aug. 31, 2013, the Company reported net
income of $15,000 on $185.16 million of net revenue.  For the 12
months ended Nov. 30, 2012, the Company reported a net loss of
$148.70 million, as compared with a net loss of $17.32 million
during the prior year.

As of Nov. 30, 2013, the Company had $304.57 million in total
assets, $147.14 million in total liabilities, $26.32 million in
redeemable preferred stock and $131.10 million in shareholders'
equity.

                           *     *     *

As reported by the TCR on Feb. 14, 2013, Moody's Investors Service
has withdrawn all ratings of API Technologies Corp., including its
Caa1 Corporate Family Rating and negative outlook due to the
repayment of all rated debt.  On Feb. 6, 2013, API Technologies
Corp. completed a refinancing of its previously outstanding rated
bank debt.  All ratings of API have been withdrawn since the
company has no rated debt outstanding.

In the Feb. 22, 2013, edition of the TCR, Standard & Poor's
Ratings Services said that it lowered its corporate credit rating
on API Technologies Corp. to 'B-' from 'B'.

"The downgrade reflects weaker-than-expected credit metrics
resulting from less-than-expected improvements in operating
performance and higher debt, including a modest increase from the
recent refinancing," said Standard & Poor's credit analyst Chris
Mooney.


ARCHWAY HOMES: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Archway Homes, Inc.
           fdba Midway Dev. Corp
           fdba South Shore Investments, LLC
        P.O. Box 14
        Winnabow, NC 28479

Case No.: 14-01714

Chapter 11 Petition Date: March 26, 2014

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

Judge: Hon. Stephani W. Humrickhouse

Debtor's Counsel: Trawick H Stubbs, Jr., Esq.
                  STUBBS & PERDUE, P.A.
                  P. O. Drawer 1654
                  New Bern, NC 28563
                  Tel: 252 633-2700
                  Fax: 252 633-9600
                  Email: efile@stubbsperdue.com

Total Assets: $3 million

Total Liabilities: $2.42 million

The petition was signed by Thomas Young, Jr., president.

A list of the Debtor's 10 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nceb14-1714.pdf


ARVADA STRUCTURES: Has Until May 19 to File Disclosure Statement
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado extended
until May 19, 2014, Arvada Structures, LLC's time to file a
Disclosure Statement.

On Feb. 17, 2014, the Debtor filed its Plan of Reorganization, and
a motion to set the date for filing the Disclosure Statement.  The
Court established March 19 as the date which the Debtor was
required to file its Disclosure Statement.

The Debtor said that it has completed majority of the Disclosure
Statement, however, there were still significant hours of work
necessary to complete it.

The Plan provides for the reorganization of the Debtor under
Chapter 11.  The Debtor will restructure its debts and obligations
and continue to operate in the ordinary course of business.

On the Effective Date, Halston Mikail will be appointed as the
agent of the Debtor for the purpose of carrying out the terms of
the Plan, and taking all actions deemed necessary or convenient to
consummating the terms of the Plan, including but not limited to
execution of documents.

A copy of the Plan is available for free at:

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

                      About Arvada Structures

Arvada Structures filed a Chapter 11 petition (Bankr. D. Colo.
Case No. 13-29222) on Nov. 19, 2013.  The petition was signed by
Halston Mikail as manager.  The Debtor estimated assets and debts
of at least $10 million.  Judge Howard R Tallman presides over the
case.  Jeffrey S. Brinen, Esq., serves as the Debtor's counsel.

Richard A. Wieland, U.S. Trustee for Region 19, notified the
Bankruptcy Court that he was unable to appoint an official
committee of unsecured creditors in the Chapter 11 case of Arvada
Structures, LLC.


ASR CONSTRUCTORS: Inland Machinery May Auction Machinery
--------------------------------------------------------
Inland Machinery, Inc., a debtor-affiliate of ASR Constructors,
Inc., won Bankruptcy Court approval to auction off its assets
generally described as rental machinery and equipment.

Inland also won approval to employ Ritchie Bros. Auctioneers
(America) Inc. to sell assets no longer needed in the operation of
Inland's machinery and equipment rental business.

James C. Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP,
counsel to the Debtor, had said in court papers the auction was
scheduled to be held March 20, 2014, at the auctioneer's business
premises in Perris, California.

Inland's largest secured lienholders, Federal Insurance Company
and Berkley Regional Insurance Company, have no objection to the
sale.

Inland also obtained Court approval to use the sale proceeds to
make Court-approved disbursements to the proposed auctioneer
pursuant to the terms of the auction contract.

The net auction proceeds estimated to be approximately $300,000
will be held by the Debtor in a segregated account subject to the
liens and cash collateral agreements with Federal and Berkley.

Inland does not believe that any of the assets to be sold are
subject to lease interests.  However, out of an abundance of
caution, in the event that it is determined that any of the assets
are subject to a lease interest, the leased items will only be
sold if there is equity for the estate and the lessor consents to
the sale.

Inland has been advised by the auctioneer that the auction sale
may generate gross proceeds between $360,000 and $400,000 based on
the current business environment.  Through the competitive bidding
of a public auction sale, it is anticipated that Inland will
receive the best and highest value for the Assets and therefore,
the ultimate sale price of the assets will be fair and reasonable.

The auctioneer will be entitled, at the time of the auction, to a
commission of 9% based on the gross sale price of the equipment or
any part thereof.

                      About ASR Constructors

ASR Constructors, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case No. 13-25794) on Sept. 20, 2013.  The petition was
signed by Alan Regotti as president.  ASR disclosed $17,647,556 in
assets and $18,901,467 in liabilities as of the Chapter 11 filing.
Judge Mark D. Houle presides over the case.  James C Bastian, Jr.,
Esq., at Shulman Hodges & Bastian, LLP, serves as the Debtor's
counsel.

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

Two affiliates -- Another Meridian Company, LLC and Inland
Machinery, Inc., -- also filed Chapter 11 petitions.


ATP OIL: May Reject Contracts With Williams Cos.
------------------------------------------------
In the Chapter 11 case of ATP Oil & Gas Corporation, the U.S.
Bankruptcy Court for the Southern District of Texas issued an
order on Feb. 27, 2014, compelling the rejection of executory
contract and payment of administrative expense claims.

The Court also approved the agreement among ATP Oil & Gas,
Williams Companies, Inc., and Marubeni Oil & Gas (USA) Inc.

The agreement provides for, among other things:

   1. all administrative claims asserted by Williams against
      the Debtor's bankruptcy estate is satisfied in full and
      expunged;

   2. all and all other contracts and agreements between the
      Debtor and Williams are deemed rejected as of July 1, 2013.
      However, any contracts or agreements between ATP and
      Williams not included among those listed on Exhibit A to
      the parties' agreement, are rejected as of Aug. 17, 2012,
      unless the contracts or agreements have been previously
      assumed.

A copy of Exhibit A is available for free at:

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

The Court further noted that the order becomes effective only upon
receipt by Williams of payment from Marubeni.

Meanwhile, the Debtor is party to unexpired real estate leases
with the Department of the Interior.  The remaining unexpired
leases consist of those oil and gas leases, rights of way, and
rights of use and easement for which the Debtor is pursuing
transactions that may result in their assignment to predecessors
in title on such properties or their designees.

The Debtor, in its motion, stated that although it intends to
close on that transaction quickly as possible, it may take beyond
the so-called Current 365(d)(4) Deadline for DOI to process and
recognize the assignment and transfer of the Debtor's interests in
the Remaining BOEM Leases that are being assumed and assigned
pursuant to the GB 409/ST 48 order.  Similarly, although the
Debtor has made significant progress negotiating and documenting
agreements that, among other things, provide for the assumption
and assignment or other disposition of the Remaining BOEM Leases
associated with the Canyon Express Pipeline System, it is filing a
motion to seek approval of the CEPS related Assignment.

                            About ATP Oil

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

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

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

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

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


AUTO ORANGE: Balks at Bid to Continue Case Dismissal Hearing
------------------------------------------------------------
James Zhou, Esq., at the Law Offices of Zhou & Chini, on behalf of
Auto Orange II, LLC, opposed the request by creditors Mark
Spizzirri, El Camino Real Estate Holdings, LLC, and 1700 N. El
Camino Real Estate LLC to continue the hearing on U.S. Trustee
Frank M. Cadigan's motion to dismiss the Debtor's case, stating
that the request was untimely and must not be taken into
consideration by the Court.

Moreover, Mr. Zhou said, the validity of any of the requesting
parties' claims is put into question, and especially that of Mr.
Spirrizzi.  Mr. Spirrizzi himself did not even list a claim
against AO II on Schedule B in his personal bankruptcy, yet he
claims that he is the second largest unsecured creditor of AO II.

William N. Lobel, Esq., at Lobel, Neue & Till, LLP, on behalf of
creditor Mr. Spizzirri; and Michael J. Weiland, Esq., at Weiland,
Golden, Smiley, Wang Ekvall & Strok, LLP, on behalf of creditors
El Camino and 1700 N. El Camino, in a request to continue hearing,
said that the Debtor has not complied with its filing requirements
and payment of quarterly U.S. Trustee fees.

The creditors related that the opposition is late-filed because
the Plan Proponents were evaluating the viability of the plan they
now intend to propose, while at the same time hoping that the
Debtor might propose a plan that they could support.

However, after realizing the Debtor will not be proposing a plan
that they could support, and that the Debtor cannot confirm a plan
absent their support, and after determining that the Plan
Proponents could confirm and consummate a creditor plan in the
best interests of all the creditors, Mr. Spizzirri's counsel
reached out to the U.S. Trustee to propose a brief continuance of
the U.S. Trustee's motion, to allow the Plan Proponents time to
file their creditor plan.  However, with no plan yet on the table,
the U.S. Trustee was understandably unwilling to take the hearing
off calendar.

The Debtor's exclusivity period was scheduled to expire March 21.
If the hearing on the motion to convert or dismiss is continued
for four weeks, to April 18, then the Plan Proponents will have
reasonable opportunity to file a plan that they believe will be in
the best interests of creditors.

Such a plan, if proposed and confirmed, would pay all outstanding
administrative costs and allow for all reporting requirements to
be fulfilled.  If a creditor plan is not filed by April 18, then
the Court can convert or dismiss at the continued hearing.

As reported in the Troubled Company Reporter on Feb. 24, 2014,
the U.S. Trustee sought dismissal or conversion of the Debtor's
case.  The U.S. Trustee also asked the Court to fix any quarterly
fees due and payable to the U.S. Trustee.

The U.S. Trustee said the Debtor has failed to file a monthly
operating report for the month of December 2013, and failed to pay
U.S. Trustee quarterly fees for the Fourth Quarter of 2013 in the
amount of $650.

On March 19, the Debtor notified the U.S. Trustee that it does not
oppose the dismissal of the case.

TerraCotta Realty Fund, LLC, in a separate filing, notified the
Bankruptcy Court that it has withdrawn its own motion to dismiss
the case.  According to TerraCotta, on Feb. 7, 2014, its was
granted relief from automatic stay against the Debtor's real
property located at 32881 Camino Capistrano, San Juan Capistrano,
California.

                        About Auto Orange II

Auto Orange II, LLC, filed a bare-bones Chapter 11 petition
(Bankr. C.D. Cal. Case No. 13-19490) in Santa Ana, California, on
Nov. 21, 2013.  The Debtor disclosed $12,700,000 in assets and
$10,098,621 in liabilities as of the Chapter 11 filing.  The
Debtor is represented by James D. Zhou, Esq., at the Law Offices
of Zhou and Chini, in Irvine, California.  The petition was signed
by Barry Baptiste, president of the company.  Judge Catherine E.
Bauer presides over the case.


AUTO ORANGE: Zhou & Chini Approved as General Insolvency Counsel
----------------------------------------------------------------
The Bankruptcy Court, according to Auto Orange II, LLC's case
docket, authorized the employment of the Law Offices of Zhou &
Chini as general insolvency counsel.

As reported in the Troubled Company Reporter on Feb. 5, 2014,
James Zhou and the Debtors attested that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firm's rates are:

   Professional                    Rates
   ------------                    -----
   Principal                       $400 per hour
   Junior                          $350 per hour and $275

The Debtor has agreed to pay an initial retainer of $32,500 for
the firm's legal fees and expenses associated with the case.  The
Debtor also disclosed that $35,300 has been paid so far to the
Firm, including $7,500 paid prepetition by Barry Baptiste and
$27,800 paid post-petition by Craig Baptiste.  The Retainer is
intended to cover fees and expenses incurred prepetition and a
portion of the fees and expenses incurred post-petition.

According to the Debtor's schedules, the Baptistes hold the
membership interests in the Debtor.

The firm will prepare an accounting to determine the fees and
costs that were incurred prepetition, and if the retainer exceeds
such pre-petition amounts, the Firm will deposit such amount into
the Firm's general account, and the balance of the retainer will
be disbursed only pursuant to the provisions of this Application
and the Court's order with respect to this Application.  Pursuant
to its Retainer Agreement, the Firm claims a security interest in
any unused portion of the retainer.

TerraCotta Realty Fund LLC, a secured creditor, filed an
opposition to the Debtor's application to employ Zhou & Chini.
TerraCotta Realty requests clarification from the Debtor on these
issues -- and requests that the Court denies the application until
such time these issues are addressed:

1. Source of Retainer:  The Debtor must clarify the terms and
   source of the retainer.

2. Identity of Client: In addition to the Debtor, the engagement
   letter attached to the application identifies three parties as
   the "client".  Due to the potential conflict of interest that
   could arise from the representation of multiple parties in the
   same bankruptcy case, proposed counsel for the Debtor must
   clarify whether they intend to represent all four parties who
   executed the engagement letter.

Creditors El Camino Real Estate Holdings, 1700 N. El Camino Real
Estate LLC, Anthony K. Ciabattoni and Frank N. Darras also filed a
limited opposition to the employment application.  They said the
Debtor's application does not disclose whether the Baptistes
loaned or gifted these funds to the Debtor.  If they were loans,
then the postpetition portion of it would appear to be
unauthorized borrowing under 11 U.S.C. Sec. 364. Moreover, the
application proposes to permit counsel to utilize the so-called
Knudsen procedures for drawing down the retainer and, once the
retainer is exhausted, to receive postpetition payment of fees
from the Debtor on a monthly basis.  Until the Debtor discloses
the circumstances surrounding the Baptistes' payment of the
Debtor's retainer, how the Debtor proposes to pay postpetition
fees once the retainer is exhausted, and the bases upon which the
Knudsen procedures would apply, the application should be denied.

                        About Auto Orange II

Auto Orange II, LLC, filed a bare-bones Chapter 11 petition
(Bankr. C.D. Cal. Case No. 13-19490) in Santa Ana, California, on
Nov. 21, 2013.  The Debtor estimated $10 million to $50 million in
assets and liabilities.  The Debtor is represented by James D.
Zhou, Esq., at the Law Offices of Zhou and Chini, in Irvine,
California.  The petition was signed by Barry Baptiste, president
of the company.  Judge Catherine E. Bauer presides over the case.


BATE LAND: Amends Schedules of Assets and Liabilities
-----------------------------------------------------
Bate Land & Timber, LLC, filed with the U.S. Bankruptcy Court for
the Eastern District of North Carolina amended schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $47,032,125
  B. Personal Property            $6,445,499
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                  $38,301
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $33,334
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $74,090,576
                                 -----------      -----------
        Total                    $53,477,624      $74,162,211

A copy of the amended schedules is available for free at:

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

                     About Bate Land & Timber

Willotte, North Carolina-based Bate Land & Timber, LLC, sought
protection under Chapter 11 of the Bankruptcy Code on July 25,
2013 (Case No. 13-04665, E.D.N.C.).  Judge Stephani W.
Humrickhouse oversees the Chapter 11 case.

The Debtor, in amended schedules, disclosed $53,477,624 in assets
and $74,162,211 liabilities as of the Chapter 11 filing.  The
petition was signed by Brad Cheers, manager.

The Plan filed in the case proposes to sell all of the Debtor's
real property valued at $47,032,125, and personal property valued
at $6,445,499.  Proceeds from the asset sales will fund the Plan.
The liens secured by the Debtor's property will attach to the net
proceeds of the sale remaining after payment costs of sale and all
reasonable and ordinary closing costs.

The Bankruptcy Administrator for the Eastern District of North
Carolina was unable to organize and recommend the appointment of a
committee of creditors holding unsecured claims against the
Debtor.


BATE LAND: Has Until July 1 to Solicit Plan Votes
-------------------------------------------------
The Hon. Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina extended until July 1,
2014, Bate Land & Timber, LLC's exclusive period to solicit
acceptances for its Plan of Reorganization.

The Debtor filed its Plan on Aug. 30, 2013.  The confirmation
hearing is scheduled for March 17.  However, there are several
continuance dates for the hearing until May 15. The deadline for
the 180-day period for obtaining confirmation of the Debtor's Plan
is April 1.

                            The Plan

As reported in the Troubled Company Reporter on Sept. 10, 2013,
Judge Stephani W. Humrickhouse conditionally approved the
disclosure statement explaining the Debtor's Plan.

The Plan proposes to sell all of the Debtor's real property valued
at $47,032,125, and personal property valued at $6,445,499.
Proceeds from the asset sales will fund the Plan.  The liens
secured by the Debtor's property will attach to the net proceeds
of the sale remaining after payment costs of sale and all
reasonable and ordinary closing costs.

A full-text copy of the Plan, dated Aug. 30, 2013, is available
for free at http://bankrupt.com/misc/BATELANDds0830.pdf

Bate Land Company LP has objected to confirmation of the Debtor's
Plan.  The Plan proposes to pay nothing to BLC because, the Debtor
contends, BLC's debt was fully satisfied prior to the filing of
the Chapter 11 petition.

                     About Bate Land & Timber

Willotte, North Carolina-based Bate Land & Timber, LLC, sought
protection under Chapter 11 of the Bankruptcy Code on July 25,
2013 (Case No. 13-04665, E.D.N.C.).  Judge Stephani W.
Humrickhouse oversees the Chapter 11 case.

The Debtor, in amended schedules, disclosed $53,477,624 in assets
and $74,162,211 liabilities as of the Chapter 11 filing.  The
petition was signed by Brad Cheers, manager.

The Plan filed in the case proposes to sell all of the Debtor's
real property valued at $47,032,125, and personal property valued
at $6,445,499.  Proceeds from the asset sales will fund the Plan.
The liens secured by the Debtor's property will attach to the net
proceeds of the sale remaining after payment costs of sale and all
reasonable and ordinary closing costs.

The Bankruptcy Administrator for the Eastern District of North
Carolina was unable to organize and recommend the appointment of a
committee of creditors holding unsecured claims against the
Debtor.


BIOLITEC INC: Angiodynamics Wins $74.9 Million in Damages
---------------------------------------------------------
In the case styled, ANGIODYNAMICS, INC., Plaintiff. v. BIOLITEC
AG, WOLFGANG NEUBERGER, BIOLITEC, INC., and BIOMED TECHNOLOGY
HOLDINGS, LTD., Defendants, No. 09-cv-30181-MAP (D. Mass.), the
Court on January 14, 2014, entered default judgment against
Defendants on the issue of liability.  Counsel then appeared for
argument on February 24, 2014, to set forth their positions on the
question of damages.  Because the allegations in the complaint are
accepted as true, Massachusetts District Judge Michael A. Ponsor
said the Plaintiff is entitled to recover actual damages, trebled
under Mass. Gen. Laws chapter 93A; pre-judgment interest; and
reasonable attorney's fees and costs.  The Court thus entered
judgment for the Plaintiff in the amount of $74,920,422.

On September 20, 2012, the Northern District of New York found
Biolitec, Inc. liable to Plaintiff in the amount of $16,463,846,
plus pre-judgment interest, for failing to indemnify Plaintiff as
required under the parties' Supply and Distribution Agreement.
This damage award was based on amounts Plaintiff had previously
been required to pay to settle litigation brought against it by
two entities -- VNUS and Diomed -- that BI, in violation of the
SDA, had failed to hold Plaintiff harmless against.  One year
later, that court entered partial, final judgment for Plaintiff in
the amount of $23,156,287.  BI subsequently appealed the decision
to the Second Circuit Court of Appeals.

In January 2013, with that judgment still outstanding, BI filed
for bankruptcy in the U.S. Bankruptcy Court for the District of
New Jersey.  On April 3, 2013, the bankruptcy court appointed a
trustee, pursuant to 11 U.S.C. Sec. 1104, and removed control of
the company from Neuberger.

The trustee, on behalf of BI, entered into a settlement agreement
with Plaintiff on July 16, 2013.  Plaintiff agreed to forego
efforts to seek monetary damages against BI in the New York
litigation -- BI apparently had few assets at any rate -- with the
understanding that Plaintiff would instead pursue its remedies
against BI and the other Defendants in this forum. In return, BI
agreed to withdraw its appeal before the Second Circuit.  The
Bankruptcy Court approved the settlement on August 9, 2012.  Two
weeks later the Second Circuit dismissed BI's appeal. At that
point, the New York judgment became final.

In the litigation before the Massachusetts court, Plaintiff has
attempted to recover the New York judgment from the Defendants.
Plaintiff accused Biolitec AG, Biomed Technology Holdings, Ltd.,
and Wolfgang Neuberger -- all entities closely associated with BI
-- of (among other things) wrongfully diverting assets from BI in
an effort to render BI judgment-proof and escape paying the New
York judgment. The specific claims asserted by Plaintiff in this
case include tortious interference with a contract, fraudulent
transfer, and violation of Mass. Gen. Laws chapter 93A.  Plaintiff
contends that the close relationship among the parties and their
course of conduct permits it to reach through the corporate
structure and, as the phrase goes, "pierce the corporate veil."

After nearly five years of litigation characterized by
increasingly recalcitrant behavior on the Defendants' part, the
court allowed two of Plaintiff's Motions for Default Judgment
stemming from Defendants' bad-faith behavior during pre-trial
discovery.  After entering judgment on the issue of liability for
Plaintiff, the court heard argument on damages on February 24,
2014. Following this, the court provided additional time for
Defendants to file a sur-reply, and took the matter under
advisement.

A copy of the Court's March 18, 2014 Memorandum and Order
Regarding Damages is available at http://is.gd/Jm0lETfrom
Leagle.com.

AngioDynamics, Inc., is represented by William E. Reynolds, Esq.,
at Bond, Schoeneck & King, PLLC.

Edward Griffith, Esq., at The Griffith Firm; Erika C. Browne,
Esq., at Segel, Goldman, Mazzotta & Siegel, P.C.; Michael K.
Callan, Esq., at Doherty, Wallace, Pillsbury & Murphy, P.C.; and
Paul A. Feigenbaum, Esq., at Mazzotta, Siegel & Vagianelis, P.C.
represent the Defendants.

The Chapter 11 Trustee for Biolitec Inc., Melanie L. Cyganowski,
is represented by Steven C. Reingold, Esq., and Nicholas J.
Rosenberg, Esq., at Jager Smith P.C.

                        About Biolitec Inc.

Biolitec, Inc., is a member of the Biolitec Group, a multinational
group of affiliated companies that is a global market leader in
the manufacture and distribution of fiber optic devices and
products such as medical lasers and fibers, photo-pharmaceuticals
and industrial fiber optics.  Biolitec AG, a German public company
listed on the highly regulated Prime Standard segment of the
Frankfurt stock exchange, is the ultimate parent of the Debtor.

Biolitec, Inc., filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 13-11157) on Jan. 22, 2013, to stop competitor AngioDynamics
Inc. from collecting $23 million it won in a breach of contract
lawsuit.  Brian K. Foley signed the petition as chief operating
officer.  In its schedules, the Debtor listed $8,986,073 in assets
and $46,286,763 in liabilities.


BLUEJAY PROPERTIES: 10th Cir. BAP Affirms Access to BBOK Cash
-------------------------------------------------------------
BANKERS' BANK OF KANSAS, NA, Appellant, v. BLUEJAY PROPERTIES,
LLC, STUMBO HANSON, LLP, UNIVERSITY NATIONAL BANK, UNITED STATES
TRUSTEE, KAW VALLEY BANK, JOHN LARKIN, LARKIN EXCAVATING, INC.,
and TICC PROPERTY MANAGEMENT, LLC, Appellees, BAP No. KS-12-105
(10th Cir. BAP), poses the question of how much protection a
secured creditor needs in order for its claim in bankruptcy to be
"adequately" protected?

A three-judge panel of the U.S. Bankruptcy Appellate Panel of the
Tenth Circuit concludes that "where the value of the secured
property exceeds the creditor's claim by a reasonable margin and
is unlikely to decrease in value, then the claim is adequately
protected, regardless of the number or types of security the
creditor holds."

Bluejay Properties LLC is a single asset real estate debtor that
owns a 192-unit apartment complex in Junction City, Kansas called
Quinton Point.  The Debtor built the Property in 2009 with a $15
million construction loan from University National Bank.  UNB's
interest was partially paid down by other security UNB held and
was then assigned to Bankers' Bank of Kansas.  UNB continues to
hold a second mortgage on the Property. Bank's promissory note is
secured by both a first position mortgage and an assignment of
Property rents.

The Debtor filed a Chapter 11 bankruptcy petition on September 28,
2012. Since that filing, the Property's value has always exceeded
Bank's total claim.  In addition to Bank's and UNB's mortgages,
the Property is subject to an equitable mortgage and/or
constructive trust claim by Kaw Valley Bank.  Kaw filed a state
court lawsuit against UNB, claiming that UNB engaged in wrongful
conduct in connection with the loan to the Debtor and, pursuant to
a constructive trust theory, its conduct invalidated the UNB/Bank
loan transaction and security interest, leaving Kaw as the only
security holder on the Property. The state court action was
removed to the bankruptcy court as an adversary proceeding, in
which Kaw will need to provide significant evidence of fraud or
other serious misconduct in order to prevail.

Shortly after the petition was filed, the Debtor filed a motion
before the bankruptcy court seeking authorization to use Property
rents pursuant to a proposed budget.  The Bank objected to that
motion, in part.  The Bank did not object to use of its cash
collateral for payment of Property operating expenses (under a
court-approved budget), but did object to use of rents for payment
of the Debtor's legal expenses and management fees to the Debtor's
majority owner.  An evidentiary hearing was held on the Debtor's
motion to use cash collateral. Following that hearing, the
bankruptcy court issued an order allowing the Debtor to use
Property rents pursuant to its proposed budget, and granting the
Bank a replacement lien in future rents. Additionally, the Debtor
was required to make single asset real estate payments to the
Bank, pursuant to 11 U.S.C. Sec. 362(d)(3),3 in the amount of
contract interest on the loan (6.5%).

On appeal, the Bank makes two principal assertions of error.  The
Bank contends the cash collateral order fails to take into account
that it has a separate security interest in rents.  The Bank
argues the cash collateral order allows the Debtor to use Property
rents to pay expenses that do not directly benefit the collateral.

According to the 10th Circuit BAP, "from the bankruptcy court
record and Bank's admissions in this Court, th[e] Bank's interest
was adequately protected by a security cushion provided by the
value of the Property. Bank is entitled to no more protection of
its claim than was provided by the bankruptcy court, and the order
allowing Debtor to use Property rents for expenses pursuant to an
approved budget is not reversible by this Court. The bankruptcy
court's cash collateral order of November 28, 2012, is therefore
affirmed."

A copy of the BAP's March 12, 2014 Opinion is available at
http://is.gd/BvEULnfrom Leagle.com.

                     About Bluejay Properties

Based in Junction City, Kansas, Bluejay Properties, LLC, doing
business as Quinton Point, filed a bare-bones Chapter 11 petition
(Bankr. D. Kan. Case No. 12-22680) in Kansas City on Sept. 28,
2012.  Bankruptcy Judge Robert D. Berger presides over the case.
Todd A. Luckman, Esq., and Kathryn E. Sheedy, Esq., at Stumbo
Hanson LLP, in Topeka.

The Debtor owns the Quinton Point Apartment Complex in Kansas City
valued at $17 million.  The Debtor scheduled liabilities of
$13,112,325.  The petition was signed by Michael L. Thomas of TICC
Prop., managing member.

Bankers' Bank of Kansas, owed approximately $13.08 million, is
represented by Arthur S. Chalmers of Hite, Fanning & Honeyman,
LLP.  The University National Bank, owed approximately
$1.2 million, is represented by Edward J. Nazar of Redmond &
Nazar, L.L.P., and Todd Thompson of Thompson Ramsdell & Qualseth,
P.A.

There has been no official committee of unsecured creditors
appointed in the case.


BOOMERANG SYSTEMS: Director Quits for Personal Reasons
------------------------------------------------------
Stanley J. Checketts resigned from the Board of Directors of
Boomerang Systems, Inc., on March 6, 2014.  Mr. Checketts advised
the Board of Directors his resignation was for personal reasons
and not based upon any disagreement with the Company's operations,
policies or practices.

                       About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.

Boomerang Systems incurred a net loss of $11.22 million for the
year ended Sept. 30, 2013, following a net loss of $17.42 million
for the year ended Sept. 30, 2012.

The Company's balance sheet at Dec. 31, 2013, showed $6.07 million
in total assets, $29.01 million in total liabilities and a $22.93
million total stockholders' deficit.

                         Bankruptcy Warning

"Our operations may not generate sufficient cash to enable us to
service our debt.  If we were to fail to make any required payment
under the Loan Agreement, notes and agreements governing our
indebtedness or fail to comply with the covenants contained in the
Loan Agreement, notes and agreements, we would be in default.  A
debt default could significantly diminish the market value and
marketability of our common stock and could result in the
acceleration of the payment obligations under all or a portion of
our consolidated indebtedness, or a renegotiation of our Loan
Agreement with more onerous terms and/or additional equity
dilution.  If the debt holders were to require immediate payment,
we might not have sufficient assets to satisfy our obligations
under the Loan Agreement, notes or our other indebtedness.  It may
also enable their lenders under the Loan Agreement to foreclose on
the Company's assets and/or its ownership interests in its
subsidiaries.  In such event, we could be forced to seek
protection under bankruptcy laws, which could have a material
adverse effect on our existing contracts and our ability to
procure new contracts as well as our ability to recruit and/or
retain employees.  Accordingly, a default could have a significant
adverse effect on the market value and marketability of our common
stock," the Company said in the annual report for the year ended
Sept. 30, 2013.


BROOKSTONE INC: Preparing to File for Bankruptcy
------------------------------------------------
Emily Glazer, writing for The Wall Street Journal, reported that
Brookstone Inc., which sells consumer gadgets ranging from travel
electronics to massage chairs, is preparing to file for bankruptcy
protection as early as Sunday, with a plan in place to be bought
by another specialty retailer, people familiar with the matter
said.

According to the report, Egg Harbor Township, N.J.-based Spencer
Spirit Holdings Inc., which owns Spencer's and costume retailer
Spirit, has been in discussions with Brookstone for weeks, the
people said, as Brookstone battles disappointing sales, weak
liquidity and a hefty debt load. The two parties are hoping to
finalize sale paperwork over the weekend leading up to a
bankruptcy filing, they said.

Spencer Spirit Holdings is expected to pay around $120 million for
Brookstone, the people said, the report related.  Brookstone has
about $140 million in debt.

Spencer Spirit Holdings, which is privately owned, doesn't
currently plan to reduce the number of Brookstone stores or
employees, the people said, the report further related.

After missing an interest payment to creditors in January,
Brookstone, of Merrimack, N.H., in recent weeks evaluated a few
bidders for the company, including its bondholders led by KKR &
Co. and Canyon Partners LLC, people familiar with the matter said,
the report added.


BUCKEYE AIR: Involuntary Chapter 11 Case Summary
------------------------------------------------
Alleged Debtor: Buckeye Air Commerce Center, LLC
                1237 S. Val Vista Drive
                Mesa, AZ 85204

Case Number: 14-04183

Involuntary Chapter 11 Petition Date: March 26, 2014

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Madeleine C. Wanslee

Petitioners' Counsel: Kent A. Lang, Esq.
                      LANG BAKER & KLAIN, PLC
                      8767 E. Via De Commercio, Ste 102
                      Scottsdale, AZ 85258
                      Tel: 480-947-1911
                      Fax: 480-970-5034
                      Email: FilingKAL@lang-baker.com

List of Alleged Debtor's Petitioners:

  Petitioners              Nature of Claim   Claim Amount
  -----------              ---------------   ------------
  Lang & Baker, PLC         Undersecured        $90,000
  8767 E. Via de
  Commercio #102
  Scottsdale, AZ 85258
  480-947-1911

  Jonathan Nace             Undersecured       $175,012
  4714 N. 82nd St.
  Scottsdale, AZ 85251

  Christopher Nace          Undersecured       $175,012
  4714 N. 82nd St.
  Scottsdale, AZ 85251


BUFFET PARTNERS: Texas County Balks at Sale of All Assets
---------------------------------------------------------
Michael S. Mitchell, Esq., at DeMarco, Mitchell, PLLC, on behalf
of The Collin County Texas Tax Assessor Collector, opposed Buffet
Partners, L.P., et al.'s motion to sell substantially all of their
assets.  Collin County does not object to the sale of the
property, nor to the procedures proposed by the Debtor to
accomplish that sale.  Collin County said if the sale motion
should be granted, the order granting the relief should be drafted
so as to specifically protect its lien position by providing that:

   1) the County's claims for taxes, penalties and interest
      due and owing for tax year 2013 are paid in full at
      the closing of the contemplated sale;

   2) any purchaser be required to specifically assume
      liability for 2014 ad valorem taxes assessed against
      the subject property; and

   3) Collin County will retain its statutory tax liens until
      the time as those taxes are paid in the ordinary course
      of business affairs of the purchaser(s).

Collin County is a local taxing entity and levies, assesses and
collects state ad valorem property taxes assessed on both real and
personal property located within its jurisdiction.  It holds
statutory tax liens on business personal property that is the
subject of the sale motion.

As of the Petition Date, Collin County was owed at least $13,827
in connection with ad valorem property taxes assessed for tax
years 2013 and 2014 on business personal property of the Debtor
housed at these locations: (a) 1900 North Central Expressway,
Plano, Texas; and (b) 2701 E. Plano Parkway, Plano, Texas.

Laura J. Monroe, Esq., at Perdue, Brandom, Fielder, Collins &
Mott, L.L.P. -- on behalf of tax authorities consisting of Lubbock
Central Appraisal District, Midland County Tax Office, Arlington
Independent School District, Richardson Independent School
District, Randall County Tax Office, Potter Tax Office, Hale
County Appraisal District, Spring Independent School District Tax
Office, Hidalgo County and McAllen Independent School District --
objected to the procedures to govern the sale.  The Claimant Tax
Authorities are duly authorized political subdivisions in the
State of Texas authorized to levy and collect ad valorem property
taxes on taxable property within their boundaries.

The Claimant Tax Authorities have no objection to the transfer of
the Debtors' property provided that their liens for outstanding
2013 taxes plus interest from the date of filing are paid in full
at the time of closing; and the claimant's liens and personal
liability for estimated 2014 taxes are specifically assumed by the
purchasers with the lien retained for the 2014 taxes until paid in
the ordinary course of business.

                          The Sale Motion

On March 14, John E. Mitchell, Esq., at Baker & McKenzie LLP, on
behalf of the Debtors, sought authorization to (i) sell estate
assets pursuant to Section 363 of the Bankruptcy Code; (ii) assume
and assign certain executory contracts and unexpired leases; and
(iii) establish cure amounts.

The Debtors retained Duff & Phelp pre-bankruptcy, to market the
assets for sale.  Duff & Phelps marketed the Debtors' assets for
two to three months prepetition, however, no viable purchaser was
identified.  In this connection, the Debtors have negotiated an
agreement with the Prepetition Secured Lenders, which provides for
the Prepetition Secured Lenders to purchase substantially all of
the Debtors' assets through payment in cash of the amount of the
wind-down amount, plus the assumption of the assumed liabilities,
and a credit bid in the amount of $21,900,000.

The Debtors request that the Court set April 14, 2014, at
5:00 p.m., as the bid deadline, and April 17 as the auction date.
The auction will be held at the offices of the Debtors' counsel,
Baker & McKenzie LLP, 2001 Ross Avenue, Suite 2300, Dallas, Texas,
at 10:00 a.m.  The Debtors propose that a hearing to approve the
sale be held not more than five business days after the auction
date.

                      About Buffet Partners

Buffet Partners, L.P., owns and operates Furr's Fresh Buffet, a
restaurant chain with 29 restaurants in Arizona, Arkansas, New
Mexico, Oklahoma and Texas.  With a 65+ year operating history,
Furr's -- http://www.furrs.net-- operates straight-line and
scatter-bar buffet units that feature a variety of all-you-can-eat
and home-cooked foods served at an affordable price.  Buffet
Partners was formed to purchase Furr's in September 2003.

Headquartered in Plano, Texas, Buffet Partners and an affiliate
sought Chapter 11 protection in Dallas (Bankr. N.D. Tex. Case No.
Case No. 14-30699) on Feb. 4, 2014.

Attorneys at Baker & McKenzie LLP serve as counsel to the Debtors.
Bridgepoint Consulting is the financial advisor.

Buffet Partners disclosed $33,281,729 in assets and $48,926,256 in
liabilities as of the Chapter 11 filing.

William T. Neary, U.S. Trustee for Region 6, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors.

                         First Bankruptcy

The restaurant was founded in 1946 by Roy Furr, and expanded to
approximately 60 locations as a family-owned business for over 35
years.  In 1980, it was acquired by Kmart Corporation.  Kmart
ultimately sold Furr's in a leveraged buy-out which subsequently
went public in 1986.  Following a take-private transaction, the
Company entered a period of decline due to its debt burden,
culminating in a restructuring and reorganization under chapter 11
in 2003 in Dallas, Texas.


BUFFET PARTNERS: April 9 Hearing on Further Cash Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized, in a fourth interim order, Buffet Partners, L.P., et
al., to use cash collateral until April 10, 2014.

The Court entered previous orders authorizing the Debtor's
continued use of cash collateral in which Chatham Credit
Management III, LLC, as administrative agent for the lenders,
asserts an interest.

The Debtors will use the cash collateral for continued business
operations.

The Court will convene a hearing on April 9, at 2:00 p.m., to
consider the Debtors' further access to the cash collateral.
Objections, if any, are due April 5, while replies are due
April 7.

As adequate protection from any diminution in value of the
lender's collateral, the Debtors will grant the prepetition
secured lender postpetition lien in all of the Debtors' assets,
and a superpriority administrative expense claim status, subject
to carve out on certain expenses.

As of Feb. 4, 2014, Chatham asserts that the principal amount of
the indebtedness owed by the Debtor under the loan documents is
approximately $39,528,229, exclusive of interest and fees.

Jay W. Hurst, Esq., assistant attorney general, Bankruptcy &
Collection Division, on behalf of The Texas Comptroller of Public
Accounts, objected to the Debtors' Cash Collateral Motion because
the Debtors did not pay or remit the sales tax trust funds to the
Comptroller.

                      About Buffet Partners

Buffet Partners, L.P., owns and operates Furr's Fresh Buffet, a
restaurant chain with 29 restaurants in Arizona, Arkansas, New
Mexico, Oklahoma and Texas.  With a 65+ year operating history,
Furr's -- http://www.furrs.net-- operates straight-line and
scatter-bar buffet units that feature a variety of all-you-can-eat
and home-cooked foods served at an affordable price.  Buffet
Partners was formed to purchase Furr's in September 2003.

Headquartered in Plano, Texas, Buffet Partners and an affiliate
sought Chapter 11 protection in Dallas (Bankr. N.D. Tex. Case No.
Case No. 14-30699) on Feb. 4, 2014.

Attorneys at Baker & McKenzie LLP serve as counsel to the Debtors.
Bridgepoint Consulting is the financial advisor.

Buffet Partners disclosed $33,281,729 in assets and $48,926,256 in
liabilities as of the Chapter 11 filing.

William T. Neary, U.S. Trustee for Region 6, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors.

                         First Bankruptcy

The restaurant was founded in 1946 by Roy Furr, and expanded to
approximately 60 locations as a family-owned business for over 35
years.  In 1980, it was acquired by Kmart Corporation.  Kmart
ultimately sold Furr's in a leveraged buy-out which subsequently
went public in 1986.  Following a take-private transaction, the
Company entered a period of decline due to its debt burden,
culminating in a restructuring and reorganization under chapter 11
in 2003 in Dallas, Texas.


BUFFET PARTNERS: Baker & McKenzie LLP Approved as Counsel
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
according to Buffet Partners, L.P., et al.'s case docket,
authorized the Debtors to employ Baker & McKenzie LLP as counsel.

As reported in the Troubled Company Reporter on Feb. 17, 2014, the
firm's hourly rates for the personnel currently contemplated to
work on the Chapter 11 cases range from $595 to $950 for counsel
and partners and $300 to $605 for associates.  The hourly rate of
the paraprofessionals expected to perform services range from $250
to $270.  In addition, the Debtors have agreed to reimburse the
firm for its out-of-pocket expenses in rendering the services.

The primary attorneys that are expected to represent the Debtors
in these matters are:

   Attorney Name                     Hourly Rate
   -------------                     -----------
   David W. Parham, Esq.                $675
   John E. Mitchell, Esq.               $595
   Rosa A. Shirley, Esq.                $480
   Jonathan Rosamond, Esq.              $375

Mr. Mitchell, a partner at Baker & McKenzie, 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.

To secure all payments of fees and expenses, the firm holds a
retainer from the Debtors in the amount of $8,397.  The firm has
also reached an agreement with the Debtors' senior secured lender
for a "carve out" of its collateral interests to secure fees and
expenses in the amount of $100,000 as additional security for its
fees and expenses.

                      About Buffet Partners

Buffet Partners, L.P., owns and operates Furr's Fresh Buffet, a
restaurant chain with 29 restaurants in Arizona, Arkansas, New
Mexico, Oklahoma and Texas.  With a 65+ year operating history,
Furr's -- http://www.furrs.net-- operates straight-line and
scatter-bar buffet units that feature a variety of all-you-can-eat
and home-cooked foods served at an affordable price.  Buffet
Partners was formed to purchase Furr's in September 2003.

Headquartered in Plano, Texas, Buffet Partners and an affiliate
sought Chapter 11 protection in Dallas (Bankr. N.D. Tex. Case No.
Case No. 14-30699) on Feb. 4, 2014.

Attorneys at Baker & McKenzie LLP serve as counsel to the Debtors.
Bridgepoint Consulting is the financial advisor.

Buffet Partners disclosed $33,281,729 in assets and $48,926,256 in
liabilities as of the Chapter 11 filing.

William T. Neary, U.S. Trustee for Region 6, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors.

                         First Bankruptcy

The restaurant was founded in 1946 by Roy Furr, and expanded to
approximately 60 locations as a family-owned business for over 35
years.  In 1980, it was acquired by Kmart Corporation.  Kmart
ultimately sold Furr's in a leveraged buy-out which subsequently
went public in 1986.  Following a take-private transaction, the
Company entered a period of decline due to its debt burden,
culminating in a restructuring and reorganization under chapter 11
in 2003 in Dallas, Texas.


BUFFET PARTNERS: Okeene Milling No Longer Part of Committee
-----------------------------------------------------------
William T. Neary, U.S. Trustee for Region 6, has filed a notice
amending the appointment of the Official Committee of Unsecured
Creditors in the Chapter 11 case of Buffet Partners, L.P., et al.

The Committee now consists of:

      1. Houlounnn, LLC
         Attn: Kirk Hermansen
         5944 Lunter Lane
         Dallas, TX 75225
         Tel: (214) 373-4202
         Fax: (214) 373-0737
         E-mail:kirk@hermansenlanddevelopment.com

      2. PepsiCo
         Attn: Michael Bevilacqua, Sr.
         1100 Reynolds Blvd.
         Winston-Salem, NC 27102
         Tel: (336) 896-5577
         E-mail: Mike.Bevilacqua@pepsico.com

      3. The Richards Group, Inc.
         Attn: Michael "Scooter" Heath
         8750 N. Central Expressway
         Dallas, TX 75231
         Tel: (214) 891-5772
         Fax: (214) 891-3568
         E-mail: Scooter_heath@richards.com

      4. Valassis
         Attn: Hal Manoian
         235 Great Pond Drive
         Windsor, CT 06095
         Tel: (860) 602-1679
         Fax: (860) 602-4783
         E-mail: hxmanoia@valassis.com

The Committee was amended to reflect that Okeene Milling Company
is no longer on the list as Committee member.

As reported in the Troubled Company Reporter on Feb. 24, 2014, the
U.S. Trustee appointed these creditors to the Committee: (i)
Houlounnn, LLC; (ii) Okeene Milling Company; (iii) PepsiCo;
(iv) The Richards Group, Inc.; and (v) Valassis.

                      About Buffet Partners

Buffet Partners, L.P., owns and operates Furr's Fresh Buffet, a
restaurant chain with 29 restaurants in Arizona, Arkansas, New
Mexico, Oklahoma and Texas.  With a 65+ year operating history,
Furr's -- http://www.furrs.net-- operates straight-line and
scatter-bar buffet units that feature a variety of all-you-can-eat
and home-cooked foods served at an affordable price.  Buffet
Partners was formed to purchase Furr's in September 2003.

Headquartered in Plano, Texas, Buffet Partners and an affiliate
sought Chapter 11 protection in Dallas (Bankr. N.D. Tex. Case No.
Case No. 14-30699) on Feb. 4, 2014.

Attorneys at Baker & McKenzie LLP serve as counsel to the Debtors.
Bridgepoint Consulting is the financial advisor.

Buffet Partners disclosed $33,281,729 in assets and $48,926,256 in
liabilities as of the Chapter 11 filing.

William T. Neary, U.S. Trustee for Region 6, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors.

                         First Bankruptcy

The restaurant was founded in 1946 by Roy Furr, and expanded to
approximately 60 locations as a family-owned business for over 35
years.  In 1980, it was acquired by Kmart Corporation.  Kmart
ultimately sold Furr's in a leveraged buy-out which subsequently
went public in 1986.  Following a take-private transaction, the
Company entered a period of decline due to its debt burden,
culminating in a restructuring and reorganization under chapter 11
in 2003 in Dallas, Texas.


CAESARS ENTERTAINMENT: Noteholders Want Asset Transfer Terminated
-----------------------------------------------------------------
Lauren Pollock, writing for The Wall Street Journal, reported that
Caesars Entertainment Corp. said a group of noteholders at one of
its operating subsidiaries is claiming the unit is insolvent and
the company improperly transferred its prime casino holdings to
another Caesars-related entity.

According to the report, Caesars, which is facing a crippling debt
load, has moved to sell a number of assets to increase its
liquidity and transfer the assets to an entity better able to make
investments in them.

It agreed earlier this month to sell $2.2 billion in property,
including Harrah's New Orleans and three properties in Las Vegas?
Bally's, The Quad and The Cromwell, scheduled to open this year?to
Caesars Growth Partners, an entity carved out through a rights
issue last year, the report related.  That venture, 58%-owned by
Caesars, is held by Caesars Acquisition Co., and its mandate is to
maximize growth opportunities that the debt-laden parent, which
also suffers from declining revenue and low liquidity, can't
afford to chase.

The company said an unidentified group that claims to hold second-
priority secured notes of its Caesars Entertainment Operating Co.
unit has said the transactions are fraudulent and represent
breaches of fiduciary duties owed to the unit's creditors, the
report further related.  The group also said certain disclosures
tied to the transactions are inadequate and called for the deals
to be terminated.

The company said it strongly believes there is no merit to the
allegations and it will defend itself vigorously, the report said.
It also cautioned that there can be no assurance that the unit's
assets would be sufficient to repay the applicable debt, if a
court were to terminate the deals. Such a move might also trigger
a default under certain debt.

                  About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies, with annual revenue of $4.2 billion, 20 properties on
three continents, more than 25,000 hotel rooms, two million square
feet of casino space and 50,000 employees.  Caesars casino resorts
operate under the Caesars, Bally's, Flamingo, Grand Casinos,
Hilton and Paris brand names.  The Company has its corporate
headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's on mid-November
2010.

The Company incurred a net loss of $1.49 billion on $8.58 billion
of net revenues for the year ended Dec. 31, 2012, as compared with
a net loss of $666.70 million on $8.57 billion of net revenues
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $26.09 billion in total assets, $27.59 billion in
total liabilities and a $1.49 billion total deficit.

                           *     *     *

Caesars Entertainment carries a 'CCC' long-term issuer default
rating, with negative outlook, from Fitch and a 'Caa1' corporate
family rating with negative outlook from Moody's Investors
Service.

As reported in the TCR on Feb. 5, 2013, Moody's Investors Service
lowered the Speculative Grade Liquidity rating of Caesars
Entertainment Corporation to SGL-3 from SGL-2, reflecting
declining revolver availability and Moody's concerns that Caesars'
earnings and cash flow will remain under pressure causing the
company's negative cash flow to worsen.

In the May 7, 2013, edition of the TCR, Standard & Poor's Ratings
Services said that it lowered its corporate credit ratings on Las
Vegas-based Caesars Entertainment Corp. (CEC) and wholly owned
subsidiary Caesars Entertainment Operating Co. (CEOC) to 'CCC+'
from 'B-'.

"The downgrade reflects weaker-than-expected operating performance
in the first quarter, and our view that Caesars' capital structure
may be unsustainable over the next two years based on our EBITDA
forecast for the company," said Standard & Poor's credit analyst
Melissa Long.


CALUMET SPECIALTY: Moody's Rates $850MM Sr. Unsecured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Calumet
Specialty Products Partners, L.P.'s proposed $850 million senior
unsecured notes issue. Moody's also affirmed Calumet's B1
Corporate Family Rating (CFR), existing B2 senior unsecured notes
ratings and SGL-3 Speculative Grade Liquidity Rating (SGL). The
rating outlook is stable.

The proceeds of the proposed notes will be used primarily to fund
the full $235 million purchase price of the acquisition of Anchor
Drilling Fluids (Anchor), and to fund the redemption of Calumet's
approximately $500 million 9 3/8% Senior Notes due 2019.

"Moody's expects Calumet's leverage and distribution coverage to
improve in 2014 and 2015 from very weak levels in 2013," said
Terry Marshall, Moody's Senior Vice President. "With three major
2013 turnarounds behind it and better optionality for the
distribution of asphalt, both leverage and distribution coverage
should improve toward levels more reflective of the B1 Corporate
Family Rating. Leverage and distribution targets were
significantly exceeded in 2013, but we expect the company to hold
distributions flat as it brings leverage and distribution coverage
back line with its targets of less than 4x and at least 1.2x,
respectively."

Ratings Rationale

Assignments:

Senior Unsecured Regular Bond/Debenture, Assigned B2, 70-LGD5

Affirmations:

Issuer: Calumet Specialty Products Partners, L.P.

Probability of Default Rating, Affirmed B1-PD

Speculative Grade Liquidity Rating, Affirmed SGL-3

Corporate Family Rating, Affirmed B1

Senior Unsecured Regular Bond/Debenture, Affirmed B2

Downgrades:

Issuer: Calumet Specialty Products Partners, L.P.

Senior Unsecured Regular Bond/Debenture, Downgraded to 70-LGD5

Outlook, Remains Stable

Ratings Rationale

The B2 rating on Calumet's senior unsecured notes reflects the
company's B1 CFR and their subordination to an $850 million
secured revolving credit facility, with a borrowing base of $600
million as of December 31, 2013. The revolver is secured by
accounts receivable and inventory. Furthermore, in 2011 Calumet
entered a Collateral Trust Agreement with all of its secured
hedging counterparties, which pledges all of Calumet's assets,
excluding the revolving credit facility collateral (these assets
are primarily comprised of inventory and accounts receivable).
Physical commodity forward contracts secured under the Collateral
Trust Agreement have been limited to $100 million. However, there
is no limit on financially settled commodity hedging instruments.
The notes are unsecured and are contractually subordinate to the
senior secured credit facility and the Collateral Trust Agreement.
The size of the potential senior secured and other structurally
superior claims relative to the unsecured notes results in the
notes being notched one rating beneath the B1 Corporate Family
Rating under Moody's Loss Given Default Methodology.

Calumet's B1 CFR reflects the partnership's operational and
geographic diversity, relative stability gained from its
downstream specialty products, and access to advantaged feedstock
for its refining business. Calumet's rating is constrained by its
exposure to transportation fuels produced in its refinery
business, which are inherently more volatile and cyclical product
lines than those in its downstream specialty products segment. The
rating also considers Calumet's corporate structure as a master
limited partnership (MLP), which entails sizeable distributions to
unit holders that increase over time. Finally, the rating
considers ongoing event risk (and related financing and
integration risk) from acquisitions, which are expected to remain
an important part of Calumet's growth strategy, and, as with the
Anchor acquisition, may represent a branch into new businesses
with which the company is not familiar. Considering the rising
leverage, Moody's expects future acquisitions to be adequately
funded by equity.

Calumet's hybrid business profile differentiates it from other
high-yield refining and marketing companies, because it provides a
material portion of gross margin from non-transportation fuels
business (the "specialty products" segment), which tends to be
more stable and grow in line with the broader economy. Calumet's
specialty business has characteristics similar to some chemical
companies who tend to have a smaller scale and higher leverage
than Calumet, but better margins. This attribute makes Calumet's
leverage target of less than 4x appropriate for its ratings
profile, whereas the same target would be too high for a pure-play
refining and marketing company at the B1 CFR.

The stable rating outlook assumes that leverage and distribution
coverage will improve in 2014. The rating could be downgraded if
leverage fails return to the 4x level and distribution coverage
remains below 1x. A rating upgrade is unlikely absent greater
scale and leverage sustainably below 3.5x and distribution
coverage above 1.2x.

Calumet's SGL-3 liquidity rating reflects adequate liquidity. Cash
on hand and operating cash flow should cover maintenance,
environmental and turnaround capital expenditures totaling $75
million and distributions of $210 million through the first
quarter of 2015. The company has an $850 million asset based
revolver (June 2016 maturity date) under which the amount
available is governed by a borrowing base that totaled $600
million at December 31, 2013. We expect the revolver to have about
$400 million available at the end of the first quarter of 2015
after funding growth capital of about $230 million and accounting
for $120 million of letters of credit. The revolver has no active
financial maintenance covenants. Alternate liquidity is limited
given that substantially all of the partnership's assets are
pledged under the revolving credit facility and the Collateral
Trust Agreement.

The principal methodology used in this rating was the Global
Refining and Marketing Rating Methodology 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.

Calumet Specialty Products Partners, L.P. is a publicly traded
Master Limited Partnership (MLP) headquartered in Indianapolis,
Indiana.


CALUMET SPECIALTY: S&P Affirms 'B+' CCR & Rates $850MM Notes 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Calumet.  At the same time, S&P assigned its 'B+'
issue-level rating and '4' recovery rating to Calumet's
$850 million senior unsecured notes.  The outlook is stable.

The ratings affirmation reflects S&P's view that the operating
diversity attributed to Calumet's acquisition of Anchor Drilling
Fluids USA, Inc. is offset by S&P's expectation for increased
leverage pro forma for the transaction.  Anchor manufactures and
delivers fluids/chemicals used in the completion and production of
oil and gas wells in the exploration and production industry.
Anchor serves customers in most of the major domestic onshore
basins across the U.S. and we expect the business to contribute
about $35 million to $40 million of EBITDA in 2014.  Pro forma for
Calumet's debt issuance, S&P expects financial leverage to remain
close to its downgrade trigger of 4.5x through 2014, but
materially improve in 2015 as cash flow from organic projects
progressively ramps up.  Given the volatile nature of the industry
and Calumet's aggressive financial measures for the 'B+' rating,
S&P intends to closely monitor the credit throughout the year.

"The stable outlook reflects our expectation that Calumet's
financial leverage will come close to our downgrade trigger of
4.5x in 2014, but will materially improve in 2015," said Standard
& Poor's credit analyst Nora Pickens.

S&P could lower the rating if the partnership has unplanned
downtime, integration issues concerning its recent acquisitions,
or industry conditions weaken materially such that financial
performance deteriorates, leading to total debt to EBITDA above
4.5x through 2015.  Given Calumet's small size and MLP corporate
structure, S&P views an upgrade as unlikely.


CAMARILLO PLAZA: April 8 Hearing on Motion to Transfer Funds
------------------------------------------------------------
The Hon. Robin Riblet of the U.S. Bankruptcy Court for the Central
District of California will convene a hearing on April 8, 2014, at
10:00 a.m., to consider Camarillo Plaza, LLC's motion for order
allowing the transfer of funds to a personal DIP account.

On March 10, the Debtor explained that, the purpose of the motion
is to satisfy the demands of the U.S. Trustee counsel Brian
Fittipaldi.  He believes a court order is required to transfer the
funds.  The funds are post confirmation funds and the segregated
trust fund account has been set aside to cover the Brendan
Camarillo, LLC's claim.

The Debtor noted that, among other things, the DIP funds need to
be transferred as a part of a settlement agreement.  Aaron Klein
desires to transfer $1,450,000 from the Camarillo Plaza DIP
account to his personal DIP account for the purpose of
effectuating the settlement agreement.  Aaron Klein and his wife
Tina Klein are the beneficiaries of the Klein Family Revocable
Living rust which is the sole member of Camarillo Plaza, LLC.

Mr. Klein was forced to file a personal bankruptcy as the result
of personal guarantees on a building that was foreclosed upon.
There is now a judgment against him, his wife and the Klein Family
Revocable Trust in the amount of $5,894,479.  Payment of the
judgment in the personal Chapter 11 case pending in Los Angeles
has been resolved as the result of mediation.

The current balance in the DIP account is $1,516,178.

                       About Camarillo Plaza

Shopping center operator Camarillo Plaza LLC, based in Los
Angeles, California, filed for Chapter 11 bankruptcy (Bankr. C.D.
Calif. Case No. 11-59637) on Dec. 5, 2011.  Judge Sheri Bluebond
was assigned to the case.  At the Debtor's behest the next day,
the case was transferred to the Northern Division (Bankr. C.D.
Calif. Case No. 11-bk-15562).  The case in the Los Angeles
Division was closed, and Judge Robin Riblet took over from Judge
Bluebond.

The Debtor scheduled assets of $21.6 million and liabilities of
$12.3 million as of the Chapter 11 filing.  Janet A. Lawson, Esq.,
in Ventura County, California, serves as the Debtor's counsel.
The petition was signed by Aaron Arnold Klein, managing partner.

Alan M. Feld, Esq., at Sheppard, Mullin, Richter & Hampton LLP
represents creditor Wells Fargo Bank, N.A.

On Sept. 12, 2013, the Court approved the sale of the Debtor's
primary asset -- a shopping center located at 1701-1877 East Daily
22 Drive, Camarillo, California.  On Oct. 30, the sale was
consummated and escrow closed.

The Debtor also won confirmation of its Third Amended Plan of
Reorganization on Oct. 30, 2013.  The Plan was funded through the
all-cash sale of the 74,072 square foot shopping center commonly
known as Camarillo Plaza and the underlying real property.

The Debtor and Wells Fargo Bank, N.A., as Trustee for the
Registered Holders of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Pass-Through Certificates, Series
2006-C3, entered into a stipulation regarding Claim 3-1 filed by
Wells Fargo.  The parties agreed that as of July 15, 2013, the
allowed claim is $15,159,517, subject to adjustments.

General unsecured creditors holding undisputed claims will recover
100% without interest on the Effective Date.

As a part of the Plan, $500,000 was ordered to be held in a
segregated attorney trust fund account maintained by Janet A.
Lawson to pay for two disputed claims.  One of those claims has
been resolved leaving $399,196 in the trust fund account.  The
other claim is the one filed by Brendan's Camarillo, LLC.


CAMCO FINANCIAL: Suspending Filing of Reports with SEC
------------------------------------------------------
Camco Financial Corporation filed with the U.S. Securities and
Exchange Commission a Form 15 to voluntarily terminate the
registration of its common stock under Section 12(g) of the
Securities Exchange Act of 1934.  Effective March 1, 2014, Camco
Financial Corporation merged with and into Huntington Bancshares
Incorporated, with Huntington Bancshares Incorporated surviving
the merger as the surviving corporation.   As a result of the Form
15 filing, the Company is not anymore obligated to file periodic
reports with the SEC.

                       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.


CASH STORE: Voluntarily Delists From NYSE
-----------------------------------------
The Cash Store Financial Services Inc. filed with the U.S.
Securities and Exchange Commission a Form 25 notifying the removal
from registration or listing of its common stock from the New York
Stock Exchange.

                      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. 8, 2013 edition of the TCR, Standard &
Poor's Ratings Services lowered its issuer credit rating on Cash
Store Financial (CSF) to 'CCC+' from 'B-'.  The outlook is
negative.

"The downgrades follow a proposal by the payday loan registrar in
Ontario to revoke CSF's payday lending licenses and CSF's
announcement that it has discontinued its payday loan product in
the region," said Standard & Poor's credit analyst Igor Koyfman.
The company's businesses in Ontario, which account for
approximately one-third of its store count, will begin offering a
new line of credit product to its customers.  S&P believes this is
to offset the loss of its payday lending product; however, this is
a relatively new product, and S&P believes that it will be
challenging for the company to replace its lost earnings from the
payday loan product.  S&P also believes that the registrar's
proposal could lead to similar actions in other territories.

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.


CASPIAN SERVICES: Delays Form 10-Q for Dec. 31 Quarter
------------------------------------------------------
Caspian Services, Inc., 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 Quarterly Report could
not be timely filed because management requires additional time to
compile and verify the data required to be included in that
Report.  The Form 10-Q will be filed within five calendar days of
the date the original report was due.

                      About Caspian Services

Headquartered in Salt Lake City, Caspian Services, Inc., was
incorporated under the laws of the state of Nevada on July 14,
1998.  Since February 2002 the Company has concentrated its
business efforts to provide diversified oilfield services to the
oil and gas industry in western Kazakhstan and the Caspian Sea,
including providing a fleet of vessels, onshore, transition zone
and marine seismic data acquisition and processing services and a
marine supply and support base in the port of Bautino, in Bautino
Bay, Kazakhstan.

Caspian Services incurred a net loss of $11.82 million on $33.08
million of total revenues for the year ended Sept. 30, 2013, as
compared with a net loss of $15.95 million on $24.74 million of
total revenues during the prior fiscal year.

Haynie & Company, P.C., in Salt Lake City, Utah, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2013.  The independent auditors noted
that a Company creditor has indicated that it believes the Company
may be in violation of certain covenants of certain substantial
financing agreements.  The financing agreements have acceleration
right features that, in the event of default, allow for the loan
and accrued interest to become immediately due and payable.  As a
result of this uncertainty, the Company has included the note
payable and all accrued interest as current liabilities at
Sept. 30, 2013.  At Sept. 30, 2013, the Company had negative
working capital of approximately $66,631,000.  Uncertainty as to
the outcome of these factors raises substantial doubt about the
Company's ability to continue as a going concern.

As of Dec. 31, 2013, the Company had $80.82 million in total
assets, $91.66 million in total liabilities and a $10.83 million
total deficit.

                        Bankruptcy Warning

To help the Company meet its additional funding obligations to
construct the marine base, in 2008 the Company entered into two
facility agreements pursuant to which the Company received debt
funding of $30,000.  In June and July 2011, Mr. Bakhytbek
Baiseitov (the "Investor") acquired the two facility agreements.
In September 2011 the Company issued the Investor two secured
promissory notes, a Secured Non-Negotiable Promissory Note in the
principal amount of $10,800 and a Secured Convertible Consolidated
Promissory Note in the principal amount of $24,446 in connection
with restructuring the facility agreements.

During December 2012 the Company, the European Bank for
Reconstruction and Development and the Investor outlined the terms
of a potential restructuring of the Company's financial
obligations to EBRD and the Investor in a non-binding term sheet.
Throughout the fiscal year the parties have worked to negotiate
definitive agreements pursuant to the terms set out in the Term
Sheet.  Subsequent to the fiscal year end, negotiations between
EBRD, the Investor and the Company to restructure the Company's
financial obligations pursuant to the terms of the Term Sheet
stalled and have been discontinued.  However, the Company has
engaged in new discussions with EBRD regarding a possible
restructuring of its financial obligations to EBRD.

"Should EBRD or the Investor determine to accelerate the Company's
repayment obligations to them, the Company currently has
insufficient funds to repay its obligations to EBRD or the
Investor, individually or collectively, and would be forced to
seek other sources of funds to satisfy these obligations.  Given
the Company's current and near-term anticipated operating results,
the difficult credit and equity markets and the Company's current
financial condition, the Company believes it would be very
difficult to obtain new funding to satisfy these obligations.  If
the Company is unable to obtain funding to meet these obligations
EBRD or the Investor could seek any legal remedies available to
them to obtain repayment, including forcing the Company into
bankruptcy, or in the case of the EBRD loan, which is
collateralized by the assets, including the marine base, and bank
accounts of Balykshi and CRE, foreclosure by EBRD on such assets
and bank accounts.  The Company has also agreed to collateralize
the Investor's Notes with non-marine base related assets,"
according to the Company's 2013 Annual Report.


CEMEX FINANCE: Fitch Rates New EUR300MM Notes 'BB-/RR3(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned a rating 'BB-/RR3' (EXP) on a global
scale to the proposed issuance by CEMEX Finance LLC of notes
secured by 300 million euros maturing in 2021 and proposed
issuance of senior secured notes due in 2024 dollars. Both issues
will be guaranteed by CEMEX SAB de CV (CEMEX), CEMEX Mexico, SA de
CV, CEMEX Concrete, SA de CV, Empresas Tolteca de Mexico, SA de
CV, New Sunward Holding BV, CEMEX Spain, SA, CEMEX Asia BV; CEMEX
Corp., CEMEX Egyptian Investments BV, CEMEX Egyptian Investments
II BV, CEMEX France Gestion, CEMEX Research Group AG, CEMEX
Shipping BV, and CEMEX UK.  The guarantees are total and
unconditional for the full payment of principal and interest. The
proceeds from the note issuances will be used for general
corporate purposes and repayment of existing debt.  The Rating
Outlook is Stable CEMEX.

Key Rating Factors

Business Position Strong
ratings of CEMEX and its subsidiaries reflect the strong and
diversified business position of the company.  CEMEX is one of the
largest cement, concrete and aggregate producers in the world. Its
main markets include the USA, Mexico, Colombia, Panama, Spain,
Egypt, Germany, France and the UK.  The geographic and product
diversification of the company compensates somewhat the volatility
inherent in the construction products industry.  The contribution
to EBITDA of CEMEX's main markets during 2013 was Mexico (30%),
United States (25%), Central and South America (20%),
Mediterranean (10%) and Northern Europe (10%).

High Leverage

The high leverage of the company limits its ratings on the level
'B+'. At December 31, 2013 CEMEX's total debt was USD17.6 billion
and the balance of cash and cash equivalents at the same date
amounted to USD1.2 billion.  During the fiscal year ended December
31, 2013 the company generated EBITDA USD2.6 billion, consistent
with the EBITDA recorded in the previous fiscal year, so that
levels of net leverage stood at 6.2x during both periods.

High leverage will remain by the end of 2014
Fitch estimates that leverage CEMEX remain high towards the end of
2015.  Fitch projects that CEMEX will generate EBITDA of
approximately USD3.1 billion in 2014 and $ 3.3 billion in 2015.
The projections consider net debt of CEMEX will not change
significantly in the next two years despite the expected recovery
in EBITDA due to higher capital requirements work associated with
growth and increases in capital expenditure (capex) and taxes. In
the absence of sales over USD100 million annual assets, Fitch
expects net leverage indicator of CEMEX in 2014 and 2015 will
stand at 4.4x and 5.1x, respectively.  The projected convertible
subordinated notes CEMEX USD715 million due 2015 conversion is a
key to powerful 4.4x net leverage factor in 2015.  During
February, CEMEX announced that holders of convertible bonds by
around USD280 million had agreed to convert the same into shares
of CEMEX.

Key to North American Market Recovery
Historically the U.S. market has been the most important to the
company.  On a pro forma basis, considering the results of Rinker
had been consolidated during the year 2007, this geography
generated $2.3 billion of EBITDA. CEMEX's operations in the U.S.
improved during 2013, generating USD255 million in EBITDA,
slightly below the $300 million projected by Fitch.  The company
has high operating leverage, since an increase of USD300 million
in sales resulted in increased EBITDA around USD200 million from
USD43 million registered in 2012.

Fitch believes that the EBITDA generated by CEMEX's U.S. $ 500
million to improve in 2014 and USD600 million in 2015.  A key
factor for the projected growth in EBITDA is the gradual recovery
of the residential housing sector in the U.S.. During 2013, sales
volumes increased 3% of CEMEX (cement), 6% (concrete) and 5%
(aggregate), while prices for these products rose 3%, 6% and 5%,
respectively.

Debt Amortization Profile Handling
At December 31, 2013 the balance of cash and cash equivalents of
CEMEX was USD1.2 billion.  The payment schedule of the company's
debt is manageable with maturities of only USD382 million by the
end of 2014 and USD1.5 billion in 2015, which correspond to USD715
million convertible subordinated debentures, of which USD280
million were converted into shares during February 2014.  The
proceeds from this transaction will be used to improve the debt
profile, as CEMEX plans to refinance part of the notes maturing in
2017, 2018 and 2020.

Prospects of Higher Average Recovery to CEMEX and its subsidiaries
have issued debt through entities located in Mexico, United
States, British Virgin Islands, the Netherlands and Spain.
Additionally the guarantors of these debt instruments are
domiciled in different countries.  As a result of the complexity
in the structure of debt and equity of the company and the
different legal jurisdictions, Fitch does not consider a scenario
of liquidation (bankruptcy) or insolvency (bankruptcy) for CEMEX
in case of major financial pressures, since creditors probably not
enter into a process with high uncertainty in the final result.
In Fitch's opinion, the most likely scenario under greater stress
would be a negotiated debt restructuring.  The rating of debt
instruments is above CEMEX's credit rating of 'B +', because the
expected recovery is higher than average.

The expected recovery is strengthened by the issuance of
convertible subordinated notes CEMEX by USD2.4 billion, which can
only be replaced by capital or similar equity under the terms of
the Credit (Facilities Agreement) instruments.  Typically, Fitch
limited recovery levels (RR for short) for Mexican corporate level
RR3 considering various factors in the regulatory framework and
treatment of creditors even when the analysis indicates that it
could be higher. The rating of CEMEX has been limited to RR3
level, consistent with a recovery in the range of 50% to 70% by
default (default).

Rating Sensitivity

Several factors individually or collectively could result in a
negative rating action.  These include: drop in CEMEX's operations
in Mexico and Central and South America, which have been crucial
to offset the decline in North Europe and Mediterranean divisions,
lower than expected growth in the U.S. would have a significant
impact on the ability of the company to generate free cash flow in
2014 and 2015, loss of access to capital markets during 2014 and
2015.

Factors that individually or collectively could contribute to
positive rating actions include: accelerated recovery of the U.S.
economy that results in generation of free cash flow (FCF)
exceeding USD500 million by 2015, capital gains, or the conversion
of subordinated debt of the company capital.

Fitch currently rates CEMEX as follows:

CEMEX

-- Rated Issuer Default Rating (IDR) to Global Scale foreign and
    local currency 'B +';
-- Global Scale Rating to Senior unsecured notes 'BB-/RR3';
-- Rating National Scale Long-term 'BBB-(mex)';
-- National Scale Rating Short-term 'F3 (mex)'.

In addition to the ratings on foreign currency and local CEMEX,
Fitch currently at 'B +' global scale foreign currency to the
following entities that CEMEX has been used to issue debt, as well
as the qualification 'BB-/RR3' for debt instruments issued by
them:

Cemex Spain SA
CEMEX Finance LLC
CEMEX Finance Europe BV, a company domiciled in the Netherlands.
CEMEX Materials Corporation, limited liability company domiciled
in the United States of America.
C5 Capital (SPV) Limited, limited purpose company domiciled in the
British Virgin Islands.
C8 Capital (SPV) Limited, limited purpose company domiciled in the
British Virgin Islands.
C10 Capital (SPV) Limited, limited purpose company domiciled in
the British Virgin Islands.
C-10 EUR Capital (SPV) Limited, a company limited purpose
domiciled in the British Virgin Islands.


CEMEX FINANCE: S&P Assigns 'B+' Rating on 10-Yr. Dollar Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and a recovery rating of '3' to CEMEX Finance LLC's
proposed 10-year benchmark dollar bonds and EUR300 million senior
secured notes due 2021.  The recovery rating of '3' indicates that
bondholders can expect a meaningful (50% to 70%) recovery in the
event of a payment default.

CEMEX Finance LLC is an indirect majority-owned subsidiary of
CEMEX S.A.B. de C.V. (CEMEX; B+/Stable/--) and is incorporated for
an unlimited period of time as a private limited liability company
under the laws of Delaware.

CEMEX intends to use the net proceeds to repurchase its 2018 and
2020 dollar notes, retire the EUR130 million outstanding principal
amount of its 9.625% senior secured notes due 2017, and retire the
EUR115.4 million outstanding principal amount of its 8.875% senior
secured notes due 2017.  The proceeds will also be used for
general corporate purposes, in accordance with its Facilities
Agreement.  The notes benefit from a security package reflecting
the same terms as those of all of its other senior capital market
debt.  The security package under both instruments includes a full
and unconditional guarantee -- on a joint and several, and general
senior basis -- from CEMEX S.A.B. de C.V., CEMEX Mexico S.A. de
C.V., CEMEX Espana S.A., CEMEX Corp., New Sunward Holding B.V.,
and from subsidiaries that CEMEX owns directly or indirectly.

RATINGS LIST

Issuer Credit Rating
CEMEX S.A.B. de C.V.                             B+/Stable/--

Ratings Assigned
Senior secured notes                             B+
  Recovery rating                                 3

EUR300 million senior secured notes due 2021     B+
  Recovery rating                                 3


CHA CHA ENTERPRISES: Wants More Time to Decide on Albertsons Lease
------------------------------------------------------------------
Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby &
Pascuzzi LLP, on behalf of Cha Cha Enterprises, LLC, asks the U.S.
Bankruptcy Court for the Northern District of California to
approve a second stipulation to extend the time to assume or
reject, and exercise an option to extend the lease term of a
certain nonresidential lease of real property with landlord
Albertsons, LLC.

Prior to the Petition Date, the Debtor and the landlord entered
into a lease for the Mi Pueblo Store No. 12, 320 N. Capitol Ave,
San Jose, California, including an option to extend the lease
term.

The Debtor has not decided whether to assume or reject the lease.

In this relation, the Debtor and the landlord stipulate and agree
that the time to assume or reject the lease and to exercise any
option to extend the term of the lease is extended from March 31,
2014, up through and including April 14, 2014.

As reported by the Troubled Company Reporter on Feb. 17, 2014, the
Court approved the stipulations with:

      a. Albertsons, LLC, extending until March 31, 2014, the time
         to assume or reject the lease of Mi Pueblo Store No. 12,
         320 N. Capitol Avenue, San Jose;

      b. Estate of Marion Flapan, extending until June 17, 2014,
         the time to assume or reject the lease of the property
         at 1745 Story Road, San Jose;

      c. 1630 High Sreet, LLC, extending until June 17, 2014, the
         time to assume or reject the lease of Mi Pueblo Store
         No. 10, 1630 High Street, Oakland;

      d. Capitol Square Partners, extending until March 31, 2014,
         the time to assume or reject the lease of Mi Pueblo Store
         No. 12 -- additional space at 2735 McKee Road, San Jose;

      e. Fleming Business Park LLC, extending until June 17, 2014,
         the time to assume or reject the lease of Mi Pueblo
         Distribution Center, 1025 Montague Ct, Milpitas; and

      f. Overaa Associates, LLC, extending until June 17, 2014,
         the time to assume or reject the lease of Mi Pueblo Store
         No. 13, 2107 Solano Ave, Vallejo.

                     About Cha Cha Enterprises

Cha Cha Enterprises, LLC, is a California limited liability
company formed in 1998 to purchase a fee interest in property
located at 1775 Story Road, San Jose, California and a leasehold
interest in  property located at 1745 Story Road in San Jose.  Cha
Cha's primary business is the rental of real property.

Cha Cha filed a Chapter 11 petition (Bankr. N.D. Cal. Case
No. 13-53894) on July 22, 2013.  The Debtor estimated at least
$10 million in assets and liabilities.

An affiliate, Mi Pueblo San Jose, Inc., sought Chapter 11
protection (Case No. 13-53893) on the same day.  The cases are not
jointly administered.

Steven H. Felderstein, Esq., at Felderstein Fitzgerald Willoughby
& Pascuzzi LLP serves as counsel.

Nicolas De Lancie, Esq., at Jeffer Mangels Butler & Mitchell LLP
Robert B. Kaplan, P.C. represents secured creditor Wells Fargo
Bank, N.A.


CHINA GINSENG: Incurs $612,000 Net Loss in Dec. 31 Quarter
----------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $612,049 on $2.48 million of revenues for the three
months ended Dec. 31, 2013, as compared with a net loss of
$256,860 on $1.68 million of revenues for the same period during
the prior year.

For the six months ended Dec. 31, 2013, the Company reported a net
loss of $867,931 on $2.54 million of revenues as compared with a
net loss of $1.65 million on $2.19 million of revenues for the
same period during the prior year.

As of Dec. 31, 2013, the Company had $11.75 million in total
assets, $13.78 million in total liabilities and a $2.02 million
total stockholders' deficit.

                          Going Concern

The Company said there are existing uncertain conditions it
foresees relating to its ability to obtain working capital and
operate successfully.

"Management's plans include the raising of capital through the
debt and equity markets to fund future operations and the
generating of revenue through its businesses.  Failure to raise
adequate capital and generate adequate sales revenues could result
in the Company having to curtail or cease operations."

"Additionally, even if the Company does raise sufficient capital
to support its operating expenses and generate adequate revenues,
there can be no assurances that the revenues will be sufficient to
enable it to develop business to a level where it will generate
profits and cash flows from operations.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.  However, the accompanying financial statements
have been prepared on a going concern basis, which contemplates
the realization of assets and satisfaction of liabilities in the
normal course of business," the Company said in the Quarterly
Report.

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

                        http://is.gd/8djNVb

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


CHINA NATURAL: Exclusive Plan Filing Period Extended to April 7
--------------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the
Southern District of New York has extended, at the behest of China
Natural Gas, Inc., the periods during which the Debtor has the
exclusive right to file a Chapter 11 plan, through and including
April 7, 2014, and during which the Debtor has exclusive right to
solicit acceptances of that plan, through and including June 6,
2014.

As reported by the Troubled Company Reporter on Feb. 11, 2014, the
Debtor sought a 90-day extension of the Exclusive Periods to file
a Plan through and including May 5, 2014, and to solicit
acceptances of that Plan, through and including July 7, 2014,
saying that that although it is working to attract and identify
interested parties willing to either invest in the Debtor or to
acquire assets of the Debtor in the People's Republic of China,
and has shared the identity of at least three parties with the its
largest alleged creditor, Abax Entities, the Debtor and its
advisors need additional time to negotiate, document and file any
acceptable transaction.  The Debtor and the Abax Entities entered
into and filed a protocol agreement, pursuant to which the parties
agreed to collaborate to explore the interests of any third
parties in a restructuring transaction, sharing expressions of
interest, creating a "Working Group" that would meet or confer
every week on developments and possible interested parties in a
restructuring transaction.

On Feb. 18, 2014, the Abax Entities filed an objection to the
Debtor's requested 90-day extension of the Exclusive Periods,
stating that the Debtor has not made progress in pursuing
transactions or advancing its Chapter 11 case that would warrant a
further 90-day extension of the Exclusive Periods.  "A more
limited extension of exclusivity, such as 45- or 60-days, would be
more appropriate," Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges LLP, the attorney for the Abax Entities, said.

According to Ms. Marcus, nearly every issue or event cited by the
Debtor in support of the second exclusivity motion was completed
months before the Debtor even filed its first exclusivity motion.
"Court approval of the SEC settlement, identifying and retaining a
chief restructuring officer, the filing of its Schedules and
SOFAs, the filing of a motion to establish a claims bar date --
these were the very same accomplishments touted by the Debtor in
its first exclusivity motion," Ms. Marcus stated.

Ms. Marcus can be reached at:

      Weil, Gotshal & Manges LLP
      767 Fifth Avenue
      New York, NY 10153
      Tel: (212) 310-8000
      Fax: (212) 310-8007
      E-mail: jacqueline.marcus@weil.com

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of
$29.5 million and liabilities totaling $82.5 million.


CHINA NATURAL: Ernst & Young China OK'd as Restructuring Advisor
----------------------------------------------------------------
China Natural Gas, Inc., has obtained permission from the Hon.
Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York employ Ernst & Young (China) Advisory Limited
as restructuring advisor, nunc pro tunc to Jan. 17, 2014.

As reported by the Troubled Company Reporter on Feb. 25, 2014, EY
China will generally provide assistance to the Debtor with respect
to the proposed sale or other disposition of the Debtor's business
and supporting negotiations among the Debtor, its advisors, and
its creditors with respect to identifying and entering into
transactions with potential new investors.

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of
$29.5 million and liabilities totaling $82.5 million.


COEUR MINING: S&P Lowers Corp. Credit Rating to B; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Chicago-based Coeur Mining Inc. to 'B' from 'B+'.
The outlook is stable.

S&P also lowered its issue rating on the company's senior
unsecured notes to 'B+' from 'BB-'.  The recovery rating is '2',
indicating S&P's expectation of substantial (70%-90%) recovery in
the event of default is unchanged.

"The stable outlook reflects our expectation that Coeur will
maintain adequate liquidity because further cost and efficiency
gains will help mitigate the very high volatility of profitability
inherent in precious metals prices," said Standard & Poor's credit
analyst Funmi Afonja.  "Still, we consider the elimination of the
revolving credit facility as posing considerable downside risk to
liquidity."

S&P could lower the rating if earnings pressures, aggressive
shareholder rewards, or higher-than-expected capital spending
caused S&P to revise its liquidity assessment to "less than
adequate" or "weak" under its criteria.  S&P could also lower the
rating if a larger-than-expected drop in silver or gold prices or
unexpected cost escalations caused a material earnings decline,
such that S&P would expect leverage to rise to more than 8x in
2015.

S&P could raise the rating in the longer term if prices rose
meaningfully and if Coeur increased its asset diversity and
production volumes while maintaining costs in line with industry
levels.  For a higher rating, S&P would also look for management
to minimize operational surprises and establish a longer track
record of meeting production and capital spending targets.  If
management met S&P's expectations and leverage fell below 3x, S&P
could raise the rating if it believed the measures would be
sustained.


COMMONWEALTH REIT: S&P Affirms 'BB+' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating on Commonwealth REIT (CWH).  The outlook remains
stable.  At the same time, S&P affirmed its 'BBB-' rating on the
company's unsecured debt and 'BB-' rating on its preferred stock.

CWH announced on March 25, 2014, that activist shareholders, led
by Corvex Management and Related Management, received the required
votes through written consent to remove the current board of
trustees.  S&P expects that new elections to the board of trustees
will take place promptly followed by the termination of the
management agreement with REIT Management and Research (RMR) and
subsequent internalization of management with a new team.

"Our ratings on CWH acknowledge the company's 'fair' business risk
profile, as characterized by a portfolio of assets that has
performed unevenly and lagged that of other office REIT peers that
we rate," said Standard & Poor's credit analyst Jaimie Gitler.
"We believe that the new management team is likely to retain some
assets that RMR had previously marked for sale and while value
could be realized by rehabilitating or repositioning these
properties it will likely require significant capital to do so.
The company's recently stabilized debt coverage and leverage
measures contribute to our assessment of an "intermediate"
financial risk profile."

Commonwealth REIT is an office and industrial landlord which owned
about $6.6 billion (305 properties/46 million square feet) in
undepreciated real estate assets as of Dec. 31, 2013.  The company
has a national footprint with properties generally in secondary
and suburban markets.  CWH's large suburban exposure has been the
main cause of the weak operating results over the past few years.
RMR was in the middle of a multiyear strategy to dispose of
properties situated in weak suburban markets and redeploying
proceeds into secondary central business district locations.  S&P
believes that the new management team is likely to keep some
assets previously marked for sale and will attempt to rehabilitate
or reposition them, though investing in some of these assets could
require significant capital.

The outlook is stable.  S&P believes the new management team
intends to pursue strategies that could bolster property
performance while preserving adequate liquidity and recently
improved financial metrics.  However, S&P assumes management may
need to invest significant capital to turn around underperforming
properties.  S&P expects flat portfolio performance in 2014, but
credit measures, including fixed-charge coverage and debt to
EBITDA should improve as a result of the large debt payback and
equity issuance in 2013 and remain supportive of an "intermediate"
financial risk profile assessment.

An upgrade is unlikely in the near term given expectations for
continued difficulties within the company's property portfolio.
However, S&P could raise its ratings if it expects a material
improvement in the company's operating performance, including a
successful rehabilitation of underperforming assets and improving
fundamentals for the total portfolio, such that S&P assess the
business risk profile as "satisfactory".  S&P would also look for
maintenance of financial measures consistent with the current
"intermediate" financial risk profile and reduced exposure to
floating rate debt.

S&P could lower its ratings on CWH if the new management team
deviates from its publicly stated portfolio and financing
strategies or if expected portfolio improvements do not
materialize and operating performance deteriorates further,
causing leverage to rise above 7.5x or fixed-charge coverage to
drop below 2.1x which would result in a reassessment of S&P's
financial risk profile to "significant".


COMMUNITY HOME: Court Holds in Abeyance Case Dismissal Motion
-------------------------------------------------------------
The Hon. Judge Edward Ellington of the U.S. Bankruptcy Court for
the Southern District of Mississippi issued an order holding in
abeyance the motion of Edwards Family Partnership, L.P. and Beher
Holdings Trust's to dismiss or, in the alternative, to convert the
Chapter 11 case of Community Home Financial Services, Inc. to one
under Chapter 7 of the Bankruptcy Code.

                      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.


COMMUNITY HOME: Trustee May Employ Jones Walker as Counsel
----------------------------------------------------------
The Bankruptcy Court authorized Kristina M. Johnson, Chapter 11
trustee for Community Home Financial Services, Inc., to employ
Jones Walker, LLP as counsel nunc pro tunc to Jan. 8, 2014.

As reported in the Troubled Company Reporter on Feb. 26, 2014,
William D. Dickson objected to the application to employ Jones
Walker.  Mr. Dickson stated that the firm lacks disinterestedness.

The TCR reported on Feb. 11, 2014, that Jones Walker is expected
to:

   (a) prepare and file any amendments to the Schedules and
       Statement of Financial Affairs;

   (b) advise the Trustee with respect to her powers and duties as
       Trustee and in the continued management operation of the
       Debtor's business;

   (c) advise the Trustee with respect to the administration of
       the Debtor's estate;

   (d) attend meetings and negotiate with representatives of
       creditors, counter parties to executory contracts and
       unexpired leases to which the estate is a party, and other
       parties in interest;

   (e) advise the Trustee and consult on the conduct of the case,
       including all of the legal and administrative requirements
       of operating in Chapter 11;

   (f) take all necessary action to protect and preserve the
       Chapter 11 estate, including investigation of potential
       causes of action possessed by the estate, the prosecution
       of civil actions by the estate, defense of any civil
       commenced against the estate, adversary proceedings and
       contested matters involving the estate, negotiating
       concerning all litigation in which the Chapter 11 estate is
       involved, evaluations of claims and liens of various
       creditors, and, where appropriate, to object to such claims
       or liens against the estate or its property;

   (g) prepare on behalf of the Trustee all motions, applications,
       responses, answers, orders, and other pleadings, as well as
       agreements, reports, accounts, and other documents and
       papers necessary for the administration of the estate;

   (h) advise and consult with the Trustee and other professionals
       she may retain in connection with any sale of the Debtor's
       assets, as well as with any disclosure statement and plan
       of reorganization or liquidation, and to represent the
       Trustee in any matter arising out of, related to or in
       connection with such plan, disclosure statement, and all
       related agreements or documents, as well as any matters
       that are necessary for the confirmation, implementation or
       consummation of such plan; and

   (i) perform all other necessary legal services and provide all
       other necessary legal advice to the Trustee in connection
       with all aspects this Chapter 11 case.

Jones Walker will be paid at these hourly rates:

       Patrick R. Vance, Partner (New Orleans)      $450
       Elizabeth J. Futrell, Partner (New Orleans)  $415
       Ellis Brazeal, Partner (Birmingham)          $390
       Jeffrey R. Barber, Partner (Jackson)         $340
       Kristina M. Johnson, Partner (Jackson)       $340
       Patrick McCune, Associate (Baton Rouge)      $250
       Lindsey Dowdle, Associate (Jackson)          $220
       Kilby Brabston, Legal Assistant (Jackson)    $155

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

Jeffrey R. Barber, partner of Jones Walker, 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 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.


COMMUNITY HOME: Court Holds in Abeyance Ch. 11 Plan Confirmation
----------------------------------------------------------------
The Bankruptcy Court entered an order holding in abeyance the (i)
confirmation of Community Home Financial Services, Inc.'s Chapter
11 Plan; and (ii) the objection and amended objection to the
confirmation of Plan pending further Court order.

As reported in the Troubled Company Reporter on Aug. 16, 2013, the
Debtor filed a second addendum to the Disclosure Statement
explaining its Plan of Reorganization.  The Addendum consists of
the Debtor's two-year financial projections.

Counsel to the Debtor, Derek A. Henderson, Esq. --
derek@derekhendersonlaw.com -- relates that the worksheets are
based on sound assumptions including the fact that the Debtor will
go forward as a going concern.  The Home Improvement loan
portfolios are calculated with formulas to allow for obtaining new
home improvement loans while allowing for the declining
amortization of the current Home Improvement loan portfolios, he
discloses.  The Joint Venture incomes are based upon a 25% share
of three (3) of the pools and 50% of four (4) of the pools, he
adds.

The projections do not include the additional funds the Debtor
should recover from so-called "Debt X" transactions being
litigated in pending adversary proceedings.

Edwards Family Partnership, LP and Beher Holdings Trust filed
objections to the Disclosure Statement based on the projections.

Jonathan Bisette, Esq., and Roy Liddell, Esq., at Wells, Marble &
Hurst, PLLC, also represent the Debtor.

                      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.


CREATION'S GARDEN: Wins OK to Incur $364,000 Loan From BOTW
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized on March 4, 2014, Creation's Garden Natural Products,
Inc., et al., to:

   -- obtain postpetition financing in the form of delayed draw
      term loans in the aggregate principal amount not to
      exceed $364,000, drawn under a debtor-in-possession term
      loan facility, subject to the terms and conditions of the
      DIP Loan Documents;

   -- execute and enter into an Amendment to Postpetition Term
      Credit and Security Agreement, which amends a Postpetition
      Term Credit and Security Agreement entered into by and
      among the Debtors and Bank of the West, as the lender
      party thereto; and

   -- use cash collateral.

The Debtor will use the loan and cash collateral to operate its
business.

Bank of the West has consented to (i) the financing arrangements;
and (ii) the Debtors' use of cash collateral.

As reported in the Troubled Company Reporter on Feb. 17, 2014, the
Debtors said they are unable to obtain sufficient financing from
sources other than BOTW on terms and subject to conditions more
favorable than under the Term Facility and the DIP Loan Documents,
and are not able to obtain unsecured credit allowable as an
administrative expense under section 503(b)(1) of the Bankruptcy
Code.  The Debtors said they are also unable to obtain secured
credit allowable under Sections 364(c)(1), 364(c)(2) and 364(c)(3)
of the Bankruptcy Code for the purposes set forth in the DIP
Agreement without granting to BOTW first priority liens in the
Debtors' assets.

BOTW has indicated that it is willing to provide the Debtors with
the DIP Loans.  After considering all of their alternatives, the
Debtors have concluded, in an exercise of their sound business
judgment, that the Term Facility to be provided by BOTW, when
coupled with the authorization to use Cash Collateral to be
provided by BOTW pursuant to the terms of a Cash Collateral
Stipulation, represents the best financing presently available.

Advances under the Term Facility will be made only in the event
and to the extent that the Debtors' actual cash receipts are not
sufficient to enable the Debtors to pay all of the expenses in the
amounts set forth in the budget.  The rate of interest to be
charged for the DIP Loans will be 10% per annum (calculated on the
basis of a 360-day year for actual days elapsed).  Upon and during
the occurrence of an event of default, the outstanding principal
amount of the DIP loans (including any overdue interest) will bear
interest at 15% per annum.  As security for the performance of the
Obligations under and with respect to the Term Facility, BOTW is
granted enforceable, non-avoidable and fully perfected first
priority priming liens on and senior security interests in the
Collateral.

BOTW has consented to the Debtors' cash collateral use in
accordance with the extended budget and subject to the terms and
conditions set forth in the cash collateral stipulation.  A copy
of the Budget and the Stipulation is available for free at:

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

As adequate protection for the Debtors' use of cash collateral,
the Debtors propose to provide to BOTW, among other things, valid,
enforceable, and fully perfected replacement post-petition liens
and security interests in the post-petition collateral (excluding
avoidance actions.  Further, BOTW will be granted a super-priority
claim against the Debtors' assets, to the extent that the post-
petition liens do not adequately protect against the post-petition
diminution in value in BOTW's interest in its collateral.

On Jan. 28, 2014, the Court approved the sale of substantially all
of the Debtors' tangible and intangible assets related to their
business, including, without limitation, the Debtors' inventory,
machinery, equipment and intellectual property, free and clear of
all liens, claims and interests, to the winning bidder at one or
more public auction sales to be conducted by the Debtors' proposed
auctioneer, liquidator and sale consultant and agent, Reich
Brothers, LLC, in accordance with the terms of a Consulting and
Marketing Services Agreement in late January 2014 and early
February 2014 or to a buyer identified prior to the hearing on the
motion who is seeking to acquire the Assets as part of a going
concern sale.  BOTW is entitled to credit bid on the Assets, or
any portion thereof, at either the auction sales or in connection
with any going concern sale.

In the event that the Assets are sold to a going concern buyer who
is not the Consultant, the Consultant will be authorized to
receive payment of a fee equal to 10% of the total consideration
paid by the going concern buyer, plus reimbursement for all prior
expenses actually incurred by Consultant prior to such going
concern sale.

                      About Creation's Garden

Valencia, California-based Creation's Garden Natural Products,
Inc., filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
13-37815) in Los Angeles on Nov. 20, 2013.  Dino Guglielmelli,
president and holder of 100% of the common stock, signed the
petition.  In its schedules, the company disclosed $14,398,785 in
total assets and $16,991,488.74 in total liabilities.

An affiliate, Creation's Garden Natural Food Markets, Inc., also
sought bankruptcy protection.

The Debtors are represented by attorneys at the law offices of
Leven, Neale, Bender, Yoo & Brill L.L.P.  The Debtors also hired
Reich Brothers, LLC as auctioneer, liquidator, and sale consultant
and agent, effective Dec. 2, 2013.


CREATION'S GARDEN: BofA Okayed to Foreclose on 4 Properties
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has granted Bank of America, N.A. relief from the automatic stay
with respect to Creation's Garden Natural Products, Inc., et al.'s
real properties located at:

   1. 24849 Anza Drive, Santa Clarita, California;
   2. 28926 N. Hancock Parkway, Valencia, California;
   3. 24887 Avenue Rockefeller, Valencia, California; and
   4. 24849 Anza Drive, Santa Clarita, California.

BofA is authorized to enforce its remedies to foreclose upon and
obtain possession of the property in accordance with applicable
non-bankruptcy law, but may not pursue any deficiency claim
against the Debtor or property of the estate except by filing a
proof of claim.

As reported in the Troubled Company Reporter on Feb. 18, 2014,
BofA, the holder of a deed of trust, said the Debtor has no equity
on the property, and the property is not necessary to an effective
reorganization.

             About Creation's Garden Natural Products

Creation's Garden Natural Products, Inc., filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 13-37815) in Los Angeles on
Nov. 20, 2013.  An affiliate, Creation's Garden Natural Food
Markets, Inc., simultaneously sought bankruptcy protection.  Dino
Guglielmelli, president and holder of 100% of the common stock,
signed the petition.

The Debtors are represented by attorneys at Leven, Neale, Bender,
Yoo & Brill L.L.P.  Sherwood Partners, LLC, serves as financial
advisor and marketing consultant.

Creation's Garden Natural Products disclosed assets of $14,398,785
and liabilities of $16,991,488.


DEWEY & LEBOUEF: Ex-Finance Director Says Chairman Feared Audit
---------------------------------------------------------------
Matthew Goldstein, writing for The Wall Street Journal, reported
that Francis J. Canellas, the former finance director of the
bankrupt law firm Dewey & LeBoeuf, who pleaded guilty this year to
taking part in a scheme to manipulate the firm's financial
statements, told New York prosecutors that the firm's former
chairman, Steven Davis, had been nervous before meeting with an
auditor to discuss the firm's 2010 finances.

According to the report, Mr. Canellas, in a statement made as part
of his plea agreement with prosecutors, said he thought Mr. Davis
worried that the auditor, from Ernst & Young, would detect some of
the "inappropriate adjustments" being made to Dewey's financial
statements by the firm's finance team.

The statement from Mr. Canellas and his plea on Feb. 13 to one
count of grand larceny were unsealed by Justice Michael J. Obus of
State Supreme Court in Manhattan, the report related.

Mr. Canellas is one of seven former Dewey employees who pleaded
guilty to taking part in what the Manhattan district attorney,
Cyrus R. Vance Jr., called a four-year plan to manipulate the
firm's financial statements in an effort to keep it from
collapsing, the report further related.  The pleas of most of the
other employees were expected to be unsealed, officials with Mr.
Vance's office said.

The cooperation of Mr. Canellas and some of the other former
employees is seen as crucial in the criminal case against Mr.
Davis and two other former top executives: Stephen DiCarmine,
Dewey's onetime executive director, and Joel Sanders, its chief
financial officer, the report said.  The three men, along with a
low-level employee, Zachary Warren, were indicted this month by a
New York grand jury on multiple counts of grand larceny and
falsifying business records. The four men have pleaded innocent to
the charges.

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DIOCESE OF HELENA: Committee Taps Pachulski Stang as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of Roman Catholic Bishop of Helena, Montana, a Montana
Religious Corporation Sole (Diocese of Helena), asks the U.S.
Bankruptcy Court for the District of Montana for permission to
retain Pachulski Stang Ziehl & Jones LLP as its counsel.

The firm proposes to charge $650 per hour for professionals
working on the case and regular hourly rates of $175-$255 for
paralegals.

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

The proposed counsel can be reached at:

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

                    About the Diocese of Helena

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

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

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

The Roman Catholic Bishop of Helena filed its schedules of assets
and liabilities, which show assets with a value of more than
$16.037 million against debt totaling $33.6 million.  The filings
also showed that the diocese has $4.7 million in secured debt.
Creditors of the diocese assert $28.89 million in unsecured
non-priority claims.

Gail Brehm Geiger, the U.S. Trustee for Region 18, appointed
seven creditors to serve on the Official Committee of Unsecured
Creditors.


DOLAN COMPANY: Targeting May Confirmation of Prepack Plan
---------------------------------------------------------
The Dolan Company and its affiliates ask the Bankruptcy Court to
consider approval of their prepackaged bankruptcy-exit plan based
on these timeline:

     Event                                   Date
     -----                                   ----
Voting Record Date                     March 18, 2014

Distribution of Solicitation Package   March 18, 2014

Voting Deadline                        March 21, 2014 at
                                       5:00 p.m.

Distribution of Confirmation Hearing
  Notice                               March 27, 2014

Publication of Publication Notice      April 1, 2014

Objection Deadline                     April 24, 2014 at
                                       5:00 p.m.

Deadline to File Reply Brief           April 29, 2014 at
                                       11:00 a.m.

Confirmation Hearing                   May 1, 2014

Prior to the Petition Date, the Debtors commenced discussions with
their existing lenders regarding the terms of a consensual
balance-sheet restructuring.  These discussions were productive,
culminating in the execution of a restructuring support agreement,
among the Debtors, discoverReady, LLC, and the lenders.

The Debtors subsequently commenced a prepackaged solicitation of
their proposed Plan on March 18, 2014, to the holders of the
prepetition credit agreement claims, the only claims or interests
entitled to vote to accept or reject the Plan.  The holders of
claims entitled to vote on the Plan overwhelmingly accepted it.

                         The Prepack Plan

The Plan provides a comprehensive restructuring of Dolan's
obligations, preserves the going-concern value of the company's
businesses, maximizes recoveries available to all constituents,
provides for an equitable distribution to the company's
stakeholders, and protects the jobs of approximately 635
employees.  More specifically, the Plan provides, among other
things, that:

   -- In exchange for the company's prepetition lenders' claims on
account of the prepetition credit agreement, (1) the company and
the lenders will enter into a new senior secured "last-out" term
loan in the face amount of $50 million less the amount of any
Additional Loans and the amounts funded under the Reorganized
Dolan revolving facility as of the Effective Date, (2) the lenders
shall be issued 100% of the equity interests in New Topco (the
"Reorganized Equity"), subject to dilution for the interests
issued to DR LenderCo LLC ("Lender Newco"), and (3) such lenders
shall receive 100% of the interests in a special purpose vehicle
(the "Seller Notes SPV") established to administer and distribute
proceeds of the notes receivable issued as consideration under the
purchase agreements for Dolan APC LLC's former mortgage processing
services businesses, which notes receivable will be assigned the
Seller Notes SPV (the "SPV Interests");

   -- In further exchange for the Company's prepetition lenders'
claims on account of the prepetition credit agreement, (1)
Reorganized Dolan LLC shall distribute its membership interest in
DiscoverReady to New Topco and (2) Lender Newco, which holds such
lenders' 9.9% membership interest in DiscoverReady, shall merge
into New Topco; upon consummation of these transactions, New Topco
shall become the 100% owner of DiscoverReady;

   -- The Company and its prepetition lenders will enter into a
new senior secured "first-out" $15 million revolving loan
commitment (the "Reorganized Dolan Revolving Facility"), which
will fund the Debtors' exit from chapter 11 protection; provided,
that, at the option of the lenders holding the majority of the
debt outstanding under the Company's prepetition credit agreement,
borrowings under the Reorganized Dolan Revolving Facility on the
Effective Date may be limited to no more than $5 million so long
as the balance of the Exit Costs are funded with additional loans
issued on the same terms and conditions as the Reorganized Dolan
Term Loan (the "Additional Loans");

   -- All outstanding and undisputed General Unsecured Claims
against the Company will be unimpaired and unaffected by the
restructuring and will be paid in full in cash on the later of (1)
the Effective Date of the Plan or (2) in the ordinary course of
business when such claims become due and owing;

   -- At the option of the Company, with the consent of its
prepetition lenders, or the reorganized Company, as applicable,
Intercompany Claims and Interests shall be (1) left unaltered and
rendered unimpaired or (2) cancelled;

   -- The Dolan Company's existing interests shall be cancelled;

   -- Each of the Company's prepetition lenders has agreed to a
standstill to forbear from exercising any remedies against
DiscoverReady or Dolan DLN LLC under the prepetition credit
agreement during the pendency of the chapter 11 cases;

   -- Each of the Company's prepetition lenders agrees to release
DiscoverReady from any and all claims arising under the
prepetition credit agreement upon the Effective Date; and

   -- On the Effective Date, the Company's prepetition lenders
will provide DiscoverReady (on a pro rata basis in accordance with
the amount of claims arising under the prepetition credit
agreement beneficially held by such lender) a new $10 million
revolving credit facility.

A copy of the Prepackaged Chapter 11 Plan of Reorganization is
available for free at:

      http://bankrupt.com/misc/Dolan_Co_Ch11_Plan.pdf

A copy of the Disclosure Statement is available for free at:

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

                      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.

The Debtors have requested procedural consolidation and joint
administration of the chapter 11 cases.

A copy of CRO Kevin Nystrom's affidavit in support of the first
day pleadings filed by the Debtors is available for free at:
http://bankrupt.com/misc/DOLAN_1st_Day_Affidavit.pdf


DOLAN COMPANY: Unsecured Claims List Filed; Bar Dates Proposed
--------------------------------------------------------------
The Dolan Company and its affiliates ask the bankruptcy court to
establish:

     (i) 5:00 p.m. prevailing Eastern Time, on the first business
day that is 35 days after the Petition Date, as the last date and
time for each entity to file proofs of claims ("General Bar
Date"), and

     (ii) to the extent the Debtors amend, supplement or modify
Schedule F, the later of (A) the General Bar Date and (B) 5:00
p.m., prevailing Eastern Time, on the day that is 21 days from the
date on which the Debtors provide notice of the amendment,

    (iii) solely as to governmental units, 5:00 p.m., prevailing
Eastern Time, on the first business day that is 180 days after the
Petition Date, as the last date to file proofs of claim, and

    (iv) for claims arising from the rejection of executory
contracts and unexpired leases of the Debtors, the later of (A)
the General Bar Date or (B) 5:00 p.m., prevailing Eastern Time, on
the date that is 21 days following entry of an order approving
rejection of any executory contract.

The Debtors are setting deadlines by which only holders of
"applicable claims" (i.e., unsecured non-priority claims in an
amount equal to or greater than $100,000 on account of a single
act or occurrence) will be required to file written proof of their
claims.

To ensure that the Debtors comply with the milestones set forth in
the restructuring support agreement as it relates to the Plan
process, the Debtors have filed a motion for entry of an order (A)
providing an extension of the time to file schedules and
statements of financial affairs, and (B) providing for a permanent
waiver of the requirement to files schedules and statements of
financial affairs if confirmation of the Plan occurs within 60
days.

The Debtors are requesting, among other things, a permanent
waiver, upon confirmation and effectiveness of the Plan, of their
obligation to file their schedules of assets and liabilities,
schedule of executory contracts and unexpired leases, and
statement of financial affairs other than the modified Schedule F
(Creditors Holding Unsecured Non-Priority Claims) for each of the
Debtors as modified for creditors that hold unsecured non-priority
claims listed on the Debtors' books and records in an amount equal
to or greater than $100,000 on account of a single act or
occurrence ("Modified Schedule F").

                        Modified Schedule F

Copies of the Modified Schedule F filed by each of the Debtors are
available free of charge at:

   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10614.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10615.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10616.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10617.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10618.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10619.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10620.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10621.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10622.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10623.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10624.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10625.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10626.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10627.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10628.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10629.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10630.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10631.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10632.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10633.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10634.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10635.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10636.pdf
   http://bankrupt.com/misc/DOLAN_Sked_F_Case14-10637.pdf

                      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
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.

The Debtors have requested procedural consolidation and joint
administration of the chapter 11 cases.


DOLAN COMPANY: Proposes Kurtzman Carson as Claims & Admin. Agent
----------------------------------------------------------------
The Dolan Company and its affiliates filed applications to employ
Kurtzman Carson Consultants LLC as (i) claims and noticing agent
for the Debtors in lieu of the Clerk of the United States
Bankruptcy Court for the District of Delaware, and (ii)
administrative agent.

The Debtors anticipate that several thousand entities will be
noticed during the course of the chapter 11 cases.  In view of the
number of anticipated claimants and the complexity of the Debtors'
businesses, the Debtors submit that KCC's appointment as the
claims and noticing agent is both necessary and in the best
interests of the Debtors' estates and their creditors because the
Debtors (and the Clerk) will be relieved of the burdens associated
with the claims and noticing services.

The Debtors compared engagement proposals of three court-approved
claims and noticing agents before engaging KCC.  The fee structure
agreed upon by the parties was not included in court filings.

As administrative agent, KCC will provide, among other things,
various bankruptcy administrative services, including assisting
with, among other things, solicitation, balloting, tabulation, and
calculation of votes, as well as preparing any appropriate
reports, as required in furtherance of confirmation plan(s) of
reorganization.

Before the Petition Date, the Debtors paid a retainer to KCC in
the amount of $25,000.

The Debtors request that the undisputed fees and expenses incurred
by KCC in the performance of its services be treated as
administrative expenses of the Debtors' estates pursuant to
Section 156(c) of the Judicial Code and Section 503(b)(1)(A) of
the Bankruptcy Code and be paid in the ordinary course of business
without further application to or order of the Court.

                      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.

The Debtors have requested procedural consolidation and joint
administration of the chapter 11 cases.


DOLAN COMPANY: Asks Court to Limit Trading to Protect NOLs
----------------------------------------------------------
The Dolan Company and its affiliates ask the bankruptcy court to
enter an order (i) approving notification and hearing procedures
related to certain transfers of the Company's common stock and
8.5% series B cumulative preferred stock or any beneficial
ownership therein, and (ii) directing that any purchase sale or
other transfer of common stock or preferred stock in violation of
the procedures will be null and void ab initio.

As of Dec. 31, 2013, the Debtors estimate that they have NOLs in
the amount of approximately $150 million.  The NOLs are of
significant value to the Debtors and their estates because the
Debtors can carry forward their NOLs to offset their future
taxable income for up to 20 years, thereby reducing their future
aggregate tax obligations.  In addition, the NOLs may be utilized
by the Debtors to offset any taxable income generated by
transactions consummated during these chapter 11 cases.

Because an "ownership change" may negatively impact the Debtors'
utilization of the NOLs, the Debtors propose these procedures:

   * Any "substantial shareholder" -- entity that has direct
     or indirect beneficial ownership of at least 4.5% of the
     common stock or 4.5% of the preferred stock -- must serve and
     file a declaration.

   * Prior to effectuating any transfer of the equity securities
     that would result in another entity becoming a substantial
     shareholder, the parties to such transaction must serve and
     file a notice of the intended stock transaction.

   * The Debtors have 14 calendar days after receipt of the stock
     transaction notice to object to the proposed transaction.

   * If the Debtors do not object, the proposed transaction may
     proceed.

   * Any transfer of the Equity Securities in violation of the
     procedures will be null and void ab initio.

                      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
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.

The Debtors have requested procedural consolidation and joint
administration of the chapter 11 cases.


DMW MARINE: Court Rejects Pearlstein's Summary Judgment Bid
-----------------------------------------------------------
Chief Bankruptcy Judge Eric L. Frank denied the Motion for Summary
Judgment filed by Defendant Mark S. Pearlstein in the lawsuit
styled as, MICHAEL H. KALINER, Trustee of the Estate of DMW
Marine, LLC, Plaintiff, v. DEBORAH D. KLEIN, DRINKER BIDDLE &
REATH, LLP, and MARK S. PEARLSTEIN, Defendants, Adv. Proc. No.
13-0291 (Bankr. E.D. Pa.).  A copy of the Court's March 10, 2014
Order is available at http://is.gd/bOFPYifrom Leagle.com.

DMW Marine, LLC, based in Exton, PA, filed for Chapter 11
bankruptcy (Bankr. E.D. Pa. Case No. 11-13953) on May 17, 2011.
Judge Jean K. FitzSimon presides over the case.  Charles M.
Golden, Esq., at Obermayer Rebmann Maxwell & Hippel LLP, served as
the Debtor's counsel.  DMW Marine estimated $100,001 to $500,000
in assets and under $10 million in debts.  A list of the Company's
20 largest unsecured creditors filed together with the petition is
available for free at: http://bankrupt.com/misc/paeb11-13953.pdf
The petition was signed by Michael Antonoplos, receiver.

Affiliate, Douglas M. Weidner filed a Chapter 11 petition (Case
No. 10-31034) on Dec. 23, 2010.

DMW Marine's case was later converted to Chapter 7 and Michael H.
Kaliner was named Chapter 7 Trustee.


DVORKIN HOLDINGS: Plan Status Hearing Continued Until July 17
-------------------------------------------------------------
In the Chapter 11 case of Dvorkin Holdings, LLC, the U.S.
Bankruptcy Court for the Northern District of Illinois continued
until July 17, 2014, at 10:30 a.m., the status hearing on the
Chapter 11 Plan and explanatory Disclosure Statement.

Dvorkin Holdings, LLC, a holding company that has interests in
40 non-debtor entities, filed a Chapter 11 petition (Bankr. N.D.
Ill. Case No. 12-31336) in Chicago on Aug. 7, 2012.  The Debtor
disclosed $69,894,843 in assets and $9,296,750 in liabilities as
of the Chapter 11 filing.  Bankruptcy Judge Jack B. Schmetterer
oversees the case.  Michael J. Davis, Esq., at Archer Bay, P.A.,
in Lisle, Ill., serves as counsel to the Debtor.  The petition was
signed by Loran Eatman, vice president of DH-EK Management Corp.

The Bankruptcy Court in October 2012 granted the request of
Patrick S. Layng, the U.S. Trustee for the Northern District of
Illinois, to appoint Gus Paloian as the Chapter 11 Trustee.
Seyfarth Shaw, LLP, represents the Chapter 11 Trustee as counsel.
Carpenter Lipps & Leland LLP represents the Chapter 11 Trustee as
conflicts counsel.


DYNAVOX INC: B. Radoff Owned 9.6% of Class A Share at Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Bradley Louis Radoff disclosed that as of
Dec. 31, 2013, he beneficially owned 1,100,000 shares of
Class A common stock of DynaVox, Inc., representing 9.6 pecent of
the shares outstanding.  A copy of he regulatory filing is
available for free at http://is.gd/ygZPWo

                         About DynaVox Inc.

DynaVox Inc. (OTC: DVOX) is a holding Company with its
headquarters in Pittsburgh, Pennsylvania, whose primary operating
entities are DynaVox Systems LLC and Mayer-Johnson LLC.  DynaVox
provides speech generating devices and symbol-adapted special
education software to assist individuals in overcoming their
speech, language and learning challenges.

DynaVox reported net loss attributable to the Company of $9.53
million on $64.95 million of net sales for the year ended June 28,
2013, as compared with a net loss attributable to the Company of
$18.45 million on $97.31 million of net sales for the year ended
June 29, 2012.  The Company's balance sheet at June 28, 2013,
showed $34.94 million in total assets, $27.17 million in total
liabilities, and $7.76 million in total equity.

Deloitte & Touche LLP, in Pittsburgh, Pennsylvania, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 28, 2013.  The independent
auditors noted that the Corporation's default under the 2008
Credit Facility and the continuing decline in revenue, earnings,
and cash flows from historical levels raise substantial doubt
about its ability to continue as a going concern.

                        Bankruptcy Warning

"All obligations under the 2008 Credit Facility are
unconditionally guaranteed by the immediate holding Company parent
of DynaVox Systems LLC and each of DynaVox Systems LLC's existing
and future wholly-owned domestic subsidiaries.  The 2008 Credit
Facility and the related guarantees are secured by substantially
all of DynaVox Systems LLC's present and future assets and all
present and future assets of each guarantor on a first lien basis.
In the event of an acceleration of our obligations and our failure
to pay the amount that would then become due, the holders of the
2008 Credit Facility could seek to foreclose on our assets, as a
result of which we would likely need to seek protection under the
provisions of the U.S. Bankruptcy Code.  In that event, we could
seek to reorganize our business or attempt to sell our
business/assets as a going concern.  The Company could also be
forced into a chapter 7 liquidation, under which a chapter 7
trustee could be required to liquidate our assets.  In any of
these events, whether the stockholders receive any value for their
shares is highly uncertain.  If we needed to liquidate our assets,
we might realize significantly less from them than the value that
could be obtained in a transaction outside of a bankruptcy
proceeding.  The funds resulting from the liquidation of our
assets would be used first to pay off the debt owed to secured and
unsecured creditors, including the lenders under the 2008 Credit
Facility, before any funds would be available to pay our
stockholders.  If we are required to liquidate under the federal
bankruptcy laws, it is unlikely that stockholders would receive
any value for their shares," the Company said in the Annual
Report for the year ended June 28, 2013.


EAST JEFFERSON GENERAL: Moody's Cuts $161MM Bonds Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded East Jefferson General
Hospital's (EJGH), LA bond rating to Ba1 from Baa3 on $161.6
million of outstanding bonds issued by the Jefferson Parish
Hospital Service District No. 2. The outlook is revised to
negative from stable at the lower rating and the rating is removed
from under review. The rating downgrade and negative outlook
reflect operating performance below projected levels with
continued weakening of liquidity.

Summary Rating Rationale

The rating downgrade to Ba1 is based on EJGH's second year of
unfavorable financial performance in fiscal year (FY) 2013
resulting in a failure to reach projected levels of performance
for a second year and the maintenance of weak debt coverage
metrics. The downgrade also reflects the multiple years of
variable performance and operating losses as well as a multi-year
trend of declines in absolute unrestricted cash and investments.
The revision of the outlook to negative at the lower rating level
incorporates the uncertainty surrounding EJGH's search for a
strategic partner as well as continued losses in the first two
months of FY 2014 and further deterioration in balance sheet
metrics.

Challenges

-- In FY 2013, EJGH's unaudited operating performance continued to
decline and was unfavorable to budget for a second year,
generating a low 5.4% operating cash flow margin. The last two
years of unfavorable performance add to a trend of variable
operating performance and multi-year trend of operating losses.

-- EJGH's search for a strategic partner has been prolonged by the
political decision making process which has contributed to volume
declines as well as created a distraction for management and
delayed implementation of many strategic initiatives that were
projected to improve operating performance at the hospital.

-- EJGH's heavy reliance on Medicare, representing 59% of gross
patient revenues and one of the highest Medicare concentrations in
Moody's portfolio, contributed to the hospital performing below
budget in FY 2013. This heavy reliance places pressure on revenue
growth given the low current rate increases from Medicare and
expected low or negative rate increases in the future.

-- EJGH's balance sheet has continued to eroded year over year
with absolute cash and investments declining to $129 million at
fiscal year end (FYE) 2013 from $160 million at FYE 2011 and $191
million at FYE 2009.

-- EJGH faces competitive pressure on the East Bank of Jefferson
Parish and in the Greater New Orleans' metro area from a number of
for-profit and non-profit providers including Ochsner Medical
Center, Ochsner Baptist, and Ochsner Kenner (all part of Baa1
rated Ochsner Clinic Foundation).

Strengths

-- EJGH maintains leading market position with 39% market share in
the primary service area (PSA) defined as the East Bank of
Jefferson Parish, part of greater metropolitan New Orleans.

-- EJGH is a moderate sized parish-owned hospital with a $374
million revenue base, 18,000 annual admissions, and a large
employed physician group. The hospital offers an array of services
including open heart and robotic surgery (Medicare Case Mix Index
(CMI) of 1.67 in FY 2013).

-- EJGH's debt structure is all fixed-rate with no interest rate
derivatives, removing the risk associated with changing interest
rates.

-- EJGH maintains a conservative investment strategy and, despite
the decline in cash on hand, at December 31, 2013 cash of 129 days
remains above the Ba1 median of 80 days.

Outlook

The revision of the outlook to negative at the lower rating level
incorporates the uncertainty surrounding the timing and the
outcome of EJGH's search for a partner and the level of continued
impact the process will have on performance. The negative outlook
also reflects the continued losses in the first two months of FY
2014 as well as the continued deterioration in balance sheet
metrics. If management is unable to show improved performance in
the near term the rating could be lowered.

What Could Make The Rating Go Up

A rating upgrade, while unlikely in the near term given the
negative outlook, would be considered if EJGH is able to
successfully implement its strategic plans and improve and sustain
operating performance and debt coverage metrics to a level
appropriate for the Baa3 rating category. A stable balance sheet
position and resolution of the partner search would also be
required for an upgrade.

What Could Make The Rating Go Down

A rating downgrade will be considered if the hospital fails to
implement strategic initiatives to improve operating performance
above FY 2013 results and does not achieve projected margins for
FY 2014. Further weakening of its liquidity position that dilutes
cash-to-debt as well additional new debt would also be
considerations.


EDENOR SA: Pablo Burkett Serving as Regular Director
----------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Edenor SA disclosed that its Board of Directors, at
its meeting held March 7, 2014, resolved that Mr. Pablo Martinez
Burkett will take office as regular director in lieu of Mrs.
Marcela Sacavini, whose resignation was timely informed.  Mr.
Pablo Martinez Burkett was appointed alternate director by the
General Ordinary and Extraordinary Shareholders' Meeting held on
April 25, 2013.

In addition, the Company's Board of Directors resolved to call a
General Shareholders' Meeting to be held on April 29, 2014, at
11:00 a.m. on first call and one (1) hour later on second call
should the first call failed, at its registered office at Avenida
del Libertador 6363, ground floor, City of Buenos Aires.

                          About Edenor SA

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

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

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


ELBIT IMAGING: York Capital Stake at 19.7% as of Feb. 28
--------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, York Capital Management Global Advisors, LLC,
disclosed that as of Feb. 28, 2014, it beneficially owned
108,957,004 ordinary shares of Elbit Imaging Ltd. representing
19.7 percent of the shares outstanding.  A copy of the regulatory
filing is available for for free at http://is.gd/WqCrIn

                     About Elbit Imaging Ltd.

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

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

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

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

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

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

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

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


ENERGY FUTURE: Tries to Reach Debt-Restructuring Deal w/ Creditors
------------------------------------------------------------------
Mike Spector and Emily Glazer, writing for The Wall Street
Journal, reported that Energy Future Holdings Corp., the Texas
utility at the center of a record private-equity buyout, is in
last-ditch negotiations with creditors in a bid to reach a debt-
restructuring deal before it seeks Chapter 11 bankruptcy
protection, said people familiar with the matter.

According to the report, citing the people, the Dallas-based power
company's lenders and bondholders have signed confidentiality
agreements within the last week in the hopes of reaching a deal
that would help shorten Energy Future's trip through bankruptcy
court.  The agreements allow creditors to review the company's
nonpublic financial records.

Energy Future, formerly called TXU Corp., is preparing to file for
bankruptcy protection as soon as April 1, the people said, the
report related.  That is around the time the company must file an
annual report with federal regulators, in which it is likely to
reveal it has received an opinion from auditors expressing doubt
about its ability to continue as a going concern, the people said.
Such an opinion would trigger a default on billions of dollars in
debt that would force the utility to file for bankruptcy
protection.

The company is preparing to file for Chapter 11 with or without a
deal with creditors, the people said, the report further related.
The question is whether Energy Future in coming days can negotiate
a so-called restructuring support agreement with creditors that
would make the expected bankruptcy case smoother and avoid a
protracted, contentious court battle.

If the company and creditors make progress, Energy Future could
ask regulators for an extension to file its annual report, which
could buy more negotiating time and possibly push any bankruptcy
filing to the end of April, the people said, the report added.

            About Energy Future Holdings, fka TXU Corp.

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

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

                Restructuring Talks With Creditors

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

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

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

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


ENERGY FUTURE: Lenders Sign NDA to Rejoin Negotiations
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Energy Future Holdings Corp. increased its chances of
avoiding a lengthy, contentious Chapter 11 reorganization when a
group of creditors agreed to sign a non-disclosure agreement
giving them access to non-public information.

Signing the so-called NDA allows them to rejoin negotiations
intended to bring agreement on a reorganization plan before the
filing of a Chapter 11 petition, the report related, citing two
people with knowledge of the talks who asked not to be identified
because the discussions are private.

Energy Future is coming up against a deadline at the end of March
when auditors may issue an opinion saying they have doubt about
the company's ability to continue as a going concern, the report
said.  An opinion of that nature would be a default on some
secured debt.

            About Energy Future Holdings, fka TXU Corp.

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

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

                Restructuring Talks With Creditors

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

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

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

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


ENERGY SERVICES: Posts $468,000 Net Income in Dec. 31 Quarter
-------------------------------------------------------------
Energy Services of America Corporation filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing net income of $467,921 on $25.05 million of
revenue for the three months ended Dec. 31, 2013, as compared with
a net loss of $760,210 on $27.17 million of revenue for the same
period in 2012.

As of Dec. 31, 2013, the Company had $41.49 million in total
assets, $25.83 million in total liabilities and $15.66 million in
total stockholders' equity.

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

                         http://is.gd/V5N3WI

                        About Energy Services

Huntington, West Virginia-based Energy Services of America
Corporation provides contracting services to America's energy
providers, primarily the gas and electricity providers.

Energy Services reported net income of $3.57 million on $108.82
million of revenue for the year ended Sept. 30, 2013, as compared
with a net loss of $48.52 million on $109.01 million of revenue
during the prior year.

Arnett Foster Toothman PLLC, in Charleston, West Virginia, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2013.  The indepdendent
auditors noted that the Company has suffered recurring losses from
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


ENNIS COMMERCIAL: Prudential Okayed as Real Estate Agent
--------------------------------------------------------
The Bankruptcy Court authorized David Stapleton, the administrator
under the confirmed plan for Ben Ellis, to employ Barry Brown at
Prudential California Realty as real estate agent to market these
properties -- 1277 Beridge Street, Unit 8B, Oceano, California,
and 1277 Belridge Street, Unit 3A, Oceano, California.

The Plan Administrator will pay the agent a 6% commission of the
total price of each of the real properties, payable through escrow
from the sale of each property.

To the best of the Plan Administrator's knowledge, Prudential does
not have interest materially adverse to the interest of the estate
or any class of equity security holders, by reason of any direct
or indirect relationship to or connection with the Debtor.

                       About Ennis Commercial

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

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

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

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

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

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


EXIDE TECHNOLOGIES: Committee Blocks King & Spalding Retention
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Exide
Technologies filed with the U.S. Bankruptcy Court for the District
of Delaware an objection to the Debtor's motion for court
authorization to employ King & Spalding LLP as special antitrust
counsel to perform legal services attendant to antitrust matters
in connection with the Debtor's Chapter 11 case.

As reported by the Troubled Company Reporter on March 25, 2014,
the Debtor assured the Court that K&S is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.  A
hearing is set for April 1, 2014, at 10:00 a.m., to consider
approval of the employment.

The Debtor seeks to retain K&S to act as special counsel to the
Debtor for the purpose of conducting a joint investigation with
the Committee into lead pricing manipulation.  In a court filing
dated March 25, 2014, Erin R. Fay, Esq., at Morris, Nichols, Arsht
& Tunnell LLP, the attorney for the Committee, stated that K&S has
certain conflicts of interest that must disable it from conducting
certain portions of the joint investigation.

According to Ms. Fay, the retention of K&S pursuant to Bankruptcy
Code Section 327(e) is improper because that provision only
applies to ordinary course retentions and does not apply where
counsel is being retained specifically to commence an
investigation in the Debtor's Chapter 11 case.  The Debtor has
made no showing in the K&S application that K&S previously
represented it (either in connection with the lead price
investigation or otherwise) prior to the Petition Date as the
plain language of the Bankruptcy Code requires.

"Bankruptcy Code Section 327(a) is the standard that governs the
Debtor's proposed retention of K&S.  Applying Section 327(a) to
the K&S application, the Committee is concerned that the Debtor
has not demonstrated that K&S satisfies the 'disinterestedness'
standard, especially in light of its representation of companies
affiliated with JP Morgan Chase, Goldman Sachs, Glencore Xstrata
and Trafigura, which (except for Trafigura) are reported to be
targets in the DOJ's and CFTC's investigation of manipulation in
the aluminum market -- the very same investigation that has
prompted the present inquiry into whether these and possibly other
market participants also manipulated the lead market," Ms. Fay
said in the court filing.

                   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: Exempt From State Transfer Taxes, 3rd Cir. Says
-----------------------------------------------------------
The United States Court of Appeals, Third Circuit, on March 28
issued an opinion in a consolidated appeal wherein the appeals
court was asked to interpret the scope of a statutory tax
exemption and to determine if, in enacting that exemption,
Congress acted unconstitutionally.

Consolidated for review in the appeal are three District Court
actions, brought in the Eastern and Middle Districts of
Pennsylvania and the District of New Jersey against the Federal
National Mortgage Association; the Federal Home Loan Mortgage
Corporation; and the Federal Housing Finance Agency.

Congress exempted the Enterprises from all state and local
taxation.  Delaware and Chester Counties filed an amended
complaint in the Eastern District of Pennsylvania on behalf of
themselves and a putative class of all similarly situated counties
in Pennsylvania, seeking a declaratory judgment that the
Enterprises were not exempt from paying state and local real
estate transfer taxes and a judgment awarding the proposed-class
damages in the amount of the unpaid taxes.  The Enterprises filed
a motion to dismiss, which the District Court granted.

The District of New Jersey action proceeded similarly. Cape May
County and its County Clerk filed an amended complaint on behalf
of all New Jersey counties seeking declaratory relief and damages.
After hearing argument on a motion to dismiss, the District Court
dismissed the case.

Lackawanna County's Recorder of Deeds filed suit in the Middle
District of Pennsylvania, on behalf of herself and a putative
class consisting of all similarly situated Pennsylvania counties,
municipalities, and state entities, seeking a declaration that the
Enterprises were subject to state and local transfer taxes, money
damages, and other relief.  The District Court granted the
Enterprises' motion to dismiss.  The Middle District of
Pennsylvania action differed slightly from the other two, in that
the District Court did not consider the constitutionality of the
exemptions, which is why the United States appears only as amicus
curiae with respect to that case.

Each of the Plaintiffs appealed.

In its opinion available at http://is.gd/GOor6xfrom Leagle.com,
the Third Circuit held that the statutory language "all taxation"
includes within its scope state and local real estate transfer
taxes and that the carve-out for real property taxation does not
apply to the transfer taxes.  The Third Circuit also held that
Congress was within its constitutional authority to grant the
Enterprises such immunity.

Fannie Mae and Freddie Mac are federally chartered but privately
owned corporations that issue publicly traded securities.
Congress created Fannie and Freddie to establish and stabilize
secondary markets for residential mortgages to "promote access to
mortgage credit throughout the Nation."  In the wake of the
housing market collapse of 2008, Fannie and Freddie found
themselves owning a great many defaulted and overvalued subprime
mortgages.  They went bankrupt, and on July 30, 2008, Congress
created the FHFA to act as conservator for Fannie and Freddie.  A
conservatorship is like a receivership, except that a conservator,
like a trustee in a reorganization under Chapter 11 of the
Bankruptcy Code, tries to return the bankrupt party to solvency,
rather than liquidating it.

The FHFA is a party to the Appeals in its role as conservator.

The appellate cases are styled as, DELAWARE COUNTY v. FEDERAL
HOUSING FINANCE AGENCY Nos. 13-2163, 13-2501, 13-3175.


FISKER AUTOMOTIVE: $10.5MM Wanxiang DIP Loan Wins Final Okay
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered on
March 20, 2014, a final order (i) authorizing Fisker Automotive
Holdings, Inc., et al., to incur up to $10.5 million postpetition
financing from Wanxiang America Corporation, in its capacity as
postpetition lender; (ii) granting liens and providing
superpriority administrative expense claim status; and (iii)
authorizing the use of cash collateral that constitutes proceeds
of the DIP loans.

The order also provided that objections to the final approval of
the DIP Financing are overruled.

Hybrid Tech Holdings, LLC, filed a conditional objection and
reservation of rights, stating that it desires to ensure that the
Wanxiang DIP Facility does not have the effect of depriving Hybrid
of the protections the Court approved in connection with the
creation of Hybrid's DIP financing facility.  Hybrid is concerned
that certain terms in the proposed Final DIP order permit Hybrid's
collateral, or the proceeds thereof, to be used to repay the
Wanxiang DIP Facility.

Hybrid supports the prompt closing of the sale to Wanxiang
America, and does not dispute that some further financing is
necessary to assure that the Debtors can close the sale.

The Wanxiang DIP facility replaced the DIP financing extended by
Hybrid.  Wanxiang is extending up to $10.50 million in financing
to Fisker, provided that:

     (i) from the date of entry of the Interim Order through and
         including March 31, 2014, the maximum principal amount
         of the DIP Commitment will be limited to $7.25 million
         -- Initial DIP Commitment; and

    (ii) the Debtors will have the right, subject to the
         satisfaction or waiver of the conditions precedent, to
         increase the maximum principal amount of the DIP
         Commitment from $7.25 million to $10.50 million for the
         period from March 31, 2014 through and including April
         30, 2014 -- Additional DIP Commitment.

At the onset of the bankruptcy case, Fisker sought to sell
substantially all of its assets to Hybrid.  The Committee blocked
a private sale to Hybrid and convinced the Bankruptcy Court to
hold an auction.  The Committee had negotiated a deal with -- and
full supported -- Wanxiang as buyer.   Wanxiang and Hybrid
competed at the auction.  Wanxiang prevailed.

On Feb. 17, Wanxiang filed a notice of an asset purchase agreement
in connection with a successful bid, including Amendment No. 1,
and the form of Amendment No. 2.  The Court approved the sale to
Wanxiang at the Feb. 18 hearing.

The sale to Wanxiang is valued at approximately $150 million,
Fisker said in a news statement.  A copy of the Wanxiang deal is
available at no extra charge at:

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

On Feb. 21, Hybrid notified the Debtors that it has terminated its
DIP Facility and declared that all principal of and accrued
interest on the borrowings under the loan.

The Court previously issued an Interim DIP Order that authorized
the Debtors to use $4.98 million from the DIP Facility for working
capital purposes, payment of interest and fees under the DIP
Facility, and payment of the allowed costs and expenses of these
Cases, in each case solely in accordance with an Approved Budget.

All assets of the Debtors' estates are encumbered by security
interests and liens of Wanxiang as DIP Lender pursuant to the
Interim Order and the DIP Agreement.  The DIP Collateral includes
any and all rents, issues, products, offspring, proceeds and
profits generated by any item of DIP Collateral.

The DIP Collateral excludes 35% of the Borrower's equity interest
in Fisker Automotive GmbH, the Borrower's wholly owned subsidiary
organized under the laws of Germany.

The Wanxiang DIP Facility and the Debtors' right to use Cash
Collateral automatically terminate without further notice or court
proceedings on the earlier of (i) March 31, 2014 -- Scheduled
Maturity Date -- unless the Debtors have timely elected to make
the so-called Additional DIP Commitment available in accordance,
with the terms hereof, in which case the Scheduled Maturity Date
will be April 30, 2014; (ii) the date of acceleration of any
outstanding borrowings under the DIP Facility following the
occurrence of an Event of Default; (iii) the first business day on
which the Interim Order expires by its terms or is terminated,
unless the Final Order has been entered and becomes effective
prior thereto; (iv) conversion of either of the Cases to a case
under chapter 7 of the Bankruptcy Code; (v) dismissal of either of
the Cases; and (vi) the date on which the Closing Date (as defined
in the APA) will have occurred, provided that to the extent not
already funded in full, items designated as "Restructuring
Expenses" in the Approved Budget will be fully funded by the DIP
Lender on or prior to the Closing Date.

A copy of the Interim DIP Order, including the BINDING COMMITMENT
AND AGREEMENT FOR DIP FINANCING AND USE OF CASH COLLATERAL dated
Feb. 28, is available at no extra charge at:

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

                      About Fisker Automotive

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

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

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

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

The Debtors disclosed that they have entered into an asset
purchase agreement with Hybrid for the sale of substantially all
of its assets.  Hybrid is represented by Tobias Keller, Esq., and
Peter Benvenutti, Esq., at Keller & Benvenutti LLP, in San
Francisco, California.


FLUX POWER: Incurs $915,000 Net Loss in Dec. 31 Quarter
-------------------------------------------------------
Flux Power Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $915,000 on $28,000 of net revenue for the three
months ended Dec. 31, 2013, as compared with net income of
$876,000 on $516,000 of net revenue for the same period during the
prior year.

For the six months ended Dec. 31, 2013, the Company reported a net
loss of $1.66 million on $62,000 of net revenue as compared with
net income of $867,000 on $592,000 of net revenue for the same
period in 2012.

As of Dec. 31, 2013, the Company had $1.06 million in total
assets, $4.10 million in total liabilities and a $3.04 million
total stockholders' deficit.

                         Bankruptcy Warning

"If we are unable to increase sales of our products or obtain
additional funding in the near future, our cash resources will
rapidly be depleted and we may be required to further materially
reduce or suspend operations, which would likely have a material
adverse effect on our business, stock price and our relationships
with third parties with whom we have business relationships, at
least until additional funding is obtained.  If we do not have
sufficient funds to continue operations, we could be required to
liquidate our assets, seek bankruptcy protection or other
alternatives that would likely result in our receiving less than
the value at which those assets are carried on our financial
statements, and it is likely that investors will lose all or some
of their investment in us," the Company said in the Quarterly
Report.

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

                         http://is.gd/4ercr5

                          About Flux Power

Escondido, California-based Flux Power Holdings, Inc., designs,
develops and sells rechargeable advanced energy storage systems.

Flux Power posted net income of $351,000 on $772,000 of net
revenue for the year ended June 30, 2013, as compared with a net
loss of $2.38 million on $5.93 million of net revenue during the
prior year.

Squar, Milner, Peterson, Miranda & Williamson, LLP, in San Diego,
California, issued a "going concern" qualification on the
consolidated financial statements for the year ended June 30,
2013.  The independent auditors noted that the Company has
incurred a significant accumulated deficit through June 30, 2013,
and requires immediate additional financing to sustain its
operations.  These factors, among others, raise substantial doubt
about the Company's ability to continue as a going concern.


FRESH CHOICE: Vaught & Boutris Must Disgorge $50,000 Retainer
-------------------------------------------------------------
Bankruptcy Judge Roger L. Efremsky ruled on the Application by
Vaught & Boutris, LLP for Compensation for Services Rendered as
Attorneys for Fresh Choice, and on the objection by the chapter 7
trustee, John Kendall, and the joinder by administrative claimant,
former counsel to the unsecured creditors' committee, and
interested party McNutt Law Group, LLP.  In a March 10, 2014
Memorandum Decision available at http://is.gd/g3xBAmfrom
Leagle.com, Judge Efremsky sustained the Objection and denied the
Application.  Fees in the amount of $84,383.15 and expenses in the
amount of $3,370 requested by Counsel will be disallowed and
Counsel will be required to disgorge the $50,204 retainer.

Fresh Choice, LLC, based in Emeryville, California, filed a
Chapter 11 petition (Bankr. N.D. Cal. Case No. 12-46157) on July
24, 2012.  Judge Roger L. Efremsky oversees the case.  The Debtor
tapped Basil J. Boutris, Esq., at Law Offices of Vaught and
Boutris, as counsel.  In its petition, Fresh Choice estimated
$500,001 to $1 million in assets and $1 million to $10 in
liabilities.  A list of the Company's 20 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/canb12-46157.pdf The petition was
signed by David S. Boyd, president.

Fresh Choice also sought bankruptcy protection in 2004.  Then
known as Fresh Choice, Inc., the operator of a chain of more
than 40 salad bar eateries, mostly located in California, filed a
Chapter 11 petition (Bankr. N.D. Calif. Case No. 04-54318) on July
12, 2004.  Debra I. Grassgreen, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub P.C. represented the Debtor in the 2004
case.  The 2004 petition listed $29,651,000 in total assets and
$14,348,000 in total debts.

Fresh Choice's Plan of Reorganization, as previously confirmed by
the U.S. Bankruptcy Court for the Northern District of California,
became effective on Dec. 21, 2005.  Fresh Choice emerged from the
2004 bankruptcy as a privately held company.


FURNITURE BRANDS: June 19 Bid Deadline Set for Real Estate Assets
-----------------------------------------------------------------
Hilco Real Estate, LLC on March 26 announced a call for offers
deadline of June 19, 2014 for a portfolio of real estate assets
involved in the Furniture Brands International bankruptcy case.  A
total of 17 Thomasville and Lane real estate, ranging from
manufacturing and distribution facilities to prime development
land, located throughout Mississippi, North Carolina, Tennessee
and Virginia are included in this offering.

Furniture Brands International, a world leader in the design and
manufacture of well-known home furnishing brands including
Thomasville, Broyhill, Lane, and Drexel Heritage among others,
filed for Chapter 11 bankruptcy protection late in 2013.  As part
of the wind-down and liquidation of the Furniture Brands business,
these properties being marketed are some of the last remaining
assets in the Estate.

Among the 17 real estate assets being sold are a number of marquee
properties, including a 353,000 SF facility that served as the
Thomasville brand headquarters for nearly 100 years located in
Thomasville, North Carolina, a 430,000 SF
manufacturing/distribution facility offering significant office
space and a robust data center in Tupelo, Mississippi, and an
800,000 SF manufacturing facility set on 85 acres in Appomattox,
Virginia.  A complete list of the 17 properties within the
portfolio, including general descriptions and due diligence
information is available for viewing at:

     www.HilcoRealEstate.com/FurnitureBrandsCh11

The format and structure of the sale allows for the properties to
be purchased individually or in any combination.  The deadline for
submitting bids to Hilco is scheduled for June 19, 2014.

Commenting on the portfolio of properties being sold, Joel
Schneider, Sr. Vice President of Hilco Real Estate, said, "The
buildings in this portfolio offer a number of structural and
location-related attributes that will be very attractive to a wide
variety of potential buyers.  As such, we expect this sale to
attract active interest from a broad spectrum of real estate
investors, developers and end users."  He added, "Virtually all
sites could be converted for other uses.  Many of the sites are
located close to interstate highways, rail lines, and major state
routes."

For more information about bid qualifications and further details
about the properties available, please visit
www.HilcoRealEstate.com or contact a member of our transactional
team at 847-849-2939.

                     About Furniture Brands

Furniture Brands International (NYSE:FBN) --
http://www.furniturebrands.com-- engaged in the designing,
manufacturing, sourcing and retailing home furnishings. Furniture
Brands markets products through a wide range of channels,
including company owned Thomasville retail stores and through
interior designers, multi-line/ independent retailers and mass
merchant stores.  Its brands include Thomasville, Broyhill, Lane,
Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture,
Maitland-Smith and LaBarge.

The balance sheet at June 29, 2013, showed $546.73 million in
total assets against $550.13 million in total liabilities.

On Sept. 9, 2013, Furniture Brands International, Inc. and 18
affiliated companies sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 13-12329).

Attorneys at Paul Hastings LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  Alvarez and Marsal
North America, LLC, is the restructuring advisors.  Miller
Buckfire & Co., LLC is the investment Banker.  Epiq Systems Inc.
dba Epiq Bankruptcy Solutions is the claims and notice agent.

The official creditor's committee is comprised of the Pension
Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers.
The Committee tapped Blank Rome LLP as co-counsel, Hahn &
Hessen LLP as lead counsel, BDO Consulting as financial advisor,
and Houlihan Lokey Capital, Inc., as investment banker.

In November 2013, Furniture Brands won bankruptcy court approval
to sell the business to KPS Capital Partners LP for $280 million.
Private-equity investor KPS formed a new company named Heritage
Home Group LLC to operate the business.


GENERAL MOTORS: Judge To Hear 'Emergency Motion' on Recall April 4
------------------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
more legal trouble could be brewing for General Motors Co. and its
ignition switch recall after a federal court in Texas agreed to
consider a motion that would ultimately force the auto maker to
tell customers of the affected vehicles to park their cars until
they are fixed.

According to the report, U.S. District Judge Nelva Gonzales Ramos,
based in Corpus Christi, will hear arguments April 4 on the
emergency motion request filed by attorney Robert Hilliard. GM
intends to present evidence showing the cars are safe to drive.

The "park it" request could greatly expand GM's recall costs, the
report said.  Up until now, the auto maker has offered rental cars
only to customers who are concerned about their safety and have
directly asked dealers to provide them with another vehicle until
the issue is fixed. The auto maker is currently trying to fill
more than 10,000 requests for loaner vehicles.

"The National Highway Traffic Safety Administration does not have
the power to insist that GM notify their customers to park it
now," Mr. Hilliard said, the report related.  "GM refuses to
voluntarily do so, even though their recall letter admits even a
minor event, such as a rough road, can cause injury or death."

GM recalled 1.6 million older Chevrolet Cobalts and other models
in February over faulty ignition switches, the report further
related.  Too much weight on or a jarring of the key could cause
the switch to slip from the "on" position to the "accessory"
position thereby cutting power to the air bags, brakes and
steering, according to the company. 12 deaths have been linked to
the issue. GM Chief Executive Mary Barra is set to testify in
Washington, D.C., on why it took nearly a decade to recall the
vehicles.

                     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: CEO Barra Says Recalled Cars Safe to Drive
----------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
General Motors Co. Chief Executive Mary Barra took to video to
rebut charges its vehicles are unsafe, allegations that have
surfaced in the wake of the auto maker's recall of 1.6 million
vehicles with faulty ignition switches.

"The simple answer is yes" the cars are safe to drive, Ms. Barra
said of recalled Chevrolet, Saturn and other vehicles, the report
cited.  "GM engineers have done extensive analysis to make sure if
only you have the key or only the key on a ring, the vehicle is
safe to drive. In fact, when they presented this to me, the very
first question I asked is would you let your family, your spouse,
your children drive these vehicles in this condition and they said
yes."

The nation's largest auto maker has been using blogs and video to
keep Ms. Barra in controlled public appearances while legal and
legislative pressures continue to mount, the report said.  Ms.
Barra is slated to testify in congressional hearings next week and
explain why the auto maker took nearly a decade to recall 1.6
million vehicles -- 1.3 million in the U.S. -- for faulty ignition
switches that can slip from the "on" to the "accessory" position
thereby cutting power to the steering, brakes and air bags. Twelve
deaths have been linked to the switch issue.

The safe-to-drive question has grown in importance after two legal
firms in Texas asked federal courts to direct GM to issue a "park
it" warning to all drivers of older Chevrolet Cobalts and other
vehicles covered in the recall, the report further related.
Currently, the company is offering rental cars to consumers who
are concerned with their safety and don't want to drive their
vehicles until the problem is fixed. Repairs are expected to start
after April 7.

As to why the delay in recalling cars for a problem the company
first detected in 2004, Ms. Barra didn't directly address the
issue, the report said.  Instead, she focused on the company's
need to make improvements in its handling of complaints and
recalls.

                     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: Chrysler Decision May Shield Firm on Cobalt Claims
------------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that Chrysler Group LLC, the Fiat SpA-controlled entity
that bought the U.S. carmaker out of bankruptcy, won a courtroom
victory this month that helps General Motors Co. avoid some claims
arising from ignition-switch defects in Chevrolet Cobalts and
other vehicles.

Mr. Rochelle related that Chrysler and GM both went through
bankruptcy and were both sold to newly formed companies that
benefited from court orders protecting them from claims that could
have been asserted against their older incarnations.

"Old" Chrysler, formally known as Old Carco LLC, made Jeeps in the
early 2000s with defective air bags, while "old" GM, now named
Motors Liquidation Co., made Cobalts with defective switches
before its bankruptcy, Mr. Rochelle further related.  Owners of
the cars could have filed claims in the bankruptcies had they
known about the defects.

In Chrysler's court-approved sale, the new company assumed
liability for recalls after taking ownership and eventually
repaired the air bags, according to the report.  After the air-bag
recall was announced, a class action, or group lawsuit, was filed
against new Chrysler in federal district court in Detroit seeking
monetary damages for owners of the Jeeps. The suit didn't seek
damages for personal injuries.

U.S. District Judge Patrick J. Duggan tossed out the case on March
13, holding that because Chrysler had repaired the cars and
promised to reimburse anyone who fixed the vehicles before the
recall, the owners had no right to make any further claims against
new Chrysler, the judge said, the report added.

Mr. Rochelle said new GM could cite Judge Duggan to defend claims
over defects in the Cobalts. The judge's decision, however, didn't
address personal-injury claims and didn't speak to the liability
of old Chrysler, meaning it may not address the liability, if any,
of old GM, he pointed out.

The Jeep case is Hadley v. Chrysler Group LLC, 13-cv-13665, U.S.
District Court, Eastern District Michigan (Detroit).

                     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.

                       About Chrysler Group

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

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

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

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

                           *     *     *

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


GENIUS BRANDS: Mark Groussman Reports 5.1% Equity Stake
-------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Mark Groussman and Melechdavid Inc. disclosed that as
of Dec. 31, 2013, they beneficially owned 31,210,000 shares of
common stock of Genius Brands International, Inc., representing
5.12 percent (based on 609,969,695 shares outstanding as of
Jan. 10, 2014).  A copy of the regulatory filing is available for
free at http://is.gd/B8uISi

                         About Genius Brands

San Diego, Calif.-based Genius Brands International, Inc., creates
and distributes music-based products which it believes are
entertaining, educational and beneficial to the well-being of
infants and young children under its brands, including Baby Genius
and Little Genius.

Genius Brands incurred a net loss of $2.06 million in 2012
following a net loss of $1.37 million in 2011.  As of Sept. 30,
2013, the Company had $1.55 million in total assets, $4.96 million
in total liabilities and a $3.41 million total stockholders'
deficit.


GLOBAL GEOPHYSICAL: To Reorganize in Corpus Christi, Texas
----------------------------------------------------------
Global Geophysical Services Inc., a provider of seismic data for
the oil and gas drilling industry, filed a Chapter 11 petition on
March 26 in Corpus Christi, Texas, intending to reorganize on its
own with additional capital or explore a sale or other
transaction.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Missouri City, Texas-based company listed assets
of $468.7 million and liabilities totaling $407.3 million on the
Sept. 30 balance sheets.  Liabilities include $81.8 million on a
secured term loan owing to TPG Specialty Lending Inc. and
Tennenbaum Capital Partners LLC. TPG is the lenders' agent, the
report said.

Global also owes $250 million on two issues of 10.5 percent senior
unsecured notes, with Bank of New York Mellon Trust Co. as
indenture trustee, the report added.

Because it had only $2 million in cash remaining at the outset of
bankruptcy, the company arranged a $60 million secured credit
provided by some Noteholders, the report related.  The loan, with
$25 million to be provided on an interim basis, represents fresh
cash.  The new loan is to be secured by a lien ahead of the
existing secured credit. Noteholders providing the new financing
include Third Avenue Focused Credit Fund, Credit Suisse Loan
Funding LLC and Candlewood Special Situations Master Fund LLC.

The $200 million in 10.5 percent senior unsecured notes last
traded on March 25 for 56.5 cents on the dollar, Bloomberg said,
citing Trace, the bond-price reporting system of the Financial
Industry Regulatory Authority. They sold for more than 80 cents
early this month.  The shares closed on March 25 at 47 cents.
During the past three years, the closing high was $18.99 on
April 29, 2011.

                          *     *     *

Moody's Investors Service, on March 25, 2014, downgraded Global
Geophysical Services,  Inc.'s Corporate Family Rating (CFR) to
Caa2 from B3, Probability of Default Rating (PDR) to Caa2-PD from
B3-PD, and senior unsecured notes to Caa3 from Caa1. The rating
outlook remains negative.


GLOBAL GEOPHYSICAL: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                        Case No.
     ------                                        --------
     Autoseis, Inc.                                14-20130
     2101 Midway Road, Suite 140
     Carrollton, TX 75006

     Global Geophysical Services, Inc.             14-20131

     Global Geophysical EAME, Inc.                 14-20132

     GGS International Holdings, Inc.              14-20133

     Accrete Monitoring, Inc.                      14-20134

     Autoseis Development Company                  14-20135

Type of Business: Provides an integrated suite of seismic-data
                  solutions to the global oil and gas industry
                  consisting primarily of seismic-data
                  acquisition, micro-seismic monitoring,
                  processing, and interpretation services and the
                  sale of seismic recording equipment to third
                  parties.

Chapter 11 Petition Date: March 25, 2014

Court: United States Bankruptcy Court
       Southern District of Texas (Corpus Christi)

Judge: Hon. Richard S. Schmidt

Debtors' General: Omar Jesus Alaniz, Esq.
Counsel           BAKER BOTTS LLP
                  2001 Ross Avenue, Suite 2600
                  Dallas, TX 75201
                  Tel: 214-953-6593
                  Email: omar.alaniz@bakerbotts.com

                     - and -

                  C Luckey McDowell, Esq.
                  BAKER BOTTS LLP
                  2001 Ross Avenue
                  Dallas, TX 75201
                  Tel: 214-953-6500
                  Fax: 214-953-6503
                  Email: luckey.mcdowell@bakerbotts.com

                    - and -

                  James R Prince, Esq.
                  BAKER BOTTS LLP
                  2001 Ross Avenue
                  Dallas, TX 75201-2980
                  Tel: 214/953-6612
                  Fax: 214/953-6503
                  Email: jim.prince@bakerbotts.com

                    - and -

                 Ian Edward Roberts, Esq.
                 BAKER BOTTS LLP
                 2001 Ross Ave, Ste 600
                 Dallas, TX 75201-2980
                 Tel: 214-953-6719
                 Email: Ian.Roberts@bakerbotts.com

Debtor's Local
Counsel:         Nathaniel Peter Holzer, Esq.
                 Shelby A. Jordan, Esq.
                 JORDAN HYDEN WOMBLE CULBRETH & HOLZER PC
                 500 N Shoreline Dr, Ste 900
                 Corpus Christi, TX 78401
                 Tel: 361-884-5678
                 Fax: 361-888-5555
                 Email: pholzer@jhwclaw.com
                        sjordanatjhwclawdotcom

Debtor's
Restructuring
Advisors:        ALVAREZ & MARSAL
                 2029 Century Park East, Suite 2060
                 Los Angeles, CA 90067
                 http://www.alvarezandmarsal.com
                 Phone: 310.975.2600
                 Fax: 310.975.2601
                 Jonathan Goulding

Debtor's Claims  PRIME CLERK
and Notice
Agent:

Estimated Assets: $50 million to $100 million

Estimated Debts: $100 million to $500 million

The petition was signed by Sean M. Gore, senior vice president and
chief financial officer.

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim  Claim Amount
   ------                          ---------------  ------------
The Bank of New York                Senior Notes    $207,000,000
Mellon Trust Company N.A.
Attn: Corporate Trust
Administration
601 Travis Street, 16th Floor
Houston, TX 77002
Tel: 979-691-7992
Fax: 979-691-6456

The Bank of New York                Senior Notes   $51,750,000
Mellon Trust Company, N.A.
Attn: Corporate Trust
Administration
601 Travis Street, 16th Floor
Houston, TX 77002
Tel: 979-691-7992
Fax: 979-691-6456

Helmbank                             Short Term      $4,377,600
Attn: Javier Yhama,                  Promissory
Account Manager                      Notes
CRA 11 NO.82-01 PISO 2
Bogota, Colombia
Tel: 571-655-7000
Fax: 571-621-6211

Creation Technologies                Trade Claim     $2,922,858
TX, LLC
Attn: Patrick Ciriacks, Co
President
3939 North Fraser Waw
Burnaby, BC V5J 5J2
Tel: 604-430-4336
Fax: 604-430-4337

Ion Geophysical Corp.               Trade Claim      $2,763,775
Attn: R. Brian Hanson,
President/CEO
2105 Citywest Blvd, Suite, 400
Houston, TX 77042-2839
Tel: 281-933-3339
Fax:281-879-3626

Bancolombia                         Short Term       $2,310,000
Attn: Ivan Quevedo,                 Promissory
Account Manager                     Notes
Carrera 48 NO 26-85
Avenida Los Industriales
Medellin, Colombia
Tel: 57-4 5100900
Fax: 57-4-5134827

Caribou Construction Inc.           Trade Claim        $865,560
Attn: Breck Glassinger
P.E., President
124 Bridon Way
Jerome, Idaho 83338
Tel: 208-324-5563
Fax: 208-324-7114

Email: BRECK@CARIBOUINC.COM

Greyco Seismic Personnel           Trade Claim         $765,516
Attn: Paul Mitcham,
President
10550 Bissonnet, Suite 100
Houston, Texas 78099
Tel: 713-728-6264
Fax: 713-728-6269

Landmark Graphics Corp.            Trade Claim         $711,297
Attn: Lawrence J. Pope, EVP
& General Counsel
3000 N. Sam Houston Pkwy E.
Houston, TX 77032
Tel: 281-871-4000
FAX: 281-871-6890

Omni Energy Seismic                Trade Claim         $686,991
Services Corp.
Attn: Brian J. Recatto,
President & CEO
4500 NE EvangelineE
Thruway
Carencro, LA 70520
Tel: 337-896-6664
Fax: 337-896-6655

Nana Oilfield Services Inc.        Trade Claim         $586,744
Attn:: Brad Osborne,
President
3150 C Street, Suite 260
Anchorage, AK 99503
Tel: 907-265-4113
Fax: 907-343-5613
Email: BRAD.OSBORNE@NANA.COM

Arctic Catering, Inc.              Trade Claim         $512,307
Attn: Rick Macmillan,
President
1301 Huffman Rd., Suite 206
Anchorage, AK 99515
Tel: 907-562-5588
Fax: 907-562-5898

Cardno Entrix                      Trade Claim         $478,893
Attn: Douglas Campbell, CFO
5252 Westchester, Suite 250
Houston, TX 77005
Tel: 713-666-6223
Fax: 713-666-5227

Discovery Acquisition              Trade Claim         $458,023
Services, LLC
Attn: John Odette, COO
4141 Katy Hockley Road
Katy, Texas 77493
Tel: 281-371-2700
Fax: 281-371-2744

Ardan Africa Ltd.                  Trade Claim         $438,104
Attn: Michael Pelham, CEO
View Park Towers, 16th, Floor
Utalii Lane, Off Monrovia
Street, Nairobi, Kenya
Tel: 254-20-2585-384
Fax: 254-738-254-519

Aviones Y Helicopteros De          Trade Claim         $434,857
Colombia
Attn: Cesar Augusto
Rivera, Managing Director
Calle 67 N. 97-52
Barrio Alamos
Bogota - Colombia
Tel: (57+1) 413-93-23
Fax: (57+1) 547-54-80
Email: SUBGERENCIA@AVIHECO.COM

Great Slave Helicopters            Trade Claim         $432,120
Attn: Adam Bembridge,
President
106 Dickins Street
Yellowknife, NT X1A 23R
Tel: 867-873-2081
Fax: 867-873-6087

Aggreko Colombia                   Trade Claim         $407,180
Attn: Parque Industrial
Gran Sabana Vereda
Tibitoc
Lote M Unidad Privada 67-A
Tocancipa
Cundinamarca, Colombia
Tel: +57 1 704 6135
Fax: 281-985-8201

Lynden Air Freight Inc.            Trade Claim         $347,874
Attn: John Burdick, CEO
6441 South Airpark Place
Anchorage, AK 99502
Tel: (907) 245-1544
Fax: (907) 245-1744

Transpetrol De Los LLanos SAS      Trade Claim         $333,685

RD Seismic LLC                     Trade Claim         $323,145
Attn: Ralph Muse,
President
17202 Meadow Tree Cir
Dallas TX 75248
Tel: 972-733-0495
Email:MUSE@AUTOSEIS.NET

Sercel Inc.                        Trade Claim         $291,721
Attn: Pascal Rouiller, CEO
17200 Park Row
Houston, Texas 77084-5935
Tel: 281-492-6688
Fax: 281-579-7505

Lynden Transport, Inc.             Trade Claim         $280,304
Attn: John Burdick, CEO
18000 International Blvd.,
Ste 800
Seattle, WA 98188
Tel: 206-241-8778
Fax: 206-243-8415

Langfang Dynamic                    Trade Claim        $280,304
Technologies Co.
Attn: Gary Wu, President
and CEO
Unit 145, 3901-54 Ave, NE
Calgary, AB T3J 3W5
Canada
Tel: 403-701-8389
Fax: 403-398-1450

LJ Leasing, LLC                     Trade Claim        $274,428
Attn: Glen Simula
22010 Coal Dock Road
Hancock, MI 49930-9308
Tel: 906-482-6832

Pariveda Solutions                  Trade Claim        $263,925
Attn: Bruce ballengee,
CEO
2811 McKinney Ave.
Suite 220
Dallas, TX 75204
Tel: 214-777-4600
Fax: 214-855-1246

Abitibi Helicopters                 Trade Claim        $262,150
Attn: Bertrand Perron,
President
143-B Maclaurin Drive
Calgary, AB T3Z 3S4 Canada
Tel: 403-247-9591
Fax 403-247-0738

Vercet LLC                          Trade Claim        $234,290

Cougar Land Services, LLC           Trade Claim        $223,387

Geophysical Explorer                Trade Claim        $214,308


GLOBAL GEOPHYSICAL: Moody's Cuts CFR to 'Ca' Over Chap. 11 Filing
-----------------------------------------------------------------
Moody's Investors Service downgraded Global Geophysical Services,
Inc.'s Probability of Default Rating (PDR) to D-PD from Caa2-PD,
Corporate Family Rating (CFR) to Ca from Caa2, and senior
unsecured notes rating to Ca from Caa3. The rating outlook remains
negative

Issuer: Global Geophysical Services, Inc.

Downgrades

Probability of Default rating, Downgraded to D-PD from Caa2-PD

Corporate Family Rating, Downgraded to Ca from Caa2

US$200 million Senior Unsecured Notes, Downgraded to Ca from
Caa3

US$50 million Senior Unsecured Notes, Downgraded to Ca from Caa3

Ratings Rationale

This rating action is in response to the company's announcement on
March 25, 2014 that it entered, along with certain of its domestic
subsidiaries, into a restructuring plan under Chapter 11 of Title
11 of the U.S. Bankruptcy Code for the Southern District of Texas,
Corpus Christi Division.

In conjunction with the filings, Global filed motions seeking
court approval of a potential debtor-in-possession financing
agreement that would provide for additional borrowing capacity
through a $60 million multiple draw term loan facility, subject to
certain conditions as outlined in the commitment letter and term
sheet filed with the court. Global is seeking interim approval to
immediately access up to $25 million. No definitive documents or
agreement reflecting the terms and provisions included in the term
sheet will be agreed upon until after interim Court approval. Upon
approval by the Court, the new financing and cash generated from
Global's ongoing operations will be used to support the business
during the restructuring process.

Shortly following these rating actions, Moody's will withdraw all
of Global's rating.

The principal methodology used in this rating was the Global
Oilfield Services Rating Methodology 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.

Global Geophysical Services, Inc. is a seismic data company that
offers an integrated suite of seismic data solutions to the global
oil and gas industry. Global Geophysical Services is headquartered
in Houston, Texas.


GLOBALSTAR INC: Incurs $234.7 Million Net Loss in 4th Quarter
-------------------------------------------------------------
Globalstar, Inc., reported a net loss of $234.79 million on $20.99
million of total revenue for the three months ended Dec. 31, 2013,
as compared with a net loss of $18.95 million on $19.06 million of
total revenue for the same period in 2012.  Net loss increased
during the fourth quarter of 2013 reflecting the impact of
substantial non-cash charges resulting from an increase in the
value of the Company's derivative instruments, which was driven
primarily from a 61 percent increase in the Company's stock price
during the fourth quarter of 2013.

For the 12 months ended Dec. 31, 2013, the Company incurred a net
loss of $591.11 million on $82.71 million of total revenue as
compared with a net loss of $112.19 million on $76.31 million of
total revenue in 2012.

Jay Monroe, Chairman and CEO of Globalstar, commented, "2013
represents a truly historic year for Globalstar and, after a
multi-year period marked by numerous difficulties and delays, this
year we were able to emerge with a fully operational second-
generation constellation, a materially improved balance sheet and
liquidity position, improved growth profile including rapidly
increasing Adjusted EBITDA and the initiation of an important
regulatory proceeding for our Terrestrial Low Power Service
("TLPS").  I am proud of the Company's ability to navigate through
many issues during 2013 and to have successfully removed many
impediments.  The Company is on a renewed path to prosperity
leveraging its unique set of assets and capabilities."

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

                        http://is.gd/sRiXQJ

                         About Globalstar

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

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


GLOBALSTAR INC: Steelhead Stake at 8.3% as of Dec. 31
-----------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Steelhead Partners, LLC, and its affiliates disclosed
that as of Dec. 31, 2013, they beneficially owned 42,151,356
shares of Voting Common Stock of Globalstar, Inc., representing
8.3 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/1nOSPj

                         About Globalstar

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

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

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


GRUBB & ELLIS: Highbridge No Longer a Shareholder as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Highbridge International LLC and Highbridge
Capital Management, LLC, disclosed that as of Dec. 31, 2013, they
ceased to be beneficial owners of shares of common stock of Grubb
& Ellis Company.  The reporting persons previously owned
$7,505,500 principal amount of 12 percent cumulative participating
perpetual convertible preferred stock convertible into 4,548,783
shares of common stock, representing 6.17 percent of the shares
outstanding at Dec. 31, 2011.  A copy of the regulatory filing is
available for free at http://is.gd/PNifPv

                         About Grubb & Ellis

Grubb & Ellis Company -- http://www.grubb-ellis.com/-- is a
commercial real estate services and property management company
with more than 3,000 employees conducting throughout the United
States and the world.  It is one of the oldest and most recognized
brands in the industry.

Grubb & Ellis and 16 affiliates filed for Chapter 11 bankruptcy
(Bankr. S.D.N.Y. Lead Case No. 12-10685) on Feb. 21, 2012, to sell
almost all its assets to BGC Partners Inc.  The Santa Ana,
California-based company disclosed $150.16 million in assets and
$167.2 million in liabilities as of Dec. 31, 2011.

Judge Martin Glenn presides over the case.  The Debtors have
engaged Togut, Segal & Segal, LLP as general bankruptcy counsel,
Zuckerman Gore Brandeis & Crossman, LLP, as general corporate
counsel, and Alvarez & Marsal Holdings, LLC, as financial advisor
in the Chapter 11 case.  Kurtzman Carson Consultants is the claims
and notice agent.

BGC Partners, Inc., and its affiliate, BGC Note Acquisition Co.,
L.P., the DIP lender and Prepetition Secured Lender, are
represented in the case by Emanuel C. Grillo, Esq., at Goodwin
Procter LLP.

On March 27, 2012, the Court approved the sale to BCG.  An auction
was cancelled after no rival bids were submitted.  Pursuant to the
term sheet signed by the parties, BGC would acquire the assets for
$30.02 million, consisting of a credit bid the full principal
amount outstanding under the (i) $30 million credit agreement
dated April 15, 2011, with BGC Note, (ii) the amounts drawn under
the $4.8 million facility, and (iii) the cure amounts due to
counterparties.  BGC would also pay $16 million in cash because
the sale was approved by the March 27 deadline.  Otherwise, the
cash component would have been $14 million.

Approval of the sale was simplified when BGC settled with
unsecured creditors by increasing their recovery.  Grubb & Ellis
Co. was renamed Newmark Grubb Knight Frank following the sale.

Grubb & Ellis filed a liquidating Chapter 11 plan which gives
unsecured creditors an expected recovery between 1.7% and 4.7%.
The Court approved the explanatory disclosure materials in January
2013, and confirmed the Plan on March 6.  The Plan was declared
effective early in April 2013.


GUITAR CENTER: Swapping Debt for Stock
--------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Guitar Center Holdings Inc., the parent of the
largest musical instrument retailer in the U.S., is making an
offer to exchange $401.8 million of its $463 million in holding
company senior unsecured notes for holding company preferred
stock.

According to the report, the Westlake Village, California-based
company also plans to refinance $375 million of operating company
senior unsecured notes with $323 million of senior unsecured
notes. The remainder of the notes are being swapped for holding
company preferred stock.

Standard & Poor's said on March 26 that the exchange offers are
tantamount to default, Bloomberg related.  Moody's Investors
Service said in May that the capital structure was "unsustainable
over the long term."  After the exchange offers are completed, S&P
will give the company a B- corporate rating.

In early 2007, Guitar Center used a Chapter 11 sale to purchase
the assets of Dennis Bamber Inc., also known as The Woodwind & The
Brasswind, the report further related.  Guitar Center paid $29.5
million plus $2 million in debt assumption. Bamber had been the
third-largest musical instrument retailer in the U.S.

Guitar Center reported a $453 million net loss in the first three
quarters of 2013 on revenue of $1.56 billion, the report said.
There was a $360.1 million goodwill-impairment charge. The
operating loss for nine months was $334.6 million. In 2012, $2.14
billion in revenue in 2012 threw off a net loss of $72.2 million.

                       About Guitar Center

Guitar Center, Inc., headquartered in Westlake Village, Cal., is
the largest musical instrument retailer with 312 stores and a
direct response segment, which operates its Web sites.  It
operates three distinct musical retail business - Guitar Center
(about 70% of revenue), Music & Arts (about 7% of revenue), and
Musician's Friend (its direct response subsidiary with 24% of
revenue).  Total revenue is about $2 billion.

Guitar Center disclosed a net loss of $72.16 million in 2012, a
net loss of $236.93 million in 2011 and a $56.37 million net loss
in 2010.

                        Bankruptcy Warning

"If our cash flows and capital resources are insufficient to fund
our and Holdings' debt service obligations, we may be forced to
reduce or delay capital expenditures, sell assets or operations,
seek additional capital or restructure or refinance our and
Holdings' indebtedness.  We cannot provide any assurance that we
would be able to take any of these actions, that these actions
would be successful and permit us to meet our and Holdings'
scheduled debt service obligations or that these actions would be
permitted under the terms of our and Holdings' existing or future
debt agreements.  In the absence of such operating results and
resources, we could face substantial liquidity problems and might
be required to dispose of material assets or operations to meet
our and Holdings' debt service and other obligations.  Our senior
secured credit facilities and the indentures that govern the notes
will restrict our ability to dispose of assets and use the
proceeds from the disposition.  We may not be able to consummate
those dispositions or to obtain the proceeds which we could
realize from them and these proceeds may not be adequate to meet
any debt service obligations then due.

If we cannot make scheduled payments on our and Holdings' debt, we
will be in default and, as a result:

   * our and Holdings' debt holders could declare all outstanding
     principal and interest to be due and payable;

   * the lenders under our senior secured credit facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing their borrowings; and

   * we could be forced into bankruptcy or liquidation," according
     to the Company's annual report for the period ended Dec. 31,
     2012.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 28, 2011,
Moody's Investors Service affirmed Guitar Center, Inc.'s Caa2
Corporate Family Rating and the $622 million existing term loan
rating of Caa1 due October 2014.  The Probability of Default
Rating was revised to Caa2/LD from Caa2 while the Speculative
Grade Liquidity assessment was changed to SGL-2 from SGL-3.  The
rating outlook remains stable.

The Caa2/LD Probability of Default rating reflects Moody's view
that the extended deferral of interest on the Holdco notes
constitutes a distressed exchange under Moody's definition and
also anticipates that additional exchanges of this nature are
possible over the near term.  The Limited Default designation was
prompted by the company's executed amendment of the HoldCo notes,
which allows for a deferral of 50% of the interest payments for 18
months.  Moody's views this as a distressed exchange that provides
default avoidance.  This LD designation applies to the proposed
follow-on amendment to defer the HoldCo note interest payments by
another six months.  Subsequent to the actions, Moody's will
remove the LD designation and the PDR will be Caa2 going forward.

As reported by the TCR on May 30, 2013, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Westlake
Village, Calif.-based Guitar Center Holdings Inc. to 'CCC+' from
'B-'.

"Our rating action reflects our view that the company's financial
commitments are not sustainable in the long term given weaker than
expected performance over the past two quarters," said credit
analyst Mariola Borysiak.


GUITAR CENTER: Ares Capital Poised to Take Majority Stake
---------------------------------------------------------
Lisa Allen, writing for The Deal, reported that Ares Capital Corp.
is poised to take a majority stake in Bain Capital LLC portfolio
company Guitar Center Inc. through a debt-for-equity swap, and one
industry source believes the New York debt financing provider may
succeed in turning around the troubled musical instrument
retailer.

According to the report, Guitar Center is wholly owned by Boston
private equity firm Bain Capital, but a planned swap would give
noteholder Ares Capital a 60% stake, Moody's Investors Service
analyst Margaret Taylor said by phone.

A swap of $435 million in 14.09% senior notes due April 15, 2018,
that were issued by Guitar Center Holdings Inc., as well as $100
million in senior unsecured notes, into preferred stock is
pending, Moody's said in a March 25 report, the report elated.
The ratings agency also said it's classifying the transaction as a
distressed exchange.

The swap is set to take effect upon the closing of a proposed
offering of $940 million in new notes, Moody's said, the report
further related.

                       About Guitar Center

Guitar Center, Inc., headquartered in Westlake Village, Cal., is
the largest musical instrument retailer with 312 stores and a
direct response segment, which operates its Web sites.  It
operates three distinct musical retail business - Guitar Center
(about 70% of revenue), Music & Arts (about 7% of revenue), and
Musician's Friend (its direct response subsidiary with 24% of
revenue).  Total revenue is about $2 billion.

Guitar Center disclosed a net loss of $72.16 million in 2012, a
net loss of $236.93 million in 2011 and a $56.37 million net loss
in 2010.

                        Bankruptcy Warning

"If our cash flows and capital resources are insufficient to fund
our and Holdings' debt service obligations, we may be forced to
reduce or delay capital expenditures, sell assets or operations,
seek additional capital or restructure or refinance our and
Holdings' indebtedness.  We cannot provide any assurance that we
would be able to take any of these actions, that these actions
would be successful and permit us to meet our and Holdings'
scheduled debt service obligations or that these actions would be
permitted under the terms of our and Holdings' existing or future
debt agreements.  In the absence of such operating results and
resources, we could face substantial liquidity problems and might
be required to dispose of material assets or operations to meet
our and Holdings' debt service and other obligations.  Our senior
secured credit facilities and the indentures that govern the notes
will restrict our ability to dispose of assets and use the
proceeds from the disposition.  We may not be able to consummate
those dispositions or to obtain the proceeds which we could
realize from them and these proceeds may not be adequate to meet
any debt service obligations then due.

If we cannot make scheduled payments on our and Holdings' debt, we
will be in default and, as a result:

   * our and Holdings' debt holders could declare all outstanding
     principal and interest to be due and payable;

   * the lenders under our senior secured credit facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing their borrowings; and

   * we could be forced into bankruptcy or liquidation," according
     to the Company's annual report for the period ended Dec. 31,
     2012.

                           *     *     *

The Troubled Company Reporter, on March 27, 2014, reported that
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.

As reported in the TCR on Feb. 28, 2011, Moody's Investors Service
affirmed Guitar Center's Caa2 Corporate Family Rating and the $622
million existing term loan rating of Caa1 due October 2014.  The
Probability of Default Rating was revised to Caa2/LD from Caa2
while the Speculative Grade Liquidity assessment was changed to
SGL-2 from SGL-3.  The rating outlook remains stable.

The Caa2/LD Probability of Default rating reflects Moody's view
that the extended deferral of interest on the Holdco notes
constitutes a distressed exchange under Moody's definition and
also anticipates that additional exchanges of this nature are
possible over the near term.  The Limited Default designation was
prompted by the company's executed amendment of the HoldCo notes,
which allows for a deferral of 50% of the interest payments for 18
months.  Moody's views this as a distressed exchange that provides
default avoidance.  This LD designation applies to the proposed
follow-on amendment to defer the HoldCo note interest payments by
another six months.  Subsequent to the actions, Moody's will
remove the LD designation and the PDR will be Caa2 going forward.

As reported by the TCR on May 30, 2013, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Westlake
Village, Calif.-based Guitar Center Holdings Inc. to 'CCC+' from
'B-'.

"Our rating action reflects our view that the company's financial
commitments are not sustainable in the long term given weaker than
expected performance over the past two quarters," said credit
analyst Mariola Borysiak.


HAAS ENVIRONMENTAL: April 1 Hearing on Exclusivity Extension
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will
convene a hearing on April 1, 2014, at 10:00 a.m., to consider
Haas Environmental, Inc.'s motion for exclusivity extension.

The Debtor has asked the Court to extend its time to file a plan
of reorganization until May 27, and solicit acceptances for that
plan until July 28.  The Debtor requested these dates because at
the Feb. 25 status conference, the Court established May 27, as
the deadline for the Debtor to file a Plan.

The Debtor filed its request for an extension before the exclusive
periods was set to expire on March 4.

Haas Environmental related that the Debtor and certain secured
creditors have reached an agreement regarding the terms of their
treatment in a potential plan.  The Debtor has exchanged financial
and other information with the Official Committee of Unsecured
Creditors in hope of negotiating a consensual plan with the
Committee.  The Debtor has also entered into plan settlement
discussions with other secured creditors.

                  About Haas Environmental, Inc.

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

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


HOTI ENTERPRISES: 2nd Cir. Affirms Confirmation of Lender's Plan
----------------------------------------------------------------
Hoti Enterprises and Hoti Realty Management appeal the judgment of
the district court affirming the bankruptcy court's confirmation
of a Chapter 11 plan for the Debtors.  They primarily argue that
the bankruptcy court should have given preclusive effect to an
earlier state court judgment.

As reported by the Troubled Company Reporter, Plan proponent GECMC
2007 C-1 Burnett Street, LLC, obtained confirmation of the Third
Modified Chapter 11 Plan of Reorganization for the Debtors on
June 19, 2012.  According to the TCR on July 19, 2012, the
lender's Plan was declared effective July 2 and the Plan was
consummated.

On March 25, 2014, a three-judge panel of the U.S. Court of
Appeals for the Second Circuit said it agrees with the district
court and the bankruptcy court that the state court judgment did
not preclude confirmation of the plan.

The Second Circuit noted that the state court judgment on which
Hoti presses its res judicata argument was reversed at the
Appellate Division.  GECMC 2007-C1 Burnett St., LLC v. Hoti
Enters, L.P., ___ N.Y.S.2d ___, 2014 WL 840400 (2d Dep't Mar. 5,
2014).

Accordingly, the judgment of the district court is affirmed with
costs, the Second Circuit held.

The appellate case is, HOTI ENTERPRISES, L.P., HOTI REALTY
MANAGEMENT CO., INC., Debtors-Appellants, v. GECMC 2007-C1 BURNETT
STREET, LLC, Creditor-Appellee, No. 13-2074-bk (2nd Cir.).  A copy
of the Court's Summary Order is available at http://is.gd/9Ge3a2
from Leagle.com.

The panel consists of Circuit Judges Richard C. Wesley, Debra Ann
Livingston, Raymond J. Lohier, Jr.

Mark Frankel, Esq., at Backenroth Frankel & Krinsky LLP, New York,
NY, represent for the Debtors in the appeal.

A copy of the Plan is available at:

         http://bankrupt.com/misc/Hoti_GECMC_3rd_Plan.pdf

GECMC is represented by:

         George B. South III, Esq.
         Daniel G. Egan, Esq.
         DLA PIPER LLP (US)
         1251 Avenue of the Americas
         New York, NY 10020-1104
         Tel: (212) 835-6000
         Fax: (212) 835-6001
         E-mail: george.south@dlapiper.com
                 daniel.egan@dlapiper.com

                     About Hoti Enterprises

Harrison, New York-based Hoti Enterprises, LP, is a single asset
real estate holding company that owns an apartment complex located
at 2801 Fillmore Avenue, 3001 Avenue R and 2719 Fillmore Avenue --
collectively, known as 1865 Burnett Street -- in Brooklyn, New
York.  Hoti Realty Management Co., Inc., was in the business of
owning and operating a management company that managed the
apartment complex.

Hoti filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 10-24129) on Oct. 12, 2010.  Hoti Enterprises estimated
its assets and debts at $10 million to $50 million.  Tanya Dwyer,
Esq., at Dwyer & Associates, LLC, in New York, represents the
Debtors as counsel.

Affiliate Hoti Realty Management Co., Inc. also filed a Chapter 11
petition (Bankr S.D.N.Y. Case No. 10-24130) on the same day,
listing under $1 million in both assets and debts.

A receiver of rents was appointed against Hoti Enterprises pre-
bankruptcy pursuant to a foreclosure proceeding commenced by GECMC
2007-C-1 Burnett Street, Hoti's mortgagee and largest secured
creditor.

No Official Committee of Unsecured Creditors has been appointed in
the case.


IAP WORLDWIDE: S&P Withdraws 'CC' CCR at Company's Request
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CC' corporate
credit rating on Cape Canaveral, Fla.-based technical and
logistics services provider IAP Worldwide Services Inc. at the
company's request.  The rating outlook was negative at the time of
withdrawal.


INTEGRATED MEDICAL: Tiger Group to Auction Assets on April 1
-------------------------------------------------------------
By order of the U.S. Bankruptcy Court, Tiger Group's Remarketing
Services Division is auctioning portable intensive care systems,
diagnostic devices, patents, general medical supplies, as well as
office and support equipment, and more from bankrupt equipment
manufacturer Integrated Medical Systems Inc.  A secured creditor
has also commissioned a special consignment of a 2007 Ford E350
Super Duty diesel ambulance, Type ll.

Bidding is now underway for the former assets of the company at
www.SoldTiger.com and will close in rapid succession, live auction
style, on April 1 at 10:30 a.m. (PT).  The assets, other than the
ambulance, will be available for inspection at 13565 Larwin Circle
in Santa Fe Springs, on March 31, from 10:00 a.m. to 4:00 p.m.
(PT).  The ambulance can be viewed at 1471 Lawrence Drive,
Thousand Oaks, on March 31, from 10:00 a.m. to 4:00 p.m. (PT).

"IMS was a leader in developing portable intensive care units,"
said Jeff Tanenbaum, president of Tiger Remarketing Services.
"This auction features over 15 of the company's signature LS-1
units, as well as a number of similar medical devices, patents,
test equipment and machinery.  Emergency medical equipment users,
dealers and exporters will all discover a tremendous buying
opportunity at this sale."

Equipment and inventory being auctioned include 15 IMS LS-1
Portable ICU Units; four LSTAT G5 units with travel cases; 12
cardiac science automated external defibrillators; and HP logic
analyzers, oscilloscopes, digital voltmeters, dynamic signal
analyzers, network analyzers, power supplies, and sweep
oscillators.

Patents available for purchase include ones for: a high-speed,
high-resolution ultrasonic position and orientation tracker; a
mobile, self-contained trauma care system; a multi-dimensional
wavelet tomography process; a stereotactic ultrasonic diagnostic
process; an eye-finding and tracking system; and three self-
contained transportable life support systems.

Support items being sold include two Regal Lift 1,000-lb. capacity
lifts, a 50-gallon air compressor, pallet jacks, a vertical band
saw, a drill press, more than 40 wire spools, storm cases,
oxygen/machine rolling carts, light duty stock shelving, file
cabinets and metal cabinets, oxygen bottles, dormitory
refrigerators, microwaves, and credit card swipers.

The 2007 Ford E350 Super Duty diesel ambulance has an automatic
transmission, walk-through cab, light bar, new tires and
batteries.

Computer and server equipment includes Dell PowerEdge servers,
Dell Dimension and Precision computers, Sony laptop flat panel
monitors, 60 Data LTD and Fujitsu tablets, HP DesignJet 750C &
650C large-format printers, and LaserJet and other printers. Also
available are HP, Lexmark, Dialta, Bizhub & OKI copiers.

Integrated Medical Systems Inc. voluntarily filed for Chapter 11
Bankruptcy Protection in March 2013 in California Central
Bankruptcy Court (case number 2:13-bk-16265).  The case was
converted to a Chapter 7 filing in August 2013 (case number 2:13-
bk-16265-ER).

For a full description of the assets being auctioned and details
on how to bid, visit: www.SoldTiger.com


INTELLICELL BIOSCIENCES: Hikes Authorized Common Shares to 3.5BB
----------------------------------------------------------------
Intellicell Biosciences, Inc., filed an amendment to the Company's
articles of incorporation with the Secretary of State of the State
of Nevada, to increase the Company's authorized common stock from
1,500,000,000 shares of common stock to 3,500,000,000 shares of
common stock.  The Amendment also changed the par value of the
Company's authorized common stock from $0.001 per share to $0.0001
per share.

                  About Intellicell Biosciences

Intellicell BioSciences, Inc., headquartered in New York, N.Y.,
was formed on Aug. 13, 2010, under the name "Regen Biosciences,
Inc." as a pioneering regenerative medicine company to develop and
commercialize regenerative medical technologies in large markets
with unmet clinical needs.  On Feb. 17, 2011, the company changed
its name from "Regen Biosciences, Inc." to "IntelliCell
BioSciences Inc".  To date, IntelliCell has developed proprietary
technologies that allow for the efficient and reproducible
separation of stromal vascular fraction (branded
"IntelliCell(TM)") containing adipose stem cells that can be
performed in tissue processing centers and in doctors' offices.

Intellicell disclosed a net loss of $4.15 million on $534,942 of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $32.83 million on $99,192 of revenues during the prior
year.  The Company's balance sheet at June 30, 2013, showed $3.70
million in total assets, $10.57 million in total liabilities and a
$6.86 million total stockholders' deficit.

Rosen Seymour Shapss Martin & Company LLP stated in their report
that the Company's financial statements for the fiscal years ended
Dec. 31, 2012, and 2011, were prepared assuming that the Company
would continue as a going concern.  The Company's ability to
continue as a going concern is an issue raised as a result of the
Company's recurring losses from operations and its net capital
deficiency.  The Company continues to experience net operating
losses.  The Company's ability to continue as a going concern is
subject to its ability to generate a profit.


INTERNATIONAL SUNPRINTS: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: International Sunprints III, LLC
        21018 N. 22nd Street
        Phoenix, AZ 85024

Case No.: 14-04122

Chapter 11 Petition Date: March 26, 2014

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Madeleine C. Wanslee

Debtor's Counsel: David WM Engelman, Esq.
                  ENGELMAN BERGER, P.C.
                  3636 N. Central Ave., #700
                  Phoenix, AZ 85012
                  Tel: 602-271-9090
                  Fax: 602-222-4999
                  Email: dwe@engelmanberger.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steve Basamajian, designated
representative.

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


IPC INTERNATIONAL: Has OK to Use Cash Collateral Until March 31
---------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware gave IPC International Corporation and The
Security Network Holdings Corporation final authorization to use
cash collateral until March 31, 2014, to fund their general
corporate and working capital requirements in each case.

A copy of the budget is available for free at:

http://bankrupt.com/misc/IPCINTERNATIONAL_436_cashcollorder.pdf

As adequate adequate protection, The PrivateBank and Trust Company
is granted, subject to the carve-out, (a) replacement security
interests in and liens and mortgages upon all of the prepetition
and postpetition real and personal property of the Debtors, and
(b) a superpriority administrative expense claim, which adequate
protection priority claim will be subordinate in priority only to
the carve-out, and which won't be payable from the proceeds of
avoidance actions.

IPC International Corp., a provider of security services for
350 shopping malls, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-12050) on Aug. 9, 2013, in Delaware
after signing a contract for Universal Protection Services LLC to
buy the business for $21.3 million plus assumption of specified
liabilities.

Scott M. Strong signed the petition as chief financial officer.
The Debtor estimated assets and debts of at least $10 million.
Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter
Anderson & Corroon, LLP, serves as local counsel.  Paul V.
Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose,
LLP, serve as the Debtor's general bankruptcy counsel.  Silverman
Consulting, LLC, acts as the Debtor's financial advisor and
Livingstone Partners, LLP, serves as the Debtor's investment
banker.  KCC is the Debtor's noticing, claims and balloting agent.
Judge Mary F. Walrath presides over the case.

IPC International scheduled $21,959,100 in total assets and
$31,056,575 in total liabilities.  Liabilities include $6.9
million on a revolving credit and $10.4 million on term loans
owing to PrivateBank & Trust Co., as agent.

Bankruptcy was the result of losses on a U.K. affiliate that was
sold, as well as competition and the cost of liability insurance.

A three-member panel has been appointed as the official unsecured
creditors committee in the case.  The panel consists of Weinberg,
Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew
Eckl & Farnham, LLP.  The Committee retained GlassRatner Advisory
& Capital Group LLC as financial advisors.

The bankruptcy is being financed with a $12 million loan from
existing lender PrivateBank & Trust Co. as agent.  The loan
requires quick sale.

In October 2013, IPC won authorization from the bankruptcy court
to sell the business for $25.4 million to Universal Protection
Services LLC.


JIANGSU SHEYANG: Small Chinese Lender Reportedly Hit by Bank Run
----------------------------------------------------------------
Grace Zhu, writing for The Wall Street Journal, citing the state-
run China News Service, reported that Jiangsu Sheyang Rural
Commercial Bank, a rural lender in China's eastern Jiangsu
Province, was hit by a bank run after rumors emerged about a
possible bankruptcy.

The bank run occurred on March 24 at a branch of Jiangsu Sheyang
Rural Commercial Bank in Yancheng, the Journal said, citing the
Chinese news agency.

A bank official who gave only her surname as Tang told the Journal
that "everything is normal" and depositors can withdraw as much
money from the bank as they want.

She said, however, that the bank would remain open after normal
working hours to ensure that people who want to withdraw money can
do so, the Journal related.  She also said the bank has sufficient
funds to meet all customer needs.

The Journal related that Jiangsu Sheyang Rural Commercial Bank is
relatively small and a run wouldn't be a threat to China's huge
financial system. The bank said it had deposits of 12 billion yuan
($1.9 billion) at the end of February.


KASPER LAND: Files Schedules of Assets and Liabilities
------------------------------------------------------
Kasper Land And Cattle Texas, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of Texas its schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $21,280,000
  B. Personal Property            $1,890,640
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $13,420,213
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                                $0
                                 -----------      -----------
        Total                    $23,170,640      $13,420,213

A copy of the schedules is available for free at:

     http://bankrupt.com/misc/Kasper_14_sals.pdf

                   About Kasper Land and Cattle

Kasper Land and Cattle Texas, LLC, sought Chapter 11 protection
(Bankr. N.D. Tex. Case No. 14-20074) in Amarillo, Texas, on
March 3, 2014.  Bill Kinkead, Esq., at Kinkead Law Offices, serves
as counsel to the Debtor.


KEMET CORP: Cadian Capital Stake at 8.95% as of Dec. 31
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Cadian Capital Management, LP, and its
affiliates disclosed that as of Dec. 31, 2013, they beneficially
owned 4,037,746 shares of common stock of KEMET Corporation
representing 8.95 percent of the shares outstanding.  A copy of
the regulatory filing is available for free at:

                        http://is.gd/2qo1pt

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

KEMET Corp disclosed a net loss of $82.18 million on $842.95
million of net sales for the fiscal year ended March 31, 2013, as
compared with net income of $6.69 million on $984.83 million of
net sales for the year ended March 31, 2012.  For the six months
ended Sept. 30, 2013, the Company incurred a net loss of $48.23
million on $415.46 million.

The Company's balance sheet at Dec. 31, 2013, showed $862.32
million in total assets, $624.49 million in total liabilities and
$237.82 million in total stockholders' equity.

                            *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to Caa1
from B2 and the Probability of Default Rating to Caa1-PD from B2-
PD based on Moody's expectation that KEMET's liquidity will be
pressured by maturing liabilities and negative free cash flow due
to the interest burden and continued operating losses at the Film
and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on Simpsonville,
S.C.-based KEMET Corp. to 'B-' from 'B+'.

"The downgrade is based on continued top-line and margin pressures
and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.


KINDRED HEALTHCARE: Moody's Rates $500MM Sr. Unsecured Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 (LGD 5, 84%) rating to
Kindred Healthcare, Inc.'s proposed offering of up to $500 million
of senior unsecured notes due 2022. The proceeds of the bonds,
along with a new $750 million ABL revolving credit facility (not
rated by Moody's) and senior secured term loan will be used to
refinance the company's existing capital structure. The existing
ratings of Kindred, including the B1 Corporate Family Rating and
B1-PD Probability of Default Rating are unchanged. The stable
rating outlook is also unchanged.

Ratings assigned:

$500 million senior unsecured notes due 2022 at B3 (LGD 5, 84%)

Ratings Rationale

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

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

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

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

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

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


KINDRED HEALTHCARE: S&P Rates $500MM Sr. Unsecured Notes 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue-level
rating (two notches below the 'B+' corporate credit rating) to
Kindred Healthcare Inc.'s proposed $500 million senior unsecured
notes.  S&P assigned a '6' recovery rating to the notes,
indicating its expectation of negligible (0% to 10%) recovery for
lenders in the event of a payment default.  The notes will be sold
pursuant to Rule 144A under the Securities Act.  Kindred will use
the proceeds to repay existing senior unsecured indebtedness.  The
issue-level ratings are the same as S&P's ratings on the company's
existing senior unsecured debt.

S&P's ratings on Louisville, Ky.-based Kindred reflect its "weak"
business risk profile highlighted by reimbursement risk, including
the reliance on government payors for about half of total
revenues.  S&P also considers each of its businesses as rather
competitive.

S&P's view of the company's "aggressive" financial risk profile
incorporates its expectation that adjusted debt leverage will
remain in the mid- to high-4x area 4x in 2014.  Sufficient
capacity on its revolving credit facility and lack of covenant
pressure support its "adequate" liquidity.

RATINGS LIST

Kindred Healthcare Inc.
Corporate Credit Rating              B+/Stable/--

New Rating

Kindred Healthcare Inc.
Senior Unsecured
$500 mil. senior unsecured notes     B-
  Recovery Rating                     6


KULBAR DHILLON: Delaat Action Sent to Bankruptcy Court
------------------------------------------------------
District Judge Jeffrey S. White denied the motion for remand of
action to state court filed by Anneke Delaat, Erik Delaat and
Andrea L. Delaat, ang granted defendant Kulbar and Rajinder
Dhillon's request to refer the matter to the United States
Bankruptcy Court of the Northern District of California, Santa
Rosa Division.

ANNEKE DELAAT, ERIK DELAAT, and ANDREA L. DELAAT, Plaintiffs, v.
KULBAR DHILLON, RAJINDER DHILLON, and DOES 1-20, inclusive,
Defendants, No. C 13-04605 JSW (N.D. Cal.), alleges two causes of
action: (1) declaratory relief and (2) specific performance.
Plaintiffs' claims are based on Defendants' confirmed Plan of
Reorganization in a Chapter 11 proceeding with regard to a single
family residence located at 1877 Salvador Avenue, Napa,
California. The Defendants purchased the Property together with
the Plaintiffs. The Defendants acquired 50% of the Property.
Anneke and her now deceased husband, Evert Delaat, acquired 45% of
the Property.  Erik and Andrea agreed to occupy the residence,
make the mortgage payments and necessary repairs to the property
in exchange for the remaining 5% interest in the Property.  All
the owners paid the property taxes and assessment fees.  On
December 14, 2001, the Defendants borrowed $235,000 against the
Property.  In 2003, Evert processed a lot line adjustment which
resulted in the creation of two legal parcels on the Property
which share a common street address and utility connections."  On
September 17, 2007, the Plaintiffs and the Defendants executed a
modified deed of trust to reflect the lot line adjustment with the
new description of the Property into two tracts.  The Defendants
and the Plaintiffs remained the owners of the Property.

On January 11, 2011, the Defendants filed for Bankruptcy "under
Chapter 11 of the Bankruptcy Code in the Northern District of
California, Santa Rosa Division."  On November 7, 2011, the
Defendants' Plan "was confirmed by order of the Bankruptcy Court."
"The Plan refers to the Property as Salvador Avenue, which is
defined to mean 1877 Salvador Avenue, Napa."  The Plan specifies
that, in relationship to Salvador Avenue, the Defendants "will not
be making any further payments" but instead Anneke would pay:
(1) The delinquent property taxes and any interest. (2) The
remaining mortgage to Wells Fargo Bank and no modification to the
security agreement is allowed. (3) $50,000 to the California State
Board of Equalization ("BOE") "from the sale of the Salvador
Avenue" to Anneke.

The Plan is to be funded by income derived from the sale of real
property.  Specifically in relationship to the Property, the
Defendants may retain a real estate broker to market and determine
the list price of Salvador Avenue with the purpose of maximizing
the payment to BOE.  The Plaintiffs allege they have made the
mortgage payments to Wells Fargo, continue to offer to pay BOE and
property taxes to Napa county, but the Defendants have refused to
convey both parcels of the Property in accordance with the Plan.

The Plaintiffs filed their Complaint on August 29, 2013 in the
Napa Superior Court. On October 4, 2013, the Defendants removed
the action to the federal District Court on the basis that the
Plaintiffs' claims raise a federal question. On November 4, 2013,
the Plaintiffs moved to remand the action to state court and filed
an amended motion on November 8, 2013.

A copy of the Court's March 13, 2014 Order is available at
http://is.gd/dRpx6ffrom Leagle.com.


LAMAR MEDIA: Moody's Lowers $510MM Unsecured Notes' Rating to Ba2
-----------------------------------------------------------------
Moody's Investor Service downgraded Lamar Media Company's $510
million Senior Unsecured Notes rating from Ba1 to Ba2 due to the
proposed issuance of a new senior secured $300 Term Loan A. The
new $300 million Term Loan A will not be rated by Moody's. The
existing B1 rated senior subordinated notes maturing in 2018,
2022, and 2023, Ba3 Corporate Family Rating (CFR), and Ba3-PD
Probability of Default Rating (PDR) were all affirmed. The outlook
remains stable.

Proceeds from the new term loan, cash on hand, and a revolver draw
of approximately $100 million will be used to repay Lamar's
existing $400 million 7 7/8% senior subordinated notes due 2018 in
addition to the call premium and transaction fees. The ratings of
the 2018 subordinated note will be withdrawn upon repayment. The
change in rating of the Senior Unsecured Notes is based on our
expectation that the transaction will be successfully completed as
contemplated.

The refinancing is a credit positive as it is expected to lead to
a reduction in interest expense of approximately $20 million
annually. The Term Loan A is expected to include amortization
payments of 5% in the first two years, 7.5% in the third year and
15% in the fourth year with the balance due in year five. The
company is currently waiting for a private letter ruling from the
IRS. If Lamar receives IRS approval as we anticipate, Lamar is
expected to convert to a REIT sometime in 2014 that would require
at least 90% of REIT generated taxable income to be paid out to
shareholders. The $400 revolver (which is not rated by Moody's)
provides good liquidity to the company given expectations for more
modest cash balances if the company elects to become a REIT.

Issuer: Lamar Media Corporation

$510 million senior note due 2024 downgraded to Ba2 from Ba1
(LGD3, 36% updated from LGD2, 19%)

senior subordinated notes affirmed at B1, (LGD5-80% updated from
LGD5-72%)

Outlook, stable

Issuer: Lamar Advertising Company

Corporate Family Rating affirmed a Ba3

Probability of Default affirmed at Ba3-PD

Speculative Grade Liquidity Rating affirmed SGL-2

Outlook, stable

Lamar's Ba3 corporate family rating reflects its market presence
as one of the largest outdoor advertising companies in the U.S.,
the high-margin business model, and strong free cash flow
generation. The rating also reflects the potential for the company
to transition to a REIT in 2014 that would require distributions
of 90% of taxable income to shareholders. After several years of
directing free cash flow to debt reduction, the company has been
more acquisitive over the last two years and there is the
potential for future debt financed acquisitions. Debt reduction in
2010, 2011 and 2013 as well as continuing EBITDA growth has pushed
leverage down from 6.2x in 2009 to 4.4x as of Q4 2013. Pro-forma
leverage for the current transaction and the redemption of $400
million of 7 7/8 senior notes in Q1 2014 is 4.4x including Moody's
standard adjustments for lease expenses or 3.8x excluding lease
adjustments. The ability to transfer traditional static billboards
to digital provides growth opportunities to the company as well as
the potential for higher EBITDA margins. However, as the company
transitions more static boards to digital the company will be more
sensitive to short term changes in advertising demand given the
shorter term contract period compared to static boards. This may
lead to more volatility in earnings than what was experienced
historically when its assets were more likely to be subject to
longer term contracts. Compared to other traditional media
outlets, the outdoor advertising industry is not likely to suffer
from disintermediation and benefits from restrictions on the
supply of billboards which help support advertising rates and high
asset valuations.

As a pure play outdoor advertising company, Lamar provides mainly
local advertising and derives revenues from a diversified customer
base, with no single advertiser accounting for more than 1% of the
company's billboard advertising revenue. The high advertising
exposure means that the business is subject to above average
movements in revenue during consumer-led downturns in the economy.
However, Lamar's EBITDA margin of over 40% (excluding Moody's
standard adjustments) and relatively low proportion of maintenance
capex as compared to total capex provide sufficient headroom to
weather cyclical setbacks. The rating also considers the company's
demonstrated discipline in managing operating expenses and capital
expenditures, which resulted in strong free cash flow generation
during the economic downturn in 2008 and 2009.

The SGL-2 rating supports our view that Lamar will maintain a good
liquidity profile over the next four quarters. While cash balances
are expected to be modest if Lamar does convert to a REIT, the
$400 million revolver maturing in January 2019 boosts the
company's liquidity position. We do not anticipate Lamar will be
reliant on the revolver for operating needs and expect the company
to spend approximately $100 million on capex during 2014.

The rating outlook is stable as expectations of revenue and EBITDA
growth in the low to mid single digits and low leverage for the
existing rating are offset by the potential for Lamar to convert
to a REIT that would necessitate the payout of at least 90% of the
taxable income from a REIT qualified subsidiary.

Resolution of the company's potential transition to a REIT would
be required for an upgrade. If the company does convert to a REIT,
leverage would need to be maintained well below 4.25x on a
sustained basis. The potential for debt funded acquisitions at
high multiples would necessitate confidence that leverage would
return to levels commensurate with the ratings in a reasonable
time frame.

A ratings downgrade is not expected in the near term given the
current low leverage level for the rating. However, a large
acquisition or series of acquisitions that led leverage to
increase to over 5.75x for a extended period of time would put
downward pressure on the ratings.

The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industries published in May
2012. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Lamar Advertising Company, with its headquarters in Baton Rouge,
Louisiana, is one of the leading owner and operators of
advertising structures in the U.S. and Canada. The company
generated revenues of approximately $1.2 billion during year ended
12/31/13.


LIGHTSQUARED INC: Dish's Ergen Says Proposal Treats Him Unfairly
----------------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported
that Dish Network Corp. Chairman Charles Ergen on Wednesday said
he fears he won't be paid in full for his claims in the
reorganization of LightSquared, Philip Falcone's wireless venture
seeking approval of its Chapter 11 restructuring plan.

According to the report, Mr. Ergen, LightSquared's largest secured
lender, opposes the reorganization proposal and has become a
central figure in the case, especially since Dish abandoned a $2.2
billion bid for LightSquared's assets earlier this year.
LightSquared's newest proposal would repay other holders of
LightSquared's bank debt in full, in cash, while Mr. Ergen's $850
million in the same debt would be repaid over seven years, in a
note rather than in cash.

A lawyer for a group of lenders representing the other bank
debtholders questioned Mr. Ergen's motives just before a scheduled
December auction of LightSquared's wireless spectrum assets, the
report related.  The auction was canceled, as no competing bids to
Dish's offer emerged. Dish abandoned its bid soon after, citing a
"technical" issue that made the spectrum less valuable to the
company, Mr. Ergen said.

LightSquared, which never supported Dish's bid and sought other
buyers all along, then proposed its latest restructuring proposal,
the report further related. Now, Mr. Ergen fears that the $2.65
billion restructuring plan overvalues the company and that he
won't be repaid in full when the seven years is up.

"I think the value is severely reduced," the Journal cited Mr.
Ergen as saying.  He added, "The collateral does not cover my
investment." Mr. Ergen said that as recently as last July, he
estimated LightSquared's spectrum could some day be worth more
than $7 billion if it was owned by Dish.

                      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.


LIVE NATION: Moody's Revises 'B1' Rating Outlook to Positive
------------------------------------------------------------
Moody's Investors Service revised Live Nation Entertainment Inc.'s
rating outlook to positive from stable and also upgraded the
company's speculative grade liquidity rating (SGL) to SGL-1 (very
good liquidity) from SGL-2 (good liquidity). As part of the same
rating action, Live Nation's B1 corporate family rating (CFR) and
B1-PD probability of default rating (PDR) ratings were affirmed,
as were ratings of the company's Ba3 senior secured credit
facility and B3 senior unsecured notes.

The outlook change was prompted by expectations of continued and,
potentially, somewhat accelerated de-levering through the
repayment of the company's $220 million 2.875% convertible notes,
which become callable in July 2014, with cash on hand (free cash
of $445 million at 31 December 2013). Repayment of the convertible
notes would improve Debt-to-EBITDA leverage by 0.3x to 4.1x-to-
4.3x [all on a Moody's Adjusted basis]. Moody's expects de-
levering to continue despite continued acquisition activity which,
given the company's substantial market position, is likely to
involve smaller, "bolt-on" activity.

The SGL rating was upgraded to SGL-1 (very good liquidity) from
SGL-2 (good liquidity), based on expectations of improved covenant
compliance cushion, good free cash flow generation (expected to
generate between $150 million-to-$200 million over the next 12-to-
18 months) and strong internal cash flow ($445 million of free
cash on hand at 31 December 2013 and $335 million undrawn
revolver).

Issuer: Live Nation Entertainment, Inc.

Outlook: Changed to Positive from Stable

Speculative Grade Liquidity Rating: Upgraded to SGL-1 from SGL-2

Corporate Family Rating: Affirmed at B1

Probability of Default Rating: Affirmed at B1-PD

Senior Secured Credit Facility: Affirmed at Ba3 with the loss
given default estimate revised to (LGD3, 32%) from (LGD3, 33%)

Senior Unsecured Regular Bond/Debenture: Affirmed at B3 (LGD5,
81%)

Ratings Rationale

Live Nation's B1 corporate family rating is influenced primarily
by expectations of low-to-mid 4x Debt-to-EBITDA leverage, and
modest organic growth prospects given participation in a mature
industry which depends on consumer discretionary spending. The
rating is supported by Live Nation's strong position as a live
entertainment promoter, a position bolstered through a large
portfolio of relationships with artists and control of venues
through both ownership and leases, coupled with a ticketing
platform, all of which allows the company to generate sustainable
cash flow.

Rating Outlook

The rating outlook is positive because we expect the company's de-
levering may accelerate with the early repayment of its $220
million convertible debt, which becomes callable in July 2014.

What Could Change the Rating - UP

Live Nation's rating could be upgraded if Debt/EBITDA was expected
to be at or below the high 3x range, with Free Cash Flow to Debt
trending above 5% and towards 10% (in both cases, on a sustained
basis and incorporating Moody's standard adjustments). An upgrade
would also depend on favorable business conditions and solid
liquidity.

What Could Change the Rating - DOWN

Live Nation's rating could be downgraded if we expected
Debt/EBITDA to be sustained in the high 4x range, with Free Cash
Flow to Debt declining below 5% (in both cases, on a sustained
basis and incorporating Moody's standard adjustments), or if there
were adverse developments in the business environment, or
liquidity weakened materially.

                         Corporate Profile

Live Nation Entertainment, Inc., headquartered in Beverly Hills,
California, operates a leading live entertainment ticketing and
marketing company, owns, operates and/or exclusively books live
entertainment venues in the U.S. and Europe, and owns the rights
to several globally recognized performing artists under contracts
of varying scope and duration.

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


MARLOW MANOR: Memorandum Issued on Treatment of AHFC Claims
-----------------------------------------------------------
In the Chapter 11 case of Marlow Manor Downtown, LLC, Bankruptcy
Judge Herb Ross on March 24, 2014, issued a "Memorandum Decision
Regarding Misclassification of Classes 3 And 4 In Debtor's Third
Amended Plan".  Judge Ross said the memorandum is to better state
the reasoning from his "Order Granting AHFC's Motion to Determine
That Classes 3 and 4 in the Third Amended Plan are Improper".

At the March 5, 2014 hearing on AHFC's Motion to Determine
Classification of Claim Pursuant to Bankruptcy Rule 3013, Judge
Ross made an oral ruling supplemented by explanatory notes and
some bar charts in the Proceeding Memorandum.

"My discussion was terse and truncated because it was addressed to
AHFC and the debtor, who did not need a fuller explanation to
understand the basis of my ruling. Since the order is being
appealed, a fuller, more literate exposition will help the
appellate court," Judge Ross said.

In summary, Judge Ross ruled that Class 3 (a $1 million portion of
the $4.125 million First Loan [that AHFC extended to the Debtor]
and its collateral) and Class 4 (the junior $1.325 million Second
Loan, with the same collateral) were improperly classified as
secured and unimpaired, when they were both unsecured and
impaired.  Class 2 (the other $3.125 million portion of the First
Loan) is listed as secured up to the full value of the collateral
(which debtor has probably overvalued in the plan) and is
classified by debtor as being impaired.  As a simple mathematical
proposition, Classes 3 and 4 cannot be secured under 11 U.S.C.
Sec. 506(a)(1), since Class 2 uses up all the collateral value.
They are, therefore, improperly classified as unimpaired because
the rights of AHFC in each class is modified.

Additionally, the debtor claims that the payment terms of Classes
3 and 4 are left unchanged, but the Third Amended Chapter 11 Plan
does make changes in AHFC's contract rights which ipso facto are
an impairment.

Finally, the court has previously ruled that separately
classifying AHFC's general unsecured claim on its Second Loan (in
truth, a deficiency claim) separately from other general unsecured
creditors in the debtor's Second Amended Chapter 11 Plan was
improper gerrymandering for the purpose of obtaining the
affirmative vote of at least one class, so it could possibly
confirm a cramdown plan.  Under the same reasoning as Judge Ross'
Oct. 9, 2013 decision, there are not sufficient business or
economic reasons to classify Classes 3 and 4 in the third amended
plan separately from the other general unsecured creditors, who
are in Class 6.

"From the beginning of this case, I have felt that AHFC could
probably maximize its recovery by negotiating a reasonable
settlement with the debtor or allowing the debtor to buy out the
claims at a realistic value.  This suggested resolution does not
appear to have much traction with AHFC and its reasons may be
justified. I think the parties are not too far apart on the value
of this unusual piece of real property is.  As a mediator, I wish
I could understand the true interests of the parties -- this is a
situation that cries for a settlement," Judge Ross said.

AHFC financed the debtor's project -- originally to provide elder
housing and also restore a blighted building in Anchorage -- with
two notes, both secured by deeds of trust and security agreements
on the same collateral:

   First Loan  - a senior promissory note for $4.125 million,
                 dated January 30, 2007. The original terms
                 called for interest at 7.375% per year in
                 level monthly payments of $28,490.35 over a
                 30 year term (or, to February 1, 2037); and

   Second Loan - a junior promissory note for $1.325 million,
                 dated January 30, 2007.  The original terms
                 called for interest at 1.5% per year in annual
                 installments of 40% of "available cash flow,"
                 as defined in the note, with all remaining
                 unpaid sums due by February 1, 2037.

The project fell on hard times and there was insufficient income
for the $1.325 million Second Loan to even come into payment
status before 2037. It became a "net 30 years" term.

AHFC and the debtor entered into a number of amendments to ease
the burden on the debtor, and finally a modification agreement in
April 2009 that changed the terms of the two loans:

     Modified First Loan -- The payment terms of the $4.125
                            million senior promissory note,
                            then having a principal balance of
                            $4,061,612, were modified to carve
                            out a $1 million principal portion,
                            and provide payment on two tracks
                            as follows:

                            Track 1 -- On the $3,061,612 portion,
                                       payments were reduced from
                                       $28,490.35 per month to
                                       $21,627.51 per month,
                                       7.375% annual interest,
                                       still in level monthly
                                       payments, to fully amortize
                                       by February 1, 2037; and

                            Track 2 -- On the $1 million portion
                                       (called "the carve-out" in
                                       these proceedings),
                                       interest remained at 7.375%
                                       annual, but only payable
                                       out of 30% of "available
                                       cash flow" as redefined in
                                       the modification agreement.
                                       Any unpaid balance was due
                                       on Feb. 1, 2037. The
                                       modification did not make
                                       the $1 million carve-out
                                       junior to the $3 million
                                       part of the first loan, but
                                       merely describes two
                                       different criteria for
                                       payment.

     Modifed Second Loan -- The payment terms of the junior
                            $1.325 million promissory note were
                            modified to require an annual payment
                            of 70% of "available cash flow," as
                            redefined in the modification
                            agreement. The interest remained at
                            1.5% annual. A balloon payment was
                            still due on Feb. 1, 2037.

The practical effect of the modification agreement was to reduce
the monthly loan payments by a little less than $7,000 per month.

A copy of the Court's March 24, 2014 Memorandum Decision is
available at http://is.gd/0LoLJtfrom Leagle.com.

                        About Marlow Manor

To save an historic multi-story building in Anchorage from being
razed, Marc Marlow, through his family trust and with others,
started on a quest to renovate the building. It was originally to
be redesigned for use partly as 100 studio and one-bedroom
apartments (floors 5-14 of the building, called condo Unit A of
McKinley Tower) and partly for 52 units of senior assisted living
units (floors 2-4 and parts of the first floor, called condo Unit
B of McKinley Tower). Through an intricate and innovative
structure of financing premised on the preservation of blighted
properties, including Municipality of Anchorage tax forgiveness
and public funding, the project pencilled out.

Marlow Manor Downtown, LLC, filed for Chapter 11 bankruptcy
(Bankr. D. Alaska Case No. 12-00421) on July 9, 2012.  David H.
Bundy, Esq. -- dhb@alaska.net -- at David H. Bundy, PC, serves as
the Debtor's counsel.  It listed under $1 million in both assets
and debts.  A list of the Company's three largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/akb12-00421.pdf The petition was
signed by Marc A. Marlow, manager.

Gary Sleeper, Esq., represents Wells Fargo, the servicer for AHFC.


MCC FUNDING: Files for Chapter 11 in Manhattan
----------------------------------------------
MCC Funding LLC filed a bare-bones Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 14-10782) in Manhattan on March 24,
2014.

The New York-based company estimated $10 million to $50 million in
assets and liabilities.

Scott A. Steinberg, Esq., at Law Offices of Scott A. Steinberg, in
Uniondale, New York, serves as counsel.

According to the docket, the schedules of assets and liabilities
and statement of financial affairs are due April 7, 2014.  The
Chapter 11 plan and disclosure statement are due by July 22, 2014.


METRO AFFILIATES: Can Access DIP Loans Thru May 31
--------------------------------------------------
Judge Sean Lane approved, on a final basis, the Seventh and Ninth
Amendments negotiated by Metro Affiliates, Inc., et al. to their
DIP Financing Agreement.

The Seventh Amendment would terminate the Debtors' access to the
Revolving Loans and cash collateralize those letter of credit sub-
facility (L/Cs).  It would also implement a mechanism for the
Debtors to pay down their obligations under the Supplemental Loans
in an amount equal to the product of (i) the applicable percentage
set forth below for the applicable period and (ii) the cash
receipts (including proceeds received from any sale or disposition
of Collateral, as defined in the Credit Agreement) minus cash
disbursements for such month.

      Period                           Applicable Percentage
      ------                           ---------------------
     March 1, 2014-March 31, 2014            40%
     April 1, 2014-April 30, 2014            50%

The Seventh Amendment also extends that maturity date of the DIP
Credit Facility to May 31, 2014 -- and in connection with it,
require the Debtors (1) to file a chapter 11 plan and disclosure
statement by March 31, 2014, and (2) obtain a bankruptcy court
order confirming the plan by May 31, 2014.

The Debtors will have continued access to the postpetition
financing pursuant to an updated budget, a copy of which is
available for free at:

http://bankrupt.com/misc/METROAFFILIATESBudgetfeb24-apr25.pdf

The Ninth Amendment documents the proposed substitution of U.S.
Bank as agent under the Debtors' DIP Credit Facility -- when Wells
Fargo initially indicated its desire to the Debtors in late
February to be replaced as the DIP Credit Facility Agent no later
than March 31, 2014.  U.S. Bank retained Gibson Dunn & Crutcher
LLP to negotiate the terms of various documents to effect the
substitution.  However, on March 7, 2014, Wells Fargo related it
had changed its mind and will remain as Agent through May 31, the
approved DIP Credit Facility maturity date.

The Debtors' request to pay the reasonable fees and expenses of
U.S. Bank, including reasonable fees and expenses to the bank's
counsek, is sub judice.

                      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.

Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.
Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Washington, D.C., represent the Debtors.  Silverman Shin & Byrne
PLLC serves as special counsel.  Rothschild Inc. serves as the
Debtors' investment banker, while Kurtzman Carson Consultants LLC
serves as their claims and noticing agent.

Wells Fargo Bank, National Association, as agent for a consortium
of DIP lenders, is represented by Jonathan N. Helfat, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C., in New York.

The Bank of New York Mellon as indenture trustee and collateral
agent for prepetition noteholders, is represented by James
Gadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.
Certain Noteholders are represented by Kristopher M. Hansen, Esq.,
at Stroock & Stroock & Lavan LLP, in New York.

The U.S. has appointed a three-member official committee of
unsecured creditors represented by Farrell Fritz, P.C.
PricewaterhouseCoopers LLP serves as the Committee's financial
advisors.

This is Metro Affiliates' third trip to Chapter 11.  The Company,
together with its subsidiaries, previously sought protection under
Chapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re Metro
Affiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.).  A
plan in the second Chapter 11 case was confirmed in September
2003.  The first bankruptcy was in 1994.


METRO AFFILIATES: Will Return Collateral on GE Capital's Claim
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved an amended stipulation among Metro Affiliates, Inc., et
al., and GE Capital Commercial, Inc., for the return of
collateral.

GE Capital asserted against the Debtors a claim that is secured by
a property perfected lien on and security interest in certain
assets, referred to as the "Collateral."

The Collateral was not selected to be purchased by bidders when
the Debtors offered certain of their assets for sale.  The Debtors
also determined that the indebtedness secured by the Collateral is
equal or greater than the orderly liquidation value of the
Collateral, so that there is little or no equity value remaining
in the Collaeral for the estate.

The parties thus stipulated to return the Collateral to GE Capital
to satisfy GE Capital's claims against the Debtors' estates.

                      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.

Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.
Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Washington, D.C., represent the Debtors.  Silverman Shin & Byrne
PLLC serves as special counsel.  Rothschild Inc. serves as the
Debtors' investment banker, while Kurtzman Carson Consultants LLC
serves as their claims and noticing agent.

Wells Fargo Bank, National Association, as agent for a consortium
of DIP lenders, is represented by Jonathan N. Helfat, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C., in New York.

The Bank of New York Mellon as indenture trustee and collateral
agent for prepetition noteholders, is represented by James
Gadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.
Certain Noteholders are represented by Kristopher M. Hansen, Esq.,
at Stroock & Stroock & Lavan LLP, in New York.

The U.S. has appointed a three-member official committee of
unsecured creditors represented by Farrell Fritz, P.C.
PricewaterhouseCoopers LLP serves as the Committee's financial
advisors.

This is Metro Affiliates' third trip to Chapter 11.  The Company,
together with its subsidiaries, previously sought protection under
Chapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re Metro
Affiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.).  A
plan in the second Chapter 11 case was confirmed in September
2003.  The first bankruptcy was in 1994.


MIDWEST FAMILY: S&P Affirms 'BB' Rating on Class III Revenue Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term rating and
underlying rating (SPUR) on Midwest Family Housing LLC's/Forest
City Enterprises Inc.'s (Navy Midwest Housing privatization
project) series 2006A class II military housing taxable revenue
bonds two notches to 'BBB+ (sf)' from 'BBB- (sf)'.  At the same
time, Standard & Poor's affirmed its 'AA- (sf)', 'BB (sf)', and 'B
(sf)' ratings on Midwest Family Housing LLC's/Forest City
Enterprises Inc.'s 2006A class I, III, and IV military housing
revenue bonds, respectively.  The outlook on all issues is stable.

"We raised the rating on the class II bonds because of the
improved debt service coverage of 1.44x maximum annual debt
service on these bonds in fiscal 2013, which we consider
appropriate for a 'BBB+' rating," said Standard & Poor's credit
analyst Ki Beom K. Park.

The ratings reflect Standard & Poor's view of the project's:

   -- Strong 2013 debt service coverage of 2.24x, 1.44x, 1.24x,
      and 1.18x maximum annual debt service on the class I, II,
      III, and IV bonds, respectively;

   -- Strong asset quality;

   -- Role in serving bases considered highly essential to the
      military; and

   -- Strong demand, indicated by high occupancy rates.

The aforementioned strengths are partially offset by Standard &
Poor's view of these weaknesses:

   -- The continued delay of a land sale at Puerto Rico,
      comprising part of the Navy's equity contribution to the
      project; and

   -- The debt service reserve fund in the form of a surety policy
      from CIFG Assurance North America, a provider Standard &
      Poor's does not rate.

"The stable outlook reflects our view of the project's sound
operating performance, revenue stream strength in the form of
basic allowance for housing payments, and high military
essentiality," Mr. Park added.  "We do not expect to raise the
ratings within the two-year outlook period.  However, should the
project encounter construction delays, a decline in net income, or
decreased occupancy, we could lower the ratings."


MISSION NEWENERGY: Houston Int'l Stake at 7.8% as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Houston International Insurance Group, Ltd.,
disclosed that as of Dec. 31, 2013, it beneficially owned
850,411 Ordinary Shares of Mission NewEnergy Limited representing
7.82 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/PlmMPq

                       About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

The Company's balance sheet at Dec. 31, 2013, showed $4.92 million
in total assets, $13.96 million in total liabilities and a $9.04
million total deficiency.

Mission NewEnergy disclosed net profit of A$10.05 million on
A$8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of A$6.19 million on A$38.20 million
of total revenue during the prior fiscal year.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


MT. GOX: Some Customers Want Founder out During Bankruptcy
----------------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that Mt.
Gox customers with frozen bitcoin accounts are targeting founder
Mark Karpeles, arguing in court papers he is unfit to lead the
Japanese bitcoin exchange through its U.S. bankruptcy case.

According to the report, in papers filed in U.S. Bankruptcy Court
in Dallas, lawyers for several Mt. Gox customers pointed out Mr.
Karpeles has been accused of fraud and said he should no longer
have power over Mt. Gox's U.S. assets in his official role as Mt.
Gox Co.'s foreign representative.

"At minimum, he is guilty of gross mismanagement," the lawyers for
customers said in court papers, the report related.

Leaders who are in charge of a bankrupt company often have a
responsibility to act in a way that helps the reorganization
efforts, the report noted.  Often in Chapter 15 cases that are
filed in a U.S. court, an outside leader has already taken over
control.

A lawyer representing Mr. Karpeles in his capacity as the
company's administrator didn't return multiple phone calls for
comment, the Journal said.

                         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: Creditors Band Together to Recover Assets
--------------------------------------------------
Michael J. Casey, writing for The Wall Street Journal, reported
that bitcoin enthusiasts burned by the bankruptcy of the Mt. Gox
trading exchange are banding together to get their money back.

The Journal noted that getting back the missing of customer
bitcoins may be difficult as bankruptcy courts don't have clear
rules for virtual currencies.  Digital currencies, according to
the Journal, aren't backed by governments or regulated nationally,
thus investors can end up with little protection if problems
arise.

Olivier Janssens is one of the most prominent victims of the Mt.
Gox blowup, with $5 million worth of claims against the Tokyo
bitcoin exchange, the Journal related.  On Feb. 26, two days
before the first bankruptcy filing, the Monaco-based investor, who
made his money "mining" bitcoin via the complex algorithm through
which computer owners earn the digital currency, launched a
website for fellow creditors to submit information about their own
situation.

His goal, he said in an interview, was to create a court-
recognized creditor committee and pursue lawsuit options, the
report further related.

A month later, Mr. Janssens's mtgoxrecovery.com site boasted a
list of 3,150 people who claim to be owed money by the exchange,
the report said. With a total of 253,220 bitcoins lost and
separate claims for trapped dollars, euros, yen, Australian
dollars and British pounds, the list's total value of claimed
liabilities runs to $181.6 million at current exchange rates.

                         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: Cooperating With Police
--------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that shuttered bitcoin exchange Mt. Gox said that it is working
with authorities looking into the disappearance of roughly 650,000
bitcoins from its vaults and vowed to recover from the damage
caused by the scandal.

According to the Journal, in a statement from Chief Executive Mark
Karpeles, the company, now in bankruptcy protection, said it has
been consulting with Tokyo's metropolitan police department over
the disappeared bitcoins.  Hiroko Tabuchi, writing for The New
York Times' DealBook, reported that it remains unclear whether the
Tokyo police will start a formal investigation into the purported
heist.  An official with the Tokyo police refused to confirm that
it had been contacted by Mt. Gox, or that an investigation was
underway, the DealBook said.

"Mt. Gox Co. Ltd hereby announces that it has submitted necessary
electronic records and other related documents," it said, adding
that the company "continues to make efforts to clarify facts as
quickly as possible and to recover from damages," the Journal
related.

A lawyer representing the collapsed exchange told the Journal that
although Mt. Gox is consulting with the authorities, no police
investigation is under way.

The DealBook noted that an administrator appointed by the Tokyo
District Court is expected to determine soon whether Mt. Gox still
has the means to rehabilitate its business, or whether it should
be liquidated.

                         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.


NATCHEZ REGIONAL: Hospital Files for Chapter 9 Bankruptcy
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the 179-bed Natchez Regional Medical Center filed a
petition for Chapter 9 municipal debt adjustment in Jackson,
Mississippi.

According to the report, owned by Adams County, Mississippi, the
hospital said it intends to have a term sheet by this week
outlining a sale of the facility to a "qualified buyer."

The hospital blamed financial problems on "ill-timed and poorly
integrated acquisition of physicians' practices and new clinical
technologies," the report related.

The case is In re Natchez Regional Medical Center, 14-bk-01048,
U.S. Bankruptcy Court, Southern District of Mississippi (Jackson).

                        About Natchez Regional

Based in Natchez, Mississippi, Natchez Regional Medical Center is
a full-service hospital offering comprehensive diagnostic and
treatment services for acute, subacute and ambulatory care.
Natchez Regional serves as a referral center for the five
Mississippi counties and two Louisiana parishes it serves, known
locally as the Miss-Lou.  The hospital is owned by Adams County.

The Debtor filed a petition for Chapter 9 on Feb. 12, 2009 (Bankr.
S.D. Miss. Case No. 09-00477).  Eileen N. Shaffer, Esq.,
represents the Debtor as counsel.  The Debtor listed total assets
of between $10 million and $50 million, and total debts of between
$10 million and $50 million.


NATCHEZ REGIONAL: Ch.9 Case Summary & 20 Top Unsec. Creditors
-------------------------------------------------------------
Debtor: Natchez Regional Medical Center
        54 Sergeant S. Prentiss Dr.
        Natchez, MS 39120

Bankruptcy Case No.: 14-01048

Type of Business: Health Care

Chapter 9 Petition Date: March 26, 2014

Court: United States Bankruptcy Court
       Southern District of Mississippi
       (Jackson-3 Divisional Office)

Debtor's Counsel: Eileen N. Shaffer, Esq.
                  ATTORNEY AT LAW
                  PO Box 1177
                  Jackson, MS 39215-1177
                  Tel: 601 969-3006
                  Fax: 601-949-4002
                  Email: enslaw@bellsouth.net

Total Assets: $27.8 million

Total Debts: $20.80 million

The petition was signed by Donny Rentfro, hospital CEO.

List of Debtor's 20 Largest Unsecured Creditors:

Entity                         Nature of Claim   Claim Amount
------                         ---------------   ------------
NRMC/Benefit Mgmt                                  $527,558
Systems Inc.
P.O. Box 2058
Madison, MS 39130

Valley Service, Inc.                               $446,333
P.O. Box 5454
Jackson, MS 39288

MD Properties, LLC                Foundation AP    $292,937
P.O. Box 1260
Ridgeland, MS 39158

Medical Information                                $191,494
Technology, Inc.
P.O. Box 74569
Chicago, IL 60696

Cardinal Health                                    $182,067
Pharmaceutical

Hospital Solutions, Inc.                           $164,203

Therex, Inc.                                       $145,072

Alliance Healthcare Sv                             $119,874

Cardinal Medical                                   $113,390

Compliant Healthcare                               $108,128
Technologies

Medtronic USA Inc.                                 $107,404

United Blood SVC/Blood                             $106,145
Systems Lab

Keystone Medical Svc of                            $106,108
MS, Inc.

Aramark Corp.                                      $100,697

Natchez Medical Found.                              $83,332

Olympus Financial Svc                               $80,990

De Lage Landen Fln Svc                              $79,049

GE Healthcare (SVC)                                 $78,317

Cornerstone Advisors Grp, LLC                       $68,692

SG-2, LLC                                           $66,950


NEW JERSEY HMFA: Moody's Lowers Rating on 2004A Bonds to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded New Jersey HMFA Capital
Fund Program Revenue Bonds, Series 2004A to Ba1 from Baa3. This
rating action affects approximately $53M in outstanding debt. The
rating outlook remains negative.

Rating Rationale

This rating action reflects deteriorating maximum annual debt
service (MADS) coverage of the bonds, driven mainly by a steep
decline in 2013 capital funding to the Salem Housing Authority.
The negative outlook reflects continued pressure on the federal
budget which may result in further declines in capital fund
appropriations.

Credit Strengths:

Flat overall funding in 2014 offers near term stability, although
the risk of lower appropriations to PHAs securing the NJ HMFA
Capital Fund Program Bonds Series 2004 financing remains

Availability of debt service reserve fund by way of surety from
FSA (Assured Guaranty, rated Baa2 Stable)

Credit Challenges:

Approximately 26% decline in funding to the Salem Housing
Authority in 2013, resulting in debt service coverage of 1.28x

Program relies solely on future appropriations to pay debt
service on the bonds; future budgetary constraints on the federal
level would further reduce the amount of capital funding

What Could Change The Rating -- Up

Upgrade is not likely in the near term. A substantial and
sustained increase in the capital fund allocation received by the
PHAs in the pool would stabilize the rating outlook

What Could Change The Rating -- Down

Further decline in capital fund allocation received by PHAs,
particularly Salem Housing Authority

Further deterioration of debt service coverage for any
participating PHAs

The principal methodology used in this rating was US Public
Housing Authority Capital Fund Bonds published in May 2012.


NEW MEATCO: Plan Exclusivity Terminated
---------------------------------------
Bankruptcy Judge Peter H. Carroll earlier denied the request of
New Meatco Provisions, LLC, for a third extension of its
exclusivity periods provided in 11 U.S.C. Sec. 1121(b)-(d) to file
and solicit acceptances of a Chapter 11 exit plan.  The Court
granted, instead, the request of the Official Committee of
Unsecured Creditors to terminate the exclusivity periods so the
Committee can proceed with an alternative plan.

The Committee had argued that New Meatco has already received two
exclusivity extensions and has failed to propose a plan that has
the support of the Committee, New Meatco is not operating a
business, has no assets to liquidate and is only seeking to
recover the proceeds of claims and causes of action, the case is
not large or complex, and the creditors are the only parties in
interest that will receive anything under a confirmed plan and
should thus have the opportunity to file a plan that the creditors
can support.

In a March 10 Memorandum Decision available at http://is.gd/5y8yvh
from Leagle.com, the court said the Creditors' Committee must not
file or serve a disclosure statement or proposed plan of
reorganization earlier than 5:00 p.m. on March 17, 2014.  In the
event a disclosure statement and proposed plan of reorganization
is filed by the Creditors' Committee not later than March 21,
2014, a hearing on the adequacy of the Creditors' Committee's
disclosure statement may be set on shortened time for 9:00 a.m. on
April 9, 2014, in the United States Bankruptcy Court, Courtroom #
1468, 255 E. Temple Street, Los Angeles, CA 90012; and the
Creditors' Committee must serve notice of the date, time and place
of the hearing by fax, email, overnight mail, or personal service
on New Meatco, New Meatco's counsel, the United States trustee,
and any other party in interest entitled to notice under the
rules.

New Meatco Provisions, LLC filed for bankruptcy on May 8, 2013
(Bankr. C.D. Calif, Case No. 13-22155).  The Company listed
$1 million to $10 million in assets and $10 million to $50 million
in liabilities.  Arent Fox LLP represents the Debtor.

New Meatco was not operating on the petition date, having sold all
of its operating assets, including inventory and accounts
receivable, to Harvest Meat Company, Inc. prior to bankruptcy.  In
its schedules, New Meatco disclosed liabilities in excess of $33
million, and assets consisting of cash and deposits totaling
$891,836, office equipment valued at $3,051, and avoidance actions
of an unknown value.  The Creditors' Committee was appointed on
June 3, 2013.


NII HOLDINGS: Files Copy of Supplemental Indentures with SEC
------------------------------------------------------------
NII Holdings, Inc., filed with the U.S. Securities and Exchange
Commission a current report on Form 8-K to make publicly available
the following supplemental indentures:

   (1) Supplemental Indenture No. 1, dated as of Feb. 8, 2010,
       among NII Global Holdings, Inc., NII Capital Corp. and
       Wilmington Trust Company, to the Indenture, dated Aug. 18,
       2009, among NII Capital Corp., NII Holdings, Inc., Airfone
       Holdings, Inc., McCaw International (Brazil), Ltd., Nextel
       International (Services), Ltd., Nextel International
      (Uruguay), Inc., NII Aviation, Inc., NII Mercosur, LLC, NII
       Funding Corp. and Wilmington Trust Company.

                       http://is.gd/j6FYs7

   (2) Supplemental Indenture No. 2, dated as of March 8, 2010,
       among NII Capital Corp., NII Holdings, Inc., NII Global
       Holdings, Inc., Nextel International (Services), Ltd., NII
       Aviation, Inc., NII Funding Corp., NII Mercosur, LLC and
       Wilmington Trust Company, to the Indenture, dated August
       18, 2009, among NII Capital Corp., NII Holdings, Inc.,
       Airfone Holdings, Inc., McCaw International (Brazil), Ltd.,
       Nextel International (Services), Ltd., Nextel International
      (Uruguay), Inc., NII Aviation, Inc., NII Mercosur, LLC, NII
       Funding Corp. and Wilmington Trust Company.

                    http://is.gd/LNgLjm

   (3) Supplemental Indenture No. 1, dated as of March 8, 2010,
       among NII Capital Corp., NII Holdings, Inc., NII Global
       Holdings, Inc., Nextel International (Services), Ltd., NII
       Aviation, Inc., NII Funding Corp., NII Mercosur, LLC and
       Wilmington Trust Company, to the Indenture, dated Dec. 15,
       2009, among NII Capital Corp., NII Holdings, Inc., Airfone
       Holdings, Inc., McCaw International (Brazil), Ltd., Nextel
       International (Services), Ltd., Nextel International
      (Uruguay), Inc., NII Aviation, Inc., NII Mercosur, LLC, NII
       Funding Corp., NII Global Holdings, Inc. and Wilmington
       Trust Company.

                       http://is.gd/CxW7V7

                         About NII Holdings

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.

                             *   *    *

As reported by the TCR on March 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Reston, Va.-based
wireless carrier NII Holdings Inc. (NII) to 'CCC' from 'CCC+'.
"The downgrade follows the company's poor fourth-quarter 2013
results that were below our expectations, and its disclosure that
its auditors have uncertainty about the company's ability to
continue as a going concern," said Standard & Poor's credit
analyst Allyn Arden.

The TCR also reported on March 5, 2014, that Moody's Investors
Service downgraded the corporate family rating (CFR) of NII
Holdings Inc. ("NII" or "the company") to Caa1 from B3.  The
downgrade reflects the company's poor 2013 operating performance
and the risk that the company will violate the covenants governing
its Mexican and Brazilian subsidiary debt, which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. and NII
International Telecom S.C.A.


NII HOLDINGS: FMR LLC Stake at 7.6% as of March 7
-------------------------------------------------
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 13,222,505
shares of common stock of NII Holdings representing 7.668 percent
of the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/65WOx6

                         About NII Holdings

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.

                             *   *    *

As reported by the TCR on March 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Reston, Va.-based
wireless carrier NII Holdings Inc. (NII) to 'CCC' from 'CCC+'.
"The downgrade follows the company's poor fourth-quarter 2013
results that were below our expectations, and its disclosure that
its auditors have uncertainty about the company's ability to
continue as a going concern," said Standard & Poor's credit
analyst Allyn Arden.

The TCR also reported on March 5, 2014, that Moody's Investors
Service downgraded the corporate family rating (CFR) of NII
Holdings Inc. ("NII" or "the company") to Caa1 from B3.  The
downgrade reflects the company's poor 2013 operating performance
and the risk that the company will violate the covenants governing
its Mexican and Brazilian subsidiary debt, which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. and NII
International Telecom S.C.A.


NII HOLDINGS: Jennison Associates Stake at 3%
---------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Jennison Associates LLC disclosed that as of
Feb. 28, 2014, it beneficially owned 5,106,375 shares of common
stock of NII Holdings, Inc., representing 3 percent of the shares
outstanding.  Jennison previously owned 17,997,767 shares at
Dec. 31, 2013.  A copy of the regulatory filing is available for
free at http://is.gd/KSxvV7

                         About NII Holdings

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.

                             *   *    *

As reported by the TCR on March 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Reston, Va.-based
wireless carrier NII Holdings Inc. (NII) to 'CCC' from 'CCC+'.
"The downgrade follows the company's poor fourth-quarter 2013
results that were below our expectations, and its disclosure that
its auditors have uncertainty about the company's ability to
continue as a going concern," said Standard & Poor's credit
analyst Allyn Arden.

The TCR also reported on March 5, 2014, that Moody's Investors
Service downgraded the corporate family rating (CFR) of NII
Holdings Inc. ("NII" or "the company") to Caa1 from B3.  The
downgrade reflects the company's poor 2013 operating performance
and the risk that the company will violate the covenants governing
its Mexican and Brazilian subsidiary debt, which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. and NII
International Telecom S.C.A.


NII HOLDINGS: Prudential Financial Lowers Stake to 2.9%
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission on March 10, 2014, Prudential Financial, Inc.,
disclosed that it beneficially owned 5,126,001 shares of common
stock of NII Holdings representing 2.9 percent of the shares
outstanding.  Prudential Financial previously owned 18,017,593
shares at Jan. 29, 2014.  A copy of the regulatory filing is
available for free at http://is.gd/9l9TEh

                        About NII Holdings

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.

                             *   *    *

As reported by the TCR on March 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Reston, Va.-based
wireless carrier NII Holdings Inc. (NII) to 'CCC' from 'CCC+'.
"The downgrade follows the company's poor fourth-quarter 2013
results that were below our expectations, and its disclosure that
its auditors have uncertainty about the company's ability to
continue as a going concern," said Standard & Poor's credit
analyst Allyn Arden.

The TCR also reported on March 5, 2014, that Moody's Investors
Service downgraded the corporate family rating (CFR) of NII
Holdings Inc. ("NII" or "the company") to Caa1 from B3.  The
downgrade reflects the company's poor 2013 operating performance
and the risk that the company will violate the covenants governing
its Mexican and Brazilian subsidiary debt, which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. and NII
International Telecom S.C.A.


NORTHERN BERKSHIRE: Shutters Operations, Lays Off Staff Today
-------------------------------------------------------------
Jim Levulis, writing for WAMC.org, reported that Northern
Berkshire Healthcare has announced it will close North Adams
Regional Hospital Friday, March 28.  The Board of Trustees cites a
worsening financial status following Chapter 11 bankruptcy in
2011, financial restructuring and the closing of its psychiatric
facility in January.  The report says the hospital operator will
also lay off approximately 530 full- and part-time employees
effective Friday.  The VNA and Hospice of Northern Berkshire and
three medical practices owned by NBH also will cease operations.
Northern Berkshire Family Medicine, Northern Berkshire OB/GYN and
Northern Berkshire General Surgery are also closing.

Northern Berkshire Healthcare, Inc., is a non-profit healthcare
corporation in northern Berkshire County, Massachusetts.  Together
with its affiliates, Northern Berkshire Healthcare operates the
North Adams Regional Hospital and a visiting nurse association and
hospice in North Adams, Massachusetts.

Northern Berkshire Healthcare, Inc., North Adams Regional
Hospital, Inc., Visiting Nurse Association & Hospice of Northern
Berkshire, Inc., Northern Berkshire Healthcare Physicians Group,
Inc., and Northern Berkshire Realty, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Mass. Case No. 11-31114) on June 13, 2011,
to address their overleveraged balance sheet and effect a
reorganization of their operations.  On the same day, Northern
Berkshire Community Services, Inc., filed a petition for Chapter 7
relief also in the District of Massachusetts bankruptcy court.

Judge Henry J. Boroff presides over the Debtors' cases.  Steven T.
Hoort, Esq., James A. Wright, III, Esq., Jonathan B. Lackow, Esq.,
and Matthew F. Burrows, Esq., at Ropes & Gray LLP, in Boston,
Mass., serve as the Debtors' bankruptcy counsel.  The Debtors'
Financial Advisors are Carl Marks Advisory Group LLC.  GCG Inc.
serves as claims and noticing agent.

Northern Berkshire disclosed $22,957,933 in assets and $53,379,652
in liabilities as of the Chapter 11 filing.  The petition was
signed by William F. Frado, Jr., president.

William K. Harrington, the U.S. Trustee for Region 1, appointed
five members to the official unsecured creditors' committee in the
Debtors' cases.  The Committee tapped Duane Morris LLP as its
counsel.

The Debtors obtained confirmation of their Chapter 11 plan on
April 10, 2012.  According to the Troubled Company Reporter on
June 8, 2012, Northern Berkshire Healthcare said on June 5, 2012,
it has emerged from Chapter 11 reorganization.


OASIS PETROLEUM: S&P Raises Sr. Unsecured Notes Rating to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its ratings on
Houston-based exploration and production company Oasis Petroleum
Inc.'s senior unsecured notes to 'B+' (one notch below the
corporate credit rating) from 'B'.  S&P simultaneously revised the
recovery rating on these issues to '5', indicating the expectation
of modest (10% to 30%) recovery in the event of a payment default,
from '6'.  S&P's 'BB-' corporate credit rating on Oasis remains
unchanged.  The outlook is stable.

The revised issue-level and recovery ratings reflect an updated,
higher, PV-10 valuation of the company's reserves at year-end 2013
(pro forma for its recent Sanish asset sale) and S&P's expectation
that the company will continue to maintain commitments under its
revolving credit facility at $1.5 billion or below.

"The outlook is stable, reflecting our view that the company
should be able to fund its aggressive growth strategy and preserve
credit protection measures appropriate for the rating category,"
said Standard & Poor's credit analyst Christine Besset.

S&P would consider a negative rating action if the company
materially increased its capital spending or made debt-financed
acquisitions, causing leverage to exceed 3.75x for an extended
period of time.  An upgrade is unlikely over the next 12 months
given S&P's assessment of the company's relatively modest scale,
size, and geographic diversity; a somewhat high percentage of
proved undeveloped reserves; and S&P's expectation of sizable free
operating cash flow deficit over the next two years.


OPPENHEIMER HOLDINGS: S&P Affirms 'B' CCR & Alters Outlook to Pos.
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the long-term issuer credit rating on Oppenheimer
Holdings Inc. to positive from stable.  S&P also affirmed its 'B'
counterparty credit and senior secured debt ratings on the
company.

"The outlook revision reflects our view that Oppenheimer's
financial risk profile improved considerably in 2013," said
Standard & Poor's credit analyst Sebnem Caglayan.  Oppenheimer's
pretax income profitability improved in 2013 to 4.3% from a break-
even in 2012 and 1.9% in 2011.  The margin improvement in 2013 was
due to a 7% increase in revenues primarily coming from private
client and investment banking, coupled with only a 2% increase in
total expenses.  Private client segment's assets under
administration (AUA) increased to $84.6 billion as of Dec. 31,
2013, from $80.3 billion as of Dec. 31, 2012, and asset management
segment's assets under management (AUM) grew to $25.3 billion from
$20.9 billion in the same time period.  S&P largely attributes the
growth in AUA and AUM to the extended bull market in the U.S.
stock market in 2013.

The company continues to have an adequate capital base with
approximately 13% adjusted total equity (ATE) to adjusted assets
as of Dec. 31, 2013.  S&P believes ongoing costs related to
auction-rate security (ARS) buybacks continue to be an overhang
for Oppenheimer and inhibits it from meaningfully or sustainably
improving its liquidity position.  That said, client ARS holdings
(which were $166.8 million as of Dec. 31, 2013) have been reduced
by approximately 91% since the market failed in February 2008, and
the number of clients holding ARS also reduced 91% in the same
period.  This, in S&P's view, results in less onerous calls on
company's liquidity.

Also factored into S&P's outlook revision is Oppenheimer's
announcement of its plans to redeem $45 million of its outstanding
long-term debt in April 2014 with cash on hand.  Although the
reduction in long-term debt will result in improved credit metrics
(S&P expects long-term debt to EBITDA to be 2.0x and EBITDA to
long-term debt interest coverage to be at 5.4x as of Dec. 31,
2013, on a pro forma basis), S&P considers the short-term and
long-term funding sources and needs of securities firms in a
holistic manner.  S&P views this use of cash as a further
reduction of company's liquidity position, which is already low at
the holding company level.

The positive outlook reflects S&P's view that if the company
continues to gradually address its ARS issues, further improves
its profitability, and starts to consistently generate operating
cash flow to aid its liquidity position on a sustained basis, S&P
could raise the ratings.  Although S&P believes the costs
associated with ARS and litigation will continue to constrain
Oppenheimer's ability to accumulate cash flows from operations, it
views it as unlikely that Oppenheimer's financial performance will
rapidly deteriorate in the face of more stable capital markets and
increased levels of client AUA.  S&P could lower the ratings if
the company's profitability and liquidity deteriorates
significantly or its ATE to adjusted assets fall below 10%.


OXYSURE SYSTEMS: Files Copy of the Investor Presentation with SEC
-----------------------------------------------------------------
Julian Ross, OxySure Systems, Inc.'s president and chief executive
officer, this month was slated to present the Company's business
plan to institutional buyside investors during a non-deal roadshow
in New York.  A copy of the presentation slide deck the Company
intends to use during the roadshow is available for free at
http://is.gd/lGkT9k

                       About OxySure Systems

Frisco, Tex.-based OxySure Systems, Inc. (OTC QB: OXYS) is a
medical technology company that focuses on the design, manufacture
and distribution of specialty respiratory and emergency medical
solutions.  The company pioneered a safe and easy to use solution
to produce medically pure (USP) oxygen from inert powders.  The
Company owns nine (9) issued patents and patents pending on this
technology which makes the provision of emergency oxygen safer,
more accessible and easier to use than traditional oxygen
provision systems.

The Company's balance sheet at Sept. 30, 2013, showed $1.20
million in total assets, $1.51 million in total liabilities and a
$310,451 total stockholders' deficit.

                           Going Concern

"Our financial statements are prepared using accounting principles
generally accepted in the United States of America applicable to a
going concern, which contemplates the realization of assets and
satisfaction of liabilities in the normal course of business.
While we have turned a profit during the three months ended
September 30, 2013, historically we have been suffering from
recurring loss from operations.  We have an accumulated deficit of
$14,703,693 and $14,258,667 at September 30, 2013 and December 31,
2012, respectively, and stockholders' deficits of $310,451 and
$652,125 as of September 30, 2013 and December 31, 2012,
respectively.  We require substantial additional funds to
manufacture and commercialize our products.  Our management is
actively seeking additional sources of equity and/or debt
financing; however, there is no assurance that any additional
funding will be available," the Company said its quarterly report
for the period ended Sept. 30, 2013.

"In view of the matters described above, recoverability of a major
portion of the recorded asset amounts shown in the accompanying
September 30, 2013 balance sheet is dependent upon continued
operations of the Company, which in turn is dependent upon the
Company's ability to meet its financing requirements on a
continuing basis, to maintain present financing, and to generate
cash from future operations.  These factors, among others, raise
substantial doubt about our ability to continue as a going
concern," the Company added.


PACIFIC GAS: Expects Criminal Charges Over Pipeline Explosion
-------------------------------------------------------------
Cassandra Sweet, writing for The Wall Street Journal, reported
that PG&E Corp. expects to face federal criminal charges over the
2010 natural-gas pipeline explosion that killed eight in San
Bruno, Calif., the utility said.

"Given the most recent discussions with the U.S. Attorney's
Office," PG&E said, it expects to be charged with violating the
federal Pipeline Safety Act, which dates back to 1968, the report
related.  The alleged violations relate to the company's past
practices in operating its natural gas pipeline system, including
record keeping and safety management.

PG&E, which said it has been cooperating with federal
investigators, denied that it or its employees wilfully violated
federal safety rules, and predicted "a lengthy legal process," the
report further related.

According to the report, if If the company were found guilty of
criminal violations, the government could impose significant
penalties, PG&E said. It wasn't clear whether any individuals will
be criminally charged.

San Bruno Mayor Jim Ruane said he would welcome the charges, the
report said.  "I have often said that the death of eight people by
a utility that wasn't minding what they were doing is, in fact,
criminal," he said, in an interview. "I'm glad the feds have taken
this very seriously."

                     About PG&E Corporation

Headquartered in San Francisco, California, PG&E Corporation
(NYSE:PCG) -- http://www.pgecorp.com/-- is an energy-based
holding company.  The company's operations include electric and
gas distribution, natural gas and electric transmission, and
electric generation.  It is the parent company of Pacific Gas and
Electric Company.

Pacific Gas filed for Chapter 11 protection on April 6, 2001
(Bankr. N.D. Calif. Case No. 01-30923).  James L. Lopes, Esq.,
William J. Lafferty, Esq., and Jeffrey L. Schaffer, Esq., at
Howard, Rice, Nemerovski, Canady, Falk & Rabkin represent the
Debtors in their restructuring efforts.  On June 30, 2001, the
Company listed $23,216,000,000 in assets and $22,152,000,000 in
debts.  Pacific Gas emerged from chapter 11 protection April 12,
2004, paying all creditors 100 cents-on-the-dollar plus
postpetition interest.


PITTSBURGH CORNING: April 24 Hearing on Bid to Renew KERP
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
will convene a hearing on April 24, 2014, at 3:00 p.m., to
consider Pittsburgh Corning Corporation's motion for authorization
to renew its key employee retention program. Objections, if any,
are due April 7.

On March 19, the Debtor said that a retention program was in place
since 2001, with no objections from creditors and with Bankruptcy
Court approval.  The retention program has always been structured
to provide a pay-out every three years. Following such payout, the
Retention Program has been renewed for another three years.

Renewal of the retention program is a sound exercise of the
Debtor's business judgment and must be approved.  The current
retention program will expire April 16, 2014, and the Debtor is
seeking to again renew the retention program.

The Debtor added that with the entry of a confirmation order on
May 16, 2013, all property of the estate vested in the Debtor.
However, because of pending appeals, the confirmation of the
Debtor's Third Modified Plan of Reorganization has not yet been
finalized.

The Debtor initially hoped to complete its reorganization in two
to three years, but due to complexities arising from shareholders'
participation in, and substantial contributions to, the Debtor's
plan of reorganization and numerous objections from certain
insurers and other parties, the Debtor's reorganization has taken
much longer than anyone expected when the case was first filed.

                    About Pittsburgh Corning

Pittsburgh Corning Corporation filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 00-22876) on April 16, 2000,
to address numerous claims alleging personal injury from exposure
to asbestos.  At the time of the bankruptcy filing, there were
about 11,800 claims pending against the Company in state court
lawsuits alleging various theories of liability based on exposure
to Pittsburgh Corning's asbestos products and typically requesting
monetary damages in excess of $1 million per claim.

Judge Thomas Agresti handles the bankruptcy case.  Reed Smith LLP
serves as counsel and Deloitte & Touche LLP as accountants to the
Debtor.

The United States Trustee appointed a Committee of Unsecured Trade
Creditors on April 28, 2000.  The Bankruptcy Court authorized the
retention of Leech, Tishman, Fuscaldo & Lampl, LLC, as counsel to
the Committee of Unsecured Trade Creditors, and Pascarella &
Wiker, LLP, as financial advisor.

The U.S. Trustee also appointed a Committee of Asbestos Creditors
on April 28, 2000.  The Bankruptcy Court authorized the retention
of these professionals by the Committee of Asbestos Creditors: (i)
Caplin & Drysdale, Chartered as Committee Counsel; (ii) Campbell &
Levine as local counsel; (iii) Anderson Kill & Olick, P.C. as
special insurance counsel; (iv) Legal Analysis Systems, Inc., as
Asbestos-Related Bodily Injury Consultant; (v) defunct firm, L.
Tersigni Consulting, P.C. as financial advisor, and (vi) Professor
Elizabeth Warren, as a consultant to Caplin & Drysdale, Chartered.

On Feb. 16, 2001, the Court approved the appointment of Lawrence
Fitzpatrick as the Future Claimants' Representative.  The
Bankruptcy Court authorized the retention of Meyer, Unkovic &
Scott LLP as his counsel, Young Conaway Stargatt & Taylor, LLP, as
his special counsel, and Analysis, Research and Planning
Corporation as his claims consultant.

In 2003, a plan of reorganization was agreed to by various
parties-in-interest, but, on Dec. 21, 2006, the Bankruptcy Court
issued an order denying the confirmation of that plan, citing that
the plan was too broad in addressing independent asbestos claims
that were not associated with Pittsburgh Corning.

On Jan. 29, 2009, an amended plan of reorganization (the Amended
PCC Plan) -- which addressed the issues raised by the Court when
it denied confirmation of the 2003 Plan -- was filed with the
Bankruptcy Court.

As reported by the TCR on April 25, 2012, Pittsburgh Corning,
which is a joint venture between Corning Inc. and PPG Industries
Inc., filed another amendment to its reorganization plan designed
to wrap up a Chapter 11 begun 12 years ago.

PCC's balance sheet at Sept. 30, 2012, showed $29.41 billion in
total assets, $7.52 billion in total liabilities and $21.88
billion in total equity.


PLEXTRONICS INC: Solvay Completes Acquisition of Business
---------------------------------------------------------
Solvay on March 26 disclosed that it has completed the acquisition
of U.S.-based Plextronics Inc. to bolster its Organic Light
Emitting Diodes (OLED) electronic display technology and launch a
new development platform with a strong Asian foothold.

With Plextronics, Solvay is expanding its know-how in emerging
applications such as OLED TV screens, OLED lighting and in
lithium-ion batteries.  OLED technology uses stacked layers of
organic compounds that emit light when submitted to an electric
current.  It boosts luminance efficiency and ultimately enables
bendable displays as it reduces their thickness and weight.

As part of its expansion into the rapidly-growing OLED market,
Solvay is setting up a new electronics laboratory at its research
center at Ewha Woman's University in Seoul City, South Korea.  The
lab will bring its advanced solutions closer to market and speed
up joint development activities with customers as well as with
existing and potential partners.

"The acquisition of Plextronics is an important milestone in
growing our OLED capabilities," said Bill Chen, General Manager of
Solvay OLED incubator.  "Solvay's own OLED know-how will be
reinforced thanks to Plextronics' complementary technologies and
dedicated staff.  With the creation of the Solvay OLED incubator,
we aim to evolve into a new business and strengthen our presence
in Asia, mainly in South Korea."

The completion of the transaction comes two weeks after the U.S.
bankruptcy court in Delaware approved Solvay's offer for
Plextronics, a startup that was founded in 2002.  Solvay has been
a longtime investor in the Pittsburgh, Pennsylvania-based company.

                     About Plextronics Inc.

Headquartered in Pittsburgh, Pennsylvania, Plextronics, Inc. --
http://www.plextronics.com-- specializes in conductive polymers
and printable formulations that enable advanced electronic
devices.  The company's develops customized inks to enhance the
performance of organic light emitting diodes (OLEDs) for next
generation displays and lighting applications, lithium ion
batteries, polymer metal capacitors, and emerging organic
electronic devices.

The privately held company was founded in 2002 as a spinout from
Carnegie Mellon University based upon conductive polymer
technology developed by Dr. Richard McCullough.

Plextronics, Inc. on Jan. 16, 2014, filed a Chapter 11 bankruptcy
petition (Bankr. D. Del. Case No. 14-10080) with plans to sell its
assets to Solvay America, Inc., absent higher and better offers.

The Debtor estimated assets and debt of $10 million to $50 million
as of the bankruptcy filing.

Campbell & Levine, LLC in Pittsburgh is serving as the
Plextronics' legal advisors.  New York-based Cowen and Company,
LLC is serving as its investment banker.


POSTROCK ENERGY: Expects to Comply with Covenants at March 31
-------------------------------------------------------------
At December 31, 2013, $92.0 million was drawn under PostRock
Energy Corporation's revolving credit facility, an increase of
$34.5 million from the prior year and a $5.5 million increase from
September 30, 2013.  At March 25, 2014, $94.5 million was drawn
under the revolving credit facility, an increase of $2.5 million
from year end. The increase was driven by an acquisition of
additional well interests in Central Oklahoma and legal costs
related to the litigation with CEP and Sanchez.  The facility
requires that a leverage ratio (ratio of consolidated funded debt
to consolidated EBITDAX for the four fiscal quarters ending on the
applicable fiscal quarter-end) be maintained at less than 3.5 to
1.0 as of each quarter-end.  The leverage ratio at December 31,
2013 was very slightly above this limit.  However, the banks
granted a waiver.  PostRock expects to be in full compliance with
its covenants at March 31, 2014.  The Company was in compliance
with all other financial covenant ratios as of December 31, 2013.

The Company announced its results for the year ended December 31,
2013.

A copy of the The Company's earnings release for the year ended
Dec. 31, 2013 is available for free at http://is.gd/i41Qzc

PostRock Energy Corporation acquires, explores, develops, and
produces crude oil and natural gas, with operations in
southeastern Kansas and northeastern Oklahoma.


QUALITY DISTRIBUTION: FMR LLC Stake at 8.5% as of March 7
---------------------------------------------------------
FMR LLC and  Edward C. Johnson 3d disclosed in an amended Schedule
13G filed with the U.S. Securities and Exchange Commission on
March 7, 2014, that they beneficially owned 2,303,641 shares of
common stock of Quality Distribution representing 8.55 percent of
the shares outstanding.  The reporting persons previously owned
3,351,704 shares at March 9, 2012.  A copy of the regulatory
filing is available for free at http://is.gd/wYKGQG

                    About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

Quality Distribution reported net income of $50.07 million for the
year ended Dec. 31, 2012, as compared with net income of $23.43
million in 2011.

The Company's balance sheet at Sept. 30, 2013, showed $465.05
million in total assets, $503.19 million in total liabilities and
a $38.13 million total shareholders' deficit.

                        Bankruptcy Warning

According to the Company's annual report for the period ended
Dec. 31, 2012, the Company had consolidated indebtedness and
capital lease obligations, including current maturities, of $418.8
million as of Dec. 31, 2012.  The Company must make regular
payments under the ABL Facility and its capital leases and semi-
annual interest payments under its 2018 Notes.

The Company's 2018 Notes issued in the quarter ended Dec. 31,
2010, carry high fixed rates of interest.  In addition, interest
on amounts borrowed under the Company's ABL Facility is variable
and will increase as market rates of interest increase.  The
Company does not presently hedge against the risk of rising
interest rates.  The Company's higher interest expense may reduce
its future profitability.  The Company's future higher interest
expense and future redemption obligations could have other
important consequences with respect to the Company's ability to
manage its business successfully, including the following:

   * it may make it more difficult for the Company to satisfy its
     obligations for its indebtedness, and any failure to comply
     with these obligations could result in an event of default;

   * it will reduce the availability of the Company's cash flow to
     fund working capital, capital expenditures and other business
     activities;

   * it increases the Company's vulnerability to adverse economic
     and industry conditions;

   * it limits the Company's flexibility in planning for, or
     reacting to, changes in the Company's business and the
     industry in which the Company operates;

   * it may make the Company more vulnerable to further downturns
     in its business or the economy; and

   * it limits the Company's ability to exploit business
     opportunities.

The ABL Facility matures August 2016.  However, the maturity date
of the ABL Facility may be accelerated if the Company defaults on
its obligations.

"If the maturity of the ABL Facility and/or such other debt is
accelerated, we may not have sufficient cash on hand to repay the
ABL Facility and/or such other debt or be able to refinance the
ABL Facility and/or such other debt on acceptable terms, or at
all.  The failure to repay or refinance the ABL Facility and/or
such other debt at maturity would have a material adverse effect
on our business and financial condition, would cause substantial
liquidity problems and may result in the bankruptcy of us and/or
our subsidiaries.  Any actual or potential bankruptcy or liquidity
crisis may materially harm our relationships with our customers,
suppliers and independent affiliates."

                           *    *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to B2
from B3 and Probability of Default Rating to B2-PD from B3-PD.

The upgrade of Quality's CFR to B2 was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the B2 rating level.  The
company is in the process of integrating the bolt-on acquisitions
made in its Energy Logistics business sector since 2011.


RAHA LAKES: Court Enter Final Decree Closing Chapter 11 Case
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
on March 6 entered a final decree closing the Chapter 11 case of
Raha Lakes Enterprises, LLC.

The Court also discharged the Debtors' liability for the payment
of debts incurred before confirmation of the First Amended Joint
Plan of Reorganization, to the extent specified in Section 1141 of
the Bankruptcy Code, and the Plan will release liabilities for all
parties as set forth in the Plan.

As reported in the Troubled Company Reporter on Feb. 28, 2014, the
Debtors said their assets have vested pursuant to the provisions
of First Amended Joint Plan of Reorganization.  They had fulfilled
and performed all duties, obligations and undertakings.

The Debtors won confirmation of their First Amended Chapter 11
Plan on Nov. 21, 2013.

A post-confirmation status conference has been scheduled for
May 22, 2014, at 10:00 a.m.

The First Amended Plan contemplates the reorganization of the
Debtors' business operations to enable them to make orderly
distributions to creditors within two years.  Plan payments will
be made from these sources and in the following order of priority
based on available capital:  (1) the operation of the Debtors'
real property at 900 South San Pedro Street, Los Angeles, in the
South-East corner of 9th Street and San Pedro Street, in the
Garment District in Downtown Los Angeles, (2) the refinance or
sale of the Property on or before the maturity of loan obligations
to secured creditor, San Pedro Investments LLC, (3) contributions
from the Debtors' principal owner, Kayhan Shakib, the exact amount
of which will be determined by necessity, and (4) about $383,071
of "new value" contributions from Shakib.  The "new value" capital
contribution will be in full satisfaction of San Pedro's non-
default claims for interest, fees and costs.

                       About Raha Lakes

Raha Lakes Enterprises, LLC, filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 12-43422) on Oct. 3, 2012, in Los Angeles.
Raha Lakes, a single-asset real estate company, estimated assets
of at least $10 million and debt of at least $1 million.  The
company's principal asset is at 900 South San Pedro Street in Los
Angeles.  Raha Lakes disclosed $26,107,381 in assets and
$9,106,898 in liabilities as of the Chapter 11 filing.  The
petition was signed by Kayhan Shakib, managing member.

Mehr in Los Angeles Enterprises, LLC, filed a bare-bones Chapter
11 petition (Bankr. C.D. Cal. Case No. 12-43589) on Oct. 4,
2012, estimating assets of at least $10 million and liabilities of
at least $1 million.  The petition was signed by Yadollah Shakib,
managing member.

Judge Ernest M. Robles presides over the cases.  The Debtors are
represented by Michael S. Kogan, Esq., at Kogan Law Firm APC.
Sierra Consulting Group, LLC, serves as financial advisors.

John Choi, Esq., at Kim Park Choi, in Los Angeles, represents
secured creditor San Pedro Investment, LLC, as counsel.


RENT-A-CENTER INC: Moody's Confirms Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service confirmed Rent-A-Center, Inc.'s Ba3
Corporate Family Rating, Ba3-PD Probability of Default Rating and
B1 ratings on the company's senior unsecured notes. The Ba1
ratings on the new $900 million secured credit facilities were
affirmed. Moody's also upgraded Rent-A-Center's Speculative Grade
Liquidity rating to SGL-3 from SGL-4, reflecting the expectation
for adequate liquidity over the next 12-18 months. The ratings
outlook is negative.

The rating actions reflect the completion of Rent-A-Center's
refinancing transaction, which has improved the company's overall
liquidity position. This concludes the review for downgrade that
was initiated on February 4, 2014 following Rent-A-Center's weaker
than expected 2013 operating performance which drove a significant
deterioration in its key credit metrics and liquidity profile.

Ratings confirmed and LGD assessments updated:

Corporate Family Rating at Ba3;

Probability of Default Rating at Ba3-PD;

$250 million guaranteed senior unsecured notes due 2021 at B1
(LGD 5, 78%) from (LGD 5, 75%);

$300 million guaranteed senior unsecured notes due 2020 at B1
(LGD 5, 78%) from (LGD 5, 75%).

Ratings affirmed:

$675 million senior secured revolving credit facility due 2019
at Ba1 (LGD 2, 23%);

$225 million senior secured term loan due 2021 at Ba1 (LGD 2,
23%).

Ratings upgraded:

Speculative Grade Liquidity rating upgraded to SGL-3 from SGL-4.

Ratings Rationale

The Ba3 Corporate Family Rating reflects Moody's expectation that
Rent-A-Center's credit metrics will remain weak over the next 12-
18 months as the company executes and invests in its multi-year
strategy to transform its core business. Lease-adjusted
debt/EBITDA will likely rise above 5.0 times in 2014 due to
increased borrowing to fund cash flow shortfalls -- potentially in
excess of $115 million -- and flat EBITDA using the mid-point of
the company's 2014 guidance. The rating also reflects Rent-A-
Center's leading position in the consumer rent-to-own industry
and, despite recent weakening, its historical track record of
maintaining relatively strong and stable debt protection measures
and balanced financial policy that had included debt reduction.
Moody's expects the company to show signs of stabilizing its core
rent-to-own business in 2014 while continuing to realize solid
returns on its emerging businesses, with a return to profitable
growth with positive cash flow in 2015. When coupled with expected
debt reduction, leverage is expected to fall to near 4.5 times at
the end of 2015.

Rent-A-Center's liquidity is adequate, as reflected in the SGL-3
Speculative Grade Liquidity Rating. Following completion of the
refinancing, the company has ample cushion under new financial
maintenance covenants and increased excess borrowing capacity
under its $675 million revolver (upsized from $500 million) which
will be needed to fund sizeable cash shortfalls still expected in
2014.

The negative ratings outlook reflects the ongoing challenges
facing the company's core customer which consist of individuals
that are cash and credit constrained. When coupled with lower
average rental ticket and increased investments in the core rent-
to-own business, EBITDA and metric improvement will likely be
challenging over the next 12-18 months.

Any material deviation from expectations over the next twelve
months, either through weaker-than-expected operating performance
or more aggressive financial policies, would likely lead to a
ratings downgrade. A downgrade could also stem from a
deterioration in liquidity or any adverse changes in the
regulatory or legal environment and/or if it appears that leverage
will not migrate below 5.0 times over the next 18 months, or 4.5
times by the end of 2015.

A ratings upgrade is unlikely over the near term due to the
expectation for weak performance and metrics over the next 12
months. Over the longer term, an upgrade would require a return to
stable, consistent growth in Rent-A-Center's core business while
continuing to realize solid returns on its emerging businesses and
maintaining a balanced financial policy. Specific metrics include
lease-adjusted debt/EBITDA near 4.0 times and EBITA/Interest above
2.75 times on a sustained basis.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

Rent-A-Center, Inc, with headquarters in Plano, Texas, operates
the largest chain of consumer rent-to-own stores in the U.S. with
approximately 4,486 company operated stores and kiosks located in
the U.S., Canada, Mexico and Puerto Rico. Rent-A-Center also
franchises approximately 180 rent-to-own stores that operate under
the "ColorTyme" and "Rent-A-Center" banners. Annual revenue
exceeded $3.1 billion.


RESTORGENEX CORP: Names Stephen Simes as CEO
--------------------------------------------
RestorGenex has named Stephen M. Simes as its chief executive
officer, to lead the company.  Mr. Simes formerly served as vice
chairman, president, and CEO at BioSante Pharmaceuticals, Inc., a
publicly held pharmaceutical company focused on developing
products for women's and men's health and oncology that merged
with ANI Pharmaceuticals, Inc. in 2013.

"We are extremely pleased that Stephen has joined our team to lead
RestorGenex, a newly integrated biopharmaceutical company," said
Sol J. Barer, chairman of the board of RestorGenex.  "His
extensive leadership, strategic and technical experience in
managing publicly held biopharmaceutical companies will be a great
asset to the company.  RestorGenex has several unique
opportunities to create substantial stockholder value, and we look
forward to working with Stephen to expand these programs and drive
innovation."

Mr. Simes added, "I am excited by the opportunities in
RestorGenex, especially given the people involved and the
technologies and products that are forming the basis of the
company.  I look forward to working with the RestorGenex team to
bring better products to patients in need."

Before BioSante, Mr. Simes was president, CEO, and a member of the
board of directors for Unimed Pharmaceuticals, Inc., which is now
a subsidiary of AbbVie, Inc.  Previously, he served as senior vice
president and director of Savient Pharmaceuticals Inc., following
its acquisition of Gynex Pharmaceuticals, of which he was
president and CEO.  Mr. Simes' career in the pharmaceutical
industry started with G.D. Searle & Co. (now a part of Pfizer
Inc.).  Mr. Simes earned his MBA in Marketing and Finance from New
York University, having earlier received a Bachelor of Science
degree in Chemistry at Brooklyn College of the City University of
New York.

Mr. Simes replaces Jerold Rubinstein who resigned as chief
executive officer effective with Mr. Simes' appointment.  Mr.
Rubenstein remains a director and chairman of the Audit Committee.
"We would like to thank Mr. Rubinstein for the important role he
played in the company's recent transition," said Sol J. Barer.

Mr. Simes is to receive a base salary at an annual rate of
$425,000 with at least annual review and base salary increases as
approved by the Board of Director or its Compensation Committee.

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

                       http://is.gd/MqvB7G

                        About Restorgenex

RestorGenex, formerly known as Stratus Media, is a
biopharmaceutical company with an initial focus on dermatology,
ocular diseases and women's health.

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.


REVEL AC: Motion for Final Decree Closing Case Challenged
---------------------------------------------------------
Parties-in-interest objected to Revel AC Inc., et al.'s motion for
final decree closing its Chapter 11 case.

On March 17, 2014, Mitchell Hausman, Esq., on behalf of Roberta A.
DeAngelis, U.S. Trustee for Region 3, objected to the Debtors'
motion.  Mr. Hausman stated that the final decree motion requested
nunc pro tunc relief to avoid the imposition of further fees due
to the Office of the U.S. Trustee.

Michael S. Etkin, Esq., at Lowenstein Sandler LLP on behalf of
creditors Imperial Woodworking Enterprises, Inc., and Imperial
Woodworking Company, in its March 11 objection, stated that the
final decree may not be entered because the Debtors' estates have
not been fully administered.

Imperial said that pursuant to an agreement with the Debtors,
multiple issues may remain regarding the Debtors' obligations to
Imperial pursuant to the Plan after the liquidation of Imperial's
claims.

Lyndon Stockton, through its counsel David H. Stein, Esq., at
Wilentz, Goldman & Spitzer P.A., stated in its objection, that the
Court must deny the motion and retain jurisdiction while
Stockton's claim dispute is fully and fairly arbitrated.
Stockton's claim remains in dispute and the initial notice of
disputed claim was defective.  Mediation has been unsuccessful and
Stockton is seeking authorization for termination of mediation and
referral of the dispute to arbitration.

In a separate filing, Barry J. Roy, Esq., on behalf of IDEA
Boardwalk, LLC, a counterparty to an unexpired, unassumed non-
residential real property lease, filed a joinder to Stockton's
objection.

As reported in the Troubled Company Reporter on March 3, 2014,
Michael Viscount, Esq., at Fox Rothschild LLP, in Atlantic City,
New Jersey, said the restructuring of the companies has already
been "substantially consummated."  He also said the prepackaged
plan provides "clear alternatives" to the court for disposition of
any remaining disputed claims, thus, there is no need for the
cases to remain open.

Revel AC officially emerged from Chapter 11 protection on May 21,
a week after the bankruptcy court confirmed its prepackaged plan
of reorganization.  The plan would substantially reduce the
company's debt load from roughly $1.52 billion to $272 million
through an exchange of debt for equity.  Annual interest expense
would also decrease from approximately $102 million to $46
million.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and
operates Revel, a Las Vegas-style, beachfront entertainment resort
and casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. along with four affiliates sought bankruptcy
protection (Bankr. D.N.J. Lead Case No. 13-16253) on March 25,
2013, in Camden, New Jersey, with a prepackaged plan that reduces
debt by $1.25 billion.

Revel's legal advisor in connection with the restructuring is
Kirkland & Ellis LLP. Alvarez & Marsal serves as its restructuring
advisor and Moelis & Company serves as its investment banker for
the restructuring.  Epiq Bankruptcy Solutions is the claims and
notice agent.

The Official Committee of Unsecured Creditor retained Christopher
A. Ward, Esq., Jason Nagi, Esq., and Jarrett Vine, Esq., at
Polsinelli PC as counsel.

Revel AC Inc. on May 21 disclosed that it has successfully
completed its financial restructuring and emerged from Chapter 11
of the United States Bankruptcy Code.  Through the restructuring
plan, which has been approved by both the U.S. Bankruptcy Court
for the District of New Jersey (Camden) and the New Jersey Casino
Control Commission, Revel has reduced its outstanding debt by
approximately $1.2 billion, or 82%, and its annual interest
expense on a cash basis by $98 million, or 96%.


RIVERHOUNDS EVENT: Files for Ch. 11; Soccer Season Has Funding
--------------------------------------------------------------
The Limited Partnerships owning and operating Highmark Stadium and
the Pittsburgh Riverhounds Professional Soccer Club jointly
announced on March 27 that each company has filed a voluntary
petition under Chapter 11 of the United States Bankruptcy Code in
the U.S. Bankruptcy Court for the Western District of
Pennsylvania.

The companies owning and operating the Highmark Stadium and the
Pittsburgh Riverhounds are reorganizing current operations and
restructuring their debt obligations, which were largely incurred
during the construction of the stadium throughout 2012 and 2013.
Due to those debt obligations, the companies have determined their
current operating and revenue models could not support continued
debt service.

Majority owner, Terrance Shallenberger, will provide interim
debtor-in-possession financing (DIP Financing), which will enable
both the stadium and team to continue to operate without
interruption.  This means the 2014 soccer season for the
Pittsburgh Riverhounds will commence as planned on March 29th in
Orlando, and the first home game will be April 12 at Highmark
Stadium.  All other planned activities at Highmark Stadium will
proceed as scheduled, as will all Riverhounds Academy training
programs.

"We, the current majority ownership, took control of the companies
owning and operating the Pittsburgh Riverhounds and Highmark
Stadium last year, and since then we've been working diligently to
create a high-quality and affordable sports and entertainment
experience for families," said Mr. Shallenberger.  "We've taken
steps to operate as lean as possible while still delivering a
championship-level team and running a first-rate facility.  To
continue operations, we have determined it is necessary to file
for Chapter 11 Bankruptcy protection to restructure high levels of
existing debt and to ensure the long-term viability of the
companies."

Mr. Shallenberger said Highmark Stadium and the Pittsburgh
Riverhounds will continue to operate as planned.

"We want our employees, fans and sponsors to know that our
commitment to growing the game of soccer and to realizing the full
potential of Highmark Stadium will continue during the
reorganization process," Mr. Shallenberger added.

Both Highmark Stadium and the Pittsburgh Riverhounds are privately
owned.  No public money was used to finance the building of
Highmark Stadium, which was constructed using private funding with
a tax credit provided by the Urban Redevelopment Authority of
Pittsburgh.

                      About Highmark Stadium

Highmark Stadium, which seats 3,500 in a state-of-the-art soccer
facility, is home to the Pittsburgh Riverhounds Professional
Soccer Club.  The stadium was built in 2012-2013 using private
financing and is located on Pittsburgh's South Side, with an
unparalleled view of the city's downtown skyline.  By design, the
facility offers an intimate and exciting game experience for fans
and event attendees.  The stadium also plays host to youth camps,
and a broad range of public and private non-soccer sports and
entertainment events.

                About The Pittsburgh Riverhounds

The Pittsburgh Riverhounds, founded in 1999, compete in the
National Division of the USL Professional Division.  The club is
the official USL Pro affiliate of the Houston Dynamo of Major
League Soccer.


RIVERHOUNDS EVENT: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                Case No.
       ------                                --------
       Riverhounds Event Center, LP          14-21180
       510 Washington Avenue
       Carnegie, PA 15106

       Riverhounds Acquisition Group, L.P.   14-21181
       510 Station Square Drive
       Pittsburgh, PA 15219

Chapter 11 Petition Date: March 26, 2014

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Debtors' Counsel: John M. Steiner, Esq.
                  LEECH TISHMAN FUSCALDO & LAMPL LLC
                  525 William Penn Place, 28th Floor
                  Pittsburgh, PA 15219
                  Tel: 412-261-1600
                  Fax: 412-227-5551
                  Email: bankruptcy@leechtishman.com

                    - and -

                  Crystal H. Thornton-Illar, Esq.
                  LEECH TISHMAN FUSCALDO & LAMPL, LLC
                  525 William Penn Place, 28th Floor
                  Pittsburgh, PA 15219
                  Tel: 412-261-1600
                  Fax: 412-227-5551
                  Email: cThornton-Illar@leechtishman.com


                                 Estimated     Estimated
                                   Assets        Assets
                                 ----------    -----------
Riverhounds Event                $1MM-$10MM    $10MM-$50MM
Riverhounds Acquisition          $500K-$1MM    $1MM-$10MM

The petitions were signed by Terrance C. Shallenberger, authorized
agent of general partner.

A list of  Riverhounds Event's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/pawb14-21180.pdf

A list of Riverhounds Acquisition's 20 largest unsecured creditors
is available for free at http://bankrupt.com/misc/pawb14-21181.pdf


ROBERT SCHWARTZ: Court Affirms Rulings Against Estranged Wife
-------------------------------------------------------------
Pamela Liggett and Robert L. Schwartz obtained a divorce from
Oakland County Circuit Court in 1999.  Pursuant to the terms of
that divorce, the state court ordered Schwartz to pay Liggett half
of all of his IRAs and 401k plans.  At some point, Schwartz lost
track of one of the IRAs he owned and did not pay Liggett the 50%
to which she was entitled.  When Schwartz filed for Chapter 13
bankruptcy protection in 2010, he disclosed his error to Liggett
who then sought a determination from the bankruptcy court that
Schwartz had committed conversion, thereby rendering his debt non-
dischargeable and entitling Liggett to treble damages and
attorneys' fees.  Schwartz did not contest that he owed Liggett
50% of the IRA and that this debt was non-dischargeable, but
disputed that he had committed conversion and that Liggett was
entitled to treble damages on her claim.  After substantial
litigation, the bankruptcy court rejected Liggett's argument that
she was entitled to a conversion remedy, determined that Liggett's
50% share of the IRA was non-dischargeable, and confirmed
Schwartz's Chapter 13 bankruptcy plan.

Liggett appealed all three determinations to U.S. District Court,
E.D. Michigan.  The court ruled that because of the value of his
assets, Schwartz was ineligible for Chapter 13 bankruptcy
protection, and dismissed Liggett's further appeals for lack of
jurisdiction.  On remand, the bankruptcy court converted
Schwartz's bankruptcy petition to a Chapter 11 petition.  The
bankruptcy court again rejected Liggett's conversion claim, and
confirmed Schwartz's Chapter 11 bankruptcy plan.

Liggett appealed, arguing the bankruptcy court erred by: (1)
dismissing Liggett's adversary complaint alleging non-
dischargeability on the basis of conversion; (2) determining the
amount of non-dischargeable debt Schwartz owed to Liggett; and (3)
confirming Schwartz's Chapter 11 bankruptcy plan.

After hearing oral argument from the parties on March 11, 2014,
the Court ruled it will affirm the bankruptcy court's orders.  A
copy of District Judge Robert H. Cleland's March 14, 2014 Opinion
and Order is available at http://is.gd/gGKt7Yfrom Leagle.com.


RYNARD PROPERTIES RIDGECREST: Files for Chapter 11 in Memphis
-------------------------------------------------------------
Rynard Properties Ridgecrest LP filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Tenn. Case No. 14-22674) in Memphis,
Tennessee on March 13, 2014.

The Debtor is a Single Asset Real Estate as defined in 11 U.S.C.
Sec. 101(51B) and owns the property at 2881 Rangeline Rd.,
Memphis, TN 38127.  The Debtor said in its schedules that the
property is valued at $15 million and secures debt of $8.5 million
to Fannie Mae (owed $6 million) and Tennessee Housing Development
Agency (owed $2.5 million).  The Debtor says it has no creditors
holding unsecured priority claims.

According to the docket, the Chapter 11 plan and disclosure
statement are due July 11, 2014.

Judge Jennie D. Latta handles the case.  The Debtor is represented
by Toni Campbell Parker, Esq., in Memphis.


SACRED ZION: Case Summary & 11 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Sacred Zion Church, Inc.
        346 N. Denison Street
        Baltimore, MD 21229

Case No.: 14-14705

Chapter 11 Petition Date: March 26, 2014

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

Debtor's Counsel: Robert W. Thompson, Esq.
                  LAW OFFICE OF ROBERT W. THOMPSON
                  134 Holiday Court, Suite 301
                  Annapolis, MD 21401
                  Tel: (410) 841-5060
                  Email: 50bob@msn.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Bertha Greene, president.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mdb14-14705.pdf


SAN DIEGO OPERA: Won't Regroup In Bankruptcy
--------------------------------------------
Lisa Allen, writing for The Deal, reported that the San Diego
Opera has announced that this season will be its last and won't do
what the San Diego Symphony did -- try to work out its financial
difficulties in federal bankruptcy court.

According to the report, San Diego Opera Association's artistic
director and CEO, Ian Campbell, said in a phone interview on
March 24 that he intends to appoint an assignee to oversee the
wind-down.

"It is better to go out with dignity, on a high note with heads
held high than to slip into the night, leaving creditors and
community in the lurch," Campbell explained in a statement on
March 19, the day the opera's board voted to close its doors, the
report related.

While members will take the stage for the last time to perform
Jules Massenet's "Don Quixote" on April 13, Campbell didn't see
the point of trying to make a quixotic attempt to stay afloat
financially, the report further related.

For example, the New York City Opera attempted a last-ditch
fundraising campaign via crowdfunding website Kickstarter, which
drew pledges for only about $300,000 of its $1 million goal, the
report recalled.  As a result, the New York City Opera filed for
Chapter 11 on Oct. 3 in the U.S. Bankruptcy Court for the Southern
District of New York, Manhattan, with the intent to close the
company.


SCRUB ISLAND: Postpetition Financing Hearing Continued to April 14
------------------------------------------------------------------
The Hon. Michael G. Williamson of the U.S. Bankruptcy Court for
the Middle District of Florida has continued and rescheduled to
April 14, 2014, at 9:30 a.m. the hearing on Scrub Island
Development Group Limited, et al.'s request for postpetition
financing.

The hearing was previously scheduled for March 3, 2014.  The
automatic stay will remain in full force and effect until further
order of the Court following the April 14, 2014 hearings.

As reported by the Troubled Company Reporter on Jan. 10, 2014, the
Debtors sought court authority to obtain postpetition financing
from CIH Loft LLC, Gary Eng and VK Investments Limited or an
entity to be formed by them, to fund operating expenses and the
costs of administration.  Secured creditor FirstBank asked the
Court to deny the Debtors' request.  According to FirstBank, the
Debtor sought authority to enter into postpetition DIP financing
from certain of its shareholders and directors.

The March 3 hearing on FirstBank's motion for relief from the
automatic stay has also been rescheduled to April 14.

                         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.


SENTINEL MANAGEMENT: Former CEO Found Guilty of Investor Fraud
--------------------------------------------------------------
Joseph Checkler and Jacqueline Palank, writing for The Wall Street
Journal, reported that former Sentinel Management Group Inc. Chief
Executive Eric A. Bloom was convicted of defrauding customers out
of more than $500 million.

According to the report, a federal jury at the U.S. district court
in Chicago took less than two hours to convict Mr. Bloom on 18
counts of wire fraud and one count of investment-adviser fraud,
according to a Justice Department news release.

Mr. Bloom will be sentenced later: Each individual wire-fraud
count carries a maximum 20-year prison sentence and $250,000 fine
or more, depending on how much money victims lost, the report
related.  The investment-adviser fraud count carries a five-year
maximum prison term and a $250,000 fine.

"We are obviously disappointed by the jury's verdict, because we
believe the evidence clearly established that Eric Bloom acted in
good faith and did not intend to defraud anyone," Terry Campbell,
a lawyer for Mr. Bloom, told the news agency. He said he would ask
the judge to overturn the verdict, and intends to appeal.

Mr. Bloom's lawyers argued during the trial that the executive
didn't set out to deceive customers of Sentinel before its 2007
collapse into bankruptcy, but was simply a victim of the
burgeoning credit crisis that was gripping the country, the report
recalled.

                     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.


SHILO INN: Brian Glanville Approved to Appraise Hotels
------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved a stipulation appointing Brian Glanville of Integra
Realty Resources, based in Portland, Oregon, as neutral appraiser
for Shilo Inn, Twin Falls, LLC, et al.'s hotels.

The stipulation dated Feb. 14, 2014, between the Debtors and
California Bank & Trust, provided for, among other things:

   1. Mr. Glanville is to be engaged jointly by CB&T and the
Debtors, who will each pay one-half of the appraiser's fees and
costs within 30 days of receipt of an invoice for fees and costs.
Mr. Glanville was to provide his final appraisal reports to the
Debtors and to CB&T no later than March 21, 2014;

   2. Mr. Glanville will not appraise three hotels not in dispute;

   3. Mr. Glanville's appointment is limited to the four hotels
indicated in the four hotels only provision, and the Debtors will
cooperate to provide Mr. Glanville access to each of these four
hotels such that the appraisals and/or inspections can be timely
completed; and

   4. Pursuant to the Rights to supplement valuation evidence
provisions, if any party to the stipulation attempts to file
evidence to contradict the previously filed evidence of the value
of the three hotels not in dispute, it is likely that the court
will modify Mr. Granville's appointment to include the three
hotels not in dispute.

A copy of the stipulation is available for free at:

  http://bankrupt.com/misc/SHILOINN_248_neutralappraiserstip.pdf

                    About Shilo Inn, Twin Falls

Shilo Inn, Twin Falls, LLC, and six affiliates filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 13-21601) on May 1, 2013.
Judge Richard M. Neiter presides over the case.  Shilo Inn, Twin
Falls, estimated assets of at least $10 million and debts of at
least $1 million.

Shilo Inn, Twin Falls; Shilo Inn, Nampa Blvd, LLC; Shilo Inn,
Newberg, LLC; Shilo Inn, Seaside East, LLC, Shilo Inn, Moses Lake,
Inc.; and Shilo Inn, Rose Garden, LLC each operates and owns a
hotel.  California Bank and Trust is the primary, senior secured
lender for each of the Debtors.

The Debtors sought Chapter 11 protection after CBT on May 1, 2013,
filed for receiverships in district court.

David B. Golubchick, Esq., Kurt Ramlo, Esq., and J.P. Fritz, Esq.,
at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles,
represent the Debtors in their restructuring effort.

The Debtors' Joint Plan of Reorganization dated Aug. 29, 2013,
provides for payment of all claims in full, unless otherwise
agreed with the claimholder, with unsecured claims to be paid over
a three-month period from the Plan Effective Date.


SIGNODE INDUSTRIAL: Moody's Assigns 'B2' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Signode
Industrial Group US Inc., including a B2 corporate family rating
and a B2-PD probability of default rating. . Instrument ratings
are detailed below. The rating outlook is stable. Proceeds from
the new debt raised will be used to fund the acquisition of
Signode Industrial Group, pay fees and expenses associated with
the transaction, and fund working capital and general corporate
purposes.

The Carlyle Group entered into an agreement to acquire Signode, a
segment of Illinois Tools Works. The transaction is supported by a
total proforma capitalization of $3.4 billion (including fees and
expense) including an $885 million equity investment by Carlyle.
The equity investment is not expected to have a dividend, PIK or
accrete. The transaction is expected to close in the second
quarter of 2014.

Moody's took the following actions:

Signode Industrial Group US Inc.

Assigned corporate family rating, B2

Assigned probability of default rating, B2-PD

Signode Industrial Group US Inc. and co-borrower Signode
Industrial Group Lux S.A.

Assigned $1,350 million senior secured Term Loan B due 2021, B1
(LGD3, 38%)

Assigned $400 million senior secured EUR Term Loan due 2021, B1
(LGD3, 38%)

Assigned $400 million senior secured multicurrency credit
facility due 2019, B1 (LGD3, 38%)

The rating outlook is stable.

The ratings contemplate a significant senior unsecured issuance
and are subject to the receipt and review of the final
documentation.

Ratings Rationale

The B2 corporate family rating reflects weakness in certain key
credit metrics, high exposure to cyclical end markets and the
fragmented and competitive industry. The rating also reflects the
risks in the company's cost cutting initiative, the lack of
operating history as a standalone entity and projected weak free
cash flow through 2014. The company is highly levered to the
economic cycle and certain cyclical industries. Signode also has
limited cost pass-throughs for its products and cash flow will be
limited in 2014 as the company incurs separation expenses.

Strengths in the company's profile include its high margin/quality
product strategy, base of installed equipment and high percentage
of consumables. Strengths in the company's profile also include
the low customer concentration of sales and geographic diversity.
Signode focuses on producing high quality products and aftermarket
services for applications where the cost of failure is high and
accountability and reliability are paramount. The rating is also
supported by an expected increase in free cash flow in 2015 after
separation costs are paid in 2014 and the company's pledge to
direct all free cash flow to debt reduction. The company has also
advised that it will not pursue an acquisition strategy.

The ratings could be downgraded if there is deterioration in
credit metrics, liquidity or the competitive and operating
environment. The ratings could also be downgraded if the company
undertakes any significant acquisition. Specifically, the ratings
could be downgraded if the company fails to improve debt to EBITDA
to below 6.2 times, EBIT to interest expense declines below 1.3
times, or free cash flow to debt declines below the positive low-
single digits.

The rating could be upgraded if Signode sustainably improves its
credit metrics within the context of a stable operating and
competitive environment, while maintaining adequate liquidity
including ample cushion under financial covenants. Specifically,
the company would need to improve debt to EBITDA to below 5.5
times, maintain EBIT to interest expense of over 1.7 times and
improve free cash flow to debt to above 5.7% while maintaining an
EBIT margin in the low double digits.

Signode Industrial Group is a global manufacturer of industrial
packaging products and solutions. The company operates in three
segments which include strap packaging (63% of 2013 revenue),
protective packaging (22%) and stretch packaging (15%). Primary
raw materials are plastic resins (PET / PP), steel, recycled
products, and paper. The company generated revenues of
approximately $2.4 billion for the 12 months ended December 30,
2013.


SIGNODE INDUSTRIAL: S&P Gives 'B' CCR & Rates $2.15BB Facility 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Signode Industrial Group Lux S.A.  The
outlook is stable.  At the same time, S&P assigned its 'B' issue
rating to the company's proposed $2.15 billion senior secured
credit facility.  The recovery rating is '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in a payment default
scenario.  The facility includes a $400 million revolver, which
will be undrawn at closing, and a $1.75 billion term loan.  S&P
also expects the company to issue $750 million in other unsecured
debt.  The company intends to use the proceeds from the new debt
to fund the acquisition.

"The ratings reflect our assessment of Signode's business risk
profile as 'fair' and its financial risk profile as 'highly
leveraged,'" said Standard & Poor's credit analyst Sarah Wyeth.

The company has a good position (No. 1 or 2 for most of its
products) in the bulk industrial packaging market.  It provides
consumable products and equipment that are used to protect and
contain products during manufacturing, transport, and warehousing.
Signode serves a wide variety of end markets but has significant
exposure to cyclical industrial end markets such as metals
(largely steel) and nonresidential construction.  About 80% of its
revenues are generated from consumables, which tend to be more
stable than demand for original equipment, but can be subject to
inventory destocking in downturns.  Signode is exposed to raw
materials such as paper, plastic, and metals.  S&P expects the
company to continue to pass most cost inflation to customers,
though with a 1-3 month lag.  The inherent risk of transitioning
to a stand-alone entity is somewhat mitigated by the company's
efforts in recent years to establish independent systems from
ITW's services.

The stable outlook reflects S&P's expectation that gradual top-
line growth and stable margins will be supported by generally
positive trends in industrial, nonresidential construction, and
metal end markets.  This should enable the company to gradually
reduce leverage to 5x-6x debt to EBITDA, a level appropriate for
the "highly leveraged" financial risk profile.  The stable outlook
also reflects S&P's expectation that the company will transition
smoothly to a stand-alone entity.

S&P could lower the rating if a downturn causes revenues to
contract and margins to deteriorate to the low-double-digit area,
resulting in leverage increasing to and remaining higher than 7x.
S&P could also lower the rating if it believes deteriorating
operating performance is likely to result in less than adequate
liquidity.

Alternatively, S&P could raise the rating if the company achieves
EBITDA margin in the high teens and if it adopts a more
conservative financial policy, resulting in leverage declining to
and remaining below 5x.


SPORTS AUTHORITY: Attempts to Make A Comeback
---------------------------------------------
Sarah Pringle, writing for The Deal, reported that Sports
Authority Inc.'s private equity owners are considered retail
experts, but the fierce competition, high leverage and
disappointing sales growth that has befallen the sports
merchandise chain has required even Leonard Green & Partners LP to
recruit some restructuring help.

"The company is just underperforming," Moody's Investors Service
analyst Michael Zuccaro said in a phone interview with The Deal.
"It's lagging its peers at this point. [Management] is looking to
strategically turn the company around."

Sports Authority's urgent need for change became apparent on Feb.
4, when the Englewood, Colo.-based retailer revealed the
appointment of former H.H. Gregg Appliances CFO Jeremy J. Aguilar
as its new chief financial officer, the report said.  The move
follows other recent management changes, including former Petco
Animal Supplies Inc. executive Michael Foss taking over as CEO in
June.

Los Angeles PE firm Leonard Green & Partners did a $1.3 billion
leveraged buyout of Sports Authority on Jan. 23, 2006, the report
related.  The $37.35 per share that the deal was done for
represented a more than 20% premium at the time, valuing the chain
at about 7 to 7.5 times Ebitda.  But Sports Authority's owners
haven't been able to get the chain to flourish in the eight years
since.

Dallas-based Allegiance Capital Corp. investment banker Jeffrey
Gross suggested Leonard Green might have better success splitting
Sports Authority in pieces, and perhaps sell its real estate and
online business to separate parties, the report further related.
The most valuable part of Sport's Authority is its online
business, sportsauthority.com, Gross said, noting that a company
such as Japanese e-commerce giant Rakuten.com Shopping could be
interested in acquiring the online business.

                            *     *     *

Moody's Investors Service, in November 2013, withdrew the B3
rating of the proposed $630 million term loan of the Sports
Authority with respect to the company's proposed $630 million
senior secured term loan due 2019 after the proposed refinancing
did not materialize.  Moody's affirmed the following ratings and
LGD point estimates updated:

- Corporate family rating at B3
- Probability of default rating at B3
- $295 million term loan due 2017 at B3 (LGD3, 45% from 44%)


SQUARETWO FINANCIAL: Moody's Affirms 'B2' CFR & Sec. Debt Ratings
-----------------------------------------------------------------
Moody's Investors Service affirmed SquareTwo Financial
Corporation's Corporate Family and Senior Secured debt ratings of
B2. The outlook was changed to negative from stable.

Ratings Rationale

The change in outlook reflects a significant decline in charged-
off debt supply and an associated increase in pricing, which will
likely pressure SquareTwo's profitability and debt coverage
metrics during the outlook period.

SquareTwo's ratings reflect the company's above-average regulatory
risk given its focus on charged-off debt collections,
concentration in sources of purchased debt, weak capital levels
and dependence on secured funding. The ratings also consider
SquareTwo's position as one of the largest US debt collectors and
its extensive track record in the fragmented charged-off credit
card collections industry.

The notable decline in charged-off consumer debt sales by banks is
a result of significant regulatory uncertainty as the Consumer
Financial Protection Bureau ("CFPB"), the industry's primary
federal regulator, considers more restrictive rules, including
regulating debt collection practices. At this point, it is
difficult to predict when the CFPB will publish final industry
rules and the economic impact of these rules on banks and debt
collectors.

The outlook could return to stable once supply conditions return
to historical levels 1) at prices that allow the company to
maintain historical yields and 2) assuming no regulatory
developments that have significant negative effects on cash flow
and profitability.

Ratings could go down due to a deterioration in cash flow,
profitability, leverage and liquidity metrics beyond forecasted
levels.


SS&C TECHNOLOGIES: S&P Raises Corp. Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Windsor, Conn.-based SS&C Technologies Inc. to
'BB' from 'BB-'.  The outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior secured debt to 'BBB-' from 'BB' and revised the
recovery rating to '1' from '2'.  The '1' recovery rating
indicates S&P's expectation for very high recovery (90% to 100%)
in the event of payment default.

"The upgrade reflects SS&C's settlement agreement that would
resolve significant legal claims related to services provided by
the GlobeOp business before the acquisition in 2012," said
Standard & Poor's credit analyst Christian Frank.

GlobeOp's insurers have agreed to fund the entirety of the
settlement amount and the parties are awaiting court approval.  As
a result of the likely significant reduction of potential
litigation liability, S&P is revising its comparable ratings
assessment to "neutral" from "negative".

The ratings reflect the company's "intermediate" financial risk
profile, with leverage of 2.6x at Dec. 31, 2013, "negative"
financial policy resulting from its acquisitive growth strategy,
and "satisfactory" business risk profile reflecting its high
recurring revenue, good client retention, and solid track record
of operating performance.

The stable outlook reflects S&P's expectation that high recurring
revenue and a strong pipeline of new business will support good
operating results and cash flow.

Although unlikely over the next 12 months, S&P could raise the
rating if EBITDA growth and debt repayment result in sustained
leverage below 2x.

S&P could lower the rating if debt-financed acquisitions result in
leverage sustained above the mid-4x area.


STEVE HOFSAESS: Counsel Agrees to Get 4 Hrs of CLE Credits
----------------------------------------------------------
District Judge Robert C. Jones granted the request of the United
States Trustee to remand appellate proceedings pending before the
District Court in Nevada over approval of the U.S. Trustee's bid
to compel Christopher G. Gellner, Esq., counsel to Chapter 11
debtor, Steve Herbert Hofsaess, to disgorge attorney compensation.

The U.S. Trustee, the Debtor and Mr. Gellner have reached a
stipulation.  Immediately upon approval of the Stipulation, Mr.
Gellner's electronic filing rights in Bankruptcy Court will be
restored, and within three months Mr. Gellner will file with the
Bankruptcy Court proof that he has taken four hours of CLE credits
in ethics.

In September 2013, the District Court ordered Mr. Gellner to
deposit with the United States District Court $11,961, and he
deposited those funds on November 4, 2013.  Immediate upon
approval of the Stipulation, those Funds will be paid to Mr.
Hofsaess, and he will hold those Funds in trust pending:

     (1) The granting of a motion filed by the United States
         Trustee requesting the modification of the confirmed
         plan of reorganization pursuant to 11 U.S.C. Sec.
         1127(e)(1), and if the Motion is granted Mr. Hofsaess
         will distribute the Funds as provided in the order
         approving the Motion; or

     (2) If the Motion is not granted by the Court, Mr. Hofsaess
         will keep the Funds for his own use.

In no event will Mr. Hofsaess convey the Funds or any other funds
to Mr. Gellner for any services related to these bankruptcy
proceedings.

The case before the District Court is, TRACY HOPE DAVIS, UNITED
STATES TRUSTEE, REGION 17, Appellee, Case No. 2:13-cv-01161-RCJ,
No. 13-22., 2:08-bk-23761-btb (D. Nev.).  A copy of Judge Jones'
Order dated March 14, 2014, is available at http://is.gd/BgxwyK
from Leagle.com.

Steve Herbert Hofsaess filed a Chapter 11 petition (Bankr. D. Nev.
Case No. 13-12210) on March 19, 2013.  He also filed a Chapter 11
petition (Bankr. D. Nev. Case No. 08-23761) on Nov. 19, 2008.
Christopher G. Gellner, Esq., serves as Mr. Hofsaess' counsel.


STEVE A. MCKENZIE: GKH Firm Allowed $124,793 Unsecured Claim
------------------------------------------------------------
Bankruptcy Judge Shelley D. Rucker sustained the objection of
C. Kenneth Still, Trustee in the Chapter 7 case of Steve A.
McKenzie, to the claim filed by Grant Konvalinka & Harrison, P.C.
The Chapter 7 Trustee has sued GKH, asserting claims (a) pursuant
to 11 U.S.C. Sec. 547 to set aside the transfer of security
interests in a number of limited liability companies and
partnerships owned in whole or in part by Mr. McKenzie; and (b)
pursuant to 11 U.S.C. Sec. 548(a) to avoid an obligation incurred
by the Debtor to pay for the legal services of entities in which
the Debtor had an interest.  The Trustee's complaint includes a
claim to subordinate GKH's claim pursuant to 11 U.S.C. Sec. 510.

According to Judge Rucker, GKH's claim will be allowed as an
unsecured claim in the amount of $124,793.  The transfers of the
security interests in certain pledged interests were preferential
transfers and those shall be avoided.  Those interests are
recoverable by the estate under Section 550. The Trustee's request
for equitable subordination is dismissed without prejudice.

The case is, C. KENNETH STILL, Trustee, Plaintiff, v. GRANT,
KONVALINKA, & HARRISON, P.C. Defendant, Adv. Proc. No. 11-1116
(Bankr. E.D. Tenn.).  A copy of the Court's March 14, 2014
Memorandum is available at http://is.gd/na3AWVfrom Leagle.com.


T-L BRYWOOD: Has Interim Okay to Use Cash Until Aug. 31
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Indiana
authorized T-L Brywood LLC' continued interim use of cash
collateral until Aug. 31, 2014.

The Debtor will use the cash collateral in which RCG-KC Brywood
LLC, successor to lender Private Bank and Trust Company, asserts
an interest, to properly maintain its property.

As adequate protection from any diminution, in value of the
lender's collateral, the Debtor will maintain premiums for
insurance to cover all of its assets from fire, theft and water
damage.  The Debtor will also reserve sufficient funds for the
payment of current real estate taxes relating to the property
commonly known as Brywood Centre.

A hearing on further access to the cash collateral is scheduled
for May 15, and May 16, at 9:30 a.m.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
the Court, in its order, stated that the parties had been unable
to resolve concerns which caused the creditor to file the so-
called Record No. 283 motion for hearing, and that a final hearing
with respect to the request is necessary.  The parties also
reported that they had arrived at an agreement concerning
contingent interim use of cash collateral pending determination at
the foregoing final hearing, which will be filed of record in the
near future.

                       About T-L Brywood

T-L Brywood LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Ill.
Case No. 12-09582) on March 12, 2012.  The case was transferred to
the U.S. Bankruptcy Court for the Northern District of Indiana
(Case. 13-21804) on May 14, 2013.

T-L Brywood owns and operates a commercial shopping center known
as the "Brywood Centre" -- http://www.brywoodcentre.com/-- in
Kansas City, Missouri.  The Property encompasses roughly 25.6
acres and comprises 183,159 square feet of retail space that is
occupied by 12 operating tenants.  The occupancy rate for the
Property is approximately 80%.

The Debtor and lender The PrivateBank and Trust Company reached an
impasse over the terms and conditions of another extension of a
mortgage loan on the Property.  As a result, the Debtor filed the
Chapter 11 case to protect the Property from foreclosure while the
Debtor formulates an exit strategy from the reorganization case.
As of the Petition Date, no foreclosure relating to the Property
had been filed by the Lender.

Judge Donald R. Cassling oversees the case.  The Debtor is
represented by David K. Welch, Esq., Arthur G. Simon, Esq., and
Jeffrey C. Dan. Esq., at Crane, Heyman, Simon, Welch & Clar, in
Chicago.

The Debtor disclosed total assets of $16,666,257 and total
liabilities of $13,970,622 in its schedules.  The petition was
signed by Richard Dube, president of Tri-Land Properties, Inc.,
manager.

PrivateBank is represented by William J. Connelly, Esq., at
Hinshaw & Culbertson LLP.

No committee of creditors was appointed by the U.S. Trustee.


TIRTH LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Tirth LLC
        301 Wild Wood Road
        Salem, VA 24153

Case No.: 14-70423

Chapter 11 Petition Date: March 26, 2014

Court: United States Bankruptcy Court
       Western District of Virginia (Roanoke)

Judge: Hon. Paul M. Black

Debtor's Counsel: Richard Daniel Scott, Esq.
                  LAW OFFICE OF RICHARD D. SCOTT
                  302 Washington Avenue SW
                  Roanoke, VA 24016
                  Tel: 540 400-7997
                  Fax: 540-491-9465
                  Email: richard@rscottlawoffice.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ileshkumar I. Padalia, manager.

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


TUSCANY INTERNATIONAL: Has Final Nod to Pay Critical Vendors
------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware has granted Tuscany International Holdings (U.S.A.)
Ltd., et al., final authority to pay the claims of critical
vendors provided that payments to these vendors do not exceed
$1.4 million and provided further that any payments to these
vendors in excess of $1.2 million in the aggregate will not be
made without prior consent of the agent and the required lenders
under the Debtors' postpetition secured financing.

                  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: S&P Affirms 'BB-' CCR & Rates $520MM Facility 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Rhode Island-based gaming operator Twin River
Worldwide Holdings Inc. (Twin River).  The rating outlook is
stable.

At the same time, S&P assigned the company's proposed $520 million
credit facility (consisting of a $40 million revolver due 2019 and
a $480 million term loan due 2021) its 'BB-' issue-level rating,
with a recovery rating of '3', reflecting its expectation for
meaningful (50% to 70%) recovery for lenders in the event of a
payment default.

S&P expects the company to use proceeds from the term loan to
refinance the existing term loan balance ($217 million is
currently outstanding), fund the $250 million acquisition of the
Hard Rock Hotel and Casino in Biloxi, Miss., and to pay for
transaction fees and expenses.

The 'BB-' corporate credit rating affirmation reflects sufficient
debt capacity at Twin River to absorb the Hard Rock Biloxi
acquisition without impairing S&P's "significant" financial risk
assessment on the company and its favorable view of the planned
acquisition.  S&P expects the acquisition to add to Twin River's
cash flow diversity ahead of the introduction of significant new
gaming competition for the company's Twin River facility in Rhode
Island.  Although total debt to EBITDA will increase a little more
than one turn (pro forma for the proposed acquisition), this
measure will remain under 4x, and S&P's assessment of Twin River's
financial risk profile remains significant.

"We also raised our business risk assessment to "weak" from
"vulnerable," reflecting improved geographic diversity and
consolidated EBITDA margin at Twin River from the planned Hard
Rock Biloxi acquisition.  S&P also has a favorable view of the
Hard Rock brand to generate visitation and believe that the Hard
Rock Biloxi is one of the leading operators in the Biloxi gaming
market.  In addition, S&P believes the acquisition will provide
incremental EBITDA.  S&P believes modest growth from the February
2014 opening of a new 154-room hotel tower at the Biloxi property
will help offset its expectation for meaningful declines in EBITDA
at the Rhode Island property beginning in 2016 resulting from
additional competition from the expected introduction of gaming in
Massachusetts.  S&P believes these favorable attributes of the
Hard Rock Biloxi addition are only partially offset by relatively
slow growth and potentially unlimited gaming supply in the Biloxi
market.

"Our assessment of Twin River's business risk profile as weak
reflects its narrow focus as an operator of two casinos, the
company's exposure to two highly competitive gaming markets, and
the relatively low EBITDA margin at the company's Rhode Island
location, given the high gaming tax rate on video slot machines in
the state.  Our assessment also reflects the vulnerability of the
Rhode Island location to a meaningful increase in competition in
the next few years from new gaming facilities in Massachusetts.
We believe these attributes are only partially offset by our
expectation that Twin River's EBITDA margin will improve modestly,
given the lower gaming tax rate in Mississippi, and our favorable
view of the Hard Rock brand and belief that the Hard Rock Biloxi
is one of the leading operators in its market," S&P said.

The significant financial risk profile reflects S&P's expectation
for total debt to EBITDA in the mid- to high-3x area and EBITDA
coverage of interest in the mid- to high-5x area through 2016.
S&P's forecast incorporates its expectation that Twin River will
use the majority of free cash flow generation to reduce term loan
balances over the next few years.

In February 2014, the Massachusetts Gaming Commission awarded Penn
National Gaming the state's sole slot parlor license.  The slot
parlor is expected to open at Plainridge Racecourse in Plainville,
Mass. in late-2015 or early-2016, and is located about 20 miles
from Twin River's Rhode Island facility.  The Plainridge facility
is expected to have up to 1,250 slots, and table games are not
permitted.  Given its proximity to Twin River's Rhode Island
facility, and the fact that Twin River draws a large portion of
its customers from the border towns in Mass., S&P believes the
Plainridge facility will meaningfully affect visitation at Twin
River.

Further, S&P believes two new full-scale casinos could open in
Boston and Springfield, Mass. as early as 2017.  As the majority
of Twin River's customers come from towns surrounding its Rhode
Island casino, S&P expects these openings to only slightly affect
visitation at Twin River.


VERMILLION INC: Board OKs $218,000 Executive Bonuses for 2013
-------------------------------------------------------------
The Compensation Committee of the Board of Directors of
Vermillion, Inc., approved the 2013 bonus payout amounts to each
of the named executive officers.
                                                   2013
Name                            Title             Bonus
------------       --------------------------    -------
Thomas H. McLain    President and Chief Exec.     $92,887
                    Officer

Donald G. Munroe,   SVP of Busines and            $81,250
Ph.D.               Development and Chief
                    Scientific Officer

Eric J. Schoen      VP, Finance and Chief         $44,250
                    Accounting Officer

                         About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 on March 30, 2009 (Bankr. D. Del.
Case No. 09-11091).  Vermillion's legal advisor in connection with
its successful reorganization efforts wass Paul, Hastings,
Janofsky & Walker LLP.  Vermillion emerged from bankruptcy in
January 2010.  The Plan called for the Company to pay all claims
in full and equity holders to retain control of the Company.

Vermillion incurred a net loss of $7.14 million in 2012, as
compared with a net loss of $17.79 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $15.08 million in total
assets, $4.84 million in total liabilities, and stockholders'
equity of $10.25 million.

BDO USA, LLP, in Austin, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012, citing recurring losses and negative
cash flows from operations and an accumulated deficit, all of
which raise substantial doubt about the Company's ability to
continue as a going concern.


VIDEOTRON LTEE: Moody's Rates $500MM Senior Unsecured Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service rated Videotron Ltee's new US$500
million senior unsecured notes Ba2. Videotron is a wholly-owned
subsidiary of Quebecor Media Inc. (QMI), the senior-most company
in the QMI family for which Moody's maintains ratings.

Since proceeds from the new notes will be used to repay drawing
under the revolving credit facility and repay notes of the same
seniority, the transaction has no ratings implications and the new
notes are rated at the same Ba2 level as the notes they replace.
Similarly, QMI's Ba3 corporate family rating, Ba3 probability of
default rating, SGL-2 speculative grade liquidity rating
(indicating good liquidity) and stable ratings outlook are not
affected and remain unchanged. Ratings for all debt instruments in
the corporate family also remain unchanged (see listing below).

Issuer: Videotron Ltee

Assignments:

Senior Unsecured Regular Bond/Debenture, Assigned Ba2
(LGD3, 32%)

Issuer: Quebecor Media Inc.

Corporate Family Rating, Unchanged at Ba3

Probability of Default Rating, Unchanged at Ba3-PD

Speculative Grade Liquidity Rating, Unchanged at SGL-2

Outlook, Unchanged at Stable

Senior Secured Term Loan, Unchanged at B1 with the loss given
default assessment revised to (LGD4, 68%) from (LGD4, 62%)

Senior Unsecured Regular Bond/Debenture, Unchanged at B2 with
the loss given default assessment revised to (LGD5, 83%) from
(LGD5, 81%)

Issuer: Videotron Ltee

Senior Unsecured Regular Bond/Debenture, Unchanged at Ba2 with
the loss given default assessment revised to (LGD3, 32%) from
(LGD2, 29%)

Ratings Rationale

QMI's Ba3 corporate family rating balances the sustainability and
recession-resistance of the cable-based broadband communications
cash flow of its Videotron subsidiary, against the potential of
debt-financing to buy-out QMI's minority shareholder. Financial
performance is also constrained by elevated capital spending and
start-up losses related to launching a facilities-based wireless
product, fixed-line margin pressure from increasing IPTV
competition and secular pressures in the newspaper publishing
business. However, down-side risks are somewhat mitigated given
guidance that QMI would not exceed company-defined TD/EBITDA of 4x
(Moody's adjustments add approximately 0.6x to company-reported
figures); Moody's expects QMI's consolidated Debt/EBITDA to be
maintained in the low-4x/high-3x range (as adjusted by Moody's;
September 30, 2013's measure was 4.1x).

Rating Outlook

The outlook is stable since QMI has stated that it will not
operate beyond company-defined TD/EBITDA of 4x. The stable outlook
also reflects our expectation that QMI will maintain solid
liquidity and be free cash flow positive after 2014 as a period of
elevated capital spending ends.

What Could Change the Rating - UP

For an upgrade to be considered, it would be preferable that QMI
have a stable business platform with growth expected to come
primarily from organic sources. With that and were TD/EBITDA
expected to be in the sub 3.5x range, FCF/TD over 5%, RCF/TD
maintained in excess of 15%, and (EBITDA-CapEx)/Interest improved
to above 2.25x (incorporating Moody's standard adjustments) - in
all cases on a sustainable basis - a ratings upgrade may be
considered.

What Could Change the Rating - DOWN

Should TD/EBITDA not decline towards pre-CDP buy-out levels and
remain in the mid-to-low 4x range, FCF/TD be close to break even
and RCF/TD trending towards 10%, in all cases on a sustainable
basis, the ratings may be subject to downwards pressure
(incorporating Moody's standard adjustments). As well, significant
debt-financed acquisition or share buy-back activity or adverse
liquidity events may prompt an adverse ratings adjustment.

                        Corporate Profile

Headquartered in Montreal, Canada, Quebecor Media Inc. (QMI) is a
privately held leading Canadian media holding company with
interests in cable distribution, fixed-line and wireless
telecommunications (Videotron Ltee (Videotron)), news media
(including newspaper publishing at Sun Media Corporation and Canoe
Internet portal), television broadcasting (TVA Group Inc. (TVA)),
book, magazine and video retailing, publishing and distribution,
music recording, production and distribution, leisure and
entertainment and interactive media services (Nurun).


VIGGLE INC: Number of Directors Reduced to Seven
------------------------------------------------
The Board of Directors of Viggle Inc. voted to reduce the number
of directors from eight to seven, five of whom are deemed to be
"independent directors," effective as of March 5, 2014.  The
independent directors are Peter C. Horan, Michael J. Meyer, John
D. Miller, Harriet Seitler and Birame N. Sock Joseph F. Rascoff
had previously informed the Board of the Company of his decision
not to stand for re-election to the Board due to his other
responsibilities.

As previously disclosed in the Company's Definitive Information
Statement on Schedule 14C dated Feb. 10, 2014, the holder of the
majority of shares of the Company approved by written consent the
following corporate actions, which became effective on March 5,
2014:

1. The election of the following people to serve on the Board
     until the Company's next annual meeting of stockholders and
     until their respective successors are duly elected and
     qualified:

         * Robert F.X. Sillerman
         * Peter C. Horan
         * Michael J. Meyer
         * John D. Miller
         * Mitchell J. Nelson
         * Harriet Seitler
         * Birame N. Sock

2. The ratification of the appointment of BDO USA, LLC, as the
    Company's independent registered public accounting firm for
    the fiscal year ending June 30, 2014;

3. The approval and adoption of the Reverse Stock Split;

4. The approval of an amendment to the Company's 2011 Executive
    Incentive Plan increasing the number of pre-split shares of
    common stock reserved and available for distribution under the
    Plan from 30,000,000 to 60,000,000 pre-split shares, and a
    further amendment to increase the number of shares of common
    stock reserved for issuance thereunder to 3,750,000 post-split
    shares after the Reverse Stock Split becomes effective

5. The approval of named executive officer compensation (on an
    advisory basis); and

6. The approval of the frequency of future advisory votes to
    approve named executive officer compensation, determining that
    those advisory votes should be held every three years.

Pursuant to a stockholder consent, the Company approved the
adoption of an amendment to its Articles of Incorporation to
effect a reverse stock split of all issued and outstanding shares
of common stock at a ratio of 1 for 80.  The effective date of the
Reverse Stock Split is subject to approval of the application now
pending with the Financial Industry Regulatory Authority (FINRA).

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle incurred a net loss of $91.40 million on $13.90 million of
revenues for the year ended June 30, 2013, as compared with a net
loss of $96.51 million on $1.73 million of revenues during the
prior year.  As of Dec. 31, 2013, the Company had $60.63 million
in total assets, $53.94 million in total liabilities, $37.71
million in series A convertible redeemable preferred stock, and a
$31.02 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2013.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2013, has deficiencies in working capital and equity that raise
substantial doubt about its ability to continue as a going
concern.


VYCOR MEDICAL: Corrects Inaccuracy in Cert. of Incorporation
------------------------------------------------------------
Vycor Medical, Inc. filed a certificate of correction with the
Secretary of State of the State of Delaware which corrected a
Certificate of Amendment of Certificate of Incorporation of Vycor
Medical, Inc., which was filed with the Secretary of State of
Delaware on Jan. 11, 2013.  The Certificate of Correction was
filed as as permitted by Section 103 of the General Corporation
Law of the State of Delaware.

The inaccuracy or defect of the said Certificate of Amendment is
that the Certificate of Amendment omitted to state that the
corporation had taken action to reduce its authorized capital
concurrent with the Reverse Stock Split described in the
Certificate of Amendment.  In fact, the corporation had taken
action to reduce the total number of shares of all classes of
stock which the corporation will have the authority to issue to
35,000,000 shares, of which 25,000,000 shares, par value $0.0001
shall be designated as Common Stock and 10,000,000 shares, par
value $0.0001 will be designated as Preferred Stock, with that
reduction to be implemented concurrent with the effectiveness of
the Reverse Split.

The Certificate of Correction provides that ARTICLE "FOURTH" of
the Corporation's Certificate of Incorporation will be corrected
by changing ARTICLE FOURTH, Subparagraph (a), in pertinent part,
to read as follows:

"(a) Authorized Capital.  The total number of shares of all
classes of stock which the Corporation shall have authority to
issue is 35,000,000, of which 25,000,000 shares, par value of
$0.0001 shall be designated as Common Stock ("Common Stock"), and
10,000,000 shares, par value of S0.0001, shall be designated as
Preferred Stock ("Preferred Stock")."

                         About Vycor Medical

Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO)
-- http://www.VycorMedical.com/-- is a medical device company
committed to making neurological brain, spinal and other surgical
procedures safer and more effective.  The Company's flagship,
Patent Pending ViewSite(TM) Surgical Access Systems represent an
exciting new minimally invasive access and retraction system that
holds the potential for speedier, safer and more economical brain,
spinal and other surgeries and a quicker patient discharge.
Vycor's innovative medical instruments are designed to optimize
neurosurgical site access, reduce patient risk, accelerate
recovery, and add tangible value to the professional medical
community.

Vycor Medical disclosed a net loss of $2.92 million in 2012, as
compared with a net loss of $4.77 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $2.26 million in total
assets, $5.08 million in total liabilities and a $2.82 million
total stockholders' deficiency.

Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has incurred a loss since inception, has a net
accumulated deficit and may be unable to raise further equity
which factors raise substantial doubt about its ability to
continue as a going concern.


WAJDI TABEL: IHOP Franchising Suit Referred to Magistrate Judge
---------------------------------------------------------------
IHOP FRANCHISING, LLC, et al., Plaintiffs, v. WAJDI TABEL,
Defendant, Civil Action No. 13-2641-KHV (D. Kan.), asserts claims
for breach of contract, ejectment, trademark infringement and
unfair competition.  Plaintiffs claim that defendant has breached
their franchise agreement by refusing to complete an assignment of
his restaurant to IHOP Franchising and by secretly selling,
transferring or assigning the restaurant, its premises and its
equipment to a third party without plaintiffs' consent.
Plaintiffs seek a preliminary and permanent injunction which (1)
directs defendant to surrender the restaurant and its inventory,
licensed trademarks and proceeds; (2) ejects defendant from the
restaurant premises; and (3) enjoins defendant from using
plaintiffs' trademarks.  Plaintiffs also seek damages and a
declaratory judgment that (1) defendant breached the franchise
agreement; and (2) IHOP Franchising properly terminated the
franchise documents.

Meanwhile, defendant filed a "Motion To Dismiss Or In The
Alternative To Stay Plaintiff's [sic] Motion For Preliminary
Injunction And Verified Complaint For Damages, Preliminary And
Permanent Injunctive Relief, Ejectment, And Declaratory Judgment".

In a March 13, 2014 Memorandum and Order available at
http://is.gd/z4HBsDfrom Leagle.com, District Judge Kathryn H.
Vratil overrules defendant's motion to dismiss or stay, and refers
plaintiffs' motions to a magistrate judge.

The plaintiffs are IHOP Franchising, LLC, IHOP Property Leasing,
LLC, and IHOP IP, LLC, and International House of Pancakes, LLC.
They are represented by Joel D. Siegel, Esq., Robert J. Morrison,
Esq., and Brian P. Baggott, Esq., at Dentons US, LLP.

Wajdi Tabel is represented by Shahzad Nasim Ghafoor, Esq., at
Ghafoor Cook & Associates.

Wajdi Tabel filed a Chapter 11 petition (Bankr. D. Kan. Case No.
11-21551) on May 24, 2011.


WARNER MUSIC: S&P Affirms 'B+' CCR & Rates $275MM Sr. Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on recorded music and music publishing company
Warner Music Group Corp. (WMG).  The rating outlook is negative.

At the same time, S&P assigned the company's proposed $275 million
senior secured notes an issue-level rating of 'B+', with a
recovery rating of '3', indicating S&P's expectation for
meaningful (50% to 70%) recovery for debt holders in the event of
a payment default.

S&P also assigned the company's proposed $660 million senior
unsecured notes an issue-level rating of 'B', with a recovery
rating of '5', indicating its expectation for modest (10%-30%)
recovery for bondholders in the event of a payment default.

In addition, S&P revised the recovery rating on the company's
existing senior secured debt to '3' from '2', and subsequently
lowered our issue-level rating on the debt to 'B+' from 'BB-', in
accordance with S&P's notching criteria.

The issue-level rating on the $150 million holding company notes
remains 'B-', with a recovery rating of '6'.

S&P's rating and negative outlook reflect continued uncertainty
surrounding industry wide revenue and profitability trends
affecting WMG over the intermediate term, despite recent signs of
stabilization in the industry.  Additionally, although the recent
acquisition of U.K.-based Parlophone Label Group (PLG) has
enhanced WMG's worldwide portfolio of artists and music, the
combined company has an album release schedule that is heavily
weighted to the second half its fiscal year ending Sept. 30, 2014.
As a result of this and the incremental debt from the refinancing,
we believe deleveraging will be slower than S&P previously
anticipated.  However, the company remains on track to realize
roughly $70 million in annual cost savings from PLG, some of which
has already been reinvested back into its business.

"Our assessment of WMG's business risk profile as "fair" reflects
the diverse nature of the company's music portfolio and modest
growth in music publishing.  Our business risk assessment also
reflects the volatile nature of the recorded music industry and
our expectation for continued physical sales declines, which
growth in digital over the intermediate term should somewhat
offset.  We view the financial risk profile as "highly leveraged,"
considering WMG's pro forma lease-adjusted debt-to-EBITDA ratio of
approximately 6.6x and the lack of visibility regarding the pace
of leverage reduction given uncertain industry trends," S&P noted.
S&P's management and governance assessment of the company is
"fair."

Worldwide music sales were down 4% in 2013, largely resulting from
steep declines in Japan, according to the International Federation
of the Phonographic Industry (IFPI).  Continued moderate growth in
digital revenues (up roughly 4%) from a 50% increase in
subscription and streaming services supported global industry
sales, despite a 2% year-over-year decline in digital downloads.
In S&P's view, growth will rely on broader consumer acceptance of
subscription and streaming services.  Revenues from these services
will be important to overall digital growth, given the contraction
in download revenues.  S&P believes WMG is well positioned to
capitalize on the shift to digital because of its strong artist
roster and diverse content.  However, the company must continue to
manage industrywide physical CD sales declines.

Pro forma for the proposed transaction, lease-adjusted leverage
was high, at 6.6x as of Dec. 31, 2013, up from 6.2x at fiscal year
ended Sept. 30, 2013.  S&P expects the transaction to result in
roughly a 15 percentage point decline in annual interest expense,
but the company will incur $120 million in upfront prepayment
penalties and transaction fees, which S&P estimates will have a
3.75-year payback period.  S&P expects a free cash flow-to-debt
ratio in the 2% area in 2014, given the costs incurred to
integrate PLG and invest in the business.  S&P believes this ratio
will begin to normalize to the 5% to 8% range in 2015.


WEBSENSE INC: S&P Affirms 'B' CCR & Revises Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on San Diego, Calif.-based Websense Inc. and revised
the rating outlook to negative from stable.

At the same time, S&P affirmed its 'B+' issue-level rating with a
recovery rating of '2' on the company's $40 million senior secured
revolving credit facility and $430 million first-lien term loan,
which includes the $80 million add-on.  The '2' recovery rating
indicates expectations for substantial (70% to 90%) recovery of
principal in the event of default.  In addition, S&P affirmed the
'CCC+' issue-level rating with a '6' recovery rating to the
company's $225 million senior secured second-lien term loan.  The
'6' recovery rating indicates expectations for negligible (0% to
10%) recovery.

"The outlook revision reflects additional financial risk from the
add-on term loan and our view that underperformance relative to
our base-case scenario could result in leverage sustained above
the mid-7x area, which would likely precipitate a downgrade," said
Standard & Poor's credit analyst Andrew Chang.

The ratings on Websense reflects its "highly leveraged" financial
risk profile, with leverage that S&P expects to be near the 7x
area (pro forma for the proposed add-on and excluding adjustments
for incremental cost savings) as of Dec. 31, 2013, and its "weak"
business risk profile.

The "weak" business risk profile assessment reflects the company's
narrow product focus, the fragmented and highly competitive
landscape in its core security software industry, and the ongoing
business model transition from legacy web filtering to a more
comprehensive security offering.  The company is a niche
participant in the global market for enterprise security software
and faces significant competition from well-capitalized and more
diversified companies such as Cisco Systems, McAfee (a division of
Intel), and Symantec.  Websense is undergoing a transition from
its legacy web filtering business to the TRITON platform, a more
comprehensive security offering addressing web security, email
security, mobile security, and data loss prevention.  This
transition, coupled with inconsistent sales execution and
investments in sales and marketing, has led to flat revenues and
lower profitability in recent years.

On the other hand, a good sales pipeline and billings growth from
TRITON indicate that modest growth is likely to resume in 2014 as
Websense's legacy business runs off.  Other offsetting factors
include good customer diversification, high retention rates, and
its addressed security market, which is expected to grow in the
high single digits in the intermediate term.  S&P considers
absolute profitability to be "average" and volatility of
profitability as "fair" given the relatively stable nature of the
software business.  S&P views the industry risk as "intermediate"
and the country risk as "very low."


WIDEOPENWEST FINANCE: Moody's Rates $100MM Unsecured Bonds 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to the proposed
$100 million senior unsecured bonds of WideOpenWest Finance, LLC
(WOW). The issuance is an add-on to WOW's existing 10.25% senior
unsecured bonds due July 2019. The company expects to use proceeds
to repay revolver borrowings.

WideOpenWest Finance, LLC

10.25% Senior Unsecured Bonds (add-on), Assigned Caa1, LGD5, 82%

10.25% Senior Unsecured Bonds ($725 million outstanding),
  Affirmed Caa1, LGD5, 82%

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Speculative Grade Liquidity Rating, Affirmed SGL-2

13.375% Senior Subordinated Bonds, Affirmed Caa1, LGD6, 95%

Senior Secured Bank Credit Facility, Upgraded to Ba3, LGD3, 32%
from B1, LGD3, 32%

Outlook, Remains Stable

Ratings Rationale

The transaction would add long term, higher cost debt to the
capital structure and likely delay the trajectory for a decline in
both debt and leverage. Moody's expects the company to rely on
EBITDA growth rather than debt repayment to lower leverage over
the next couple of years, a negative given the company's very high
leverage of about 7 times debt-to-EBITDA. However, the transaction
would favorably boost liquidity by increasing revolver
availability, and the expected repricing of the first lien term
loan should more than offset the higher interest on the proposed
bonds relative to revolver borrowings.

Moody's expects that WOW will achieve both revenue and EBITDA
growth in 2014 as it continues to realize operating synergies
related to its July 2012 acquisition of Knology, and the reduction
in both integration related costs and the company's debt cost
should facilitate breakeven to modestly positive free cash flow.
These expectations combined with WOW's solid liquidity support its
B2 Corporate Family Rating (CFR), but the rating remains weakly
positioned.

Moody's also upgraded the first lien bank debt to Ba3 from B1. The
transaction would reduce first lien bank debt and increase bonds,
thus increasing the cushion of junior capital that would absorb
losses for first lien lenders.

Moody's expectations for WOW's leverage to remain above 6 times
and free cash flow to remain anemic position it weakly within its
B2 corporate family rating. The good liquidity profile affords the
company with time to improve, but the high leverage (approximately
7 times debt-to-EBITDA) nevertheless creates minimal flexibility
as the company navigates an intensely competitive landscape and
continues to execute on its combination with Knology. The maturity
of the core video product limits growth potential, but we expect
the high speed data product and the commercial business will
facilitate EBITDA expansion, supported by a high quality network
in most of the company's footprint. The combination of EBITDA
growth, the reduction in both the fixed cost base and cash spent
to achieve synergies, and the lower cost of debt create the
potential for increasing free cash flow and lower leverage after
the next two years, but we expect acquisitions, shareholder
distributions, or some combination of these to keep leverage at 6
times debt-to-EBITDA or higher and free cash flow below 5% of
debt.

The stable outlook incorporates expectations for leverage to fall
to the mid 6 times debt-to-EBITDA over the next 18 months and for
maintenance of good liquidity.

Avista's aggressive fiscal policy including capital distributions
and high leverage, and the magnitude of improvement in credit
metrics required to sustain a higher rating impede upward ratings
momentum over the next few years. A positive action is highly
unlikely without a commitment to a stronger fiscal policy and an
unexpected improvement in metrics, but we could consider one based
on expectations for sustained leverage around 5 times debt-to-
EBITDA range and free cash flow to debt in the mid to high single
digits, as well as evidence of ability to maintain or improve its
competitive position.

Sustained debt-to-EBITDA above 7 times, whether due to weak
performance, acquisitions, or incremental sponsor dividends could
pressure the company's ratings downward. Inability to improve
subscriber trends, deterioration of the liquidity profile or
expectations for sustained negative free cash flow could also
result in a negative rating action.

The principal methodology used in this rating was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

With its headquarters in Englewood, Colorado, WideOpenWest
Finance, LLC provides residential and commercial video, high speed
data, and telephony services to nineteen Midwestern and
Southeastern markets in the United States. The company reported
694,000 video, 740,000 high speed data, and 424,000 phone
subscribers as of year end 2013. WOW expanded to the Southeastern
markets with its acquisition of Knology, Inc., which closed in
July 2012. Avista Capital Partners owns the company, and its
annual revenue is approximately $1.2 billion.


WIDEOPENWEST FINANCE: S&P Keeps CCC+ Notes Rating on $100MM Add-On
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC+' issue-
level rating on WideOpenWest Finance LLC's (WOW's) senior
unsecured notes is unchanged as a result of the company's proposed
tack-on financing.  The Englewood, Colo.-based cable service
provider is planning to add $100 million to its 10.25% senior
notes due 2019, bringing the total outstanding on these notes to
$825 million.  The recovery rating on this debt remains '6',
reflecting S&P's expectation for negligible (0%-10%) recovery in
the event of payment default.

S&P expects the company will use proceeds to repay revolving
credit facility borrowings, although S&P believes that it may use
revolver availability for potential small acquisitions over the
next year.  At the same time, WOW is re-pricing its senior secured
term loans, which S&P expects to offset the rise in interest
expense from increasing the amount of unsecured debt.

The 'B' corporate credit rating on WOW is unchanged since the
transaction is essentially leverage-neutral.  Total debt to EBITDA
was about 7x as of year-end 2013 and S&P expects leverage to
decline to the mid-to-high-6x area in 2014.  Still, financial
policy considerations surrounding a history of shareholder-
friendly actions limit prospects for an upgrade.

RATINGS LIST

Ratings Unchanged

WideOpenWest Finance LLC
Corporate Credit Rating                 B/Stable/--

WideOpenWest Finance LLC
WideOpenWest Capital Corp.
  Senior Unsecured
  $825 mil. 10.25% notes due 2019        CCC+
   Recovery Rating                       6


WILLIAM LYON: S&P Rates $150MM Sr. Unsecured Notes 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue rating
and '3' recovery rating to William Lyon Homes Inc.'s proposed
$150 million senior unsecured notes due 2019.  S&P's '3' recovery
rating indicates its expectation for an average (50% to 70%)
recovery in the event of default.

At the same time, S&P affirmed its 'B-' corporate credit rating on
the company and 'B-' rating on its senior unsecured debt.  The
outlook remains positive.

"Our ratings on William Lyon Homes incorporate our view of the
company's 'vulnerable' business risk and 'highly leveraged'
financial risk profiles," said Standard & Poor's credit analyst
Matthew Lynam.  The recently announced portfolio acquisition of
540 lots in eight new home communities located in Orange County,
Los Angeles County, and the Bay area improves the company's land
supply in its core California markets.  The acquisition increases
the company's years supply of owned and controlled lots in
California to 7.3 years from 6.3 years based on 2013 orders.
However, previously anticipated deleveraging will be delayed by at
least a year due to the debt financing of the transaction.  In
addition, the roughly $323,000 price per lot (before transaction
fees) equates to about 34% of projected average sale prices before
any additional necessary development investment and could push
homebuilding margins lower.

The outlook for William Lyon Homes Inc. is positive.  S&P expects
near-term leverage to increase as a result of the recently
announced debt-funded portfolio acquisition.  However, S&P
forecasts substantial growth in EBITDA generation stemming from an
increased community count in a strengthening housing market, which
should result in improved credit metrics by the second half of
2015.

S&P would consider raising the rating by one notch if the company
successfully reduces leverage such that it sustains gross debt to
EBITDA below 5.0x and debt to capital below 60%, while maintaining
adequate liquidity and covenant headroom.

S&P would consider revising the outlook back to stable if the
company's growth plans stagnate or margin pressures cause lower-
than-expected EBITDA generation, such that the company sustains
leverage above 5.0x.


WJO INC: Court Converts Case to Chapter 7 Liquidation
-----------------------------------------------------
The Hon. Jean K. FitzSimon of the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania has converted the Chapter 11 case
of WJO Inc. to one under Chapter 7 of the Bankruptcy Code, after
Alfred T. Giuliano, then Chapter 11 trustee, said in a filing
dated March 17, 2014, that he has no objection to the conversion
of the Debtor's case to Chapter 7.

Mr. Giuliano was appointed as Chapter 7 Trustee.

As reported by the Troubled Company Reporter on March 18, 2014,
William O'Brien, the Debtor's sole owner, filed on Feb. 19, 2014,
a motion seeking the Debtor's Chapter 7 conversion, claiming that
Mr. Giuliano continued to run up extravagant bills, while not
introducing a plan to come out of Chapter 11.  In Mr. Giuliano's
March 17 court filing, he denied certain averments that Mr.
O'Brien made.

On March 24, 2014, Mr. Giuliano, as Chapter 7 Trustee, sought
court authorization to retain Maschmeyer Karalis P.C. as general
bankruptcy counsel and Giuliano Miller & Company, LLC, as
accountants

                       About WJO Inc.

Bristol, Pennsylvania-based WJO, Inc., operates six family
practices located in Newtown, Bristol, Bensalem, Bustleton, South
Philadelphia, and Bethlehem, Pennsylvania and consists of Board
Certified Osteopathic Physicians specializing in Family Medicine.
Prior to the petition date, and to allow the Company to
restructure effectively, HyperOx Inc., HyperOx I, LP, HyperOx
III, LP, and East Coast TMR, Inc., were merged into WJO.

WJO filed for Chapter 11 bankruptcy protection (Bankr. E.D. Pa.
Case No. 10-19894) on Nov. 15, 2010.  The Debtor disclosed
$19,923,802 in assets and $6,805,255 in liabilities as of the
Chapter 11 filing.

Holly Elizabeth Smith, Esq., and Thomas Daniel Bielli, Esq., at
Ciardi Ciardi & Astin, P.C., serve as the Debtor's bankruptcy
counsel.  Pond Lehocky Stern Giordano serves as the Debtor's
special counsel to represent it in worker's compensation
proceedings pertaining to the Therapeutic Magnetic Resonance
treatments.  Patrick Yun serves as the Debtor's financial advisor.
Attorneys at Keifer & Tsarouhis LLP serve as counsel to the
official committee of unsecured creditors.  ParenteBeard LLC
serves as the Committee's accountant and financial advisor.

The U.S. Trustee appointed David Knowlton as patient care
ombudsman in the case.  The Ombudsman is represented in the case
by Karen Lee Turner, Esq., at Eckert Seamans Cherin & Mellott,
LLC, as counsel.

Tristate Capital Bank, the cash collateral lender, is represented
in the case by lawyers at Benesch Friedlander Coplan & Aronoff
LLP.

On July 3, 2012, Roberta A. DeAngelis, U.S. Trustee for Region 3,
obtained permission from the Hon. Jean K. Fitzsimon of the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to
appoint Alfred T. Giuliano as Chapter 11 trustee of the bankruptcy
estate of WJO, Inc.  Maschmeyer Karalis P.C. serves as the Chapter
11 Trustee's general bankruptcy counsel.


WMG ACQUISITION: Moody's Rates $275MM Senior Secured Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to WMG Acquisition
Corp.'s proposed $275 million senior secured notes due 2022 and
Caa1 rating to the new $660 million senior unsecured notes due
2022. In connection with this rating action, Moody's also lowered
WMG Holdings Corp.'s ("WMG Holdings") Corporate Family Rating
(CFR) to B2 from B1, Probability of Default Rating (PDR) to B2-PD
from B1-PD and HoldCo notes to Caa1 from B3, as well as WMG
Acquisition's term loan and secured notes to B1 from Ba3. WMG
Acquisition is a wholly-owned subsidiary of WMG Holdings, which in
turn is a wholly-owned subsidiary of Warner Music Group Corp.
("WMG" or the "company"). The rating outlook is stable.

Proceeds from the new notes will refinance the existing $765
million 11.5% senior unsecured notes and pay around $120 million
in prepayment penalty, fees and expenses. The company plans to
keep the remaining proceeds of around $50 million on the balance
sheet for general corporate purposes. In conjunction with this
transaction, WMG plans to extend the maturity on its existing $150
million revolver (unrated) by two years to April 2019. The new
secured and unsecured notes will have the same guarantees and
security package as the existing 6% secured notes and 11.5%
unsecured notes, respectively. WMG expects annual interest expense
savings of around $30 million as a result of favorable pricing
relative to the 11.5% notes.

Ratings Assigned:

Issuer: WMG Acquisition Corp.

$275 Million Senior Secured Notes due 2022 -- B1 (LGD-3, 35%)

$660 Million Senior Unsecured Notes due 2022 -- Caa1 (LGD-5,
87%)

Ratings Downgraded:

Issuer: WMG Holdings Corp.

Corporate Family Rating to B2 from B1

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

$150 Million 13.75% Senior Unsecured HoldCo Notes due October
2019 to Caa1 (LGD-6, 96%) from B3 (LGD-6, 96%)

Issuer: WMG Acquisition Corp.

$1.303 Billion Senior Secured Term Loan due July 2020 to B1
(LGD-3, 35%) from Ba3 (LGD-3, 33%)

$500 Million 6% Senior Secured Notes due January 2021 to B1
(LGD-3, 35%) from Ba3 (LGD-3, 33%)

EUR175 Million 6.25% Senior Secured Notes due January 2021 to B1
(LGD-3, 35%) from Ba3 (LGD-3, 33%)

The assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as advised to Moody's. Moody's will withdraw the B3
rating on the 11.5% Senior Unsecured Notes upon full repayment.

Ratings Rationale

The CFR revision reflects Moody's expectation that WMG will
operate with financial leverage as measured by total debt to
EBITDA (including Moody's standard adjustments) in the 6.5x-7x
range over the rating horizon, which is above our expectations at
the time of the April 2013 rating action. Given that the median
and mean leverage for B2-rated cross-industry peers is around 5.5x
and 7.3x, respectively, we believe WMG's leverage is more
appropriate for the B2 rating category. WMG's heightened leverage
is driven by: (i) the proposed transaction, which will add an
incremental $170 million of debt to the company's already
leveraged balance sheet; (ii) some delays in integrating the
Parlophone ("PLG") acquisition and its near-term underperformance
due to a back-end weighted release schedule; (iii) reduced near-
term liquidity due to higher capex related to IT systems projects
and one-time costs associated with real estate consolidation and
the PLG integration; and (iv) industry-wide challenges in the
digital music transition from downloads to streaming.

Pro forma for the proposed refinancing, WMG's total debt to EBITDA
will be around 7.4x (including Moody's standard adjustments as of
December 31, 2013). Looking prospectively to include a full year
of PLG's EBITDA and expected run-rate synergies (net of
reinvestments in the business), leverage is projected to be around
6.9x by fiscal year end 2014. This transaction results in delayed
deleveraging with adjusted leverage sustained above the 6x
downgrade trigger. Moody's affirmed WMG's ratings in April 2013 as
we believed adjusted leverage would decline to under 5x during
fiscal 2015, the level we had expected the company would reach by
fiscal 2013 at the time of the October 2012 refinancing.

Moody's also expect WMG's liquidity to be strained as it plans an
incremental one-time capex spend (estimated to be $50 million)
during fiscal 2014 to integrate the acquired PLG business, invest
in IT systems and relocate its New York headquarters. We expect
run-rate capital expenditures to return to normal levels by fiscal
2016. However, we believe the company will need to continue
investing in digital capabilities to adapt to the shift in demand
for music content delivery to various forms of evolving digital
platforms, capture the faster growth revenue associated with this
transition as well as adjust to uncertainties related to new
strategies.

Since the closing of the Parlophone acquisition on July 1, 2013,
we believe there have been integration and album release delays
relative to initial expectations and have revised our projections
downward.

Moody's continue to believe WMG's aggressive capital structure is
compensated by its position as the third largest recorded music
industry player with an extensive music library and publishing
assets that drive recurring revenue streams. Management estimates
that only a small percentage of WMG's annual revenue depends on
recording artists and songwriters without an established track
record, and the bulk of its revenue is generated by proven artists
or from its catalog (defined as albums older than 18 months) and
thus isolated from the revenue volatility associated with new
releases from new artists. Ratings also recognize the
opportunities to grow digital revenue, particularly through music
subscription services and advertising-supported streaming
services, and anticipate WMG's revenue and market share
performance will reflect the offsetting growth in higher margin
digital services revenue. Following the Parlophone purchase, we
believe acquisition and event risks have been mitigated and WMG
will expand via small tuck-in acquisitions funded with excess cash
flow.

Rating Outlook

The stable rating outlook reflects modest improvement in recorded
music industry fundamentals as well as changes in the competitive
landscape, counterbalanced by WMG's competitive position as a
leading music content provider with global diversification and
asset value enhancement following the Parlophone acquisition. We
expect WMG to operate with leverage as measured by total debt to
EBITDA (including Moody's standard adjustments) in the 6.5x-7x
range. We anticipate growth to be driven by improved margins as
the company achieves targeted synergies, returns on artist
investments, marketing and branding, as well as enhancement of the
company's analytics talent and asset value.

What Could Change the Rating - Up

Ratings could be upgraded if there is evidence of EBITDA expansion
through revenue stabilization and sustained growth in the recorded
music business, as well as recognition of cost synergies and
returns on investments. We would also need assurances that
management will maintain operating strategies, exhibit financial
discipline and target financial metrics consistent with a higher
rating resulting in adjusted total debt to EBITDA leverage
sustained below 6x and free cash flow to debt in the mid-single
digits.

What Could Change the Rating - Down

Ratings could be downgraded if debt-financed acquisitions,
competitive pressures or increased artist & repertoire (A&R)
investment, negatively impact revenue or EBITDA resulting in
adjusted total debt to EBITDA leverage being sustained above 7x,
or if heightened capital spending or financial sponsor related
actions result in negative free cash flow.

Moody's subscribers can find additional information in the WMG
Holdings Corp. Credit Opinion published on www.moodys.com.

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

With headquarters in New York, NY, WMG Holdings Corp. is a wholly-
owned subsidiary of Warner Music Group Corp. ("WMG"), a leading
music content provider operating domestically (about 35% of
revenue) and overseas (65%). Recorded music accounts for roughly
85% of revenue and 75% of OIBDA (operating income before
depreciation and amortization) while music publishing accounts for
roughly 15% and 25%, respectively as of the twelve months ended
December 31, 2013. WMG's diverse catalog includes 28 of the top
100 best-selling albums and a library of over 1 million copyrights
from more than 65,000 songwriters and composers. In July 2011,
Access Industries, Inc. acquired WMG in a transaction valued at
approximately $3 billion. Access Industries is a privately held
US-based industrial group with investments across natural
resources, chemicals, telecommunications, media and real estate.
Revenue for the twelve months end December 31, 2013 was around
$2.9 billion.


* I.R.S. Says Bitcoin Should Be Considered Property, Not Currency
-----------------------------------------------------------------
Rachel Abrams, writing for The New York Times' DealBook, reported
that the Internal Revenue Service announced that Bitcoin should be
viewed and taxed as property, giving a little clarity to the
shifting regulatory landscape of virtual currency.

According to the report, citing the agency, despite the fact that
many users treat Bitcoin like a regulated currency, "it does not
have legal tender status in any jurisdiction."

That means that employers who choose to pay wages in Bitcoins will
have to report those wages just like any other payment made with
property, and Bitcoin income will be subject to the normal federal
income withholding and payroll taxes, the report related.

Shortly after the announcement, Senator Tom Carper, Democrat of
Delaware, praised the decision by the I.R.S. "The Internal Revenue
Service's guidance today provides clarity for taxpayers who want
to ensure that they're doing the right thing and playing by the
rules when utilizing Bitcoin and other digital currencies," he
said, the report cited.

Bitcoin, the computer-driven virtual currency that has gained
momentum since it first popped up in 2009, has presented
challenges for regulators, the report said.  It has attracted a
growing following of users and merchants, but it has no central
bank and no government oversight.


* Five Banks Fail Fed Stress Test
---------------------------------
Ronald Orol, writing for The Deal, reported that five banks failed
final Federal Reserve stress tests put in place after the 2008
financial crisis made it imperative that financial institutions
hold enough in reserve to weather economic downturns.

According to the report, Citigroup Inc., HSBC North America
Holdings Inc., RBS Citizens Financial Group Inc., Santander
Holdings USA Inc. and Zions Bancorp failed final Federal Reserve
stress tests, based on results released on March 26.

In addition to those, Bank of America Corp. and Goldman, Sachs &
Co. had to submit less ambitious capital distribution proposals
last week in order to pass, the report related.

The first four in the Fed list failed the tests, designed to
assess whether a bank's capital reserves are adequate to withstand
another crisis like the credit crunch of 2008, because they had
so-called "qualitative deficiencies" such as problems with their
internal controls or issues with projections made by internal
company-run exams, the report further related.

Meanwhile, Zions failed, as expected, on quantitative grounds
because it had a Tier 1 common ratio of 4.4%, below a 5% minimum
required by the Fed, the report said.  The other 25 big banks that
underwent the tests passed, but some came close to failing on
quantitative grounds.


* Failing Stress Test Is Another Stumble for Citigroup
------------------------------------------------------
Michael Corkery and Jessica Silver-Greenberg, writing for The New
York Times' DealBook, reported that something didn't quite seem
right to Citigroup earlier this week.

According to the report, the banking behemoth could show that it
had enough capital to ride out an economic storm, but a regulator
was refusing to approve its plan to increase dividends and stock
buybacks, steps intended to please shareholders and build
confidence in the bank's turnaround.

Inside Citigroup, board members and senior executives expressed
bafflement and anger as they prepared for the rejection to be
announced by the Federal Reserve, people briefed on the matter
said, the report related.

A day after Citigroup's capital plan failed the Fed's stress test
for the second time in three years, bank executives were still
struggling to understand the decision and how best to respond,
these people said, the report further related.

Yet the regulator's displeasure shouldn't have been a total
surprise, the report said.  In its report, the Fed noted that
Citigroup had failed to sufficiently correct deficiencies that the
regulator had flagged to the bank previously. And it was the only
one of the nation's five top banks that failed to persuade the Fed
to bless its capital plan. Upon passing their tests, Citigroup's
rivals JPMorgan Chase and Bank of America swiftly announced plans
to increase dividends and buy back shares.


* ATFA Launches Ad Over Argentina's Contempt for U.S. Courts
------------------------------------------------------------
On March 26, 2014, the America Task Force Argentina (ATFA) placed
a full-page ad in Politico, Roll Call, The Hill and National
Journal exposing Argentina's ongoing, massive violations of U.S.
and international law.  The ad specifically depicts the
February 2013 incident in which Argentina told a panel of U.S.
Court of Appeals judges that it would disregard orders from that
court.  The courtroom exchange was captured on video and is
available at www.atfa.org

"These ATFA ads will appeal to all Americans.  Argentina's
continual violation of U.S. laws and defiance of U.S. judges does
not go over well with the American people," said ATFA Director
Robert Raben.  "Argentina has consistently defied over 100 U.S.
court judgments, despite having waived its sovereign immunity and
its prior agreement to submit to the U.S. court system when it
issued bonds under New York law.  Make no mistake: Argentina has
never offered to negotiate a fair settlement.  Its defiance of the
U.S. legal system now threatens to undermine New York as a global
financial center."

ATFA's ad coincides with intense scrutiny of Argentina on Capitol
Hill.  Several Members of the U.S. Congress have recently
expressed concern about Argentina's treatment of the U.S. judicial
system.  In response to these concerns, Secretary of State John
Kerry stated on March 12 that the State Department would not side
with Argentina in its legal disputes and urged Argentina to repay
its debts to the U.S. government and to engage with creditors,
both public and private.

The American Task Force Argentina (ATFA) -- http://www.atfa.org--
is an alliance of organizations united for a just and fair
reconciliation of the Argentine government's 2001 debt default and
subsequent restructuring.  Its members work with lawmakers, the
media, and other interested parties to encourage the United States
government to vigorously pursue a negotiated settlement with the
Argentine government in the interests of American stakeholders.

ATFA is led by Executive Director Robert Raben, a former Assistant
Attorney General at the U.S. Department of Justice, and co-chaired
by The Honorable Robert J. Shapiro, former Under Secretary of
Commerce for Economic Affairs in the Clinton Administration, and
Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the
United Nations in New York from 1997 to 2001.


* Chris Barbuto, GE M&A Lawyer, Joins Sidley as New York Partner
----------------------------------------------------------------
Sidley Austin LLP announced on March 25 that Christopher Barbuto,
Esq. -- cbarbuto@sidley.com -- one of General Electric Company's
senior M&A lawyers, has joined Sidley's New York office as a
partner and member of the firm's global M&A practice.

During his nine-year tenure at GE, Mr. Barbuto had significant
roles in some of GE's most noteworthy M&A matters, including GE's
auction of its global Plastics business and its investment in and
worldwide alliance with China's XD Electric Group. Mr. Barbuto
spent four years with GE Capital's Energy Financial Services
business, where he counseled on GE's power generation joint
venture with ArcLight Capital Partners and the Government of
Singapore Investment Corporation, GE's ownership and eventual sale
of a controlling stake in Regency Energy Partners L.P., and
numerous other infrastructure, energy, project finance, M&A and
"clean tech" venture capital transactions.

"Chris's experience will enable him to provide practical advice to
clients seeking to execute on complex M&A, joint ventures,
strategic alliances and divestitures," said Scott Freeman, a
member of the firm's Executive Committee and global co-coordinator
of Sidley's M&A practice. "We are excited to welcome Chris to the
team."

"Chris brings a client's perspective on strategic transactions,"
said Brian Fahrney, a member of the firm's Executive Committee and
the Chicago Corporate Group head. "He'll be a strong addition to
our global team of M&A lawyers."

Early in his career, Mr. Barbuto was an associate at an
international law firm, where he practiced in the areas of M&A and
securities law in New York and Paris. He began his career with a
clerkship for the Honorable Alfred J. Lechner, Jr., of the United
States District Court for the District of New Jersey. Mr. Barbuto
is a graduate of the University of Virginia and Fordham Law
School, where he was an editor of the Fordham Law Review. Mr.
Barbuto is currently an adjunct associate professor of law at
Fordham Law School.

With more than 1,800 lawyers in 19 offices worldwide, Sidley has
built a reputation as a premier legal adviser for global
businesses and financial institutions. For the fourth consecutive
year, and every year since the survey's inception, Sidley received
the most first-tier national rankings of any U.S. law firm in the
2014 U.S. News ? Best Lawyers(R) "Best Law Firms" survey. On
Law360's list of Global 20 Firms, Sidley was ranked among the top
law firms "with the greatest global reach and expertise." To stay
up-to-date with the latest Sidley news, please follow us on
Twitter at @SidleyNewsroom or download the Sidley Mobile App.


* Bank of America to Pay $6.3B to Settle Mortgage Securities Suit
-----------------------------------------------------------------
Matthew Goldstein, writing for The New York Times' DealBook,
reported that Bank of America is paying $6.3 billion to settle a
lawsuit arising out of troubled mortgage-backed securities it
cobbled together and sold to Fannie Mae and Freddie Mac in the
run-up to the financial crisis.

According to the report, the bank has agreed to pay that sum to
settle a lawsuit filed on behalf of the two government-sponsored
mortgage finance firms by their regulator, the Federal Housing
Finance Agency. As part of the settlement, Bank of America will
also repurchase mortgage securities from Fannie and Freddie that
are valued at about $3.2 billion.

The agreement covers what are known as private-label mortgage-
backed securities sold by Bank of America and its affiliated
entities like Countrywide Financial and Merrill Lynch, the report
related.

Bank of America said the settlement with the housing regulator was
expected to reduce its first-quarter income by about $3.7 billion
before taxes, the report further related.  The bank is scheduled
to report its earnings on April 16.

The settlement with the housing finance agency is the latest in a
string of deals that regulators have reached with big banks that
sold mortgage securities backed by subprime mortgages, which
quickly soured during the housing and financial crises, the report
added.


* Wilbur Ross's Buyout Firm Names New Leaders
---------------------------------------------
Hillary Canada, writing for The Wall Street Journal, reported that
in a big day for new appointments, WL Ross & Co. said it is
shaking up its management, with its eponymous founder Wilbur Ross
passing the leadership mantle on to two senior executives.

According to the report, the new appointments appear to answer
questions of succession at the distressed investment and
turnaround firm founded in 2000 by Mr. Ross, who is 76 years old.

WL Ross in a news release it named Stephen Toy and Greg Stoeckle
as senior managing directors and co-leaders of the firm effective
May 1, the report said.

Mr. Ross, who founded the firm, will continue serving as chairman
and chief strategy officer and as a member of investment committee
of the firm, the report related.

The dual-appointment further strengthens the ties between the firm
and investment manager Invesco Ltd., which acquired WL Ross in
2006, by pulling talent from both organizations, the report
further related.  Mr. Toy has been a member of WL Ross since its
inception, while Mr. Stoeckle most recently served as president
and managing director of Invesco's bank loan business.


* Larry Larsen to Serve as Senior Advisor for Dresdner
------------------------------------------------------
Dresner Corporate Services, an investor relations and corporate
communications firm with offices in Chicago and
New York, announced on March 26 that Larry Larsen will serve as a
Senior Advisor to the firm.  Larry will focus on financial
transactions and strategic corporate events, including quarterly
earnings, mergers and acquisitions, management successions,
initial public offerings, litigation support, proxy contests,
spin-offs, carve-outs, corporate financing arrangements and
bankruptcies.

Before joining Dresner, Larry was a principal at Sard Verbinnen &
Co, a financial communications and issues management firm.  Prior
to that, he led the financial services practice in the Boston
office of Weber Shandwick.  He started his career working in
increasingly senior roles for the investor relations practices of
several international public relations firms.

"Larry has directed financial communications and executive
visibility programs for Fortune 1000 companies, start-up ventures
and partnerships in a wide variety of industry categories," said
Steve Carr, Managing Director, Dresner Corporate Services.  "We
have served together on the National Investor Relations Institute
board in Chicago and I've observed the quality of his counsel
first-hand.  Larry will be a great resource to our clients and
prospective clients, and we look forward to working with him as
our firm continues to expand."

"Dresner Corporate Services has a strong core of blue-chip clients
built upon successful relationships and outstanding service,"
Larry Larsen said.  "I'm excited to be working with Steve and the
management team to help Dresner clients reach their business
objectives through strategic communications, both during the
normal course of business and in times of crisis."

Throughout his 17-year career in financial communications, Larry
has counseled numerous chief executive officers, chief financial
officers, company directors, institutional investors and senior
communications executives.  He has served as the company
spokesperson and financial writer for multiple clients and has
strong relationships with key print and broadcast journalists in
major markets throughout the United States.  Larry has directed
financial communications and executive visibility programs for
both young companies and well-established companies in financial
services, telecommunications, consumer products, education, food
retailing, healthcare, energy, real estate, professional services
and technology industries.

Larry received his MBA in finance and marketing from Loyola
University Chicago, and graduated with a B.A. in Classics from
Bucknell University.  During his previous career as a registered
financial consultant, he obtained his Series 7 and Series 63
certifications.  He serves on the board of directors for the
Chicago chapter of the National Investor Relations Institute
(NIRI).

                 About Dresner Corporate Services

Dresner Corporate Services -- http://www.dresnerir.com-- is a
strategic communications firm specializing in investor relations
and public relations with offices in Chicago and New York.  It was
established in 1995 and is an affiliate of Dresner Partners, a
FINRA-registered, middle-market investment bank.


* GreenPath Debt Solutions Acquires CCCS of Greater San Antonio
---------------------------------------------------------------
GreenPath, Inc ., a nationwide, non-profit consumer credit
counseling agency, doing business as GreenPath Debt Solutions ,
recently announced that it is providing in-person credit
counseling, financial education and debt management services in
the city of San Antonio, Texas, through its recent acquisition of
Consumer Credit Counseling Service (CCCS) of Greater San Antonio.

GreenPath, which was founded in 1961, confirmed the acquisition of
CCCS of Greater San Antonio on March 14.  The San Antonio agency
had served local residents since 1984.  GreenPath is committed to
strengthening local services in Greater San Antonio and other
areas of south Texas.

"GreenPath now has offices in five South Texas cities, including
San Antonio, Corpus Christi, McAllen, Brownsville and Harlingen,"
said Jane McNamara, GreenPath president and CEO.  "We look forward
to helping local residents manage their money, resolve their
credit card debt, and work toward a brighter financial future."

Paul Denham, chairman of the board for the former CCCS of Greater
San Antonio, said that the acquisition by GreenPath was a logical
choice for his organization as well as the community.
"GreenPath's San Antonio office will continue to serve consumers
through free face-to-face appointments and financial education
presentations," he said.  "That was important to the board."

GreenPath's customized services include debt and credit
counseling, financial education, budgeting, housing counseling,
bankruptcy counseling, and debt management programs.  GreenPath's
debt management services can stop collection calls and assist
consumers in reducing credit card debt through lower interest
rates and elimination of late fees and over limit fees.

"We are excited about offering our services to the residents of
San Antonio," said Rus Halsey, GreenPath director of operations.
"We'll get involved in the local community.  We look forward to
partnering with local organizations and finding new ways to add
value to residents."

GreenPath now offers face-to-face services at more than 50 offices
in 11 states.  The company also offers licensed services by phone
and Internet throughout the United States.  For more information
about GreenPath Debt Solutions, visit www.greenpath.org or call
(866) 648-8122.

GreenPath Debt Solutions -- http://www.greenpath.org-- is a
nationwide, non-profit financial organization that assists
consumers with credit card debt, housing debt, student loan debt,
and bankruptcy concerns.  Its customized services and attainable
solutions have been helping people achieve their financial goals
since 1961.  Headquartered in Farmington Hills, Michigan,
GreenPath operates more than 50 full-time branch offices in 11
states.  They also deliver licensed services throughout the United
States over the Internet and telephone.  GreenPath is a member of
the National Foundation for Credit Counseling (NFCC).


* Hellmuth & Johnson to Merge with Johnson Law Group
----------------------------------------------------
Hellmuth & Johnson, PLLC on March 26 announced that the Johnson
Law Group is merging with the firm as of April 1, 2014.
Scott Johnson and Todd Johnson join the firm with a long history
of success in the area of commercial litigation.  They began the
Johnson Law Group in 1997, and owned their firm together for many
years.  Scott Johnson and Todd Johnson have experience in handling
all forms of litigation, bankruptcy, taxation and other business
issues.

Scott Johnson has thirty years of trial experience, concentrating
his practice on commercial and business-related counseling and
litigation, toxic tort litigation and bankruptcy.  Scott is a
graduate of Cornell University and an Honors graduate of Hamline
Law School.  He teaches as an adjunct professor of trial skills at
the University of Minnesota Law School.

Todd Johnson has over thirty years of experience in the courtroom
practicing in Seattle, Atlanta, Washington, D.C. and Minneapolis.
Todd currently concentrates on commercial and employment
litigation and counselling, business services, and complex
personal injury trial work.  Todd is a graduate of Princeton
University and an Honors graduate of the University of Minnesota
Law School.

"We are pleased to have this opportunity to deepen our firm's
litigation experience, which strengthens our ability to deliver
high quality litigation services to our clients," says Chad
Johnson, Hellmuth & Johnson's Managing Partner.  Todd Johnson
echoes his firm's excitement with the merger, "The move to
Hellmuth & Johnson gives us opportunities to bring our litigation
experience to a broader base of clients, while giving our existing
clients the advantage of more services and expertise."

Hellmuth & Johnson, PLLC -- http://www.hjlawfirm.com-- offers a
range of legal services to meet both corporate and individual
needs.  Named among Minnesota's top 25 largest law firms, Hellmuth
& Johnson holds the highest possible Peer Review Rating from
Martindale-Hubbell-The AV Peer Review Rated designation.


* BOOK REVIEW: Creating Value through Corporate Restructuring:
               Case Studies in Bankruptcies, Buyouts, and
               Breakups
--------------------------------------------------------------
Author:  Stuart C. Gilson
Publisher:  Wiley
Hardcover:  516 pages
List Price:  $79.95
Review by David M. Henderson

Most business books fall into two categories.  The first is very
important. It is like that stuff you have to drink before you
have a colonoscopy.  You keep telling yourself, this is very
good for me, while you would rather be at the beach reading
Liar's Poker or Barbarians at the Gate.

Stuart Gilson, of the Harvard Business School, has managed to
write a book important to everybody in the distressed market
that is also quite enjoyable.  His prose is fluid and succinct
and a pleasure to read.  But don't take my word for it.  The
dust jacket endorsements come from Jay Alix, Martin Fridson,
Harvey Miller, Arthur Newman, and Sanford Sigoloff.  At a
collective gazillion dollars a billing hour, that's a lot of
endorsement.

Be advised that this is designed as a text book.  The case study
format might be off-putting to some.  The effect can be jarring
as you read the narrative history of the case and suddenly
confront the financial statements without any further clue as to
what to do, but this must be what it is like for the turnaround
manager.  Even after reading several of the cases, when I got to
the financials I had that sinking feeling of, what do I do now?
If you read carefully, clues to the solutions are in the
introductions.

The book is divided into three "modules", bizspeek for sections:
Restructuring Creditors' Claims,. Restructuring Shareholders'
Claims, and Restructuring Employees' Claims. The text covers 13
corporate restructurings focusing on debt workouts, vulture
investing, equity spinoffs, tracking stock, assete divestitures,
employee layoffs, corporate downsizing, M & A, HLTs, wage give-
backs, employee stock buyouts, and the restructuring of employee
benefit plans.  That's a pretty comprehensive survey, wouldn't
you say?

Dr. Gilson's chapter on "Investing in Distressed Situations" is
an excellent summary of the distressed market and a good
touchstone even for seasoned vultures.

Even in the two appendices on technical analysis, this book is
marvelously free of those charts and graphs that purport to show
some general ROI of distressed investing.  Those are cute,
aren't they?  As Judy Mencher has famously said, "You can buy
the paper at 50 thinking it's going to 70, but it can just as
easily go to 30 if you are not willing to act on it."  Therein
lies the rub and the weakness, if inevitable, of this or any
book on corporate restructurings.  As Dr. Gilson notes, no two
are alike, and the outcome is highly subjective, in our out of
Court, but especially in Chapter 11. Is the Judge enthralled by
Jack Butler as Debtor's Counsel or intimidated by Harvey Miller
as Debtor's Counsel?  Are you holding "secured" paper only to
discover that when it was issued the bond counsel forgot to
notify the Indenture Trustee of the most Senior debt?    Is
somebody holding Junior paper that you think is out of the money
only to have Hugh Ray read the fine print and discover that the
"Junior" paper is secured?  This is the stuff of corporate
reorganizations that is virtually impossible to codify into a
textbook.

That said, this is an especially valuable text for anybody
working in the distressed market.  As a Duke grad, I tend to be
disdainful of all things Harvard, but having read Dr. Gilson's
book, I am enticed to encamp by the dirty waters of the Charles
long enough to take his course, appropriately entitled,
"Creating Value Through Corporate Restructuring."


                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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