TCR_Public/140712.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Saturday, July 12, 2014, Vol. 18, No. 192

                            Headlines

F&H ACQUISITION: Ends May with $4.80 Million Cash
KIDSPEACE CORP: Net Profit Decreases to $596,076 in March
KIDSPEACE CORP: Has $7.28 Million Cash at April 30
LEHMAN BROTHERS: Files Operating Report for April 2014
LEHMAN BROTHERS: Files Monthly Operating Report for May

LIGHTSQUARED INC: Lists $60.96 Million Net Loss in March
LIGHTSQUARED INC: April Net Loss Slightly Down to $55.41 Million
LIGHTSQUARED INC: Ends May With $36.02 Million Cash Balance
NOBLE LOGISTICS: Reports $60,416 Consolidated Net Loss in March
NOBLE LOGISTICS: Net Loss Increases to $98,725 in April

NOBLE LOGISTICS: Net Loss Increases Further to $1.44MM at May 31
REFCO PUBLIC: Ends May with $11.969 Million Cash
RG STEEL: Incurs $4.841 Million Net Loss in May
STELERA WIRELESS: Had $31.01 Million Cash Balance at March 31
STELERA WIRELESS: Lists $31.01 Million Total Assets at April 30

VELTI INC: Reports $1.32 Million Net Loss in February
VELTI INC: Has $798,085 Cash Balance at March 31


                             *********

F&H ACQUISITION: Ends May with $4.80 Million Cash
-------------------------------------------------
F&H Acquisition Corp., et al., on June 27, 2014, filed their
monthly operating report for the period from April 4 through
May 20, 2014.

The Debtors incurred a $364,000 net loss on zero sales for the
month.

At May 20, the Debtors declared total assets of $175.89 million,
total liabilities of $172.75 million, and a total shareholders'
equity of $3.14 million.

The Debtors had $6.28 million cash at the beginning of the month.
They listed total receipts of $2,084 and total disbursements of
$1.48 million.  Among the disbursements were $213,540 in
professional fees. At month end, the Debtors had $4.80 million
cash.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/F_HACQUISITIONmay2014mor.pdf

                About F & H Acquisition Corp.

Wichita, Kansas-based F & H Acquisition Corp., et al., owners of
the Fox & Hound, Champps, and Bailey's Sports Grille casual dining
restaurants, filed a Chapter 11 petition (Bankr. D. Del. Lead
Case No. 13-13220) on Dec. 16, 2013, to quickly sell their assets.

As of the bankruptcy filing, the Debtors have 101 restaurants
located in 27 states and 6,000 employees.  Sales decreased by
approximately 9 percent over the past two years.  The Debtors also
experienced significant inflation in commodity prices, energy
prices and labor costs.

F&H estimated assets in excess of $100 million.  According to a
court filing, outstanding debt obligations total $119 million,
including $68.4 million owing on a first-lien loan with General
Electric Capital Corp. as agent.  The $11.2 million second-lien
obligation has Cerberus Business Finance LLC as agent.  Unsecured
trade suppliers and landlords are owed $11.2 million.

F & H Acquisition Corp., disclosed $122,115,200 in assets and
$122,579,631 in liabilities as of the Chapter 11 filing.

The senior lenders are to provide $9.6 million in financing for
the bankruptcy, with $3.5 million on an interim basis.

The parent holding company, F&H Acquisition Corp., is based in
Wichita, Kansas.

The Debtors have tapped Adam Friedman, Esq., at Olshan Frome
Wolosky LLP, in New York; and Robert S. Brady, Esq., Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, as counsel;
Imperial Capital LLC as financial advisor; and Epiq Bankruptcy
Solutions as claims and noticing agent.

The U.S. Trustee has appointed seven members to an official
committee of unsecured creditors.  The Official Committee of
Unsecured Creditors is represented by Bradford J. Sandler, Esq.,
at Pachulski Stang Ziehl & Jones, LLP, in Wilmington, Delaware;
and Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl & Jones,
LLP, in Los Angeles, California.


KIDSPEACE CORP: Net Profit Decreases to $596,076 in March
---------------------------------------------------------
KidsPeace Corporation, on May 5, 2014, filed its monthly operating
report for the month of March 2014.

The Debtor reported a net profit of $596,076 on net revenue of
$131,527 for the current reporting period, a slight decrease from
February's net profit of $688,748.

At March 31, the Debtor declared total assets of $173.77 million,
total liabilities of $154.15 million, and a total shareholders'
equity of $19.62 million.

The Aggregate Debtors had $5.58 million cash at the beginning of
the month.  It posted total receipts of $10.75 million and total
disbursements of $9.97 million.  The Debtors incurred professional
fess of $367,650.  At the end of the month, the Debtor had $6.37
million cash.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/KIDSPEACECORPmarch2014mor.pdf

                    About KidsPeace Corp.

KidsPeace Corp., a provider of behavioral services for children,
filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa.
Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania.

KidsPeace operates a 96-bed pediatric psychiatric hospital in
Orefield, Pennsylvania.  Assets are $86.7 million, and debt on the
books is $158.6 million, according to a court filing.

The Debtor, which sought bankruptcy protection with eight
affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel;
EisnerAmper LLP as financial advisor, and Rust Omni as claims and
notice agent.

Assets total $158,587,999 at the end of 2012.  The Debtors owe
approximately $56,206,821 in bond debt, and they have been told
that their pension liability is allegedly about $100,000,000 of
which the Debtors currently reflect $83,049,412 on their books.

KidsPeace sought Chapter 11 (i) as a means to implement a
negotiated restructuring of bond debt currently aggregating
approximately $51,310,000 plus accrued interest to a reduced
amount of approximately $24 million in new 30-year bonds with
interest at 7.5 percent, and (ii) to continue on-going
negotiations with the Pension Benefit Guaranty Corporation in
hopes of reducing the PBGC asserted obligation of $100+ million to
an amount that the Debtors can reasonably expect to satisfy.

The Debtor disclosed $157,930,467 in assets and $168,768,207 in
liabilities as of the Chapter 11 filing.

Since March 2012, MK has been exploring possible affiliation or
acquisition opportunities; however, no offer of an affiliation or
acquisition has been presented to the Debtors.

Gemino Healthcare Finance, LLC, the prepetition revolving lender,
is represented by James S. Rankin, Jr., Esq., at Parker, Hudson,
Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr.,
Esq.

UMB Bank, N.A., on behalf of bondholders, Performance Food Group
d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty
Corporation, and Teresa Laudenslager were appointed to an official
committee of unsecured creditors in the Debtors' cases.  The
Official Committee of Unsecured Creditors is represented by
Fitzpatrcik Lentz & Bubba, P.C., and Lowenstein Sandler LLP as
counsel.  FTI Consulting, Inc. serves as the panel's financial
advisor.


KIDSPEACE CORP: Has $7.28 Million Cash at April 30
--------------------------------------------------
KidsPeace Corporation, on June 6, 2014, filed a monthly operating
report for April 2014.

The Debtor posted a $598,663 net profit on $135,979 net revenue
for April, a slight decrease from the $596,076 net profit recorded
in the previous month.

The Debtor posted $174.78 million in total assets, $154.56 million
in total liabilities, and a $20.22 million total shareholders'
equity.

The Aggregate Debtors started April with $6.37 million cash.  It
listed total receipts of $10.52 million and total disbursements of
$9.61 million.  The Debtors incurred professional fees of
$981,908.  As a result, the Debtor had $7.28 million cash at the
end of the month.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/KIDSPEACECORPapril2014mor.pdf

                    About KidsPeace Corp.

KidsPeace Corp., a provider of behavioral services for children,
filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa.
Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania.

KidsPeace operates a 96-bed pediatric psychiatric hospital in
Orefield, Pennsylvania.  Assets are $86.7 million, and debt on the
books is $158.6 million, according to a court filing.

The Debtor, which sought bankruptcy protection with eight
affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel;
EisnerAmper LLP as financial advisor, and Rust Omni as claims and
notice agent.

Assets total $158,587,999 at the end of 2012.  The Debtors owe
approximately $56,206,821 in bond debt, and they have been told
that their pension liability is allegedly about $100,000,000 of
which the Debtors currently reflect $83,049,412 on their books.

KidsPeace sought Chapter 11 (i) as a means to implement a
negotiated restructuring of bond debt currently aggregating
approximately $51,310,000 plus accrued interest to a reduced
amount of approximately $24 million in new 30-year bonds with
interest at 7.5 percent, and (ii) to continue on-going
negotiations with the Pension Benefit Guaranty Corporation in
hopes of reducing the PBGC asserted obligation of $100+ million to
an amount that the Debtors can reasonably expect to satisfy.

The Debtor disclosed $157,930,467 in assets and $168,768,207 in
liabilities as of the Chapter 11 filing.

Since March 2012, MK has been exploring possible affiliation or
acquisition opportunities; however, no offer of an affiliation or
acquisition has been presented to the Debtors.

Gemino Healthcare Finance, LLC, the prepetition revolving lender,
is represented by James S. Rankin, Jr., Esq., at Parker, Hudson,
Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr.,
Esq.

UMB Bank, N.A., on behalf of bondholders, Performance Food Group
d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty
Corporation, and Teresa Laudenslager were appointed to an official
committee of unsecured creditors in the Debtors' cases.  The
Official Committee of Unsecured Creditors is represented by
Fitzpatrcik Lentz & Bubba, P.C., and Lowenstein Sandler LLP as
counsel.  FTI Consulting, Inc. serves as the panel's financial
advisor.


LEHMAN BROTHERS: Files Operating Report for April 2014
-------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended April 30, 2014:

Beginning Total Cash & Investments (04/01/14) $22,670,000,000
Total Sources of Cash                           5,643,000,000
Total Uses of Cash                            (16,782,000,000)
FX Fluctuation                                      2,000,000
                                               ---------------
Ending Total Cash & Investments (04/30/14)    $11,532,000,000

LBHI reported $12.196 billion in cash and investments as of
April 1, 2014, and $5.643 billion as of April 30, 2014.

The monthly operating report also showed that a total of $20.833
million was paid in April to bankruptcy professionals, of which
$2.752 million was paid to Lehman's turnaround manager Alvarez &
Marsal LLC.  A copy of the April 2014 Operating Report is
available for free at http://is.gd/0ZLVJA

                      About Lehman Brothers

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

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

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33
billion) in liabilities in its petition.

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


LEHMAN BROTHERS: Files Monthly Operating Report for May
-------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended May 31, 2014:

Beginning Total Cash & Investments (05/01/14) $11,532,000,000
Total Sources of Cash                             317,000,000
Total Uses of Cash                                (64,000,000)
FX Fluctuation                                     (2,000,000)
                                               ---------------
Ending Total Cash & Investments (05/31/14)    $11,782,000,000

LBHI reported $5.643 billion in cash and investments as of May 1,
2014, and $5.720 billion as of May 31, 2014.

The monthly operating report also showed that a total of $47.321
million was paid in May to bankruptcy professionals, of which
$2.737 million was paid to Lehman's turnaround manager Alvarez &
Marsal LLC.  A copy of the May 2014 Operating Report is available
for free at http://is.gd/DrY1mf

                      About Lehman Brothers

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

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

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33
billion) in liabilities in its petition.

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


LIGHTSQUARED INC: Lists $60.96 Million Net Loss in March
--------------------------------------------------------
LightSquared Inc., et al., filed on April 15, 2014, a monthly
operating report for the month ended March 31, 2014.

The Company reported a net loss of $60.96 million on net revenue
of $1.41 million for March, as compared to a $66.73 million net
loss the previous month.

As of March 31, 2014, the Company had total assets of $3.63
billion, total liabilities of $3.09 billion, and total
stockholders' equity of $544.33 million.

At the beginning of the month, LightSquared had $37.33 million in
cash.  The Company had total cash receipts of $9.04 million and
total cash disbursements of $16.73 million.  As a result, at the
end of March, the Company had total cash of $29.64 million.

A full-text copy of the monthly operating report is available at:

                       http://is.gd/2lrQg0

                      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.


LIGHTSQUARED INC: April Net Loss Slightly Down to $55.41 Million
----------------------------------------------------------------
LightSquared Inc., et al., filed on May 15, 2014, a monthly
operating report for the month ended April 30, 2014.

The Company reported a net loss of $55.41 million on net revenue
of $1.47 million for April, as compared to a $60.96 million net
loss the previous month.

As of April 30, 2014, the Company had total assets of $3.66
billion, total liabilities of $3.175 billion, and total
stockholders' equity of $489.29 million.

At the beginning of the month, LightSquared had $29.64 million in
cash.  The Company had total cash receipts of $54.35 million and
total cash disbursements of $26.52 million.  As a result, at the
end of April, the Company had total cash of $57.46 million.

A full-text copy of the monthly operating report is available at:

                        http://is.gd/SPO51N

                      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.



LIGHTSQUARED INC: Ends May With $36.02 Million Cash Balance
-----------------------------------------------------------
LightSquared Inc., et al., filed on June 13, 2014, a monthly
operating report for the month ended May 31, 2014.

The Company reported a net loss of $59.14 million on net revenue
of $1.58 million for May, as compared to a $55.41 million net loss
the previous month.

As of May 31, 2014, the Company had total assets of $3.63 billion,
total liabilities of $3.2 billion, and total stockholders' equity
of $430.92 million.

At the beginning of the month, LightSquared had $57.46 million in
cash.  The Company had total cash receipts of $2.9 million and
total cash disbursements of $24.37 million.  As a result, at the
end of May, the Company had total cash of $36.02 million.

A full-text copy of the monthly operating report is available at:

                       http://is.gd/eAJtnz

                      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.


NOBLE LOGISTICS: Reports $60,416 Consolidated Net Loss in March
---------------------------------------------------------------
Noble Logistics, Inc., and its affiliates, on April 22, 2014,
filed its monthly operating report for March 2014.

The Debtors reported a consolidated net loss of $60,416 on
revenues of $6 million for March.

At March 30, the Debtors recorded consolidated total assets of
$22.64 million, total liabilities of $24.47 million, and a total
shareholders' equity of -$1.82 million.

Noble Logistics started the month with $97,380 cash.  It recorded
total receipts of $11.98 million and total disbursements of $12.04
million.  At the end of the month, the Debtor had $42,379 cash.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/NOBLELOGISTICSmarch2014mor.pdf

                 About Noble Logistics, Inc.

Noble Logistics, Inc. filed a Chapter 11 petition (Bankr. D. Del.
Case No. 14-10442) on Feb. 28, 2014 in Delaware.  About eight
affiliates of Noble Logistics also filed separate bankruptcy cases
on Feb. 28.  Gregg M. Galardi, Esq., and Emily A. Battersby, Esq.
at DLA PIPER LLP, serve as counsel to the Debtor.  The Debtor
estimated $10 million to $50 million in both assets and
liabilities.

On March 24, 2014, Roberta A. DeAngelis, U.S. Trustee Region 3,
notified the Bankruptcy Court that she has been unable to appoint
a creditors committee in the Debtors' Chapter 11 cases due to
insufficient response to the Trustee's communication/contact for
service on the committee.


NOBLE LOGISTICS: Net Loss Increases to $98,725 in April
-------------------------------------------------------
Noble Logistics, Inc., and its affiliates, on May 30, 2014, filed
its monthly operating report for April 2014.

The Debtors incurred a consolidated net loss of $98,725 on total
revenues of $6.28 million for the current reporting period, an
increase from the reported consolidated net loss of $60,416 for
March.

At April 30, the Debtors posted $22.66 million in total
consolidated assets, $24.59 million in total consolidated
liabilities, and a shareholders' equity of -$1.92 million.

The Debtors had -$76,564 cash at the beginning of the month.  They
listed $18.35 million in total receipts and $18.28 million in
total disbursements.  At month end, the Debtors had -10.16
million.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/NOBLELOGISTICSapril2014mor.pdf

                 About Noble Logistics, Inc.

Noble Logistics, Inc. filed a Chapter 11 petition (Bankr. D. Del.
Case No. 14-10442) on Feb. 28, 2014 in Delaware.  About eight
affiliates of Noble Logistics also filed separate bankruptcy cases
on Feb. 28.  Gregg M. Galardi, Esq., and Emily A. Battersby, Esq.
at DLA PIPER LLP, serve as counsel to the Debtor.  The Debtor
estimated $10 million to $50 million in both assets and
liabilities.

On March 24, 2014, Roberta A. DeAngelis, U.S. Trustee Region 3,
notified the Bankruptcy Court that she has been unable to appoint
a creditors committee in the Debtors' Chapter 11 cases due to
insufficient response to the Trustee's communication/contact for
service on the committee.


NOBLE LOGISTICS: Net Loss Increases Further to $1.44MM at May 31
----------------------------------------------------------------
Noble Logistics, Inc., and its affiliates, on June 28, 2014, filed
its monthly operating report for the month of May 2014.

The Debtors suffered a $1.44 million consolidated net loss on
total revenues of $1.38 million in May, a big increase from the
$98,725 consolidated net loss incurred at April 30.

At May 31, the Debtors listed total consolidated assets of $15.27
million, total consolidated liabilities of $1.91 million, and a
total shareholders' equity of $13.36 million.

The Debtors had -$10,166 cash at May 1.  They posted $7.33 million
in total receipts and $8.29 million in total disbursements for the
reporting period.  Among the disbursements were $79,314 in
professional fees.  At the end of the month, the Debtors had a
cash balance of -$976,348.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/NOBLELOGISTICSmay2014mor.pdf

                 About Noble Logistics, Inc.

Noble Logistics, Inc. filed a Chapter 11 petition (Bankr. D. Del.
Case No. 14-10442) on Feb. 28, 2014 in Delaware.  About eight
affiliates of Noble Logistics also filed separate bankruptcy cases
on Feb. 28.  Gregg M. Galardi, Esq., and Emily A. Battersby, Esq.
at DLA PIPER LLP, serve as counsel to the Debtor.  The Debtor
estimated $10 million to $50 million in both assets and
liabilities.

On March 24, 2014, Roberta A. DeAngelis, U.S. Trustee Region 3,
notified the Bankruptcy Court that she has been unable to appoint
a creditors committee in the Debtors' Chapter 11 cases due to
insufficient response to the Trustee's communication/contact for
service on the committee.


REFCO PUBLIC: Ends May with $11.969 Million Cash
------------------------------------------------
Refco Public Commodity Pool, L.P., on June 19, 2014, filed its
monthly operating report for May 2014.

At May 31, the Debtor posted total assets of $18.76 million, total
liabilities of $187,500, and a total shareholders' equity of
$18.58 million.

The Debtor had $11.967 million cash at the beginning of the month.
It listed total receipts of $1,978 and zero disbursements.  At
month end, the Debtor had $11.969 million cash.

A copy of the monthly operating report is available at:

       http://bankrupt.com/misc/REFCOPUBLICmay2014mor.pdf

                 About Refco Public Commodity

Refco Public Commodity Pool, L.P., also known as S&P Managed
Futures Index Fund, L.P., is a fund that was formed in May 2003 to
make investments that substantially track the performance of the
Standard & Poor's Managed Futures Index.  It did this by investing
substantially all of its assets in SPhinX Managed Futures Fund,
SPC, a Cayman Islands domiciled segregated portfolio company.
RefcoFund Holdings, LLC was the general partner of the Fund.

Refco Public filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 14-11216) in Wilmington, Delaware, on May 13, 2014.
Daniel F. Dooley signed the petition as managing member of MAA,
LLC.  The Debtor estimated assets of $17 million and debt of $0.

The case is assigned to Judge Brendan Linehan Shannon.  Alston &
Bird LLP in Atlanta, Georgia, serves as the Debtor's counsel.
Richards, Layton & Finger, in Delaware, acts as local counsel.
Morris Anderson & Associates, Ltd., is the Debtor's financial
advisor, and Maples & Calder serves as the Debtor's Cayman Islands
counsel.


RG STEEL: Incurs $4.841 Million Net Loss in May
-----------------------------------------------
WP Steel Ventures, LLC, et al., on June 9, 2014, filed their
monthly operating report for the month ended May 31, 2014.

The Company posted a net loss of $4.841 million for May on
zero sales, an increase from the $4.201 million net loss incurred
in April.

As of May 31, 2014, the Company had total assets of $172.823
million, total liabilities of $1.238 billion, and total
stockholders' deficit of $1.065 billion.

For the month of May, the Company had total cash receipts of
$1.771 million and total disbursements of $424,000.

A full-text copy of the monthly operating report is available at:

                      http://is.gd/zHyESX

                         About RG Steel

RG Steel LLC -- http://www.rg-steel.com/-- is the United States'
fourth-largest flat-rolled steel producer with annual steelmaking
capacity of 7.5 million tons.  It was formed in March 2011
following the purchase of three steel facilities located in
Sparrows Point, Maryland; Wheeling, West Virginia and Warren,
Ohio, from entities related to Severstal US Holdings LLC.  RG
Steel also owns finishing facilities in Yorkville and Martins
Ferry, Ohio.  It also owned Wheeling Corrugating Company and has a
50% ownership in Mountain State Carbon and Ohio Coatings Company.

RG Steel along with affiliates, including WP Steel Venture LLC,
sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12-
11661) on May 31, 2012.  Bankruptcy was precipitated by liquidity
shortfall and a dispute with Mountain State Carbon, LLC, and a
Severstal affiliate, that restricted the shipment of coke used in
the steel production process.

The Debtors estimated assets and debts in excess of $1 billion.
As of the bankruptcy filing, the Debtors owe (i) $440 million,
including $16.9 million in outstanding letters of credit, to
senior lenders led by Wells Fargo Capital Finance, LLC, as
administrative agent, (ii) $218.7 million to junior lenders, led
by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million
on account of a subordinated promissory note issued by majority
owner The Renco Group, Inc., and (iv) $100 million on a secured
promissory note issued by Severstal.

Judge Kevin J. Carey presides over the case.

The Debtors are represented in the case by Robert J. Dehney, Esq.,
and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T.
Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors.  Conway MacKenzie, Inc., serves as the Debtors' financial
advisor and The Seaport Group serves as lead investment banker.
Donald MacKenzie of Conway MacKenzie, Inc., as CRO.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

Wells Fargo Capital Finance LLC, as Administrative Agent, is
represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo,
Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura
Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang
Ziehi & Jones LLP.

Renco Group is represented by lawyers at Cadwalader, Wickersham &
Taft LLP.

Kramer Levin Naftalis & Frankel LLP represents the Official
Committee of Unsecured Creditors.  Huron Consulting Services LLC
serves as the Committee's financial advisor.

The Debtor has sold off the principal plants.  The sale of
the Wheeling Corrugating division to Nucor Corp. brought in
$7 million.  That plant in Sparrows Point, Maryland, fetched the
highest price, $72.5 million.  CJ Betters Enterprises Inc. paid
$16 million for the Ohio plant.  RG Steel Sparrows Point LLC has
received the green light to sell some of its assets to Siemens
Industry, Inc., which include equipment and related spare parts,
for $400,000.


STELERA WIRELESS: Had $31.01 Million Cash Balance at March 31
-------------------------------------------------------------
Stelera Wireless, LLC, on June 12, 2014, filed a monthly operating
report for the month of March 2014.

At March 31, the Debtor listed a -$493,022 cash profit for the
current reporting month, a reversal from the $31.50 million cash
profit reported in February.

The Debtor declared total assets of $31.01 million and total
liabilities of $23.83 million.

The Debtor started March with $31.50 million cash.  It reported
total receipts of $100 and total disbursements of $493,122.  As a
result,the Debtor had $31.01 million cash at the end of the month.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/STELERAWIRELESSmarch2014mor.pdf

                 About Stelera Wireless, LLC

Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D.
Okla. Case No. 13-13267) on July 18, 2013.  Tim Duffy signed the
petition as chief technology officer/manager.  Judge Niles L.
Jackson presides over the case.  The Debtor disclosed $18,005,000
in assets and $30,809,314 in liabilities as of the Chapter 11
filing.

Christensen Law Group, PLLC, serves as the Debtor's primary
counsel.  Mulinix Ogden Hall & Ludlam, PLLC, serves as additional
bankruptcy counsel.  Wilkinson Barker Knauer, LLP, serves as the
Debtor's special counsel.  American Legal Claims Services, LLC
serves as official noticing agent.  Falkenberg Capital Corporation
serves as the Debtor's broker.

The official committee of unsecured creditors is represented by
attorneys G. Blaine Schwabe, III, Esq., John (Jake) M. Krattiger,
Esq., at GableGotnals' Oklahoma City office; and Sidney K.
Surinson, Esq., Mark D.G. Sanders, Esq., and Brandon C. Bickle,
Esq., at GableGotnals' Tulsa office.

                           *     *     *

The Troubled Company Reporter reported on Dec. 10, 2013, the Hon.
Niles Jackson of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Stelera Wireless to sell its
Federal Communications Commission licenses to: AT&T Mobility
Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as
backup purchaser.  In an auction held Nov. 20, 2013, AT&T's bid
was the highest and best offer for the FCC licenses, while
Atlantic's, the stalking horse purchaser, was the second highest.
Pursuant to the APA, the aggregate purchase price to be paid by
AT&T will be $6,020,000.

As reported by the TCR, Stelera Wireless on April 29, filed with
the U.S. Bankruptcy Court a joint plan of liquidation and
accompanying disclosure statement.  The Plan is co-proposed by the
Official Committee of Unsecured Creditors.

The Plan is proposed as a reasonable means to liquidate the
remainder of the Debtor's assets in order to maximize value for
creditors and provide an orderly wind-down and distribution of the
Debtor's assets.  Any remaining assets of the Debtor not
previously transferred by sale, including the litigation claims,
will be transferred to the Debtor.


STELERA WIRELESS: Lists $31.01 Million Total Assets at April 30
---------------------------------------------------------------
Stelera Wireless, LLC, on June 12, 2014, filed a monthly operating
report for the month of April 2014.

The Debtor reported a cash profit of -$518,272 for the current
reporting period, a slight increase from the -$493,022 cash profit
posted in March.

The Debtor recorded total assets of $31.01 million and total
liabilities of $23.83 million.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/STELERAWIRELESSapril2014mor.pdf

                 About Stelera Wireless, LLC

Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D.
Okla. Case No. 13-13267) on July 18, 2013.  Tim Duffy signed the
petition as chief technology officer/manager.  Judge Niles L.
Jackson presides over the case.  The Debtor disclosed $18,005,000
in assets and $30,809,314 in liabilities as of the Chapter 11
filing.

Christensen Law Group, PLLC, serves as the Debtor's primary
counsel.  Mulinix Ogden Hall & Ludlam, PLLC, serves as additional
bankruptcy counsel.  Wilkinson Barker Knauer, LLP, serves as the
Debtor's special counsel.  American Legal Claims Services, LLC
serves as official noticing agent.  Falkenberg Capital Corporation
serves as the Debtor's broker.

The official committee of unsecured creditors is represented by
attorneys G. Blaine Schwabe, III, Esq., John (Jake) M. Krattiger,
Esq., at GableGotnals' Oklahoma City office; and Sidney K.
Surinson, Esq., Mark D.G. Sanders, Esq., and Brandon C. Bickle,
Esq., at GableGotnals' Tulsa office.

                           *     *     *

The Troubled Company Reporter reported on Dec. 10, 2013, the Hon.
Niles Jackson of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Stelera Wireless to sell its
Federal Communications Commission licenses to: AT&T Mobility
Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as
backup purchaser.  In an auction held Nov. 20, 2013, AT&T's bid
was the highest and best offer for the FCC licenses, while
Atlantic's, the stalking horse purchaser, was the second highest.
Pursuant to the APA, the aggregate purchase price to be paid by
AT&T will be $6,020,000.

As reported by the TCR, Stelera Wireless on April 29, filed with
the U.S. Bankruptcy Court a joint plan of liquidation and
accompanying disclosure statement.  The Plan is co-proposed by the
Official Committee of Unsecured Creditors.

The Plan is proposed as a reasonable means to liquidate the
remainder of the Debtor's assets in order to maximize value for
creditors and provide an orderly wind-down and distribution of the
Debtor's assets.  Any remaining assets of the Debtor not
previously transferred by sale, including the litigation claims,
will be transferred to the Debtor.


VELTI INC: Reports $1.32 Million Net Loss in February
-----------------------------------------------------
Velti, Inc., et al., on June 4, 2014, filed a monthly operating
report for February 2014.

Velti Inc. incurred a net loss of $1.32 million on zero revenue
for the month.

At February 28, Velti Inc. declared $52.75 million in total
assets, $127.92 million in total liabilities, and a total
shareholders' equity of -$75.17 million.

Velti Inc started February with $5.38 million in cash.  It posted
total receipts of $5,005 and total disbursements of $2.52 million.
At the end of the month, Velti had $2.85 million in cash.

A copy of the monthly operating report is available at:

        http://bankrupt.com/misc/VELTIINCfeb2014mor.pdf

                      About Velti Inc.

Velti Inc., a provider of technology for marketing on mobile
devices, sought Chapter 11 protection (Bankr. D. Del. Case No.
13-12878) on Nov. 4, 2013.

Velti Inc., a San Francisco-based unit of Velti Plc, listed assets
of as much $50 million and debt of as much as $100 million.  Its
Air2Web Inc. unit, based in Atlanta, also sought creditor
protection.

The parent, Dublin, Ireland-based Velti Plc, which trades on the
Nasdaq Stock Market, isn't part of the bankruptcy process.
Operations in the U.K., Greece, India, China, Brazil, Russia, the
United Arab Emirates and elsewhere outside the U.S. didn't seek
protection and business there will continue as usual.

The Debtors are represented by attorneys Stuart M. Brown, Esq., at
DLA Piper LLP (US), in Wilmington, Delaware; and Richard A.
Chesley, Esq., Matthew M. Murphy, Esq., and Chun I. Jang, Esq., at
DLA Piper LLP (US), in Chicago, Illinois.  The Debtors have also
tapped Jefferies LLC as investment banker, Sitrick Brincko Group
LLC, as corporate communications consultants, and BMC Group, Inc.,
as claims and noticing agent.

U.S. Bank, National Association, as administrative agent for GSO
Credit-A Partners, LP, GSO Palmetto Opportunistic Investment
Partners LP and GSO Coastline Partners LP, extended $25 million of
postpetition financing to the Debtors.  The DIP Lenders, which are
also the Prepetition Lenders, are represented by Sandy Qusba,
Esq., and Hyang-Sook Lee, Esq., at Simpson Thacher & Bartlett LLP,
in New York.

An Official Committee of Unsecured Creditors has been appointed in
the Debtors' cases.  The Committee has tapped McGuireWoods LLP as
lead counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware
co-counsel.  Asgaard Capital LLC serves as financial advisor to
the Committee.  Capstone Advisory Group LLC serves as consultant.


VELTI INC: Has $798,085 Cash Balance at March 31
------------------------------------------------
Velti, Inc., et al., filed, on June 23, 2014, a monthly operating
report for March 2014.

Velti Inc. incurred a $1.83 million net loss on zero revenue for
the month.

At March 31, Velti declared total assets of $50.87 million, total
liabilities of $127.92 million, and a total shareholders' equity
of -$77.06 million.

Velti Inc. started the month with $2.85 million cash.  It recorded
zero receipts and $2.06 million in total disbursements.  A big
chunk of the disbursements were for $1.76 million in professional
fees.  As a result, Velti had $798,085 cash at the end of the
month.

A copy of the monthly operating report is available at:

       http://bankrupt.com/misc/VELTIINCmarch2014mor.pdf

                       About Velti Inc.

Velti Inc., a provider of technology for marketing on mobile
devices, sought Chapter 11 protection (Bankr. D. Del. Case No.
13-12878) on Nov. 4, 2013.

Velti Inc., a San Francisco-based unit of Velti Plc, listed assets
of as much $50 million and debt of as much as $100 million.  Its
Air2Web Inc. unit, based in Atlanta, also sought creditor
protection.

The parent, Dublin, Ireland-based Velti Plc, which trades on the
Nasdaq Stock Market, isn't part of the bankruptcy process.
Operations in the U.K., Greece, India, China, Brazil, Russia, the
United Arab Emirates and elsewhere outside the U.S. didn't seek
protection and business there will continue as usual.

The Debtors are represented by attorneys Stuart M. Brown, Esq., at
DLA Piper LLP (US), in Wilmington, Delaware; and Richard A.
Chesley, Esq., Matthew M. Murphy, Esq., and Chun I. Jang, Esq., at
DLA Piper LLP (US), in Chicago, Illinois.  The Debtors have also
tapped Jefferies LLC as investment banker, Sitrick Brincko Group
LLC, as corporate communications consultants, and BMC Group, Inc.,
as claims and noticing agent.

U.S. Bank, National Association, as administrative agent for GSO
Credit-A Partners, LP, GSO Palmetto Opportunistic Investment
Partners LP and GSO Coastline Partners LP, extended $25 million of
postpetition financing to the Debtors.  The DIP Lenders, which are
also the Prepetition Lenders, are represented by Sandy Qusba,
Esq., and Hyang-Sook Lee, Esq., at Simpson Thacher & Bartlett LLP,
in New York.

An Official Committee of Unsecured Creditors has been appointed in
the Debtors' cases.  The Committee has tapped McGuireWoods LLP as
lead counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware
co-counsel.  Asgaard Capital LLC serves as financial advisor to
the Committee.  Capstone Advisory Group LLC serves as consultant.





                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


                  *** End of Transmission ***