TCR_Public/140829.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, August 29, 2014, Vol. 18, No. 240

                            Headlines

ADAMIS PHARMACEUTICALS: 3 Directors Quit Upon CEO's Request
AEMETIS INC: Amends $100 Million Securities Prospectus
ALLENS INC: Creditor Seeks Sanctions Against Freeborn Atty
ALPHA HOME ASSOCIATION: Files Bare-Bones Ch. 11 Petition
ASARCO LLC: 9th Cir. Reinstates Claims Against Union Pacific

BERNARD L. MADOFF: US Defends $150B Forfeiture Claim Against Aides
BIOHEALTH COLLEGE: Asks for Switch to Chapter 7 Liquidation
BLUEJAY PROPERTIES: Seeks Bankruptcy Case Dismissal
BOOMERANG SYSTEMS: Incurs $4 Million Net Loss in June 30 Quarter
BROWN MEDICAL: Trustee Seeks Conditional Approval of Plan Outline

BURGER KING: Moody's Puts 'B2' CFR on Review for Downgrade
BURGER KING: Fitch Puts 'B+' IDR on CreditWatch Negative
CAPMARK FINANCIAL: Inks Secret Pact with Ex-CEO
CATASYS INC: Incurs $27MM Q2 Loss, Warns of Possible Bankruptcy
CENTRAL ENERGY: Incurs $97K Q2 Net Loss, Warns of Bankruptcy

CHESAPEAKE ENERGY: Fitch Raises IDR to 'BB'; Outlook Positive
CHEYENNE HOTELS: Plan of Reorganization Confirmed
CHEYENNE HOTELS: Reaches Deal with Colorado East Bank on Claims
CHEYENNE HOTELS: Stipulates with Goforth Creditors on Claims
CHEYENNE HOTELS: Has Deal to Keep Hampton Inn Brand

CHINA TELETECH: Posts $1.2 Million Net Income in June 30 Quarter
COATES INTERNATIONAL: Incurs $2.3 Million Net Loss in 2nd Quarter
COLOR STAR: Withdraws Bid to Use Lenders' Cash Collateral
COMMUNICATION INTELLIGENCE: Incurs $1.2 Million Net Loss in Q2
COMMUNICATION INTELLIGENCE: Has $1.85-Mil. Net Loss for Q2 of 2014

COMPETITIVE TECHNOLOGIES: Incurs $791,000 Net Loss in 2nd Qtr.
COUNTRYWIDE FIN'L: Mozilo Said to Face U.S. Suit over Loans
COPYTELE INC: Six Directors Elected at Annual Meeting
CRUMBS BAKE SHOP: Cole Shotz Approved as Bankruptcy Counsel
CRUMBS BAKE SHOP: Files Schedules of Assets and Liabilities

CRUMBS BAKE SHOP: Assumption of West Madison Lease Opposed
CRUMBS BAKE SHOP: U.S. Trustee Forms 3-Member Creditors Committee
D.A.B. GROUP: Meeting of Creditors Adjourned to Sept. 2
DAEHAN SHIPBUILDING: U.S. Court Issues Provisional Ch. 15 Order
DAYBREAK OIL: Maximilian Resources Has 9.9% Equity Stake

DBSI INC: Ex-President Gets 20 Years For Ponzi-Like Fraud
DETROIT, MI: Barclays Agrees to Lend $275-Mil. for Bankruptcy Exit
DERIVIUM CAPITAL: Rep. Nabs $704M In Damages Over Stock Scheme
DOLPHIN DIGITAL: Files Financial Statements for 2013
DR. TATTOFF: Incurs $1.6 Million Second Quarter Net Loss

EAT AT JOE'S: Posts $1.6 Million Net Income in Second Quarter
EDUCATION MANAGEMENT: Exchange Offer No Impact on Moody's CFR
ELITE PHARMACEUTICALS: Reports $4.4MM Net Loss in June 30 Qtr.
EMISPHERE TECHNOLOGIES: Has $8.07-Mil. Loss for Second Quarter
EMPIRE RESORTS: Extends Executive's Employment for 1 Year

ENERGY FUTURE: Keeps a Lid on Questions About Solvency
ENERGY SERVICES: S&P Raises Debt Rating to 'B+' on Loan Reduction
EPICOR SOFTWARE: S&P Revises Outlook to Stable & Affirms 'B' CCR
FCC HOLDINGS: Files for Chapter 11 to Sell 28 Campuses
FCC HOLDINGS: Seeks to Reject Leases for Vacated Premises

FCC HOLDINGS: Seeks Approval to Use Cash Collateral
FCC HOLDINGS: Has Teach-Out Agreements for 1,100 Students
FIRST INVESTORS: Accused of Distortion in Subprime Inquiry
FIRST SECURITY: Committee Finds No Irregularities in Stock Awards
FOREVERGREEN WORLDWIDE: Posts $455,000 Net Income in 2nd Quarter

FREE LANCE-STAR: Court to Hold Hearing on Plan Outline Sept. 25
FREEDOM INDUSTRIES: Plan Has Gifts to Nonprofits
GARLOCK SEALING: Creditors Oppose Asbestos Plan Proposal
GENERAL EMPLOYMENT: Incurs $634K Net Loss for Q3 Ending June 30
GENERAL MOTORS: Ch. 11 Stay Doesn't Halt Remand Bid, Calif. Says

GENERAL MOTORS: Fitch Affirms 'BB+' Issuer Default Rating
GENERAL MOTORS: Should Face Wrongful-Conviction Claims
GLENTEL INC: S&P Assigns 'BB-' Corp. Credit Rating
GLOBAL GEOPHYSICAL: Reaches Consulting Deal with COO Verghese
GLOBAL GEOPHYSICAL: Taps Ernst & Young as Tax Services Provider

GLYECO INC: Incurs $1.1 Million Net Loss in Second Quarter
GREENESTONE HEALTHCARE: Reports $102K Income in Q2 of 2014
GREAT CHINA INTERNATIONAL: Has $404K Net Loss for 2nd Quarter
GUIDED THERAPEUTICS: Incurs $2.2-Mil. Net Loss in Second Quarter
HEALTHWAREHOUSE.COM INC: Delays Form 10-Q for Second Quarter

HEALTHWAREHOUSE.COM INC: Obtains $1.3-Mil. From Stock Offering
HERITAGE CONSOLIDATED: 9th Cir. Rules on Drillers' Appeal
HIGH MAINTENANCE: Court to Hold Plan Confirmation Hearing Sept. 8
IMH FINANCIAL: Juniper Capital Reports 19% Equity Stake
INERGETICS INC: Reports $1.24-Mil. Loss for Quarter Ended June 30

INSITE VISION: Reports $37.1-Mil. Net Income for Q2 of 2014
INTERNATIONAL MANUFACTURING: Trustee Files Report on 341 Meeting
IRONSTONE GROUP: Incurs $74,000 Net Loss in Second Quarter
JOHN SKELTON: Dallas Court Affirms Foreclosure Judgement
KID BRANDS: U.S. Trustee Objects to KEIP

KVN CORP: San Francisco Panel Sees No Bar to Some Carevout Sales
LAGRANGE, KY: Moody's Confirms Ba2 Gen. Obligation Bonds Rating
LATTICE INC: Incurs $302,000 Net Loss in Second Quarter
LEHMAN BROTHERS: Eyes Sale of Unsecured Claim v. Brokerage
LIME ENERGY: Incurs $660,000 Net Loss in Second Quarter

MERRIMAN HOLDINGS: Incurs $220K Loss in Second Quarter
METRORIVERSIDE LLC: PMC Prexy to Oversee Company Operations
METRORIVERSIDE LLC: Amends List of 20 Largest Unsecured Creditors
METRORIVERSIDE LLC: Can Use Cash Collateral Until Dec. 31
MF GLOBAL: Execs Allowed to Tap $15M More in D&O Coverage

MICHAEL ROSE: Developer Settles with Lender, Seeks Bankruptcy Exit
NATROL INC: Court Fixes Oct. 27 as General Claims Bar Date
NATROL INC: Files Schedules of Assets and Liabilities
NATROL INC: Access to Cash Collateral OK'd on Final Basis
NAUTILUS HOLDINGS: Files Schedules of Assets and Liabilities

NAUTILUS HOLDINGS: Can Use Cash Collateral Through Sept. 19
NEW BERN RIVERFRONT: Weaver Claim v. Randolph Stair Goes to Trial
NEW CENTURY: Selling Tractors, Trailers at Auctions
PACIFIC THOMAS: Court Denies Bid to Obtain $14.5-Mil. Loan
PANACHE BEVERAGE: Has $288K Q2 Loss, May Halt Certain Operations

PARADISE HOSPITALITY: Fails to Dismiss Best Western Lawsuit
PITTSBURG, CA: Fitch Assigns 'BB' Rating on $109MM Sub. Tax Bonds
PUERTO RICO: Interviews Underway for PREPA Restructuring Chief
RANDHURST HOTEL: Case Summary & 18 Largest Unsecured Creditors
REDE ENERGIA: U.S. Court Grants Plan Enforcement Relief

REVEL AC: Settlements with Creditors Approved
RONALD COHEN MGMT: Case Summary & 8 Largest Unsecured Creditors
SAAB AB: Chinese-Backed Owner Goes Bust
SHIROKIA DEVELOPMENT: Chapter 11 Case Transferred to E.D.N.Y.
SIGMA LABS: Incurs $1.8-Mil. Net Loss for Quarter Ended June 30

SKYLINE MANOR: Files Schedules of Assets and Liabilities
SPECTRASCIENCE INC: Reports $1.17-Mil. Loss for Q2 Ending June 30
STAR DYNAMICS: Lease Decision Period Extended to Oct. 6, 2014
STAR DYNAMICS: Seeks to Sell Assets to Mwagusi for $5-Mil.
SUN BANCORP: FJ Capital Owns 5.8% of Outstanding Common Shares

SYNERGY HOTEL: Case Summary & Largest Unsecured Creditors
TLC HEALTH: Meeting of Creditors Adjourned to Nov. 24
TRIGEANT HOLDINGS: Files Bare-Bones Ch. 11 Petition
TRISTAR WELLNESS: Delays Filing of Second Quarter Form 10-Q
TUNICA-BILOXI GAMING: Moody's Cuts Corp. Family Rating to Caa3

UBL INTERACTIVE: June 30 Balance Sheet Upside-Down by $4.65MM
UMED HOLDINGS: Incurs $746K Net Loss in Q2 of 2014
UNION GROVE: Case Summary & 20 Largest Unsecured Creditors
UNITED AMERICAN: Authorized Common Shares Hiked to 150 Million
VERAX RESTAURANT: Case Summary & 20 Largest Unsecured Creditors

VERITEQ CORP: Reports Issuances of Promissory Notes
WAFERGEN BIO-SYSTEMS: Hal Mintz Holds 9.9% Equity Stake
WEST TEXAS GUAR: Files Chapter 11 Plan of Reorganization
WEST TEXAS GUAR: Drops Bid to Value Claims of Bean Producers
WOUND MANAGEMENT: Incurs $776K Net Loss for Q2 of 2014

YELLOWSTONE MOUNTAIN: Reward Offered for Tim Blixseth Assets

* 8th Circ. Says Grain Tax Fraudster Deserved Longer Sentence
* Relying on Lexis 'Dismissed' Report Doesn't Violate FCRA
* One-Creditor, No-Asset Case Should Be Dismissed, Judge Says

* Standard Chartered Fined $300-Mil. for Backlisting

* Junk Companies Feeling Little Liquidity Stress, Moody's Says

* Mark Kaufman Relocates to McKenna's San Francisco Office

* BOOK REVIEW: Competition, Regulation, and Rationing
               in Health Care


                             *********


ADAMIS PHARMACEUTICALS: 3 Directors Quit Upon CEO's Request
-----------------------------------------------------------
Craig A. Johnson, Kenneth M. Cohen and Tina S. Nova, Ph.D.,
directors of Adamis Pharmaceuticals Corporation and members of the
Audit Committee, Compensation Committee and Nominating and
Governance Committee, notified the Company by letter dated
Aug. 25, 2014, that they were resigning as directors of the
Company and all committees effective immediately, according to a
document filed with the U.S. Securities and Exchange Commission.

The letter stated that on Aug. 22, 2014, Dennis J. Carlo, the
Company's chief executive officer, requested that each of the
resigning directors resign from the Board and from all committees.
The letter also stated that without the knowledge of the resigning
directors and without the participation of the Board's Nominating
and Corporate Governance Committee (of which the resigning
directors constituted all of the members), the chief executive
officer had already identified directors to fill the vacancies
created by their resignations.

Messrs. Richard C. Williams, Robert B. Rothermel and William C.
Denby, III, were appointed to fill the vacancies resulting from
these resignations, and serve as the members of the Company's
Audit Committee, Compensation Committee and Nominating and
Governance Committee, with Mr. Williams as Chair of the
Compensation Committee, Mr. Rothermel as Chair of the Audit
Committee, and Mr. Denby as Chair of the Nominating and Governance
Committee.  Mr. Williams was also appointed Chairman of the Board.

Since 1989, Mr. Williams has served as the founder and president
of Conner-Thoele Limited, a consulting and financial advisory firm
specializing in the healthcare industry and pharmaceutical
segment.  He has completed in excess of fifty divestments,
acquisitions, financings and cross-border transactions, which have
exceeded $8.0 billion.  Prior to founding Conner-Thoele Limited in
1989, Mr. Williams served in a number of progressively responsible
operational and financial management positions with multinational
firms.  These firms included American Hospital Supply Corporation,
UNC Resources, Abbott Laboratories, Field Enterprises and Erbamont
NV. Mr. Williams once served as a director and Vice Chairman of
Strategic Planning for King Pharmaceuticals.  Prior to King, he
served as chairman and a director of Medco Research before Medco
was acquired by King Pharmaceuticals.  Mr. Williams has also been
on several other public and private boards of directors, several
as Chairman.

Mr. Rothermel is a partner with a private investment and
management firm, CroBern Management Partnership, which works
exclusively within the health care industry.  Currently, he serves
as a board member and chairman of the audit committee of Medcor, a
private healthcare company, and has also served as a board member
of Cerescan, a private brain imaging company. Prior to CroBern,
Mr. Rothermel spent 37 years with Deloitte & Touche, and served as
a Partner and Global Managing Director of the Enterprise Risk
Services practice.  He also served as a member of Deloitte &
Touche's Board of Directors, the firm's Global Assurance and
Advisory Management Committee, the U.S. Management Committee and
chaired the firm's Partner Compensation Committee.  He also served
as a director of Cellegy from January 2004 until its merger with
Adamis in April 2009 and was Chair of the audit committee of
Cellegy.  Mr. Rothermel has a Bachelor of Science degree in
Business Administration from Bowling Green State University.

From 2002-2014, Mr. Denby was senior vice president, Commercial
Operations at Santarus, Inc. which was acquired by Salix in
January of 2014.  At Santarus, he directed all commercial
functions including Sales, Marketing, Market Research, Customer
Service, Managed Care, New Product Planning and other various
functions.  Prior to Santarus, he was Senior Vice President,
Commercial Operations and senior vice president, sales and
marketing at Agouron Pharmaceuticals, Inc.  Mr. Denby played
leadership roles in the sale of Agouron to Warner Lambert for $2.2
billion and Santarus to Salix for $2.6 billion.  Earlier in his
career, he spent twenty years in various leadership management
roles at Marion Merrell Dow, Inc.  Mr. Denby has a Bachelor of
Arts degree in English and Business from State University of New
York at Fredonia and a Masters of Business Administration from
Rockhurst College.

Pursuant to the terms of the Company's 2009 Equity Incentive Plan,
each of Mr. Denby, Mr. Rothermel and Mr. Williams received an
initial non-employee director nonqualified stock option grant
under the Company's to purchase 2,942 shares of common stock at an
exercise price equal to the fair market value of the common stock
on the date of grant.  These initial grants will vest 50% on the
grant date, with the balance vesting in equal monthly installments
over a period of three years from the grant date.  Each director
will also be eligible to receive annual option grants under the
provisions of the Plan relating to non-employee directors.  In
addition to receipt of the initial option awards, Mr. Denby, Mr.
Rothermel and Mr. Williams will be eligible to receive cash
directors fees pursuant to the Company's policies for compensation
to directors.  Each director is also entitled to reimbursement of
reasonable expenses incurred in connection with board-related
activities.  Each director will also enter into the Company's form
of indemnity agreement for directors.

                            About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Adamis reported a net loss of $8.15 million for the year ended
March 31, 2014, as compared with a net loss of $7.19 million for
the year ended March 31, 2013.

Mayer Hoffman McCann P.C., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended March 31, 2014.  The independent auditors noted
that the Company has incurred recurring losses from operations and
has limited working capital to pursue its business alternatives.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

As of June 30, 2014, the Company had $11.56 million in total
assets, $1.90 million in total liabilities and $9.65 million in
total stockholders' equity.

                         Bankruptcy warning

"Our management intends to attempt to secure additional required
funding through equity or debt financings, sales or out-licensing
of intellectual property assets, seeking partnerships with other
pharmaceutical companies or third parties to co-develop and fund
research and development efforts, or similar transactions.
However, there can be no assurance that we will be able to obtain
any required additional funding.  If we are unsuccessful in
securing funding from any of these sources, we will defer, reduce
or eliminate certain planned expenditures and delay development or
commercialization of some or all of our products.  If we do not
have sufficient funds to continue operations, we could be required
to seek bankruptcy protection or other alternatives that could
result in our stockholders losing some or all of their investment
in us," the Company said in its quarterly report for the period
ended June 30, 2014.


AEMETIS INC: Amends $100 Million Securities Prospectus
------------------------------------------------------
Aemetis, Inc., had amended its registration statement with the
U.S. Securities and Exchange Commission in connection with the
sale of $100 million worth of its common stock, preferred stock,
debt securities, warrants, rights and units.  The Company amended
the Registration Statement to delay its effective date.

The preferred stock or warrants may be convertible into or
exercisable or exchangeable for common or preferred stock or other
of the Company's securities.  The debt securities may be
convertible into, or exercisable or exchangeable for, common
stock.

The Company's common stock is listed on the NASDAQ Global Market
and trades under the symbol "AMTX."

A full-text copy of the preliminary prospectus is available for
free at http://is.gd/WVUCIq

                           About Aemetis

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

Aemetis reported a net loss of $24.43 million on $177.51 million
of revenues for the year ended Dec. 31, 2013, as compared with a
net loss of $4.28 million on $189.04 million of revenues in 2012.

The Company's balance sheet at June 30, 2014, showed $95.44
million in total assets, $96.53 million in total liabilities and a
$1.08 million total stockholders' deficit.

                         Bankruptcy Warning

The Company said in the Annual Report for the year ended Dec. 31,
2013, "The adoptions of new technologies at our ethanol and
biodiesel plants, along with working capital, are financed in part
through debt facilities.  We may need to seek additional financing
to continue or grow our operations.  However, generally
unfavourable credit market conditions may make it difficult to
obtain necessary capital or additional debt financing on
commercially viable terms or at all.  If we are unable to pay our
debt we may be forced to delay or cancel capital expenditures,
sell assets, restructure our indebtedness, seek additional
financing, or file for bankruptcy protection."


ALLENS INC: Creditor Seeks Sanctions Against Freeborn Atty
----------------------------------------------------------
Law360 reported that a creditor of bankrupt frozen vegetable
producer Allens Inc. is pursuing sanctions against the Freeborn &
Peters LLP attorney overseeing the company's Perishable
Agricultural Commodities Act claims, arguing that the attorney
delayed payment of its $3.5 million allowed claim by filing a
"frivolous" objection.  According to the report, Hartung Brothers
Inc. filed a response brief in Arkansas bankruptcy court in
further support of its motion for sanctions against attorney Jason
R. Klinowski, Allens' special PACA counsel, saying that the
debtors' response to its original sanctions motion doesn't offer
grounds for not paying Hartung's PACA claim.

                         About Allens Inc.

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

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

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

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

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

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

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

The Troubled Company Reporter, on June 9, 2014, reported that the
U.S. Bankruptcy Court issued an order converting Allens' (nka
Veg Liquidation) Chapter 11 reorganization case to Chapter 7
liquidation status, following the Company's request for
conversion.  Allen changed its name to Veg Liquidation Inc. after
the sale of its assets.


ALPHA HOME ASSOCIATION: Files Bare-Bones Ch. 11 Petition
--------------------------------------------------------
Alpha Home Association of Greater Indianapolis (Indiana) Inc.
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.
14-07997) in Indianapolis on Aug. 26, 2014, without stating a
reason.

The Debtor says its assets and debts are between $500 million and
$1 billion.

The case is assigned to Judge James K. Coachys.

According to the docket, the deadline for governmental entities to
file claims is Feb. 23, 2015.

Brian D. Salwowski, Esq., in Indianapolis, serves as counsel.

The Debtor has not yet filed certain required documents.  The list
of largest unsecured creditors, cash flow statement and balance
sheet are due Sept. 2.  The schedules of assets and liabilities
and statement of financial affairs are due Sept. 9, 2014.

Any bid seeking the appointment of a health care ombudsman is due
by Sept. 25, 2014.


ASARCO LLC: 9th Cir. Reinstates Claims Against Union Pacific
------------------------------------------------------------
The United States Court of Appeals, Ninth Circuit, reinstated
ASARCO, LLC's contribution action against Union Pacific Railroad
Co. and Union Pacific Corp.

ASARCO took an appeal from the district court's dismissal of its
contribution action brought under Sec. 113(f) of the Comprehensive
Environmental Response, Compensation, and Liability Act
("CERCLA"), 42 U.S.C. Sections 9601-9675.  Asarco seeks to recover
from Union Pacific a share of $482 million in cleanup costs Asarco
paid for environmental harm at the Coeur d'Alene Superfund Site in
Northern Idaho. The district court dismissed the action under
Federal Rule of Civil Procedure 12(b)(6), concluding that although
Asarco's claim was timely, it was barred by a 2008 settlement
agreement between the parties that settled Union Pacific's claims
against Asarco at the same site.

The Ninth Circuit, however, held that Asarco's claim was timely,
but that the parties' 2008 settlement agreement did not
unambiguously release Asarco's claim.  The Ninth Circuit reversed
the district court's judgment dismissing the case under Rule
12(b)(6).

Asarco and Union Pacific both participated in nearly a century of
mining operations in the Coeur d'Alene River watershed, a 1,500-
square-mile area located in Idaho's northern panhandle. Asarco
operated over 20 mines in the Coeur d'Alene site, and Union
Pacific built rail lines and transported ore and other materials
for the region's mining and smelting facilities. In 1983, the
Environmental Protection Agency ("EPA") listed the Coeur d'Alene
site on the CERCLA National Priorities List. Since then the site
has undergone over 30 years of cleanup efforts by the EPA, the
State of Idaho, and potentially responsible parties, including
Asarco and Union Pacific.

The case is, ASARCO, LLC, Plaintiff-Appellant, v. UNION PACIFIC
RAILROAD COMPANY, a Utah corporation; UNION PACIFIC CORPORATION,
Defendants-Appellees, No. 13-35356 (9th Cir.).  A copy of the
Ninth Circuit's August 27, 2014 Opinion is available at
http://is.gd/n8pxS9from Leagle.com.

The Ninth Circuit panel consists of Circuit Judges A. Wallace
Tashima and Mary H. Murguia, and District Judge Cormac J. Carney.
Judge Carney wrote the opinion.

Gregory Evans, Esq., and Laura G. Brys, Esq., at Integer Law
Corporation, in Los Angeles, California; and Linda R. Larson,
Esq., Russell C. Prugh, Esq., and Meline G. MacCurdy, Esq., at
Marten Law PLLC, in Seattle, Washington, argue for Asarco.

Carolyn McIntosh, Esq., and Maxine Martin, Esq., at Patton Boggs
LLP, in Denver, Colorado; Ausey H. Robnett III, Esq., at Paine
Hamblen LLP, in Coeur d'Alene, Idaho; and Gail L. Wurtzler, Esq.,
at Davis Graham & Stubbs LLP, in Denver, Colorado, argue for Union
Pacific.

                      About Asarco LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection (Bankr. S.D. Tex. Case
No. 05-21207) on Aug. 9, 2005.  Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.

On Dec. 9, 2009, Asarco Incorporated and Americas Mining
Corporation's Seventh Amended Plan of Reorganization for the
Debtors became effective and the ASARCO Asbestos Personal Injury
Settlement Trust was created and funded with nearly $1 billion in
assets, including more than $650 million in cash plus a $280
million secured note from Reorganized ASARCO.  The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
ASARCO LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.


BERNARD L. MADOFF: US Defends $150B Forfeiture Claim Against Aides
------------------------------------------------------------------
Law360 reported that federal prosecutors, in a new sentencing
memorandum, told U.S. District Judge Laura Taylor Swain in New
York that five people convicted of buttressing Bernie Madoff's 40-
year investment fraud should receive the harshest sentences
possible, including $150 billion in forfeitures, arguing that all
five reasonably foresaw the fraud at least a decade before it
collapsed in spectacular fashion.

                     About Bernard L. Madoff

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

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

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

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

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

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims, with the fourth
and latest batch of distributions done in May 2014.  Distributions
to eligible claimants have totaled almost $6 billion, which
includes $812.2 million in committed advances from the SIPC.  More
than 1,100 victims have already recovered the full principal they
lost in the fraud.

As of May 2014, Mr. Picard has recovered or reached agreements to
recover $9.8 billion since his appointment in December 2008.


BIOHEALTH COLLEGE: Asks for Switch to Chapter 7 Liquidation
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that BioHealth
College Inc., the for-profit operator of four Bryman College
campuses in California, wants the bankruptcy judge in San Jose to
convert the Chapter 11 case to a liquidation in Chapter 7 to stop
the accrual of rent.

BioHealth College, Inc., dba Bryman College, filed for Chapter 11
bankruptcy (Bankr. N.D. Cal. Case No. 14-53057) on July 18, 2014.
Bryman College has campuses in San Jose, Hayward, San Francisco
and Los Angeles.  Judge Arthur S. Weissbrodt presides over the
case.  The Law Offices of David A. Boone, Esq., serves as counsel.
In its petition, Biohealth estimated $0 to $50,000 in assets and
liabilities of $1 million to $10 million.  The petition was signed
by Sam Shirazi, CEO.


BLUEJAY PROPERTIES: Seeks Bankruptcy Case Dismissal
---------------------------------------------------
Bluejay Properties, LLC, filed a motion with the U.S. Bankruptcy
Court for the District of Kansas seeking an order dismissing its
Chapter 11 case.

The Debtor has recently completed the auction sale of its
apartment complex and related property to the winning bidder,
Bankers Bank of Kansas (BBOK) via a credit bid.  A transfer of the
property is substantially complete, the Debtor relates.  Since the
matter was a single asset real estate case, the sale process has
essentially resulted in the disposition of that sole real estate
asset, the Debtor relates.

The sale, free and clear of liens, has resulted in the
satisfaction of the claim of BBOK and the secured claim of
University National Bank, the Debtor narrates.  The Debtor sold
not only the real property, but all accounts, contract rights and
other personal property comprising of the secured property of
these creditors.  In addition, this resolves any issues of the
claimed constructive trust by Kaw Valley Bank (KVB) over said
property, says the Debtor.

The remaining creditors in the case have also either had their
claims satisfied or resolved by the action, the Debtor adds.  The
claim of unsecured creditor Steven H. Mustoe has been assigned to
BBOK and resolved by the sale.  The sale, the Debtor adds,
resolved all ownership claims and interest in the property by
various third-party creditors.  The only parties remaining were
the various sub-participants on the loan to BBOK, and those claims
are resolved with the sale of the property to BBOK, the Debtor
relates.

"As a result, there are no significant assets in the Estate, nor
are there unsecured creditors to seek further benefit from
continuation of the case," the Debtor avers.

The Debtor asserts that cause exists in the case as there are
limited benefits to any creditor continuing the reorganization,
and considering the lack of assets of the Debtor the continuation
of this case would be pointless.  "Thus, it is in the best
interest of the parties to dismiss the case."

Hearing on the motion has been scheduled for Sept. 18, 2014 at
1:30 pm.  Objections, if any, are due no later than Sept. 9.

Since filing for bankruptcy on Sept. 28, 2012, the Debtor has not
submitted a plan or disclosure statement.

Attorneys for Debtor can be reached at:

         Todd A. Luckman, Esq.
         STUMBO HANSON, LLP
         2887 SW MacVicar Avenue
         Topeka, KS 66611
         Tel No: (785) 267-3410
         Fax No: (785) 267-9516
         E-mail: todd@stumbolaw.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: Incurs $4 Million Net Loss in June 30 Quarter
----------------------------------------------------------------
Boomerang Systems, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $4.04 million on $1.50 million of total revenues for
the three months ended June 30, 2014, compared to a net loss of
$2.99 million on $275,002 of total revenues for the same period in
2013.

Net income for the nine months ended June 30, 2014, was $1.23
million on $4.83 million of total revenues compared to a net loss
of $9 million on $564,236 of total revenues for the same period
last year.

As of June 30, 2014, the Company had $5.54 million in total
assets, $24.56 million in total liabilities and a $19.02 million
total stockholders' deficit.

Cash and cash equivalents for the nine months ended June 30, 2014,
increased by $1,000,508 to $1,637,448.

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

                        http://is.gd/RDT9k9

The Company separately filed with the SEC amendment No. 2 to
Schedule TO Tender Offer Statement originally filed with the SEC
on July 11, 2014, solely to extend the expiration date of the
offer to holders of certain of its unsecured convertible
promissory notes and outstanding warrants to purchase common stock
to exchange those notes and warrants for shares of common stock of
the Company.  The Offer shall now expire at 11:59 P.M., New York
City Time, on Oct. 15, 2014.

                      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.

                         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.


BROWN MEDICAL: Trustee Seeks Conditional Approval of Plan Outline
-----------------------------------------------------------------
Brown Medical Center Inc.'s bankruptcy trustee has filed a motion
seeking court approval of the disclosure statement outlining the
company's proposed liquidation plan.

In her motion, Elizabeth Guffy asked U.S. Bankruptcy Judge Jeff
Bohm to approve the disclosure statement "on a conditional basis"
so that the company can start the solicitation of votes from
creditors by Aug. 29.

Approval of the disclosure statement in a Chapter 11 case
typically allows the process for soliciting votes from creditors
to begin.  For it to be approved by the court, the document must
contain "adequate information" pursuant to section 1125 of the
Bankruptcy Code.

According to Ms. Guffy, the information contained in the outline
for BMC's liquidation plan "is sufficient in type and detail to
enable creditors and equity security holders to make an informed
judgment about the plan."

The bankruptcy trustee proposes a Sept. 24 deadline for voting
creditors to cast their ballots.  Ms. Guffy is also asking the
bankruptcy judge to schedule a hearing on the confirmation of the
liquidation plan.

                        The Chapter 11 Plan

BMC on Aug. 22 filed its proposed plan in U.S. Bankruptcy Court
for the Southern District of Texas.  Under the plan, the remaining
assets, including cash and the right to receive a portion of the
net proceeds from ongoing collection of accounts receivable, will
vest in the "liquidating debtor" -- the company after the
effective date of the plan.

The proposed plan divides claims and equity interests into five
classes.  Class 1, which is comprised of priority non-tax claims,
will be paid in full from available cash.

Secured claims in Class 2 will receive either the proceeds of any
collateral sold or liquidated after full payment of superior
liens, or any unsold collateral securing those claims.

Meanwhile, the plan proposes to distribute available cash pro rata
to creditors holding general unsecured claims in Class 3.  After
payment in full of all general unsecured claims, each holder of a
subordinated claim in Class 4 will receive a pro rata share of
available cash.

Class 5, which is comprised of equity interests in BMC, will be
canceled as of the effective date of the plan.  Any available cash
after full payment of subordinated claims will be distributed pro
rata to holders of equity interests.

A full-text copy of the disclosure statement is available without
charge at http://is.gd/6CvPE2

                        About Brown Medical

Houston, Texas-based Brown Medical Center, Inc., is a management
company that historically served as the epicenter of the operating
business enterprise directly or indirectly owned or controlled by
Michael Glyn Brown, including six surgery centers and related
facilities.  The Company sought protection under Chapter 11 of the
Bankruptcy Code on Oct. 15, 2013 (Case No. 13-36405, Bankr.
S.D.Tex.).  The case is assigned to Judge Marvin Isgur.

Brown Medical Center is represented by Spencer D. Solomon, Esq.,
at Nathan Sommers Jacobs, P.C., in Houston, Texas.

In November 2013, the Bankruptcy Court approved the appointment of
Elizabeth M. Guffy as Chapter 11 trustee.  The trustee hired
Porter Hedges LLP, led by Joshua W. Wolfshohl, Esq., John F.
Higgins, Esq., and James Matthew Vaughn, Esq., Nick D. Nicholas,
Esq., J. Patrick LaRue, Esq., and Craig M. Bergez, as counsel.
The trustee tapped The Claro Group, LLC, as financial advisor and
consultant.

In its schedules, Brown Medical listed $13,807,746 in assets and
$27,716,168 in liabilities.  Brown Medical owes Crown Financial
Funding, LP, the primary secured creditor, pursuant to a pre-
bankruptcy promissory note in the original principal amount of
$2 million, which indebtedness is secured by a security agreement
from Allied Center for Special Surgery, Scottsdale, LLC covering
accounts and accounts receivable which the Debtor has the right to
collect.


BURGER KING: Moody's Puts 'B2' CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service placed the ratings of Burger King
Capital Holdings, LLC (BKCH) and Burger King Corporation (BKC) on
review for downgrade, including BKCH's B2 Corporate Family Rating,
B2-PD Probability of Default Rating and Caa1 unsecured note rating
as well as BKC's Ba3 senior secured rating and B3 unsecured
rating.

Ratings Rationale

The review for downgrade was prompted by the announcement that
Burger King Worldwide Inc. (BKW), the publicly traded parent
company of BKCH and BKC, entered into a definitive agreement to
acquire Tim Hortons, Inc. for approximately $12.0 billion. The
proposed financing for the transaction is expected to include
approximately $9.5 billion of debt, $3.0 billion of 9% preferred
stock, and about $2.9 billion of new common equity. The
transaction is expected to close in late 2014 or early 2015.

The review for downgrade reflects the material increase in debt to
EBITDA to over 6.4 times (not including preferred stock) from
around 3.8 times as well as the negative impact to cash flows from
the increased interest burden on higher debt levels and possible
dividend payments on preferred stock.

Moody's review for downgrade will focus on the terms and
conditions of the proposed debt and preferred stock instruments,
the cost of management's intention to aggressively grow the store
base, analysis of Tim Hortons (not rated by Moody's) operations
and how the management plans to distribute the consolidated
entity's free cash flow. Moody's review will also take into
account the larger scale of the combined entity, greater revenue
diversification of the brands and product offerings, and potential
growth in new markets. The review will also focus on the company's
financial policies in regards to shareholder based initiatives,
such as dividends going forward.

Ratings placed on review for downgrade are;

Burger King Capital Holdings, LLC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently B2

  $685 million (current face amount $478 million) senior
  unsecured discount notes due 2019, Placed on Review for
  Downgrade, currently Caa1(LGD6)

Burger King Corporation

  $1.03 billion senior secured term loan A due 2017, Placed on
  Review for Downgrade, currently Ba3(LGD2)

  $705 million senior secured term loan B due 2019, Placed on
  Review for Downgrade, currently Ba3(LGD2)

  $130 million senior secured revolver due 2015, Placed on Review
  for Downgrade, currently Ba3(LGD2)

  $800 million senior unsecured notes due 2018, Placed on Review
  for Downgrade, currently B3(LGD5)

Outlook Actions:

Burger King Capital Holdings, LLC

  Outlook, Changed To Rating Under Review From Stable

Burger King Corporation

  Outlook, Changed To Rating Under Review From Stable

Burger King Corporation (Burger King) owns and operates about 50
and franchises approximately 13,800 Burger King hamburger quick
service restaurants. Annual revenues are about $1.0 billion,
although systemwide sales are over $16 billion. Burger King is
majority owned by private equity company 3G Capital.


BURGER KING: Fitch Puts 'B+' IDR on CreditWatch Negative
--------------------------------------------------------
Fitch Ratings has placed the ratings of Burger King Worldwide,
Inc. (Burger King; NYSE: BKW) and its subsidiaries on Rating Watch
Negative.  The rating action follows the firm's definitive
agreement to acquire Tim Hortons, Inc. (Tim Horton; NYSE: THI).
At June 30, 2014, Burger King had $3 billion of total debt.

The deal is valued at $12 billion including Tim Horton's $1.0 of
net debt and represents a 30% premium over Tim Horton's Aug. 22,
2014 stock price.  Fitch estimates that the purchase multiple is
approximately 16x Tim Horton's C$834 million of EBITDA (USD 762
million based on an Aug. 22, 2014 exchange rate of 0.9138 Canadian
$/USD) for the latest 12 months (LTM) ended June 29, 2014.
Committed financing includes a $6.75 billion senior secured term
loan B facility, $2.25 billion of second-lien notes, and $3
billion of preferred equity from Berkshire Hathaway.

The transaction will result in a new publicly-traded global quick-
service restaurant company with two leading brands, approximately
$23 billion of system sales, and over 18,000 units.  3G Capital
will own 51% of the new company while Burger King and Tim Horton's
shareholders will own 27% and 22%, respectively.  Closing, which
is subject to regulatory approval and a vote by Tim Horton's
shareholders, is targeted for late 2014 or early 2015.  Both
firm's Board of Directors have approved the deal.

Key Rating Drivers

High Pro forma Leverage

Fitch estimates that total adjusted debt-to-EBITDAR on a pro forma
basis will range between approximately 6.0x and 8.0x versus 4.9x
for the LTM period ended June 30, 2014 depending on equity credit
allocated to the preferred stock.  Fitch will evaluate terms of
the preferred stock, allocating either 100%, 50%, or 0% equity
credit based on Fitch's Treatment and Notching of Hybrids in Non-
Financial Corporate and REIT Analysis criteria.

Given significantly higher debt, a one-notch downgrade of Burger
King's Issuer Default Rating (IDR) is possible.  However,
resolution of the Negative Watch will consider the combined
entity's projected EBITDA growth, annual free cash flow, and the
pace of deleveraging within two years of deal closing.  Fitch
estimates that annual free cash flow (FCF, defined as CFO less
capex and dividends) could exceed $400 million annually before the
9% preferred dividend but anticipates that deleveraging will occur
mainly through EBITDA growth and modest term loan amortization.
The IDR will consider synergies, execution risk, and the potential
currency mismatch associated with the firm's significant Canadian
cash flows and U.S. based obligations.

Recovery Analysis

Issue level and Recovery Ratings will reflect the firm's final
capital structure and Fitch's estimate of the new company's
enterprise value as a going concern.  Ratings will consider the
issuance of senior secured and second-lien debt, the repayment of
Burger King's existing debt, and the potential that Tim Horton's
privately placed notes are redeemed.  Tim Horton's debt includes
three series of privately placed senior unsecured notes with
change of control provisions that require the borrower to make an
offer to repurchase the notes.  Fitch believes that the payoff of
Burger King's debt stems from the firm's plan to evaluate its
capital structure in late 2014 as it approached the first call
date on its 9.875% senior unsecured notes due 2018 and 11% senior
discount notes due 2019.

Strategically Sound Transaction

Fitch believes the combined entity will benefit from increased
efficiencies of scale, the diversification provided by two leading
nearly 100% franchised quick-service restaurant brands, and
multiple levers for future growth.  Burger King's ability to
expand Tim Horton's internationally and to reduce cost will be
complemented by Tim Horton's established position in the faster
growing coffee/snack category, progress with loyalty and mobile
payment, and high average unit volumes.  Burger King has indicated
that the transaction is not being driven by tax rates, stating
that its effective tax rate is currently in the mid-to-high 20%
range and is largely consistent with Canadian tax rates.

Tim Hortons is an iconic brand with over 42% market share in
Canada and strong customer loyalty.  The chain has generated 23
years of same-store sales (SSS) growth in Canada, and its store
count has grown on a 4.2% compound annual growth basis since 2010.
Burger King is successfully executing on its Four-Pillar plan for
North America, with three consecutive quarters of SSS growth, and
expanding internationally mainly through joint ventures and master
franchise development agreements.  These positive factors are
partially offset by limited transparency regarding the financial
stability of franchisees, the highly competitive U.S. restaurant
industry, and execution risk due to uncertain success of Tim
Horton's expansion beyond its core Canadian market.

Ratings Sensitivities

Future developments that may, individually or collectively, lead
to a downgrade of Burger King's IDR include:

   -- Total adjusted debt-to-operating EBITDAR sustained above the
      6.0x range, a prolonged period of SSS declines, or lower
      than expected FCF could result in a downgrade of Burger
      King's IDR.

Future developments that may, individually or collectively, lead
to an upgrade of Burger King's IDR include:

   -- An upgrade of Burger King's IDR is not anticipated in the
      near to intermediate term.  Management has indicated a
      comfortable level with net debt-to-EBITDA in the 5.0x range,
      which based on Fitch's calculation could be equivalent to
      total adjusted debt-to-EBITDAR of more than 6.0x.  The firm
      currently does not have a long-term leverage target.

Fitch has placed for the following ratings of Burger King and its
subsidiaries on Rating Watch Negative:

Burger King Worldwide, Inc. (Parent Holding Co.)

   -- IDR 'B+'.

Burger King Capital Holdings, LLC (BKCH/Parent of Burger King
Holdings, Inc.) and Burger King Capital Finance, Inc.
(BKCF/Financing Subsidiary) as Co-Issuers

   -- Long-term IDR 'B+';
   -- 11% sr. discount notes due 2019 'B-/RR6'.

Burger King Holdings, Inc. (Direct Parent of Burger King
Corporation)

   -- Long-term IDR 'B+'.

Burger King Corporation (Operating Company)

   -- Long-term IDR 'B+';
   -- Secured revolver due 2015 'BB+/RR1';
   -- Secured term loan A due 2017 'BB+/RR1';
   -- Secured term loan B due 2019 'BB+/RR1';
   -- 9.875% senior unsecured notes due 2018 'BB-/RR3'.


CAPMARK FINANCIAL: Inks Secret Pact with Ex-CEO
-----------------------------------------------
Capmark Financial Group Inc. has asked for approval of a
settlement over $16.7 million in disputed stock redemption and
severance payments its former president and CEO William F.
Aldinger III collected following his resignation.  According to
Law360, the deal would put an end to Capmark's attempt to recover
the compensation, which the suit alleged had been improperly
approved by its board.

Peg Brickley, writing for The Wall Street Journal, reported that
one key detail -- how much the individual will pay -- is under
wraps.  The Journal said that, to explain why it's necessary to
hide the amount, Capmark noted that Mr. Aldinger is retired and
doesn't need the publicity that will certainly attend the news of
the settlement.  Bill Rochelle, the bankruptcy columnist for
Bloomberg News, and Sherri Toub, a Bloomberg News writer, related
that Capmark said Mr. Aldinger is paying a "significant amount."

Mr. Rochelle said U.S. Bankruptcy Judge Christopher S. Sontchi in
Delaware authorized keeping the amount secret and will hold a
hearing Sept. 19 on approval of the settlement.

                      About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- provided financial services to
investors in commercial real estate-related assets.  Capmark has
three core businesses: lending and mortgage banking, investments
and funds management, and servicing.  Capmark operates in North
America, Europe and Asia.  Capmark has 1,000 employees located in
37 offices worldwide.

On Oct. 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Lead Case No. 09-13684).  Capmark disclosed assets
of US$20 billion against total debts of US$21 billion as of
June 30, 2009.

Capmark's financial advisors were Lazard Freres & Co. LLC and
Loughlin Meghji + Company.  Capmark's bankruptcy counsel were
Dewey & LeBoeuf LLP, and Richards, Layton & Finger, P.A.  Beekman
Advisors, Inc., is serving as strategic advisor.
KPMG LLP served as tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, served as claims and notice agent.

The Official Committee of Unsecured Creditors tapped Kramer Levin
Naftalis & Frankel LLP as its counsel and JR Myriad 1LLC as its
commercial real estate business advisors.  The Committee also
retained Cutler Pickering Hale and Dorr LLP as its attorneys for
the special purpose of providing legal services in connection with
Federal Deposit Insurance Corporation matters.

Protech Holdings C LLC, an affiliate of Capmark, filed for
Chapter 11 protection on July 29, 2010 (Bankr. D. Del. Case No.
10-12387).  Protech estimated assets and debts in excess of
$1 billion as of the filing date.

Since filing for Chapter 11, Capmark completed three sales to
generate more than $1 billion in cash.  Berkshire Hathaway Inc.
and Leucadia National Corp. bought most of the business for
$468 million.  In April 2011, Greenline Ventures LLC completed the
acquisition of the New Markets Tax Credit division of Capmark
Financial Group Inc.  Since inception of the NMTC program,
Capmark's NMTC division has closed over $1.1 billion of NMTC
investment funds and financed over $2.5 billion of projects and
businesses in low income communities nationwide.

Capmark won confirmation of its reorganization plan in August 2011
allowing it to distribute about $4 billion of stock, cash and new
debt to unsecured creditors and streamline operations around its
flagship bank.  Unsecured creditors were to receive $900 million
in cash, $1.25 billion in secured notes and 100 million shares in
reorganized Capmark, now a bank holding company.  The plan was
declared effective in October.

Also in October 2011, Capmark closed the sale of its low-income
housing tax credit asset portfolio to Hunt Cos. Inc., a national
real estate services company.  El Paso, Texas-based Hunt was the
successful bidder in the auction of the assets, paying
$102.4 million.


CATASYS INC: Incurs $27MM Q2 Loss, Warns of Possible Bankruptcy
---------------------------------------------------------------
Catasys, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly Report on Form 10-Q disclosing a net loss
of $27.44 million on $312,000 in healthcare services revenues
for the three months ended June 30, 2014, compared to a net loss
of $6.47 million on $107,000 of healthcare services revenues for
the same period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $25.30 million on $511,000 of healthcare services revenues
compared to a net loss of $3.86 million on $206,000 of healthcare
services revenues for the same period last year.

The Company's balance sheet at June 30, 2014, showed $2.30 million
in total assets, $45.22 million in total liabilities and a $42.91
million total stockholders' deficit.

"Our net cash provided by financing activities was $2.8 million
for the six months ended June 30, 2014, compared with net cash
provided by financing activities of $1.6 million for the six
months ended June 30, 2013.  Cash provided by financing activities
for the six months ended June 30, 2014 consisted of the net
proceeds from the securities offerings in January 2014 and May
2014, leaving a balance of $1.1 million in cash and cash
equivalents at June 30, 2014," the Company stated in the Report.

"We anticipate that we could continue to incur negative cash flows
and net losses for the next twelve months.  The financial
statements do not include any adjustments relating to the
recoverability of the carrying amount of the recorded assets or
the amount of liabilities that might result from the outcome of
this uncertainty.  As of June 30, 2014, these conditions raised
substantial doubt as to our ability to continue as a going
concern.  We expect our current cash resources to cover expenses
through the end of September 2014, however delays in cash
collections, revenue, or unforeseen expenditures, could impact our
estimate.  We are in need of additional capital and while we are
currently in discussions with our existing stockholders regarding
additional financing there is no assurance that additional capital
can be raised in an amount which is sufficient for us or on terms
favorable to us and our stockholders, if at all.  If we do not
obtain additional capital, there is a significant doubt as to
whether we can continue to operate as a going concern and we will
need to curtail or cease operations or seek bankruptcy relief.  If
we discontinue operations, we may not have sufficient funds to pay
any amounts to stockholders," the Company added.

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

                        http://is.gd/HDlbHR

                        About Catasys Inc.

Based in Los Angeles, California, Hythiam, Inc., n/k/a Catasys,
Inc., is a healthcare services management company, providing
through its Catasys(R) subsidiary specialized behavioral health
management services for substance abuse to health plans.

Catasys reported a net loss of $4.67 million on $866,000 of total
revenues for the 12 months ended Dec. 31, 2013, as compared with a
net loss of $11.64 million on $541,000 of total revenues during
the prior year.

Rose, Snyder & Jacobs LLP, in Encino, 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 has incurred significant operating losses and
negative cash flows from operations during the year ended Dec. 31,
2013.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


CENTRAL ENERGY: Incurs $97K Q2 Net Loss, Warns of Bankruptcy
------------------------------------------------------------
Central Energy Partners LP filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $97,000 on $1.25 million of revenues for the three
months ended June 30, 2014, compared to net income of $399,000 on
$1.11 million of revenues for the same period last year.

For the six months ended June 30, 2014, the Company incurred a net
loss of $408,000 on $2.54 million of revenues compared to a net
loss of $86,000 on $2.43 million of revenues for the same period
in 2013.

As of June 30, 2013, the Company had $8.25 million in total
assets, $8.94 million in total liabilities and a $683,000 total
partners' deficit.

"There is no assurance that we will have sufficient working
capital to cover ongoing cash requirements for the period of time
we believe is necessary to complete an acquisition that will
provide additional working capital for us.  If we do not have
sufficient cash reserves, our ability to pursue additional
acquisition transactions will be adversely impacted.  Furthermore,
despite significant effort, we have thus far been unsuccessful in
completing an acquisition transaction.  There can be no assurance
that we will be able to complete an accretive acquisition or
otherwise find additional sources of working capital.  If an
acquisition transaction cannot be completed or if additional funds
cannot be raised and cash flow is inadequate, we would be required
to seek other alternatives which could include the sale of assets,
closure of operations, and/or protection under the U.S. bankruptcy
laws," the Company stated in the Report.

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

                        http://is.gd/O5BaQN

                   About Central Energy Partners

Dallas, Tex.-based Central Energy Partners LP is a publicly-traded
Delaware limited partnership.  It currently provides liquid bulk
storage, trans-loading and transportation services for hazardous
chemicals and petroleum products through its wholly-owned
subsidiary, Regional Enterprises, Inc. ("Regional").

Central Energy reported a net loss of $521,000 on $4.75 million of
revenues for the year ended Dec. 31, 2013, as compared with a net
loss of $1.02 million on $5.47 million of revenues in 2012.

Montgomery Coscia Greiich, LLP, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
Central has incurred recurring losses and has a deficit in working
capital that raise substantial doubt about its ability to continue
as a going concern.


CHESAPEAKE ENERGY: Fitch Raises IDR to 'BB'; Outlook Positive
-------------------------------------------------------------
Fitch has upgraded Chesapeake Energy's long-term Issuer Default
Rating (IDR) and senior unsecured ratings to 'BB' from 'BB-' and
also upgraded the company's preferred stock to 'B+' from 'B-.  The
ratings actions affect approximately $14.8 billion in rated
securities.

The Rating Outlook remains Positive.

Key Rating Drivers

The upgrade results from the debt reduction and capital structure
simplification that has occurred over the last few months.
Notably, the company has spun-off its oil services division that
resulted in debt reduction of over $1 billion and paid off the
$1.06 billion in preferred interest of CHK Utica, which Fitch
treated as adjusted debt.

The Positive Outlook is driven by Chesapeake management's
intention to further de-lever and simplify its capital structure
and expectations of significantly reduced free cash flow deficits
in the future.

Chesapeake's ratings reflect the company's large asset base,
operating profile and levered capital structure.  As of year-end
2013, the company had almost 2.7 billion in proved reserves with
nearly 70% of those being proved developed.  Chesapeake has large
attractive asset positions in the Marcellus and Utica Shales, the
Eagle Ford Shale, various plays in the Mid-Continent region, the
Haynesville shale as well as the Barnett and Niobrara Shales.
Expected 2014 production of 685,000-705,000 boe per day is
comprised of approximately 16% oil, 12% NGLs and 72% natural gas
and makes Chesapeake the second largest natural gas producer in
the U.S. and the 10th largest in terms of liquids.  The company's
levered capital structure offsets the strengths of Chesapeake's
asset base and operating profile.  Balance sheet debt of $11.5
billion as of June 30, 2014 is augmented by other debt like
obligations such as minority interests, other long-term
liabilities, VPP adjustments, etc. that Fitch includes in its
adjusted debt calculations.  Pro forma for the redemption of the
CHK Utica preferred interests in this quarter Fitch estimates
adjusted debt is slightly over $15 billion exclusive of
Chesapeake's preferred stock of approximately $3 billion.

Liquidity

Liquidity is primarily provided by the company's $4 billion
corporate senior secured credit facility (due December 2015) which
was undrawn at quarter end.  The corporate credit facility
contains various covenants and restrictive provisions and is fully
and severally guaranteed by Chesapeake and certain of its wholly
owned subsidiaries.  The most restrictive of these covenants state
that maximum debt/EBITDA must be less than 4.0X and maximum
consolidated total capitalization must be less than 70%.
Chesapeake is well within these covenants.  The company's' near-
term maturities are $396 million in 2.75% contingent convertible
senior notes due 2035 that can be put or called by the company in
late 2015.  Maturities for 2016 include $500 million in 3.25%
senior notes.

Credit Metrics & Expectations

Currently, Chesapeake has adjusted debt/EBITDA of approximately 3x
per Fitch calculations.  Remaining asset sales in 2014 are
anticipated to be another $700 million in proceeds.  Additionally,
further additional adjusted debt reduction is expected from the
redemption of CHK Cleveland Tonkawa preferred interests.  While
FCF deficits have been greatly reduced from prior periods Fitch
still expects the company to be FCF negative by approximately $700
million- $1 billion in 2014 inclusive of capitalized interest and
distributions.  Going forward, Fitch expects that the company will
fund capital spending, capitalized interest, dividends and
distributions from operating cash flows.

Operations

Operationally, Chesapeake is forecasting that its production for
2014 will average between 685,000 - 705,000 boe per day, which is
an absolute increase over 2013's level of 668,483 boe per day.
This continues a trend of annual production increases from
Chesapeake going back years.  Currently, a little over half of
Chesapeake's production comes from the Marcellus North, the Mid-
Continent region and the Eagle Ford Shale.  Realizations for
natural gas relative to benchmark prices for Chesapeake are
challenged because of high gathering and transport costs.  Over
time, efficiency gains for drilling, procurement, etc. on the cost
side should help to expand margins and improve capital costs on a
boe basis.  The company's three-year average finding, development
and acquisition is solid with cost per Fitch's calculations at
$20.94 per boe while its three-year average organic F&D cost is
$14.51 per boe.  Organic reserve replacement last year was over
200% and Chesapeake's proved reserve life is a healthy 11 years.

Rating Sensitivities:

Positive: Future developments that may, individually or
collectively lead to positive rating action include:

  -- Reducing adjusted debt/EBITDA to approximately 2.5X or below
     on a sustained basis;

  -- Continued progress in deleveraging its capital structure
     relative to reserves and production;

  -- Cash flow generation leading to consistent and, at least,
     neutral free cash flow generation after capex, capitalized
     interest, dividends and distributions.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- Mid-cycle adjusted debt/EBITDA or 3.5 or greater on a
     sustained basis;

  -- Negative free cash flow after capex, capitalized interest,
     dividends and distributions leading to rising adjusted debt
     levels relative to reserves and production;

Marked decrease in production levels or proved developed reserves
relative to adjusted debt.

Fitch has taken the following ratings actions on Chesapeake:

   -- IDR upgraded to 'BB' from 'BB-';
   -- Senior unsecured notes upgraded to 'BB' from 'BB-';
   -- Senior secured revolving credit facility affirmed at 'BBB-';
   -- Convertible preferred stock upgraded to 'B+' from 'B'.

The Rating Outlook remains Positive.


CHEYENNE HOTELS: Plan of Reorganization Confirmed
-------------------------------------------------
The U.S. Bankruptcy Court has confirmed Cheyenne Hotels LLC's
Corrected Second Amended Chapter 11 Plan of Reorganization dated
May 7, 2014.

To fund payments under the Plan, the Debtor will continue its
business operations and make the plan payments out of operating
income of the Debtor's hotel -- a three-story, interior corridor,
107 guest room facility, with high-end common areas, including a
swimming pool, fitness room, breakfast area, business center and
meeting rooms -- with the exception of the payment of the Colorado
East Bank & Trust claim within a year of the Effective Date, which
will require either (1) a sale of an interest in the Hotel or the
Debtor; or (2) a new loan.

Secured creditors Gary Goforth, John F. McGivern II, JFM Limited
Partnership I, and Deavid Pener ("Goforth Creditors") have agreed
to subordinate the payment of their claim to a refinancing of the
Colorado East Bank & Trust Secured Claim in an amount not
exceeding $8,400,000, under the terms of an agreement, but subject
to commercially reasonable changes as may be requested by the new
lender.  Accordingly, it will not be necessary to pay the Goforth
Claims in full at the time the Colorado East Bank & Trust Claim is
satisfied.  However, if the Debtor is unable to refinance or
otherwise satisfy the Colorado East Bank & Trust Secured Claim
within a year of the Effective Date, it is likely that the
Colorado East Bank & Trust Claim will be foreclosed and any claims
that have not been satisfied before the foreclosure will not be
paid.

Under the Plan, the Debtor will have the right to sell the Hotel
at any time.  Upon sale of the Hotel, all Claims will be paid in
full, or as may be agreed with the holders of the Claims.

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

    http://bankrupt.com/misc/CHEYENNEHOTELS_2ndAmendedDS.pdf

                      About Cheyenne Hotels

Cheyenne Hotels LLC, which owns and operates the Hampton Inn &
Suites in Colorado Springs, Colorado, filed for Chapter 11
bankruptcy (Bankr. D. Colo. Case No. 11-37518) on Nov. 25, 2011.
Judge A. Bruce Campbell presides over the case, taking over from
Judge Michael E. Romero. Thomas F. Quinn, Esq., at Thomas F. Quinn
PC, serves as the Debtor's counsel.

Cheyenne Hotels estimated $10 million to $50 million in both
assets and debts. The petition was signed by Tanveer Khan,
manager.

Affiliate Cheyenne Hotel Investments LLC filed for Chapter 11
bankruptcy protection (Bankr. D. Colo. Case No. 11-25379) on
June 28, 2011, disclosing assets of $12,912,702 and liabilities of
$8,074,325 as of the Petition Date.  Thomas F. Quinn, Esq., also
represents Hotel Investments.

Hotel Investments won confirmation of its own Chapter 11 plan on
Aug. 16, 2013.  A copy of the Third Amended Plan of Reorganization
dated Aug. 5, 2013, is available at no charge at:

      http://bankrupt.com/misc/CHEYENNEHOTEL_3rdAmdPlan.PDF

No committee of creditors or equity security holders has been
appointed in the Debtors' cases.

As reported by the Troubled Company Reporter on Jan. 6, 2014, the
U.S. Trustee for Region 19 sought dismissal of the Hotel LLC case.
Daniel J. Morse, as Assistant U.S. Trustee, said Cheyenne Hotels
has been afforded the protections of the Bankruptcy Code for over
two years but has failed to confirm a Chapter 11 Plan.  Meanwhile,
the bankruptcy estate continues to accrue administrative expenses,
including professional fees, which are diminishing the bankruptcy
estate.


CHEYENNE HOTELS: Reaches Deal with Colorado East Bank on Claims
---------------------------------------------------------------
Cheyenne Hotels LLC and Colorado East Bank & Trust have reached a
stipulation pursuant to which the payment to the bank required
under Section 6.2.3 of the Plan will be reduced from $100,000 to
$50,000.  The amount of the credit against the allowed secured
claim of the bank will be reduced from $100,000 to $50,000.

Secured creditors Gary Goforth, John F. McGivern II, JFM Limited
Partnership I, and Deavid Pener ("Goforth Creditors") will consent
to the terms of the stipulation and the increase in the amount of
the Bank's remaining senior secured claim with priority over the
Claims of the Goforth Creditors, remaining to be paid after the
Effective Date being increased by $50,000.

                      About Cheyenne Hotels

Cheyenne Hotels LLC, which owns and operates the Hampton Inn &
Suites in Colorado Springs, Colorado, filed for Chapter 11
bankruptcy (Bankr. D. Colo. Case No. 11-37518) on Nov. 25, 2011.
Judge A. Bruce Campbell presides over the case, taking over from
Judge Michael E. Romero. Thomas F. Quinn, Esq., at Thomas F. Quinn
PC, serves as the Debtor's counsel.

Cheyenne Hotels estimated $10 million to $50 million in both
assets and debts. The petition was signed by Tanveer Khan,
manager.

Affiliate Cheyenne Hotel Investments LLC filed for Chapter 11
bankruptcy protection (Bankr. D. Colo. Case No. 11-25379) on
June 28, 2011, disclosing assets of $12,912,702 and liabilities of
$8,074,325 as of the Petition Date.  Thomas F. Quinn, Esq., also
represents Hotel Investments.

Hotel Investments won confirmation of its own Chapter 11 plan on
Aug. 16, 2013.  A copy of the Third Amended Plan of Reorganization
dated Aug. 5, 2013, is available at no charge at:

      http://bankrupt.com/misc/CHEYENNEHOTEL_3rdAmdPlan.PDF

No committee of creditors or equity security holders has been
appointed in the Debtors' cases.

As reported by the Troubled Company Reporter on Jan. 6, 2014, the
U.S. Trustee for Region 19 sought dismissal of the Hotel LLC case.
Daniel J. Morse, as Assistant U.S. Trustee, said Cheyenne Hotels
has been afforded the protections of the Bankruptcy Code for over
two years but has failed to confirm a Chapter 11 Plan.  Meanwhile,
the bankruptcy estate continues to accrue administrative expenses,
including professional fees, which are diminishing the bankruptcy
estate.


CHEYENNE HOTELS: Stipulates with Goforth Creditors on Claims
------------------------------------------------------------
Debtor Cheyenne Hotels, LLC and secured creditors Gary Goforth,
John F. McGivern II, JFM Limited Partnership I, and Deavid Pener,
("Goforth Creditors") have entered a stipulation on the treatment
of their claims under the Debtor's plan.

During the course of the Chapter 11 proceedings, the Debtor has
accrued unpaid adequate protection payments owing to the Goforth
Creditors.  Under the Stipulation, the Goforth Creditors and the
Debtors agree that the amount owed for payment is $15,000, through
the Effective Date of the Plan.

The Debtor has requested, and the Goforth Creditors has agreed, to
modify the terms of payment of the adequate protection payments,
by adding the amounts to the Goforth Creditors' Secured Claim as
described in the Plan, to assist the Debtor in assuring that the
Debtor will have sufficient funds to make the payments required to
be made as of the Effective Date of the Plan.

The Debtor and the Goforth Creditors stipulate and agree:

    (a) The Debtor will make the payment required under Section
        6.3.3 of the Plan in the amount of $50,000 to $50,000 on
        or before August 15, 2014; and

    (b) The amount of Allowed Secured Claim of the Goforth
        Creditors on account of such payment shall be increased by
        $15,000, reflecting the accrual of adequate protection
        payments in such amount.

    (c) The amount of the prepayment discount provided in Section
        6.6.6 of the Plan shall be amended from $75,000 to
        $50,000.

                      About Cheyenne Hotels

Cheyenne Hotels LLC, which owns and operates the Hampton Inn &
Suites in Colorado Springs, Colorado, filed for Chapter 11
bankruptcy (Bankr. D. Colo. Case No. 11-37518) on Nov. 25, 2011.
Judge A. Bruce Campbell presides over the case, taking over from
Judge Michael E. Romero. Thomas F. Quinn, Esq., at Thomas F. Quinn
PC, serves as the Debtor's counsel.

Cheyenne Hotels estimated $10 million to $50 million in both
assets and debts. The petition was signed by Tanveer Khan,
manager.

Affiliate Cheyenne Hotel Investments LLC filed for Chapter 11
bankruptcy protection (Bankr. D. Colo. Case No. 11-25379) on
June 28, 2011, disclosing assets of $12,912,702 and liabilities of
$8,074,325 as of the Petition Date.  Thomas F. Quinn, Esq., also
represents Hotel Investments.

Hotel Investments won confirmation of its own Chapter 11 plan on
Aug. 16, 2013.  A copy of the Third Amended Plan of Reorganization
dated Aug. 5, 2013, is available at no charge at:

      http://bankrupt.com/misc/CHEYENNEHOTEL_3rdAmdPlan.PDF

No committee of creditors or equity security holders has been
appointed in the Debtors' cases.

As reported by the Troubled Company Reporter on Jan. 6, 2014, the
U.S. Trustee for Region 19 sought dismissal of the Hotel LLC case.
Daniel J. Morse, as Assistant U.S. Trustee, said Cheyenne Hotels
has been afforded the protections of the Bankruptcy Code for over
two years but has failed to confirm a Chapter 11 Plan.  Meanwhile,
the bankruptcy estate continues to accrue administrative expenses,
including professional fees, which are diminishing the bankruptcy
estate.


CHEYENNE HOTELS: Has Deal to Keep Hampton Inn Brand
---------------------------------------------------
HLT Existing Franchise Holding LLC and Cheyenne Hotels, LLC, have
entered into a stipulation regarding the Debtor's right to assume
the franchise license agreement for the operation of a "Hampton
Inn" hotel located in Salida, Colo.

The Debtor is authorized to use the "Hampton Inn" brand and system
under a Franchise License Agreement between the Debtor and HLT
dated November 7, 2006.

As of June 30, 2014, the Debtor is current in its monthly royalty
fees, monthly program fees, and other fees and payments due under
the FLA.  As of May 31, 2014, HLT has incurred $39,212.66 of
reasonable attorneys' fees and costs in connection with this
bankruptcy case and/or to enforce its rights under the FLA.

The Debtor would like to assume the FLA and HLT is willing to
provide its consent for the Debtor to assume the FLA, but only
upon the terms and conditions of the Stipulation.

The Debtor agrees that, in order to effectuate a "cure" as
required by Bankruptcy Code ? 365(b), the outstanding Legal Fees
through May 31, 2014, totaling $39,212.66 must be paid to HLT.
The Cure Obligation will be paid as follows:

    (a) Within 10 days after entry of an order confirming the
        Plan, the Debtor will pay HLT $25,000;

    (b) The balance of the Cure Obligation shall be paid by the
        Debtor to HLT in five equal and consecutive monthly
        installments of $2,500 each and a final installment of
        $1,712.66, the first such installment being due on August
        30, 2014 and each successive installment being due on the
        last day of each month thereafter until the balance is
        paid in full.

The FLA will be deemed assumed by the Debtor as of the entry of an
order confirming the Plan.  Under no circumstances may the Debtor
assign the FLA without the express written consent of HLT.

                      About Cheyenne Hotels

Cheyenne Hotels LLC, which owns and operates the Hampton Inn &
Suites in Colorado Springs, Colorado, filed for Chapter 11
bankruptcy (Bankr. D. Colo. Case No. 11-37518) on Nov. 25, 2011.
Judge A. Bruce Campbell presides over the case, taking over from
Judge Michael E. Romero. Thomas F. Quinn, Esq., at Thomas F. Quinn
PC, serves as the Debtor's counsel.

Cheyenne Hotels estimated $10 million to $50 million in both
assets and debts. The petition was signed by Tanveer Khan,
manager.

Affiliate Cheyenne Hotel Investments LLC filed for Chapter 11
bankruptcy protection (Bankr. D. Colo. Case No. 11-25379) on
June 28, 2011, disclosing assets of $12,912,702 and liabilities of
$8,074,325 as of the Petition Date.  Thomas F. Quinn, Esq., also
represents Hotel Investments.

Hotel Investments won confirmation of its own Chapter 11 plan on
Aug. 16, 2013.  A copy of the Third Amended Plan of Reorganization
dated Aug. 5, 2013, is available at no charge at:

      http://bankrupt.com/misc/CHEYENNEHOTEL_3rdAmdPlan.PDF

No committee of creditors or equity security holders has been
appointed in the Debtors' cases.

As reported by the Troubled Company Reporter on Jan. 6, 2014, the
U.S. Trustee for Region 19 sought dismissal of the Hotel LLC case.
Daniel J. Morse, as Assistant U.S. Trustee, said Cheyenne Hotels
has been afforded the protections of the Bankruptcy Code for over
two years but has failed to confirm a Chapter 11 Plan.  Meanwhile,
the bankruptcy estate continues to accrue administrative expenses,
including professional fees, which are diminishing the bankruptcy
estate.


CHINA TELETECH: Posts $1.2 Million Net Income in June 30 Quarter
----------------------------------------------------------------
China Teletech Holding, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $1.16 million on $0 of sales for the three months
ended June 30, 2014, compared to a net loss of $664,010 on $19.07
million of sales for the same period in 2013.

As of June 30, 2014, the Company had $824,356 in total assets,
$23,450 in total liabilities and $800,906 in total stockholders'
equity.

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

                        http://is.gd/a2t6l3

                       About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech reported a net loss of $1.96 million on $30.87
million of sales for the year ended Dec. 31, 2013, as compared
with net income of $53,542 on $26.62 million of sales in 2012.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.

As reported by the TCR on Aug. 7, 2014, China Teletech dismissed
WWC, P.C., effective July 31, 2014.  The Company engaged Albert
Wong & Co. LLP as the Company's new independent registered public
accountant.


COATES INTERNATIONAL: Incurs $2.3 Million Net Loss in 2nd Quarter
-----------------------------------------------------------------
Coates International, Ltd., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $2.35 million on $4,800 of total revenues for the
three months ended June 30, 2014, compared to a net loss of $1.17
million on $4,800 of total revenues for the same period in 2013.

For the six months ended June 30, 2014, the Company incurred a net
loss of $2.86 million on $9,600 of total revenues compared to a
net loss of $1.98 million on $9,600 of total revenues for the same
period last year.

The Company's balance sheet at June 30, 2014, showed $2.36 million
in total assets, $7.32 million in total liabilities and a $4.96
million total stockholders' deficiency.

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

                        http://is.gd/dY7f6X

                    About Coates International

Based in Wall Township, N.J., Coates International, Ltd.
(OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated
on August 31, 1988, for the purpose of researching, patenting and
manufacturing technology associated with a spherical rotary valve
system for internal combustion engines.  This technology was
developed over a period of 15 years by Mr. George J. Coates, who
is the President and Chairman of the Board of the Company.

The Coates Spherical Rotary Valve System (CSRV) represents a
revolutionary departure from the conventional poppet valve.  It
changes the means of delivering the air and fuel mixture to the
firing chamber of an internal combustion engine and of expelling
the exhaust produced when the mixture ignites.

Coates International reported a net loss of $2.75 million on
$19,200 of total revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $4.53 million on $19,200 of total
revenues for the year ended Dec. 31, 2012.

Cowan, Gunteski & Co., P.A., in Tinton Falls, New Jersey, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company continues to have negative cash
flows from operations, recurring losses from operations, and a
stockholders' deficiency.


COLOR STAR: Withdraws Bid to Use Lenders' Cash Collateral
---------------------------------------------------------
Color Star Growers of Colorado, Inc., withdrew its motion to use
the cash collateral pursuant to a court order dated July 22, which
approved the company's settlement agreement with lenders and the
unsecured creditors' committee.

Under the terms of the settlement, the lenders will, among other
things, allow $750,000 of Color Star's cash collateral to be used
solely for allowed administrative expenses.  In exchange, the
company will provide full releases to the lenders.

The lenders are Regions Bank, Comerica Bank, and MCG Capital
Corporation and Solutions Capital I, L.P.

                      About Color Star

Color Star, a grower and wholesaler of flowers and nursery stock
with greenhouses and distribution centers in Colorado, Missouri
and Texas, filed for Chapter 11 bankruptcy protection in December
2013.

Color Star Growers of Colorado, Inc., and two affiliates filed
Chapter 11 bankruptcy petitions (Bankr. E.D. Tex. Case Nos.
13-42959 to 13-42961) on Dec. 15, 2013, in Sherman, Texas.  The
petitions were signed by Brad Walker, chief restructuring officer.
The Debtors estimated assets of at least $10 million and
liabilities of at least $50 million.

Marcus A. Helt, Esq., and Evan R. Baker, Esq., at Gardere Wynne
Sewell LLP, serve as the Debtors' counsel.  Simon, Ray & Winikka
LLP serves as special conflicts counsel.  SSG Advisors, LLC
provides investment banking services, and UpShot Services LLC
serves as claims, noticing and balloting agent.

The Official Committee of Unsecured Creditors appointed in the
Debtors' cases retained Gavin/Solmonese, LLC as financial
advisors; and Raymond J. Urbanik, Esq., Deborah M. Perry, Esq.,
Thomas Berghman, Esq., and Isaac J. Brown, Esq., at Munsch Hardt
Kopf & Harr, PC as attorneys.


COMMUNICATION INTELLIGENCE: Incurs $1.2 Million Net Loss in Q2
--------------------------------------------------------------
Communication Intelligence Corporation filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of $1.16 million on $473,000 of total
revenue for the three months ended June 30, 2014, compared to a
net loss of $1.18 million on $263,000 of total revenue for the
same period in 2013.

Net loss for the six months ended June 30, 2014, was $2.22 million
on $774,000 of total revenue compared to a net loss of $2.37
million on $498,000 of total revenue for the same period last
year.

As of June 30, 2014, the Company had $1.82 million in total
assets, $1.29 million in total liabilities and $533,000 in total
stockholders' equity.

The Company has incurred significant cumulative losses since its
inception and, at June 30, 2014, the Company's accumulated deficit
was $121,410,000.  The Company has primarily met its working
capital needs through the sale of debt and equity securities.  As
of June 30, 2014, the Company's cash balance was $415,000.  The
Company said these factors raise substantial doubt about the
Company's ability to continue as a going concern.

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

                        http://is.gd/zyfWo0

                 About Communication Intelligence

Redwood Shores, California-based Communication Intelligence
Corporation is a supplier of electronic signature products and the
recognized leader in biometric signature verification.

In its audit report accompanying the financial statements for
2011, PMB Helin Donovan, LLP, in San Francisco, Calif.,
expressed substantial doubt about Communication Intelligence's
ability to continue as a going concern.  The independent auditors
noted that of the Company's significant recurring losses and
accumulated deficit.

The Company reported a net loss of $4.50 million for 2011,
compared with a net loss of $4.16 million for 2010.


COMMUNICATION INTELLIGENCE: Has $1.85-Mil. Net Loss for Q2 of 2014
------------------------------------------------------------------
Communication Intelligence Corporation filed its quarterly report
on Form 10-Q, reporting a net loss of $1.85 million on $473,000 of
total revenue for the three months ended June 30, 2014, compared
with a net loss of $1.96 million on $263,000 of total revenue for
the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $1.83 million
in total assets, $1.29 million in total liabilities, and a
stockholders' equity of $533,000.

The Company has incurred significant cumulative losses since its
inception and, at June 30, 2014, the Company's accumulated deficit
was $121.41 million.  The Company has primarily met its working
capital needs through the sale of debt and equity securities.  As
of June 30, 2014, the Company's cash balance was $415,000.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.

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

                       http://is.gd/zyfWo0

                  About Communication Intelligence

Redwood Shores, California-based Communication Intelligence
Corporation is a supplier of electronic signature products and the
recognized leader in biometric signature verification.

In its audit report accompanying the financial statements for
2011, PMB Helin Donovan, LLP, in San Francisco, Calif.,
expressed substantial doubt about Communication Intelligence's
ability to continue as a going concern.  The independent auditors
noted that of the Company's significant recurring losses and
accumulated deficit.

Communication Intelligence reported a net loss attributable to
common stockholders of $6.11 million in 2012 following a net loss
attributable to common stockholders of $6.66 million in 2011.

PMB Helin Donovan, LLP, in San Francisco, CA, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company's significant recurring losses and accumulated
deficit raise substantial doubt about its ability to continue as a
going concern.


COMPETITIVE TECHNOLOGIES: Incurs $791,000 Net Loss in 2nd Qtr.
--------------------------------------------------------------
Competitive Technologies, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $790,849 on $316,000 of product sales for the three
months ended June 30, 2014, compared with a net loss of $677,035
on $136,100 of product sales for the same period during the prior
year.

Net loss for the six months ended June 30, 2014, was $1.51 million
on $537,080 of product sales compared to a net loss of $1.45
million on $136,100 of product sales for the same period a year
ago.

The Company's balance sheet at June 30, 2014, showed $4.48 million
in total assets, $10.89 million in total liabilities and a $6.41
million total shareholders' deficit.

"Although we have taken steps to significantly reduce operating
expenses going forward, even at these reduced spending levels,
should the anticipated increase in revenue from sales of
Calmare(R) medical devices and other technologies not occur, the
Company may not have sufficient cash flow to fund operations
through 2014.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern," the Company
said in the Report.

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

                       http://is.gd/PoKU1Q

                   About Competitive Technologies

Fairfield, Conn.-based Competitive Technologies, Inc. (OTC QX:
CTTC) -- http://www.competitivetech.net/-- was established in
1968.  The Company provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

Competitive Technologies incurred a net loss of $3 million on
$546,139 of gross profit from product sales in 2012, as compared
with a net loss of $3.59 million on $1.86 million of gross profit
from product sales in 2011.

Mayer Hoffman McCann CPAs (The New York Practice of Mayer Hoffman
McCann P.C.), in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that at Dec. 31,
2012, the Company has incurred operating losses since fiscal year
2006.


COUNTRYWIDE FIN'L: Mozilo Said to Face U.S. Suit over Loans
-----------------------------------------------------------
Keri Geiger, Tom Schoenberg and Greg Farrell, writing for
Bloomberg News, reported that a U.S. government task force is
wielding an innovative legal strategy plans to bring a civil case
against Countrywide Financial Corp. co-founder Angelo Mozilo over
the excesses of the subprime-mortgage boom.  According to the
report, citing two people with knowledge of the matter, the U.S.
attorney's office in Los Angeles, relying on the Financial
Institutions Reform, Recovery and Enforcement Act, is preparing to
sue Mozilo and as many as 10 other former Countrywide employees.

                   About Countrywide Financial

Based in Calabasas, California, Countrywide Financial Corporation
(NYSE: CFC) -- http://www.countrywide.com/-- originated,
purchased, securitized, sold, and serviced residential and
commercial loans.

In mid-2008, Bank of America completed its purchase of Countrywide
for $2.5 billion.  The mortgage lender was originally priced at $4
billion, but the purchase price eventually was whittled down to
$2.5 billion based on BofA's stock prices that fell over 40% since
the time it agreed to buy the ailing lender.


COPYTELE INC: Six Directors Elected at Annual Meeting
-----------------------------------------------------
The annual meeting of stockholders of CopyTele, Inc., was held on
Friday, Aug. 8, 2014, at the law offices of Ellenoff Grossman &
Schole LLP.  At the Annual Meeting, the stockholders:

   (1) elected Lewis H. Titterton, Robert A. Berman, Dr. Amit
       Kumar, Bruce F. Johnson, Dale Fox and Dr. Andrea Belz to
       the Board of Directors to serve until the next annual
       meeting of stockholders;

   (2) ratified the appointment of Haskell & White LLP as the
       Company's independent auditors for fiscal year 2014;

   (3) approved a proposed amendment of the Company's Certificate
       of Incorporation, as amended, to effect a reverse stock
       split of the Company's common stock at a ratio of between
       one-for-two and one-for-twenty five with that ratio to be
       determined and that reverse stock split to be effected as
       determined by the Board in its sole discretion; and

   (4) approved a proposed amendment to the Company's Certificate
       of Incorporation to change the name of the Company from
       "CopyTele, Inc." to "ITUS Corporation," that name change to
       occur at such time and date, if at all, as determined by
       the Board in its sole discretion.

                           About CopyTele

Melville, N.Y.-based CopyTele, Inc.'s principal operations include
the development, production and marketing of thin flat display
technologies, including low-voltage phosphor color displays and
low-power passive E-Paper(R) displays, and the development,
production and marketing of multi-functional encryption products
that provide information security for domestic and international
users over several communications media.

CopyTele incurred a net loss of $10.08 million for the year ended
Oct. 31, 2013, as compared with a net loss of $4.25 million during
the prior year.


CRUMBS BAKE SHOP: Cole Shotz Approved as Bankruptcy Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey
authorized Crumbs Bake Shop Inc., et. al., to employ Cole, Schotz,
Meisel, Forman & Leonard, P.A. as bankruptcy counsel nunc pro tunc
to the filing date.

Michael D. Sirota, Esq., shareholder of Cole Schotz, told the
Court that the hourly rates of the firm's personnel are:

         Members                        $395 - $800
         Special Counsel                $375 - $440
         Associates                     $195 - $420
         Paralegals                     $170 - $250
        Litigation Support Specialist   $100 - $250

Mr. Sirota assures the Court that Cole Schotz is "disinterested"
as that term is defined in Section 101(14) of the Bankruptcy Code.

                       About Crumbs Bake Shop

Crumbs Bake Shop, Inc. (OTCBB: CRMB), a New York-based cupcake
specialty store chain, and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No.
14-24287) on July 11, 2014.  John D. Ireland signed the petitions
as chief financial officer.  Crumbs Bake Shop estimated assets of
$10 million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Glass Ratner is serving as Crumbs' financial advisor.
Prime Clerk LLC is the Debtors' claims and noticing agent.  Judge
Michael B. Kaplan oversees the jointly administered cases.

The U.S. Trustee appointed three creditors to serve in the
Official Committee of Unsecured Creditors.   Sharon L. Levine,
Esq., at Lowenstein Sandler LLP serves as Committee's counsel.

                           *     *     *

On July 7, 2014, the Board of Directors of Crumbs Bake Shop
determined to cease operations effective immediately.  The Board's
determination was made after the Company lacked sufficient
liquidity to maintain current operations.

On the petition date, Crumbs entered into an Asset Purchase
Agreement through which Lemonis Fischer Acquisition Company, LLC,
a joint venture created by Marcus Lemonis LLC and Fischer
Enterprises, L.L.C., will acquire the Crumbs' business as part of
the Company's Chapter 11 filing.  The Debtor will sell itself at a
bankruptcy auction on Aug. 21.  The lead bidder has a $6.5 million
credit bid.  A hearing to approve the sale is scheduled to take
place on Aug. 26.  The Company hopes to complete the sale process
in approximately 60 days, pending receipt of the necessary
approvals from the Bankruptcy Court.

Lemonis Fischer Acquisition is represented by Louis Price, Esq.,
at McAfee & Taft PC.


CRUMBS BAKE SHOP: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Crumbs Bake Shop, Inc., filed with the U.S. Bankruptcy Court for
the District of New Jersey its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property                  $189
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $5,514,245
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $4,551,462
                                 -----------      -----------
        Total                           $189      $10,065,707

A copy of the schedules is available for free at
http://bankrupt.com/misc/CRUMBSBAKE_117_sal.pdf

                       About Crumbs Bake Shop

Crumbs Bake Shop, Inc. (OTCBB: CRMB), a New York-based cupcake
specialty store chain, and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No.
14-24287) on July 11, 2014.  John D. Ireland signed the petitions
as chief financial officer.  Crumbs Bake Shop estimated assets of
$10 million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Glass Ratner is serving as Crumbs' financial advisor.
Prime Clerk LLC is the Debtors' claims and noticing agent.  Judge
Michael B. Kaplan oversees the jointly administered cases.

The U.S. Trustee appointed three creditors to serve in the
Official Committee of Unsecured Creditors.   Sharon L. Levine,
Esq., at Lowenstein Sandler LLP serves as Committee's counsel.

                           *     *     *

On July 7, 2014, the Board of Directors of Crumbs Bake Shop
determined to cease operations effective immediately.  The Board's
determination was made after the Company lacked sufficient
liquidity to maintain current operations.

On the petition date, Crumbs entered into an Asset Purchase
Agreement through which Lemonis Fischer Acquisition Company, LLC,
a joint venture created by Marcus Lemonis LLC and Fischer
Enterprises, L.L.C., will acquire the Crumbs' business as part of
the Company's Chapter 11 filing.  The Debtor will sell itself at a
bankruptcy auction on Aug. 21.  The lead bidder has a $6.5 million
credit bid.  A hearing to approve the sale is scheduled to take
place on Aug. 26.  The Company hopes to complete the sale process
in approximately 60 days, pending receipt of the necessary
approvals from the Bankruptcy Court.

Lemonis Fischer Acquisition is represented by Louis Price, Esq.,
at McAfee & Taft PC.


CRUMBS BAKE SHOP: Assumption of West Madison Lease Opposed
----------------------------------------------------------
Landlord 303 Madison Chicago, LLC, objects to Crumbs Bake Shop,
Inc., et al.'s motion to assume and assign a certain office lease
between landlord and Crumbs West Madison, LLC for lease of a
retail space in a building located at 303 West Madison, Chicago,
Illinois.

According to 303 Madison, the Debtor has no further legal or
equitable interest with respect to the premises and the Debtor is
unable to exercise any other rights under the lease.

303 Madison noted that a debtor may not assume a lease of
nonresidential real property that was terminated prepetition
pursuant to applicable law.

303 Madison narrates that in the last week of June 2014, the
Debtor ceased operations at the premises -- first floor, retail
space designated as Suite 125 at the premises -- and, since that
time, the premises have remained closed. Pursuant to Section 18 of
the lease, cessation of the Debtor's operations on the premises
for a period of 15 days constitutes abandonment of the premises,
which entitles landlord to declare an event of default and
immediately terminate the lease.

Additionally, the Debtor allegedly failed to pay required rent for
the months of June and July 2014 which failures also constitute
events of default under the lease entitling landlord to
immediately terminate the lease.

Further, according to 303 Madison, the Debtor's cure amount is
inaccurate in that it does not include expenses and other costs
incurred prepetition by the landlord in connection with the
termination of the lease.  If the lease were assumable, the
correct cure amount is $30,305.

303 Madison is represented by:

         HOLLAND & KNIGHT, LLP
         31 West 52nd Street
         New York, NY 10019
         Barbra Parlin, Esq.
         Tel: (212) 513-3200
         Fax: (212) 385-9010

         Richard Bixter, Esq.
         HOLLAND & KNIGHT LLP
         131 S. Dearborn 30th Floor
         Chicago, IL 60603
         Tel: (312) 263-3600
         Fax: (312) 578-6666

                       About Crumbs Bake Shop

Crumbs Bake Shop, Inc. (OTCBB: CRMB), a New York-based cupcake
specialty store chain, and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No.
14-24287) on July 11, 2014.  John D. Ireland signed the petitions
as chief financial officer.  Crumbs Bake Shop estimated assets of
$10 million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Glass Ratner is serving as Crumbs' financial advisor.
Prime Clerk LLC is the Debtors' claims and noticing agent.  Judge
Michael B. Kaplan oversees the jointly administered cases.

The U.S. Trustee appointed three creditors to serve in the
Official Committee of Unsecured Creditors.   Sharon L. Levine,
Esq., at Lowenstein Sandler LLP serves as Committee's counsel.

                           *     *     *

On July 7, 2014, the Board of Directors of Crumbs Bake Shop
determined to cease operations effective immediately.  The Board's
determination was made after the Company lacked sufficient
liquidity to maintain current operations.

On the petition date, Crumbs entered into an Asset Purchase
Agreement through which Lemonis Fischer Acquisition Company, LLC,
a joint venture created by Marcus Lemonis LLC and Fischer
Enterprises, L.L.C., will acquire the Crumbs' business as part of
the Company's Chapter 11 filing.  The Debtor will sell itself at a
bankruptcy auction on Aug. 21.  The lead bidder has a $6.5 million
credit bid.  A hearing to approve the sale is scheduled to take
place on Aug. 26.  The Company hopes to complete the sale process
in approximately 60 days, pending receipt of the necessary
approvals from the Bankruptcy Court.

Lemonis Fischer Acquisition is represented by Louis Price, Esq.,
at McAfee & Taft PC.


CRUMBS BAKE SHOP: U.S. Trustee Forms 3-Member Creditors Committee
-----------------------------------------------------------------
Roberta A. Deangelis, U.S. Trustee for Region 3, appointed three
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Crumbs Bake Shop, Inc., et
al.:

      1. Simon Property Group, Inc.
         Attn: Ronald Tucker
         225 W. Washington Street
         Indianapolis, IN 46204
         Tel: (317) 263-2346
         Fax: (317) 263-7901

      2. Melita Corp.
         Attn: Alan Carpanini
         828 East 144th Street
         Bronx, NY 10454
         Tel: (718) 392-7280
         Fax: (718) 392-9674

      3. Tristan Partners, L.P.
         Attn: Steven Wagstaff
         P.O. Box 3459
         150 East Hanson Avenue
         Jackson, WY 83001
         Tel: (307) 733-2284
         Fax: (317) 623-1400

The Committee is represented by:

         Sharon L. Levine, Esq.
         LOWENSTEIN SANDLER LLP
         65 Livingston Avenue
         Roseland, NJ 07068
         Tel: (973) 597-2500
         Fax: (973) 597-2400

                       About Crumbs Bake Shop

Crumbs Bake Shop, Inc. (OTCBB: CRMB), a New York-based cupcake
specialty store chain, and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No.
14-24287) on July 11, 2014.  John D. Ireland signed the petitions
as chief financial officer.  Crumbs Bake Shop estimated assets of
$10 million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Glass Ratner is serving as Crumbs' financial advisor.
Prime Clerk LLC is the Debtors' claims and noticing agent.  Judge
Michael B. Kaplan oversees the jointly administered cases.

The U.S. Trustee appointed three creditors to serve in the
Official Committee of Unsecured Creditors.   Sharon L. Levine,
Esq., at Lowenstein Sandler LLP serves as Committee's counsel.

                           *     *     *

On July 7, 2014, the Board of Directors of Crumbs Bake Shop
determined to cease operations effective immediately.  The Board's
determination was made after the Company lacked sufficient
liquidity to maintain current operations.

On the petition date, Crumbs entered into an Asset Purchase
Agreement through which Lemonis Fischer Acquisition Company, LLC,
a joint venture created by Marcus Lemonis LLC and Fischer
Enterprises, L.L.C., will acquire the Crumbs' business as part of
the Company's Chapter 11 filing.  The Debtor will sell itself at a
bankruptcy auction on Aug. 21.  The lead bidder has a $6.5 million
credit bid.  A hearing to approve the sale is scheduled to take
place on Aug. 26.  The Company hopes to complete the sale process
in approximately 60 days, pending receipt of the necessary
approvals from the Bankruptcy Court.

Lemonis Fischer Acquisition is represented by Louis Price, Esq.,
at McAfee & Taft PC.


D.A.B. GROUP: Meeting of Creditors Adjourned to Sept. 2
-------------------------------------------------------
D.A.B Group LLC announced that the meeting of creditors, which was
scheduled to be held on Aug. 19, has been adjourned to Sept. 2, at
2:00 p.m.

The meeting has been adjourned on consent of the U.S. Trustee for
Region 2.  It will be held at the Office of the U.S. Trustee, 4th
Floor, 80 Broad St., in New York.

The court overseeing the bankruptcy case of a company schedules
the meeting of creditors usually about 30 days after the
bankruptcy petition is filed.  The meeting is called the "341
meeting" after the section of the Bankruptcy Code that requires
it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                         About DAB Group

D.A.B. Group LLC, owner of a stalled 16-story Allen Street Hotel
project in Orchard Street, New York, sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 14-12057) in Manhattan on July 14, 2014,
to pursue a prompt sale of the property.  The case is assigned to
Judge Shelley C. Chapman.

The property has been in the hands of a receiver since July 18,
2011.  Simon J.K. Miller, of Blank Rome LLP, serves as receiver.

J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein LLP, in
New York, serves as counsel to the Debtor.

DAB Group said in a court filing that its property is continguous
to the commercial property owned by its affiliate, 77-79 Rivington
Street Realty LLC (Bankr. S.D.N.Y. Case No. 14-10339).
Accordingly, DAB's Chapter 11 case is being filed as a related
proceeding.

The Debtor is currently required to file its Chapter 11 plan and
disclosure statement by Nov. 12, 2014.


DAEHAN SHIPBUILDING: U.S. Court Issues Provisional Ch. 15 Order
---------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York issued on Aug. 21, 2014, an order granting
Daehan Shipbuilding Co., Ltd., provisional relief pursuant to
Section 105(A) and 1519 of the U.S. Bankruptcy Code, after finding
that petitioner Byung Mo Lee, the custodian and foreign
representative of the company in its Korean Bankruptcy Proceeding,
has demonstrated a likelihood of success that the Company is
subject to a pending foreign main proceeding in Korea and that the
petitioner is the foreign representative of the company.

Judge Glenn ruled that beginning Aug. 21 and continuing through
the date the U.S. Court enters a final ruling on the Chapter 15
Petition, judgment creditors are, among other things, enjoined
from commencing or continuing any litigation or any other action
against or involving the Petitioner, the Company or its property,
whether owned, chartered or leased or the proceeds thereof within
the territorial jurisdiction of the United States.

Moreover, Judge Glenn ruled that that beginning Aug. 21 and
continuing through the date the U.S. Court enters a final ruling
on the Chapter 15 Petition, the civil action currently pending in
the Supreme Court of the State of New York, County of New York
styled Rimpacific Navigation Inc. and Wonder Enterprises Ltd. v.
Daehan Shipbuilding Co., Ltd. (Index # 650686/2014), will be
stayed, and no further action will be taken by the Judgment
Creditors.

As previously reported by The Troubled Company Reporter, on March
3, 2014, Rimpacific Navigation Inc. and Wonder Enterprises Ltd.
filed a petition for recognition of foreign judgments against the
Company in the Supreme Court of the State of New York, County of
New York (Index No. 650686/2014).  The petition seeks the entry of
an order recognizing and enforcing an English judgment rendered in
favor of Rimpacific and Wonder and against the Company, and the
entry of a judgment against the Company of not less than
US$54,538,682.

On April 16, 2014, the Company filed an answer to the Petition and
asserted various defenses, including: (i) failure to state a
claim; (ii) insufficient service of process; (iii) the foreign
judgments do not have res judicata effect; and (iv) the English
Court lacked jurisdiction, service of process in that proceeding
was invalid, notice was insufficient and the underlying guarantees
are invalid and repugnant to public policy.

On July 24, 2014, Rimpacific and Wonder filed a motion for summary
judgment in support of their petition for recognition of foreign
judgments.

By agreement between Rimpacific, Wonder and the Company, the
latter's response to the motion for summary judgment was due on
Aug. 20, 2014.

                     About Daehan Shipbuilding

Based in Haenam-gun, Jeollanam-do, Korea, Daehan Shipbuilding Co.,
Ltd., is engaged in the shipbuilding and repair business.

On June 27, 2014, Daehan Shipbuilding applied for rehabilitation
before the 4th Bankruptcy Division of the Seoul Central District
Court.  Byung Mo Lee, as existing chief executive officer of the
Company, assumed the role of the custodian and "foreign
representative" of the company.

Mr. Lee filed a Chapter 15 bankruptcy petition in Manhattan
(Bankr. S.D.N.Y. Case No. 14-12391) on Aug. 18, 2014, to seek
recognition of the Korean rehabilitation proceedings.

Judge Sean H. Lane is assigned to the U.S. case.  The Debtor has
tapped Michael B. Schaedle, Esq., at Blank Rome LLP, as counsel.


DAYBREAK OIL: Maximilian Resources Has 9.9% Equity Stake
--------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Maximilian Resources reported that as of
Aug. 8, 2014, it beneficially owns 5,708,809 shares of Daybreak
Oil and Gas, Inc.'s common stock, which constitutes 9.99% of the
Company's issued and outstanding Common Stock, based on 57,145,236
shares of the Company's Common Stock issued and outstanding.  In
addition, Maximilian owns warrants to purchase up to 6,550,281
shares of Common Stock.  The warrant is exercisable at $0.10 per
share and expires on Aug. 28, 2016.  A copy of the regulatory
filing is available for free at http://is.gd/Va3qnK

                         About Daybreak Oil

Daybreak Oil and Gas, Inc. is an independent oil and natural gas
exploration, development and production company.  The Company is
headquartered in Spokane, Washington and has an operations office
in Friendswood, Texas.  The Company's common stock is quoted on
the OTC Bulletin Board market under the symbol DBRM.OB.  Daybreak
has over 20,000 acres under lease in the San Joaquin Valley of
California.

Daybreak Oil incurred a net loss available to common shareholders
of $1.54 million for the year ended Feb. 28, 2014, as compared
with a net loss available to common shareholders of $2.39 million
for the same period last year.

Daybreak Oil incurred a net loss of $2.23 million on $974,680 of
revenue for the year ended Feb. 28, 2013, as compared with a net
loss of $1.43 million on $1.31 million of revenue for the year
ended Feb. 29, 2012.

The Company's balance sheet at May 31, 2014, showed $12.94 million
in total assets, $16 million in total liabilities and a $3.05
million total stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Feb. 28, 2014.  The independent auditors noted that
Daybreak Oil and Gas, Inc. suffered losses from operations and has
negative operating cash flows, which raises substantial doubt
about its ability to continue as a going concern.


DBSI INC: Ex-President Gets 20 Years For Ponzi-Like Fraud
---------------------------------------------------------
Law360 reported that the former president of DBSI Inc. was
sentenced in Idaho federal court to 20 years in prison for his
role in running a Ponzi-like scheme through the bankrupt real
estate firm, while the firm's ex-general counsel was handed a
five-year sentence and two other former DBSI executives received
three-year sentences, prosecutors said.  According to the report,
U.S. District Judge B. Lynn Winmill sentenced former DBSI
President Douglas L. Swenson and general counsel Mark Ellison,
both 66, after finding the defendants were responsible for losses
totaling $100 million.

As previously reported by The Troubled Company Reporter, Judge
Winmill denied motions for acquittal and a new trial filed by the
former executives, after finding that the evidence presented at
trial was sufficient to support Mr. Swenson's conviction on 34
counts of wire fraud and all four defendants' convictions on 44
counts each of securities fraud, the judge found.

                          About DBSI Inc.

Headquartered in Meridian, Idaho, DBSI Inc. and its affiliates
were engaged in numerous commercial real estate and non-real
estate projects and businesses.  On Nov. 10, 2008, and other
subsequent dates, DBSI and 180 of its affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-12687).
DBSI estimated assets and debts between $100 million and
$500 million as of the Chapter 11 filing.

Lawyers at Young Conaway Stargatt & Taylor LLP represent the
Debtors as counsel.  The Official Committee of Unsecured Creditors
tapped Greenberg Traurig, LLP, as its bankruptcy counsel.
Kurtzman Carson Consultants LLC is the Debtors' notice claims and
balloting agent.

Joshua Hochberg, a former head of the Justice Department fraud
unit, served as an Examiner and called the seller and servicer of
fractional interests in commercial real estate an "elaborate shell
game" that "consistently operated at a loss" in his report
released in October 2009.  McKenna Long & Aldridge LLP was counsel
to the Examiner.

On Sept. 11, 2009, the Honorable Peter J. Walsh entered an Order
appointing James R. Zazzali as Chapter 11 trustee for the Debtors'
estates.  On Oct. 26, 2010, the trustee won confirmation of the
Second Amended Joint Chapter 11 Plan of Liquidation for DBSI,
paving the way for it to pay creditors and avoid years of
expensive litigation over its complex web of affiliates.  The
plan, which was declared effective Oct. 29, 2010, was co-proposed
by DBSI's unsecured creditors committee.

Pursuant to the confirmed Chapter 11 plan, the DBSI Real Estate
Liquidating Trust was established as of the effective date and
certain of the Debtors' assets, including the Debtors' ownership
interest in Florissant Market Place was transferred to the RE
Trust.  Mr. Zazzali and Conrad Myers were appointed as the post-
confirmation trustees.  Messrs. Zazzali and Myers are represented
by lawyers at Blank Rime LLP and Gibbons P.C.


DETROIT, MI: Barclays Agrees to Lend $275-Mil. for Bankruptcy Exit
------------------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that Barclays Capital has agreed to provide $275 million
to finance Detroit's operations as it comes out of bankruptcy,
according to documents filed in bankruptcy court.  The DealBook
related that the agreement calls for the Michigan Finance
Authority to issue financial recovery bonds in that amount and for
Barclays to buy them at an underwriter's discount that adds up to
about $1.4 million.  As the sole underwriter, Barclays will then
have 150 days to resell the bonds in a syndication and public
offering, the report said.

A full-text copy of the Barclays Exit Financing Agreement is
available at http://bankrupt.com/misc/DETROITbarclaysf0827.pdf

                  About City of Detroit, Michigan

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

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


DERIVIUM CAPITAL: Rep. Nabs $704M In Damages Over Stock Scheme
--------------------------------------------------------------
Law360 reported that a South Carolina federal judge awarded
Florida Congressman Alan M. Grayson more than $704 million in
default judgments and treble damages in three long-running suits
against perpetrators of the defunct Derivium Capital LLC's "90
percent stock loans" alleged Ponzi scheme that bilked investors
out of $1 billion.  According to the report, in an order sprinkled
with references to Charles Dickens' Bleak House and F. Scott
Fitzgerald's The Great Gatsby, U.S. District Judge David C. Norton
granted the hefty default judgments and treble damages in favor of
Grayson.

Derivium Capital LLC filed for bankruptcy after the collapse of
its "stock loan" lending program, alleged to be a Ponzi scheme.
Grayson Consulting, Inc., assignee of the Chapter 7 bankruptcy
trustee, sought to recover from Wachovia Securities, LLC, Wachovia
Securities Financial Network, LLC, and First Clearing, LLC, the
assets transferred into Derivium's brokerage accounts at Wachovia
and commissions, fees, and margin interest payments paid to
Wachovia as fraudulent conveyances under 11 U.S.C. Sections 544
and 548.  Grayson also asserted tort claims against Wachovia
related to its involvement in Derivium's stock loan program.

The case is Grayson et al v. Cathcart et al., Case No. 2:07-cv-
00593 (D.S.C.).


DOLPHIN DIGITAL: Files Financial Statements for 2013
----------------------------------------------------
Dolphin Digital Media Inc., on August 14, filed with the U.S.
Securities and Exchange Commission its quarterly reports for the
periods ended March 31, 2013, June 30, 2013 and Sept. 30, 2013.

The Company incurred a net loss of $907,764 on $769,620 of
revenues for the three months ended March 31, 2013, compared to a
net loss of $956,575 on $0 of revenues for the same period in
2012.  A copy of the Form 10-Q is available for free at:

                        http://is.gd/bAZ2Mr

For the three months ended June 30, 2013, the Company reported a
net loss of $637,517 on $517,560 of total revenues compared to a
net loss of $455,406 on $998,582 of total revenues for the same
period last year.  A copy of the Form 10-Q is available at:

                        http://is.gd/WKjn0Q

Net loss for the three months ended Sept. 30, 2013, was $441,430
on $505,950 of total revenues compared to a net loss of $1.23
million on $2.09 million of toal revenues for the same period in
2012.  As of Sept. 30, 2013, the Company had $2.11 million in
total assets, $8.54 million in total liabilities, all current, and
a $6.43 million total stockholders' deficit.  A full-text copy of
the Form 10-Q is available at http://is.gd/ltOHj8

"As of September 30, 2013, the Company recorded an accumulated
deficit of $36,207,500.  Further, the Company has inadequate
working capital to maintain or develop its operations, and it is
dependent upon funds from private investors and the support of
certain stockholders.  These factors raise substantial doubt about
the ability of the Company to continue as a going concern," the
Company stated in the Report.

                        About Dolphin Digital

Coral Gables, Florida-based Dolphin Digital Media, Inc., is
dedicated to the twin causes of online safety for children and
high quality digital entertainment.  By creating and managing
child-friendly social networking websites utilizing state-of the-
art fingerprint identification technology, Dolphin Digital Media,
Inc. has taken an industry-leading position with respect to
internet safety, as well as digital entertainment.

In their report on the consolidated financial statements for the
year ended Dec. 31, 2012, Crowe Horwath LLP expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has incurred net losses, negative cash
flows from operations and does not have sufficient working
capital.

The Company reported a net loss of $3.39 million on $3.86 million
of revenues in 2012, compared with a net loss of $1.23 million on
$472,824 of revenues in 2011.


DR. TATTOFF: Incurs $1.6 Million Second Quarter Net Loss
--------------------------------------------------------
Dr. Tattoff, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.64 million on $1.12 million of total revenues for the three
months ended June 30, 2014, compared with a net loss of $1.02
million on $1.06 million of revenues for the same period in 2013.

For the six months ended JUne 30, 2014, the Company reported a net
loss of $3.09 million on $2.19 million of revenues compared with a
net loss of $2.27 million on $1.97 million of revenues for the
same period in 2013.

As of June 30, 2014, the Company had $2.54 million in total
assets, $8.95 million in total liabilities and a $6.41 million
total shareholders' deficit.

"We require substantial capital to fund our growth and will
continue to seek substantial amounts of capital to effectuate our
business plan.  We have experienced significant negative cash flow
from operations to date, and we expect to continue to experience
negative cash flow in the near future.  Our inability to generate
sufficient funds from operations and external sources will have a
material adverse effect on our business, results of operations and
financial condition.  If we are not able to raise additional
funds, we will be forced to significantly curtail or cease our
operations," the Company said in the Report.

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

                        http://is.gd/ldqXX1

                         About Dr. Tattoff

Beverly Hills, Calif.-based Dr. Tattoff, Inc., currently operates
or provides management services to five laser tattoo and hair
removal clinics located in Texas and California, all of which
operate under the Company's registered trademark "Dr. Tattoff."

Dr. Tattoff reported a net loss of $4.30 million on $3.65 million
of revenues for the year ended Dec. 31, 2013, as compared with a
net loss of $2.83 million on $3.20 million of revenues during the
prior year.

SingerLewak LLP, in Los Angeles, 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 current liabilities exceeded its current assets
by approximately $5,435,000, has shareholders' deficit of
approximately $4,013,000, has suffered recurring losses and
negative cash flows from operations, and has an accumulated
deficit of approximately $11,708,000 at Dec. 31, 2013.  This
raises substantial doubt about the Company's ability to continue
as a going concern.


EAT AT JOE'S: Posts $1.6 Million Net Income in Second Quarter
-------------------------------------------------------------
Eat at Joe's Ltd. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $1.61 million on $392,605 of revenues for the three months
ended June 30, 2014, compared to a net loss of $189,114 on
$326,740 of revenues for the same period in 2013.

For the six months ended June 30, 2014, the Company reported net
income of $5.61 million on $729,776 of revenues compared to net
income of $57,264 on $604,068 of revenues for the same period last
year.

As of June 30, 2014, the Company had $18.67 million in total
assets, $10.77 million in total liabilities and $7.89 million in
total stockholders' equity.

"As of June 30, 2014, the Company has an accumulated deficit of
$10,038,100.  The Company's continued existence is dependent upon
its ability to execute its operating plan and to obtain additional
debt or equity financing.  There can be no assurance the necessary
debt or equity financing will be available, or will be available
on terms acceptable to the Company," the Company stated in the
Report.

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

                        http://is.gd/FZsmSe

                 Amends Previously Filed Financials

Eat at Joe's, Ltd., filed with the SEC an amended annual report on
Form 10-K/A for the period ended Dec. 31, 2013.  The financial
statements have been amended for failure to record the acquisition
of marketable securities and the related notes payable in 2012 and
2013, along with interest, and the resulting realized and
unrealized gains and losses.  In addition subsequent to the
issuance of the Dec. 31, 2013, financial statements, a material
departure from GAAP was determined due to the Company using the
valuation date subsequent to period end to value its marketable
securities.

The Company's restated balance sheet at Dec. 31, 2013, showed
$7.60 million in total assets, $10.48 million in total liabilities
and a $2.87 million total stockholders' deficit.  The Company
previously reported $13.75 million in total assets, $10.48 million
in total liabilities and $3.26 million in total stockholders'
equity.

The Company incurred a net loss of $1.38 million on $1.30 million
of revenues for the year ended Dec. 31, 2013, compared to net
income of $2.84 million on $1.11 million of revenues in 2012.

A full-text copy of the Form 10-K, as amended, is available at:

                         http://is.gd/feh2o9

The Company separately filed an amended quarterly report for the
period ended March 31, 2014.  Subsequent to the issuance of the
financial statements, a material departure from GAAP was
determined due to the Company incorrectly using a valuation date
subsequent to period end to value its marketable securities.

The Company's amended balance sheet at March 31, 2014, showed
$22.52 million in total assets, $10.65 million in total
liabilities and $11.86 million in total stockholders' equity.
The Company originally reported that the Company's balance sheet
at March 31, 2014, showed $22.88 million in total assets, $10.68
million in total liabilities and $12.20 million in total
stockholders' equity.  A full-text copy of the Form 10-Q/A is
available at http://is.gd/PX8m2q

                         About Eat at Joe's

Scarsdale, N.Y.-based Eat at Joe's, Ltd., presently owns and
operates one theme restaurant located in Philadelphia,
Pennsylvania.

Eat at Joe's incurred a net loss of $1.38 million in 2013
following net income of $2.84 million on in 2012.

Robison, Hill & Co., in Salt Lake City, Utah, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has suffered recurring losses from operations
raising substantial doubt about its ability to continue as a going
concern.


EDUCATION MANAGEMENT: Exchange Offer No Impact on Moody's CFR
-------------------------------------------------------------
Education Management LLC's debt restructuring plan is credit
negative, but will not result in an immediate change in the
company's ratings or outlook. Education Management has a Caa3
corporate family rating (CFR) and a Caa3-PD probability of default
rating (PDR), with a negative ratings outlook. However, on
execution of the refinancing amendment plan, Moody's will likely
view the proposed transaction as a distressed exchange, which
Moody's would consider to be a default per Moody's definitions. As
such, Moody's would likely lower the company's PDR to LD-PD to
reflect the limited default.

Education Management LLC, an indirect subsidiary of Education
Management Corporation based in Pittsburgh, Pennsylvania, is one
of the largest providers of private post-secondary education in
North America. The company's education systems (The Art
Institutes, Argosy University, Brown Mackie Colleges and South
University) offer associate through doctorate degrees with
approximately 120,000 students. The company reported revenues of
approximately $2.4 billion for the twelve months ended March 31,
2014.


ELITE PHARMACEUTICALS: Reports $4.4MM Net Loss in June 30 Qtr.
--------------------------------------------------------------
Elite Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to common shareholders of $4.40 million on
$1.16 million of total revenues for the three months ended
June 30, 2014, compared to net income attributable to common
shareholders of $921,666 on $721,689 of total revenues for the
same period in 2013.

The Company's balance sheet at June 30, 2014, showed $23.96
million in total assets, $108.41 million in total liabilities and
a $84.44 million total stockholders' deficit.

As of June 30, 2014, the Company had cash on hand of $8.2 million
and a working capital surplus of $4.8 million.

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

                       http://is.gd/qfneRi

                     About Elite Pharmaceuticals

Northvale, New Jersey-based Elite Pharmaceuticals, Inc., is a
specialty pharmaceutical company principally engaged in the
development and manufacture of oral, controlled-release products,
using proprietary technology and the development and manufacture
of generic pharmaceuticals.  The Company has one product,
Phentermine 37.5mg tablets, currently being sold commercially.

Elite Pharmaceuticals disclosed a net loss attributable to common
shareholders of $96.57 million on $4.60 million of total revenues
for the year ended March 31, 2014, as compared with net income
attributable to common shareholders of $1.48 million on $3.40
million of total revenues for the year ended March 31, 2013.


EMISPHERE TECHNOLOGIES: Has $8.07-Mil. Loss for Second Quarter
--------------------------------------------------------------
Emisphere Technologies, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $8.07 million on $nil of total
revenue for the three months ended June 30, 2014, compared with a
net loss of $13.98 million on $nil of total revenue for the same
period in 2013.

The Company's balance sheet at June 30, 2014, showed $1.91 million
in total assets, $100.05 million in total liabilities, and a
stockholders' deficit of $98.13 million.

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

                      http://is.gd/wL6ZaU

Roseland, N.J.-based Emisphere Technologies, Inc. (OTC BB: EMIS)
is a biopharmaceutical company that focuses on a unique and
improved delivery of therapeutic molecules and commercialization
of its own product candidates using its Eligen(R) Technology.
These molecules could be currently available or are under
development.

McGladrey LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
has suffered recurring losses from operations, has a working
capital deficiency and a significant stockholders' deficit, and
has limited cash availability.


EMPIRE RESORTS: Extends Executive's Employment for 1 Year
---------------------------------------------------------
Empire Resorts, Inc., and Charles A. Degliomini have amended their
employment agreement dated Dec. 7, 2012, to:

     (i) extend the term of employment of Mr. Degliomini from Dec.
31, 2014, to Dec. 31, 2015, and

    (ii) increase Mr. Degliomini's base salary from $250,000 to
$257,500.

In addition, the Employment Agreement was amended to supplement
the definition of "Change in Control" such that the following will
also constitute a Change in Control:

     "The individuals who, as of the date hereof, constitute the
      members of the Board (the 'Current Board Members') cease, by
      reason of a financing, merger, combination, acquisition,
      takeover or other non-ordinary course transaction affecting
      the Company, to constitute at least a majority of the
      members of the Board unless such change is approved by the
      Current Board Members."

Mr. Degliomini serves as the Company's executive vice president.

                        About Empire Resorts

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- owns and operates Monticello
Casino & Raceway, a video gaming machine and harness racing track
and casino located in Monticello, New York, 90 miles northwest of
New York City.

Empire Resorts reported a net loss applicable to common shares of
$27.05 million in 2013 following a net loss applicable to common
shares of $2.26 million in 2012.

As of June 30, 2014, the Company had $46.11 million in total
assets, $55.62 million in total liabilities and a $9.51 million
total stockholders' deficit.


ENERGY FUTURE: Keeps a Lid on Questions About Solvency
------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that
Energy Future Holdings Corp. has successfully fended off questions
from creditors anxious to probe the financial health of a company
division that is the target of deal talks.  According to the
report, the questions arose in a brewing court fight over whether
Energy Future owes of millions of dollars of premiums on $4
billion worth of debt attached to the division, which owns an 80%
stake in the Texas transmission business, Oncor.

                      About Energy Future

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.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4
billion in book value and total liabilities of $49.7 billion.  The
Debtors have $42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


ENERGY SERVICES: S&P Raises Debt Rating to 'B+' on Loan Reduction
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating
on Energy Services Holdings LLC's senior secured debt to 'B+' (one
notch above the corporate credit rating) from 'B'.  S&P revised
its recovery rating on this debt to '2', indicating its
expectation for substantial (70% to 90%) recovery in the event of
a payment default, from '3'.

S&P revised its recovery rating on this debt following the
company's reduction of the secured term loan to $125 million from
the proposed $150 million.  The revision also reflects increased
amortization results in higher recovery expectations for the
company's secured debt in a default scenario.  S&P based its
recovery expectation on the assumption that the company would
continue to have a viable business in the event of a default,
based on its existing customer relationships and the longer-term
need for its services.

The corporate credit rating incorporates S&P's view of the
company's limited scale and exposure to cyclical end-markets --
albeit with some competitive advantage -- which support
sustainable EBITDA margins that S&P considers average.  S&P's
assessment also reflects the company's controlling ownership by
financial sponsor Cadent Energy Partners, and S&P's expectation
that it will use a portion of the proceeds from the offering to
pay a $60 million dividend (compared with the proposed $85
million) to shareholders and to refinance existing debt.  S&P
views financial sponsor ownership, in general, as potentially
leading to increased financial leverage, such as through potential
dividend recapitalizations, which are not incorporated in S&P's
base-case scenario.  In S&P's view, the combination of these
attributes limits the company's operational and financial
flexibility.  S&P expects debt to EBITDA to be approximately 3.5x
and funds from operations to debt of about 20% at year-end 2014
with modestly positive free operating cash flow.

RECOVERY ANALYSIS

   -- S&P has completed a recovery analysis of the company's
      revised debt facilities and the recovery ratings reflect the
      changed capital structure.

   -- S&P has valued the company on a going concern basis using a
      5x multiple of its projected emergence EBITDA.

   -- S&P estimates that, for the company to default, EBITDA would
      need to decline significantly, representing a material
      deterioration from the current state of its business.

Simulated default and valuation assumptions:

   -- Simulated year of default: 2017
   -- EBITDA at emergence: $25 mil.
   -- EBITDA multiple: 5x

Simplified waterfall:

   -- Net enterprise value (after 5% admin. costs): $119 mil.
   -- Valuation split in % (Obligors/Non-obligors): 100/0
   -- Priority claims: $4 mil.
   -- Collateral value available to secured creditors: $115 mil.
   -- Secured first-lien debt: $147 mil.
   -- Recovery expectations: 70% to 90%

RATINGS LIST

Energy Services Holdings LLC
Corporate Credit Rating         B/Stable/--

Upgraded; Recovery Rating Revised
                                 To          From
Energy Services Holdings LLC
Senior Secured                  B+          B
   Recovery Rating               2           3


EPICOR SOFTWARE: S&P Revises Outlook to Stable & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Austin, Tex.-based Epicor Software Corp. to stable from negative.
At the same time, S&P affirmed all ratings on the company and its
debt issues, including the 'B' corporate credit rating.

"The rating outlook revision is based on the company's moderate
revenue growth and lower debt leverage since its parent company
EGL Midco Inc.'s dividend distribution in June 2013, whereby it
issued $400 million paid-in-kind (PIK) toggle notes," said
Standard & Poor's credit analyst David Tsui.

Epicor is a mid-tier ERP solutions provider that focuses on
manufacturing, retail, distribution, and services verticals.  The
company's primary focus is on midsize customers, and the ability
of its products to be customized for specific needs allows it to
compete effectively.

The rating on Epicor reflects Standard & Poor's view of the
company's highly recurring revenue base from its ERP software
maintenance and services, and consistently positive free operating
cash flow (FOCF) generation.  S&P's view of the company's business
risk profile is characterized by its competition with much larger
and more diversified software firms, such as SAP, Oracle, and
Microsoft, and its exposure to industry cyclicality, especially in
the retail and housing-related end markets.  However, Epicor
derives a significant amount of recurring revenue from maintenance
and services and has renewal rates that exceed 90% (with more than
80% of revenues from its installed customer base).  S&P expects
these factors to continue to provide revenue visibility. Epicor's
profitability also improved to about 26% in the 12 months ended
June 30, 2014, up from about 25% in the year-ago period, because
of favorable product mix and improved operating leverage.

The stable outlook reflects S&P's view of Epicor's highly
recurring revenue base from its ERP software maintenance and
services, and consistently positive free operating cash flow,
while maintaining leverage at or below its current level.

Although unlikely over the next 12 months, S&P could upgrade the
rating if the company could achieve significant revenue growth and
diversify its geography and end market exposures, , while reducing
debt leverage such that is remains at or below the 5x level.

S&P could lower the rating if competition intensifies, leading to
significant revenue declines or profitability deterioration,
resulting in leverage sustained above the mid-7x level.  Debt-
financed shareholder returns leading to leverage at the same level
could also result in a lower rating.


FCC HOLDINGS: Files for Chapter 11 to Sell 28 Campuses
------------------------------------------------------
Greenhill Capital Partners' FCC Holdings, Inc., a secondary
education provider that owes secured lenders almost $50 million,
sought bankruptcy protection to complete its sale for only
$1 million in cash so that at least 28 of 40 campuses would not
shut down.

FCC, which provided secondary education in 41 campuses in 14
states, said that prepetition their liquidity was severely
constrained.  According to Sean Harding, the CEO and CRO, due to
certain regulatory issues the Debtors options were limited;
however after investigating potential alternatives, the Debtors
entered into an Amended and Restated Asset Purchase Agreement with
IEC Corporation on Aug. 21, 2014.

The Purchase Agreement contemplates a bifurcated transaction: (1)
the sale of certain campuses that, due to regulatory issues, was
substantially consummated prepetition, although certain aspects of
the sale (such as assumption and assignment of leases), are
contemplated to be concluded post-petition and (2) a post-petition
private sale of certain other campuses.

The Debtors said that on or shortly after the Petition Date, they
are filing with the bankruptcy court a sale motion in order to
seek approval of and implement the transaction, which is the only
alternative the Debtors have to keep 28 campuses up and running
(subject, in the case of 9 campuses, to further approval of the
DOE), approximately 8,150 students educated, and approximately
1,500 people employed.

Although the transaction will not result in any significant cash
proceeds for the Debtors' estates, the transaction is the best
(and only) alternative available for the Debtors, according to mR.
Harding.

The transaction consists of two components:

     Step 1 Transaction

          The sale of certain campuses that, due to regulatory
issues, was substantially consummated pre-petition, although
certain aspects of the sale (such as assumption and assignment of
leases), are contemplated to be concluded postpetition, and

     Step 2 Transaction

          A postpetition private sale of certain other Campuses

The Debtors' secured lenders have consented to the transaction and
the U.S. Department of Education has approved the Step 1
Transactions.  The Debtors have sought -- but not yet received --
approval from the DOE of the Step 2 Transactions.

The consideration for the transaction is $1,000,000 in cash, a
$1,000,000 lender consent fee, the assumption of certain leases,
contracts and other liabilities and the funding of certain
expenses that will enable the Debtors to (a) keep certain parts of
their businesses running (and therefore students educated) through
the conclusion of the Transaction and (b) have the opportunity to
conclude and implement "Teach-Out" arrangements that will allow
many of the students attending campuses that are not being sold to
conclude their education

                         Prepetition Sale

Mr. Harding explained that among the regulatory issues that
dictated the structure of the transaction as partially consummated
outside of chapter 11 are prohibitions on the use of Office of
Postsecondary Education Identification ("OPEID") numbers (which
allow educational institutions to receive funding under Title IV)
after an institution has filed a chapter 11 case.  Because of the
permanent prohibition on Title IV eligibility if an institution
has filed for chapter 11, a traditional 363 sale is not a
practical alternative for institutions dependent on Title IV
revenues.  In addition, certain change in control requirements
severely limits the universe of likely potential purchasers to
those already in the proprietary post-secondary education
industry.

Prior to the Petition Date, the Company had three sets of schools
-- the 14 Florida Career College schools; the 22 Anthem Education
schools; and the 5 US Colleges schools, as well as "Anthem
Online," its online course offerings.

In order to preserve the OPEID number of the FCC Schools and allow
for the assumption of the related DOE liabilities, the FCC Schools
were transferred to IEC Corporation ("IEC") prior to the Petition
Date in partial implementation of the Step 1 Transactions.  The US
Colleges are to be transferred to IEC as part of the Step 2
Transactions.  In addition, and subject to DOE approval, certain
of the Anthem Schools may be transferred to IEC as part of the
Step 2 Transactions if DOE approval can be obtained on a timely
basis (the "Step 2 Anthem Schools").  If the DOE does not timely
approve the acquisition of the Step 2 Anthem Schools, then the
Debtors anticipate those campuses will be shut down.

Prior to the Petition Date, three of the Anthem Schools were sold
to Premier Education Group, L.P.  With respect to the remaining
ten Anthem Schools that were not sold pre-petition and are not
part of the Transaction, the Debtors have negotiated (or are in
the process of negotiating) "Teach-Out" arrangements for the
students at these campuses, to ensure that those students can
continue their educations with as little disruption as possible.

                        First Day Motions

The Debtors on the Petition Date filed customary first-day motions
to:

   -- jointly administer their Chapter 11 cases;
   -- maintain their existing bank accounts;
   -- prohibit utilities from discontinuing service;
   -- pay employee wages and benefits;
   -- pay sales and use taxes;
   -- maintain their existing insurance policies; and
   -- use cash collateral.

The Debtors also filed motions to (i) lift the stay to allow the
bank to exercise its remedies and allow the receiver to remain in
place, (ii) reject certain unexpired leases; enter into certain
teach-out agreements for certain campuses; and (iii) credit
certain excess funds to students' accounts.

The Debtors have filed an application to hire Kurtzman Carson
Consultants, LLC, as claims and notice agent.

                        About FCC Holdings

FCC Holdings, Inc., and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 14-11987) in Delaware on
Aug. 25, 2014.

Headquartered in Ft. Lauderdale, Florida, FCC Holdings, Inc., and
its affiliates provide quality postsecondary education in fourteen
states.  The FCC schools were started by David Knobel in 1994 in
Fort Lauderdale, Florida, and, as of the bankruptcy filing, are
owned by Greenhill Capital Partners.

Prior to the Petition Date, the Company, which currently operates
under the name "Anthem Education," had three sets of schools --
the 14 Florida Career College schools; the 22 Anthem Education
schools; and the 5 US Colleges schools

As of the Petition Date, the Debtors' outstanding secured
obligations were $49,000,000, plus interest and fees, comprised
of: Tranche A Loans of $18,578,846, Tranche B Loans of
$29,056,430, and Existing Letters of Credit of $1,390,122.
The Debtors also have unsecured debt of $15,000,000.

Judge Christopher S. Sontchi is assigned to the Chapter 11 cases.

The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg
Traurig, LLP, as counsel, and KCC as claims and notice agent.


FCC HOLDINGS: Seeks to Reject Leases for Vacated Premises
---------------------------------------------------------
FCC Holdings, Inc., and its affiliated debtors filed a motion
seeking approval of the rejection of certain unexpired leases of
real property.  The Debtors no longer operate at the premises
subject to the leases, and therefore vacated the premises on or
before the Petition Date.  The Debtors seek to reject these
leases, nunc pro tunc to the Petition Date:

   (1) Atlanta

       Carter Lindbergh Retail, LLC
       Att: Lockbox 936181 3585 Atlanta Ave Hapevilla, GA 30354

   (2) Aurora

       c/o NBR Services Inc.
       9200 W Cross Dr Littleton, CO 80123
       P: (303) 830-2064

   (3) Brookfield

       Decade Executive Office Buildings, LLC
       Decade Properties, Inc.
       13555 Bishops Court, Suite 345
       Brookfield, WI 53005
       P: (262) 797-9215

   (4) Cherry Hill

       ACKRIK Associates
       187 Millburn Avenue Suite 6 Millburn, NJ 07041

   (5) Fenton

       Gravois Bluffs East 8-A, LLC
       9109 Watson Road Suite 400 St. Louis, MO 63126

   (6) Irving

       Univera Partners, Inc.
       14275 Midway Rd. #160 Addison, TX 75001
       P: (972) 239-4144

   (7) Kansas City

       Columbia 9001, LLC
       7611 State Line Road Suite 301 Kansas City, MO 64114
       P: (816) 444-0900

   (8) Maryland Heights

       Riverport Project I, LP
       13723 Riverport Dr. Suite 102
       Maryland Heights, MO 63043-4819
       P: (314) 770-1700

   (9) Springfield
       Blank Aschkenasy
       300 Conshohocken State Rd Suite 360
       W Conshohocken, PA 19428

  (10) St. Louis Park

       c/o Colliers International S. Fl. Property Mgmt
           Colliers International Mpls-St. Paul
       95 Merrick Way, Suite 380
       Coral Gables, FL 33134
       P: (786) 5377385

                        About FCC Holdings

FCC Holdings, Inc., and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 14-11987) in Delaware on
Aug. 25, 2014.

Headquartered in Ft. Lauderdale, Florida, FCC and its affiliates
provide quality postsecondary education in fourteen states.  The
FCC schools were started by David Knobel in 1994 in Fort
Lauderdale, Florida, and, as of the bankruptcy filing, are owned
by Greenhill Capital Partners.

Prior to the Petition Date, the Company, which currently operates
under the name "Anthem Education," had three sets of schools --
the 14 Florida Career College schools; the 22 Anthem Education
schools; and the 5 US Colleges schools.

The Debtors' outstanding secured obligations are $49,000,000, plus
interest and fees, comprised of: Tranche A Loans of $18.6 million,
Tranche B Loans of $29.1 million, and existing letters of credit
of $1.39 million.  The Debtors also have unsecured debt of
$15 million.

Judge Christopher S. Sontchi is assigned to the Chapter 11 cases.

The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg
Traurig, LLP, as counsel, and KCC as claims and notice agent.


FCC HOLDINGS: Seeks Approval to Use Cash Collateral
---------------------------------------------------
FCC Holdings, Inc., et al.'s secured lenders have entered into a
consent agreement regarding FCC's entry into an asset purchase
agreement with IEC Corporation.

Pursuant to the Consent Agreement, upon entry of an order granting
Bank of Montreal, as administrative agent, for the benefit of the
lenders, replacement liens on all post-petition assets of the
Debtors and a superpriority administrative claim against the
Debtors as adequate protection, the lenders have consented to the
Debtors' use of cash collateral.

Accordingly, the Debtors ask the bankruptcy court to enter an
order (i) authorizing use of cash collateral on an interim basis
effective as of the Petition Date; (ii) granting the Debtors
authority to provide interim and final adequate protection; and
(iii) scheduling a final hearing to consider entry of a final
order authorizing the use of cash collateral.

The Debtors say they do not have sufficient available sources of
working capital and financing to effect the transaction
contemplated in the asset purchase agreement or to preserve and
maintain the value of the Debtors remaining without the use of the
cash collateral.

                        About FCC Holdings

FCC Holdings, Inc., and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 14-11987) in Delaware on
Aug. 25, 2014.

Headquartered in Ft. Lauderdale, Florida, FCC and its affiliates
provide quality postsecondary education in fourteen states.  The
FCC schools were started by David Knobel in 1994 in Fort
Lauderdale, Florida, and, as of the bankruptcy filing, are owned
by Greenhill Capital Partners.

Prior to the Petition Date, the Company, which currently operates
under the name "Anthem Education," had three sets of schools --
the 14 Florida Career College schools; the 22 Anthem Education
schools; and the 5 US Colleges schools.

The Debtors' outstanding secured obligations are $49,000,000, plus
interest and fees, comprised of: Tranche A Loans of $18.6 million,
Tranche B Loans of $29.1 million, and existing letters of credit
of $1.39 million.  The Debtors also have unsecured debt of
$15 million.

Judge Christopher S. Sontchi is assigned to the Chapter 11 cases.

The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg
Traurig, LLP, as counsel, and KCC as claims and notice agent.


FCC HOLDINGS: Has Teach-Out Agreements for 1,100 Students
---------------------------------------------------------
FCC Holdings, Inc., et al., ask the bankruptcy court to enter an
order authorizing, but not directing, their entry into teach-out
agreements relating to campuses that weren't sold prepetition.

Institutions that decide to close an educational program, site,
branch campus or the entire institution are required, typically by
the applicable state regulatory agencies and the institution(s)'
accrediting agencies, to submit a teach-out plan.  A teach-out
agreement is a written agreement between institutions that
provides for the equitable treatment of students and a reasonable
opportunity for students to complete their program of study if an
institution, or an institutional location, ceases to operate
before all enrolled students have completed their program of
study.

Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, explains that
with respect to those campuses for which the Debtors have been
unable to procure a purchaser, prior to the Petition Date the
Debtors executed a number of teach-out agreements, and sought
approval from the regulatory authorities and accreditors, to allow
their students to continue their education with as little
disruption as possible.

As of the Petition Date, the Debtors had executed approximately 15
to 20 Teach-Out agreements -- covering approximately 1,100
students -- in order to provide their students with a convenient
option for completing their education.

The Asset Purchase Agreement executed by the Debtors with IEC
Corporation contemplates the consummation of the Step 1
Transactions and the Step 2 Transactions.

The Step 2 Transactions -- involving campuses where IEC does not
need to acquire the existing OPEID numbers (both Anthem Education
and the US Colleges) --- are intended to be fully implemented
through the Chapter 11 Cases. The purchase of the Step 2 Anthem
Schools is, however, subject to applicable educational approvals,
including that of the DOE.  The parties are continuing to seek DOE
approval, however, as of the Petition Date, approval has not yet
been obtained.  If the Debtors do not receive a response from the
DOE within the next week, however, then IEC's obligation under the
Purchase Agreement to fund the operating expenses associated with
the Step 2 Anthem Schools will end, and the Debtors will be forced
to expeditiously execute Teach-Out Agreements with parties to
provide for the continuation of the Debtors' students at those
institutions and institutional locations.  Throughout this process
the Debtors, and their professionals, have remained in constant
contact with the regulatory authorities and their accreditors.

                        About FCC Holdings

FCC Holdings, Inc., and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 14-11987) in Delaware on
Aug. 25, 2014.

Headquartered in Ft. Lauderdale, Florida, FCC and its affiliates
provide quality postsecondary education in fourteen states.  The
FCC schools were started by David Knobel in 1994 in Fort
Lauderdale, Florida, and, as of the bankruptcy filing, are owned
by Greenhill Capital Partners.

Prior to the Petition Date, the Company, which currently operates
under the name "Anthem Education," had three sets of schools --
the 14 Florida Career College schools; the 22 Anthem Education
schools; and the 5 US Colleges schools.

The Debtors' outstanding secured obligations are $49,000,000, plus
interest and fees, comprised of: Tranche A Loans of $18.6 million,
Tranche B Loans of $29.1 million, and existing letters of credit
of $1.39 million.  The Debtors also have unsecured debt of
$15 million.

Judge Christopher S. Sontchi is assigned to the Chapter 11 cases.

The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg
Traurig, LLP, as counsel, and KCC as claims and notice agent.


FIRST INVESTORS: Accused of Distortion in Subprime Inquiry
----------------------------------------------------------
Jessica Silver-Greenberg and Michael Corkery, writing for The New
York Times' DealBook, reported that an auto lender in Texas, First
Investors Financial Services Group, agreed to pay a $2.75 million
penalty over accusations that it consistently gave giant credit
reporting agencies like Experian and Equifax flawed reports about
thousands of car buyers.  The reports, the Consumer Financial
Protection Bureau said, exaggerated the number of times that
borrowers fell behind on their bills, a mistake that could
jeopardize their ability to find housing or even get jobs,
according to The DealBook.


FIRST SECURITY: Committee Finds No Irregularities in Stock Awards
-----------------------------------------------------------------
A special committee of the Board of Directors of First Security
Group, Inc., had issued its report to the Board concluding that
the Compensation Committee had no intention for the stock awards
to constitute performance-based compensation and those awards were
fully consistent with the terms of the shareholder-approved stock
incentive plans for grants of non-performance based incentive
compensation, according to a regulatory filing by the Company with
the U.S. Securities and Exchange Commission.

The Report reaches the same conclusions as previously reported as
management's assessment in the June 10, 2014, Current Report on
Form 8-K.  The Special Committee determined that the Company
should not pursue litigation or take any further actions to
address the allegations.

The Board of Directors of the Company formed the Special Committee
to investigate allegations contained in a letter on behalf of
purported shareholders of the Company alleging certain
irregularities with respect to the issuance of stock awards to the
Company's named executive officers, and demanding that the Board
of Directors investigate claims, initiate legal action and take
necessary and appropriate remedial measures.

                     About First Security Group

First Security Group, Inc. is a bank holding company headquartered
in Chattanooga, Tennessee, with $1.0 billion in assets.  Founded
in 1999, First Security's community bank subsidiary, FSGBank, N.A.
has 26 full-service banking offices along the interstate corridors
of eastern and middle Tennessee and northern Georgia.  FSGBank --
http://www.FSGBank.com/-- provides retail and commercial banking
services, trust and investment management, mortgage banking,
financial planning, internet banking.

First Security incurred a net loss of $13.44 million in 2013, a
net loss of $37.57 million in 2012 and a net loss of $23.06
million in 2011.

The Company's balance sheet at June 30, 2014, showed $1.01 billion
in total assets, $926.11 million in total liabilities and $86.56
million in total shareholders' equity.


FOREVERGREEN WORLDWIDE: Posts $455,000 Net Income in 2nd Quarter
----------------------------------------------------------------
Forevergreen Worldwide Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income of $454,856 on $14.12 million of net
revenues for the three months ended June 30, 2014, compared to a
net loss of $5,383 on $4 million of net revenues for the same
period in 2013.

For the six months ended June 30, 2014, the Company reported net
income of $635,907 on $24.66 million of net revenues compared to a
net loss of $216,839 on $6.70 million of net revenues for the same
period last year.

As of June 30, 2014, the Company had $5.37 million in total asets,
$6.35 million in total liabilities and a $982,112 total
stockholders' deficit.

At June 30, 2014 the Company had cash and cash equivalents of
$406,196, with a working capital deficit of $812,521.

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

                         http://is.gd/7lznfB

                   About ForeverGreen Worldwide

Orem, Utah-based ForeverGreen Worldwide Corporation is a holding
company that operates through its wholly owned subsidiary,
ForeverGreen International, LLC.  The Company's product philosophy
is to develop, manufacture and market the best of science and
nature through innovative formulations as it produces and
manufactures a wide array of whole foods, nutritional supplements,
personal care products and essential oils.

Forevergreen reported net income of $116,843 on $17.46 million of
net product revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $790,199 on $12.49 million of net product
revenues in 2012.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company had accumulated losses of
$35,247,620 and a working capital deficit of $2,366,781 at
Dec. 31, 2013, which raises substantial doubt about its ability to
continue as a going concern.


FREE LANCE-STAR: Court to Hold Hearing on Plan Outline Sept. 25
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
will convene a hearing Sept. 25 to consider approval of the
disclosure statement outlining VA Newspaper Debtor Co.'s proposed
liquidation plan.

VA Newspaper, formerly known as Free Lance-Star Publishing Co. of
Fredericksburg, Va., filed on August 6 a liquidation plan, which
it co-proposed with the unsecured creditors' committee.

The purpose of the plan is to implement a settlement and release
agreement that VA Newspaper and the committee reached in July with
DSP Acquisition, LLC, the buyer of substantially all of the
company's assets, and the Pension Benefit Guaranty Corp.  The
Settlement resolves various claims and disputes among the parties,
and provides for the disposition of sale proceeds and the
remaining assets.

The plan provides for the appointment of Florence Barnick as
administrator, who will effectuate a wind-down of the company's
affairs.  It divides claims and interests in six classes and
discusses how each class will be treated.

The liquidation plan does not provide for the substantive
consolidation of VA Newspaper and its affiliated debtor VA Real
Estate Debtor LLC.  After the effective date of the plan, the
parties will be barred from seeking to substantively consolidate
the companies.

                About The Free Lance-Star Publishing

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

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

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

The Debtors have tapped Lynn L. Tavenner, Esq., and Paula S.
Beran, Esq., at Tavenner & Beran, PLC, as counsel; and Protiviti,
Inc., as financial advisor.

The U.S. Trustee for Region 4 appointed three members to the
official committee of unsecured creditors.


FREEDOM INDUSTRIES: Plan Has Gifts to Nonprofits
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that the proposed
Chapter 11 plan of Freedom Industries Inc. offers nothing to
people with claims for polluted water but provides that proceeds
from a settlement with AIG Specialty Insurance Co. will go to
nonprofit organizations benefiting the community harmed by the
spill.  The report related that assuming the claims don't come in
higher, unsecured creditors will get a 9.8% recovery.

                      About Freedom Industries

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

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

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

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

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

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.  The Committee retained Frost Brown Todd
LLC as counsel.

On March 18, the Bankruptcy Court approved the hiring of Mark
Welch at MorrisAnderson in Chicago as Freedom's chief
restructuring officer.


GARLOCK SEALING: Creditors Oppose Asbestos Plan Proposal
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that the official
committee representing creditors with asbestos claims against
Garlock Sealing Technologies LLC will urge its constituents to
vote against the company's reorganization plan, even though
Garlock said it pays claimants in full, while the official
representative of future asbestos claimants has no opposition to
disclosure materials explaining the plan, although he hasn't taken
a position as yet on the merits.

The bankruptcy judge will hold a hearing on Oct. 7 and 8 for
approval of the disclosure statement, which would allow creditors
to vote on the plan, the report related.

                      About Garlock Sealing

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

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

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

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

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

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

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


GENERAL EMPLOYMENT: Incurs $634K Net Loss for Q3 Ending June 30
---------------------------------------------------------------
General Employment Enterprises, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $634,000 on $9.92 million of
total revenue for the three months ended June 30, 2014, compared
with a net loss of $228,000 on $10.72 million of total revenue for
the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $10.26
million in total assets, $8.62 million in total liabilities, and a
stockholders' equity of $1.64 million.

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

                       http://is.gd/JJ3efO

General Employment Enterprises, Inc. was incorporated in the State
of Illinois in 1962 and is the successor to employment offices
doing business since 1893.  The Company's segments consist of the
following: (a) professional placement services specializing in the
placement of information technology, engineering, and accounting
professionals for direct hire and contract staffing, (b) temporary
staffing services in the agricultural industry and (c) temporary
staffing services in light industrial staffing.


GENERAL MOTORS: Ch. 11 Stay Doesn't Halt Remand Bid, Calif. Says
----------------------------------------------------------------
Law360 reported that attorneys for the state of California asked a
New York bankruptcy judge not to halt proceedings in a suit
alleging General Motors LLC concealed serious ignition switch
safety defects to avoid having to issue recalls, to provide the
state an opportunity to have the case sent back to state court.
According to the report, the Orange County District Attorney's
Office also asked for the no stay order to allow it to oppose
making the suit a part of ongoing multidistrict litigation
involving other ignition switch cases.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
-- http://www.gm.com/-- is one of the world's largest automakers,
traces its roots back to 1908.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government
provided financing.  The deal was closed July 10, 2009, and Old GM
changed its name to Motors Liquidation Co.

Old GM -- General Motors Corporation -- 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.  The Debtors tapped Weil, Gotshal & Manges LLP
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel; and Morgan Stanley, Evercore Partners and the Blackstone
Group LLP as financial advisor.  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 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: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
General Motors Company (GM) and its General Motors Holdings LLC
(GM Holdings) subsidiary at 'BB+'.  In addition, Fitch has
affirmed GM Holdings' secured revolving credit facility rating at
'BBB-' and GM's senior unsecured notes rating at 'BB+'.  The
Rating Outlook for GM and GM Holdings is Positive.

Fitch has also affirmed the long-term IDRs and senior unsecured
debt ratings of General Motors Financial Company, Inc. (GMF) and
its affiliates at 'BB+' and the short-term IDRs of GMF and its
affiliates at 'B'.  The Rating Outlook for GMF and its affiliates
is also Positive.

KEY RATING DRIVERS -- GM

GM's ratings continue to be supported by the auto manufacturer's
low automotive leverage, very strong liquidity position, reduced
pension obligations, strengthened product portfolio and the free
cash flow (FCF) generating capability of its automotive
operations.  GM's ratings are further supported by the global
diversity of its business, as it remains one of the largest auto
manufacturers in most regions of the world, holding a strong
presence in key developing markets, such as China and Latin
America.

The Positive Outlook reflects the trajectory of the underlying
trends in GM's core business.  Fitch expects the profitability of
the company's key North American business to continue growing on a
combination of pricing strength and further operational
efficiency.  Outside North America, GM's European operations
remain on track to meet or exceed the company's mid-decade break-
even target, while the company's Chinese joint ventures (JVs)
continue to be an important source of cash despite heightened
competition in that market.  The funded status of the company's
pension plans has improved materially over the past several years,
especially in the U.S., and steps the company has taken to de-risk
the plans are likely to significantly reduce volatility in the
pension liability as interest rates change in the future.

Fitch's primary concern is the potential for GM to experience
significant cash costs resulting from the substantial number of
recalls announced in the first half of 2014.  Although the direct
costs of the recall will be material, the greater concern is the
large number of lawsuits and various investigations that have been
initiated in the wake of the recalls, which could potentially have
a significant adverse effect on the company's cash flow.  Other
concerns include GM's North American profitability, which
continues to lag certain key competitors, as well as significant
restructuring activities that the company has undertaken in
various international regions.

Recalls

Although GM's core business is performing well, significant
concerns have arisen over the past six months as the company has
recalled over 29 million vehicles for a variety of safety-related
issues.  The bulk of the recalls have affected vehicles that are
out of production, and there has been no discernible effect on
sales of current GM vehicles.  In the first half of 2014, GM
recorded $2.5 billion in charges to cover the direct cost of the
recalls.  Fitch expects the recall charges to translate to cash
costs, most of which will likely be seen in the second half of
2014 and into early 2015.  However, significant uncertainty
remains over the potential outcome of numerous lawsuits and
federal and state investigations resulting from a decade-long
delay in recalling 2.6 million vehicles with faulty ignition
switches.  The company has also set up a fund to compensate
victims of accidents related to those switches.  GM estimates the
cost of the fund will be $400 million, although the company has
noted that it could rise to as much as $600 million.  However,
there is no cap on the fund, and the actual cost will depend on
the number and nature of the approved settlements.

A number of lawsuits are currently awaiting a bankruptcy court
decision as to whether they should be treated as prepetition or
post-petition claims.  Fitch sees the outcome of the bankruptcy
judge's decision as potentially material to GM's credit profile,
as a decision to treat all or a significant portion of the suits
as prepetition claims will reduce GM's potential liability.  On
the other hand, a decision allowing the lawsuits to go forward as
post-petition claims could expose GM to significant cash costs.
Likewise, the investigations currently underway by the U.S.
Department of Justice (DOJ) and a number of state attorneys
general could lead to further cash settlement costs or fines.
Fitch will consider any near-term developments related to the
lawsuits and investigations in its ongoing evaluation of GM's
ratings and will undertake rating actions as necessary.

Although the potential follow-on costs of the recalls are a
significant concern, Fitch has maintained its Positive Outlook on
the company's ratings.  Fitch believes that GM's substantial
automotive liquidity position, which stood at nearly $39 billion
at June 30, 2014 (including revolver availability), provides
sufficient cushion to deal with several simultaneous adverse
developments.  Furthermore, any cash outlays are likely to take
place over an extended period, perhaps two or more years, and
Fitch forecasts that the company's core operations will be FCF
positive over the intermediate term.  Nonetheless, a significant
number of adverse developments over a short timeframe could have a
meaningful negative effect on GM's liquidity position.

Restructuring Activities

GM continues to focus on restructuring its operations in various
regions of the world, which Fitch expects will result in improved
margin performance outside the U.S. over the intermediate term.
In Western Europe, the company's plan to close its Bochum,
Germany, plant remains on track for completion by year-end 2014,
and the exit of the Chevrolet brand from the region appears to be
running somewhat ahead of plan.  Also, on July 1, 2014, GM
centralized control over all of its European operations under the
newly-formed Opel Group, which will help to better align the
company's strategic direction and improve efficiency in the
region.  Combined with a strengthening auto market, these
initiatives have already contributed to an improved financial
performance in Europe, and the company appears to be making
progress to achieve, or exceed, its mid-decade breakeven target.

In addition to its work in Western Europe, the company announced
in late 2013 that it would cease manufacturing operations in
Australia by year-end 2017, although it will continue to sell
imported vehicles in the country.  GM is also evaluating its South
Korean operations, as the exit of Chevrolet from Western Europe
has led to a decline in vehicle production in that country,
although a portion of this decline may be offset by exports to
other regions.  GM plans to use cash generated in North America
and from its Chinese JVs to fund its restructuring activities.

Chinese Operations

GM's Chinese operations, conducted through unconsolidated JVs,
continue to perform well and remain important to GM's credit
profile as a key source of cash for the company.  Although GM had
a slight market share loss in China in the first half of 2014, it
nonetheless continues to hold a significant share of the Chinese
market, at 14.4% in the first half of 2014.  The upcoming
introduction of another SUV to the market is likely to support
GM's market share in the country.  GM's equity in the earnings of
its Chinese JVs totaled $1.1 billion in the first half of 2014,
and Fitch estimates dividends from the Chinese JVs comprised the
majority of the $1.3 billion in dividends received from JVs in the
period.  The Chinese government's recently launched antitrust
investigations of a number of automakers and auto suppliers,
including GM, is somewhat concerning, although Fitch does not
expect an adverse outcome would have a material effect on GM's
overall credit profile.

Liquidity and FCF

GM's automotive liquidity remains very strong.  As of June 30,
2014, the company's automotive cash, cash equivalents and
marketable securities totaled $28.4 billion.  In addition, the
company had $10.4 billion in availability on its two secured
revolving credit facilities.  Total automotive liquidity of $38.8
billion was up from $38.3 billion at year-end 2013 and $34.8
billion at June 30, 2013.  GM's cash liquidity remains well above
the $20 billion in total liquidity that Fitch views as necessary
for meeting normal operational needs while providing a cushion in
the event of an unexpected downturn.

FCF (calculated by Fitch as automotive cash from operations less
capital expenditures and dividends, both common and preferred) was
$2.8 billion in the 12 months ended June 30, 2013.  This included
the initiation of a common dividend in the first quarter of 2014
that amounted to an approximately $1 billion use of cash in the
first half of 2014.  In the 12 months ended June 30, 2013, FCF was
($193) million.  However, this included $2.3 billion used in
conjunction with the transfer of most of the U.S. salaried
pensions to a group annuity contract in the latter half of 2012.
Even after adjusting for that, however, FCF, including the common
dividend, was higher in the most recent period.  Fitch expects
GM's core underlying automotive business to be FCF positive over
the next several years, although actual automotive FCF in 2014
could be modestly negative as a result of recall-related costs.

In addition to cash outflows tied to recall activity, GM has
several other significant cash outflows likely over the next six
to 12 months.  The company has previously noted that it intends to
increase its equity stake in GMF by a further $700 million when
the financial subsidiary closes on its purchase of Ally
Financial's stake in a Chinese JV, which is likely to occur in
late 2014 or early 2015.  It also intends to repurchase the
remaining Series A preferred stock outstanding, which it has the
ability to do beginning Dec. 31, 2014.  The liquidation amount for
the Series A preferred stock is $3.9 billion.  Fitch estimates
that capital expenditures will be about $4 billion in the latter
half of 2014, and total dividend spending (including common and
preferred dividends) is likely to be about $1.2 billion in the
second half of the year.

Profitability and Leverage

Although GM's profitability continues to strengthen, it remains
lower than several of its primary competitors.  In North America,
GM's first-half 2014 EBIT-adjusted margin (based on the company's
figures) would have been 8.6%, excluding $2.3 billion in recall
charges, up from 7.3% in the first half of 2013 but still below
several mass-market competitors, as well as the company's own 10%
margin target.  Fitch's calculated EBITDA margin for the full
company's auto operations in the 12 months ended June 30, 2014,
was 6.8%, including the recall charges, and the company's FCF
margin was 1.8%.  Although both figures represent an improvement
from the year-earlier period, they continue to fall below several
key global mass-market automakers.  Fitch expects GM's
profitability to increase as it focuses on improving its product
portfolio and improved operational efficiency.  A sustained
increase in margins relative to its competitors would be a driver
of a potential future upgrade.

GM's automotive leverage remains low for the rating category.  As
of June 30, 2014, leverage (automotive debt/Fitch-calculated
EBITDA) was only 0.7x, and funds from operations (FFO) adjusted
leverage was 0.9x.  GM ended the second quarter of 2014 with $7.5
billion in automotive debt, primarily comprised of senior
unsecured notes, non-U.S. bank borrowings, non-U.S. private note
placements and capital leases.  Excluding the senior unsecured
notes, the majority of GM's remaining consolidated automotive debt
is non-recourse to the parent company.  Along with its strong
liquidity position, GM's low leverage is an important contributor
to the company's financial flexibility.

Pensions

The funded status of GM's pension plans has improved significantly
over the past several years.  As of year-end 2013, GM's global
pension plans (including unfunded plans outside the U.S.) were
underfunded by $20 billion, with only $7.3 billion of that amount
in the U.S.  This was down from a global underfunded status of $28
billion, including $14 billion in the U.S., at year-end 2012.  In
percentage terms, the funded status of GM's U.S. plans was about
90% at year-end 2013, up from 83% at year-end 2012.  Most of the
year-over-year improvement was the result of an increase in the
assumed interest rate used to discount the obligations.  For the
U.S. plans, the company used a discount rate of 4.46% in 2013
versus 3.59% in 2012, and for the non-U.S. plans, the discount
rate increased to 4.1% from 3.7%.

With the substantial improvement in the funded status of GM's
pension plans, the company's contribution requirements have
declined.  In 2014, GM has no required contributions to its U.S.
plans, although it expects to contribute $100 million to its non-
qualified U.S. plans.  Outside the U.S., where a substantial
portion of the company's pension obligations are in unfunded
plans, the company expects to contribute $749 million.  GM
continues to shift the allocation of its pension plan assets to
reduce the plans' sensitivity to interest rate changes.  It is
unlikely that the company will have any required contributions to
its U.S. plans over the next several years.

Notching

GM Holdings' secured revolving credit facility is rated 'BBB-',
one notch above the subsidiary's IDR of 'BB+', to reflect the
substantial collateral coverage backing the facility, which
includes most of the company's tangible assets in the U.S.
According to Fitch's notching criteria, 'BBB-' is the highest
possible security rating for an issuer with an IDR of 'BB+'.

KEY RATING DRIVERS -- GMF

The rating affirmation of GMF and its affiliates reflect the
direct linkage to GM's ratings.  Fitch considers GMF to be a
'core' subsidiary of GM based on actual and potential support
provided to GMF from GM, increasing percentage of GMF's earning
assets related to GM, and strong financial and operational
linkages between the companies.  The ratings also reflect GMF's
seasoned management team, improving funding profile, consistent
operating performance, good asset quality, and adequate
capitalization and liquidity.

Growth in Earning Assets

As a result of Ally Financial's international operations (IO)
acquisition, earning assets have experienced a significant shift
in terms of credit composition, with subprime loans declining to
32% of total earning assets as of June 30, 2014, from over 80%, at
the end of 2012, which is viewed positively by Fitch.  Earning
assets ended at $36.9billion in the second quarter of 2014
(2Q'14), up 41% from $26.2 billion in 2Q'13, driven primarily by
the addition of the IO assets and significant growth in leasing.
Lease originations increased to $1.5 billion in 2Q'14, up 88% from
$0.8 billion in 2Q'13, driven by competitive product offerings and
increased dealer acceptance.  End of period lease balance was $4.7
billion at June 30, 2014, up 74% from $2.7 billion at June 30,
2013.  Fitch notes that leasing is a relatively riskier strategy
as it further exposes the company to residual value risk.  Fitch
expects the company to conservatively assess residual values,
particularly in the current market where used car values remain
unusually high and are expected to moderate.

Earning assets are expected to grow as GMF is expanding its dealer
and commercial lending business and is in the initial stages of
rolling out a prime lending platform.  Fitch will monitor the
company's growth and expansion into these products paying
particular attention to underwriting standards, credit quality,
profitability and leverage metrics.

Operating Performance Normalizing

Operating performance remains solid driven by growth in earning
assets, but margins and return ratios are gradually declining
reflecting the run-off of higher-yielding pre-acquisitions
receivables and the general shift in the asset mix from higher-
return, higher-risk subprime loans to lower-return, lower-risk
prime and commercial loans.  Net income increased to $320 million
in 1H14, up 13% from $284 million in the first half of 2013
(1H'13), driven by higher operating lease income and contribution
from the IO business, which was partially offset by higher
provisioning expense due to credit normalization and higher
interest expense from the IO business.  Pre-tax margin was a solid
21.3% in 1H'14, but down compared to 31.5% in 1H'13, primarily due
to inclusion of the lower-return IO business.  Fitch expects GMF
to remain solidly profitable through the remainder of 2014 and
2015; however, margins are expected to decline as prime quality
receivables, which typically have lower APRs, are added to the
portfolio, thus bringing down the average portfolio yield.

Solid Asset Quality

GMF's asset quality continues to be strong; however, asset quality
metrics are expected to slightly weaken in 2H'14, driven by
normalizing credit performance, weaker seasonal trends in the
fiscal second half, and an overall shift in the portfolio vintage.
This decline should be partially offset by the increase in prime
quality receivables from the IO business, and the roll-out of
prime lending in the U.S, which should help maintain the overall
asset quality of the portfolio.  On a consolidated basis, net
charge-offs were 1.9% and 1.4% in 2013 and 2Q'14, respectively,
compared to 2.5% and 1.4% in 2012 and 2Q'13, respectively, due to
the inclusion of the IO portfolio, which is primarily prime
quality and therefore carries fewer losses.  On a consolidated
basis, delinquencies were 5.8% and 5.1% in 2013 and 2Q'14,
respectively, compared to 8.2% and 4.8% in 2012 and 2Q'13,
respectively.  Improved credit performance, particularly in the
U.S., has been influenced by improved recovery rates on
repossessions due to a robust used car values.  Fitch expects
recovery rates to normalize as used car values moderate from the
current high levels, further supporting its view on normalizing
credit trends.

Improving Funding Profile

GMF's funding profile has improved since GM's acquisition, with
increasing access to unsecured debt markets.  Still, the company
relies heavily on secured debt, with approximately 77% of funding
in the form of ABS debt and secured revolving (warehouse)
facilities as of 2Q'14.  Unsecured debt has increased to account
for 23% of total funding in 2Q'14, from 14% in 2012 and 6% in
2011.  Furthermore, in July 2014, GMF issued $1.5 billion in
senior unsecured notes at attractive spreads.  Fitch expects
unsecured debt as a percentage of total debt will gradually
increase going forward.

Adequate Leverage and Liquidity

Capitalization and leverage levels have been adequately maintained
to reflect the growth and riskiness of earning assets.  However,
leverage has increased since the IO acquisition, which is
comprised of relatively lower risk assets.  Leverage, measured as
debt to tangible equity, increased to 6.0x at June 30, 2014 from
5.8x at year-end 2013 (YE13), and 3.3x at YE12.  Management
calculated leverage (earning assets to tangible equity) was 6.9x
at June 30, 2014 and was in line with its articulated target of
6.0x to 8.0x.  Leverage is expected to slightly increase with the
close of China JV acquisition and the continued roll-out of the
prime lending platform.  On a risk adjusted basis, leverage is in
line with other Fitch-rated auto captives, whose underlying
portfolios are of higher credit quality compared to GMF's.
Further increase in leverage without a commensurate decline in
riskiness of the earning assets will be viewed negatively by
Fitch.

GMF's liquidity position is adequate at $4.8 billion as of
June 30, 2014, including $1.4 billion in unrestricted cash, $1.8
billion of borrowing capacity on unpledged assets, $1 billion of
borrowing capacity on committed unsecured credit lines and $600
million borrowing capacity on its intercompany credit facility.
Liquidity is further enhanced by GMF's $1 billion tax deferral
agreement with GM and GM's decision to not take any dividends out
of GMF to date.  Unsecured debt maturities are manageable with $1
billion of senior notes coming due in 2016.

RATING SENSITIVITIES -- GM

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

   -- Increasing the North American EBIT margin to near 10% on a
      sustained basis.

   -- Improving the profitability of the company's European
      operations.

   -- Sustained positive FCF generation, excluding unusual items.

   -- Increased clarification that the follow-on costs of the
      recalls can be managed while keeping automotive cash
      liquidity at $20 billion or higher.

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

   -- A decline in cash liquidity below $20 billion for a
      prolonged period.

   -- Significant negative developments related to the recalls
      that result in a greater-than-expected cash outflow.

   -- A sustained period of negative fCF generation.

   -- A change in financial policy, particularly around
      maintaining high liquidity and low leverage.

   -- A need to provide extraordinary financial assistance to GMF
      in the case of a liquidity event at the finance subsidiary.

RATING SENSITIVITIES -- GMF

The Positive Rating Outlook on GMF is linked to that of its
parent.  GMF's ratings will move in tandem with its parent.  Any
change in Fitch's view on whether GMF remains core to its parent
could change this rating linkage with its parent.  A material
increase in leverage without a corresponding decrease in the risk
of the portfolio, an inability to access funding for an extended
period of time, and/or significant deterioration in the credit
quality of the underlying loan and lease portfolio, could become
restraining factors on the parent's ratings.

Fitch has affirmed the following ratings with a Positive outlook:

GM
   -- Long-term IDR at 'BB+';
   -- Senior unsecured rating at 'BB+'.

GM Holdings
   -- Long-term IDR at 'BB+';
   -- Secured revolving credit facility at 'BBB-'.

GMF
   -- Long-term IDR at 'BB+';
   -- Senior unsecured debt at 'BB+';
   -- Short-term IDR at 'B';

GMAC Bank GmbH
   -- Long-term IDR at 'BB+';
   -- Senior unsecured debt at 'BB+';
   -- Short-term IDR at 'B';
   -- Commercial paper at 'B';

GMAC (UK) Plc
   -- Long-term IDR at 'BB+';
   -- Short-term IDR at 'B';
   -- Short-term debt at 'B'.


GENERAL MOTORS: Should Face Wrongful-Conviction Claims
------------------------------------------------------
Law360 reported that trustee Wilmington Trust Co. filed a brief
with the New York bankruptcy court, saying General Motors LLC
should face claims filed by a former employee over his wrongful
conviction for rape.  According to the report, Wilmington argued
that, based the overturning of the employee's conviction did not
occur until after the issuance of the 2009 sale order in the
automaker's bankruptcy case, the order cannot be used as the basis
to prevent him from brining claims against GM.

The report said Roger Dean Gillispie sued General Motors and other
defendants in 2013, claiming GM employees conspired with law
enforcement officials in aiding his wrongful conviction by
providing an image of Gillispie on a company identification card.

The automaker, meanwhile, argued that the order selling its assets
included a prohibition against asserting claims against New GM
based on Old GM's conduct or successor liability, the report
related.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
-- http://www.gm.com/-- is one of the world's largest automakers,
traces its roots back to 1908.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government
provided financing.  The deal was closed July 10, 2009, and Old GM
changed its name to Motors Liquidation Co.

Old GM -- General Motors Corporation -- 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.  The Debtors tapped Weil, Gotshal & Manges LLP
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel; and Morgan Stanley, Evercore Partners and the Blackstone
Group LLP as financial advisor.  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 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.


GLENTEL INC: S&P Assigns 'BB-' Corp. Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
long-term corporate credit rating and stable outlook to Burnaby,
B.C.-based Glentel Inc., a retailer of wireless telecommunication
products and services.  On a pro forma basis, S&P expects the
company to have about C$200 million of funded debt outstanding.

At the same time, Standard & Poor's assigned its 'BB-' issue-level
rating and '4' recovery rating to Glentel's proposed C$200 million
senior unsecured notes due in 2019.  The '4' recovery rating
indicates S&P's expectation for average (30%-50%) recovery in
default.

"We understand that proceeds from the notes will be used to
refinance existing bank debt, fund working capital, and for
general corporate purposes," said Standard & Poor's credit analyst
Madhav Hari.  "The ratings are contingent on our reviewing final
documentation and completion of the transaction as described to
us," Mr. Hari added.

The ratings on Glentel are based on S&P's "weak" business risk and
"significant" financial risk profile assessments for the company,
the combination of which drives an anchor rating of 'bb-'.
Standard & Poor's analytical modifiers have a neutral overall
effect on its 'BB-' long-term corporate rating on the company.

As a retailer of wireless communications services and solutions,
Glentel offers a choice of network carrier and mobile products and
services.  The company is the largest independent multicarrier
mobile phone retailer in Canada and sells mobile offerings of
Rogers Wireless and Bell Mobility -- the No. 1 and No. 3 wireless
service providers in Canada, respectively.  In Canada, the company
also offers wireless systems and hardware, rental equipment, and
system implementation services to businesses.  In the U.S.,
Glentel operates Diamond Wireless and Wireless Zone, which are two
of the six national premium retailers for Verizon Wireless -- the
largest wireless provider in the country.  The company also has
retail operations in Australia, where it sells services for
Vodafone Group PLC and certain mobile virtual network operators.

The stable outlook reflects anticipated revenue growth in Canada
and the U.S. from customer upgrade activity as well as new
subscriptions that should allow Glentel to modestly improve its
profitability and operating cash flow.  Under these parameters,
S&P expects the company to improve its adjusted debt-to-EBITDA
ratio to the low-3x area in the next couple of years.  S&P could
consider a downgrade should Glentel's adjusted debt-to-EBITDA
ratio weaken to 4x or higher, which could result from weaker
volumes in the Canadian and U.S. operations, large debt-funded
acquisitions, or the pursuit of aggressive shareholder
distributions.  Although less likely in the near term,
consideration for an upgrade would depend on the company
deleveraging to below 3x on a sustained basis, which would require
stronger volume performance and cost control driving EBITDA
margins to the 10% area.


GLOBAL GEOPHYSICAL: Reaches Consulting Deal with COO Verghese
-------------------------------------------------------------
Global Geophysical Services Inc., et al, seeks Bankruptcy Court
permission to enter into a consulting agreement with P. Mathew
Verghese.

Mr. Verghese currently serves as chief operating officer of the
Debtors.  To retain certain benefits of his institutional
knowledge and to otherwise smooth the transition that his
departure entails, the Debtors have negotiated a consulting
agreement with Mr. Verghese.  He will no longer be considered an
employee of the Debtors effective September 1, 2014.

Mr. Verghese has agreed to provide consultation services to the
Debtors on an as-needed basis regarding ongoing operations,
financial matters, financial reporting issues and other services
as the Debtors may request.

Primarily, Mr. Verghese will assist:

(1) the Debtors in cooperating with pending SEC and FINRA
     investigations; and

(2) with existing litigation to which the Debtors are parties or
     other litigation and matters relating to the Debtors'
     bankruptcy cases.

For these services, the Debtors propose to pay Mr. Verghese a
monthly consulting fee of $10,000, in arrears, in an aggregate
amount not to exceed $180,000.

In addition, for shorter period of (i) six months or (ii) until
Mr. Verghese secures employment with an employer that offers
medical benefits, the Debtors will pay Mr. Verghese $1,500 per
month in arrears to assist with obtaining replacement medical
coverage.

Moreover, no additional payments would be made to Mr. Verghese
under his Employment Agreement with the Debtors, but he would be
eligible to receive a payment for accrued but unused vacation time
in accordance with the existing policy of the Company and other
standard employee-vested benefits.

With the exception of vacation time and the vested benefits, Mr.
Verghese will be releasing the Debtors and their respective
directors and officers, employees and agents, insurers, investors,
lenders and their affiliates, and any employee benefit plans and
the fiduciaries and agents of those plans, for all claims,
including claims for severance under the Verghese Employment
Agreement.

The Debtors relate that they discussed the terms of Consulting
Agreement at length with their DIP Financing Lenders and the
Official Committee of Unsecured Creditors prior to filing the
Consulting Agreement Motion.

             About Global Geophysical, Autoseis et al.

Global Geophysical Services Inc., a provider of seismic data for
the oil and gas drilling industry, sought bankruptcy protection,
intending to reorganize on its own with additional capital or
explore a sale or other transaction.

Based in Missouri City, Texas, Global Geophysical disclosed assets
of $468.7 million and liabilities totaling $407.3 million as of
Sept. 30, 2013.  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.  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.

Global Geophysical and five affiliates, including Autoseis, Inc.
(lead debtor), filed Chapter 11 petitions in Corpus Christi, Texas
(Bankr. S.D. Tex. Lead Case No. 14-20130) on March 25, 2014.

The Debtors are represented by C. Luckey McDowell, Esq., Omar
Alaniz, Esq., and Ian E. Roberts, Esq., at Baker Botts, LLP, in
Dallas, Texas; and Shelby A. Jordan, Esq., and Nathanial Peter
Holzer, Esq., at Jordan, Hyden, Womble, Culbreth, & Holzer, PC in
Corpus Christi, Texas.  Alvarez & Marsal serves as the Debtors'
restructuring advisors, Fox Rothschild Inc. as financial advisor,
and Prime Clerk as claims and noticing agent.

The U.S. Trustee for Region 7, has selected seven creditors to the
Official Committee of Unsecured Creditors.  The Committee tapped
Greenberg Traurig, LLP as counsel; and Lazard Freres & Co. LLC and
Lazard Middle Market LLC, as financial advisors and investment
bankers.

The Ad Hoc Group of Noteholders and the DIP Lenders are
represented by Marty L. Brimmage, Jr., Esq., Charles R. Gibbs,
Esq., Michael S. Haynes, Esq., and Lacy M. Lawrence, Esq., at Akin
Gump Strauss Hauer & Feld LLP.

Prepetition secured lender TPG is represented by David M. Bennett,
Esq., Tye C. Hancock, Esq., and Joseph E. Bain, Esq., at Thompson
& Knight LLP; and Adam C. Harris, Esq., Lawrence V. Gelber, Esq.,
David M. Hillman, Esq., and Brian C. Tong, Esq., at Schulte Roth &
Zabel LLP.


GLOBAL GEOPHYSICAL: Taps Ernst & Young as Tax Services Provider
---------------------------------------------------------------
Global Geophysical Services Inc., et al., filed a motion with the
U.S. Bankruptcy Court for the Southern District of Texas seeking
to employ Ernst & Young LLP as their Tax Services Provider.

Among other things, the firm is expected to provide these
services:

   * Prepare various calculations, including book-tax differences
     as requested by the Debtors for use in preparation of their
     U.S. GAAP tax provision, book-income tax accruals and related
     SEC footnote and MD&A disclosures;

   * Assist in documenting international, federal, state
     and/or local benefit/exposure that may be subject to tax
     authority challenge; and

   * Prepare tax provision working papers for review by the
     Debtors.

EY will provide the ASC 740 Tax Assistance and Routine On-Call Tax
Advisory Services at its standard hourly rates.  For the 2013 U.S.
Tax Compliance work, EY will charge the Debtors a flat rate of
$90,000, payable in two $45,000 installments.  EY will also seek
reimbursement of all reasonable, necessary and documented out-of-
pocket expenses.

The firm's standard rates are:

           Position             Rate
           --------             -----
           Partner              $650
           Senior Manager       $585
           Manager              $435
           Senior               $320
          Staff                $170

EY assures the Court that it is a "disinterested person" as the
term is defined under Section 101(14) of the Bankruptcy Code.

               About Global Geophysical, Autoseis et al.

Global Geophysical Services Inc., a provider of seismic data for
the oil and gas drilling industry, sought bankruptcy protection,
intending to reorganize on its own with additional capital or
explore a sale or other transaction.

Based in Missouri City, Texas, Global Geophysical disclosed assets
of $468.7 million and liabilities totaling $407.3 million as of
Sept. 30, 2013.  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.  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.

Global Geophysical and five affiliates, including Autoseis, Inc.
(lead debtor), filed Chapter 11 petitions in Corpus Christi, Texas
(Bankr. S.D. Tex. Lead Case No. 14-20130) on March 25, 2014.

The Debtors are represented by C. Luckey McDowell, Esq., Omar
Alaniz, Esq., and Ian E. Roberts, Esq., at Baker Botts, LLP, in
Dallas, Texas; and Shelby A. Jordan, Esq., and Nathanial Peter
Holzer, Esq., at Jordan, Hyden, Womble, Culbreth, & Holzer, PC in
Corpus Christi, Texas.  Alvarez & Marsal serves as the Debtors'
restructuring advisors, Fox Rothschild Inc. as financial advisor,
and Prime Clerk as claims and noticing agent.

The U.S. Trustee for Region 7, has selected seven creditors to the
Official Committee of Unsecured Creditors.  The Committee tapped
Greenberg Traurig, LLP as counsel; and Lazard Freres & Co. LLC and
Lazard Middle Market LLC, as financial advisors and investment
bankers.

The Ad Hoc Group of Noteholders and the DIP Lenders are
represented by Marty L. Brimmage, Jr., Esq., Charles R. Gibbs,
Esq., Michael S. Haynes, Esq., and Lacy M. Lawrence, Esq., at Akin
Gump Strauss Hauer & Feld LLP.

Prepetition secured lender TPG is represented by David M. Bennett,
Esq., Tye C. Hancock, Esq., and Joseph E. Bain, Esq., at Thompson
& Knight LLP; and Adam C. Harris, Esq., Lawrence V. Gelber, Esq.,
David M. Hillman, Esq., and Brian C. Tong, Esq., at Schulte Roth &
Zabel LLP.


GLYECO INC: Incurs $1.1 Million Net Loss in Second Quarter
----------------------------------------------------------
Glyeco, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.11 million on $1.60 million of net sales for the three
months ended June 30, 2014, compared to a net loss of $199,435 on
$1.41 million of net sales for the same perid last year.

Net loss for the six months ended June 30, 2014, was $2.30 million
on $3.26 million of net sales compared to a net loss of $678,363
on $2.65 million of net sales for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $15.56
million in total assets, $2.92 million in total liabilities and
$12.64 million in total stockholders' equity.

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

                        http://is.gd/WYoYOx

                         About GlyEco, Inc.

Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company
formed to roll-out its proprietary and patent pending glycol
recycling technology that transforms waste glycols, a hazardous
material, into profitable green products.

GlyeCo reported a net loss of $4.01 million in 2013, a net loss of
$1.86 million in 2012.and a net loss of $592,171 in 2011.

Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has yet to achieve profitable
operations and is dependent on its ability to raise capital from
stockholders or other sources to sustain operations and to
ultimately achieve viable profitable operations.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


GREENESTONE HEALTHCARE: Reports $102K Income in Q2 of 2014
----------------------------------------------------------
Greenestone Healthcare Corporation filed its quarterly report on
Form 10-Q, noting that as of June 30, 2014, it has a working
capital deficiency of $3,478,218 and accumulated deficit of
$12,367,062.  The Company said it will be dependent upon the
raising of additional capital through placement of common shares,
and, or debt financing in order to implement its business plan.


The Company reported net income of $102,461 on $1.64 million of
total revenue for the three months ended June 30, 2014, compared
with a net loss of $241,438 on $1.53 million of total revenue for
the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $1.18 million
in total assets, $4.06 million in total liabilities, and a
stockholders' deficit of $2.88 million.

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

                        http://is.gd/tvLF9y

Greenestone Healthcare Corporation -- http://www.greenestone.net/
-- operates medical and healthcare clinics in Ontario, Canada.
GreeneStone's clinics serve to add overflow capacity to an
increasingly stretched provincial healthcare system, and provide
private alternatives to publicly available healthcare services.
Its four medical clinics (three in Toronto, along with a facility
in Muskoka, Ontario) offer various medical services, including
addiction treatment, endoscopy, minor cosmetic procedures, and
executive health care services.


GREAT CHINA INTERNATIONAL: Has $404K Net Loss for 2nd Quarter
-------------------------------------------------------------
China International Holdings, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $404,000 on $1.88 million of
total revenue for the three months ended June 30, 2014, compared
with net income of $42,700 on $2.3 million of total revenue for
the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $57.6 million
in total assets, $35.0 million in total liabilities, and a
stockholders' equity of $22.7 million.

The Company has a working capital deficit of $26.5 million and
$28.1 million as of June 30, 2014 and Dec. 31, 2013,
respectively.  In addition, the Company has incurred net loss in
the period ended June 30, 2014 and Dec. 31, 2013 of $754,000 and
$1.81 million, respectively.  As the Company has limited cash flow
from operations, its ability to maintain normal operations is
dependent upon obtaining adequate cash to finance its overhead,
sales and marketing activities.  Additionally, in order for the
Company to meet its financial obligations, including salaries,
debt service and operations, it has maintained substantial short
term bank loans that have historically been renewed each year.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.

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

                       http://is.gd/jVQJQG

                About Great China International

Shenyang, P.R.C.-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under the
name of Quantus Capital, Inc.  The Company, through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.


GUIDED THERAPEUTICS: Incurs $2.2-Mil. Net Loss in Second Quarter
----------------------------------------------------------------
Guided Therapeutics, Inc., announced its operating results for the
second quarter and six months ended June 30, 2014.

The net loss attributable to common stockholders for the second
quarter of 2014 was approximately $2.2 million, or $0.03 per
share, compared to approximately $2.9 million, or $0.04 per share,
in the second quarter of 2013.  For the six month period ended
June 30, 2014, the net loss attributable to common stockholders
was approximately $3.8 million, or $0.05 per share, compared to
$4.7 million, or $0.07 per share, in the year ago period.

Cash on hand at June 30, 2014 was approximately $485,000, as
compared to approximately $613,000 at Dec. 31, 2013.

"LuViva revenues continue to build, with an increase of 65%
sequentially from the first quarter, on the shipment of units and
disposables to Nigeria, Turkey, Mexico and the U.K.," said Gene
Cartwright, chief executive officer of Guided Therapeutics.  "This
keeps us on track to generate product sales in the low- to mid-
range of our projections of $1 million to $3 million for 2014.  To
support the anticipated demand we see for LuViva looking out into
2015, over the remainder of the year we intend to hire additional
assembly staff in anticipation of doubling our production capacity
of LuViva units."

Revenue and other income for the second quarter ended June 30,
2014, was approximately $212,000, including approximately $201,000
in sales of LuViva(R) devices and disposables and $11,000 from
contract and grant income.  Revenue for the quarter ended June 30,
2013, was comprised of product sales of approximately $116,000 and
contract and grant income of approximately $222,000.  Revenue for
the six month period ending June 30, 2014, was approximately
$353,000, including approximately $323,000 in sales of LuViva
devices and disposables and $30,000 from contract and grant
income.

A full-text copy of the press release is available at:

                        http://is.gd/t77Pvh

                    About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

Guided Therapeutics reported a net loss attributable to common
stockholders of $10.39 million on $820,000 of contract and grant
revenue for the year ended Dec. 31, 2013, as compared with a net
loss of $4.35 million on $3.33 million of contract and grant
revenue during the prior year.

UHY LLP, in Sterling Heights, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company's recurring losses from operations and accumulated
deficit raise substantial doubt about its ability to continue as a
going concern.

                         Bankruptcy Warning

"The Company's capital-raising efforts are ongoing.  If sufficient
capital cannot be raised by the end of 2014, the Company has plans
to curtail operations by reducing discretionary spending and
staffing levels, and attempting to operate by only pursuing
activities for which it has external financial support and
additional NCI, NHI or other grant funding.  However, there can be
no assurance that such external financial support will be
sufficient to maintain even limited operations or that the Company
will be able to raise additional funds on acceptable terms, or at
all.  In such a case, the Company might be required to enter into
unfavorable agreements or, if that is not possible, be unable to
continue operations, and to the extent practicable, liquidate
and/or file for bankruptcy protection," the Company stated in the
Form 10-Q for the quarter ended March 31, 2014.


HEALTHWAREHOUSE.COM INC: Delays Form 10-Q for Second Quarter
------------------------------------------------------------
HealthWarehouse.com, 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 period
ended June 30, 2014.  The Company has encountered a delay in
assembling the information, in particular its financial statements
for the quarter ended June 30, 2014, required to be included in
its 2014 Form 10-Q Quarterly Report, and was unable to file its
Form 10-Q without unreasonable effort or expense.  The Company
expects to file its 2014 Form 10-Q Quarterly Report with the SEC
within five calendar days of the prescribed due date.

                    About HealthWarehouse.com

HealthWarehouse.com, Inc., headquartered in Florence, Kentucky,
is a U.S. licensed virtual retail pharmacy ("VRP") and healthcare
e-commerce company that sells brand name and generic prescription
drugs as well as over-the-counter ("OTC") medical products.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012, citing significant losses and the need to raise additional
funds to meet the Company's obligations and sustain its
operations.

The Company reported a net loss of $5.57 million on $11.08 million
of net sales for the year ended Dec. 31, 2012, as compared with a
net loss of $5.71 million on $10.36 million of net sales during
the prior year.

The Company's balance sheet at Sept. 30, 2013, showed $1.52
million in total assets, $5.97 million in total liabilities and a
$4.45 million total stockholders' deficiency.

                        Bankruptcy Warning

"The Company recognizes it will need to raise additional capital
in order to fund operations, meet its payment obligations and
execute its business plan.  There is no assurance that additional
financing will be available when needed or that management will be
able to obtain financing on terms acceptable to the Company and
whether the Company will become profitable and generate positive
operating cash flow.  If the Company is unable to raise sufficient
additional funds, it will have to develop and implement a plan to
further extend payables, attempt to extend note repayments,
attempt to negotiate the preferred stock redemption and reduce
overhead until sufficient additional capital is raised to support
further operations.  There can be no assurance that such a plan
will be successful.  If the Company is unable to obtain financing
on a timely basis, the Company could be forced to sell its assets,
discontinue its operation and /or seek reorganization under the
U.S. bankruptcy code," the Company said in its quarterly report
for the period ended Sept. 30, 2013.


HEALTHWAREHOUSE.COM INC: Obtains $1.3-Mil. From Stock Offering
--------------------------------------------------------------
HealthWarehouse.com sold 8,686,670 shares of common stock, par
value $0.001 per share, in a private offering to an individual and
institutional accredited investors at $0.15 per share.  Warrants
to purchase 4,343,332 shares of common stock at $0.30 per share
were issued to the purchasers in the private offering.  The
warrants expire five years from the date of issuance.  The Company
realized $1,303,000 in gross proceeds from the offering, or
$1,224,820 in net proceeds.  The Company may issue up to
$2,000,000 of common stock in the private offering.

The shares of common stock and warrants issued in the private
offering were exempt from registration under the Securities Act of
1933, as amended, pursuant to Section 4(2) thereof and Rule 506 of
Regulation D thereunder.

                       About HealthWarehouse.com

HealthWarehouse.com, Inc., headquartered in Florence, Kentucky,
is a U.S. licensed virtual retail pharmacy ("VRP") and healthcare
e-commerce company that sells brand name and generic prescription
drugs as well as over-the-counter ("OTC") medical products.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012, citing significant losses and the need to raise additional
funds to meet the Company's obligations and sustain its
operations.

The Company reported a net loss of $5.57 million on $11.08 million
of net sales for the year ended Dec. 31, 2012, as compared with a
net loss of $5.71 million on $10.36 million of net sales during
the prior year.

As of June 30, 2014, the Company had $1.02 million in total
assets, $5.50 million in total liabilities and a $4.48 million
total stockholders' deficit.


HERITAGE CONSOLIDATED: 9th Cir. Rules on Drillers' Appeal
---------------------------------------------------------
Endeavor Energy Resources, L.P. and Acme Energy Services, Inc.,
performed drilling work on Heritage Consolidated, L.L.C.'s well,
but were never paid.  The Drillers subsequently filed a mineral
lien on the well, and then a claim in the Debtors' bankruptcy. The
bankruptcy court dismissed the Drillers' constructive trust and
equitable lien claims and granted summary judgment to the Debtors
on the Drillers' mineral contractor's and subcontractor's lien
claims. The district court affirmed.

In an August 27 Opinion, the United States Court of Appeals, Fifth
Circuit, affirmed the district court's dismissal of the Drillers'
constructive trust and equitable lien claims.

The Fifth Circuit reversed and remanded the district court's grant
of summary judgment on the Drillers' mineral subcontractors' lien
claims because the Drillers submitted sufficient evidence to
survive summary judgment.

The case is, ENDEAVOR ENERGY RESOURCES, L.P.; ACME ENERGY
SERVICES, INCORPORATED, D/B/A RIG MOVERS EXPRESS, D/B/A BIG DOG
DRILLING, Appellants, v. HERITAGE CONSOLIDATED, L.L.C.; HERITAGE
STANDARD CORPORATION, Appellees, No. 13-10969 (5th Cir.).  A copy
of Appeals Court's deicison is available at http://is.gd/1TrQcC
from Leagle.com.  Circuit Judge Jennifer Walker Elrod penned the
decision on behalf of a three-judge panel of the appellate court.

                   About Heritage Consolidated

Heritage Consolidated LLC is a privately held company whose core
operations consist of exploration for, and acquisition,
production, and sale of, crude oil and natural gas.

Heritage Consolidated filed a Chapter 11 petition (Bankr. N.D.
Tex. Case No. 10-36484) on Sept. 14, 2010, in Dallas, Texas.
Its affiliate, Heritage Standard Corporation, also filed for
Chapter 11 protection (Bankr. N.D. Tex. Case No. 10-36485).  The
Debtors each estimated assets and debts of $10 million to
$50 million.

The Debtors tapped Malouf & Nockels LLP's as special counsel;
Munsch Hardt Kopf & Harr, P.C.; Rochelle McCullough, LLP; HSC, RM
LLP as special bankruptcy counsel to HSC; and Bridge Associates,
LLC, as financial advisor and designate Scott Pinsonnault as
interim chief restructuring officer.

The U.S. Trustee for Region 6 formed an Official Committee of
Unsecured Creditors in the Chapter 11 cases.  The Committee is
represented by Chamberlain, Hrdlicka, White, Williams & Aughtry,
as counsel.

The Bankruptcy Court confirmed the Debtors' second amended joint
plan of reorganization on Aug. 26, 2013.


HIGH MAINTENANCE: Court to Hold Plan Confirmation Hearing Sept. 8
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas will
hold a hearing on Sept. 8 to consider the confirmation of Chapter
11 plan proposed by High Maintenance Broadcasting LLC and GH
Broadcasting Inc.

The Debtors on Jan. 6 filed a plan of reorganization.  Among other
things, the restructuring plan provides for the substantive
consolidation of the companies' estates for purposes of
distributions under the plan, and all classes of claims will be
paid as if the companies were a single enterprise.

              About High Maintenance Broadcasting and
                          GH Broadcasting

High Maintenance Broadcasting LLC owns and operates full power
television station KUQI-TV (Channel 38), which is licensed in
Corpus Christi, Texas, and is primarily affiliated with the Fox TV
network.  It also owns the FCC license to operate the station as
well as domain name kuquitv.com.  GH Broadcasting Inc. owns and
operates two lower-power TV broadcast stations KXPX (Channel 14)
and KTOV (Channel 21), which are licensed in Corpus Christi, as
well as related equipment and FCC licenses for those stations.

On June 17, 2013, an involuntary petition for relief (Bankr.
S.D. Tex. Case No. 13-20270) was filed against High Maintenance by
Robert Behar, Estrella Behar, Leibowitz Family, Pedro Dupouy,
Latin Capital, Pan Atlantic Bank & Trust, Ltd., Sumit Enterprises,
LLC, Jose Rodriguez, Leon Perez, Jays Four, LLC, Benjamin J.
Jesselson, Jesselson Grandchildren, Joseph Kavana, Sawicki Family,
Shpilberg Mgmt, Saby Behar Rev, Morris Bailey pursuant to section
303 of the Bankruptcy Code.

An involuntary petition under Chapter 11 of the U.S. Bankruptcy
Code was also filed against GH Broadcasting, Inc., on July 2,
2013.  GH Broadcasting owns and operates television broadcast
stations KXPX CA and KTOV LP, which are licensed in Corpus
Christi, Texas.

On July 24, 2013, the Debtors filed responses to the involuntary
petition, in which they assented to the entry of an order for
relief.  The Court entered on July 25, 2013, consensual orders for
relief in each of the Debtors' cases.  On Aug. 1, 2013, the Court
entered an order for the joint administration of the cases.

The Debtors' counsel are Patrick J. Neligan Jr., Esq., and John D.
Gaither, Esq., at Neligan Foley LLP.

The noteholders include Robert Behar, Estrella Behar, Leibowitz
Family Broadcasting, LLC, Lermont Trading, Ltd., and Jays Four,
LLC.  The noteholders are represented by Ronald A. Simank, Esq.,
at Schauer & Simank, P.C.


IMH FINANCIAL: Juniper Capital Reports 19% Equity Stake
-------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Juniper Capital Partners, LLC, and its affiliates
disclosed that as of July 24, 2014, they beneficially owned
3,604,852 shares of common stock of IMH Financial Corporation
representing 19.12 percent of the shares outstanding.  The amount
consists of shares of the Company's Common Stock issuable upon
conversion of 2,604,852 shares of Series B-1 Cumulative
Convertible Preferred Stock held by Juniper NVM, LLC, and JCP
Realty Partners, LLC, and shares of the Company's Common Stock
issuable upon exercise of a warrant held by Juniper NVM, LLC.  A
copy of the regulatory filing is available for free at:

                         http://is.gd/Np8ie6

                         About IMH Financial

Scottsdale, Ariz.-based IMH Financial Corporation was formed from
the conversion of IMH Secured Loan Fund, LLC, or the Fund, a
Delaware limited liability company, on June 18, 2010.  The
conversion was effected following a consent solicitation process
pursuant to which approval was obtained from a majority of the
members of the Fund to effect the Conversion Transactions and
involved (i) the conversion of the Fund from a Delaware limited
liability company into a Delaware corporation named IMH Financial
Corporation, and (ii) the acquisition by the Company of all of the
outstanding shares of the manager of the Fund Investors Mortgage
Holdings Inc., or the Manager, as well as all of the outstanding
membership interests of a related entity, IMH Holdings LLC, or
Holdings on June 18, 2010.

IMH Financial reported a net loss of $26.20 million in 2013, a net
loss of $32.19 million in 2012 and a net loss of $35.19 million in
2011.

The Company's balance sheet at June 30, 2014, showed $224.85
million in total assets, $128.40 million in total liabilities and
$96.45 million in total stockholders' equity.


INERGETICS INC: Reports $1.24-Mil. Loss for Quarter Ended June 30
-----------------------------------------------------------------
Inergetics, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $1.24 million on $523,615 of total revenue
for the three months ended June 30, 2014, compared with a net loss
of $932,697 on $66,667 of total revenue for the same period in
2013.

The Company's balance sheet at June 30, 2014, showed $3.01 million
in total assets, $12.69 million in total liabilities, $9.09
million in preferred stock and a stockholders' deficit of
$141,463.

The Company has a working capital deficit, significant debt
outstanding, incurred substantial net losses for the six months
ended June 30, 2014 and 2013 and has accumulated a deficit of
approximately $91 million at June 30, 2014.  The Company has not
been able to generate sufficient cash from operating activities to
fund its ongoing operations.  There is no guarantee that the
Company will be able to generate enough revenue and/or raise
capital to support its operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.

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

                        http://is.gd/AyZBvF

                       About Inergetics Inc.

Paramus, N.J.-based Inergetics, Inc., formerly Millennium
Biotechnologies Group, Inc., is a holding company for its
subsidiary Millennium Biotechnologies, Inc.  Millennium is a
research based bio-nutraceutical corporation involved in the field
of nutritional science.  Millennium's principal source of revenue
is from sales of its nutraceutical supplements, Resurgex Select(R)
and Resurgex Essential(TM) and Resurgex Essential Plus(TM) which
serve as a nutritional support for immuno-compromised individuals
undergoing medical treatment for chronic debilitating diseases.
Millennium has developed Surgex for the sport nutritional market.
The Company's efforts going forward will focus on sales of Surgex
in powder, bar and ready to drink forms.


INSITE VISION: Reports $37.1-Mil. Net Income for Q2 of 2014
-----------------------------------------------------------
InSite Vision Incorporated filed its quarterly report on Form 10-
Q, reporting net income of $37.15 million on $6.35 million of
total revenue for the three months ended June 30, 2014, compared
with a net income of $12.12 million on $19.24 million of total
revenue for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $4.81 million
in total assets, $7.04 million in total liabilities, and a
stockholders' deficit of $2.22 million.

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

                       http://is.gd/CSeTMN

Based in Alameda, California, InSite Vision Incorporated (OTCBB:
INSV) -- http://www.insitevision.com/-- is committed to
advancing new and superior ophthalmologic products for unmet eye
care needs.  The company's product portfolio utilizes InSite
Vision's proven DuraSite(R) bioadhesive polymer core technology, a
platform that extends the duration of drug retention on the
surface of the eye, thereby reducing frequency of treatment and
improving the efficacy of topically delivered drugs.

Burr Pilger Mayer, Inc., expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has recurring losses from operations, available cash and
short-term investment balances and accumulated deficit.

The Company's balance sheet at Dec. 31, 2013, showed $14.2 million
in total assets, $49.3 million in total liabilities, and a
stockholders' deficit of $35.1 million.


INTERNATIONAL MANUFACTURING: Trustee Files Report on 341 Meeting
----------------------------------------------------------------
Beverly McFarland, the bankruptcy trustee of International
Manufacturing Group Inc., announced that the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code concluded Aug. 22.

The bankruptcy trustee appeared at the meeting with her lawyer,
Jennifer Niemann of Felderstein Fitzgerald Willoughby & Pascuzzi
LLP.  IMG Chief Financial Officer Ursula Klein and her lawyer Marc
Caraska of the Law Office of Marc A. Caraska attended the meeting
on behalf of the company.

Creditors Mike Hooper, Nancy Pedersen and Janine Jones also
appeared at the meeting, according to a report filed by the
bankruptcy trustee in U.S. Bankruptcy Court for the Eastern
District of California.

              About International Manufacturing

Deepal Wannakuwatte, the mastermind of a $150 million Ponzi
scheme, put himself and his company, International Manufacturing
Group Inc., into Chapter 11 after he pleaded guilty to one count
of wire fraud and agreed to a 20-year prison sentence.  The
bankruptcy filing was part of his plea bargain with federal
prosecutors.  Mr. Wannakuwatte is the former owner of the
Sacramento Capitols tennis team.

International Manufacturing Group, Inc., filed a bare-bones
Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No.
14-25820) in Sacramento, on May 30, 2014.  The case is assigned to
Judge Robert S. Bardwil.

The Debtor has tapped Marc A. Caraska, in Sacramento, as counsel.

In June 2014, Beverly N. McFarland was appointed as Chapter 11
trustee for the Debtor.  She has tapped Felderstein Fitzgerald
Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond
McCarthy LLP as her special litigation counsel; Gabrielson &
Company as accountant; and Karen Rushing as bookkeeper outside the
ordinary course of business.

According to the docket, governmental entities have until Nov. 26,
2014, to file claims.

The U.S. Trustee for Region 7 appointed a three-member unsecured
creditors panel comprising of Byron Younger, Janine Jones, and
Steve Whitesides.


IRONSTONE GROUP: Incurs $74,000 Net Loss in Second Quarter
----------------------------------------------------------
Ironstone Group, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $74,451 for the three months ended June 30, 2014, compared to a
net loss of $52,385 for the same period in 2013.

Net loss for the six months ended June 30, 2014, was $133,975
compared to a net loss of $93,040 for the same period last year.

As of June 30, 2014, the Company had $2.57 million in total
assets, $1.71 million in total liabilities and $852,667 in total
stockholders' equity.

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

                         http://is.gd/xkJAeD

                       About Ironstone Group

San Francisco, Calif.-based Ironstone Group, Inc., and
subsidiaries have no operations but are seeking appropriate
business combination opportunities.

Madsen & Associates CPA's, Inc., in Murray, Utah, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company does not have the necessary working capital for
its planned activity, which raises substantial doubt about its
ability to continue as a going concern.

As reported by the TCR on Jan. 14, 2014, Madsen & Associates was
dismissed by Ironstone.  The Company engaged Burr Pilger Mayer,
Inc., as its new independent registered public accounting firm.


JOHN SKELTON: Dallas Court Affirms Foreclosure Judgement
--------------------------------------------------------
District Judge Jane J. Boyle in Dallas, Texas, affirmed the order
of the bankruptcy court granting summary judgment and entering
final judgment on foreclosure against John and Dyann Skelton, and
in favor of Urban Trust Bank and Cenlar FSB.

The bankruptcy court overseeing Mr. Skelton's case determined that
Urban Trust holds title to a promissory note signed by Mr.
Skelton.

Mr. Skelton, who admittedly defaulted on the Note, and his wife,
Dyann, initiated these proceedings in an effort to prevent
foreclosure of the secured property.  The bankruptcy court
rejected the Skeltons' contention that Urban Trust is not entitled
to enforce the Note -- a decision the Skeltons challenged on
appeal.

The Note was originally signed by Mr. Skelton on May 4, 2007. The
$1,043,500 interest-only period fixed Note was made payable to
Greenpoint Mortgage Funding, Inc. and secured by a Deed of Trust,
which both Skeltons signed, also on May 4, 2007.  The Deed of
Trust was, in turn, secured by real property located at 5020 Abbot
Avenue, Highland Park, Texas.

The case is, JOHN F. SKELTON, III, and DYANN SKELTON, Appellants,
v. URBAN TRUST BANK, and CENLAR FSB, Appellees, Civil Action No.
3:13-CV-4226-B (N.D. Tex.).  A copy of the District Court's August
25, 2014 Memorandum Opinion and Order is available at
http://is.gd/SNkvnTfrom Leagle.com.

The Skeltons are represented by Carl D Hughes, Jr, Esq., at Carl
Hughes PC Law Firm; and Gregory Alan Whittmore, Esq., at the Law
Office of Gregory A Whittmore.

Urban Trust Bank and Cenlar FSB, are represented by:

     C Ed Harrell, Esq.
     Dominique Varner, Esq.
     J Mark Davis, Esq.
     Michael L Weems, Esq.
     HUGHES WATTERS & ASKANASE LLP
     333 Clay Street, 29th Floor
     Houston, TX 77002
     Tel: (713) 328-2803
     Fax: (713) 759-6834
     E-mail: eharrell@hwa.com
             dvarner@hwa.com
             mdavis@hwa.com
             mweems@hwa.com

John Skelton filed a Chapter 11 petition (Bankr. N.D. Tex. Case
No. 12-34350) on July 2, 2012.


KID BRANDS: U.S. Trustee Objects to KEIP
----------------------------------------
BankruptcyData reported that the U.S. Trustee assigned to the Kid
Brands objected to the Debtors' request for approval of a key
employee incentive plan, saying the motion fails to disclose the
identity, job title and job description of the individuals who
will be paid aggregate bonuses of between $140,000 and $360,000.
In addition, the Motion fails to disclose what the cost to the
Debtors' estates would be on an employee by employee basis, the
U.S. Trustee said, according to BData.

                       About Kid Brands

Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile
consumer products.  Its operating subsidiaries consist of Kids
Line, LLC, CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.  Providing
"everything but the baby" for a child's nursery, the company sells
infant bedding and accessories under the Kids Line and CoCaLo
brands; nursery furniture under the LaJobi brand; and baby care
items under the Kokopax and Sassy brands.

Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
14-22582) on June 18, 2014.  To preserve the value of their
assets, the Debtors are pursuing a sale of the assets pursuant to
section 363 of the Bankruptcy Code.

As of April 30, 2014, the Debtors had $32.40 million in total
assets and $109.1 million in total liabilities.  As of the
Petition Date, unsecured debts totaled $54 million.

Judge Donald H. Steckroth oversees the cases.  The Debtors have
sought and obtained an order directing joint administration of
their Chapter 11 cases.

Lowenstein Sandler LLP serves as the Debtors' counsel.
PricewaterhouseCoopers LLP is the Debtors' financial advisor.  GRL
Capital Advisors acts as the Debtors' restructuring advisors.
GRL's Glenn Langberg served as the Debtors' chief restructuring
officer.  Mr. Langberg also oversaw the bankruptcy and sales of
Big M Inc., operator of the Mandee and Annie Sez stores.  Rust
Consulting/Omni Bankruptcy is the Debtors' claims and noticing
agent.

Salus Capital Partners LLC and Sterling National Bank have
committed to provide up to $49 million in DIP financing to the
Debtors.


KVN CORP: San Francisco Panel Sees No Bar to Some Carevout Sales
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that the U.S.
Bankruptcy Appellate Panel in San Francisco has issued a decision
saying that there's no rule prohibiting a Chapter 7 trustee from
selling fully encumbered property in return for a carve out of
sale proceeds.  According to the report, U.S. Bankruptcy Judge
Meredith Jury, writing for the three-judge appellate panel, said
there's no prohibition against carve-out sales, although there is
a presumption of impropriety in view of past abuses.

The case is In re KVN Corp., 13-1318, U.S. Ninth Circuit
Bankruptcy Appellate Panel (San Francisco).


LAGRANGE, KY: Moody's Confirms Ba2 Gen. Obligation Bonds Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 rating on City of
LaGrange's (KY) general obligation bonds, affecting $3.4 million
in parity debt. Debt service on the bonds is secured by an annual
ad valorem tax, levied against all taxable property in the city
without legal limitation as to rate or amount. Moody's have also
removed the rating from review. The rating was placed under review
with direction uncertain on June 27, 2014 due to the lack of
sufficient fiscal 2013 financial information, which Moody's have
since been received.

Summary Rating Rationale

The conclusion of the review and confirmation of the Ba2 rating
reflects the receipt of unaudited fiscal 2013 financials, which
indicate improving reserves. The rating also reflects the city's
modest tax base, average socioeconomic profile, and an elevated
debt burden.

Strengths

-- Improved debt profile with bullet maturity refinancing

-- Rapid principal amortization

Challenges

-- Elevated debt burden

-- Increasing debt service cost

-- History of late audits

What Could Make The Rating Go UP

-- Trend of surplus operations resulting in stronger reserves

-- Substantial tax base growth

What Could Make The Rating Go DOWN

-- Inability to manage increasing debt service cost

-- Trend of operating deficits leading and declining reserves

-- Significant erosion of tax base


LATTICE INC: Incurs $302,000 Net Loss in Second Quarter
-------------------------------------------------------
Lattice Incorporated filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $302,293 on $2.25 million of revenue for the three months ended
June 30, 2014, compared to net income of $51,160 on $1.91 million
of revenue for the same period last year.

Net loss for the six months ended June 30, 2014, was $779,085 on
$4.58 million of revenue compared to a net loss of $65,667 on
$4.09 million of revenue for the same period in 2013.

As of June 30, 2014, the Company had $5.94 million in total
assets, $7.90 million in total liabilities and a $1.96 million
total shareholders' deficit.

"At June 30, 2014, our working capital deficiency was
approximately $2,372,000 which improved from a working capital
deficiency of approximately $4,490,000 at December 31, 2013.  Cash
from operations and available capacity on current credit
facilities are insufficient to cover liabilities currently due and
the liabilities which will mature over the next twelve months.
Additionally, we are past due on promissory notes with investors
and payables with trade creditors.  We have several payment
arrangements in place but face continuing pressures with
negotiating payment arrangements with trade creditors regarding
overdue payables.  These conditions raise substantial doubt
regarding our ability to continue as a going concern," the Company
stated in the Report.

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

                        http://is.gd/AU0qU9

                        About Lattice Inc.

Pennsauken, New Jersey-based Lattice Incorporated provides
telecommunications services to correctional facilities and
specialized telecommunication service providers in the United
States.

Lattice Incorporated reported a net loss of $1 million on $8.26
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $570,772 on $7.53 million of revenue during the
prior year.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,
in Somerset, New Jersey, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has a
history of operating losses, has a working capital deficit and
requires additional working capital to meet its current
liabilities.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


LEHMAN BROTHERS: Eyes Sale of Unsecured Claim v. Brokerage
----------------------------------------------------------
Tom Corrigan and Patrick Fitzgerald, writing for The Wall Street
Journal, reported that Lehman Brothers Holdings Inc. said that it
may seek to sell off some of its $6.9 billion unsecured claim
against its U.S. brokerage arm.  According to the report, citing a
statement, the Lehman parent company and its units said it
"intends to explore monetization opportunities" related to the
unsecured claims, but the company said there was no guarantee it
would follow through with the sale.

                      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)


LIME ENERGY: Incurs $660,000 Net Loss in Second Quarter
-------------------------------------------------------
Lime Energy Co. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
available to common stockholders of $660,000 on $13.59 million of
revenue for the three months ended June 30, 2014, compared to a
net loss available to common stockholders of $2.04 million on
$12.94 million of revenue for the same period last year.

Net loss available to common stockholders for the six months ended
June 30, 2014, was $3.29 million on $25.87 million of revenue
compared to a net loss available to common stockholders of $8.74
million on $24.15 million of revenue for the same period in 2013.

As of June 30, 2014, the Company had $26.83 million in total
assets, $18.21 million in total liabilities and $8.61 million in
total stockholders' equity.

As of June 30, 2014, the Company had cash and cash equivalents of
$1.0 million (including restricted cash of $500,000, compared to
$7.4 million (including $500,000 of restricted cash) as of
Dec. 31, 2013.

"Lime Energy's ability to deliver cost effective energy efficient
resources and improved customer satisfaction for its utility
partners has been rewarded with substantial expansion of its
existing programs as well as award of major new programs," stated
Adam Procell, Lime Energy president & CEO.  "In the second
quarter, we delivered on our objectives of gross margin
improvement and Selling, general and administrative ("SG&A")
expense reduction.  With these improvements in place, we are
looking to pick up the pace to drive a profitable second half."

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

                        http://is.gd/MwJUCb

                         About Lime Energy

Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals.  The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation.  The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.

Lime Energy reported a net loss available to common stockholders
of $18.51 million in 2013, a net loss of $31.81 million
in 2012 and a net loss of $18.93 million in 2011.


MERRIMAN HOLDINGS: Incurs $220K Loss in Second Quarter
------------------------------------------------------
Merriman Holdings, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $220,655 on $4.62 million of total revenue
for the three months ended June 30, 2014, compared with a net loss
of $1.31 million on $2.33 million of total revenue for the same
period in 2013.

The Company's balance sheet at June 30, 2014, showed $7.04 million
in total assets, $5.62 million in total liabilities, and a
stockholders' equity of $1.42 million.

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

                       http://is.gd/G391qp

San Francisco, California-based Merriman Holdings, Inc., is a
financial services holding company that provides capital markets
services, corporate services, and investment banking through its
wholly-owned operating subsidiary, Merriman Capital, Inc.  MC is
an investment bank and securities broker-dealer focused on fast
growing companies and institutional investors.

Marcum, LLP, expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
has recurring losses, negative cash flows from operations, and an
accumulated deficit as of Dec. 31, 2013, and 2012.


METRORIVERSIDE LLC: PMC Prexy to Oversee Company Operations
-----------------------------------------------------------
Pinnacle Management Corp. President Mark Nicholson has been
appointed to oversee the operations of MetroRiverside LLC while
the company is in bankruptcy protection.

U.S. Bankruptcy Judge Dennis Montali appointed Mr. Nicholson upon
request from the company.  MetroRiverside says the PMC officer is
"competent" to perform the company's duties and obligations since
he is already familiar with its operations.

PMC has a management agreement with Pinnacle GP, LLC, the general
partner of Pinnacle Investment Partners LP.  Pinnacle Investment
is a managing member of MetroRiverside, according to court papers.

                    About MetroRiverside, LLC

MetroRiverside, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Calif. Case No. 14-30901) on June 12, 2014.  The
petition was signed by Siavash Barmand as manager.  The Debtor
disclosed total assets of $18.79 million and total liabilities of
$21.80 million.  MacDonald Fernandez LLP serves as the Debtor's
counsel.  Judge Dennis Montali oversees the case.

The Debtor operates a Hyatt Place hotel, franchised from Hyatt
Place Franchising LLC.  The Hotel is located at 3500 Market
Street, Riverside, California.


METRORIVERSIDE LLC: Amends List of 20 Largest Unsecured Creditors
-----------------------------------------------------------------
MetroRiverside, LLC on August 18 filed with the U.S. Bankruptcy
Court for the Northern District of California an amended list of
creditors holding 20 largest unsecured claims.

The list now contains:

   Creditors                    Nature of Claim          Amount
   ---------                    ---------------         --------
   The Redevelopment Agency                  --      $20,660,000
   of the City of Riverside

   Anthony Glaves               Unsecured Loan          $154,777

   Russell Schwartz             Unsecured Loan          $105,466

   City of Riverside Public     Utilities                $14,518
   Utilities

   Central Parking System       Vendor                   $14,290

   Paul Cliff                   Legal Services            $7,690
   Lobb & Cliff LLP

   Sysco Riverside Inc.         Vendor                    $6,684

   Franchise Tax Board          2013 Tax Assessment       $6,120
   Bankruptcy Unit

   American Hotel Register Co.  Vendor Admin Claim        $4,140

   AT&T                         Telephone Services        $2,163

   Bulk TV & Internet           Vendor                    $2,090

   Tri-State Security           Vendor                    $2,077
   Patrol Inc.

   Ecolab                       Vendor                    $1,888

   Starbucks                    Vendor Admin Claim        $1,653

   Destination Imagination      Vendor                    $1,030

   Vistar                       Vendor                    $1,015

   Riverside Marriott           Vendor                      $909

   Wasserstrom Company          Vendor                      $891

   Buy Efficient                Vendor                      $809

   Orange Cleaners              Vendor                      $769

In the same filing, MetroRiverside also reported that it has
$18.81 million in total assets and $21.85 million in total
liabilities.  The assets include real properties worth $17 million
and personal properties worth more than $1.81 million.

The filing also shows that MetroRiverside owes $20.66 million in
secured debt and more than $1.19 million in unsecured debt.

                    About MetroRiverside, LLC

MetroRiverside, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Calif. Case No. 14-30901) on June 12, 2014.  The
petition was signed by Siavash Barmand as manager.  The Debtor
disclosed total assets of $18.79 million and total liabilities of
$21.80 million.  MacDonald Fernandez LLP serves as the Debtor's
counsel.  Judge Dennis Montali oversees the case.

The Debtor operates a Hyatt Place hotel, franchised from Hyatt
Place Franchising LLC.  The Hotel is located at 3500 Market
Street, Riverside, California.


METRORIVERSIDE LLC: Can Use Cash Collateral Until Dec. 31
---------------------------------------------------------
U.S. Bankruptcy Judge Dennis Montali approved an agreement between
MetroRiverside, LLC and City of Riverside authorizing the further
use of the company's cash collateral.

Under the agreement, the company's authorization to use the cash
collateral will automatically expire on December 31 or the
effective date of any confirmed plan of reorganization.  The
parties can extend the expiration date by written agreement.

A full-text copy of the agreement is available without charge at
http://is.gd/s8hYlj

An earlier order issued by Judge Montali allowed the company to
use its cash collateral until Aug. 7 only.  However, the court
order that was entered on July 16 permitted MetroRiverside to use
its cash collateral to pay asset management and receiver fees.
Prior to that, the company was prohibited by Judge Montali's July
8 decision from using the collateral to pay those fees.

                    About MetroRiverside, LLC

MetroRiverside, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Calif. Case No. 14-30901) on June 12, 2014.  The
petition was signed by Siavash Barmand as manager.  The Debtor
disclosed total assets of $18.79 million and total liabilities of
$21.80 million.  MacDonald Fernandez LLP serves as the Debtor's
counsel.  Judge Dennis Montali oversees the case.

The Debtor operates a Hyatt Place hotel, franchised from Hyatt
Place Franchising LLC.  The Hotel is located at 3500 Market
Street, Riverside, California.


MF GLOBAL: Execs Allowed to Tap $15M More in D&O Coverage
---------------------------------------------------------
Law360 reported that Judge Martin Glenn of the U.S. Bankruptcy
Court for the Southern District of New York allowed Jon Corzine
and other former MF Global Holdings Ltd. executives and employees
to tap an additional $15 million from the directors and officers
insurance.

According to Joseph Checkler, writing for The Wall Street Journal,
the former executives have already tapped about $47.5 million of
the insurance for their legal defense, including unpaid bills.
The Journal related that Judge Glenn has set a "soft cap" of $55
million for the defense costs and has reiterated that he is
unhappy about the defense costs, especially considering the former
executives have yet to give depositions in a federal court
lawsuit.

                        About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one of
the world's leading brokers of commodities and listed derivatives.
MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.

On Nov. 7, 2011, the United States Trustee appointed the statutory
creditors' committee in the Debtors' cases.  At the behest of the
Statutory Creditor's Committee, the Court directed the U.S.
Trustee to appoint a chapter 11 trustee.  On Nov. 28, 2011, the
Bankruptcy Court entered an order approving the appointment of
Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC,
as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services
LLC and MF Global FX Clear LLC filed voluntary Chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of MF
Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers at
Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told
creditors with $1.134 billion in unsecured claims against the
parent holding company why they could expect a recovery of 13.4%
to 39.1% from the plan.  As a consequence of a settlement with
JPMorgan, supplemental materials informed unsecured creditors
their recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary,
one of the companies under the umbrella of the holding company
trustee.  Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MICHAEL ROSE: Developer Settles with Lender, Seeks Bankruptcy Exit
------------------------------------------------------------------
Micah Maidenberg, writing for Crain's Chicago Business, reported
that developer Michael Rose, president of Mokena-based Location
Finders International Inc., asked U.S. Bankruptcy Judge Carol
Doyle to dismiss the Chapter 11 case he initiated in July, saying
that he and his biggest creditor, U.S. Bank N.A., have negotiated
a settlement.  According to the report, Mr. Rose owes the bank $68
million of the $170 million of the total liabilities he disclosed
in court.


NATROL INC: Court Fixes Oct. 27 as General Claims Bar Date
----------------------------------------------------------
The Bankruptcy Court established Oct. 27, 2014, as the deadline
for any individual or entities other than governmental units and
certain other specified parties, must file proofs of claim in the
chapter 11 cases of Natrol, Inc., et al., related to prepetition
claims, including Section 503(b)(9) administrative priority
claims.

The Debtors, in their motion also requested that the Court set
Dec. 8, at 4:00 p.m. as the governmental claims bar date.

                        About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico
Pharmaceuticals Limited.  Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world.  Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life.  Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers.  Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.

Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.).  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
EPIQ SYSTEMS INC.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The U.S. Trustee for Region 3 on June 19 appointed five creditors
of Natrol, Inc. to serve on the official committee of unsecured
creditors.  The Committee tapped to retain Otterbourg P.C. as lead
counsel; (ii) Pepper Hamilton LLP as Delaware counsel; and (iii)
CMAG as financial advisors.


NATROL INC: Files Schedules of Assets and Liabilities
-----------------------------------------------------
Natrol, Inc., filed on Aug. 15 its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $83,932,462
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $68,652,342
  E. Creditors Holding
     Unsecured Priority
     Claims                                      undetermined
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $18,522,045
                                 -----------      -----------
        Total                    $83,932,462      $87,174,387

A copy of the schedules is available for free at
http://bankrupt.com/misc/NATROLINC_350_sal.pdf

Natrol and its affiliates were given an extension until Aug. 18 of
the deadline to file their schedules of assets and liabilities and
statements of financial affairs.

                        About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico
Pharmaceuticals Limited.  Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world.  Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life.  Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers.  Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.

Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.).  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
EPIQ SYSTEMS INC.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The U.S. Trustee for Region 3 on June 19 appointed five creditors

of Natrol, Inc. to serve on the official committee of unsecured
creditors.  The Committee tapped to retain Otterbourg P.C. as lead
counsel; (ii) Pepper Hamilton LLP as Delaware counsel; and (iii)
CMAG as financial advisors.


NATROL INC: Access to Cash Collateral OK'd on Final Basis
---------------------------------------------------------
The Bankruptcy Court entered an agreed order authorizing Natrol
Inc., et al.'s use of cash collateral on a final basis.

As reported in the Troubled Company Reporter on July 29, 2014,
lenders asserting interest in the cash collateral include Ableco
Finance LLC, A5 Funding L.P. and certain funds affiliated with
Cerberus Capital Management, LP pursuant to a prepetition credit
agreement dated as of March 5, 2013.

The Debtors would use the cash collateral for working capital and
general corporate purposes and costs and expenses.

As adequate protection from any diminution in value of the
lenders' collateral, the Debtors will grant the secured parties
adequate protection liens on unencumbered property; replacement
liens in the postpetition collateral, including newly created
inventory and accounts receivable from non-traceable proceeds of
prepetition collateral, and a superpriority administrative expense
claim status.

                        About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico
Pharmaceuticals Limited.  Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world.  Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life.  Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers.  Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.

Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.).  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
EPIQ SYSTEMS INC.

Natrol, Inc. disclosed $83,932,462 in assets and $87,174,387 in
liabilities as of the Chapter 11 filing.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The U.S. Trustee for Region 3 on June 19 appointed five creditors
of Natrol, Inc. to serve on the official committee of unsecured
creditors.  The Committee tapped to retain Otterbourg P.C. as lead
counsel; (ii) Pepper Hamilton LLP as Delaware counsel; and (iii)
CMAG as financial advisors.


NAUTILUS HOLDINGS: Files Schedules of Assets and Liabilities
------------------------------------------------------------
Nautilus Holdings No. 2 Limited filed with the U.S. Bankruptcy
Court for the Southern District of New York its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property          $115,741,183
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $2,671,538
                                 -----------      -----------
        Total                   $115,741,183       $2,671,538

Copies of the schedules are available for free at:

                       http://is.gd/WWB18L

                    About Nautilus Holdings

Nautilus Holdings Limited and 20 affiliated companies, including
Nautilus Holdings No. 2 Limited, filed bare-bones Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 14-22885) in
White Plains, New York, on June 23, 2014.

The affiliates are Nautilus Holdings No. 2 Limited; Nautilus
Shipholdings No. 1 Limited; Nautilus Shipholdings No. 2 Limited;
Nautilus Shipholdings No. 3 Limited; Able Challenger Limited;
Charming Energetic Limited; Dynamic Continental Limited; Earlstown
Limited; Findhorn Osprey Limited; Floral Peninsula Limited; Golden
Knighthead Limited; Magic Peninsula Limited; Metropolitan Harbour
Limited; Metropolitan Vitality Limited; Miltons' Way Limited;
Perpetual Joy Limited; Regal Stone Limited; Resplendent Spirit
Limited; Superior Integrity Limited; and Vivid Mind Limited.

The Debtors' cases have been assigned to Judge Robert D. Drain,
and are being jointly administered for procedural purposes.

Hamilton, Bermuda-based Nautilus estimated $100 million to $500
million in assets and debt.  Monrovia, Liberia-based Reminiscent
Ventures S.A. owns 100% of the stock.  Nautilus has tapped Jay
Goffman, Esq., Mark A. McDermott, Esq., Shana A. Elberg, Esq., and
Suzanne D.T. Lovett, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, as counsel; and AP Services, LLC, as financial
advisor.  Epiq Bankruptcy Solutions LLC serves as the claims and
noticing agent.


NAUTILUS HOLDINGS: Can Use Cash Collateral Through Sept. 19
-----------------------------------------------------------
Judge Robert Drain entered a fourth interim order authorizing
Nautilus Holdings Limited, et al., to use cash collateral, which
order authorizes the Debtors' use of cash through and including
the week ending Sept. 19, 2014.

The Debtors are to provide the administrative agents of their
Prepetition Loan Facilities an updated 4-week cash flow forecast
and budget in accordance with the Interim Cash Collateral Order.

As a condition for the Cash Collateral Use, the Debtors'
prepetition lenders are entitled to certain adequate protection to
the extent of any diminution of their interests in the cash
collateral.  Among other things, the lenders are granted (i)
allowed senior administrative expense claims in the amount of the
Diminution with superpriority status over all other claims,
subject only to a carve-out, and (ii) adequate protection liens in
the amount of the Diminution subject to a carve-out.

During the term of the Fourth Interim Cash Collateral Order, only
60% of the management fees owed to Synergy Management Services
Limited will be paid out in the ordinary course of business.  The
remaining 40% will be pooled and won't be paid out to Synergy
until further Court order.

The Bankruptcy Court will hold a final hearing on Sept. 12, 2014
at 10:00 a.m. (Eastern Time).

                    About Nautilus Holdings

Nautilus Holdings Limited and 20 affiliated companies, including
Nautilus Holdings No. 2 Limited, filed bare-bones Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 14-22885) in
White Plains, New York, on June 23, 2014.

The affiliates are Nautilus Holdings No. 2 Limited; Nautilus
Shipholdings No. 1 Limited; Nautilus Shipholdings No. 2 Limited;
Nautilus Shipholdings No. 3 Limited; Able Challenger Limited;
Charming Energetic Limited; Dynamic Continental Limited; Earlstown
Limited; Findhorn Osprey Limited; Floral Peninsula Limited; Golden
Knighthead Limited; Magic Peninsula Limited; Metropolitan Harbour
Limited; Metropolitan Vitality Limited; Miltons' Way Limited;
Perpetual Joy Limited; Regal Stone Limited; Resplendent Spirit
Limited; Superior Integrity Limited; and Vivid Mind Limited.

The Debtors' cases have been assigned to Judge Robert D. Drain,
and are being jointly administered for procedural purposes.

Hamilton, Bermuda-based Nautilus estimated $100 million to $500
million in assets and debt.  Monrovia, Liberia-based Reminiscent
Ventures S.A. owns 100% of the stock.  Nautilus has tapped Jay
Goffman, Esq., Mark A. McDermott, Esq., Shana A. Elberg, Esq., and
Suzanne D.T. Lovett, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, as counsel; and AP Services, LLC, as financial
advisor.  Epiq Bankruptcy Solutions LLC serves as the claims and
noticing agent.


NEW BERN RIVERFRONT: Weaver Claim v. Randolph Stair Goes to Trial
-----------------------------------------------------------------
U.S. Bankruptcy Judge Stephani W. Humrickhouse denied the motion
for summary judgment filed by Randolph Stair and Rail Company
regarding the third-party complaint of Weaver Cooke Construction,
LLC, on accunt of the the negligence and breach of express
warranty claims Weaver Cooke asserts against Randolph Stair
related to the development of the SkySail Luxury Condominiums in
New Bern, North Carolina.

The Court said genuine issues of material fact still exist and
Randolph Stair's motion for summary judgment on its statute of
limitations defense will be denied.

A copy of Judge Humrickhouse's' August 27 Order available at
http://is.gd/wbUWGrfrom Leagle.com.

Debtor New Bern Riverfront Development, LLC, the owner and
developer of the SkySail Project, filed on March 30, 2009, an
action in Wake County Superior Court against nine individual
defendants related to the alleged defective construction of the
SkySail Condos.  The named defendants in the State Action
included: New Bern's general contractor, Weaver Cooke; Travelers
Casualty and Surety Company of America; National Erectors Rebar,
Inc. f/k/a National Reinforcing Systems, Inc.; and certain
subcontractors of the general contractor.  The State Action was
removed to the United States District Court for the Eastern
District of North Carolina on December 16, 2009, and subsequently
transferred to this court on February 3, 2010.  After voluntarily
dismissing its causes of action as to the subcontractors named as
defendants in the State Action, New Bern filed its first amended
complaint on May 6, 2010, asserting claims against Weaver Cooke;
Travelers; National Erectors Rebar, Inc. f/k/a NRS, and the
additional parties of J. Davis Architects, PLLC, and Fluhrer Reed,
PA.

Weaver Cooke filed an answer to New Bern's first amended complaint
and a third-party complaint against Wachovia Bank, National
Association and Wells Fargo & Company f/d/b/a Wachovia
Corporation. Absent as third-party defendants in Weaver Cooke's
original third-party complaint were any of the subcontractors
hired by Weaver Cooke during the construction of the SkySail
Project.  Weaver Cooke then filed its second, third-party
complaint asserting claims of negligence, contractual indemnity
and breach of express warranty against many of the subcontractors
hired during the construction of the SkySail Project, including
Randolph Stair.

                     About New Bern Riverfront

Cary, North Carolina-based New Bern Riverfront Development, LLC,
is the developer of SkySail Condominium, consisting of 121
residential condominiums (plus 1 commercial/non-residential unit)
located on Middle Street on the waterfront in historic downtown
New Bern, North Carolina, and sells the SkySail Condominiums in
the ordinary course of business.  New Bern Riverfront filed for
Chapter 11 bankruptcy protection (Bankr. E.D.N.C. Case No.
09-10340) on Nov. 30, 2009.  John A. Northen, Esq., at Northen
Blue, LLP, represents the Debtor.  The Company disclosed
$31,515,040 in assets and $25,676,781 in liabilities as of the
Chapter 11 filing.

New Bern Riverfront has filed an Amended Plan of Reorganization,
which represents a consensual plan negotiated with the Debtor's
secured creditor, Wells Fargo Bank, N.A.  The Debtor contemplates
selling properties.


NEW CENTURY: Selling Tractors, Trailers at Auctions
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that New Century
Transportation Inc., a small-cargo trucking line, is selling
tractors and trailers as well as miscellaneous equipment at a
series of public auctions.  According to the report, a bankruptcy
judge in New Jersey authorized the public sales this month
following a request by the trustee, Catherine E. Youngman.  The
case is In re New Century Transportation Inc., 14-bk-22093, U.S.
Bankruptcy Court, District of New Jersey (Trenton).


PACIFIC THOMAS: Court Denies Bid to Obtain $14.5-Mil. Loan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
denied the request of Pacific Thomas Corp. to borrow $14.5 million
from Eagle Group Finance.

The company initially proposed to borrow more than $6.5 million
from another lender Thorofare Capital.  At a hearing held earlier
this year, the court found several deficiencies in the motion
filed by the Company and declined to grant its request to obtain
the loan.

The hearing was continued to allow Pacific Thomas to fix the
deficiencies.  On July 17, the company filed a revised motion in
which it sought approval to obtain $14.5 million loan from Eagle
Group Finance.

Summit Bank, a secured creditor of Pacific Thomas, criticized the
company for proposing what it says is an "entirely new and
different transaction."  The bank, which claims it is owed more
than $8.7 million, also argued that the loan wasn't enough to fund
a bankruptcy plan.

The revised motion also drew flak from Bank of the West.  The bank
expressed concern it would only receive partial payment for its
claims from the company.

                    About Pacific Thomas Corp.

Walnut Creek, California, Pacific Thomas Corporation filed a
Chapter 11 petition (Bankr. N.D. Cal. Case No. 12-46534) in
Oakland on Aug. 6, 2012, estimating in excess of $10 million in
assets and liabilities.

The Debtor is related to Pacific Thomas Capital, which specializes
in real estate services, focusing on the investment, ownership and
development of commercial real estate properties, according to
http://www.pacificthomas.com/ Real estate activities has spanned
throughout the Hawaiian Islands as well as U.S. West Coast
locations in California, Nevada, Arizona and Utah.  Hawaii based
activities are managed under the name Thomas Capital Investments.

Bankruptcy Judge M. Elaine Hammond presides over the case.  Anne-
Leith Matlock, Esq., at Matlock Law Group, P.C., serves as general
counsel.  The petition was signed by Jill V. Worsley, COO,
secretary.  Kyle Everett was named Chapter 11 trustee of the
Debtor.  Craig C. Chiang, Esq., at Buchalter Nemer, P.C., in San
Francisco, Calif., represents the Chapter 11 trustee as counsel.

In its schedules, the Debtor disclosed $19,960,679 in assets and
$16,482,475 in liabilities as of the petition date.

In January 2014, Judge Hammond entered an order holding that
Pacific Thomas Corp.'s Fourth Amended Disclosure Statement, filed
on Dec. 31, 2013, is not approved for the reasons stated on the
record at the Jan. 16 hearing.  Pursuant to the Plan, the Debtor
proposes to avail of a loan from Thorofare Capital to pay off some
secured claims.  The new loan would be refinanced by the
reorganized company before the loan terms expires.  If the
reorganized company fails to do so, the safe storage parcels of
the Pacific Thomas properties will be sold.


PANACHE BEVERAGE: Has $288K Q2 Loss, May Halt Certain Operations
----------------------------------------------------------------
Panache Beverage Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to the Company of $288,147 on $655,689 of net
revenues for the three months ended June 30, 2014, compared to a
net loss attributable to the Company of $935,888 on $1.42 million
of net revenues for the same period in 2013.

For the six months ended June 30, 2014, Panache Beverage reported
a net loss attributable to the Company of $1.72 million on $1.29
million of net revenues compared to a net loss attributable to the
Company of $1.74 million on $2.84 million of net revenues for the
same period a year ago.

As of June 30, 2014, the Company had $5.73 million in total
assets, $13.16 million in total liabilities and a $7.43 million
total deficit.

The Company had cash on hand of $276,200 as of June 30, 2014,
including restricted cash.  The Company expects this amount to be
insufficient to fund future operating cash flow and will require
additional capital.  The Company said it is in the process of
evaluating potential sources of that capital and may use equity or
debt instruments to fund its future operating cash flow or enter
into a strategic arrangement with one or more third parties.

The Company had an accumulated deficit of $10,366,003 as of
Dec. 31, 2013, and $12,089,689 as of June 30, 2014.  The Company
anticipates that it may continue to incur operating losses for the
foreseeable future.

"[I]t is possible that we may never achieve positive earnings and,
if we do achieve positive earnings, we may not be able to achieve
them on a sustainable basis.  If we are unable to achieve or
sustain profitability, we may need to curtail, suspend or
terminate certain operations.  We have very limited cash available
to meet our obligations at this time," the Company warned in the
Report.

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

                         http://is.gd/AYhYHl

                       About Panache Beverage

New York-based Panache Beverage, Inc., specializes in the
strategic development and aggressive early growth of spirits
brands establishing its assets as viable and attractive
acquisition candidates for the major global spirits companies.
Panache builds its brands as individual acquisition candidates
while continuing to develop its pipeline of new brands into the
Panache portfolio.

Panache Beverage reported a net loss of $4.58 million in 2013
following a net loss of $3.27 million in 2012.

In their report on the consolidated financial statements for the
year ended Dec. 31, 2013, Silberstein Ungar, PLLC, expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company has limited working capital
and has incurred losses from operations.

As reported by the TCR on Aug. 28, 2014, Silberstein Ungar
resigned as Panache Beverage's independent accounting firm.  KLJ &
Associates, LLP, was hired as the Company's new accountants.


PARADISE HOSPITALITY: Fails to Dismiss Best Western Lawsuit
-----------------------------------------------------------
Arizona District Judge David G. Campbell denied the requests of
Paradise Hospitality, Inc., Dae In Kim, and Jane Nam Kim to
dismiss a lawsuit by Best Western International Inc.

Best Western alleges that the Defendants failed to pay off their
account balance of $793, 958.32 and to remove Best Western symbols
from the hotel and advertising.  The complaint asserts 11 claims,
including breach of contract, breach of guaranty, breach of the
implied covenant of good faith and fair dealing, unjust
enrichment, unfair competition, and trademark infringement.

The case is, Best Western International Incorporated, Plaintiff,
v. Paradise Hospitality Incorporated, et al., Defendants, No. CV-
14-00337-PHX-DGC (D. Ariz.).  A copy of the Court's August 26,
2014 Order is available at http://is.gd/TWiMDXfrom Leagle.com.

Best Western International Incorporated is represented by:

      Craig Solomon Ganz, Esq.
      BALLARD SPAHR LLP
      1 East Washington Street, Suite 2300
      Phoenix, AZ 85004-2555
      Tel: 602-798-5400
      Fax: 602-798-5595
      E-mail: ganzc@ballardspahr.com

           - and -

      Janel Marie Glynn, Esq.
      Tyler James Carrell, Esq.
      GALLAGHER & KENNEDY PA
      2575 E. Camelback Road Suite 1100
      Phoenix, AZ 85016
      E-mail: janel.glynn@gknet.com
              tyler.carrell@gknet.com

Paradise Hospitality Incorporated and the Kims are represented by:

      Howard C Meyers, Esq.
      BURCH & CRACCHIOLO PA
      702 E Osborn Rd #200
      Phoenix, AZ 85014
      Tel:(602) 234-8762

                    About Paradise Hospitality

Based in Fullerton, California, Paradise Hospitality, Inc., owns a
hotel located in Toledo, Ohio and a retail shopping center in El
Dorado, Arkansas.  The Debtor manages and operates the Hotel.
Haydn Cutler company currently manages the Retail Center.  The
Company filed for Chapter 11 bankruptcy (Bankr. C.D. Cal. Case
No. 11-24847) on Oct. 26, 2011, about three weeks after it lost
the right to use the Crowne Plaza for its hotel.  For now, the
hotel has been renamed Plaza Hotel Downtown Toledo.

Judge Erithe A. Smith presided over the bankruptcy case.  Giovanni
Orantes, Esq., at Orantes Law Firm, P.C., in Los Angeles,
represented the Debtor as counsel.  The Debtor disclosed
$15,628,687 in assets and $21,430,333 in liabilities as of the
Chapter 11 filing.  The Petition was signed by the Debtor's
president, Dae In Kim, a Korean businessman who lives in southern
California.

Dae In Kim filed an individual petition for Chapter 11 bankruptcy
on Nov. 23, 2011.


PITTSBURG, CA: Fitch Assigns 'BB' Rating on $109MM Sub. Tax Bonds
-----------------------------------------------------------------
Fitch Ratings assigns the following underlying rating to the
Successor Agency to the Redevelopment Agency of the City of
Pittsburg, CA's (the agency) tax allocation bonds (TABs):

   -- $109.7 million subordinate TABs series 2004A at 'BB' on
      Rating Watch Positive.

In addition, Fitch has placed the following bonds issued by the
former Pittsburg Redevelopment Agency (former RDA) on Rating Watch
Positive:

   -- $245.4 million subordinate TABs (taxable) series 2006B and
      subordinate refunding TABs series 2006C and 2008A 'BB-'.

Prior to the rating actions the Rating Outlook on the TABs was
Stable.

SECURITY

The TABs are secured by a subordinate lien on non-housing tax
increment revenues, net of county administrative fees, and are
payable per statute from former housing revenues on a subordinate
basis to housing TABs.  The TABs are additionally secured by cash-
funded debt service reserve funds (DSRF) sized to the IRS maximum
and supplemental DSRFs required per the terms of the 2004A bonds'
letter of credit (LOC) sized to varying amounts by bond series.

KEY RATING DRIVERS

RATING WATCH POSITIVE: The Rating Watch Positive reflects Fitch's
expectation for continued improved performance from the project
area tax base and debt service coverage over the intermediate
term.  This expectation is tempered by the uncertainty surrounding
the agency's renewal of a letter of credit (LOC) expiring in
December 2014, as materially higher costs for liquidity could
negatively impact projected debt service coverage levels.

LOW COVERAGE, VARIABLE RISKS: The low rating levels reflect weak
debt service coverage and variable rate structural risks.
Although tax increment revenues now fully cover maximum annual
debt service (MADS) and seem poised for further growth, the
project area's AV historically has exhibited high volatility, and
has been subject to frequent appeals from its highly concentrated
industrial taxpayers.

VARIABLE TABS' HIGH CASH RESERVES: The 2004A variable rate TABs'
positive one-notch distinction is due to their extremely strong
DSRF levels, sized to $34.4 million (31% of 2004A par and 305% of
MADS).  Fitch believes these reserves provide bondholders with a
material degree of additional protection against a hypothetically
severe AV stress scenario.

GROWTH LIKELY DESPITE APPEALS: The project area enjoys good
intermediate-term growth prospects due to the city's availability
of vacant land, large-scale residential construction in progress,
rising home values, and major infrastructure projects that could
lead to auxiliary growth.  However, a backlog of pending appeals
could dampen growth over the near-term.

RATING SENSITIVITIES

LOC RENEWAL: Fitch likely will upgrade the bonds if the agency
renews its LOC, expiring in December, with an affordable related
fee that does not materially and negatively affect projected debt
service coverage levels.

TAX BASE PERFORMANCE: The ratings may change, depending on the
performance and sustainability of the project area's tax base.

CREDIT PROFILE

Pittsburg is located in Contra Costa County and benefits from its
location within the large and diverse San Francisco Bay Area
employment market and the presence of several large industrial
enterprises.  Most local economic indicators are weak despite the
city's geographic advantages.

The project area comprises a large 5,750 acres, making up over 70%
of the city's fiscal 2014 AV.  Although the project area's tax
base contains a fair degree of diversification by property type,
there is high concentration among the top 10 payers who make up
33% of incremental value (IV) (30% of AV).

FY15 AV SIGNIFICANTLY HIGHER THAN EXPECTED

The project area's fiscal 2015 AV increased a solid 7.9%, rising
to levels not seen since before fiscal 2010.  The gain
significantly out-performed Fitch's prior base case assumption of
a 1.8% AV loss, which had been conservatively crafted in light of
a large overhang of pending appeals, a granted appeal of $49
million, and a low CPI adjustment of 0.45%.  Although the latter
two factors are included in fiscal 2015 AV, the former is not, and
may weigh somewhat on fiscal 2016 AV performance.

Fiscal 2015 AV performance increased MADS coverage to 1.03x from
0.95x and 0.93x in fiscal years 2014 and 2013, respectively.
Fiscal 2015 MADS coverage would have been 1.05x if not for a one-
time $2 million deferred LOC fee payable on Dec. 31, 2014, of
which $1 million is recurring at current rating levels.  Coverage
would improve further if not for Fitch's conservative coverage
methodology, which excludes $333,000 in annual loan repayments,
$1.5 million of interest earnings, and any supplemental property
tax revenues, which are highly variable.

The agency's semi-annual cash flow projections show a cash flow
surplus of $8 million in calendar 2015 growing to $15 million in
2016, based on a reasonable 2% AV growth assumption.  The agency
will be able to retain cash surpluses for some time as it builds
up its debt service funds, as noted below.

OUT-YEAR AV GROWTH POISED TO BENEFIT FROM NEW CONSTRUCTION

AV levels in fiscal 2016 and beyond are likely to benefit from
elevated construction levels.  New housing construction is
proceeding at a pace of about 200 single family homes annually,
with an approximate annual value of $68.8 million (2.8% of fiscal
2014 AV) based on agency-reported median sales values of $534,500.
Multi-family construction is also expected to boost AV, but the
timing of such developments is difficult to predict.

The city has approved over 2,500 new housing units within the
project area, and expects thousands more given the availability of
vacant land and in-fill development opportunities.  A portion of
anticipated projects are related to a planned Bay Area Rapid
Transit rail extension into the project area.

Rising real estate prices also bode well for out-year AV growth.
City home values are up 11% through June, according to Zillow.
Property values as of Jan. 1, 2015 will form the basis for fiscal
2016 AV.

VARIABLE RATE STRUCTURAL RISKS

The 2004A TABs are variable rate with a variable-to-fixed interest
rate swap and make up 45% of subordinate debt by par value.
Because the variable rate TABs are secured on a parity lien with
the agency's fixed rate subordinate TABs, the variable rate
structure exposes all subordinate debt to interest rate risk and a
potential termination payment if the swap is terminated.  The swap
counterparty may terminate the swap if the agency's debt is
downgraded to below 'BBB-' by S&P, which is the current rating
level.  Management estimates the termination payment at roughly
$14 million.

The termination payment would be subordinate to subordinate debt
service and all pass-through payments and likely could not be paid
rapidly, if at all, based on current debt service coverage levels
and other agency obligations.  As a result, the swap counterparty
may not be incentivized to terminate the swap if the option
becomes available.  Further, given its subordination to debt
service, Fitch would not expect failure to make a termination
payment to result in a TAB default.

The agency is also exposed to LOC renewal and fee hike risks, with
the LOC scheduled to expire in December 2014.  An inability to
extend or replace the agency's LOC would result in conversion of
the variable rate TABs to bank bonds, which could raise interest
costs to as high as 12%, adding substantially to annual interest
costs.  Fitch estimates fixed rate TAB debt service reserves could
last approximately four years under these conditions before
depletion, assuming no AV growth.  Due to the 2004As' out-sized
reserve levels and declining projected LOC costs as the bonds are
paid down, these bonds could avoid reserve depletion through
maturity under the same severe conditions.

2004A TABs BENEFIT FROM HIGH RESERVE LEVELS

The 2004A TABs benefit from atypically high cash reserves that
Fitch believes provides bondholders with materially higher credit
quality than the fixed rate reserve levels, which are nonetheless
good overall.  In addition to the standard indenture-required DSRF
(currently $7.9 million), the 2004As have a $26.5 million
supplemental reserve as a condition of prior LOC extensions.
Combined, these reserve levels equal $34.4 million, or 31% of the
2004A TABs' outstanding par value.  The fixed rate TABs also have
an LOC-required reserve, but it is significantly smaller at $5.5
million, and it must be used to replenish any hypothetical draw-
down of the 2004A TAB reserves, providing limited benefit to the
non-2004A TABs.

Per the TABs' indentures the agency must retain two years' worth
of debt service payments in the TABs' debt service funds, which is
on top of the above-mentioned reserves.  Historically the agency
only retained one year's worth, and is now in the process of
reaching compliance with the indenture requirement by retaining
surplus tax increment that otherwise would have been distributed
to overlapping taxing entities or subordinate pass-through payees.
As a result, the agency projects that already high cash levels
will grow further.


PUERTO RICO: Interviews Underway for PREPA Restructuring Chief
--------------------------------------------------------------
Reuters, citing two people briefed on the matter, reported that
candidates are being interviewed for a chief restructuring officer
at Puerto Rico's struggling power authority, the Puerto Rico
Electric Power Authority, or PREPA.  According to Reuters, Prepa
must hire a CRO by Sept. 8 under an agreement with creditors as it
works on developing a restructuring plan to revive the utility,
which has more than $9 billion in debt.


RANDHURST HOTEL: Case Summary & 18 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Randhurst Hotel Partners, LLC
        37 W. Bridge Street, Suite 105
        Dublin, OH 43017

Case No.: 14-31480

Chapter 11 Petition Date: August 27, 2014

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

Judge: Hon. Benjamin Goldgar

Debtor's Counsel: Ira Bodenstein, Esq.
                  SHAW, FISHMAN, GLANTZ & TOWBIN LLC
                  321 N. Clark Street, Suite 800
                  Chicago, IL 60610
                  Tel: 312 666-2861
                  Fax: 312 275-0556
                  Email: ibodenstein@shawfishman.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Matt Studer, authorized manager.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilnb14-31480.pdf


REDE ENERGIA: U.S. Court Grants Plan Enforcement Relief
-------------------------------------------------------
Bankruptcy Judge Shelley C. Chapman on August 27 issued a
"MEMORANDUM DECISION GRANTING PLAN ENFORCEMENT RELIEF PURSUANT TO
CHAPTER 15 OF THE BANKRUPTCY CODE" in the Chapter 15 case of Rede
Energia S.A.

In this proceeding brought pursuant to chapter 15 of the
Bankruptcy Code, Jose Carlos Santos, the Foreign Representative of
Rede Energia S.A., sought the U.S. Bankruptcy Court's assistance,
pursuant to sections 1507 and 1521, in enforcing the terms of
Rede's Brazilian reorganization plan.

The Foreign Representative sought the following relief:

     (i) an order granting full faith and credit to (a) the
Brazilian reorganization plan and (b) the Brazilian court order
confirming the plan, including a continuation of the injunction of
acts in the United States in contravention of the confirmation
order, and

    (ii) an order authorizing and directing the Indenture Trustee
for Rede's 11.125 percent perpetual notes and the Depository Trust
Company to take the actions necessary to carry out the terms of
the Brazilian reorganization plan, including making payments to
Rede's noteholders.

Certain of Rede's noteholders object to the relief as being
contrary to public policy of the United States and urge the Court
to allow them to return to Brazil and negotiate for an improvement
on the distribution they are to receive under the Brazilian
reorganization plan. The noteholders allege that what the Foreign
Representative describes as a proceeding that indisputably
comports with fundamental principles of U.S. bankruptcy law and
civilized jurisprudence is in fact a wholesale trampling of their
rights that was conceived of and executed by the Brazilian
government and rubberstamped by the Brazilian bankruptcy court.

"While there are certainly aspects of the Brazilian proceeding
that differ in form and substance from what might occur in the
United States, the Court nonetheless concludes . . . that Rede's
Foreign Representative is entitled to the relief requested," Judge
Chapman said in her Memorandum available at http://is.gd/amjQGg
from Leagle.com.

Attorneys for Foreign Representative, Jose Carlos Santos are:

     J. Christopher Shore, Esq.
     Thomas MacWright, Esq.
     WHITE & CASE LLP
     1155 Avenue of the Americas
     New York, NY 10036-2787
     E-mail: cshore@whitecase.com
             tmacwright@whitecase.com

          - and -

     John K. Cunningham, Esq.
     Richard S. Kebrdle, Esq.
     WHITE & CASE LLP
     200 South Biscayne Boulevard, Suite 4900
     Miami, FL 33131-2352
     E-mail: jcunningham@whitecase.com
             rkebrdle@whitecase.com

Attorneys for Ad Hoc Group of Rede Noteholders are:

     Timothy B. DeSieno, Esq.
     Mark W. Deveno, Esq.
     BINGHAM McCUTCHEN LLP
     399 Park Avenue
     New York, NY 10022-4689
     E-mail: tim.desieno@bingham.com
             mark.deveno@bingham.com

                       About Rede Energia S.A.

Rede Energia S.A. is one of the largest electric power companies
in Brazil.  It operates through subsidiaries, which are engaged in
the distribution, generation and trading of electricity in Brazil.
Rede supplies electricity to 3.3 million customers in 436
municipalities in six Brazilian states.

In 2012, Rede distributed 14,442 GWh of energy, recorded net loss
of R$665.8 million, and gross operating revenue of R$7.515
billion.  As of Dec. 31, 2012, Rede and its subsidiaries' total
assets were valued at R$9 billion.

Rede Energia filed a Chapter 15 petition in Manhattan (Bankr.
S.D.N.Y. Case No. 14-10078) on Jan. 16, 2014, to seek recognition
of its restructuring proceedings in Brazil.

Rede Energia is estimated to have more than $1 billion in assets
and liabilities.

Jose Carlos Santos, the administrator in the Brazilian judicial
reorganization proceeding, as foreign representative, signed the
Chapter 15 bankruptcy petition.  He is represented by John K.
Cunningham, Esq., at White & Case, LLP, in Miami.

Rede was previously the parent of Centrais Electricas do Para S.A.
("CELPA"), an electricity distribution concessionary for the Para
region in Brazil.  CELPA filed a judicial restructuring proceeding
in Brazil in 2012 pursuant to which Rede's ownership in CELPA was
sold to a non-affiliated third party.  CELPA filed a petition for
Chapter 15 relief (Bankr. S.D.N.Y. Case No. 12-14568) in Manhattan
on Nov. 9, 2012.  The CELPA case was closed April 25, 2013.


REVEL AC: Settlements with Creditors Approved
---------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
settlement agreements between Revel AC and certain of its
creditors.

According to BData, the Debtor filed a motion to estimate five
contingent and/or unliquidated disputed claims held by the
Claimants arising from the construction of the Revel Casino
Resort.  The Claimants filed construction liens against the
Debtor's property and have asserted in their various claims that
they are owed an amount in excess of $23.6 million.  Because the
Debtor believes the value of the claims subject to the Estimation
Motion are grossly inflated, the Debtor sought to estimate those
claims in the aggregate amount of $1.6 million, so as to reduce
the magnitude of the priming litigation at the final DIP hearing.

BData further related, "Under the Tishman settlement, the Debtors
and Tishman have agreed to mutual releases of claims, disputes,
and actions, liabilities etc.  According to the Barham settlement,
Revel Entertainment Group will be entitled to deduct and retain
the sum of $230,000 for damages, while REG is to pay the balance
of funds of $270,000 to Barham in two separate instalments.  REG
and Barham have agreed to provide mutual releases and discharges
to one another. Under the other settlements REG shall pay Stone
Concrete $600,000. Imperial and PDM have agreed to accept from
Revel AC as consideration for the releases granted a payment of
$1,700,000 in the Tishman/PDM/ Imperial settlement agreement."

                           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. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J., Lead Case No. 14-22654) on June 19,
2014, to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13-
16253) on March 25, 2013, with a prepackaged plan that reduced
debt by $1.25 billion.  Less than two months later on May 15,
2013, the 2013 Plan was confirmed and became effective on May 21,
2013.


RONALD COHEN MGMT: Case Summary & 8 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Ronald Cohen Management Company
        1701 Rockville Pike, Suite B-20
        Rockville, MD 20852

Case No.: 14-23399

Chapter 11 Petition Date: August 27, 2014

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Judge: Hon. Wendelin I. Lipp

Debtor's Counsel: Stephen A. Metz, Esq.
                  SHULMAN, ROGERS, GANDAL, PORDY & ECKER, P.A.
                  12505 Park Potomac Avenue, 6th Floor
                  Potomac, MD 20854
                  Tel: (301) 230-6564
                  Fax: (301) 230-2891
                  Email: smetz@shulmanrogers.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ronald J. Cohen, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/mdb14-23399.pdf


SAAB AB: Chinese-Backed Owner Goes Bust
---------------------------------------
Christina Zander, writing for The Wall Street Journal, reported
that a Swedish court denied bankruptcy protection for the Chinese-
backed company which owns Sweden's Saab automobile brand, saying
the suggested financial solutions were "vague and entirely
undocumented."  According to the report, National Electric Vehicle
Sweden AB, said it petitioned a local Swedish court for bankruptcy
protection to reconstruct its business and to "make time for
ongoing talks" with potential investors.  The court, however,
noted that NEVS doesn't have the liquidity required to fulfill its
obligation during the restructuring period, the Journal said.

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Feb. 24, 2012, the U.S. Court, in consideration of the petition
filed on Jan. 30, 2012, granted Saab Cars North America, Inc.,
relief under Chapter 11 of the Bankruptcy Code.

Attorneys Stevens & Lee, P.C., and Butzel Long, represent the
Debtors as counsel.

On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli PC as its
Delaware counsel.

As of July 16, 2013, all conditions to consummation of the Third
Amended Plan of Liquidation of Saab North America, Inc., set forth
in Article 6.1 of the Plan were either satisfied or waived.
Accordingly, on July 18, 2013, counsel for the Liquidating Trustee
sent notice that the Effective Date occurred with respect to the
Plan.


SHIROKIA DEVELOPMENT: Chapter 11 Case Transferred to E.D.N.Y.
-------------------------------------------------------------
The Chapter 11 bankruptcy case of Shirokia Development, LLC, has
been transferred from the U.S. Bankruptcy Court for the Southern
District of New York to the U.S. Bankruptcy Court for Eastern
District of New York (Brooklyn), (Bankr. E.D.N.Y. Case No.
14-44373).  Judge Nancy Hershey Lord is assigned to the case.

Shirokia Development, LLC, a real property owner in Flushing, New
York, currently being controlled by a receiver, filed a
Chapter 11 bankruptcy petition in Manhattan, on Aug. 12, 2014.
Hong Qin Jiang signed the petition as authorized individual.  The
Debtor disclosed total assets of $28.40 million and total
liabilities of $15.45 million.  The Debtor has tapped Dawn Kirby
Arnold, Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr,
LLP, as counsel.


SIGMA LABS: Incurs $1.8-Mil. Net Loss for Quarter Ended June 30
---------------------------------------------------------------
Sigma Labs, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $1.8 million on $114,813 of total revenue
for the three months ended June 30, 2014, compared with a net loss
of $122,478 on $307,985 of total revenue for the same period in
2013.

The Company's balance sheet at June 30, 2014, showed $4.51 million
in total assets, $86,606 in total liabilities, and stockholders'
equity of $4.43 million.

The Company has sustained losses since its inception.  The ability
of the Company to continue as a going concern is dependent on
expanding income opportunities, according to the regulatory
filing.

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

                        http://is.gd/bcdBV1

Santa Fe, New Mexico-based Sigma Labs, Inc., specializes in the
development and commercialization of novel and unique
manufacturing and materials technologies.  Since its inception,
the Company has generated revenues primarily from consulting
services it provides to third parties.


SKYLINE MANOR: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Skyline Manor, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of District of Nebraska its schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $18,500,000
  B. Personal Property            $1,392,926
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $11,916,126
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $1,816,751
                                 -----------      -----------
        TOTAL                    $19,892,926      $13,732,877

                        About Skyline Manor

Skyline Manor, Inc., operates a retirement community in Omaha.
The facility offers apartments, assisted-living units, skilled
nursing beds and hospice care.

Skyline Manor filed a Chapter 11 bankruptcy petition
(Bankr. D. Neb. Case No. 14-80934) on May 8, 2014.  The petition
was signed by John W. Bartle as chief restructuring officer.
Judge Thomas L. Saladino presides over the case.

The Debtor estimated assets of at least $10 million and
liabilities between $10 million to $50 million.


SPECTRASCIENCE INC: Reports $1.17-Mil. Loss for Q2 Ending June 30
-----------------------------------------------------------------
SpectraScience, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $1.17 million on $nil of total revenue for
the three months ended June 30, 2014, compared with a net loss of
$663,930 on $46,487 of total revenue for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $2.47 million
in total assets, $8.26 million in total liabilities, and a
stockholders' deficit of $5.79 million.

The Company expects to incur significant additional operating
losses through at least the end of 2014, as it completes proof-of-
concept trials, conducts outcome-based clinical studies and
increases sales and marketing efforts to commercialize the
WavSTAT4 Systems in Europe.  If the Company does not receive
sufficient funding, there is substantial doubt that the Company
will be able to continue as a going concern.

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

                        http://is.gd/xD0UNX

                       About SpectraScience

SpectraScience, Inc. (OTC QB: SCIE) is a San Diego based medical
device company that designs, develops, manufactures and markets
spectrophotometry systems capable of determining whether tissue is
normal, pre-cancerous or cancerous without physically removing
tissue from the body.  The WavSTAT(TM) Optical Biopsy System uses
light to optically scan tissue and provide the physician with an
immediate analysis.

On Nov. 6, 2007, the Company acquired the assets of Luma Imaging
Corporation in an equity transaction accounted for as an
acquisition of assets and now operates LUMA as a wholly-owned
subsidiary of the Company.

As reported in the TCR on April 25, 2013, McGladrey LLP, in Des
Moines, Iowa, in its report on the Company's financial statements
for the year ended Dec. 31, 2012, said the Company has suffered
recurring losses from operations and its ability to continue as a
going concern is dependent on the Company's ability to attract
investors and generate cash through issuance of equity instruments
and convertible debt.  "This raises substantial doubt about the
Company's ability to continue as a going concern."

On Feb. 3, 2014, SpectraScience dismissed McGladrey as the
Company's independent registered accounting firm effective
immediately, and engaged HJ Associates & Consultants, LLP, as
replacement accounting firm.


STAR DYNAMICS: Lease Decision Period Extended to Oct. 6, 2014
-------------------------------------------------------------
U.S. Bankruptcy Judge Charles M. Caldwell has extended Star
Dynamics Corporation's time to assume or reject a lease by an
additional 90 days, or through Oct. 6, 2014.

Richard K. Stovall, Esq., at Allen Kuehnle Stovall & Neuman LLP,
in Columbus, Ohio, tells the Court that continued use of
leases are critical to Star Dynamics' ability to continue to
operate as a  going concern, with the ultimate goal of a sale of
all its assets.  The lessor may have reversionary interests to the
improvements built on its premises, which would represent a
windfall if its lease was rejected.

Star Dynamics is in need of additional time to appraise its
financial situation to make an informed decision and continues to
explore all of its options in light of an intended sale of its
assets pursuant to Section 363 of the Bankruptcy Code.

                        About STAR Dynamics

STAR Dynamics Corp. develops, sales, and services instrumentation
radar systems for missile test ranges utilized by the United
States and foreign governments.  Located principally in Hilliard,
Ohio, with satellite offices in Herndon, Virginia and Sandestin
Florida, it has 112 full-time employees.

STAR Dynamics filed a petition for Chapter 11 protection (Bankr.
S.D. Ohio Case No. 13-59657) on Dec. 10, 2013, in Columbus, Ohio,
in part to halt a lawsuit by BAE Systems Plc.

According to its first-day motions and as of Nov. 30, 2013, it
has assets of $28,470,788.13, liabilities of $50,892,360.12 and
gross sales of $8,140,140.93.  In its schedules, the Debtor
listed $12,138,334 in total assets and $50,740,343 in total
liabilities.

BAE is an American subsidiary of a global-level defense
contractor based in Great Britain, with more than 50,000 employees
world-wide.  BAE has its headquarters in Arlington, Virginia, and
like the Debtor, is engaged in the radar range business for the
testing of missiles and other weaponry.

Bankruptcy Judge Charles M. Caldwell oversees the case.  Thomas
R. Allen, Esq., Richard K. Stovall, Esq., and Erin L. Pfefferle,
Esq., at Allen Kuehnle Stovall & Neuman LLP serve as the Debtor's
bankruptcy counsel.  Michael J. Sullivan, Esq., Russell A.
Williams, Esq., Julie E. Adkins, Esq., Louis T. Isaf, Esq., and
Nanda K. Alapati, Esq., at Womble Carlyle Sandridge & Rice LLP,
serve as special counsel with respect to litigation involving BAE
Systems and with respect to the completion of prepetition patent
work.  Sagent Advisors LLC serves as financial advisor.


STAR DYNAMICS: Seeks to Sell Assets to Mwagusi for $5-Mil.
----------------------------------------------------------
STAR Dynamics Corporation asks the bankruptcy court for authority
to sell substantially all of the assets to Mwagusi, LLC, subject
to higher and better offers, for the total purchase price of
$5,000,000, with the purchase price paid by a dollar for dollar
credit applied towards the secured indebtedness owed by STAR to
Resort Development of Destin, Inc., who would be entitled to
receive any sales proceeds.

In the event there are any competitive bids, the Debtor seeks
approval of bid procedures under which third parties are afforded
an opportunity to make a higher and better bid in cash, and
affording buyer and any third party bidders a final opportunity to
increase their respective bids at auction.

The Court has scheduled a hearing on the motion on Sept. 19, 2014
at 1:00 p.m. (Eastern Time).

The purchase agreement provides for a sale of certain of the
Debtor's property on these principal terms:

   A. The purchase price will be $5,000,000, payable as follows:
      Buyer, who is related to RDDI, will pay $5,000,000 of the
      purchase price by a dollar for dollar credit applied towards
      the secured indebtedness owed by STAR to RDDI (who would be
      otherwise entitled to receive any sales proceeds);

   B. STAR will be permitted to retain its cash and account
      receivables, free and clear of any secured claims, to be
      applied towards priority administrative expenses.

   C. No brokers are involved in this sale, and no broker's fees
      will be paid.

The sale will be free and clear of all liens, claims and
encumbrances against the property.  The Purchase Agreement may be
terminated by Buyer if the Debtor does not obtaining bankruptcy
court approval to the sale of the Property within 30 days of the
execution of the Purchase Agreement, with the closing to occur
within two business days after the Bankruptcy Court's entry of an
Order approving such sale, and the satisfaction or waiver of
conditions.

The sale is subject to higher and better offers which are to be
made within the time for any parties to object to this proposed
sale. Any third party bid shall be in cash and at least $25,000
over the Purchase Price, with all cash proceeds to be paid to
secured creditors (RDDI until paid in full, and then Mr. Becnel)
at closing, and with Buyer having the opportunity, should there be
one or more bidders, to enter into competitive bidding for the
Property, with bid increments of $25,000 or more.  Any proposed
auction would be held as soon as possible at the Bankruptcy Court
immediately after the hearing scheduled for the approval of the
Purchase Agreement or the terms and condition of any further
auction, with the approval of the highest and best bid to be made
by the Court immediately thereafter.

Any third party bidders would have to demonstrate to the
Bankruptcy Court bidder's ability to consummate a closing on the
purchase of the Property, in cash, within two business days after
Court Approval.  Such third party bidders will be required to
bring a $100,000 deposit in the form of a cashier's check to the
auction to be paid upon the approval of their bid as the highest
and best bid.  The deposit shall not be refundable and, in
addition to any other remedy, shall be retained by the Debtor
should such Approved and Successful bidder not consummate the
transaction within two business days of Court Approval, or within
any longer period of time agreed to by the parties.

                        About STAR Dynamics

STAR Dynamics Corp. develops, sales, and services instrumentation
radar systems for missile test ranges utilized by the United
States and foreign governments.  Located principally in Hilliard,
Ohio, with satellite offices in Herndon, Virginia and Sandestin
Florida, it has 112 full-time employees.

STAR Dynamics filed a petition for Chapter 11 protection (Bankr.
S.D. Ohio Case No. 13-59657) on Dec. 10, 2013, in Columbus, Ohio,
in part to halt a lawsuit by BAE Systems Plc.

According to its first-day motions and as of Nov. 30, 2013, it
has assets of $28,470,788.13, liabilities of $50,892,360.12 and
gross sales of $8,140,140.93.  In its schedules, the Debtor
listed $12,138,334 in total assets and $50,740,343 in total
liabilities.

BAE is an American subsidiary of a global-level defense
contractor based in Great Britain, with more than 50,000 employees
world-wide.  BAE has its headquarters in Arlington, Virginia, and
like the Debtor, is engaged in the radar range business for the
testing of missiles and other weaponry.

Bankruptcy Judge Charles M. Caldwell oversees the case.  Thomas
R. Allen, Esq., Richard K. Stovall, Esq., and Erin L. Pfefferle,
Esq., at Allen Kuehnle Stovall & Neuman LLP serve as the Debtor's
bankruptcy counsel.  Michael J. Sullivan, Esq., Russell A.
Williams, Esq., Julie E. Adkins, Esq., Louis T. Isaf, Esq., and
Nanda K. Alapati, Esq., at Womble Carlyle Sandridge & Rice LLP,
serve as special counsel with respect to litigation involving BAE
Systems and with respect to the completion of prepetition patent
work.  Sagent Advisors LLC serves as financial advisor.


SUN BANCORP: FJ Capital Owns 5.8% of Outstanding Common Shares
--------------------------------------------------------------
FJ Capital Management, LLC, and its affiliates disclosed in a
regulatory filing with the U.S. Securities and Exchange Commission
that as of Aug. 21, 2014, they beneficially owned 1,023,058 shares
of common stock of Sun Bancorp representing 5.87 percent of the
shares outstanding.  The shares consist of 126,034 shares of
common stock held by FJ Capital Long/Short Equity Fund LLC, of
which FJ Capital Management LLC is the managing member, 858,686
shares held by Bridge Equities III LLC, of which FJ Capital
Management LLC is the sub-investment advisor, and 38,338 shares of
common stock held by a managed account that FJ Capital Management
manages and that is the record owner.  A copy of the regulatory
filing is available at http://is.gd/1nJaWe

                         About Sun Bancorp

Sun Bancorp, Inc. (NASDAQ: SNBC) is a bank holding company
headquartered in Vineland, New Jersey, with its executive offices
located in Mt. Laurel, New Jersey.  Its primary subsidiary is Sun
National Bank, a full service commercial bank serving customers
through more than 60 locations in New Jersey.

On April 15, 2010, Sun National Bank entered into a written
agreement with the OCC which contained requirements to develop and
implement a profitability and capital plan which provides for the
maintenance of adequate capital to support the Bank's risk profile
in the current economic environment.

Sun Bancorp reported a net loss available to common shareholders
of $9.94 million in 2013, a net loss available to common
shareholders of $50.49 million in 2012, and a net loss available
to common shareholders of $67.50 million in 2011.

The Company's balance sheet at June 30, 2014, showed $2.89 billion
in total assets, $2.66 billion in total liabilities and $227.65
million in total shareholders' equity.


SYNERGY HOTEL: Case Summary & Largest Unsecured Creditors
---------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                       Case No.
     ------                                       --------
     Synergy Hotel Group, LLC                     14-01350
        dba Clarion Hotel and Convention Center
     2902 Route 97
     Glenwood, MD 21738

     Fritsch Family Partners, LLC                 14-01351
        dba Clarion Hotel & Convention Center
     2902 Rt 97
     Glenwood, MD 21738

Chapter 11 Petition Date: August 27, 2014

Court: United States Bankruptcy Court
       Northern District of Iowa (Cedar Rapids)

Judge: Hon. Thad J. Collins

Debtors' Counsel: Robert Cardell Gainer, Esq.
                  CUTLER LAW FIRM
                  1307 50th Street
                  West Des Moines, IA 50266
                  Tel: 515-223-6600
                  Fax: 515-223-6787
                  Email: rgainer@cutlerfirm.com

                                      Total      Total
                                     Assets    Liabilities
                                   ----------  -----------
Synergy Hotel Group                  $3.78MM      $8.82MM
Fritsch Family Partners              $3,000       $8.59MM

Total Assets: $3.78 million

Total Liabilities: $8.82 million

The petitions were signed by Charles Fritsch V, managing member.

A list of Synergy Hotel Group's 11 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ianb14-01350.pdf

A list of Fritsch Family's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ianb14-01351.pdf


TLC HEALTH: Meeting of Creditors Adjourned to Nov. 24
-----------------------------------------------------
The meeting of creditors of TLC Health Network has been adjourned
to Nov. 24, at 12:00 p.m.  It will be held at Buffalo UST --
Olympic Towers.

The court overseeing the bankruptcy case of a company schedules
the meeting of creditors usually about 30 days after the
bankruptcy petition is filed.  The meeting is called the "341
meeting" after the section of the Bankruptcy Code that requires
it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                   About TLC Health Network

TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 13-13294) on Dec. 16, 2013.  The petition was signed by
Timothy Cooper as Chairman of the Board.  The Debtor estimated
assets of at least $10 million and debts of at least $1 million.
Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C.,
serves as the Debtor's counsel.  Damon & Morey LLP is the Debtor's
Special Health Care Law and Corporate Counsel.  The Bonadio Group
is the Debtor's accountants.  Howard P. Schultz & Associates, LLC
is the Debtor's appraiser.

The case is assigned to the Hon. Carl L. Bucki.

A three-member panel composed of Cannon Design, Chautauqua
Opportunities, Inc., and Jamestown Rehab Services has been
appointed as the official unsecured creditors committee.  Bond,
Schoeneck & King, PLLC is the counsel to the Committee.  The
Committee has tapped NextPoint LLC as financial advisor.

Gleichenhaus, Marchese & Weishaar, PC is the general counsel for
Linda Scharf, the Patient Care Ombudsman of TLC Health.


TRIGEANT HOLDINGS: Files Bare-Bones Ch. 11 Petition
---------------------------------------------------
Trigeant Holdings, Ltd., and Trigeant, LLC, sought Chapter 11
protection (Bankr. S.D. Fla. Case No. 14-29027 and 14-29030) in
West Palm Beach, Florida, on Aug. 25, 2014.

Boca Raton, Florida-based Trigeant Holdings estimated $50 million
to $100 million in assets and liabilities.  Trigeant LLC estimated
less than $10 million in assets and less than $50 million in debt.

Judge Paul G. Hyman, Jr., is assigned to the case.

Governmental entities have until Aug. 23, 2015 to file claims.

The Debtors have the law firm of Berger Singerman LLP as counsel.


TRISTAR WELLNESS: Delays Filing of Second Quarter Form 10-Q
-----------------------------------------------------------
TriStar Wellness Solutions, 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
period ended June 30, 2014.  According to the Company, data and
other information regarding certain material operations of the
Company, as well as its financial statements required for the
filing, are not currently available and could not be made
available without unreasonable effort and expense.

The Company anticipates its financial results for the six months
ended June 30, 2014, will differ significantly from the same
period of the prior year due to:

   (i) the Asset Purchase Agreement with NorthStar Consumer
       Products, LLC, that closed on Feb. 12, 2013; and

  (ii) the Company's acquisition of HemCon Medical Technologies
       Inc., that closed on May 6, 2013.

"Unlike the six months ended June 30, 2013, our financial
statements for the six months ended June 30, 2014 will reflect the
operations of HemCon for the entire period, which relate to the
development, manufacturing and marketing of innovative wound
care/infection control medical devices.  The operations we
acquired as a result of our acquisition of HemCon will
significantly impact our revenue and cost of goods sold, operating
expenses, as well as change our net profit/loss for the six months
ended June 30, 2014 when compared to the same period a year ago.
The exact impact will not be known until our financial statements
for the six months ended June 30, 2014 are completed," the Company
stated.

TriStar Wellness Solutions, Inc., offers products and technologies
in the areas of wound care, women's health and therapeutic skin
care.  The Company is based in Westport, Connecticut.

The Company's balance sheet at March 31, 2014, showed $5.27
million in total assets, $12.1 million in total liabilities, and
stockholders' deficit of $6.83 million.


TUNICA-BILOXI GAMING: Moody's Cuts Corp. Family Rating to Caa3
--------------------------------------------------------------
Moody's Investors Service downgraded Tunica-Biloxi Gaming
Authority's (TBGA or the Authority) Corporate Family Rating to
Caa3 from Caa2, its Probability of Default Rating to Caa3-PD from
Caa2-PD, and its senior unsecured note rating to Caa3 from Caa2.
The rating outlook is negative.

Rating Rationale

The downgrade reflects the double digit declines in TBGA's EBITDA
that increases the likelihood that TBGA will have difficulty
refinancing its $150 million senior notes when they come due in
November 2015. The EBITDA declines in each of the last six
quarters have been caused by increased competition in its primary
market area in central Louisiana. In addition to Moody's concerns
about the sustainability of TBGA's capital structure, the Caa3
Corporate Family Rating (CFR) reflects its high leverage --
debt/EBITDA was 6.8 times for the trailing twelve months ended
June 29, 2014 (or above 10 times debt/EBITDA less tribal
distributions) -- and weak interest coverage of EBITDA less
capex/interest of about 1.1 times. The opening of two new
competitors -- L'auberge Baton Rouge and the Jena Choctaw Pines
Casino just north of Alexandria, LA -- along with reduce spending
by visitors to TBGA's Paragon casino -- has caused its gaming
revenue declines to outpace its expense reductions. Despite
Moody's expectation for negative free cash flow over the next 12
months, TBGA's modest cash balances should be sufficient to cover
the deficiencies, at least until its notes mature in November
2015.

The negative rating outlook reflects Moody's expectations that
TBGA's earnings will continue to remain under pressure in the near
term which will result in the Authority having difficulty
refinancing its notes in November 2015 without a restructuring.
The negative rating outlook also takes into consideration the
uncertainty surrounding the management of the casino as the
Authority has decided not to renew the contract of its management
company and has not named a new managing company.

TBGA's ratings could be downgraded if liquidity deteriorates or
its probability of default increases for any reason. Ratings are
unlikely to be upgraded in the near-term without material
improvement in earnings or a successful refinancing of its senior
unsecured notes due 2015.

Ratings downgraded:

-- Corporate Family Rating to Caa3 from Caa2

-- Probability of Default Rating to Caa3-PD from Caa2-PD

-- $150 million 9.0% senior unsecured notes due 2015 to Caa3
    (LGD4) from Caa2 (LGD4)

Tunica-Biloxi Gaming Authority is an unincorporated governmental
agency of the Tunica-Biloxi Tribe of Louisiana. TBGA owns and
operates the Paragon Casino Resort located in Marksville,
Louisiana. As of June 29, 2014 the casino had 1,655 slot machines,
44 house banked table games (including blackjack and specialty
games), nine poker tables, a pari-mutuel off-track betting room
and live keno. The facility also features a
convention/entertainment center, three full-service restaurants, a
550 seat buffet, 18 hole golf course and a 535-room hotel.

The principal methodology used in this rating was Global Gaming
Industry published in June 2014. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.


UBL INTERACTIVE: June 30 Balance Sheet Upside-Down by $4.65MM
-------------------------------------------------------------
UBL Interactive, Inc., filed its quarterly report on Form 10-Q,
reporting a net income of $377,421 on $1.36 million of total
revenue for the three months ended June 30, 2014, compared with a
net loss of $327,108 on $923,415 of total revenue for the same
period in 2013.

The Company's balance sheet at June 30, 2014, showed $2.62 million
in total assets, $7.27 million in total liabilities, and a
stockholders' deficit of $4.65 million.

The Company had an accumulated deficit at June 30, 2014 and a net
loss for the nine months then ended.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, according to the regulatory filing.

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

                      http://is.gd/1N3t1j

UBL Interactive, Inc., provides a set of online identity
management tools and services to businesses seeking to optimize
their presence in location based search results on Web, mobile and
social platforms. The Company's profile management services allow
businesses to take control of profile pages in trafficked, search
engines and social media sites, providing enhanced content about
their products and services. As part of these services, the
Company also provides an expanding range of analytical and
monitoring tools. The Company offers services in the United States
of America, Canada, The United Kingdom and Australia. The Company
provides its listing services to businesses directly from its
site, and through interactive marketing agencies and channel sales
partnerships.


UMED HOLDINGS: Incurs $746K Net Loss in Q2 of 2014
--------------------------------------------------
UMED Holdings, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $745,562 on $4,103 of total revenue for
the three months ended June 30, 2014, compared with a net loss of
$609,056 on $3,019 of total revenue for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $2.1 million
in total assets, $3.68 million in total liabilities, and a
stockholders' deficit of $1.58 million.

The Company has incurred a deficit of $5,265,490 as of June 30,
2014.  The ability of the Company to continue as a going concern
is in doubt and dependent upon achieving a profitable level of
operations or on the ability of the Company to obtain necessary
financing to fund ongoing operations, according to the regulatory
filing.

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

                       http://is.gd/o5zFtl

UMED Holdings, Inc., is a Fort Worth, Texas-based global
diversified holding company that owns and operates businesses in a
variety of industries including energy, oil and gas, aerospace,
food and beverage, and mining.


UNION GROVE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Union Grove Saw & Knife, Inc.
        157 Sawtooth Lane
        Union Grove, NC 28689

Case No.: 14-50617

Chapter 11 Petition Date: August 27, 2014

Court: United States Bankruptcy Court
       Western District of North Carolina (Statesville)

Judge: Hon. Laura T. Beyer

Debtor's Counsel: Melanie D. Johnson Raubach, Esq.
                  HAMILTON STEPHENS STEELE MARTIN PLLC
                  201 S. College Street, Suite 2020
                  Charlotte, NC 28244
                  Tel: 704-227-1059
                  Fax: 704-344-1483
                  Email: mraubach@lawhssm.com

                    - and -

                  Glenn C. Thompson, Esq.
                  HAMILTON STEPHENS STEELE & MARTIN PLLC
                  201 S. College St., Suite 2020
                  Charlotte, NC 28244-2020
                  Tel: (704) 227-1067
                  Fax: (704) 344-1483
                  Email: gthompson@lawhssm.com

Total Assets: $1.22 million

Total Liabilities: $1.19 million

The petition was signed by Edward A. Bissell, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ncwb14-50617.pdf


UNITED AMERICAN: Authorized Common Shares Hiked to 150 Million
--------------------------------------------------------------
United American Healthcare Corporation filed a Certificate of
Amendment to its Articles of Incorporation with the Nevada
Secretary of State, increasing the number of authorized shares of
common stock of the Corporation to 150 million, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.

Article 3 of the Articles of Incorporation of the Corporation has
been amended to read:

     "The total number of shares of capital stock that the
      Corporation is authorized to issue is One Hundred and Fifty
      Five Million (155,000,000) shares, of which (i) Five Million
      (5,000,000) shares are designated as preferred stock, par
      value $0.001 per share, and (ii) One Hundred and Fifty
      Million (150,000,000) shares are designated as common stock,
      par value $0.001 per share."

                       About United American

Chicago-based United American Healthcare, through its wholly owned
subsidiary Pulse Systems, LLC, provides contract manufacturing
services to the medical device industry, with a focus on precision
laser-cutting capabilities and the processing of thin-wall tubular
metal components, sub-assemblies and implants, primarily in the
cardiovascular market.

The Company disclosed a net loss of $769,000 on $3.23 million of
contract manufacturing revenue for the six months ended Dec. 31,
2013, as compared with net income of $82,000 on $3.83 million of
contract manufacturing revenue for the same period in 2012.

Bravos & Associates, CPA's, in Bloomingdale, Illinois, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company's liabilities and working capital
raise substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at March 31, 2014, showed $14.95
million in total assets, $13.11 million in total liabilities and
$1.84 million in total shareholders' equity.


VERAX RESTAURANT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Verax Restaurant Group, Inc.
           dba Denny's Restaurant 8019
        4760 E. Cesar Chavez Ave.
        Los Angeles, CA 90022

Case No.: 14-26418

Chapter 11 Petition Date: August 26, 2014

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Richard M Neiter

Debtor's Counsel: Giovanni Orantes, Esq.
                  THE ORANTES LAW FIRM, A.P.C.
                  3435 Wilshire Blvd Ste 2920
                  Los Angeles, CA 90010
                  Tel: 888-619-8222
                  Fax: 877-789-5776
                  Email: go@gobklaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Zinaida Pishik, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb14-26418.pdf


VERITEQ CORP: Reports Issuances of Promissory Notes
---------------------------------------------------
VeriTeQ Corporation entered into a securities purchase agreement
effective on Aug. 20, 2014, with an accredited investor pursuant
to which the Company issued and sold to the Investor a convertible
promissory note, bearing interest at 6% per annum, in the amount
of $127,500.

The 6% Note matures on Aug. 4, 2015, and may be converted in whole
or in part into the Company's common stock, at the option of the
holder at a conversion price equal to a 40% discount from the
average of the three lowest daily trading prices in the ten
trading days prior to the day that the holder requests conversion.
Trading price means, as of any date, the lowest trading price on
the Over-the-Counter Bulletin Board, or applicable trading market
as reported by a reliable reporting service mutually acceptable to
the Company and the holder.  However, in no event will the holder
be entitled to convert any portion of the 6% Note if that
conversion would result in beneficial ownership by the holder and
its affiliates of more than 9.99% of the outstanding shares of the
Company's common stock, subject to possible adjustment as provided
in the 6% Note.

                     Assignment of Corbin Note

The Company entered into an assignment agreement, dated Aug. 4,
2014, with an accredited investor, which became effective on
Aug. 20, 2014, pursuant to which the Accredited Investor purchased
from Corbin Properties LLC a note in the amount of $183,500.

The Corbin Note now matures on Aug. 4, 2015, and may be converted
in whole or in part into the Company's common stock, at the option
of the holder at a conversion price equal to a 40% discount from
the average of the three lowest daily trading prices in the ten
trading days prior to the day that the holder requests conversion.
Trading price means, as of any date, the lowest trading price on
the Over-the-Counter Bulletin Board, or applicable trading market
as reported by a reliable reporting service mutually acceptable to
the Company and the Accredited Investor.  However, in no event
will the holder be entitled to convert any portion of the Corbin
Note if that conversion would result in beneficial ownership by
the holder and its affiliates of more than 9.99% of the
outstanding shares of the Company's common stock, subject to
possible adjustment as provided in the Corbin Note.

                    Securities Purchase Agreement

On Aug. 13, 2014, the Company entered into a securities purchase
agreement with an accredited investor, which became effective on
Aug. 21, 2014, pursuant to which the Company issued and sold to
the purchaser a convertible promissory note in the aggregate
principal amount of $42,500.

The note, which accrues interest at a rate of 8% per annum, will
mature on May 15, 2015.  The note provides the Company with
several pre-payment options with varying amount due depending upon
the timing of the prepayment.  The note may be converted in whole
or in part into the Company's common stock, at the option of the
holder, at any time following 180 days after issuance and until
the maturity date, unless the conversion or share issuance under
the conversion would cause the holder to beneficially own in
excess of 4.99% of the Company's common stock.  The conversion
price will be 61% multiplied by the market price.

               Promissory Note dated August 25, 2014

On Aug. 25, 2014, the Effective Date the Company issued a master
convertible promissory note to an accredited investor in the
amount of $115,000, which included an original issue discount, or
OID, in the amount of $10,000.  The Company netted cash of $92,000
after payment of the Lender's expenses and a finder's fee.

Under the terms of the Master Note, the Lender will have the
right, but not the obligation to lend additional funds to the
Company in up to four additional tranches, each in the amount of
$100,000, at any time or from time to time beginning on the
Effective Date and ending one year from the date that the entire
outstanding balance of the most recently funded promissory note
has been repaid.  Each Subsequent Note will have an initial
outstanding balance of $110,000, consisting of $100,000 payable in
cash and a $10,000 OID.  No Subsequent Note will be considered a
valid, binding or enforceable obligation of the Company until the
Lender delivers to the Company: (i) the purchase price for the
applicable Subsequent Note, and (ii) a copy of the applicable
Subsequent Note.  The Master Note and any Subsequent Note will be
interest free for the first 90 days after issuance.  If a note is
not repaid in 90 days, it will bear a one-time interest charge of
12%.  The notes may be prepaid anytime within 90 days of issuance.
After 90 days, the note may be prepaid subject to the Lender's
consent and a 125% prepayment premium.

                   8% Convertible Redeemable Note

On Aug. 26, 2014, the Company issued and sold a convertible
promissory note in the principal amount of $100,000.  The Company
has agreed to pay the purchaser's expenses and fees in connection
with the issuance of the note.  The note matures on Aug. 26, 2015.
The note may be converted in whole or in part into the Company's
common stock, at the option of the holder, at any time after
issuance and until the maturity date.  The conversion price will
be 60% of the lowest three closing prices for the Company's common
stock during the 10 trading day period ending on the date of
receipt of the conversion notice.

                          About VeriTeQ

VeriTeQ (formerly known as Digital Angel Corporation) develops
innovative, proprietary RFID technologies for implantable medical
device identification, and dosimeter technologies for use in
radiation therapy treatment.  VeriTeQ offers the world's first FDA
cleared RFID microchip technology that can be used to identify
implantable medical devices, in vivo, on demand, at the point of
care.  VeriTeQ's dosimeters provide patient safety mechanisms
while measuring and recording the dose of radiation delivered to a
patient in real time.  For more information on VeriTeQ, please
visit www.veriteqcorp.com .

Veriteq Corporation reported a net loss of $15.07 million on
$18,000 of sales for the year ended Dec. 31, 2013, as compared
with a net loss of $1.60 million on $0 of sales for the year ended
Dec. 31, 2012.  As of June 30, 2014, the Company had $7.04 million
in total assets, $14.16 million in total liabilities and a $7.12
million total stockholders' deficit.

EisnerAmper LLP, in New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has incurred recurring net losses, and at Dec. 31,
2013, had negative working capital and a stockholders' deficit.
These events and conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WAFERGEN BIO-SYSTEMS: Hal Mintz Holds 9.9% Equity Stake
-------------------------------------------------------
Hal Mintz and his affiliates disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that as of Aug. 22,
2014, they beneficially owned 560,000 shares of common stock of
WaferGen Bio-Systems, Inc., representing 9.91 percent of the
shares outstanding.  A copy of the Schedule 13G is available for
free at http://is.gd/0FF0zS

                    About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholders
of $17.71 million in 2013, following a net loss attributable to
common stockholders of $8.97 million in 2012.

The Company's balance sheet at June 30, 2014, showed $9.41 million
in total assets, $7.69 million in total liabilities and $1.71
million in total stockholders' equity.

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consoliated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.


WEST TEXAS GUAR: Files Chapter 11 Plan of Reorganization
--------------------------------------------------------
West Texas Guar, Inc. on August 25 filed with the U.S. Bankruptcy
Court for the Northern District of Texas its proposed plan to exit
Chapter 11 protection.

The plan of reorganization, which West Texas Guar co-proposed with
Scopia Windmill Fund LP, would allow the company to continue to
operate, process guar beans and sell them for money to pay
creditors while the court litigates the lien rights of Scopia and
the guar bean producers.

Edgar Montalvo, who has been working as West Texas Guar's chief
restructuring officer since April 9, will continue to manage the
operations of the company, which will be owned by Scopia,
according to the disclosure statement outlining the company's
restructuring plan.

Farmers who supplied beans to West Texas Guar during the 2013-2014
growing season will receive a percentage distribution based on the
outcome of current pending litigation in connection with the
validity and priority of their liens.

The proposed plan divides claims and interests into nine classes
and discusses how each class will be treated.

Classes 1 and 2 are comprised of priority non-tax claims and
secured tax claims, respectively.

Class 3 is comprised of secured claims held by Scopia while Class
4 is comprised of secured claims of creditors who supplied West
Texas Guar with guar beans prior to its bankruptcy pursuant to
their written agreements.  Claims asserted by other secured
creditors are classified in Class 6.

Class 5 is comprised of lenders of Class 4 creditors who assert a
lien in guar beans and who sent a notice to the company under
Section 1324 of the Food Security Act.  Meanwhile, general
unsecured claims are classified in Class 7.

Holders of subordinated claims in Class 8 and interests in West
Texas Guar in Class 9 won't receive distributions under the plan.
All interests in West Texas Guar will be canceled when the company
officially emerges from bankruptcy, according to the disclosure
statement.  The disclosure statement is available for free at
http://is.gd/P1ju6r

                     About West Texas Guar

Representatives of 24 farms filed an involuntary Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 14-50056) on March
14, 2014, against West Texas Guar Inc.  The farmers claim they are
owed nearly $4 million for seed they've delivered on the 2013
harvest but haven't been paid for.  Guar is a seed crop that has a
variety of uses in human and animal food production, textiles and
fracking for oil and gas wells.

Judge Robert L. Jones oversees the case.  The farmers are
represented by R. Byrn Bass, Jr., Esq., Attorney at Law.

WTG is represented by Samuel M. Stricklin, Esq., Tricia R. DeLeon,
Esq., and Lauren C. Kessler, Esq., at Bracewell & Giuliani LLP, in
Dallas, Texas.


WEST TEXAS GUAR: Drops Bid to Value Claims of Bean Producers
------------------------------------------------------------
West Texas Guar, Inc. withdrew its motion to value the claims
filed by guar bean producers against the company.

The company on June 6 sought approval from the U.S. Bankruptcy
Court for the Northern District of Texas to value the claims in
connection with a settlement agreement it made with the producers
regarding the use of its cash collateral.

One of the conditions of the settlement is for West Texas Guar to
pay 75% of each producer's undisputed claim in full satisfaction
of that claim.

Prior to the settlement, the company on May 7 filed a motion for
use of cash collateral in which it asked for court approval to
resume business operations, and deposit a certain amount of its
proceeds into account as "adequate protection" for the producers,
according to court filings.

                     About West Texas Guar

Representatives of 24 farms filed an involuntary Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 14-50056) on March
14, 2014, against West Texas Guar Inc.  The farmers claim they are
owed nearly $4 million for seed they've delivered on the 2013
harvest but haven't been paid for.  Guar is a seed crop that has a
variety of uses in human and animal food production, textiles and
fracking for oil and gas wells.

Judge Robert L. Jones oversees the case.  The farmers are
represented by R. Byrn Bass, Jr., Esq., Attorney at Law.

WTG is represented by Samuel M. Stricklin, Esq., Tricia R. DeLeon,
Esq., and Lauren C. Kessler, Esq., at Bracewell & Giuliani LLP, in
Dallas, Texas.


WOUND MANAGEMENT: Incurs $776K Net Loss for Q2 of 2014
------------------------------------------------------
Wound Management Technologies, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $775,924 on $544,350 of total
revenue for the three months ended June 30, 2014, compared with a
net loss of $32,336 on $415,693 of total revenue for the same
period in 2013.

The Company's balance sheet at June 30, 2014, showed $2.21 million
in total assets, $2.36 million in total liabilities, and a
stockholders' deficit of $141,463.

The Company has current liabilities in excess of current assets
and has a stockholders' deficiency.  The Company has had limited
operations and has not been able to develop an ongoing, reliable
source of revenue to fund its existence.  The Company's day-to-day
expenses have been covered by proceeds obtained and services paid
by the issuance of stock and notes payable.  The adverse effect on
the Company's results of operations due to its lack of capital
resources can be expected to continue until such time as the
Company is able to generate additional capital from other
sources.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.

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

                         http://is.gd/Ig797D

                       About Wound Management

Fort Worth, Texas-based Wound Management Technologies, Inc.,
markets and sells the patented CellerateRX(R) product in the
expanding advanced wound care market; particularly with respect to
diabetic wound applications.

Wound Management disclosed a net loss of $1.84 million on $1.17
million of revenue for the year ended Dec. 31, 2012, as compared
with a net loss of $12.74 million on $2.21 million of revenue
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $1.18 million in total assets, $6.66 million in total
liabilities and a $5.48 million total stockholders' deficit.

Pritchett, Siler & Hardy, P.C., in Salt Lake City, Utah, 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 substantial losses
and has a working capital deficit which factors raise substantial
doubt about the ability of the Company to continue as a going
concern.


YELLOWSTONE MOUNTAIN: Reward Offered for Tim Blixseth Assets
------------------------------------------------------------
Matt Volz, writing for The Associated Press, reported that the
trustee representing Yellowstone Club creditors offered a reward
to anyone who can help uncover property or bank accounts the
luxury resort's co-founder might have hidden from bankruptcy
proceedings.  According to the report, Brian Glasser, an attorney
with Bailey & Glasser LLP of Charleston, West Virginia, offered 10
percent of the profits of the liquidated assets recovered from Tim
Blixseth to anyone with information that leads to their discovery.

                      About Yellowstone Mountain

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed
a separate Chapter 11 petition on March 27, 2009 (Case No.
09-60452).

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented Yellowstone.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Marc S. Kirschner, Esq., was appointed the Trustee of the
Yellowstone Club Liquidating Trust created under the Plan.


* 8th Circ. Says Grain Tax Fraudster Deserved Longer Sentence
-------------------------------------------------------------
Law360 reported that the Eighth Circuit upheld a 46-month sentence
against a man convicted of defrauding a federally licensed grain
operator in Iowa through bribery, threats and deception, saying
lies he told during his prosecution warrant the enhanced penalty.
According to the report, the appeals court found that Michael
Recker lied about not knowing an elevator employee prosecutors
claimed he had bribed and coerced into participating in the scheme
or about the checks sent from a girlfriend's account to pay the
employee.

The case is United States v. Michael Recker, Case No. 13-2639 (8th
Cir.).


* Relying on Lexis 'Dismissed' Report Doesn't Violate FCRA
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that U.S. District
Judge Tanya Walton Pratt in Indianapolis found no violation of the
federal Fair Credit Reporting Act when a credit-reporting company,
which receives all of its information about consumer bankruptcies
from Lexis, shows a consumer bankruptcy as "dismissed" even though
it was voluntarily withdrawn.

According to the report, Judge Pratt said in her opinion that the
FCRA doesn't require "unreasonable procedures just to ensure
greater accuracy," relying in part on testimony from Lexis saying
there's no way to devise a computer system to cull cases that were
withdrawn.

The case is Childress v. Experian Information Systems Inc.,
12-01529, U.S. District Court, Southern District of Indiana
(Indianapolis).


* One-Creditor, No-Asset Case Should Be Dismissed, Judge Says
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that that U.S.
District Judge Sam A. Lindsay ruled that it was error for a
bankruptcy judge to deny a motion to dismiss filed by the sole
creditor of a company with no assets, saying there was no purpose
to the Chapter 7 bankruptcy of a fund sued by the bankruptcy
trustee of the group founded by Ponzi schemer Thomas Petter.

According to the report, Judge Lindsay said as a corporation, the
fund would receive no discharge in Chapter 7 and creditors
couldn't benefit because there was nothing to distribute.  In the
fund's case, the Petters trustee was the only creditor aside from
one insider.

The case is Kelley v. Cypress Financial Trading Co. LP, 13-02282,
U.S. District Court, Northern District Texas (Dallas).


* Standard Chartered Fined $300-Mil. for Backlisting
----------------------------------------------------
Ben Protess and Chad Bray, writing for The New York Times'
DealBook, reported that the New York State's financial regulator
has entered into a settlement under which Standard Chartered will
pay a $300 million and suspend an important business activity
because of the bank's failure to fulfill its promise to weed out
transactions prone to money-laundering.  According to the report,
the New York regulator is penalizing Standard Chartered for
running afoul of a 2012 settlement with state and federal
authorities, which resolved accusations that the bank, in part
through its New York branch, processed transactions for Iran and
other countries blacklisted by the United States.


* Junk Companies Feeling Little Liquidity Stress, Moody's Says
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, and
Sherri Toub, a Bloomberg News writer, reported that latest
statistics from Moody's Investors Service showed that bankruptcies
will be few among junk-rated companies.  According to the report,
Moody's liquidity stress index crept up to 4.1 percent in mid-
August from 3.9 percent in mid-July.


* Mark Kaufman Relocates to McKenna's San Francisco Office
----------------------------------------------------------
With many California cities continuing to show signs of fiscal
distress, McKenna Long & Aldridge has relocated litigation partner
Mark Kaufman, co-chair of the firm's Municipal Reform & Innovation
practice, to its San Francisco office from the Atlanta office.
His practice focuses on advising financially distressed cities and
towns -- as well as tax-exempt bondholders, bond insurers and
other public finance stakeholders -- on issues and strategies
stemming from fiscally challenged municipal credits.

One of the country's leading municipal restructuring lawyers,
Mr. Kaufman was recently honored by the Turnaround Atlas Awards as
winner of the Out-of-Court Restructuring of the Year Award for
Middle Markets.  He was also selected as Mid-Market Restructuring
Lawyer of the Year and listed as one of the top 100 restructuring
and turnaround professionals in the world.

Some of that recognition reflected Mr. Kaufman's role as lead
counsel advising the Governor-appointed Receiver of the City of
Harrisburg, PA in concluding a complex financial restructuring
without resorting to Chapter 9 bankruptcy filing.  Mr. Kaufman was
able to successfully work with a broad group of bondholders and
other creditors in developing an out-of-court plan of
reorganization for the Pennsylvania state capital in restructuring
more than $400 million in debt.  His contributions weren't lost on
local constituents -- an article inn Harrisburg's daily newspaper
last December commented, "In the extraordinarily complex world of
bankruptcy law, Kaufman is one of the best."

Mr. Kaufman will lead McKenna's work in municipal restructuring
matters in California at a time when local governments across the
state are facing a gauntlet of challenges, from underfunded public
pension plans to a shrinking tax base and nagging high
unemployment.  Three California cities have filed Chapter 9
bankruptcies in the last several years -- San Bernadino, Stockton
and Vallejo -- and a fourth, Mammoth LLakes, had its case
dismissed.  Frequent news reports have identified numerous other
cities throughout the state that could face default on public debt
-- including Oakland, San Jose, Fresno and Compton.

"California represents the largest collection of municipal
governments of any state in the country -- and it's no secret that
many of those cities have remained under severe fiscal stress
since the recession," said Charley Maher, who recently was named
managing partner for McKenna's San Francisco office.

"Having Mark Kaufman resident in our office, with his deep
knowledge of distressed public debt, and coming off his tremendous
success in helping bring Harrisburg back from the brink, is a huge
asset for our West Coast insolvency group," Mr. Maher added.
"Mark's breadth of knowledge on municipal reform and restructuring
complements our existing litigation, transaction and financial
practices throughout the state."

Mr. Kaufman commented: "California is unique laboratory for
municipal reform -- the state has enormmous wealth and marketplace
vitality, and is home to many of the country's most profitable and
innovative companies.  But it's also straining in many areas from
job loss, corporate exodus, poor fiscal management and other
problems that have squeezed many municipalities.  I'm looking
forward to working with local governments as well as investors and
other key participants in the state's tax-exempt arena in finding
the best solutions to fiscal problems."

He previously served as President of the Bankruptcy Section of the
Atlanta Bar Association and is a former chair of Georgia's
Bankruptcy Bench and Bar Conference, as well as the Southeastern
Bankruptcy Law Institute.

He earned his J.D. from Harvard Law School (1973) and his B.S.
from Cornell University (1969).

McKenna's San Francisco office, located in the city's financial
district, has more than 40 attorneys experienced in a wide range
of practices, including real estate finance, business litigation,
insurance coverage, product liability and toxic torts,
environmental and energy law, intellectual property, unfair trade
practices, product regulation and other areas.

                   About McKenna Long & Aldridge

McKenna Long & Aldridge LLP -- http://www.mckennalong.com-- is an
international law firm with 575 attorneys and public policy
advisors in 15 offices and 13 markets.  The firm is uniquely
positioned at the intersection of law, business and government,
representing clients in the areas of complex litigation, corporate
law, energy, environment, finance, government contracts, health
care, infrastructure, insurance, intellectual property, private
client services, public policy, real estate, and technology.


* BOOK REVIEW: Competition, Regulation, and Rationing
               in Health Care
-----------------------------------------------------
Author:     Greenberg, Warren
Publisher:  Beard Group
Paperback:  188 pages
List Price: $34.95
Review by:  Gail Hoelscher

Order you personal copy today at http://tinyurl.com/m9rpon8

This book is fundamental reading for those involved directly in
health care as well as those interested and concerned about the
past, present and future of the health care industry in the United
States. Originally published in 1990, Warren Greenberg examined
the U.S. health care sector over the period 1960-1988 using
standard industrial organization economic analysis. He looked at
regulation and competition, antitrust elements, technology, and
rationing, as well as pricing behavior and advertising. Although
some experts claimed the health care industry to be unique and
outside the purview of such analysis, Dr. Greenberg demonstrated
that all industries differ in their own ways, but nonetheless can
be analyzed using these techniques.

Dr. Greenberg's first goal in writing this book was to educate the
layperson about the economics of the health care industry.
Economists have pointed out two major potential differences
between health care and other sectors of the economy: uncertainty
of demand and imperfect and imbalanced information on the part of
providers and consumers. Dr. Greenberg agrees with the first and
less so with the second. Obviously, the timing, extent and length
of future illness and the demand for medical services are
impossible to know. A good deal of the consumer's uncertainty is
smoothed over by health insurance. The uncertainty for insurance
companies in the sector is somewhat different than that for other
industries: while consumers commonly seek more health care than
they would if they were not covered, it is rare for someone to
burn down his own home just to collect the insurance. With regard
to the imbalance in information, physicians do indeed know more
about a particular illness and treatment than the average
potential patient, but Dr. Greenberg asks how that differs from
plumbing, law and accounting!

Dr. Greenberg identified and described the industries that make up
the health care sector: medical services, hospitals, insurance,
and long-term care. He explored market failures and imperfections
in each and detailed some of the measures government has taken to
correct these imperfections. For example, he described the efforts
of the federal government to force competition in the medical
services field and how barriers to entry imposed by physicians'
lobbies to limit the number of physicians in practice were lifted,
physicians were permitted to advertise, and restrictions on the
services of non-physicians were eased. He recounted efforts to
require hospitals to disclose information on mortality rates,
infections, and medical complications.

Dr. Greenberg's second goal in writing the book was to consider
policy options. Although he claims skepticism of regulation (after
working for the federal government), he believes that ongoing
efforts to devise a more efficient and equitable health care
system will require more competition, regulation, and rationing.
He examined the Canadian, British and Dutch systems, so
fascinating and different from ours, and found the Dutch system
the least regulatory and most equitable.

This book is a primer on the health care industry. Dr. Greenberg
explains economic terms in a straightforward and clear way without
condescension and takes the reader way beyond Economics 101.
Although the sector has changed significantly since this book was
published, Dr. Greenberg's analysis of the past offers valuable
insight into why our system evolved the way it did and what
direction it might take in future.


                             *********

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

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

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

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

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

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

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

                           *********

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

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

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

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

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


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