TCR_Public/140930.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Tuesday, September 30, 2014, Vol. 18, No. 272

                            Headlines

ACTIVECARE INC: Chief Executive Officer to Quit Next Month
AEOLUS PHARMACEUTICALS: Gets Notice of Clinical Hold for AEOL
AFFYMAX INC: Court Grants Final OK of Derivative Settlement
ALLIED IRISH: Director Thomas Wacker to Retire
ALLY FINANCIAL: To Sell $1 Billion Senior Notes

ANTARAMIAN PROPERTIES: Gets Emergency Financing
API TECHNOLOGIES: Posts $600,000 Net Loss in Fiscal 3rd Quarter
ASBURY AUTOMOTIVE: Moody's Hikes Corporate Family Rating to Ba2
ASSOCIATED WHOLESALERS: Creditors Get Time to Study Possible Sale
ATHERTON FINANCIAL: Files Schedules of Assets and Liabilities

AXESSTEL INC: Acquires Flexcomm Limited
BALL FOUR: Court Rejects Appeal to Gentrys' Chapter 11 Plan
BELLE CREEK: S&P Lowers GO Bonds Rating to 'BB+'; Outlook Stable
BELLE PROPERTY: Case Summary & 20 Largest Unsecured Creditors
BUFFALO PARK: Court Confirms Owners' Ch. 11 Plan

BROADWAY FINANCIAL: Ruth McCloud Named Retail Banking Head
CABLEVISION SYSTEMS: Bank Debt Trades at 3% Off
CAESARS ENTERTAINMENT: Inks Confidentiality Deals With Banks
CAESARS ENTERTAINMENT: 2021 Bank Debt Trades at 5% Off
CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 4% Off

CASELLA WASTE: S&P Retains B- Corp. Credit Rating; Outlook Stable
CASPIAN SERVICES: Extends Baiseitov Note Maturity to 2015
CHRYSLER LLC: JPMorgan Demands $35M in Refunds for First-Liens
COASTLINE INVESTMENT: Seeks Case Dismissal After Sale of Hotels
COMMUNITY ACADEMY: S&P Lowers Rating on 2007 Rev. Bonds to 'B-'

CORPORATE EXECUTIVE: S&P Raises CCR to 'BB'; Outlook Stable
CRS HOLDING: Amends List of 20 Largest Unsecured Creditors
D & L ENERGY: Files Amended Schedules of Assets and Liabilities
DBSI INC: Bankr. Order Nixed Heart Center Lease, Tex. Court Says
DETROIT, MI: Council OKs $50M Regional Water Authority Plan

DETROIT, MI: Art Museum Will Sue if Bankruptcy Plan Not Approved
DETROIT, MI: Buffett Says City Will Be Better After Bankruptcy
DETROIT, MI: Judge Hears Testimony on Water Service Shutoffs
DEX MEDIA EAST: Bank Debt Trades at 6% Off
DIOCESE OF SPOKANE: Sues Lawyers Over Malpractice

DIRECT ACCESS: Auditing Co. Can't Ax Suit Over $66M Fraud
DOGWOOD PROPERTIES: Court Closes Chapter 11 Case
DORAL FINANCIAL: Lawyer Presses Case for Puerto Rico Tax Refund
DVORKIN HOLDINGS: Trustee May Consummate Real Property Sale
DVORKIN HOLDINGS: Trustee Has Accord With Craig Golden

DYNASIL CORP: Appoints Peter Sulick CEO and President
EAGLE BULK: Court Confirms Prepackaged Ch. 11 Plan
EAGLE BULK: Has Final Authority to Obtain $50MM DIP Loan
ECO SERVICES: Moody's Assigns Caa1 Senior Unsecured Rating
ECO SERVICES: S&P Assigns 'B' CCR; Outlook Stable

ECOSPHERE TECHNOLOGIES: William Brisbe Holds 16.5% Equity Stake
ECOTALITY INC: Seeks Extension of Exclusive Plan Filing Date
ENDEAVOUR INT'L: Signs Retention Agreements with Key Executives
EPAZZ INC: Incurs $3.7 Million Net Loss in March 31 Quarter
EXPLO SYSTEMS: Insurers Can't Rule Out Blast Coverage

FAIRMONT GENERAL: Wants to Tap LP Properties as Exclusive Broker
FAIRMONT GENERAL: Court Comments on Third Lease Decision Motion
FAMILY CHRISTIAN CATHEDRAL: Case Summary & Top Unsecured Creditor
FANNIE MAE: Chief Operating Officer to Quit Next Year
FCC HOLDINGS: Gets Bankr. Court Approval to Sell 5 Schools

FINJAN HOLDINGS: Signs Licensing Agreement With Websense
FIRST MARINER: Files Liquidating Chapter 11 Plan Following Sale
FIRSTPLUS FINANCIAL: Accountant Gets 40 Months for Takeover Plot
FL 6801 SPIRITS: Creditors Want Chapter 11 Trustee or Examiner
FL 6801 SPIRITS: Top Bidder Says Sale Is Being 'Hijacked'

FOUR OAKS FINCORP: Changes Organization Structure
FRANCIS M. DELAPE: Bankruptcy Court Has Jurisdiction on Bello Case
FREESEAS INC: Sells Vessel for $3.6 Million
GETTY IMAGES: Bank Debt Trades at 8% Off
GM HOLDINGS: Fitch Lowers Rating on $11BB Revolver Debt to 'BB+'

GOD'S HEALING HOLINESS: Case Summary & 3 Top Unsecured Creditors
GREAT PLAINS EXPLORATION: 1st Source Bank Balks at Amended Plan
HDGM ADVISORY: Examiner Appointed in Bankruptcy Case
HEARTHSIDE GROUP: S&P Assigns 'B' CCR; Outlook Stable
HELLAS TELECOM: Notes' Assignee Can't Sue Over Collapse

HENRY CO: S&P Affirms 'B' CCR & Revises Outlook to Negative
HONK'S INC: Idaho Chain Closes Remaining Five Outlets
HOTEL OUTSOURCE: No Longer Owns Any Operations
HOVNANIAN ENTERPRISES: Extends Expiration of Consent Solicitation
IDEARC INC: 5th Cir. Refuses Rehearing of $9.8BB Suit v. Verizon

INFINITY ENERGY: Amends 8-K Report in Response to SEC Comments
IRISH BANK: Can Remarket Blackrock Loans After EUR24M Sale Fails
ISC8 INC: Files Bankruptcy Petition in California
JAMES ROTH: Dist. Judge Won't Disturb Ruling on Plikaytis Claim
KANGADIS FOOD: Buyer Class in $261M Row Wins Cert. in Co.'s Ch. 11

LEGEND ENERGY: Parent Puts Business Into Bankruptcy
LEHMAN BROTHERS: 2nd Circ. Won't Rehear $4B Barclays Asset Fight
LEHMAN BROTHERS: Barclays Pays $15M to Settle SEC Claim
LEHMAN BROTHERS: JPMorgan Aims to Kill $8.6 Billion Suit
LEHMAN BROTHERS: Sues Mizuho in Swap Dispute

LEVEL 3: Disaggregates Network Related Expenses
LEO MOTORS: Signs 10-Year License Agreement with TPT
MAHALO ENERGY: Suit Against Gallacher Stays in Oklahoma
MEDICAL ALARM: Incurs $75,000 Net Loss in Dec. 31 Quarter
MERRIMACK PHARMACEUTICALS: Inks License Agreement with Baxter

MF GLOBAL: Judge Holds Off Approving Payment to Creditors
MISSION NEW ENERGY: Incurs $1.1 Million Net Loss in Fiscal 2014
MOMENTIVE PERFORMANCE: Judge Won't Delay Bankruptcy Plan
MONTREAL MAINE: Trustee Investigates Companies Tied to Derailment
MORGANS HOTEL: Yucaipa Director Nominee Quits

MOSS FAMILY: Disclosure Statement Hearing Moved to Jan. 2015
MOUNTAIN PROVINCE: Joint Venture Welcomes OK of Water License
NATIONAL CINEMEDIA: Bank Debt Trades at 4% Off
NET ELEMENT: Obtains $11 Million in Financing from Alfa-Bank
NEWLAND RESOURCES: Indiana Court Affirms Ruling in Branham Suit

NICHOLS CREEK: Voluntary Chapter 11 Case Summary
NII HOLDINGS: Avoids Cash Collateral Issues
NORTEL NETWORKS: UK Pensioners Call for Equal Allocation
NUVILEX INC: Chief Scientific Officer Quits
ORECK CORP: MDL Suit v. Royal Appliance Violates Injunction

ORECK CORP: Amends Ch. 11 Plan of Liquidation
OVERLAND STORAGE: Incurs $22.9 Million Net loss in Fiscal 2014
OSAGE EXPLORATION: Amends 2013 Annual Report to Add Info.
PATHEON INC: Bank Debt Trades at 2% Off
PEABODY ENERGY: Bank Debt Trades at 2% Off

PENSKE AUTOMOTIVE: Moody's Hikes Corporate Family Rating to B2
PETER D. GACHE: SDNY Judge Dismisses Suit Against Hill Realty
PHOENIX PAYMENT: Court Approves Sale of Assets to NAB for $50MM
PLAZA HEALTHCARE: 19 Nursing Homes Sell for $62 Million
PRETTY GIRL: Court Fixes Nov. 19 as Claims Bar Date

QUICKSILVER RESOURCES: Moody's Cuts Corp. Family Rating to Caa3
QUICKSILVER RESOURCES: Appoints Strategic Alternatives Officer
RADIOSHACK CORP: Standard General in Talks to Ease Cash Crunch
RIVERHOUNDS EVENT: Final Plan Hearing Set for Nov. 7
RIVERWALK JACKSONVILLE: Has Exclusive Plan Filing Right Til Oct 25

SAGE AUTOMOTIVE: S&P Assigns 'B' CCR & Rates $150MM Loan 'B'
SEARS CANADA: Said to Be Mulling Bankruptcy, Tapped Advisors
SEARS HOLDINGS: PYOF to Provide $50 Million in Funding
SEARS HOLDINGS: Fairholme Unit Steps Back From Loan
SEARS METHODIST: Nursing Facility Gets $6.24 Million Bid

SIMPLEXITY LLC: Seeks Extension of Exclusive Plan Filing Period
SPRING BRANCH: $10M Suit Against Johnson DeLuca Over Ch. 11 Pared
SUPER BUY FURNITURE: Amends Schedules of Assets and Liabilities
SUPERVALU INC: Fitch Raises Issuer Default Rating to 'B'
S.W.A. LLC: Old Union Turnpike Property to Be Sold Oct. 22

STEPHEN T. YELVERTON: Court Tosses Suit Suit v. Chapter 7 Trustee
TALISMAN ENERGY: Fitch Cuts Preferred Stock Rating to 'BB'
TEC/GULL CREEK: Sale and Plan Approved
TELEXFREE LLC: Creditors Object to Professional Fees
TENET HEALTHCARE: Offering $500 Million of Senior Notes

THORNBURG MORTGAGE: Judge Narrows $1.9 Billion Suit Against Banks
UNITEK GLOBAL: Further Extends Standstill Periods to Oct. 2
USEC INC: Has $6.9MM Additional Funding for ACTDO Deal
VIRGIN MEDIA: Bank Debt Trades at 2% Off
VISION INDUSTRIES: Chief Financial Officer Quits

WALTER ENERGY: Bank Debt Trades at 11% Off
WPCS INTERNATIONAL: Q1 Revenue Increased to $6.8 Million
YRC WORLDWIDE: Amends Credit Agreement with Credit Suisse

* New York Seek Shield for Rent-Control Tenants
* Panel Again Questions Sternberg Limits on Stay Violation Fees
* Spending Beyond One's Means Isn't Dodging Taxes

* Bingham-Morgan Lewis Merger Talks Enter Critical Stage
* Holland & Knight Adds New Litigation Partner in Tampa

* Large Companies With Insolvent Balance Sheet


                             *********


ACTIVECARE INC: Chief Executive Officer to Quit Next Month
----------------------------------------------------------
David G. Derrick, chief executive officer and chairman of
ActiveCare, Inc., informed the Company of his intention to leave
the Company effective Oct. 1, 2014, for personal reasons.  Mr.
Derrick's resignation is not due to any disagreements with the
Company or any officer or director of the Company, the Company
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission.

His responsibilities as chief executive officer will be assumed in
the interim by Michael Jones, chief operating officer of the
Company, who will also assume the title president.

                          About ActiveCare

South West Valley City, Utah-based ActiveCare, Inc., is organized
into three business segments based primarily on the nature of the
Company's products.  The Stains and Reagents segment is engaged in
the business of manufacturing and marketing medical diagnostic
stains, solutions and related equipment to hospitals and medical
testing labs.  The CareServices segment is engaged in the business
of developing, distributing and marketing mobile health monitoring
and concierge services to distributors and customers.  The Chronic
Illness Monitoring segment is primarily engaged in the monitoring
of diabetic patients on a real time basis.

The Company's business plan is to develop and market products for
monitoring the health of and providing assistance to mobile and
homebound seniors and the chronically ill, including those who may
require a personal assistant to check on them during the day to
ensure their safety and well being.

ActiveCare incurred a net loss attributable to common stockholders
of $25.95 million the year ended Sept. 30, 2013, as compared with
a net loss attributable to common stockholders of $12.42 million
for the year ended Sept. 30, 2012.  As of June 30, 2014, the
Company had $9.49 million in total assets, $10.96 million in total
liabilities and a $1.46 million total stockholders' deficit.

Tanner LLC, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Sept. 30, 2013.  The independent auditors noted that
the Company has incurred recurring losses, has negative cash flows
from operating activities, has negative working capital, and has
negative total equity.  These conditions, among others, raise
substantial doubt about its ability to continue as a going
concern.


AEOLUS PHARMACEUTICALS: Gets Notice of Clinical Hold for AEOL
-------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., on Sept. 22, 2014, received notice
from the U.S. Food & Drug Administration that the clinical safety
study in healthy normal volunteers proposed in its Investigational
New Drug Application for AEOL 10150 in the pulmonary effects of
Acute Radiation Syndrome has been placed on clinical hold.

The Company said it will work with its development partner, the
Biomedical Advanced Research and Development Authority, to respond
to the FDA notice and provide any additional information
requested.  This notice will delay BARDA funding for the clinical
study and its initiation until the FDA has reviewed the Company's
response and removed the clinical hold.

This FDA action does not impact the funding or progression of the
animal efficacy, manufacturing or other elements of the Company's
ongoing development program with BARDA for AEOL 10150 in Lung-ARS
under its BARDA contract.

                    About Aeolus Pharmaceuticals

Mission Viejo, California-based Aeolus Pharmaceuticals, Inc., is a
Southern California-based biopharmaceutical company leveraging
significant government investment to develop a platform of novel
compounds in oncology and biodefense.  The platform consists of
over 200 compounds licensed from Duke University and National
Jewish Health.

The Company's lead compound, AEOL 10150, is being developed as a
medical countermeasure ("MCM") against the pulmonary sub-syndrome
of acute radiation syndrome ("Pulmonary Acute Radiation Syndrome"
or "Lung-ARS") as well as the gastrointestinal sub-syndrome of
acute radiation syndrome ("GI-ARS").  Both syndromes are caused by
acute exposure to high levels of radiation due to a radiological
or nuclear event.  It is also being developed for use as a MCM for
exposure to chemical vesicants such as chlorine gas, sulfur
mustard gas and nerve agents.

Aeolus Pharmaceuticals reported a net loss of $3.20 million on
$3.92 million of contract revenue for the fiscal year ended
Sept. 30, 2013, as compared with net income of $1.69 million on
$7.29 million of contract revenue during the prior fiscal year.

As of June 30, 2014, the Company had $4.88 million in total
assets, $3.25 million in total liabilities and $1.63 million in
total stockholders' equity.

Grant Thornton LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2013.  The independent auditors noted
that the Company has incurred recurring losses and negative cash
flows from operations, and management believes the Company does
not currently possess sufficient working capital to fund its
operations through fiscal 2014.  These conditions, along with
other matters...raise substantial doubt about the Company's
ability to continue as a going concern.


AFFYMAX INC: Court Grants Final OK of Derivative Settlement
-----------------------------------------------------------
The California Superior Court for the County of Santa Clara
granted final approval of the settlement of the consolidated
derivative action against certain current and former directors and
officers of Affymax, and against Affymax as a nominal defendant
In re Affymax, Inc. Derivative Litigation, Lead Case No.
113CV243259.

On March 19, 2013, plaintiff Christopher Scott filed a shareholder
derivation action, captioned Scott v. Orwin, Case No. 113CV243259,
in the Court on behalf of Affymax, alleging breaches of fiduciary
duty by the Individual Defendants relating to their alleged
misrepresentation of the safety and efficacy, among other things,
of the Company's only product, OMONTYS(R) (peginesatide) Injection
("OMONTYS").  Specifically, Plaintiff Scott alleged that the
Individual Defendants, inter alia: (i) disregarded red flags
alerting them of hypersensitivity (or allergic) reaction
experienced by patients using OMONTYS during the drug's Phase 3
clinical trials; (ii) failed to implement additional testing to
develop a better understanding of the issues and determine the
root cause of the reaction; and (iii) failed to disclose the full
extent of the safety issues associated with using OMONTYS and
instead consistently touted the Company's business prospects in
order to drive up the stock price of Affymax.

On April 2, 2013, plaintiff Michael Markland filed a shareholder
derivation action, captioned Markland v. Orwin, Case No.
113CV243962, in the Court, alleging substantively similar
wrongdoings as the Scott Action.

Counsel for the Settling Parties engaged in arm's-length
negotiations concerning the terms and conditions of a potential
resolution of the Action, including a mediation before the
Honorable Layn R. Phillips (Ret.).  After arm's-length
negotiations with the assistance and involvement of the Mediator,
the Settling Parties were able to reach an agreement-in-principle
to resolve the Action.  Following the mediation and negotiations,
counsel for the Settling Parties reached an agreement providing
for the settlement of the Action as documented by the Stipulation.

As a result of these negotiations, and in recognition of the
substantial benefits conferred upon Affymax as a direct result of
the prosecution and Settlement of the Action, and as subject to
Court approval, Affymax or its insurers will pay, or cause to be
paid, to Plaintiffs' Counsel the agreed-to amount of $375,000.

The Court had granted preliminary approval of the settlement on
July 11, 2014, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

Meanwhile, Affymax commenced a special meeting of stockholders to
approve a plan of liquidation and dissolution, and a related
proposal.  The Special Meeting was adjourned due to lack of
quorum, with approximately 33.68% of the shares eligible to vote
at the Special Meeting present in person or by proxy.

                           About Affymax

Affymax, Inc. (Nasdaq: AFFY) is a biopharmaceutical company based
in Palo Alto, California.  In March 2012, the U.S. Food and Drug
Administration approved the Company's first and only product,
OMONTYS(R) (peginesatide) Injection for the treatment of anemia
due to chronic kidney disease in adult patients on dialysis.
OMONTYS is a synthetic, peptide-based erythropoiesis stimulating
agent, or ESA, designed to stimulate production of red blood cells
and has been the only once-monthly ESA available to the adult
dialysis patient population in the U.S.  The Company co-
commercialized OMONTYS with its collaboration partner, Takeda
Pharmaceutical Company Limited, or Takeda during 2012 until
February 2013, when the Company and Takeda announced a nationwide
voluntary recall of OMONTYS as a result of safety concerns.

                         Bankruptcy Warning

The Company said in the Quarterly Report for the period ended
March 31, 2014, "Because we have not made an irrevocable decision
to liquidate, the accompanying condensed financial statements have
been prepared under the assumption of a going concern basis that
contemplates the realization of assets and liabilities in the
ordinary course of business.  Operating losses have been incurred
each year since inception, resulting in an accumulated deficit of
$559.5 million as of March 31, 2014.  Nearly all of our revenues
to date have come from our collaboration with Takeda.  As a result
of the February 23, 2013 nationwide voluntary recall of OMONTYS
and the suspension of all marketing activities, there is
significant uncertainty as to whether we will have sufficient
existing cash to fund our operations for the next 12 months.
Given our limited resources, there is no assurance that we will be
able to reduce our operating expenses enough to meet our existing
and future obligations and conduct ongoing operations.  If we do
not have sufficient funds to continue operations, we could be
required to liquidate our assets, seek bankruptcy protection or
other alternatives.  Any failure to dispel any continuing doubts
about our ability to continue as a going concern could adversely
affect our ability to enter into collaborative relationships with
business partners.  These matters raise substantial doubt about
our ability to continue as a going concern.  Our financial
statements do not include any adjustments that may result from the
outcome of this uncertainty."

Affymax reported a net loss of $14.42 million in 2013 following a
net loss of $93.41 million in 2012.  As of June 30, 2014, the
Company had $5.38 million in total assets, $214,000 in total
liabilities, all current, and $5.17 million in total stockholders'
equity.

Ernst & Young LLP, in Redwood City, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that there is significant uncertainty as to whether the Company
will have sufficient financial resources to fund its operations
for the next 12 months.  This condition raises substantial doubt
about the Company's ability to continue as a going concern.


ALLIED IRISH: Director Thomas Wacker to Retire
----------------------------------------------
Allied Irish Banks, p.l.c., announced that Mr. Thomas Wacker, non-
executive director, has notified the Board of his intention to
retire from the Board following completion of his three year term
on Oct. 12, 2014.

Chairman, David Hodgkinson thanked Tom for his contribution to the
Board stating, "Tom joined the AIB Board in 2011 at a time when
the Board and the Company were going through significant change
and addressing a range of significant challenges.  I thank Tom for
his commitment and contribution during this time and I wish him
well for the future."

                     About Allied Irish Banks

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

Allied Irish Banks reported a loss of EUR1.59 billion on EUR1.34
billion of net interest income for the year ended Dec. 31, 2013,
as compared with a loss of EUR3.55 billion on EUR1.10 billion of
net interest income in 2012.

At Dec. 31, 2013, the Company had EUR117.73 billion in total
assets, EUR107.24 billion in total liabilities and EUR10.49
billion in total shareholders' equity.


ALLY FINANCIAL: To Sell $1 Billion Senior Notes
-----------------------------------------------
Ally Financial Inc. is offering $300,000,000 3.250% senior notes
due 2017 at an issue price of 99.646%, according to a regulatory
filing with the U.S. Securities and Exchange Commission.  Interest
on the Notes are due semi-annually, in arrears on March 29 and
September 29 of each year, until maturity, commencing March 29,
2015.

The Company is also offering $700,000,000 of 5.125% senior notes
due 2024 at an issue price of 98.085%.  Interest on the Notes are
due semi-annually, in arrears on March 30 and September 30 of each
year, until maturity, commencing March 30, 2015.
Joint Book-Running Managers:

                    Citigroup Global Markets Inc.
                    Deutsche Bank Securities Inc.
                    Goldman, Sachs & Co.
                    Morgan Stanley & Co. LLC

Co-Managers:  Lloyds Securities Inc.
                    PNC Capital Markets LLC
                    Scotia Capital (USA) Inc.
                    SG Americas Securities, LLC
                    U.S. Bancorp Investments, Inc.
                    Blaylock Beal Van, LLC
                    Drexel Hamilton, LLC
                    Mischler Financial Group, Inc.
                    Toussaint Capital Partners, LLC

A full-text copy of the free writing prospectus is available for
free at http://is.gd/QK2lly

                        About Ally Financial

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

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

The Company's balance sheet at June 30, 2014, showed $149.93
billion in total assets, $135.05 billion in total liabilities and
$14.87 billion in total equity.

                           *     *     *

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

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the Ba3 corporate family and B1 senior unsecured ratings
of Ally Financial, Inc. and revised the outlook for the ratings to
positive from stable.  Moody's affirmed Ally's ratings and revised
its rating outlook to positive based on the company's progress
toward sustained improvements in profitability and repayment of
government assistance received during the financial crisis.


ANTARAMIAN PROPERTIES: Gets Emergency Financing
-----------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Antaramian Properties LLC, the owner and
developer of portions of a condominium, marina, and hotel project
known as Naples Bay Resort, received a postpetition financing
offer from EFO Financial Group LLC to be made available in three
installments.  According to the report, $995,000 of the financing
will be extended as an emergency advance, while $1.5 million will
be extended in an interim advance.  The final advance will be
about $3.5 million so that the financing will total $6.25 million.

Antaramian Properties, LLC, sought bankruptcy protection on Aug.
29, 2014 (Case No. 14-10145, Bankr. M.D. Fla.).  The case is
assigned to Judge Caryl E. Delano.  The Debtors are represented by
David S Jennis, Esq., at Jennis & Bowen PL, in Tampa, Florida.


API TECHNOLOGIES: Posts $600,000 Net Loss in Fiscal 3rd Quarter
---------------------------------------------------------------
API Technologies Corp. reported a net loss of $634,000 on $56.92
million of net revenue for the three months ended Aug. 31, 2014,
compared to net income of $6.96 million on $62.63 million of net
revenue for the same period in 2013.

For the nine months ended Aug. 31, 2014, the Company reported a
net loss of $17.74 million on $169.01 million of net revenue
compared to net income of $15,000 on $185.16 million of net
revenue for the same period a year ago.

The Company's balance sheet at Aug. 31, 2014, showed $288.65
million in total assets, $175.53 million in total liabilities and
$113.12 million in shareholders' equity.

"I am pleased with our third quarter performance, highlighted by 7
percent quarter-over-quarter revenue growth and our highest
Adjusted EBITDA percentage in 8 quarters," said Bel Lazar,
president and chief executive officer of API Technologies,  "Our
commitment to innovation and product execution has resulted in one
of the industry's leading portfolios of RF/microwave and advanced
technology products, which customers continue to embrace."

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

                        http://is.gd/AkeK5c

                       About API Technologies

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

For the 12 months ended Nov. 30, 2013, the Company incurred a net
loss of $7.22 million on $244.30 million of net revenue as
compared with a net loss of $148.70 million on $242.38 million of
net revenue for the 12 months ended Nov. 30, 2012.

                           *     *     *

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

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

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


ASBURY AUTOMOTIVE: Moody's Hikes Corporate Family Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded all ratings of Asbury
Automotive, Inc., including the Corporate Family rating, which was
upgrade to Ba2 from Ba3, and continued the stable outlook.

"The upgrades recognize the vast improvement in Asbury's credit
metrics during 2014, with both debt/EBITDA and EBITA/interest
crossing the thresholds Moody's had previously set for an
upgrade," stated Moody's Vice President Charlie O'Shea. "The
company is benefitting from a frothy environment across all
segments of its business, and it continues to manage its cost
structure such that operating margins are improving."

Upgrades:

Issuer: Asbury Automotive Group, Inc.

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Corporate Family Rating, Upgraded to Ba2 from Ba3

Senior Subordinated Regular Bond/Debenture, Upgraded to B1
(LGD5) from B2 (LGD5)

Outlook Actions:

Outlook, Remains Stable

Ratings Rationale

The Ba2 Corporate Family Rating considers Asbury's quantitative
credit profile, which has some investment grade characteristics,
with debt/EBITDA of 3.2 times and EBITA/interest of 4.7 times at
the June 2014 LTM. The rating also recognizes Asbury's market and
competitive positions, which Moody's believe despite its small
size compared to its rated US peers, are actually formidable in
the markets in which it chooses to operate, as well as its
favorable brand mix, with over 80% of new vehicle sales coming
from luxury and import brands, and its operating profit trend away
from new vehicle sales. Asbury's business model, with solid parts
and service and finance and insurance segments, reduces reliance
on new car sales, and it is successfully enhancing the efficiency
of its used car business. Ratings also consider Asbury's ample
liquidity resulting from its favorable debt maturity profile. The
stable outlook reflects Moody's expectation that Asbury will
continue to manage itself with sufficient discipline around
operating costs such that its present quantitative profile is
largely continued. Ratings could be upgraded if credit metrics
further improve such that debt/EBITDA was maintained around 3times
for an extended period and EBITA/interest was sustained above 5
times. Ratings could be downgraded if debt/EBITDA approached 4.25
times or if EBITA/interest fell below 2.75 times.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Asbury Automotive, headquartered in Duluth, GA, is a leading auto
retailer with 102 franchises, and annual revenues of approximately
$5.5 billion.


ASSOCIATED WHOLESALERS: Creditors Get Time to Study Possible Sale
-----------------------------------------------------------------
Law360 reported that a Delaware bankruptcy judge postponed a
hearing on Associated Wholesalers Inc.'s sale plan, which could be
worth up to $170 million and was hit with objections over the
stalking horse bidder's breakup fee, granting a request by
unsecured creditors who feared the case was moving too quickly.
According to the report, counsel for the debtor objected to the
newly formed official committee of unsecured creditors' request to
put off the hearing to consider AWI's proposed bid procedures but
U.S. Bankruptcy Judge Kevin J. Carey sided with the unsecured
creditors on the issue.

                   About Associated Wholesalers

Founded in 1962 and headquartered in Robesonia, Pennsylvania,
Associated Wholesalers Inc. services 800 supermarkets, specialty
stores, convenience stores and superettes with grocery, meat,
produce, dairy, frozen foods and general merchandise/health and
beauty care products.  AWI, which owns distribution facilities in
Robesonia, Pennsylvania, and York, Pennsylvania, serves the mid-
Atlantic United States.  AWI is owned by its 500 retail members,
who in turn operate supermarkets.  AWI has 1,459 employees.

White Rose Inc. is a food wholesaler and distributor serving the
greater New York metropolitan area.  The company traces its
origins to 1886, when brothers Joseph and Sigel Seeman founded
Seeman Brothers & Doremus to provide grocery deliveries throughout
New York City.  White Rose carries out its operations through
three leased warehouse and distribution centers, two of which are
located in Carteret, New Jersey, and one in Woodbridge, New
Jersey.  White Rose has 777 employees.

Associated Wholesalers and its affiliates sought Chapter 11
bankruptcy protection on Sept. 9, 2014, to sell their assets under
11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and
better offers.

The Debtors have sought joint administration of their Chapter 11
cases for procedural purposes, seeking to maintain all pleadings
on the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No.
14-12092.

As of the Petition Date, the Debtors owe the Bank Group
(consisting of lenders, Bank of America, N.A., Bank of American
Securities LLC as sole lead arranger and joint book runner, Wells
Fargo Capital Finance, LLC as joint book runner and syndication
agent, and RBS Capita, as documentation agent) an aggregate
principal amount of not less than $131,857,966 (inclusive of
outstanding letters of credit), plus accrued interest.  The
Debtors estimate trade debt of $72 million.

Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal
advisors to the Debtors, Lazard Middle Market is serving as
financial advisor, and Carl Marks Advisors is serving as
restructuring advisor to AWI.  Carl Marks' Douglas A. Booth has
been tapped as chief restructuring officer.  Epiq Systems, the
claims agent, maintains the Web site http://dm.epiq11.com/awi


ATHERTON FINANCIAL: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Atherton Financial Building LLC filed with the U.S. Bankruptcy
Court for the Central District of California its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $15,000,000
  B. Personal Property                $1,961
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $9,754,330
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $251,942
                                 -----------      -----------
        TOTAL                    $15,001,961      $10,006,272

Atherton Financial Building LLC filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 14-27223) in Los Angeles, on Sept. 9,
2014.  Benjamin Kirk signed the petition as managing member of
manager of Sunshine Valley LLC.  The Company estimated $10 million
to $50 million in assets and debt.  The case is assigned to Judge
Thomas B. Donovan.  The Debtor has tapped David B Golubchik, Esq.,
at Levene Neale Bender Rankin & Brill LLP, in Los Angeles, as
counsel.


AXESSTEL INC: Acquires Flexcomm Limited
---------------------------------------
Axesstel has acquired Flexcomm Limited of Hong Kong in a stock for
stock acquisition . Flexcomm Limited's operating subsidiaries
include Flexcomm Technology (Shenzhen) Ltd., a designer and
manufacturer of network security devices based in Shenzhen, China,
and PT Scan Nusantara, a provider of network security services
based in Jakarta, Indonesia.

"The Flexcomm acquisition accomplishes several of our immediate
strategic objectives," said Pat Gray, chief executive officer of
Axesstel.  "Flexcomm extends our product offerings into additional
network communication and security devices.  The PT Scan business
takes us into network security management on a recurring revenue
business model.  Finally, the combination provides a platform to
take our Home Alert products into Asia, and to access new business
opportunities in the rapidly developing Southeast Asia region."

Flexcomm Limited, founded in 2004, is a provider of wired and
wireless routers, modems and other devices for Network
Communication, Network Multimedia and Consumer Multimedia products
and solutions.  Flexcomm Limited, together with Flexcomm Shenzhen,
employs a team of mechanical, hardware and software engineers in
Shenzhen, China.  For the past two years, Flexcomm Limited's
largest selling product has been a network security appliance that
has been sold to distributors and value added resellers in Europe
and Asia.

Flexcomm Limited owns 85% of PT Scan Nusantara, also founded in
2004, which is engaged in the business of providing network
security services, primarily to commercial banks and government
agencies in Indonesia.  PT Scan operates a network security center
which monitors network activity for its customers 24 hours a day,
seven days a week.  The security monitoring business is based on
long term contracts which typically provide for multi-year terms
with quarterly payments made in advance.  PT Scan is also
branching into offering systems integration and managed services
for telecommunications providers for the rapidly growing
telecommunications market in Indonesia and other Southeast Asian
countries.

Flexcomm Limited was founded by Dato' Michael Loh Soon Gnee.
Dato' Loh has had a distinguished career in the semiconductor
industry with more than 34 years of experience in wafer
fabrication, research and development and assembly, testing and
distribution of semiconductor products.  Dato' Loh is currently
the Executive Chairman and Chief Executive Officer of: ASTI
Holdings Limited (SGX:AITH.SI), a publicly-traded company engaged
in the business of researching, designing, developing and
manufacturing semiconductor equipment; Advanced Systems Automation
Limited (SGX:ASDA.SI), a publicly-traded provider of automated
semiconductor backend process equipment and precision engineering
manufacturing services; Dragon Group International (SGX:DRGN.SI),
a publicly-traded investment holding company; Chief Executive
Officer of Eoplex, Inc., a Silicon Valley HVPFTM Print-Forming
process technology company; and Dragon Technology Distribution
Pte. Ltd., a pan-Asia company with operating subsidiaries engaged
in the electronic components distribution business.  In connection
with this transaction, Dato' Loh has become Axesstel's largest
stockholder and was appointed to Axesstel's Board of Directors.

"This transaction is a good match for both companies," said Dato'
Michael Loh.  "The combined company has core competencies in key
product and service areas for network communications and security.
With operating bases in the United States, China and Indonesia, we
have access to key markets for talent, financial resources,
manufacturing and service.  We believe that we are particularly
well positioned to access the markets in the Southeast Asia
region, where we expect to see strong demand for computing and
communications for several years."

Concurrently with the Flexcomm Limited acquisition, Axesstel
secured an additional $1.2 million equity financing with Dato'
Loh. Pursuant to the terms of a Subscription Agreement, Axesstel
sold 6.0 million shares of its common stock to Dato' Loh for an
aggregate purchase price of $1.2 million, or $0.20 per share.
Axesstel has agreed to use a portion of the proceeds from the
financing to provide working capital to PT Scan Nusantara to
support the development of its business.

In connection with the acquisition, Axesstel issued an aggregate
of 25.0 million shares of its common stock to the former Flexcomm
Limited stockholders.  Axesstel has filed a current report on Form
8-K with respect to the Stock Purchase Agreement and the
Subscription Agreement.  Additional information about the terms of
the acquisition, including details of a potential earn out payment
and additional agreements between the parties can be found at:

                       http://is.gd/rCLgda

                           About Axesstel

Axesstel Inc., based in San Diego, Calif., develops fixed wireless
voice and broadband access solutions for the worldwide
telecommunications market.  The Company's product portfolio
includes fixed wireless phones, wire-line replacement terminals,
and 3G and 4G broadband gateway devices used to access voice
calling and high-speed data services.

Axesstel disclosed net income of $4.31 million for the year ended
Dec. 31, 2012, as compared with net income of $1.09 million during
the prior year.  The Company's balance sheet at Sept. 30, 2013,
showed $9.23 million in total assets, $23.33 million in total
liabilities and a $14.10 million total stockholders' deficit.


BALL FOUR: Court Rejects Appeal to Gentrys' Chapter 11 Plan
-----------------------------------------------------------
Colorado District Judge Robert E. Blackburn tossed an appeal filed
by creditor 2011-SIP-1 CRE/CADC Venture, LLC concerning its
objections to the Chapter 11 plan of the debtors, Larry and Susan
Gentry, and to the confirmation of that plan.

The Gentrys are the sole shareholders, officers, and directors of
Ball Four, Inc.  In 2010, Ball Four sought bankruptcy protection
under Chapter 11 of the United States Bankruptcy Code. In 2011,
the Gentrys sought bankruptcy protection under Chapter 11.

The issues raised by SIP on appeal concern its treatment under the
Chapter 11 plan of the Gentrys and the relationship of the Gentry
plan to the Chapter 11 plan of Ball Four.

Ball Four operates a sports complex.

Judge Blackburn said the bankruptcy court properly interpreted the
relevant provisions of the guaranties executed by the Gentrys
concerning the Ball Four debt. Given the terms of the guaranties
and the facts of this case, the liability of the Gentrys under the
guaranties is limited to the obligation owed to SIP by Ball Four
under the Ball Four plan.  The Gentry plan does not violate the
absolute priority rule. The conclusion of the bankruptcy court
that the Gentry plan is feasible was not clearly erroneous.

A copy of Judge Blackburn's Sept. 23 Order is available at
http://is.gd/BRNrswfrom Leagle.com.

                        About Ball Four

Ball Four, Inc., has a 16.93-acre property located at 2101 W. 64th
Ave. in Adams County, Arvada, Colorado.  The site has a slow pitch
softball facility and an indoor-soccer facility.  Simulcast
wagering on dog and horse racing from tracks in the United States
is also operated at the site pursuant to a license obtained from
Mile High Racing in Commerce City.

Ball Four first sought Chapter 11 protection after it was
discovered in 1989 that a small portion of Ball Four's property
was contaminated.  Ball Four later sought confirmation of a
Chapter 11 plan, and an investigation found Ball Four's property
to be free of contaminants.

Ball Four completed its indoor soccer facility and another
building at its property in 2007 following a $1.9 million loan
from FirsTier Bank.  In November 2009, Ball Four was unable to
make the interest payment due on the note to FirsTier.  FirsTier
commenced a foreclosure proceeding which led to the Debtor filing
for Chapter 11 protection in 2010.

Ball Four, Inc., filed a Chapter 11 petition (Bankr. D. Colo. Case
No. 10-33952) on Sept. 21, 2010.  William A. Richey, Esq., at
Weinman & Associates, P.C., serves as the Debtor's bankruptcy
counsel.  The Debtor disclosed $16,220,990 in assets and
$3,483,420 in liabilities as of the Chapter 11 filing.

Ball Four's Chapter 11 plan was confirmed by the bankruptcy court
on August 29, 2011.


BELLE CREEK: S&P Lowers GO Bonds Rating to 'BB+'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
Belle Creek Metropolitan District No. 1, Colo.'s general
obligation (GO) bonds to 'BB+' from 'BBB-'.  The outlook is
stable.

"We base the downgrade on the negative trend in the district's
operations in the past six years, with a budgeted deficit in
fiscal 2014 that brings reserves below what we consider an
adequate level," said Standard & Poor's credit analyst Michael
Stock.

The rating reflects what S&P views as Belle Creek Metropolitan
District's:

   -- Low total available assigned and unassigned general fund
      reserves equaling 14% of expenditures at the end of fiscal
      2013, which S&P considers small on a nominal basis at
      $71,000;

   -- Six consecutive years of negative operations, with a
      budgeted seventh year; and

   -- High total mill levy that S&P expects to equal approximately
      160 mills in parts of the district.

These weaknesses are partially offset by the district's
participation in the large and economically diverse Denver
consolidated metropolitan statistical area and the district's
projected recent increases in assessed value (AV).

The bonds are general obligations of the district and are secured
by an unlimited ad valorem property tax pledge to be levied on all
taxable property within the district.

The stable outlook reflects S&P's view of the district's AV
increases fiscal years 2013 and 2014 and projected increase in
2015.  These increases, coupled with management's expectations to
finish fiscal 2014 with better-than-budgeted operations, the
district's participation in the large and economically diverse
Denver consolidated metropolitan statistical area, and the
district's moderately diverse taxpayer base provide additional
credit stability to the outlook.  However, S&P views the
district's sixth consecutive year of negative operations in fiscal
2013 and another budgeted deficit in fiscal 2014, resulting in a
projected very low general fund balance, as a credit weakness.
Should the district continue on this negative trend and should
revenues decline significantly, stressing the district's ability
to make debt service payments, S&P could consider lowering the
rating further.  S&P does not expect to raise the rating over the
two-year outlook horizon.


BELLE PROPERTY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Belle Property Management LLC
        102 Goucher Terrace
        Gaithersburg, MD 20877

Case No.: 14-25021

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: September 28, 2014

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Judge: Hon. Wendelin I. Lipp

Debtor's Counsel: Ronald J Drescher, Esq.
                  DRESCHER & ASSOCIATES
                  4 Reservoir Circle, Suite 107
                  Baltimore, MD 21208
                  Tel: (410)484-9000
                  Email: ecfdrescherlaw@gmail.com
                         rondrescher@drescherlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Irving Huang, member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mdb14-25021.pdf


BUFFALO PARK: Court Confirms Owners' Ch. 11 Plan
------------------------------------------------
Judge Howard R. Tallman of the U.S. Bankruptcy Court for the
District of Colorado, on Sept. 24, 2014, signed an order
confirming the amended plan of reorganization filed by Ronald P.
Lewis and Carol J. Lewis, after determining that the Plan meets
the requirements of Sections 1122 and 1123 of the Bankruptcy Code.

Judge Tallman overruled objections to the Plan to the extent the
objections were not resolved or withdrawn prior to the
confirmation hearing.  To resolve the objections, the Debtors
filed an amended plan on Sept. 22, a full-text copy of which is
available at http://bankrupt.com/misc/BUFFALOPARKplan0922.pdf

Under the Amended Plan, with respect to Class 12 -- Allowed
Secured Claim held by JPMorgan Chase Bank, N.A. -- the Debtors
agreed to pay, over a period of 60 months, to the Class 12
claimant any postpetition advances for real property taxes paid by
the Class 12 claimant.

                   About Buffalo Park & Lewises

Buffalo Park Development Properties, Inc., filed a Chapter 11
petition (Bankr. D. Colo. Case No. 13-17669) on May 7, 2013.
Ronald P. Lewis signed the petition as owner and CEO.  Buffalo
Park disclosed $20,777,601 assets and $11,294,567 liabilities in
its schedules.  Robert Padjen, Esq., at Laufer and Padjen LLC
serves as counsel to Buffalo Park. Judge Elizabeth E. Brown
presides over the case.

Formed in 1964, Buffalo Park is a real estate development,
construction, management and sales business.  It has developed and
sold numerous subdivisions and currently has several land
developments in progress.  Buffalo Park owns and operates
community water companies that require a licensed water works
operator and owns a commercial business center.

Owners of Buffalo Park -- Ronald P. Lewis and Carol J. Lewis --
filed for protection under Chapter 11 of the Bankruptcy Code on
March 21, 2012.  The Lewises have been investing in, developing
and managing real property for more than 60 years.  Aside from
Buffalo Park, the Lewises have interests in Evergreen Memorial
Park, Inc., Elf Creek Properties, LLC, and Mountain Land
Construction, Co.  The Lewises are represented by attorneys at
Kutner Brinen Garber P.C.

The Bankruptcy Court granted joint administration of the two
estates on July 18, 2013.

On Aug. 30, 2013, the Lewises and Buffalo Park filed a Joint Plan
of Reorganization.  Buffalo Park was unable to reach agreements
with its primary secured lenders CCB and Mutual of Omaha, and has
determined not to proceed with a reorganization Plan.  Rather,
Buffalo Park is proceeding with a sale of its water companies
pursuant to 11 U.S.C. Sec. 363 and has agreed to relief from stay
as to Mutual and possibly CCB.


BROADWAY FINANCIAL: Ruth McCloud Named Retail Banking Head
----------------------------------------------------------
Broadway Financial Corporation, parent company of Broadway Federal
Bank, f.s.b., announced that Ruth McCloud has joined the Company
and the Bank as senior vice president, chief retail banking
officer.

Wayne-Kent Bradshaw, president and chief executive officer, said,
"We are pleased to report that Ruth McCloud has joined the senior
management team of both the Company and the Bank to help grow our
retail operations, deposit base and client relationships.  She has
an outstanding track record of success and a wealth of experience
that will complement the expertise of the other members of the
team.  I am confident that she will further develop our culture of
great service throughout our branches, thereby strengthening our
existing relationships and expanding our customer base."

Ms. McCloud has extensive experience within the commercial banking
industry.  Prior to joining the Bank, she served as senior vice
president/retail division officer at OneWest Bank since April 2011
where she was responsible for managing and growing all facets of
operating the organization's 75 retail branch offices.  During her
tenure her accomplishments included integrating the retail
operations of three different banks onto a single, new, common
operating platform.  Previously, Ms. McCloud served in various
positions at First Federal Bank of California for over 35 years,
including most recently as senior vice president/division service
manager from October 2005 to April 2011 where she was responsible
for management, administration and operational performance of the
bank's retail branches.  As part of her responsibilities, she
developed and implemented strategies for improving client service
and expanding the branch network.

                     About Broadway Financial

Los Angeles, Calif.-based Broadway Financial Corporation was
incorporated under Delaware law in 1995 for the purpose of
acquiring and holding all of the outstanding capital stock of
Broadway Federal Savings and Loan Association as part of the
Bank's conversion from a federally chartered mutual savings
association to a federally chartered stock savings bank.  In
connection with the conversion, the Bank's name was changed to
Broadway Federal Bank, f.s.b.  The conversion was completed, and
the Bank became a wholly owned subsidiary of the Company, in
January 1996.

The Company is regulated by the Board of Governors of the Federal
Reserve System.  The Bank is regulated by the Office of the
Comptroller of the Currency and the Federal Deposit Insurance
Corporation.

Broadway Financial reported a loss allocable to common
stockholders of $1.08 million in 2013, a loss allocable to common
stockholders of $693,000 in 2012 and a net loss available to
common shareholders of $15.36 million in 2011.

The Company's balance sheet at March 31, 2014, the Company had
$335.07 million in total assets, $308.51 million in total
liabilities and $26.56 million in total stockholders' equity.


CABLEVISION SYSTEMS: Bank Debt Trades at 3% Off
-----------------------------------------------
Participations in a syndicated loan under which Cablevision
Systems Corp is a borrower traded in the secondary market at 97.43
cents-on-the-dollar during the week ended Friday, September 26,
2014, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 0.38 percentage points from the previous week, The
Journal relates.  Cablevision Systems Corp pays 250 basis points
above LIBOR to borrow under the facility.  The bank loan matures
on April 9, 2020.  The bank debt carries Moody's Baa3 rating and
Standard & Poor's BBB- rating.  The loan is one of the biggest
gainers and losers among 255 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


CAESARS ENTERTAINMENT: Inks Confidentiality Deals With Banks
------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Caesars Entertainment Corp. is signing
confidentiality agreements with bank lenders on a possible debt
restructuring.  According to the report, the casino operator is in
discussions with two top-tier groups of secured creditors, after
holding talks with first-lien bondholders.

                     About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies.  Caesars casino resorts operate under the Caesars,
Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names.
The Company has its corporate headquarters in Las Vegas.

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

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  As of
June 30, 2014, the Company had $27.06 billion in total assets,
$29.64 billion in total liabilities and a $2.57 billion
total deficit.

                           *     *     *

As reported by the TCR on April 9, 2013, Moody's Investors Service
downgraded Caesars Entertainment Corporation's Corporate Family
Rating to Caa2.

"The downgrade of Caesars' ratings considers that its same store
EBITDA growth in 2012-2013 has failed to materialize to any
significant degree, and so Caesars' credit metrics have
deteriorated and its free cash flow deficit will be higher than
Moody's previous expectations," stated Moody's analyst Peggy
Holloway.

In the April 10, 2014, edition of the TCR, Standard & Poor's
Ratings Services lowered its corporate credit ratings on Las
Vegas-based Caesars Entertainment Corp. (CEC) and wholly owned
subsidiaries, Caesars Entertainment Operating Co. (CEOC) and
Caesars Entertainment Resort Properties (CERP), as well
as the indirectly majority-owned Chester Downs and Marina, to
'CCC-' from 'CCC+'.  The downgrade reflects S&P's expectation that
Caesars' capital structure is unsustainable, and the amount of
cash the company will burn in 2014 and 2015 creates conditions
under which S&P believes a restructuring of some form is
increasingly likely over the near term absent an unanticipated
significantly favorable change in operating performance.

As reported by the TCR on May 1, 2014, Fitch Ratings had
downgraded the Issuer Default Ratings (IDRs) of Caesars
Entertainment Corp (CEC) and Caesars Entertainment
Operating Company (CEOC) to 'CC' from 'CCC'.


CAESARS ENTERTAINMENT: 2021 Bank Debt Trades at 5% Off
------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
95.29 cents-on-the-dollar during the week ended Friday, September
26, 2014, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 1.44 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 525 basis points
above LIBOR to borrow under the facility. The bank loan matures on
April 2, 2021, and carries Moody's B2 rating and Standard & Poor's
B+ rating.  The loan is one of the biggest gainers and losers
among 205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 4% Off
------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
96.30 cents-on-the-dollar during the week ended Friday, September
26, 2014, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 0.67 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 600 basis points
above LIBOR to borrow under the facility. The bank loan matures on
Sept. 24, 2020, and carries Moody's B2 rating and Standard &
Poor's CCC+ rating.  The loan is one of the biggest gainers and
losers among 205 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


CASELLA WASTE: S&P Retains B- Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its issue rating on
Rutland, Vt.-based Casella Waste Systems Inc.'s $5.5 million
senior secured revenue bond issued by the Business Finance
Authority of the State of New Hampshire (BFANH) on CreditWatch
with negative implications.  S&P's 'B-' corporate credit rating on
the company, and all other ratings, remains unchanged.  The
outlook is stable.

Casella recently announced its intent to offer $11 million of
BFANH solid waste disposal revenue bonds due April 1, 2029.  Part
of this transaction involves the conversion and remarketing of
$5.5 million in principal of existing bonds originally issued in
2013, which are currently supported by a letter of credit under
Casella's senior secured credit facility and are rated 'A/A-1'.
S&P believes it is likely that following the remarketing, the
bonds may be unsecured and no longer backed by a letter of credit.
The company has indicated that the bonds will be supported by a
guaranty by substantially all of the company's subsidiaries.

S&P plans to conduct its recovery analysis on Casella's debt and
will resolve the CreditWatch on the revenue bonds upon the closing
of the transaction.

RATINGS LIST

Ratings Unchanged

Casella Waste Systems Inc.
  Corporate credit rating               B-/Stable/--

Ratings Placed On CreditWatch Negative
                                        To               From
New Hampshire Bus Fin Auth
  Secured $5.5 mil revenue bond*        A/Watch Neg/A-1  A/A-1

* Casella Waste Systems Inc. is the obligor.


CASPIAN SERVICES: Extends Baiseitov Note Maturity to 2015
---------------------------------------------------------
Caspian Services, Inc., and Baiseitov areed to amend the Non-
Negotiable Note and the Consolidated Note held by Baiseitov to
extend the maturity date of each Note from Sept. 30, 2014, to
June 30, 2015, to allow the parties additional time to investigate
the possibility of restructuring the Company's debt obligations,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.

As of the quarter ended June 30, 2014, the aggregate amount owed
by the Company to Baiseitov pursuant to the two Notes was
approximately $42,724,000.  The Non-Negotiable Note is convertible
to common stock of the Company at a price of $0.12 per share.  The
Consolidated Note is convertible to common stock of the Company at
a price of $0.10 per share.

                       About Caspian Services

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

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

As of June 30, 2014, the Company had $65.68 million in total
assets, $93.76 million in total liabilities and a $28.07 million
total deficit.

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

                        Bankruptcy Warning

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

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

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


CHRYSLER LLC: JPMorgan Demands $35M in Refunds for First-Liens
--------------------------------------------------------------
Law360 reported that JPMorgan Chase Bank NA asked a New York
bankruptcy court to force Chrysler's old bankruptcy trustee to pay
out $35 million in 2009 tax refunds, saying the money is fair game
as proceeds from the few assets that Fiat SpA didn't purchase in
the bankruptcy.  According to the report, JPMorgan said the 2009
tax refunds are the proceeds of prepetition general intangibles
that had been pledged as first-lien collateral.

                          About Chrysler

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

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


COASTLINE INVESTMENT: Seeks Case Dismissal After Sale of Hotels
---------------------------------------------------------------
The Debtors, Coastline Investments and Diamond Waterfalls, seek
dismissal of their Chapter 11 cases after the Court authorized the
sale of their properties and that transaction closed. The Debtors
submitted their memorandum on September 12, 2014 for the dismissal
of the cases.

The Debtors owned the Hilltop Hotel and Diamond Hotel in Pomona,
California.  At a hearing held on August 7, 2014, the Court
authorized the sale of both hotels for the aggregate purchase
price of $19.5 million. On August 29, 2014, the sale closed and
all secured claims and tax claim have been satisfied.

In view of this, Coastline's remaining claims total $157,490.29,
and Diamond's remaining claims total $88,273.23.  The claims,
however, exclude the Debtors' counsel's attorneys' fees and costs,
which are estimated to be $100,000.

The Debtors also seek Court authority to pay all estate claims in
full and dismiss the case.  Hearing on the Debtors' request is set
for September 30, 2014 at courtroom 1645, 255 E Temple St., Los
Angeles, CA 90012.

Coastline Investments and Diamond Waterfalls are represented by:

     David B. Golubchik, Esq.
     J.P. Fritz, Esq.
     LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
     10250 Constellation Boulevard, Suite 1700
     Los Angeles, CA 90067
     Telephone: (310) 229-1234
     Facsimile: (310) 229-1244
     E-mail: DBG@LNBYB.com
             JPF@LNBYB.COM

                    About Coastline and Diamond

Coastline Investments, doing business as Hilltop Suites Hotel, and
Diamond Waterfalls LLC, doing business as Diamond Bar Inn &
Suites, filed Chapter 11 bankruptcy petitions (Bankr. C.D. Cal.
Case No. 14-13028 and 14-13030) in Los Angeles on Feb. 18, 2014.
The cases are jointly administered under Lead Case No. 14-30328.

Coastline Investments is the owner of a hotel located at the top
of a prominent hill with sweeping views in Pamona, California.
The Hilltop Hotel consists of 130 suites located on three acres of
hilltop property by Interstates 10 and 57, Cal-Poly Tech
University, and the Los Angeles County fairgrounds, Fairplex.  The
Hilltop Hotel has three hotel floors along with two levels of
parking and features and outdoor pool, spa, exercise fitness
center, sauna, steam room and a full service restaurant, lounge,
meeting spaces and a banquet ballroom to accommodate 300 guests.

Diamond is the owner of a 161-room hotel located in Pomona,
California.  The Diamond Hotel is a full-service hotel, which
includes a business center, meeting facilities, pool, spa, fitness
center, steam, sauna and offices.

Debtor Coastline Investments disclosed $12,002,061 in asset and
$8,164,554 in liabilities as of the Chapter 11 filing.

The Debtors acquired both of the hotels through voluntary Chapter
11 bankruptcy court 11 U.S.C. Sec. 363 sales in February 2012.
The Hilltop Hotel was acquired from Shilo Inn, Pamona Hilltop, LLC
(Case No. 11-26270) and the Diamond Hotel was acquired from Shilo
Inn, Diamond Bar LLC (Case No. 10-60884).

The Debtors sought bankruptcy protection after the receiver
appointed for the hotels scheduled a trustee sale for both hotels.
The receiver was appointed at the behest of the investor group
which provided a secured loan of $2,500,000, which the Debtors
defaulted.  The Debtors also have loans from First General Bank
each in the amount of $5,250,000.

Shin-Chung Liu is the 100% membership owner and managing member of
both of the Debtors.  The Debtors' affairs are managed by Liberty
Capital Management Corporation.

Judge Richard M. Neiter has been assigned to the cases.

The Debtors are represented by David B. Golubchick, and J.P.
Fritz, Esq., at Levene, Neale, Bender, Yoo & Brill L.L.P., in Los
Angeles, California.

No committee of unsecured creditors was appointed in the case.

As reported by the Troubled Company Reporter on Sept. 9, 2014, the
Bankruptcy Court identified the $19.5 million bid of SCG America
Group or its assignees as the successful bidder for the purchase
of both hotels of the Debtors.


COMMUNITY ACADEMY: S&P Lowers Rating on 2007 Rev. Bonds to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
D.C.'s series 2007 tax-exempt fixed-rate revenue bonds issued for
Community Academy Public Charter School (CAPCS) to 'B-' from 'B+'.
The outlook is developing.

"The developing outlook reflects uncertainty surrounding pending
litigation against the school, the school's founder, Kent Amos,
and Community Action Partners and Charter School Management LLC --
the management company -- which is owned by the school's founder,"
said Standard & Poor's credit analyst Sharon Gigante.  "The
litigation claims that school's operating profits have been
improperly distributed to the management company despite the 15-
year contract that the school signed with the management company
in 2013."

"The downgrade reflects the potential for revocation of the
school's charter by the school's authorizer, the DC Public Charter
School Board, should the school be found to have violated
applicable law or engaged in a pattern of fiscal management,"
added Ms. Gigante.  "While we recognize the school is currently in
good standing with respect to its charter, and the PCSB renewed
the schools charter in 2013 for another 15 years, the pending
litigation poses a greater risk to the charter which is reflected
in the current rating."

Despite this potential litigation, the school has experienced
positive operating performance on an unaudited basis for fiscal
2014, improved coverage of debt service, and improving liquidity
as the result of expense reductions, outsourcing, and improved
financial oversight.  The school reports these extensive cost
containment measures resulted in cost savings of about $6 million.

S&P would lower the rating or revise the outlook if the school is
found to have violated applicable law or if it is determined that
the school engaged in a pattern of fiscal mismanagement and if the
DCPSB moves forward with the revocation of the charter.  S&P would
also lower the rating if the school fails to achieve break-even to
positive operating performance in 2015, liquidity worsens,
enrollment projections are not met, or academic performance
deteriorates further from current levels.

S&P could raise the rating or outlook if the litigation is
resolved in a manner that is positive or neutral to the school,
and it has been determined that the school did not violate
applicable law or engage in fiscal mismanagement, provided the
charter remains in good standing.  Beyond the one-year developing
outlook timeframe, S&P could raise the rating further if the
school continues to show at least a three-year trend of strong
operating performance, improved academic performance, and
continues to demonstrate strong demand as evidenced by full-
enrollment and a good waitlist.


CORPORATE EXECUTIVE: S&P Raises CCR to 'BB'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Corporate Executive Board Co. (CEB) to
'BB' from 'BB-'.  The rating outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's $725 million senior secured credit facility to 'BB' from
'BB-'.  The '3' recovery rating remains unchanged, indicating
S&P's expectation for meaningful recovery (50%-70%) for
debtholders in the event of a payment default.

"The upgrade reflects a steady improvement in CEB's leverage over
the past 18 months, consistent with management's stated financial
policy, as a result of debt repayment and subscriber and organic
revenue growth," said Standard & Poor's credit analyst Elton
Cerda.  The company has also made steady progress in integrating
its 2012 acquisition of SHL Group Ltd., which was a transformative
acquisition at the time.  S&P expects that the company's organic
revenue and EBITDA will continue to grow, its operating
performance will remain strong, and its credit measures will
continue to improve.  S&P assess CEB's financial risk profile as
"significant," based on its expectation that its leverage will
stay in the 3x-4x range over the next two to three years as
positive revenue and EBITDA trends offset the effect of dividend
increases and an active share repurchase program.

The stable rating outlook reflects S&P's expectation that CEB's
leverage will be below 3.5x and continue to moderate,
discretionary cash flow to debt will be at least 15%, and the
company will continue to grow its business organically and through
tuck-in acquisitions.  S&P's rating does not incorporate any large
debt-financed acquisition.  S&P views both an upgrade and
downgrade as equally unlikely over the next 12-24 months.

S&P could lower the rating if operating missteps cause leverage to
approach 3.5x, which could occur if revenue growth slows and
EBITDA declines due to competitive pressure.  Large, debt-financed
acquisitions could also cause downgrade pressure if leverage
increases significantly without a clear path to deleveraging,
signaling a change in the company's financial policy.

Over the long term, S&P could raise the rating if CEB broadens its
base of business through appropriately priced, synergistic
acquisitions that don't meaningfully raise leverage, while it
maintains operating momentum and profitability, together with a
consistent financial policy.


CRS HOLDING: Amends List of 20 Largest Unsecured Creditors
----------------------------------------------------------
CRS Holding of America submitted to the Bankruptcy Court an
amended list of its top 20 unsecured creditors.

The Debtor identified these creditors as having the three largest
unsecured claims are:

  Entity                    Nature of Claim           Claim Amount
  ------                    ---------------           ------------
Internal Revenue Service   taxes and certain other     $1,000,000
Department of the          debts owed to government
Treasury                   units
Washington DC

Meadowridge Industrial     Lease                        $352,427
Center
PO Box 846255
Dallas, TX 75264-6255

Tampa East, LLC            Lease                        $216,407
PO Box 6180
Hicksville, NY
11802-6180

A copy of the Amended Unsecured Creditors' list dated Sept. 11,
2014, is available for free at:

  http://bankrupt.com/misc/CRSHOLDING_77_creditorslist_amended.pdf

                  About CRS Holding of America

CRS Holding of America, LLC, operates a full service electronics
recycling business, providing e-waste recycling solutions for
organizations of all sizes.  CRS's offerings are designed to meet
customers' demand for data security and environmental compliance.

CRS Holding and 21 subsidiaries sought Chapter 11 protection
(Bankr. M.D. Fla. Case No. 14-bk-10142) in Tampa, Florida, on
August 29, 2014.

CRS estimated total assets of $50 million to $100 million and debt
of $10 million to $50 million.  The Debtors' outstanding loan
balances to secured creditors are: Regions Bank, $15 million; JY
Creative Holdings, Inc. $6.8 million; and Intersection, LLC,
$250,000.  The Debtors estimate that general unsecured claims
total $5 million.

The cases are assigned to Judge K. Rodney May.

The Debtors have tapped Shumaker, Loop & Kendrick, LLP, as
counsel.


D & L ENERGY: Files Amended Schedules of Assets and Liabilities
---------------------------------------------------------------
D & L Energy, Inc., amended its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $36,032,400
  B. Personal Property            $4,583,277
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $1,373,565
  E. Creditors Holding
     Unsecured Priority
     Claims                                            $1,500
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                         $4,852,152
                                 -----------      ------------
        TOTAL                    $40,615,677        $6,227,217

A copy of the Amended Schedules of Assets and is available for
free at http://bankrupt.com/misc/D_LEnergy_838_amendedSAL.pdf

The original Schedules, as previously reported by The Troubled
Company Reporter in October 2013, listed $40,615,677 in total
assets and $6,187,217 in total liabilities.

                         About D & L Energy

D & L Energy, Inc., based in Youngstown, Ohio, was formed by David
DeChristofaro, Ben Lupo, and James Beshara in 1986 to be a
conventional oil and gas well operator and producer, primarily
targeting oil and gas reserves in the Clinton Sandstone formation
throughout Northeast Ohio and Northwest Pennsylvania.  D&L
currently has three (3) shareholders, Ben Lupo (80.76%
shareholder), Susan Faith (15% shareholder), and Holly Serensky
Lupo (4.24% shareholder).  Nicholas C. Paparodis is the acting CEO
and President of D&L.  Kathy Kaniclides is the acting Secretary
and Treasurer of D&L.  Currently, Serensky Lupo is the sole
director of D&L.

Petroflow, Inc., is an Ohio corporation which is a wholly owned
subsidiary of D&L.  Originally intended to operate as the
"drilling arm" of D&L, Petroflow ceased all operations prior to
the filing of these bankruptcy matters.  Petroflow has no current
income, no bank accounts, and no employees.  Paparodis is the
president, CEO and sole director of Petroflow.

D&L and Petroflow filed for Chapter 11 bankruptcy (Bankr. N.D.
Ohio Lead Case No. 13-40813) on April 16, 2013.  Judge Kay Woods
oversees the case.

The Debtor disclosed in its amended schedules, $40,615,677 in
assets and $6,187,217 in liabilities as of the Chapter 11 filing.

Brian T. Angeloni, Esq., Kathryn A. Belfance, Esq., Steven
Heimberger, Esq., and Todd A. Mazzola, Esq., at Roderick Linton
Belfance, LLP, serve as the Debtors' counsel, and Walter
Haverfield, LLP, is the environmental counsel.  SS&G Parkland
Consulting, LLC, serves as financial advisor and investment
banker.

Sherri Lynn Dahl, Esq., and Peter R. Morrison, Esq., at Squire
Sanders (US) LLP, have been tapped as counsel to the official
committee of unsecured creditors.  BBP Partners LLC serves as the
panel's financial advisors.

Resource Land Holdings emerged as the winning bidder for the
substantially all of the Debtor's assets.  Resource Land offered
to buy the assets for $20.4 million.


DBSI INC: Bankr. Order Nixed Heart Center Lease, Tex. Court Says
----------------------------------------------------------------
Several tenants-in-common owners challenge a declaratory judgment
in favor of Woodlands-North Houston Heart Center, PA.  In the
declaratory judgment, the trial court declared that the lease
agreement executed by the Heart Center's predecessors-in-interest
was terminated by a bankruptcy court order.

In two related issues, the TIC Owners assert that the trial court
erred by (1) declaring the Heart Center lease was terminated by
the order of the bankruptcy court, which granted the bankruptcy
debtors the authority to reject certain unexpired leases and
subleases, and (2) failing to find that the TIC Owners are the
current landlords of the Heart Center Lease, which remains valid
and enforceable.

"We affirm," the Court of Appeals of Texas, Fourteenth District, I
Houston said in a Memorandum Opinion filed September 25, 2014, a
copy of which is available at http://is.gd/5Cuhbrfrom Leagle.com.

"Based upon the Agreed Statement of Facts and the appellate issues
presented by the TIC Owners, we conclude that the trial court
properly declared that the Heart Center Lease was terminated," the
appeals court said.

In 2002, Lantern Bend Medical Plaza, Ltd. owned the property at
issue, called the Plaza, a building with a total of 48,750 square
feet of office space.  On October 17, 2002, LBMP and the
predecessors-in-interest to the Heart Center executed a 15-year
lease for office space in the Plaza.

On February 26, 2007, LBMP sold the Plaza to FOR 1031 Woodlands
Medical Office I, LLC.  The next day, FOR 1031, as the new owner,
simultaneously leased the Plaza -- Master Lease -- to DBSI
Woodlands Medical Offices I LeaseCo LLC and sold its own interest
in the Plaza to appellants, the TIC Owners, who presently own the
Plaza.

In November 2008, numerous DBSI entities, including DBSI
Woodlands, filed a petition for Chapter 11 bankruptcy in Delaware.
The petitioners requested that the proceedings be jointly
administered.  On February 2, 2009, the TIC Owners entered into an
Amended and Restated Master Lease Agreement with TNPPM Woodlands,
LLC.

On February 4, the Delaware Bankruptcy Court entered an "Order
(Omnibus) Granting Authority to Reject Certain Unexpired Leases of
Non-Residential Real Property, Subleases and/or Other Agreements
Pertaining to Real Property and Executory Contracts Effective as
of January 30, 2009".  In this order, the bankruptcy court
approved the various DBSI entities' rejection, effective January
30, 2009, of numerous master leases, subleases and executory
contracts set forth in Exhibits to the order.  Exhibit I to the
Bankruptcy Order specifically lists "Woodlands Medical (Lantern
Bend)" as a master lease.  Exhibit II identifies the Heart Center
Lease as a "Sublease[] to be Rejected."

A dispute arose between the Heart Center and the TIC Owners about
the effect of the Bankruptcy Order.  The Heart Center asserted
that the Bankruptcy Order terminated the Heart Center Lease; the
TIC Owners contended that the Bankruptcy Order did not terminate
the Heart Center Lease.

The Heart Center filed a petition for declaratory relief in the
trial court in August 2010, seeking a declaration that the
Bankruptcy Order terminated the Heart Center Lease. The trial
court signed a judgment on June 21, 2013, in favor of the Heart
Center.  In this judgment, the trial court declared that the Heart
Center Lease was terminated by the Bankruptcy Order as of January
30, 2009.  The trial court also signed findings of fact and
conclusions of law, incorporating the agreed statement of facts
into its findings and concluding that the Heart Center Lease was
terminated by the Bankruptcy Order.

The appeal timely followed.

"The TIC Owners have failed to establish any basis for reversing
the trial court's judgment. Having overruled each of the TIC
Owners issues on appeal, we therefore affirm the trial court's
judgment," the appeals court said.

                          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: Council OKs $50M Regional Water Authority Plan
-----------------------------------------------------------
Law360 reported that the Detroit City Council signed off on two
crucial agreements tied to the city's Chapter 9 restructuring
plan, one creating a regional water authority that will bring in
$50 million over the next 40 years and the other resolving bond
insurer Syncora Holdings Ltd.'s objections to the plan.  According
to the report, the council voted 7-2 in favor of the creation of
the Great Lakes Water Authority, which would oversee water and
sewer operations in Wayne, Oakland and Macomb counties, and voted
unanimously to approve the Syncora deal.

                  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 estimated
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.

                           *     *     *

Standard & Poor's Ratings Services, on Sept. 5, 2014, raised its
ratings on five bond CUSIPs of Detroit's outstanding sewerage
disposal and water supply revenue bonds to 'BBB+' from 'D' as S&P
indicated it would do in its report dated Aug. 28, 2014.  The
outlook is stable.


DETROIT, MI: Art Museum Will Sue if Bankruptcy Plan Not Approved
----------------------------------------------------------------
Lisa Lambert, writing for Reuters, reported that the Detroit
Institute of Arts is prepared to sue to prevent the sale of its
collection if Detroit's plan for exiting bankruptcy is not
approved, the museum's chief operating officer told U.S.
Bankruptcy Court.  According to the report, museum COO Annmarie
Erickson told the court that when the city filed for bankruptcy 14
months ago, the museum began preparing for possible litigation to
keep its art works from being sold to pay city creditors.

                  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 estimated
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.

                           *     *     *

Standard & Poor's Ratings Services, on Sept. 5, 2014, raised its
ratings on five bond CUSIPs of Detroit's outstanding sewerage
disposal and water supply revenue bonds to 'BBB+' from 'D' as S&P
indicated it would do in its report dated Aug. 28, 2014.  The
outlook is stable.


DETROIT, MI: Buffett Says City Will Be Better After Bankruptcy
--------------------------------------------------------------
Anne VanderMey, writing for Fortune, reported that Warren Buffet
told a Detroit audience that investing in the city is an
increasingly appealing proposition, as the city will be "much
better after the bankruptcy than before."  According to the
report, Buffet said that as long as the bankruptcy is handled
fairly quickly, bankruptcy's fine.

                  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 estimated
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.

                           *     *     *

Standard & Poor's Ratings Services, on Sept. 5, 2014, raised its
ratings on five bond CUSIPs of Detroit's outstanding sewerage
disposal and water supply revenue bonds to 'BBB+' from 'D' as S&P
indicated it would do in its report dated Aug. 28, 2014.  The
outlook is stable.


DETROIT, MI: Judge Hears Testimony on Water Service Shutoffs
------------------------------------------------------------
Lisa Lambert, writing for Reuters, reported that U.S. Bankruptcy
Judge Steven Rhodes in Michigan heard testimony from low-income
families in Detroit who say they suffered hardships when the city
cut off their water with no warning and are suing to prevent such
shutoffs from happening again.  According to the report, nearly
20,000 Detroit residents lost access to water and sewers this
summer.  Sue McCormick, director of the Detroit Water and Sewerage
Department, told the judge that the city's water department is
struggling with $90 million in unpaid water bills, the report
related.

                  About City of Detroit, Michigan

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

                           *     *     *

Standard & Poor's Ratings Services, on Sept. 5, 2014, raised its
ratings on five bond CUSIPs of Detroit's outstanding sewerage
disposal and water supply revenue bonds to 'BBB+' from 'D' as S&P
indicated it would do in its report dated Aug. 28, 2014.  The
outlook is stable.


DEX MEDIA EAST: Bank Debt Trades at 6% Off
------------------------------------------
Participations in a syndicated loan under which Dex Media East LLC
is a borrower traded in the secondary market at 94.45 cents-on-
the-dollar during the week ended Friday, September 26, 2016
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 0.45 percentage points from the previous week, The Journal
relates.  Dex Media East LLC pays 450 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Oct. 24,
2016.  The bank debt carries is not rated by Moody's rating and
Standard & Poor's rating.  The loan is one of the biggest gainers
and losers among 212 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended Friday.


DIOCESE OF SPOKANE: Sues Lawyers Over Malpractice
-------------------------------------------------
The Associated Press reported that the Catholic Diocese of Spokane
through Bishop Blase Cupich filed lawyers from the Paine Hamblen
law firm, accusing the firm of failing to use a strategy that
could have saved the diocese millions of dollars and prevented a
new round of priest sex-abuse claims.  According to the report,
the lawsuit is set for a February trial.

                   About The Diocese of Spokane

The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.

The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan to
the Court on Feb. 1, 2007.  The Honorable Patricia C. Williams
approved the disclosure statement on March 8, 2007.  On April 24,
2007, the Court confirmed Spokane's second amended joint plan.
That plan became effective May 31, 2007.


DIRECT ACCESS: Auditing Co. Can't Ax Suit Over $66M Fraud
---------------------------------------------------------
Law360 reported that a New Jersey judge refused to toss Direct
Access Partners LLC's suit accusing auditing firm Rothstein Kass &
Co. PC of negligence for missing a $66 million foreign trading and
bribery fraud that contributed to its parent company's bankruptcy,
paving the way for discovery, an attorney for the broker-dealer
said.  According to the report, Essex County Superior Court Judge
Thomas Vena denied the dismissal motion of Rothstein Kass, finding
that the pleading stated a claim and was adequately pled,
according to William F. Dahill of Wollmuth Maher & Deutsch LLP.
KPMG LLP acquired certain assets from Rothstein Kass in a recent
transaction and added most of the firm's onetime principals and
employees, the report related.

The case is Direct Access Partners LLC v. Rothstein Kass & Co. PC,
case number L-2107-14, in the Superior Court of New Jersey, Essex
County.

Direct Access is a holding company that owns a broker dealer now
being liquidated under regulatory supervision.  The windup of the
brokerage began after two employees in the Miami office were
arrested in early May and charged with money laundering and
violation of the Foreign Corrupt Practices Act.

Direct Access was hit May 30, 2013, with an involuntary Chapter 7
bankruptcy petition (Bankr. S.D.N.Y. Case No. 13-11780) filed by
Lake Avenue Capital LLC.


DOGWOOD PROPERTIES: Court Closes Chapter 11 Case
------------------------------------------------
Judge Jennie D. Latta entered a final decree on Sept. 22, 2014,
closing the bankruptcy case of Dogwood Properties, G.P.

The Bankruptcy Court acknowledges that required deposits under the
Debtor's bankruptcy plan have been distributed.

The Court rules that within 14 days from the entry of the final
decree, the Debtor or other responsible person shall pay any
outstanding quarterly fees and file any outstanding quarterly
reports.

The Troubled Company Reporter previously reported that Dogwood
Properties GP sought a final decree closing its case from the U.S.
Bankruptcy Court for the Western District of Tennessee, stating
that (1) the case has been fully administered, (2) any required
deposits have been distributed, and (3) a final report has been
filed.

The TCR also reported that the third amended version of the
Debtor's Plan of Reorganization got confirmation from the
Bankruptcy Court.  The Plan provides, among other things, that:
(1) Unsecured priority claims (Class 2) was to be paid in full
within 60 months following the Petition Date of Feb. 16, 2013; (2)
Hholders of general unsecured claims (Class 23) will recover 100%
in 360 equal monthly installments beginning on or before 90 days
after the Effective Date of the Plan without interest; and (3) The
existing equity interest in the Debtor (Class 24) will be
retained.

                      About Dogwood Properties

Dogwood Properties, G.P., owns and operates 110 single-family
rental homes, all located in Shelby and DeSoto counties in
Tennessee.  The total value of its real estate holdings is
estimated to be $9,985,000.  Dogwood has nine secured lenders who
are owed a total of approximately $14,486,000.

Dogwood Properties filed a Chapter 11 petition (Bankr. W.D. Tenn.
Case No. 13-21712) on Feb. 16, 2013.  Judge Jennie D. Latta
presides over the case.  Russell W. Savory, Esq., at Gotten,
Wilson, Savory & Beard, PLLC, serves as the Debtor's counsel.


DORAL FINANCIAL: Lawyer Presses Case for Puerto Rico Tax Refund
---------------------------------------------------------------
Phil Milford, writing for Bloomberg News, reported that Doral
Financial Corp., the holding company for Puerto Rico's second-
largest mortgage lender, pressed its demand before a judge for a
$229.9 million tax refund, with testimony from the company's
lawyer.  According to the report, Doral and Puerto Rico agreed in
2012 that the company was entitled to the refund as a result of a
restatement of earnings from 1998 to 2004 but Puerto Rico's
treasury department voided the deal, claiming Doral obtained it
through fraud.

The case is Doral Financial Corp. (DRL) v. Commonwealth of Puerto
Rico, KAC2014-0533. Civil Court of First Instance, San Juan
Superior Division.

Doral Financial Corporation, headquartered in San Juan, Puerto
Rico, operates as the bank holding for Doral Bank, which provides
retail banking services to the general public and institutions,
primarily in Puerto Rico.

                           *     *     *

The Troubled Company Reporter, on May 9, 2014, reported that
Standard & Poor's Ratings Services said it lowered its issuer
credit rating on Doral Financial Corp. to 'CC' from 'CCC-' and
placed the rating on CreditWatch with negative implications.

The TCR, on May 7, 2014, reported that Fitch Ratings has
downgraded Doral Financial Corp.'s (DRL) Issuer Default Rating
(IDR) to 'C' from 'CCC' and Viability Rating (VR) to 'c' from
'ccc', respectively.  Long-term IDRs of 'C' and VRs of 'c'
indicate that default appears imminent or inevitable.

On May 6, 2014, the TCR reported that Moody's Investors Service
downgraded the senior unsecured debt rating of Doral Financial
Corporation to C from Caa3. Doral Financial's lead bank, Doral
Bank, is unrated. The rating agency also downgraded the senior
secured bonds issued by Doral Properties, Inc. through the Puerto
Rico Industrial, Tourist, Educational, Medical and Environmental
Control Facilities Financing Authority (AFICA) to C from Caa3
(CUSIPs 74527BLB8, 74527BLC6, 74527BLD4, and 74527BSL9). Doral
Properties, Inc. is a wholly-owned subsidiary of Doral Financial,
which is legally responsible for the payments on the AFICA bonds
that are currently outstanding.


DVORKIN HOLDINGS: Trustee May Consummate Real Property Sale
-----------------------------------------------------------
In the Chapter 11 case of Dvorkin Holdings, Bankruptcy Judge Jack
B. Schmetterer granted the motion to consummate the sale of the
Debtors' property located at 801-849 E. Roosevelt Rd., Lombard,
Illinois. The Court issued its order on September 15, 2014,

The motion which was filed by Chapter 11 Trustee Gus A. Paloian on
July 19, 2014, seeks to authorize and consummate the sale of the
property covered by Land Trust 43314. The Trustee demonstrated
good, sufficient, and sound business purpose and justification of
the sale. The consideration provided for by the buyer of the
property amounts to $2,230,000 is fair and reasonable. More so, it
is the best and the highest offer for the property.  The sale
agreement entered into was not entered for the purpose of
hindering, delaying, or defrauding creditors under the Bankruptcy
Code.

The Chapter 11 Trustee is represented by:

     Gus A. Paloian, Esq.
     James B. Sowka, Esq.
     Bret M. Harper, Esq.
     SEYFARTH SHAW LLP
     131 S. Dearborn Street, Suite 2400
     Chicago, IL 60603
     Telephone: (312) 460-5000

                    About Dvorkin Holdings, LLC

Dvorkin Holdings, LLC, is a real estate holding company that
possesses or possessed ownership interests in approximately 70
real properties, either directly or indirectly through limited
liability companies or land trusts.  Dvorkin Holdings has
interests in 40 non-debtor entities.

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

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


DVORKIN HOLDINGS: Trustee Has Accord With Craig Golden
------------------------------------------------------
On September 2, 2014, Gus A. Paloian, the Trustee in the Chapter
11 case of Dvorkin Holdings, sought Court authority to enter into
and perform an agreement with Craig Golden and certain entities
related to Golden.  Terms of the agreement include, among others,
that (i) Golden will agree to purchase from the Estate Debtor's
membership interests in certain co-owned entities, (ii) the Estate
is granted authority to market and sell certain real estate owned
by a co-owned entity, and (iii) the Estate covenants not to sue
Golden or related entities.

The Debtor is not the sole manager of any Golden LLC and,
therefore, lacks corporate authority to unilaterally cause any
Golden LLC to sell its underlying real estate. Since the Debtor is
not the sole manager of any Golden LLC, the Debtor does not have
unilateral authority to dispose the membership interests on the
open market, absent court intervention. The restrictions on
transfer of the membership interests could negatively affect the
value of the Debtor's interest in the Golden LLCs.

Thus, for the purchase of interest, Golden shall pay to the Estate
$8,250,000 in cash. Further, Golden shall pay to the Estate
$412,500 of the purchase price, in cash, on the effective date of
the agreement. Lastly, the sale of Halsted property is estimated
to be in excess of $1,250,000.

                    About Dvorkin Holdings, LLC

Dvorkin Holdings, LLC, is a real estate holding company that
possesses or possessed ownership interests in approximately 70
real properties, either directly or indirectly through limited
liability companies or land trusts.  Dvorkin Holdings has
interests in 40 non-debtor entities.

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

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


DYNASIL CORP: Appoints Peter Sulick CEO and President
-----------------------------------------------------
The Board of Directors of Dynasil Corporation of America named
Peter Sulick as the Company's CEO and president.  Mr. Sulick had
been serving as interim CEO and interim president since July of
2012.

In addition to his base cash salary (which will equal his current
rate of $300,000 per year), Mr. Sulick's base pay for fiscal year
2015 will be increased by a stock compensation component,
consisting of quarterly stock awards of 20,000 shares each, which
will continue as long as he is employed as the Company's CEO
and President.

Additionally, Mr. Sulick has the opportunity to earn a
performance bonus payable in stock and cash based on the
achievement of quarterly performance goals and the
Board's periodic qualitative assessment of the Company's
progress on its strategic objectives.  Specifically, Mr.
Sulick has the following bonus opportunity:

   * A target cash bonus equal to 25% of Mr. Sulick's
     current annual base cash salary.  For fiscal year
     2015, this target cash bonus equals $18,750 per
     quarter or $75,000 per year and is dependent on the
     achievement of quarterly target cash bonus
     performance criteria.  If performance exceeds target
     goals by specified amounts, this cash bonus
     opportunity is increased to $25,313 per quarter or
     $101,250 per year; and

   * A stock bonus consisting of 20,000 shares per
     quarter, for an aggregate of 80,000 shares per year,
     depending on the achievement of quarterly stock
     bonus performance criteria.

Cash and stock bonus amounts are payable quarterly
following the achievement of quarterly performance goals.
Actual amounts payable to Mr. Sulick will be determined
by the number of quarters in which the performance goals
are met and, in the case of the cash bonus, the extent to
which the target performance goals are exceeded.  All
shares will be issued from the Company's 2010 Stock Incentive
Plan.

                           About Dynasil

Watertown, Mass.-based Dynasil Corporation of America (NASDAQ:
DYSL) -- http://www.dynasil.com/-- develops and manufactures
detection and analysis technology, precision instruments and
optical components for the homeland security, medical and
industrial markets.

The Company incurred a net loss of $8.72 million for the year
ended Sept. 30, 2013, as compared with a net loss of $4.30 million
for the year ended Sept. 30, 2012.

As of June 30, 2014, the Company had $26.47 million in total
assets, $12.20 million in total liabilities and $14.26 million in
total stockholders' equity.

                Going Concern/Bankruptcy Warning

McGladrey LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Sept. 30, 2013.  The independent auditors noted that
the Company is in default with the financial covenants set forth
in the terms of its outstanding loan agreements (and may enter
into a forbearance arrangement with its lenders) and has sustained
substantial losses from operations for the years ended Sept. 30,
2013 and 2012.  These factors, among others, raise substantial
doubt about the Company's ability to continue as a going concern.

"If our lenders were to accelerate our debt payments, our assets
may not be sufficient to fully repay the debt and we may not be
able to obtain capital from other sources at favorable terms or at
all.  If additional funding is required, this funding may not be
available on favorable terms, if at all, or without potentially
very substantial dilution to our stockholders.  If we do not raise
the necessary funds, we may need to curtail or cease our
operations, sell certain assets and/or file for bankruptcy, which
would have a material adverse effect on our financial condition
and results of operations," the Company said in its annual report
for the year ended Sept. 30, 2013.


EAGLE BULK: Court Confirms Prepackaged Ch. 11 Plan
--------------------------------------------------
Judge Sean Lane of the U.S. Bankruptcy Court for the Southern
District of New York, on Sept. 22, 2014, issued a findings of
fact, conclusions of law and order approving the disclosure
statement and confirming the prepackaged plan of reorganization
filed by Eagle Bulk Shipping Inc.

Judge Lane also authorized Eagle Bulk to assume a restructuring
support agreement, which was entered into with certain consenting
lenders collectively holding more than 85% of the outstanding
loans under that certain Fourth Amended and Restated Credit
Agreement, dated as of June 20, 2012, and constituting more than
two-thirds of the lenders under the Prepetition Credit Agreement.

The RSA paved the way for the settlement embodied in the Plan,
which settlement gives the lenders control over the company in
exchange for the $975 million in debt from its balance sheet.

Specifically, the Plan provides for, among other things:

   (i) Prepetition Credit Facility Lenders, owed $1.2 billion,
       will receive 99.5% of the New Eagle Common Stock and the
       Prepetition Credit Facility Cash Distribution;

  (ii) all General Unsecured Claims will be paid in full;

(iii) Equity Interests will be canceled and holders of Equity
       Interests will receive 0.5% of the New Eagle Common Stock
       and the New Eagle Equity Warrants, representing 7.5% of the
       New Eagle Common Stock;

  (iv) the establishment of a Management Incentive Program that
       provides senior management and certain employees with 2.0%
       of the shares of New Eagle Common Stock and two tiers of
       stock options; and

   (v) entry into the Exit Financing Facility Credit Agreement,
       the proceeds of which will be used to pay (a) the
       obligations under the Debtor's debtor-in-possession
       financing facility, the Prepetition Credit Facility Cash
       Distribution, the Outstanding Trade Obligations, and the
       Restructuring Expenses, and (b) following the payment, or
       reserving for the payment, of each the foregoing, any
       amount necessary to fully fund a working capital reserve of
       $72.5 million.

Prior to the confirmation hearing, the Debtors filed plan
supplement.  Plan Supplements filed Sept. 15 are:

   * Exhibit A: New Eagle Charter
   * Exhibit B: New Eagle By-Laws
   * Exhibit C: New Eagle Equity Warrant Agreement
   * Exhibit D: Registration Rights Agreement
   * Exhibit E: Management Incentive Program
   * Exhibit G: New Eagle MIP Option Agreements
   * Exhibit I: New CEO Employment Agreement
   * Exhibit J: Exit Financing Facility
   * Exhibit K: Amended and Restated Delphin Management Agreement

Full-text copies of the Sept. 15 Plan Supplement are available
at http://bankrupt.com/misc/EAGLEBULKplansup0915.pdf

A Plan Supplement filed Sept 17 discloses Identity and the
affiliations of the officers and members of the new
board of the reorganized debtor.  A full-text copy of the Sept. 17
Plan Supplement is available at http://is.gd/au5xfv

                    About Eagle Bulk Shipping

With headquarters in New York, Eagle Bulk Shipping Inc. (Nasdaq:
EGLE) provides ocean-borne transportation services for a broad
range of major and minor "dry bulk" cargoes, including iron ore,
coal, grain, cement, and fertilizer, along worldwide shipping
routes.  Each of Eagle's 45 vessels is flagged in the Marshall
Islands and owned by a separate wholly-owned subsidiary organized
as a limited liability company under the Marshall Islands.

On Aug. 6, 2014, Eagle Bulk entered into a restructuring support
agreement with certain of its lenders regarding the terms of a
balance sheet restructuring that will reduce debt by $975 million.

To implement the restructuring, Eagle Bulk, the parent company,
commenced a voluntary "prepackaged" chapter 11 case (Bankr.
S.D.N.Y. Case No. No. 14-12303).  The case has been assigned to
the Honorable Sean H. Lane.  The Chapter 11 filing does not
include any of Eagle Bulk's operating or management subsidiaries.

The Company estimated $850 million to $950 million in assets and
debt of $1.21 billion as of the Petition Date.

The Company has tapped Tyson M. Lomazow, Esq., and Matthew Brod,
Esq., at Milbank, Tweed, Hadley & McCloy LLP as general bankruptcy
counsel, Moelis & Company as financial advisor and investment
banking advisor, Alvarez & Marsal as restructuring advisors, and
PricewaterhouseCoopers LLP as its accountant and auditor.  Eagle
Bulk's noticing agent is Kurtzman Carson Consultants.

Wilmington Trust (London) Limited, solely in its capacity as
successor agent and security trustee under a 2012 credit
agreement, is represented by Andrew Rosenberg, Esq., at Paul Weiss
Rifkind Wharton & Garrison LLP.


EAGLE BULK: Has Final Authority to Obtain $50MM DIP Loan
--------------------------------------------------------
Judge Sean Lane of the U.S. Bankruptcy Court for the Southern
District of New York gave Eagle Bulk Shipping Inc. final authority
to obtain up to $50 million in postpetition financing from
Wilmington Trust (London) Limited as agent and security trustee
for a syndicate of banks, financial institutions and other
institutional lenders.

The Debtor will be the borrower under the DIP Facility, which will
be guaranteed by each of the non-debtor subsidiaries.  Interest
rate on the DIP facility is LIBOR+500 bps (with 1.0% LIBOR floor)
per annum.  Default interest rate is equal to the applicable rate
plus 2.0 percent per annum.

The Debtor is also given final authority to use cash collateral
securing its prepetition indebtedness.  As of the Petition Date,
the Debtor was indebted in the aggregate amount of (a)
approximately $1.2 billion in principal amount, and (b) all
accrued and unpaid interest and fees.

A full-text copy of the Final DIP Order with Budget is available
at http://bankrupt.com/misc/EAGLEBULKdipord0919.pdf

                    About Eagle Bulk Shipping

With headquarters in New York, Eagle Bulk Shipping Inc. (Nasdaq:
EGLE) provides ocean-borne transportation services for a broad
range of major and minor "dry bulk" cargoes, including iron ore,
coal, grain, cement, and fertilizer, along worldwide shipping
routes.  Each of Eagle's 45 vessels is flagged in the Marshall
Islands and owned by a separate wholly-owned subsidiary organized
as a limited liability company under the Marshall Islands.

On Aug. 6, 2014, Eagle Bulk entered into a restructuring support
agreement with certain of its lenders regarding the terms of a
balance sheet restructuring that will reduce debt by $975 million.

To implement the restructuring, Eagle Bulk, the parent company,
commenced a voluntary "prepackaged" chapter 11 case (Bankr.
S.D.N.Y. Case No. No. 14-12303).  The case has been assigned to
the Honorable Sean H. Lane.  The Chapter 11 filing does not
include any of Eagle Bulk's operating or management subsidiaries.

The Company estimated $850 million to $950 million in assets and
debt of $1.21 billion as of the Petition Date.

The Company has tapped Tyson M. Lomazow, Esq., and Matthew Brod,
Esq., at Milbank, Tweed, Hadley & McCloy LLP as general bankruptcy
counsel, Moelis & Company as financial advisor and investment
banking advisor, Alvarez & Marsal as restructuring advisors, and
PricewaterhouseCoopers LLP as its accountant and auditor.  Eagle
Bulk's noticing agent is Kurtzman Carson Consultants.

Wilmington Trust (London) Limited, solely in its capacity as
successor agent and security trustee under a 2012 credit
agreement, is represented by Andrew Rosenberg, Esq., at Paul Weiss
Rifkind Wharton & Garrison LLP.


ECO SERVICES: Moody's Assigns Caa1 Senior Unsecured Rating
----------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Eco
Services, including a B2 Corporate Family Rating ("CFR"), B1 first
lien senior secured rating, and Caa1 senior unsecured rating.
Proceeds of the proposed $500 million first lien senior secured
term loan and $200 million senior unsecured notes, along with an
equity contribution from private equity sponsor CCMP Capital
Advisors, will fund the purchase of Solvay S.A.'s sulfuric acid
business for $890 million plus customary fees and expenses. The
rating outlook is stable.

"High leverage and the carve-out nature of the transaction drive
the weakly-positioned B2 rating," said Ben Nelson, Moody's
Assistant Vice President and lead analyst for Eco Services.

The actions:

Issuer: Eco Services Operations LLC

Corporate Family Rating, Assigned B2;

Probability of Default Rating, Assigned B2-PD;

$55 million Senior Secured Revolving Credit Facility due 2019,
Assigned B1 (LGD3);

$500 million Senior Secured Term Loan B due 2021, Assigned B1
(LGD3);

$200 million Senior Unsecured Notes due 2022, Assigned Caa1
(LGD5);

Outlook, Stable.

The assigned ratings are first-time ratings on Eco Services and
remain subject to a review of the final terms and conditions of
the leveraged buyout transaction expected to close in the fourth
quarter of 2014.

Ratings Rationale

The B2 CFR is constrained by high leverage, concentration in a
single commodity product with larger and better-capitalized
competitors, the expectation that spending associated with the
carve-out transaction will constrain free cash generation in the
near-term, and the longer-term event risk associated with private
equity ownership. The rating benefits from entrenched long-term
customer relationships, strong market positions in certain regions
of the US, structural advantages related to the proximity of the
company's facilities to its customers, margin advantages
associated with higher purity products, and good liquidity.

Moody's expects that operating performance will exhibit more
stability than most rated peers in the chemical industry. While
sulfuric acid is one of the most widely-used commodity chemicals
across various end market applications, a focus on specific end
markets, favorable contract provisions have helped Eco Services
demonstrate relatively stable operating performance historically.
The company operates six plants producing virgin acid and
regenerating spent acid into usable product. The plants are
clustered near refineries on the Gulf Coast, California, and the
Midwest. In the regeneration segment the company focuses on
refining customers, where on purpose regeneration plants process
the refining customers' spent acid. Eco Services also focuses on
the merchant market segment of the virgin sulfuric acid industry,
particularly applications that require higher purity acid such as
caprolactam for the nylon industry. This helps support
profitability even though about half of the merchant market
capacity for virgin sulfuric acid in the US is a byproduct of the
smelting process, a segment of the industry where the economic
realities differ from those of produce virgin acid or recycle
spent acid like Eco Services. Taken together, Moody's believe
growth prospects for sulfuric acid are relatively modest.

As a unit of Solvay, Eco Services relied on the parent company for
shared corporate services that it will need to replace as a
standalone company. The company will have transition services
agreements with Solvay to provide these services for a certain
period while Eco Services builds out its own capabilities. The
company's historical carve-out financial statements include
allocated costs from the parent company that may not be indicative
of the costs that Eco Services will face as a standalone entity.
While these costs are expected to decrease compared to amounts
currently allocated, spikes within the first couple years of
carve-out transactions are common and this risk is factored into
Eco Services' ratings. Moody's will reassess this rating
constraint once the company demonstrates establishes a track
record as an independent company.

Eco Services will start out with weak credit measures for the
rating considering the uncertainties associated with a carve-out
transaction. Moody's estimates adjusted financial leverage in the
high 6 times (Debt/EBITDA; including Moody's standard adjustments
and excluding the benefit of management's expected cost savings as
a standalone entity) and interest coverage in the mid 2 times
(EBITDA/Interest) on a pro forma basis for the twelve months ended
June 30, 2014. Cash flow generation likely will be limited as the
company will incur transition-related expenses, but Moody's
expects the company will generate retained cash flow of at least
8% (RCF/Debt) and free cash flow in the low-to-mid single digits
(FCF/Debt). This should help the company reduce leverage towards 6
times by the end of 2016.

The stable outlook assumes that the company will generate positive
free cash flow and maintain good liquidity. Moody's could upgrade
the rating with expectations for financial leverage sustained
below 5 times, retained cash flow exceeding 10% of debt, and
commitment to more conservative financial policies. Moody's could
downgrade the rating with expectations for financial leverage
sustained above 6.5 times, retained cash flow sustained below 5%
of debt, negative free cash flow on a sustained basis, or
substantive deterioration in the company's liquidity position.

Eco Services Operations LLC produces sulfuric acid. The company
will be privately-owned by private equity sponsor CCMP Capital
Advisors following the completion of the proposed carve-out
transaction from Solvay S.A. Headquartered in Cranbury, N.J., the
company generated $384 million of revenue and $112 million of
EBITDA (management-adjusted) for the twelve months ended June 30,
2014.


ECO SERVICES: S&P Assigns 'B' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Eco Services Operations LLC (Eco Services).  The
outlook is stable.

At the same time, based on preliminary terms and conditions, S&P
assigned a rating of 'B+' (one notch above the corporate credit
rating) and a recovery rating of '2' to Eco Services' proposed
$555 million senior secured credit facilities, consisting of a $55
million revolving credit facility and a $500 million term loan.
The '2' recovery rating indicates S&P's expectation for
substantial (70% to 90%) recovery in the event of a default.  S&P
also assigned a 'CCC+' issue rating (two notches below the
corporate credit rating) and a recovery rating of '6' to the
proposed $200 million senior unsecured notes.  Eco Finance Corp.
is the co-borrower of these notes.  The '6' recovery rating
indicates S&P's expectation for negligible (0% to 10%) recovery in
the event of a default.

"The ratings on Eco Services reflect our assessments of the
company's 'fair' business risk and 'highly leveraged' financial
risk profiles," said Standard & Poor's credit analyst Seamus Ryan.
Eco Services derives its good profitability from its position as
the leading virgin sulfuric acid producer and provider of sulfuric
acid regeneration services in the key U.S. Gulf Coast region and
its ability to manage costs favorably.  Although we expect the
company to generate cash, we believe its aggressive financial
policies will limit any reduction in leverage following this
transaction, with debt to EBITDA remaining near 6x over the next
year.

S&P's assessment of Eco Services' business risk profile as "fair"
reflects the company's strong positions in virgin and regeneration
markets for sulfuric acid, especially in the Gulf Coast region.
The company also has preferable long-term contracts, with
provisions that allow for substantial pass through of costs, a
high degree of supply chain integration with customers, and
stability in its end markets.  S&P believes these factors will
continue to support the company's above-average profitability.
However, S&P views the company's reliance on sulfuric acid, a lack
of product development, and a high degree of geographic and
customer concentration as key risks within its business risk
profile. Mature end markets limit the company's growth potential
so S&P expects it will focus on capturing additional market share
through growth investments.

The stable outlook reflects S&P's view that Eco Services will
continue to benefit from its positions in the relatively stable
virgin and regeneration markets for sulfuric acid.  S&P expects
gradual growth in operating performance, steady free cash flow
generation, and financial policies that will support leverage
improving to about 6x.

S&P could raise the ratings if the company is able to improve
earnings and reduce debt to bring debt to EBITDA to about 5x for a
sustained period.  Such a scenario could arise from the company
winning market share from competitors or captive producers.  To
raise ratings, S&P would also expect the company's financial
policies to support this reduced leverage.

S&P could lower ratings if debt to EBITDA exceeds 7.5x, with
limited prospects for improvement.  S&P could also lower ratings
if liquidity weakens substantially and free operating cash flow
turns negative.  Such weakness could arise as a result of
aggressive financial policy decisions such as a dividend
recapitalization or large debt-funded acquisitions, or unexpected
weakness in end-market demand.


ECOSPHERE TECHNOLOGIES: William Brisbe Holds 16.5% Equity Stake
---------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, William O. Brisben disclosed that as of
Sept. 15, 2014, he beneficially owned 31,544,143 shares of common
stock of Ecosphere Technologies, Inc., representing 16.54 percent
of the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/AutyFI

                    About Ecosphere Technologies

Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) --
http://www.ecospheretech.com/-- is a water engineering,
technology licensing and environmental services company that
designs, develops and manufactures wastewater treatment solutions
for industrial markets.  Ecosphere, through its majority-owned
subsidiary Ecosphere Energy Services, LLC, provides energy
exploration companies with an onsite, chemical free method to kill
bacteria and reduce scaling during fracturing and flowback
operations.

Ecosphere Technologies reported net income of $19.16 million in
2013 following net income of $1.05 million in 2012.  The Company's
balance sheet at June 30, 2014, showed $16.72 million in total
assets, $2.96 million in total liabilities, $3.76 million in total
redeemable convertible cumulative preferred stock, and $10 million
in total equity.

Salberg & Company, P.A., in Boca Raton, Florida, 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 a loss from operations and cash used in
operations along with an accumulated deficit.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


ECOTALITY INC: Seeks Extension of Exclusive Plan Filing Date
------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Ecotality Inc., which sold its system for
charging electric vehicles, made a sixth request for more time to
file a Chapter 11 plan, supported by the creditors' committee and
the buyer, a unit of Car Charging Group Inc.  According to the
report, Ecotality asked for an extension of exclusive plan-filing
until Dec. 26, to accommodate continuing talks with Car Charging
on the plan, which would pay creditors a minimum of $925,000.

                      About Ecotality Inc.

Headquartered in San Francisco, California, Ecotality, Inc.
(Nasdaq: ECTY) -- http://www.ecotality.com-- is a provider of
electric transportation and storage technologies.

Ecotality Inc. along with affiliates including lead debtor
Electric Transportation Engineering Corp. sought Chapter 11
protection (Bankr. D. Ariz. Lead Case No. 13-16126) on Sept. 16,
2013, with plans to sell the business at an auction.

The cases are assigned to Chief Judge Randolph J. Haines.  The
Debtors' lead counsel are Charles R. Gibbs, Esq., at Akin Gump
Strauss Hauer & Feld LLP, in Dallas, Texas; and David P. Simonds,
Esq., and Arun Kurichety, Esq., at Akin Gump Strauss Hauer & Feld
LLP, in Los Angeles, California.  The Debtors' local counsel is
Jared G. Parker, Esq., at Parker Schwartz, PLLC, in Phoenix,
Arizona.  FTI Consulting, Inc. serves as the Debtors' crisis
manager and financial advisor.  The Debtors' claims and noticing
agent is Kurtzman Carson Consultants LLC.

Electric Transportation estimated assets of $10 million to $50
million and debt of $100 million to $500 million.  Unlike most
companies in bankruptcy, Ecotality has no secured debt.  It simply
ran out of money.  There's $5 million owing on convertible notes,
plus liability on leases.  Part of pre-bankruptcy financing took
the form of a $100 million cost-sharing grant from the U.S. Energy
Department.  In view of the San Francisco-based company's
financial problems, the government cut off the grant when $84.8
million had been drawn.

On Sept. 24, 2013, the Office of the United States Trustee for
Region 14 appointed a committee of unsecured creditors.

In October 2013, the bankruptcy judge cleared Ecotality to sell
most of the business to Car Charging Group Inc. for $3.3 million.
Two other buyers purchased other assets for $1 million in total.


ENDEAVOUR INT'L: Signs Retention Agreements with Key Executives
---------------------------------------------------------------
Endeavour Energy UK Limited, a wholly owned subsidiary of
Endeavour International Corporation, had entered into key employee
retention plan agreements with certain key employees to ensure
their continued involvement or employment with the Company in the
event the Company is unable to come to terms with the various
capital providers on restructuring the Company's debt prior to the
end of the cure period (Sept. 30, 2014).

The Company entered into KERP Agreements with James J. Emme,
executive vice president North America; Catherine L. Stubbs,
senior vice president and chief financial officer; and Derek A.
Neilson, managing director, U.K. operations, effective Sept. 19,
2014.  Pursuant to the KERP Agreements, if the executive continues
his/her employment and is not terminated for cause, the executive
will be entitled to receive the following payments:

   * an amount payable on Sept. 26, 2014, subject to clawback
     should the executive resign, or his/her employment is
     terminated with cause prior to the Transaction Date, or
     Sept. 26, 2015; and

   * an amount payable within 15 calendar days following the
     Transaction Date.

"Transaction Date" means the date of the earlier to occur of: (i)
the closing date of any out of court agreement for the structuring
of Endeavour Operating Corporation's balance sheet, (ii) the
effective date of a confirmed plan of reorganization under chapter
11 of title 11 of the United States Code providing for the
restructuring of EOC's balance sheet, (iii) the closing date of a
sale of all or substantially all of the assets or a majority of
the outstanding stock of EOC in one or more transactions under
section 363 of the Bankruptcy Code or pursuant to a confirmed
chapter 11 plan, and (iv) the date of the entry of an order of a
United States Bankruptcy Court ordering the conversion of
Endeavour's chapter 11 case to a case under chapter 7 of the
Bankruptcy Code.

The Commitment Amounts and Retention Bonus were awarded as
follows:

                       Commitment Amount       Retention Bonus
                       -----------------       ---------------
James J. Emme              $237,500              $237,500
Catherine L. Stubbs        $162,500              $162,500
Derek A. Neilson         GBP100,000            GBP100,000

      Change in Control Termination Benefits Agreement

On Sept. 18, 2014, Endeavour Energy UK Limited, a wholly owned
subsidiary of the Company, entered into a change in control
termination benefits agreement for Derek A. Neilson, managing
director, U.K. Operations.  The CIC Agreement was approved by the
Compensation Committee of the Company's Board of Directors on
Sept. 18, 2014.

The CIC Agreement provides similar benefits to change in control
termination benefits agreements held by the Company's other two
executive officers, including primarily that if the executive's
employment is terminated within 24 months following a change in
control by the Company without cause or by the executive for good
reason, the executive will be entitled to receive the following
payments:

   * an amount equal to two times the executive's annual base
     salary;

   * an amount equal to two times the executive's average bonus
     for the three years prior to which the date of termination
     occurs;

   * a pro rata portion of the executive's annual target bonus
     for the year in which such termination occurs;

   * a non-solicitation period of one year after the date of
     termination; and

   * continuation of health benefits for a period of 18 months
     following the date of termination, with the Company
     continuing to pay the same portion of the premiums as it
     does for current employees.

                  About Endeavour International

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

Endeavour International reported net loss of $95.47 million in
2013, a net loss of $126.22 million in 2012 and a net loss of
$130.99 million in 2011.

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.70 million in
series c convertible preferred stock and a $41.48 million total
stockholders' deficit.

                           *     *     *

As reported by the TCR on Sept. 8, 2014, Moody's Investors Service
downgraded Endeavour International Corporation's Corporate Family
Rating (CFR) to Ca from Caa2.  The downgrade follows Endeavour's
decision to not make interest payments on its $404 million 12%
First Priority Notes due March 2018, $150 million 12% Second
Priority Notes due June 2018, and $18 million 6.5% Convertible
Senior Notes due November 2017.

The TCR also reported on Sept. 9, 2014, that Standard & Poor's
Rating Services lowered its corporate credit on Endeavour
International Corp. to 'D' from 'CCC'.  The downgrade is a result
of the company's decision not to pay approximately $33.5 million
in interest that was due on Sept. 2, 2014, on its 12% first
priority notes due March 2018, 12% second priority notes due June
2018, and 6.5% convertible senior notes due November 2017.  S&P do
not rate the convertible notes.


EPAZZ INC: Incurs $3.7 Million Net Loss in March 31 Quarter
-----------------------------------------------------------
EPAZZ Inc. filed with the U.S. Securities and Exchange Commission
its quarterly report disclosing a net loss of $3.73 million on
$252,552 of revenue for the three months ended March 31, 2014,
compared to a net loss of $398,571 on $208,010 of revenue for the
same period a year ago.

The Company's balance sheet at March 31, 2014, showed $1.51
million in total assets, $3.51 million in total liabilities and a
$2 million total stockholders' deficit.

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

                         http://is.gd/h7Lyee

                           About EPAZZ Inc.

Chicago, Ill.-based EPAZZ, Inc., was incorporated in the State of
Illinois on March 23, 2000, to create software to help college
students organize their college information and resources.  The
idea behind the Company was that if the information and resources
provided by colleges and universities was better organized and
targeted toward each individual, the students would encounter a
personal experience with the college or university that could lead
to a lifetime relationship with the institution.  This concept is
already used by business software designed to retain relationships
with clients, employees, vendors and partners.

Epazz reported a net loss of $3.37 million on $750,139 of revenue
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.90 million on $1.19 million of revenue for the year ended Dec.
31, 2012.

M&K CPAS, PLLC, in Houston, Texas, 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 an accumulated deficit of $(7,501,994) and a
working capital deficit of $(1,283,338), which raises substantial
doubt about its ability to continue as a going concern.

                        Bankruptcy Warning

The Company said in the 2013 Annual Report that it will need to
raise additional funds to continue to operate as a going concern.

"We cannot be certain that any such financing will be available on
acceptable terms, or at all, and our failure to raise capital when
needed could limit our ability to continue and expand our
business.  We intend to overcome the circumstances that impact our
ability to remain a going concern through a combination of the
commencement of additional revenues, of which there can be no
assurance, with interim cash flow deficiencies being addressed
through additional equity and debt financing.  Our ability to
obtain additional funding for the remainder of the 2014 year and
thereafter will determine our ability to continue as a going
concern.  There can be no assurances that these plans for
additional financing will be successful.  Failure to secure
additional financing in a timely manner to repay our obligations
and supply us sufficient funds to continue our business operations
and on favorable terms if and when needed in the future could have
a material adverse effect on our financial performance, results of
operations and stock price and require us to implement cost
reduction initiatives and curtail operations.  Furthermore,
additional equity financing may be dilutive to the holders of our
common stock, and debt financing, if available, may involve
restrictive covenants, and strategic relationships, if necessary
to raise additional funds, and may require that we relinquish
valuable rights.  In the event that we are unable to repay our
current and long-term obligations as they come due, we could be
forced to curtail or abandon our business operations, and/or file
for bankruptcy protection; the result of which would likely be
that our securities would decline in value and/or become
worthless."


EXPLO SYSTEMS: Insurers Can't Rule Out Blast Coverage
-----------------------------------------------------
Law360 reported that a Louisiana federal judge refused to grant an
early win to insurers seeking a declaration they don't have to
defend Explo Systems, Inc., a bankrupt explosives recycling
company, in class action litigation arising from an ammunition
explosion, saying key facts and circumstances in the dispute have
not been sufficiently explained.  According to the report, in an
order denying motions for partial summary judgment filed by Crum &
Forster Specialty Insurance Co. and Seneca Specialty Insurance
Co., U.S. District Judge Donald E. Walter said he couldn't
determine whether the insurers properly denied Explo Systems'
claims under exclusions prohibiting coverage for bodily injury or
property damage not resulting from the "thermal treatment and
disassembly of ammunition" or "recycling and separation of
remaining scrap."

The case is Crum & Forster Specialty Insurance Co., et al. v.
Explo Systems Inc., case number 5:12-cv-03080, in the U.S.
District Court for the Western District of Louisiana.

After an explosion, an evacuation of a small Louisiana town and a
threatened eviction, military explosives-disassembler Explo
Systems Inc. has filed for bankruptcy protection on Aug. 12, 2013.
The case is In re Explo Systems, Inc., Case No. 13-12046 (Bankr.
W.D. La.).  The case is assigned to Judge Stephen V. Callaway.
The Debtor's counsel is Robert W. Raley, Esq., at Raley &
Associates, in Bossier City, Louisiana.


FAIRMONT GENERAL: Wants to Tap LP Properties as Exclusive Broker
----------------------------------------------------------------
Fairmont General Hospital Inc., et al., seeks permission from the
U.S. Bankruptcy Court for the Northern District of West Virginia
to hire LP Properties Realty as their exclusive broker for the
sale of certain real estate assets.

The Debtors want to employ LP Properties to assist them in
marketing and selling the Corazon Ranch and the Hill Ranch -- two
non-residential real properties owned by the Estate.

Louis Pellegrin will be the Broker in charge of the marketing of
the ranch properties by LP Properties.

The Firm will provide these services, among other things:

   * Prepare marketing materials and/or offer packages to be
     used in soliciting prospective purchasers for the Ranches;

   * Erect size appropriate signage on the Ranches; and

   * Locate, qualify and furnish potential purchasers of the
     property to the Debtors.

The Debtors seeks to pay for LP Properties' services in this
manner:

   a. The Broker's Fee will be earned and payable when the sale or
      exchange of the Property to a buyer under a contract
      executed by Seller approved by the United States Bankruptcy
      Court for the Southern District of Texas, Laredo Division in
      Case No. 14-50155 styled In RE: GBG Ranch, Ltd. is finally
      closed and funded, whether this occurs during the term of
      this Agreement or after the termination of this Agreement;

   b. If the disposition of the Property is consummated as an
      exchange of the Property for other property, the Sale Price
      of the Property will be deemed to be the Listing Price
      unless otherwise specified by Broker and Seller in writing;

   c. If a buyer with whom Seller has entered into a contract for
      the sale of the Property during the term of this Agreement
      breaches that contract and Seller receives the buyer's
      earnest money or a portion thereof as liquidated damages,
      Seller will pay Broker the lesser of 25% of the amount of
      the liquidated damages or the Broker's Fee;

   d. If litigation, mediation, or arbitration is instituted with
      respect to a contract between Seller and a buyer for the
      sale of the Property that is executed during the term of
      this Agreement, and Seller collects all or a portion of the
      Sale Price or damages by judgment, compromise, settlement,
      or otherwise, Seller will pay Broker the lesser of (i) 25%
      of the amount collected after deduction of attorney's fees
      and other expenses of collection or (ii) the Broker's Fee
      (determined after reducing the Sale Price by the amount of
      attorney's fees or other expenses of collection);

   e. Seller will not owe Broker the Broker's Fee if a sale of the
      Property does not close or fund as a result of (i) Seller's
      failure to deliver a title policy to a buyer, caused by
      Seller's inability to cure the buyer's title objections due
      to matters beyond Seller's reasonable control; (ii) Seller's
      loss of ownership due to foreclosure, conveyance in lieu of
      foreclosure, or other legal proceeding; (iii) Seller's
      failure to restore the Property following any casualty or
      condemnation to its previous condition by the closing date
      set forth in a contract for the sale of the Property; and
      (iv) failure of the Bankruptcy Court to approve the Sale;
      and

   f. Seller authorizes any escrow or closing agent authorized to
      close a transaction for the sale or other disposition of the
      Property contemplated in this Agreement to collect and
      disburse to Broker the Broker's Fee due under this.  Seller
      authorizes Broker to instruct any closing or escrow agent to
      collect and disburse the Broker's Fee due under this
      Agreement.

LP Properties can be reached at:

         LP Properties
         1616 Guerrero, Laredo
         Texas 78043
         Tel No: (956)712-1975
         Fax No: (956)726-6990
         E-mail: lpproperties@earthlink.net

               About Fairmont General Hospital Inc.

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

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

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

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

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

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


FAIRMONT GENERAL: Court Comments on Third Lease Decision Motion
---------------------------------------------------------------
The U.S. Bankruptcy Court Clerk noted that no action has been
taken by any party since June 30, 2014, with regard to the Third
Motion to Enlarge Period for Assumption or Rejection of
Nonresidential Real Property Leases filed Fairmont General
Hospital, Inc., et al.

As a consequence of no party indicating a further interest in the
prosecution of the issues raised, Judge Patrick Flatley ordered on
Sept. 2, 2014 that the Third Lease Decision Motion shall be
dismissed unless good cause is shown for non-dismissal within 30
days from the Sept. 2 date of entry, or action is taken to
prosecute the action within the same time period.

The Troubled Company Reporter previously relayed that under the
Third Motion, the Debtors sought an extension of their deadline to
assume or reject non-residential real property leases through Aug.
29, 2014.

                 About Fairmont General Hospital Inc.

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

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

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

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

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

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


FAMILY CHRISTIAN CATHEDRAL: Case Summary & Top Unsecured Creditor
-----------------------------------------------------------------
Debtor: Family Christian Cathedral Inc.
           dba Miracles In Action Faith Ctr Intl
        645 W Arbor Vitae ST
        Inglewood, CA 90301

Case No.: 14-28428

Chapter 11 Petition Date: September 27, 2014

Court: United States Bankruptcy Court
       Central District Of California (Los Angeles)

Judge: Hon. Thomas B. Donovan

Debtor's Counsel: David T Egli, Esq.
                  LAW OFFICE OF DAVID T EGLI
                  8686 Haven Avenue Ste 310
                  San Bernardino, CA 91730
                  Tel: 951-710-3536
                  Fax: 951-840-2285
                  Email: eglilaw80@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Jynona Norwood, president.

The Debtor listed Jynona Norwood as its largest unsecured creditor
holding a yet to be determined amount of claim.

A copy of the petition is available for free at:

            http://bankrupt.com/misc/cacb14-28428.pdf


FANNIE MAE: Chief Operating Officer to Quit Next Year
-----------------------------------------------------
Terence W. Edwards, executive vice president and chief operating
officer of Fannie Mae (formally, the Federal National Mortgage
Association), notified the Company that he plans to leave the
company during the first half of 2015, according to a regulatory
filing with the U.S. Securities and Exchange Commission.

To ensure a smooth transition in connection with his departure,
Mr. Edwards' responsibilities for Fannie Mae's credit portfolio
management organization and for overseeing Fannie Mae's work in
developing and integrating to a common securitization platform
were transitioned to others effective Sept. 21, 2014.  Mr. Edwards
continues to be responsible for oversight of other strategic
initiatives and will continue to play a role in Fannie Mae's work
in connection with the common securitization platform.

                          About Fannie Mae

Federal National Mortgage Association, aka Fannie Mae, is a
government-sponsored enterprise that was chartered by U.S.
Congress in 1938 to support liquidity, stability and affordability
in the secondary mortgage market, where existing mortgage-related
assets are purchased and sold.

The Company's balance sheet at June 30, 2014, showed $3.21
trillion in total assets, $3.21 trillion in total liabilities and
$6.11 billion in total equity.

The U.S. Department of the Treasury owns Fannie Mae's senior
preferred stock and a warrant to purchase 79.9 percent of its
common stock, and Treasury has made a commitment under a senior
preferred stock purchase agreement to provide Fannie with funds
under specified conditions to maintain a positive net worth.

Fannie Mae reported net income of $83.98 billion on $117.54
billion of total interest income for the year ended Dec. 31, 2013,
as compared with net income of $17.22 billion on $129.19 billion
of total interest income for the year ended Dec. 31, 2012.


FCC HOLDINGS: Gets Bankr. Court Approval to Sell 5 Schools
----------------------------------------------------------
Law360 reported that a Delaware bankruptcy judge gave for-profit
education company Education Training Corp. the green light to sell
five campuses in California to strategic buyer International
Education Corp. as part of a multi-step, roughly $5 million
transaction that started with the purchaser acquiring the 14-
location Florida Career College chain prepetition.  According to
the report, at a hearing in Wilmington, U.S. Bankruptcy Judge
Christopher S. Sontchi gave the second part of the transaction the
OK after the debtor conducted hours of closed-door negotiations
that resolved objections to the language of the proposed sale
order from several landlords, government agencies and others.

                      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.

The U.S. Trustee has appointed three members to the Official
Committee of Unsecured Creditors.


FINJAN HOLDINGS: Signs Licensing Agreement With Websense
--------------------------------------------------------
Finjan Holdings, Inc., and Websense, Inc., announced that the
companies have reached a mutually agreed patent license.  Finjan
has dismissed with prejudice the litigation entitled Finjan, Inc.,
v. Websense Inc., Case No. 5:13-CV-04398-BLF, pending in the
Northern District of California. The terms of the license have not
been disclosed.

"We are satisfied with the resolution of our dispute with
Websense," commented Phil Hartstein, CEO and president of Finjan.
"We believe this agreement adds value for both companies and
allows us to move forward in our respective businesses."

Recognized internationally as a pioneer and leader in web and
network security, Finjan's decades-long investment in innovation
is captured in its patent portfolio, centered around software and
hardware technologies capable of proactively detecting previously
unknown and emerging threats on a real-time, behavior-based basis.
Finjan has successfully licensed its patents and technology to
several major software and technology companies around the world.

                            About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Finjan Holdings reported a net loss of $6.07 million in 2013
following net income of $50.98 million in 2012.  The Company
reported a net loss of $2 million on $175,000 of revenues for the
three months ended March 31, 2014.

The Company's balance sheet at June 30, 2014, showed $24.51
million in total assets, $2.05 million in total liabilities and
$22.46 million in total stockholders' equity.


FIRST MARINER: Files Liquidating Chapter 11 Plan Following Sale
---------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that First Mariner Bancorp filed a liquidating plan
and explanatory disclosure statement on Sept. 15 endorsed by the
official creditors' committee.  According to the report, a hearing
to consider approval of the disclosure statement so that voting
can begin is scheduled for Oct. 17.  First Mariner wants the
bankruptcy judge in Baltimore to hold a confirmation hearing on
Dec. 8 for approval of the plan, the report related.

                    About First Mariner Bancorp

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

The Debtor's bankruptcy counsel is Kramer Levin Naftalis & Frankel
LLP.  The Debtor's local counsel is Lawrence Joseph Yumkas, Esq.,
at Yumkas, Vidmar & Sweeney, LLC, in Annapolis, Maryland.  The
Debtor's regulatory and corporate counsel is Kilpatrick Townsend &
Stockton LLP.  The Debtor's investment banker and financial
adviser is Sandler O'Neill + Partners, L.P.

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


FIRSTPLUS FINANCIAL: Accountant Gets 40 Months for Takeover Plot
----------------------------------------------------------------
Law360 reported that a Pennsylvania accountant was sentenced to 40
months in prison for conspiring with reputed members of the
Lucchese organized crime family to takeover a Texas-based mortgage
lender through extortion and drain it of $12 million, forcing the
lender into bankruptcy.  According to the report, U.S. District
Court Judge Robert Kugler handed down the sentence for Howard A.
Drossner, a cofounder of the Elkins Park, Pennsylvania-based
accounting firm Siegal and Drossner PC, who pled guilty in August
2013 to a count of conspiracy to commit wire fraud.  Drossner was
one of nine individuals indicted in the extortionate takeover and
plundering of FirstPlus Financial Group Inc., along with alleged
masterminds and reputed Lucchese cohorts Nicodemo Scarfo and
Salvatore Pelullo, the report related.

The case is U.S. v. Scarfo et al., case number 1:11-cr-00740, in
the U.S. District Court for the District of New Jersey.

                    About FirstPlus Financial

Based in Beaumont, Texas, FirstPlus Financial Group, Inc. (Pink
Sheets: FPFX) -- http://www.firstplusgroup.com/-- was a
diversified company that provided commercial loan, consumer
lending, residential and commercial restoration, facility
(janitorial and maintenance) services, insurance adjusting
services, construction management services and a facilities and
restoration franchise business.  The Company had three direct
subsidiaries, Rutgers Investment Group, Inc., FirstPlus
Development Company and FirstPlus Enterprises, Inc.  In turn,
FirstPlus Enterprises, Inc., had three of its own direct
subsidiaries, FirstPlus Restoration Co., LLC, FirstPlus Facility
Services Co., LLC and The Premier Group, LLC.  FirstPlus
Restoration and FirstPlus Facility jointly owned FirstPlus
Restoration & Facility Services Company.  Additionally, FirstPlus
Development had one direct subsidiary FirstPlus Acquisitions-1,
Inc.

A subsidiary of FirstPlus Financial Group -- FirstPlus Financial
Inc. -- filed for Chapter 11 bankruptcy in March 1999 before the
U.S. Bankruptcy Court for the Northern District of Texas, Dallas
Division, amid turmoil in the asset-backed securitization markets
and the lack of a reliable, committed secondary take-out source
for high LTV loans.  A modified third amended reorganization plan
was confirmed in that case in April 2000.

FirstPLUS Financial Group filed for Chapter 11 protection (Bankr.
N.D. Tex. Case No. 09-33918) on June 23, 2009.  Aaron Michael
Kaufman, Esq., and George H. Tarpley, Esq., at Cox Smith Matthews
Incorporated, served as counsel.  The Debtor had total assets of
$15,503,125 and total debts of $4,539,063 as of June 30, 2008.
FirstPLUS Financial Group disclosed $1,264,637 in assets and
$10,347,448 in liabilities as of the Chapter 11 filing.

Matthew D. Orwig was appointed as the Chapter 11 trustee in the
Debtor's cases.  He is represented by Peter A. Franklin, Esq., and
Erin K. Lovall, Esq., at Franklin Skierski Lovall Hayward LLP.
Franklin Skierski was elevated to lead counsel from local counsel
in the stead of Jo Christine Reed and SNR Denton US LLP, due to
the maternity leave of Ms. Reed.  Kurtzman Carson Consultants
served as notice and balloting agent.


FL 6801 SPIRITS: Creditors Want Chapter 11 Trustee or Examiner
--------------------------------------------------------------
The Creditors, Unit Holders at Canyon Ranch Hotel & Spa Miami
beach, seeks appointment of a Chapter 11 Trustee in the case of FL
6801 Spirits.  The Creditors wanted to preserve the integrity of
the Chapter 11 case by appointing an examiner or a trustee. The
Creditors have lost faith that the Debtors can conduct the
proceedings in a manner that is not only fair, but appears fair.

The Debtors lack independent management, the Creditors argue. The
Debtors are operated by their officers. To this end, they are
incentivized to utilize the Debtors as a platform to increase the
Debtors' bottom line. The Debtors have brazenly violated the
Bidding Procedures Order and continue to pursue a sale transaction
that cannot close and lacks creditor support.

The Creditors also point to the Debtors' failure to address
manifest construction defects and needed capital expenditures at
the property and the Debtors' effort to exit its investment by
fundamentally altering the nature of the significant life-style
investment that the Creditors were induced into making the
agreement.

North Carillon Beach Condominium Association, Inc, et al. are
represented by:

     Edward S. Weisfelner, Esq.
     Howard S. Steel, Esq.
     BROWN RUDNICK LLP
     Seven Times Square
     New York, NY 10036
     Telephone: (212) 209-4800
     Facsimile: (212) 209-4801

          - and -

     Scott L. Baena, Esq.
     Mindy A. Mora, Esq.
     Martin A. Schwartz, Esq.
     BILZIN SUMBERG BAENA PRICE & AXELROD, LLP
     1450 Brickell Avenue, Suite 2300
     Miami, FL 33131
     Telephone: (305) 374-7580
     Facsimile: (305) 351-2242

                     About FL 6801 Spirits

FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers
Holdings Inc. and three of its wholly owned subsidiaries filed
voluntary Chapter 11 petitions, seeking bankruptcy protection for
their condominium hotel property in Miami Beach.  The affiliates
are FL 6801 Collins North LLC, FL 6801 Collins Central LLC, and FL
6801 Collins South LLC.

FL Spirits' Canyon Ranch Living Hotel and Spa is a luxury full-
service, ocean front condominium hotel located at the site of the
old Carillon Hotel in Miami Beach, Florida.  The current operator
of the hotel, Canyon Ranch Living, is not a debtor, and operations
at the property are expected to continue without interruption.

FL Spirits and the three affiliates companies have sought joint
administration, with pleadings to be maintained at FL 6801's case
docket (Bankr. S.D.N.Y. Lead Case No. 14-11691).

FL Spirits has tapped Togut, Segal & Segal LLP as general
bankruptcy counsel, Shutts & Bowen LLP as special real estate
counsel, CBRE, Inc., as real estate broker, and Prime Clerk as
claims and notice agent.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Lehman's Chapter 11 plan became
effective on March 6, 2012.

                           *     *     *

FL Spirits is pursuing a sale process for the hotel property under
11 U.S.C. Sec. 363 where 360 Miami Hotel & Spa LLC will be the
stalking horse bidder.  The purchaser will acquire the hotel
lot (including the spa) and 13 condominium units for $12 million,
absent higher and better offers.  Upon a successful closing of the
transaction, the project will be managed by the Enchantment Group,
an operator of award-winning resorts and destination spas,
including Mii amo, a destination spa at Enchantment Resort.


FL 6801 SPIRITS: Top Bidder Says Sale Is Being 'Hijacked'
---------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Z Capital Partners LLC, which was named the
successful bidder for Canyon Ranch Hotel & Spa in Miami Beach,
Florida, said in court papers that condominium associations are
attempting to "hijack" the sale process.  According to the report,
Z Capital told the bankruptcy court that the attempt of the
associations, which have filed at least four separate objections
to the sale, to "hijack the sale process" in favor of preferred
bidder 6801 Collins Hotel LLC shouldn't be tolerated by the court.

                     About FL 6801 Spirits

FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers
Holdings Inc. and three of its wholly owned subsidiaries filed
voluntary Chapter 11 petitions, seeking bankruptcy protection for
their condominium hotel property in Miami Beach.  The affiliates
are FL 6801 Collins North LLC, FL 6801 Collins Central LLC, and FL
6801 Collins South LLC.

FL Spirits' Canyon Ranch Living Hotel and Spa is a luxury full-
service, ocean front condominium hotel located at the site of the
old Carillon Hotel in Miami Beach, Florida.  The current operator
of the hotel, Canyon Ranch Living, is not a debtor, and operations
at the property are expected to continue without interruption.

FL Spirits and the three affiliates companies have sought joint
administration, with pleadings to be maintained at FL 6801's case
docket (Bankr. S.D.N.Y. Lead Case No. 14-11691).

FL Spirits has tapped Togut, Segal & Segal LLP as general
bankruptcy counsel, Shutts & Bowen LLP as special real estate
counsel, CBRE, Inc., as real estate broker, and Prime Clerk as
claims and notice agent.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Lehman's Chapter 11 plan became
effective on March 6, 2012.

                           *     *     *

FL Spirits is pursuing a sale process for the hotel property under
11 U.S.C. Sec. 363 where 360 Miami Hotel & Spa LLC will be the
stalking horse bidder.  The purchaser will acquire the hotel
lot (including the spa) and 13 condominium units for $12 million,
absent higher and better offers.  Upon a successful closing of the
transaction, the project will be managed by the Enchantment Group,
an operator of award-winning resorts and destination spas,
including Mii amo, a destination spa at Enchantment Resort.


FOUR OAKS FINCORP: Changes Organization Structure
-------------------------------------------------
The Board of Directors of Four Oaks Fincorp, Inc., approved
changes in the executive organizational structures of it and Four
Oaks Bank & Trust Company, the Company's wholly-owned subsidiary,
in connection with the Company's strategy for maximizing long-term
growth following the conclusion of its previously disclosed rights
offering and concurrent standby offering.  As part of the
reorganization, Clifton L. Painter, senior executive vice
president, chief operating officer and chief credit officer of the
Company and the Bank, notified the Board on Sept. 22, 2014, of his
decision to retire from his positions, effective Sept. 22, 2014,
and take on a consulting role with the Bank.

In connection with his retirement, the Company proposed a
Consulting Agreement with Mr. Painter, which was approved by the
Board on Sept. 22, 2014.  The Company expects to enter into the
Consulting Agreement with Mr. Painter on Oct. 1, 2014.  The
proposed Consulting Agreement has a term of 24 months, during
which time Mr. Painter will serve as an independent contractor of
the Bank and receive consulting fees in the amount of $11,000 per
month for the first 12 months and $10,000 during the second 12
months.  Furthermore, following the adoption of the Restricted
Stock Plan contemplated by that certain Securities Purchase
Agreement dated March 24, 2014, by and between the Company and
Kenneth R. Lehman, Mr. Painter will be entitled to receive an
award of 80,000 shares of restricted stock in accordance with the
terms of the Restricted Stock Plan.  The award will vest over the
term of the Consulting Agreement, with 50% of the award vesting on
each anniversary of the Consulting Agreement.

The compensatory arrangements afforded under the proposed
Consulting Agreement are in lieu of any other compensation or
benefits to which Mr. Painter otherwise might be entitled under
the Amended and Restated Executive Employment Agreement between
the Company and Mr. Painter dated Dec. 11, 2008, which will be
terminated along with any remaining obligations thereunder upon
execution of the proposed Consulting Agreement.  During the term
of the Consulting Agreement, Mr. Painter is prohibited from
competing with the Bank or attempting to solicit the Bank's
employees.

               Appointment of Chief Operating Officer

Also as part of the executive reorganization, on Sept. 22, 2014,
the Board appointed David H. Rupp executive vice president, chief
operating officer of the Company and the Bank, effective as of
that same date.

Mr. Rupp, age 50, became the Bank's senior vice president,
strategic project manager in June 2014.  Prior to joining the
Bank, he most recently served as Retail Banking and Mortgage
President of VantageSouth Bank from 2012 to 2014.  From 2009 to
2011, Mr. Rupp served as chief executive officer of Greystone Bank
and, from 2008 to 2009, he served as Senior Executive Vice
President of Regions Financial Corporation.  Prior to his
employment with Regions Financial Corporation, Mr. Rupp held
various positions at Bank of America and First Union Corporation.

In connection with Mr. Rupp's appointment, the Company proposed an
Amendment No. 1 to the Employment Agreement dated June 23, 2014,
by and between the Bank and Mr. Rupp, which was approved by the
Board on Sept. 22, 2014.  Pursuant to the Employment Agreement as
proposed to be amended, the Bank will pay Mr. Rupp an initial
annual base salary of $240,000.  In addition, Mr. Rupp will be
eligible for an annual cash bonus of up to 50% of his base salary
(pro-rated for 2014), the amount of which will be determined based
on guidelines and performance measures mutually agreed upon by Mr.
Rupp and the Chief Executive Officer of the Bank.  Following the
adoption of the Restricted Stock Plan, Mr. Rupp will also be
entitled to receive an award of restricted stock in the amount
deemed appropriate by the Board's Compensation Committee in
accordance with the terms of the Restricted Stock Plan.
Furthermore, Mr. Rupp will be entitled to participate in employee
benefit plans made available to Company employees in comparable
positions. During his employment with the Bank and for a period of
one year following termination of his employment, Mr. Rupp is
prohibited from competing with the Bank or attempting to solicit
the Bank's customers or employees.

Certain of the Company's directors and executive officers, members
of their immediate families, and entities with which they are
involved are customers of, and borrowers from, the Bank in the
ordinary course of business.  All loans and other extensions of
credit made by the Bank to those individuals are made
substantially on the same terms, including interest rates and
collateral, as those prevailing at the time in comparable
transactions with other customers.  In the opinion of management,
these loans do not involve more than normal risk of collectibility
or contain other unfavorable features.

                          About Four Oaks

Based in Four Oaks, North Carolina, Four Oaks Fincorp, Inc., is
the bank holding company for Four Oaks Bank & Trust Company.  The
Company has no significant assets other than cash, the capital
stock of the bank and its membership interest in Four Oaks
Mortgage Services, L.L.C., as well as $1,241,000 in securities
available for sale as of Dec. 31, 2011.

Four Oaks reported a net loss of $350,000 in 2013, a net loss of
$6.96 million in 2012 and a net loss of $9.09 million in 2011.
As of June 30, 2014, the Company had $833.36 million in total
assets, $806.06 million in total liabilities and $27.30 million in
total shareholders' equity.

                          Written Agreement

"In late May 2011, the Company and the Bank entered into a formal
written agreement (the "Written Agreement") with the Federal
Reserve Bank of Richmond (the "FRB") and the North Carolina Office
of the Commissioner of Banks (the "NCCOB").  Under the terms of
the Written Agreement, the Bank developed and submitted for
approval, within the time periods specified, plans to:

   * revise lending and credit administration policies and
     procedures at the Bank and provide relevant training;

   * enhance the Bank's real estate appraisal policies and
     procedures;

   * enhance the Bank's loan grading and independent loan review
     programs;

   * improve the Bank's position with respect to loans,
     relationships, or other assets in excess of $750,000, which
     are now or in the future become past due more than 90 days,
     are on the Bank's problem loan list, or adversely classified
     in any report of examination of the Bank; and

   * review and revise the Bank's policy regarding the Bank's
     allowance for loan and lease losses and maintain a program
     for the maintenance of an adequate allowance.

A material failure to comply with the terms of the Written
Agreement could subject the Company to additional regulatory
actions and further restrictions on its business.  These
regulatory actions and resulting restrictions on the Company's
business may have a material adverse effect on its future results
of operations and financial condition," the Company said in its
quarterly report for the period ended March 31, 2014.


FRANCIS M. DELAPE: Bankruptcy Court Has Jurisdiction on Bello Case
------------------------------------------------------------------
Bankruptcy Judge Marvin Isgur in Houston ruled that the Bankruptcy
Court has "related to" jurisdiction under 28 U.S.C. Sec. 1334 over
Manny Bello's claims against Benchmark Equity Group.  Resolution
of the claims against Benchmark could affect the bankruptcy estate
of Francis M. Delape.

On May 2, 2014, Bello filed a complaint against DeLape and
Benchmark.  The substance of the dispute centers on a $765,000
loan from Bello to Benchmark, allegedly induced by DeLape's
misrepresentations.

DeLape filed an individual chapter 11 petition (Bankr. S.D. Tex.
Case No. 13-34114) on July 7, 2013.  The case was converted to
chapter 7 on February 5, 2014.

Delape listed the loan to Bello as an unsecured debt for $765,000
on his schedules.  His total unsecured debts amount to
$3,183,723.58.

In his lawsuit, Bello alleges that in April 2012, DeLape made a
series of telephone calls asking Bello for a loan to serve as the
"final piece" of an exciting business opportunity involving
international bonds.  According to Bello, DeLape represented that
he had already invested millions of his own money in the project
through Benchmark, a Delaware corporation owned by DeLape. Delape
personally guaranteed the loan.  Bello alleges that DeLape claimed
he could back the personal guarantee through his real estate
holdings in Panama, totaling more than $50 million.

Bello made the loan to Benchmark on May 21, 2012, and received a
promissory note signed by DeLape as Chairman and CEO of Benchmark
promising payment after 90 days.  Bello claims that neither
Benchmark nor DeLape made any payments on the note. After a series
of failed promises from DeLape to make payments, Bello filed this
complaint. Bello's complaint alleges that DeLape, both
individually and in his representative capacity as Chairman and
CEO of Benchmark, fraudulently induced Bello into making the loan.
The complaint further alleges that Benchmark is the mere alter ego
of DeLape and that DeLape should be held individually liable for
Benchmark's actions.

On June 26, 2014, the Bankruptcy Court held a scheduling
conference. At the conference, the Court requested Bello to file a
brief on whether the Court has subject matter jurisdiction over
his claims against Benchmark, a non-debtor corporation. On July
25, 2014, Bello filed his brief.  Neither DeLape nor Benchmark has
filed a response brief.

The case is, MANNY BELLO, Plaintiff(s), v. FRANCIS M. DELAPE, et
al Defendant(s), Adv. Proc. No. 14-03165 (Bankr. S.D. Tex.).  A
copy of Judge Isgur's September 24, 2014 Memorandum Opinion is
available at http://is.gd/2nO1F0from Leagle.com.


FREESEAS INC: Sells Vessel for $3.6 Million
-------------------------------------------
FreeSeas Inc. announced that it has sold to unrelated third
parties the M/V 'Free Impala', a 1997-built, 24,111 dwt Handysize
dry bulk carrier for a sale price of $3.6 million.

Substantially all the proceeds have been used to reduce
outstanding indebtedness with the National Bank of Greece (NBG),
which had a mortgage on the vessel.

Mr. Ion Varouxakis, the Company's Chairman, president and CEO
stated, "We are pleased to announce the sale of the only laid-up
vessel of our fleet in order to reduce outstanding indebtedness.
Today's transaction is one more step in the direction of the
Company's plan to reduce bank debt and increase operational
leverage.  We aspire to keep reducing outstanding bank debt and to
capitalize on NBG's offer to forgive approximately $4.7 million of
debt against repayment of $22 million, while creating the
conditions for the acquisition of additional vessels in order to
increase our income and earnings."  Mr. Varouxakis added: "Today's
payment of $3.3 million, in conjunction with the payment of a
further $2.7 million a few days ago, brings total payments to $6
million.  NBG is our last outstanding lender, and the latest
payments bring the conditions for the offered debt forgiveness
much closer to fruition, which would extinguish our bank debt.
This is a marked improvement compared to $90 million of
outstanding bank debt less than a year ago."

                        About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

FreeSeas Inc. reported a net loss of $48.70 million in 2013, a net
loss of $30.88 million in 2012 and a net loss of $88.19 million in
2011.  The Company's balance sheet at March 31, 2014, showed
$79.78 million in total assets, $77.41 million in total
liabilities, all current, and $2.37 million in total shareholders'
equity.

RBSM LLP, in 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 operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet scheduled
payment obligations under its loan facilities and has not complied
with certain covenants included in its loan agreements.
Furthermore, the vast majority of the Company's assets are
considered to be highly illiquid and if the Company were forced to
liquidate, the amount realized by the Company could be
substantially lower that the carrying value of these assets.
These conditions among others raise substantial doubt about the
Company's ability to continue as a going concern.


GETTY IMAGES: Bank Debt Trades at 8% Off
----------------------------------------
Participations in a syndicated loan under which Getty Images Inc.
is a borrower traded in the secondary market at 91.67 cents-on-
the-dollar during the week ended Friday, September 26, 2014,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 1.73 percentage points from the previous week, The Journal
relates.  Getty Images Inc. pays 350 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Oct. 14,
2019, and carries Moody's B2 rating and Standard & Poor's B
rating.  The loan is one of the biggest gainers and losers among
205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


GM HOLDINGS: Fitch Lowers Rating on $11BB Revolver Debt to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the rating for General Motors
Holdings LLC's (GM Holdings) revolving credit facilities to 'BB+'
from 'BBB-'.  GM Holdings is a subsidiary of General Motors
Company (GM).  The existing Issuer Default Ratings (IDRs) for both
GM and GM Holdings are 'BB+' with a Positive Rating Outlook.

KEY RATING DRIVERS

Fitch previously rated GM Holdings' $11 billion revolving credit
facilities at 'BBB-', one notch above GM Holdings' IDR, due to
their collateral backing.  Based on recent developments, the
facilities' collateral is likely to be released, and Fitch now
treats them as unsecured.  As a result, Fitch has downgraded the
credit facilities' rating to the same level as GM Holdings' IDR of
'BB+'.  GM's senior unsecured notes are also rated 'BB+'.

On Sept. 25, 2014, GM's corporate rating was upgraded to an
investment-grade level by another rating agency.  This rating
change satisfied the collateral release condition in GM Holdings'
revolving credit agreement, and the company now has the
opportunity to request that the collateral be released.  In
conjunction with the collateral release, the facilities' various
parent and subsidiary guarantees will also be released.  In the
future, if GM's corporate rating is rated below investment grade
by at least two of the three major rating agencies, the guarantees
will be reinstated, but the credit facilities will remain
unsecured.

GM's ratings continue to be supported by the auto manufacturer's
low automotive leverage, 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, including a strong market position 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 North American operations to increase on a
combination of pricing strength and operational efficiency.
Outside North America, GM's European operation remains on track to
meet or exceed its mid-decade break-even target, while the
company's Chinese joint ventures (JVs) remain an important source
of cash despite heightened competition in the market.  The funded
status of the company's pension plans has improved materially over
the past several years, and the company's efforts to de-risk the
plans will reduce volatility in its pension liabilities going
forward.

Fitch's primary concern remains 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 recalls will be material, the greater concern is the
large number of lawsuits and various investigations that have been
initiated in their wake, which could potentially have a
significant adverse effect on the company's cash flow and
liquidity.  Other concerns include GM's North American
profitability, which, although improved, continues to lag certain
key competitors, as well as significant restructuring activities
that are underway in various international regions.

RATING SENSITIVITIES

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.

Fitch maintains the following ratings with a Positive Outlook:

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

GM Holdings

   -- Long-term IDR 'BB+';
   -- Unsecured revolving credit facility 'BB+'.

General Motors Financial Company, Inc.

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

GMAC Bank GmbH

   -- Long-term IDR 'BB+';
   -- Senior unsecured debt 'BB+';
   -- Short-term IDR 'B';
   -- Commercial paper 'B';

GMAC (UK) Plc

   -- Long-term IDR 'BB+';
   -- Short-term IDR 'B';
   -- Short-term debt 'B'.


GOD'S HEALING HOLINESS: Case Summary & 3 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: God's Healing Holiness Christian Church, Inc.
        1690 Marie Street
        Malabar, FL 32950

Case No.: 14-10925

Chapter 11 Petition Date: September 26, 2014

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

Debtor's Counsel: Jeanne A Kraft, Esq.
                  WOLFF, HILL, MCFARLIN & HERRON, P.A.
                  1851 West Colonial Drive
                  Orlando, FL 32804
                  Tel: 407-648-0058
                  Fax: 407-648-0681
                  Email: jkraft@whmh.com

Total Assets: $1.30 million

Total Liabilities: $934,080

The petition was signed by Bishop Dr. Pauline Borland Senior
Pastor, president.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/flmb14-10925.pdf


GREAT PLAINS EXPLORATION: 1st Source Bank Balks at Amended Plan
---------------------------------------------------------------
The Creditor, 1st Source Bank, objected to the fifth amended plan
submitted by Great Plains Exploration and its debtor-affiliates.
The Creditor asserts that the fifth amended plan would deprive
them of some or all of the proceeds to which the Creditor would be
entitled to receive if the collateral securing the Creditor's debt
were liquidated under Chapter 7. Moreover, the plan is not fair
and reasonable.

In addition, the plan provides that the Debtors propose to pay
100% of allowed general unsecured claims, prior to paying the full
amount of the Creditor's secured claim, along with potentially
unsecured claim.

The controversy spawned when the Creditor agreed to extend credit
to or for the benefit of the Debtors, on May 21, 2007. The Debtors
defaulted on the monthly payments due and owing to the Creditor.
On January 11, 2012, both the Creditors and the Debtors entered
into a Consent Order stipulating that the total amount due to the
Creditor as of the filing of the Bankruptcy Petition was
$484,731.14.

On August 12, 2014, the Debtors filed their fifth amended chapter
11 plans.

1st Source Bank is represented by:

     Laura S. Steehler, Esq.
     MARSH SPAEDER BAUR SPAEDER & SCHAAF, LLP
     300 State Street, Suite 300
     Erie, PA 16507
     Tel: (814) 456-5301

                    About John D. Oil & Gas;
              OZ Gas; and Great Plains Exploration

Mentor, Ohio-based John D. Oil & Gas Co., is in the business of
acquiring, exploring, developing, and producing oil and natural
gas in Northeast Ohio.  The Company has 58 producing wells.  The
Company also has one self storage facility located in Painesville,
Ohio.  The self-storage facility is operated through a partnership
agreement between Liberty Self-Stor Ltd. and the Company.

John D. Oil's affiliated entities -- Oz Gas, LTD., and Great
Plains Exploration, LLC -- filed voluntary Chapter 11 petitions
(Bankr. W.D. Pa. Case Nos. 12-10057 and 12-10058) on Jan. 11,
2012.  Two days later, John D. Oil filed its own Chapter 11
petition (Bankr. W.D. Pa. Case No. 12-10063).

On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A.,
dba Charter One, a receiver was appointed for all three corporate
Debtors, in the United States District Court for the Northern
District of Ohio at case No. 11-cv-2089-CAB.  District Judge
Christopher A. Boyko issued an order appointing Mark E. Dottore as
receiver.  The Receivership Order was appealed to the Sixth
Circuit Court of Appeals on Dec. 19, 2011, and the appeal is
currently pending.

Judge Thomas P. Agresti oversees the Chapter 11 cases.  Robert S.
Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel to
the Debtors.  Each of Great Plains and Oz Gas estimated $10
million to $50 million in assets and debts.  John D. Oil's balance
sheet at Dec. 31, 2011, showed $6.98 million in total assets,
$13.26 million in total liabilities, and a stockholders' deficit
of $6.28 million.  The petitions were signed by Richard M.
Osborne, CEO.

The United States Trustee said a committee under 11 U.S.C. Sec.
1102 has not been appointed because no unsecured creditor
responded to the U.S. Trustee's communication for service on the
committee.


HDGM ADVISORY: Examiner Appointed in Bankruptcy Case
----------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that an examiner will be appointed to conduct an
investigation in the bankruptcies of HDGM Advisory Services LLC
and HDG Mansur Investment Services Inc., managers of Shariah-
compliant investment funds.  According to the report, a bankruptcy
judge in Indianapolis, for the time being, denied a request to
appoint a Chapter 11 trustee or convert the case to a liquidation
in Chapter 7.

                  About HDGM Advisory Services

HDGM Advisory Services, LLC, and HDG Mansur Investment Services,
Inc. sought Chapter 11 bankruptcy protection (Bankr. S.D. Ind.
Case No. 14-04797 and 14-04798) in Indianapolis, Indiana, on May
21, 2014.  On May 28, 2014, the Hon. James M. Carr directed the
joint administration the cases of HDGM Advisory Services, LLC, and
HDG Mansur Investment Services, Inc., under the lead case -- HDGM
Advisory, Case No. 14-04797.

HDGH Advisory disclosed $20,257,001 in assets and $7,991, 590 in
liabilities as of the Chapter 11 filing.  HDG Mansur disclosed
$20,454,819 in assets and $12,377,542 in liabilities.  According
to a court filing, the Debtors don't have any secured creditors.

The cases are assigned to Judge James M. Carr.

The Debtors have tapped Michael W. Hile, Esq., Christine K.
Jacobson, Esq., and Henry Mestetsky, Esq., at Katz & Korin PC, as
counsel.

An affiliate of the Debtors, Hamilton Proper Partners Golf
Partnership, L.P., sought bankruptcy protection (Bankr. S.D. Ind.
Case No. 14-00461) on Jan. 24, 2014.


HEARTHSIDE GROUP: S&P Assigns 'B' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Downers Grove, Ill.-based Hearthside Group
Holdings LLC.  The outlook is stable.

S&P withdrew its 'B' corporate credit rating on H-Food Holdings
LLC.  All issue and recovery ratings remain unchanged.

The ratings on Hearthside Group Holdings LLC reflect S&P's view
that the company has a "weak" business risk profile and a "highly
leveraged" financial risk profile.

"The weak business risk profile reflects our view of Hearthside's
participation in the fragmented co-manufacturing segment of the
highly competitive North American packaged food industry, high
customer concentration, and risk of its customers choosing to
manufacture their products themselves versus outsourcing," said
Standard & Poor's credit analyst Bea Chiem.  "Partly offsetting
those factors are the company's ability to pass through raw
material costs to the majority of its customers, food
manufacturers' increased outsourcing as they continue to reduce
their domestic manufacturing footprint, and the company's sizable
manufacturing and packaging capabilities," added Ms. Chiem.

Hearthside is a leading co-manufacturer of prepared foods, bars
and brownies, cookies, crackers, snacks, granola, croutons, pet
food, sweeteners, and powdered beverage for large food
manufacturers, such as Mondelez International, General Mills,
Kellogg's, Kraft Foods Group, PepsiCo, Starbucks, and Johnson and
Johnson, among others.  S&P believe that Hearthside competes in a
fragmented industry with few large competitors and is vulnerable
to trends in the packaged food industry, although the company has
benefitted from greater growth in its categories than has the
industry as a whole.  S&P believes that Hearthside has a high
degree of customer concentration, exposing the company to the
risks of losing a key customer or its customers choosing to
produce products internally.  Hearthside has limited commodity
exposure because, by its estimation, over 90% of its revenues have
pass-through pricing mechanisms, and 100% of raw material costs
are passed through to its top five customers.  Hearthside
purchases raw materials directly through some customers and has
tolling arrangements with others, all of which S&P believes will
support the company's ability to sustain its margins near current
levels.


HELLAS TELECOM: Notes' Assignee Can't Sue Over Collapse
-------------------------------------------------------
Law360 reported that a New York judge dismissed claims brought by
an assignee of notes for defunct Hellas Telecommunications Sarl
from suits seeking to recover EUR102 million ($131 million)
pocketed by two private equity firms while allegedly driving the
telecom into insolvency, finding the assignee lacks standing.
According to the report, New York Supreme Court Judge Marcy S.
Friedman said the assignments to plaintiff Cortlandt Street
Recovery Corp. were assignments of a right of collection not of
title to claims, and as such are insufficient as a matter of law
to confer standing.

The lead case is Cortlandt Street Recovery Corp. v. Hellas
Telecommunications II SCA et al., case number 653181/2011, in the
Supreme Court of the State of New York, County of New York.

                  About Hellas Telecommunications

In February 2007, Hellas Telecommunications was purchased from
TPG Capital LP and Apax Partners by the Italian telecommunications
giant Weather Group.  The Company later suffered liquidity
problems and commenced administration proceedings in the U.K. in
November 2009.  The administrators sold 100% of the shares of Wind
Hellas to the existing owners, the Weather Group.  An order
placing the Company into liquidation was entered on Dec. 1, 2011.

Andrew Lawrence Hosking and Carl Jackson, as Joint Liquidators
petitioned for the Chapter 15 protection for the Company (Bankr.
S.D.N.Y. Case No. 12-10631) on Feb. 16, 2012.  Bankruptcy Judge
Martin Glenn presides over the case.

The Debtor estimated assets and debts of more than $100,000,000.
The Debtor did not file a list of creditors together with its
petition.

The petitioners are represented by Howard Seife, Esq., at
Chadbourne & Parke LLP.


HENRY CO: S&P Affirms 'B' CCR & Revises Outlook to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Henry Co. LLC and revised its outlook
to negative from stable.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to Henry's proposed six-year $165.3 million senior
secured term loan and $20 million senior secured revolving credit
facility.  The '3' recovery rating indicates S&P's expectation of
meaningful (50% to 70%) recovery in the event of payment default.

The company will use proceeds from the proposed term loan
facility, along with borrowings under a separate credit facility,
to repay its outstanding debt and issue a dividend to its owners,
private equity sponsor Graham Partners.

S&P's rating affirmation and negative outlook represent the
company's increased leverage to nearly 6x for the purpose of
dividend issuance and refinancing.  Standard & Poor's forecast
indicates leverage will remain above 5x through 2016 despite 20%
expected growth in EBITDA by the end of 2015.  S&P has
incorporated into its forecast a continued slow but choppy
recovery in nonresidential construction activity that leads to
moderate increases in high single-digit performance growth in
EBITDA.  Note that Henry Co. is privately owned and does not
publicly disclose its financial statements.

The negative outlook reflects the risk that leverage measures
could remain elevated, with a debt to EBITDA leverage ratio of 6x
or higher should Henry's sales and EBITDA fall short of targets.

"We expect the company to steadily improve EBITDA and cash flow
generation in 2015, which will reduce leverage to about 5x," said
Standard & Poor's credit analyst Pablo Garces.  "However, given
Henry's small size and levels of free cash flow, modest decreases
in EBITDA can cause leverage to spike and liquidity to possibly
become constrained."

S&P would downgrade Henry if debt to EBITDA increased above 6x and
if other credit measures such as FFO to debt worsened over the
next one to two years.  This could occur if repair and remodel
growth fails to improve as expected, leading to EBITDA growth and
EBITDA margins falling short of expectations.  S&P would also
downgrade the company if it undertook additional dividends
financed by debt before significant de-leveraging.

While S&P views an upgrade to be unlikely, it would consider
raising its rating on the company if it significantly reduced
leverage to approximately 4x and if private equity ownership
reduced its stake in the company, leading S&P to view the
company's financial policy as less aggressive.


HONK'S INC: Idaho Chain Closes Remaining Five Outlets
-----------------------------------------------------
Audrey Dutton, writing for the Idaho Statesman, reported that the
Honk's $1.00 discount stores have shuttered all five of the
remaining locations after the Company's bankruptcy plan failed.
Honk's laid off its employees and handed over its equipment and
store inventory to its lender, Bank of the Cascades, according to
court filings.

According to the report, the company told federal bankruptcy judge
Terry L. Myers that it hadn't been able to rebuild its business
and follow through with the original bankruptcy plan.

Honk's Inc. a seven-store Idaho retailer doing business as Honk's
$1.00, filed a bankruptcy petition on Jan. 11, 2013, in Boise
(Bankr. D. Idaho Case No. 13-00054) for protection from creditors
under Chapter 11.  The chain had $16.8 million in revenue in 2011
and $12.8 million in 2012, according to a court filing.  Assets
were listed with a value of $1.7 million against debt totaling
$4.2 million, including $1.1 million owing to secured creditors.


HOTEL OUTSOURCE: No Longer Owns Any Operations
----------------------------------------------
Previously, on March 25, 2014, Hotel Outsource Management
International, Inc., entered into an agreement with HOMI
Industries Ltd., Daniel Cohen and Moise Laurent Elkrief.  Mr.
Cohen is the president, a director and a shareholder of HOMI.  Mr.
Elkrief is the beneficial owner of the HOMI shares which are held
in the name of Tomwood Limited, which is the majority shareholder
of HOMI.

The Agreement had been approved by HOMI's Board on March 20, 2014.
The effectiveness of this Agreement is contingent upon receipt of
the approval by the holders of a majority of HOMI's issued and
outstanding shares that are not held by Cohen or Tomwood.

Pursuant to the Agreement, all of HOMI's debt, in an amount of
approximately $900,000, will be assigned from HOMI to HOMI
Industries Ltd, and there will be a restructuring of HOMI's
subsidiaries such that all of its operations subsidiaries, namely,
Industries, HOMI Israel Ltd., HOMI UK Limited, HOMI USA, Inc.,
HOMI Canada Inc. and HOMI Florida, LLC, will be wholly owned
subsidiaries of Industries.  Upon such assignment and
restructuring, the total amount of debt in Industries and those
subsidiaries will be approximately $4,100,000.  Cohen and Elkrief
will then acquire Industries, including all of such debt and all
of those subsidiaries and all of their debt, in consideration for
the payment of $1 (one US dollar).  Messrs. Cohen and Elkrief have
also agreed to indemnify HOMI in respect of certain liabilities.

On Sept. 5, 2014, the closing of the Agreement took place, where
the Agreement was implemented.  As a result, HOMI no longer owns
any operations or any operational subsidiaries.

            Resignation of Kalman Huber as a Director

On Sept. 5, 2014, Kalman Huber tendered his resignation as a
director of Hotel Outsource Management International, Inc.,
effective Sept. 5, 2014.  In addition, Mr. Huber has resigned from
his position as a director or officer of HOMI's affiliate, HOMI
Europe S.A.R.L., effective Sept. 5, 2014.  Mr. Huber's
resignations follow on from the successful closing and completion,
on Sept. 5, 2014, of the transaction by which HOMI sold its
operations, pursuant to the Agreement which was reported in HOMI's
previous filings.  The resignations are unrelated to HOMI's
policies or practices.

            Resignation of Jacob Ronnel as a Director

On Sept. 5, 2014, Jacob Ronnel tendered his resignation as a
director of HOMI, effective Sept. 5, 2014.  Mr. Ronnel's
resignation follows on from the successful closing and completion,
on Sept. 5, 2014, of the transaction by which HOMI sold its
operations, pursuant to the Agreement which was reported in HOMI's
previous filings.  The resignation is unrelated to HOMI's policies
or practices.

                 Resignation of Daniel Cohen as a
                  Director and CEO/CFO/President

On Sept. 5, 2014, Daniel Cohen tendered his resignation as a
director of HOMI and from all offices held in HOMI, including the
offices of CEO, CFO and president, all effective Sept. 5, 2014.
In addition, Mr. Cohen has resigned from his position as a
director or officer of HOMI's affiliate, HOMI Europe S.A.R.L. ,
effective Sept. 5, 2014.  Mr. Cohen's resignations follow on from
the successful closing and completion, on Sept. 5, 2014, of the
transaction by which HOMI sold its operations, pursuant to the
Agreement which was reported in HOMI's previous filings.  The
resignations are unrelated to HOMI's policies or practices.

                          CEO Appointment

On Sept. 5, 2014, the board of directors appointed Mr. Avraham
Bahry to serve as the Company's president, CEO and CFO.  Mr. Bahry
has been a director of HOMI since December 2004 and its Chairman
from December 2004 to 2011.  Mr. Bahry established Mul-T-Lock
Ltd., an Israeli corporation, in 1973, which he grew into a multi-
national holding company in the business of products and services
for the protection of life and property.  Mr. Bahry sold Mul-T-
Lock Ltd. in 1999 and has worked as a consultant since then.

                       About Hotel Outsource

New York-based Hotel Outsource Management International, Inc., is
a multi-national service provider in the hospitality industry,
supplying a range of services in relation to computerized minibars
that are primarily intended for in-room refreshments.

The Company's balance sheet at June 30, 2014, showed $4.45 million
in total assets, $4.46 million in total liabilities and a
stockholders' deficit of $19,000.

The Company has suffered recurring losses from operations and has
a net working capital deficiency that raises substantial doubt
about its ability to continue a going concern, according to the
Company's quarterly report for the period ended June 30, 2014.


HOVNANIAN ENTERPRISES: Extends Expiration of Consent Solicitation
-----------------------------------------------------------------
Hovnanian Enterprises, Inc., announced that its wholly owned
subsidiary, K. Hovnanian Enterprises, Inc., has modified the terms
of its solicitation of consents to amend the indenture governing
K. Hovnanian's 7.25% Senior Secured First Lien Notes due 2020, as
set forth in a Supplement to the Consent Solicitation Statement,
dated Sept. 25, 2014.

As discussed in the Supplement, the terms of the Consent
Solicitation with respect to the First Lien Notes have been
modified to further extend the expiration date, increase the
consent consideration and amend the Proposed Amendments
thereunder.  The expiration date for the Consent Solicitation has
been extended to 5:00 p.m., New York City time, on Sept. 29, 2014.
Holders of First Lien Notes who validly deliver consents on or
prior to the First Lien Notes Expiration Date will now be eligible
to receive consent consideration equal to $5.00 per $1,000
principal amount of First Lien Notes for which consents have been
validly delivered prior to the First Lien Notes Expiration Date
(and not validly revoked).  As modified as set forth in the
Supplement, the Proposed Amendments modify the definition of
"Permitted Indebtedness" in the Indenture to permit K. Hovnanian,
the Company and its Restricted Subsidiaries to incur additional
Indebtedness in an amount not to exceed $300 million, provided
that the net cash proceeds of such Indebtedness initially incurred
be pledged as collateral under the Indenture and not be used to
invest in assets of a type not constituting collateral under the
Indenture.

Holders who have previously delivered consents do not need to
redeliver those consents or take any other action in response to
this announcement in order to consent or receive the increased
consent consideration upon the successful conclusion of the
Consent Solicitation.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and
Credit Suisse Securities (USA) LLC are the Solicitation Agents in
connection with the Consent Solicitation.  Persons with questions
regarding the Consent Solicitation should contact J.P. Morgan
Securities LLC at (212) 270-1200 (collect) or (800) 245-8812
(toll-free) (Attention: Liability Management Group), Citigroup
Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745
(toll-free) (Attention: Liability Management Group) or Credit
Suisse Securities (USA) LLC at (212) 325-2476 (collect) or (800)
820-1653 (toll-free) (Attention: Liability Management Group).
Requests for copies of the Solicitation Documents and other
related materials should be directed to Global Bondholder Services
Corporation, the Information and Tabulation Agent for the Consent
Solicitation, at (212) 430-3774 (collect) or (866) 470-4200 (toll-
free).

                    About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises posted net income of $31.29 million on $1.85
billion of total revenues for the year ended Oct. 31, 2013, as
compared with a net loss of $66.19 million on $1.48 billion of
total revenues during the prior year.

As of July 31, 2014, the Company had $1.89 billion in total
assets, $2.33 billion in total liabilities and a $443.12 million
total deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

As reported by the TCR on Jan. 9, 2014, Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


IDEARC INC: 5th Cir. Refuses Rehearing of $9.8BB Suit v. Verizon
----------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a three-judge panel of the U.S. Court of
Appeals for the Fifth Circuit denied Idearc Inc.'s request for a
rehearing of the $9.8 billion lawsuit by its creditors against
former parent Verizon Communications Inc.  To recall, the Fifth
Circuit, in July, upheld a federal judge's dismissal of the case.

The appeal is U.S. Bank NA v. Verizon Communications Inc., 13-
10752, U.S. Court of Appeals for the Fifth Circuit (New Orleans).

The lawsuit in Dallas is U.S. Bank NA v. Verizon Communications
Inc., 10-01842, U.S. District Court, Northern District of Texas
(Dallas).

                       About Idearc Inc.

Headquartered in D/FW Airport, Texas, Idearc, Inc., now known as
SuperMedia Inc., is the second largest U.S. yellow pages
publisher.  Idearc was spun off from Verizon Communications, Inc.

Idearc and its affiliates filed for Chapter 11 protection (Bankr.
N.D. Tex. Lead Case No. 09-31828) on March 31, 2009.  The Debtors'
financial condition as of Dec. 31, 2008, showed total assets of
$1,815,000,000 and total debts of $9,515,000,000.  Toby L. Gerber,
Esq., at Fulbright & Jaworski, LLP, represented the Debtors in
their restructuring efforts.  The Debtors tapped Moelis & Company
as their investment banker; Kurtzman Carson Consultants LLC as
their claims agent.

William T. Neary, the United States Trustee for Region 6,
appointed six creditors to serve on the official committee of
unsecured creditors.  The Committee selected Mark Milbank, Tweed,
Hadley & McCloy LLP, as counsel, and Haynes and Boone, LLP, co-
counsel.

Idearc completed its debt restructuring and its plan of
reorganization became effective as of Dec. 31, 2009.  In
connection with its emergence from bankruptcy, Idearc changed its
name to SuperMedia Inc.  Under its reorganization, Idearc reduced
its total debt from more than $9 billion to $2.75 billion of
secured bank debt.

Less than two years since leaving bankruptcy protection,
SuperMedia remains in quandary.  Early in October 2011, Moody's
Investors Service slashed its corporate family rating for
SuperMedia to Caa1 from B3 prior.  The downgrade reflects Moody's
belief that revenues will continue to decline at a double digit
rate for the foreseeable future, leading to a steady decline in
free cash flow.  SuperMedia's sales were down 17% for the second
quarter of 2011 in a generally improving advertising sector.
Moody's ratings outlook for SuperMedia remains negative.

While SuperMedia is attempting to transition the business away
from its reliance on print advertising through development of
online and mobile directory service applications, Moody's is
increasingly concerned that the company will not be able to make
this change quickly enough to stabilize the revenue base over the
intermediate term. Further, the high fixed cost nature of
SuperMedia's business could lead to steep margin compression,
notwithstanding continued aggressive cost management.


INFINITY ENERGY: Amends 8-K Report in Response to SEC Comments
--------------------------------------------------------------
Infinity Energy Resources, Inc., filed an amended current report
on Form 8-K in response to a letter from the staff of the U.S.
Securities and Exchange Commission, dated Sept. 15, 2014,
regarding the September 5 Report.

The disagreement with MaloneBailey, LLP, as outlined in the
September 5 Report related to the capitalization of certain costs
included in the Company's Oil and Gas properties for the years
2013, 2012 and periods prior to 2012.  The Company's judgment and
the predecessor auditor's opinion are that fees paid for training
Nicaraguan government officials as required by the concession
agreement, office facilities as required by the concession,
certain legal costs related to official introductions and public
relations and other costs incurred in connection with the
Company's Nicaraguan oil and gas concessions, which are its only
assets in Nicaragua, are acquisition and development costs and,
accordingly, are properly capitalized and disclosed in the
financial statements.  Malone believes these do not meet the
definition in Regulation S-X 4-10 for capitalization.  Malone also
disagreed with the Company's valuation of certain stock options
and warrants in 2011 and 2012 due to Malone's belief that the
volatility calculations in the Black Scholes model contained
formula errors and Malone disagreed with certain of the
assumptions utilized to determine volatility.  The Company
reviewed the valuation and discussed the valuation method with the
predecessor auditors and disagrees with Malone.

The board of directors of the Company, which also functions as its
Audit Committee, has discussed the subject matter of each of the
disagreements.  The Company submitted a request to the Securities
and Exchange Commission requesting an interpretation of S-X 4-10
and its applicability to the capitalized Oil and Gas costs.  The
board of directors reviewed the letter and participated in the
conference call with the SEC staff regarding the accounting
treatment of the items in questions.  The SEC staff directed the
Company to evaluate each transaction under S-X 4-10 and determine
if each cost met the definitions in 4-10 based on the evidence.

The Company has authorized Malone to respond fully to the
inquiries of its successor accountant concerning the subject
matter of any disagreements without limitation.  The Company has
made the successor auditor aware of the disagreements and
encouraged the successor auditor to discuss the disagreements with
Malone.  The Company provided L.L. Bradford & Company, the
successor auditor, with information relating to the accounting
treatment of capitalized property under Rule 4-10.

However, MaloneBailey, LLP, said in a letter addressed to the SEC
that it has not been contacted by the successor auditor regarding
the disagreements enumerated in the 8-K.

As reported by the TCR on Sept. 12, 2014, the Company dismissed
MaloneBailey, LLP, as the Company's independent registered public
accounting firm effective Sept. 5, 2014.  The Company engaged L.L.
Bradford & Company as replacement.

                      About Infinity Energy

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

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

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


IRISH BANK: Can Remarket Blackrock Loans After EUR24M Sale Fails
----------------------------------------------------------------
Law360 reported that a Delaware bankruptcy judge denied a bid from
a shareholder of Ireland's Blackrock Clinic to be declared the
purchaser of Irish Bank Resolution Corp. loans secured by shares
in the hospital after the EUR24 million sale failed to close in
connection with a dispute with his financial backer.  According to
the report, at a hearing in Wilmington, U.S. Bankruptcy Judge
Christopher S. Sontchi said that Joseph Sheehan, who is one of a
group of borrowers who claim they were defrauded out of $11
million by IBRC's defunct predecessor Anglo Irish Bank, "didn't
have a legal leg to stand on" with his request.

                    About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.


ISC8 INC: Files Bankruptcy Petition in California
-------------------------------------------------
ISC8 Inc. filed a Chapter 11 bankruptcy petition in the United
States Bankruptcy Court for the Central District of California,
Santa Ana division (Bankr. C.D. Cal. Case No. 14-15750) on
Sept. 23, 2014.  The petition was signed by Kirsten Bay as
president and CEO.

The Company continues to operate its business and manage its
financial affairs as a debtor-in-possession, pursuant to Sections
1107(a) and 1108 of the United States Bankruptcy Code.

The Company's Chief Executive Officer and President, J. Kirsten
Bay, is the designated officer for all matters pertaining to the
bankruptcy proceeding.  In the event Ms. Bay is no longer
available to serve as the designated officer for those purposes,
then John Vong, the Company's senior vice president and chief
financial officer, will take Ms. Bay's place as the designated
officer.

The Company intends to submit its plan of reorganization for
approval by the Court as soon as reasonably practicable.  It is
anticipated that the Plan will allow the Company to continue as a
reporting company under the Securities Exchange Act of 1934, as
amended.

The Debtor estimated assets of $1 million to $10 million and
reported total liabilities of $14 million.  Ezra Brutzkus Gubner
LLP serves as the Debtor's counsel.  The case is assigned to Judge
Scott C. Clarkson.


JAMES ROTH: Dist. Judge Won't Disturb Ruling on Plikaytis Claim
---------------------------------------------------------------
District Judge Cynthia Bashant rejected Anice M. Plikaytis' appeal
from a bankruptcy court's decision to discharge a portion of the
state court judgment in her favor against James Roth.

Plikaytis successfully sued Roth in California state court in
2009. She was awarded damages totaling $9.4 million against Roth
and other defendants. Roth filed for Chapter 11 bankruptcy on May
3, 2010.

Plikaytis then filed a complaint objecting to the dischargeability
of the state court judgment as to Roth.  Plikaytis alleged the
judgment was nondischargeable because it was based on fraud under
11 U.S.C. Sec. 523(a)(2), 11 U.S.C. Sec. 523(a)(4), and 11 U.S.C.
Sec. 523(a)(6) (counts 1, 2, and 3, respectively).

The bankruptcy court granted partial summary judgment, finding
Roth's $52,000 debt for failure to pay mortgages was precluded
from discharge under Sec. 523(a)(6).  In its pretrial order, the
bankruptcy court noted that the previously awarded $52,000 would
be credited against any further award for failure to pay
mortgages.

After the adversary proceeding, the bankruptcy court found
nondischargeable a $90,000 debt for misuse of mortgage payments
owed to Plikaytis, along with other nondischargeable awards for a
total of $2,997,000.  The remaining debts were discharged.

Roth appealed the judgment, and Plikaytis filed a cross-appeal.

The District Court previously ruled on Roth's appeal, affirming
the bankruptcy court's legal and factual findings.

The Court now turns to Plikaytis' cross-appeal. In her appeal,
Plikaytis argues seven claims. First, she argues the punitive
damages award of $500,000 in the state court judgment was
erroneously discharged. Second, she challenges the discharge of
the state court's awards of attorneys' fees and costs. Third, she
argues that the $52,000 liability should not have been subsumed
within the $90,000 award. Fourth, she argues that the bankruptcy
court erroneously denied her motion for attorneys' fees for the
adversary proceeding. Fifth, she argues the mechanics liens claim
related back to the initial Complaint. Sixth, she argues the
bankruptcy court erred when issuing the pretrial order. Seventh,
she argues she did not waive an award of interest on the debts by
failing to move to include it.

The Court finds no merit in Plikaytis' appeal. Therefore the Court
affirms the judgment in its entirety.

A copy of the District Court's September 23, 2014 is available at
http://is.gd/w2O2DBfrom Leagle.com.


KANGADIS FOOD: Buyer Class in $261M Row Wins Cert. in Co.'s Ch. 11
------------------------------------------------------------------
Law360 reported that a New York bankruptcy judge certified a
nationwide class of consumers whose stayed $261 million suit
accused Kangadis Food Inc. of duping consumers into believing its
olive oil was 100 percent pure when it was actually derived from
olive pomace, an industrially produced and chemically derived fat.
According to the report, U.S. Bankruptcy Judge Robert E.
Grossman's decision upheld U.S. District Judge Jed S. Rakoff's
December 2013 decision, which certified the same class in a
related suit in New York federal court.

                        About Kangadis Food

Formed in 2003, Kangadis Food Inc. is an importer of olives and
other European delicacies, and a leading distributor of olive oil.
The Debtor sells its products under the brand names "Capatriti,"
"Porto," "Olio Villa," "Zorba," and "Kivotos".  The company is
100% owned by the Kangadis family.  The company says that for the
past six years, the popularity of its olive oil product sold under
the brand name "Capatriti" has grown over time, and it is one of
the leading brands in the New York metropolitan area.

As of its bankruptcy filing, Kangadis Food employs 51 people, and
operates from a 75,000 square foot facility located in Hauppauge,
New York, that serves as a warehouse, production facility, and
shipping center.

Kangadis Food Inc. filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 8-14-72649) in the Central Islip division, in
New York, on June 6, 2014.  Themistoklis Kangadis signed the
petition as chief executive officer.

As of the Dec. 31, 2013, the Debtor, on an unaudited basis, had
total assets of $12,259,802 and total liabilities of $6,136,456,
which amount does not include any disputed claim relating to the
class action.

Judge Robert E. Grossman presides over the case. Silverman
Acampora LLP, in Jericho, New York, serves as the Debtor's
counsel.


LEGEND ENERGY: Parent Puts Business Into Bankruptcy
---------------------------------------------------
Legend Oil and Gas Ltd. on Sept. 26 disclosed that on
September 19, 2014, Legend Oil and Gas, Ltd. has placed its wholly
owned subsidiary, Legend Energy Canada, Ltd. (a Canadian company,
"LEC"), into an Assignment for the General Benefit of Creditors in
the Court of Queen's Bench in Bankruptcy and Insolvency, Province
of Alberta, Canada, for relief under the Bankruptcy and Insolvency
Act of Canada.  It has named KPMG, Inc. of Canada as the Trustee.

"We have proceeded in a strategic manner to place LEC into
bankruptcy.  LEC's assets historically did not produce the
operating or financial results that Legend's prior management team
had anticipated, which significantly encumbered both LEC and
Legend, as LEC's parent company.  Further, the majority of the
assets were taken into receivership by the National Bank of Canada
in April of 2014, leaving the balance sheet at LEC with
essentially nothing but liabilities." stated Chief Financial
Officer, Warren Binderman.  "The process we followed to place LEC
into bankruptcy commenced with  Legend negotiating and obtaining a
full release earlier this quarter, of all Legend's obligations
under certain bank debt LEC incurred with the National Bank of
Canada ("NBC").  This full release gives Legend the flexibility
and ability to move forward, unencumbered by these obligations
which had been hanging over our heads, and limiting our ability to
obtain further funding to enhance operations."

Further, Mr. Binderman states, "while it is unfortunate to place
any entity into bankruptcy, we firmly believe this action is in
the best interest of our shareholders and many stakeholders.  We
are now fully able to clean up our balance sheet by writing off
LEC's liabilities from the consolidated financial statements,
which will result in a gain on debt forgiveness during the third
quarter of 2014."

Andrew Reckles, Chief Restructuring Officer notes "over the past
several months we have seen the results of our drilling programs
come to fruition.  The LEC bankruptcy accomplishes many things for
Legend, foremost among them is unencumbering the Company from an
albatross that has been hanging around our necks for some time,
limiting certain potential credit facilities and capital providers
from working with us, and allowing us to seek and implement more
traditional, lower cost financing solutions for our continuing
growth plans in Kansas and other areas in the mid-continent.  This
step firmly allows us to move forward with our restructuring in an
efficient and streamlined way to positively benefit the
shareholders and stakeholders of Legend."


Mr. Reckles continued "Marshall Diamond-Goldberg, our current CEO,
has been on the ground, in Kansas, ensuring our drilling program
continues to produce the results needed, and we have seen the
fruits of that labor.  In June, at the beginning of the
restructuring total combined production at Legend was
approximately 8 BOPD, but as of the end of September Legend has
combined total daily production of over five times that number,
and growing.  His contributions to this effort have been
immeasurable."

Mr. Binderman stated "this puts closure to a matter that has been
hindering our go-forward abilities, and the entire executive team
is quite happy to have transitioned LEC out of the Company and
into the capable hands of KPMG, Inc. as Trustee."

                 About Legend Oil and Gas Ltd.

Legend Oil and Gas Ltd. is a managed risk, oil and gas
exploration/exploitation, development and production company with
activities currently focused on leases in southeastern Kansas.


LEHMAN BROTHERS: 2nd Circ. Won't Rehear $4B Barclays Asset Fight
----------------------------------------------------------------
Law360 reported that the Second Circuit declined to rehear The
Lehman Brothers Inc. liquidating trustee's bid to reclaim $4
billion in Lehman trading collateral that was picked up by
Barclays PLC after the collapse of Lehman's parent company.
According to the report, the Second Circuit panel in August upheld
a lower court's interpretation of the complicated contracts
surroundings Barclay's 2008 deal for LBI denied trustee James
Gidden's request for rehearing, and the full court denied his
petition for an en banc rehearing.  The decision did not explain
the court's reasoning, the report said.

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Barclays Pays $15M to Settle SEC Claim
-------------------------------------------------------
Law360 reported that Barclays Capital Inc. agreed to pay $15
million to settle U.S. Securities and Exchange Commission claims
that it had widespread compliance failures in the investment
advisory business it acquired at the collapse of Lehman Brothers
Holdings Inc.  According to the report, among other shortcomings,
Barclays engaged in more than 1,500 improper principal trades with
advisory clients, enforcement staffers said in a settlement order
filed in the SEC's administrative court.  Those transactions
generally are prohibited unless the adviser has disclosed the
trade with its client, the report said.

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: JPMorgan Aims to Kill $8.6 Billion Suit
--------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that JPMorgan Chase Bank NA asked U.S. District
Judge Richard J. Sullivan in New York to dismiss the remainder of
the $8.6 billion lawsuit on behalf of creditors of Lehman Brothers
Holdings Inc.  The report related that the investment bank sued in
May 2010, contending JPMorgan "abused the power of its position to
improperly extract billions in incremental collateral and other
concessions" days before Lehman filed for bankruptcy in September
2008.

The district court suit is Lehman Brothers Holdings Inc. v.
JPMorgan Chase Bank NA (In re Lehman Brothers Holdings Inc.), 11-
6760, U.S. District Court, Southern District of New York
(Manhattan).

The lawsuit in bankruptcy court is Lehman Brothers Holdings Inc.
v. JPMorgan Chase Bank NA (In re Lehman Brothers Holdings Inc.),
10-03266, U.S. Bankruptcy Court, Southern District of New York
(Manhattan).

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Sues Mizuho in Swap Dispute
--------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Lehman Brothers Holdings Inc. filed a lawsuit
against Mizuho International Plc to wind up disputes over a swap
agreement the London-based investment bank terminated when Lehman
went bust in September 2008.  According to the report, in the
complaint, Lehman asks the U.S. Bankruptcy Court in Manhattan to
deny Mizuho's two claims, each seeking $34.1 million, and asks the
Court to direct Mizuho to pay about $70.5 million.

                      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 Sept. 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)


LEVEL 3: Disaggregates Network Related Expenses
-----------------------------------------------
Level 3 Communications, Inc., disclosed with the U.S. Securities
and Exchange Commission that effective with the filing of its
quarterly report on Form 10-Q for the three and nine months ended
Sept. 30, 2014, it will change the presentation and classification
of certain expense items in the Consolidated Statements of
Operations.  While Level 3 believes that its historical accounting
treatment was an acceptable accounting policy under accounting
principles generally accepted in the United States, after
completing the comment review process with the Staff of the
Securities and Exchange Commission, the Company concluded that it
will disaggregate "Network Related Expenses" from "Selling,
General and Administrative Expenses" in its Consolidated
Statements of Operations and change the description of "Cost of
Revenue" in its Consolidated Statement of Operations to "Network
Access Costs."  Level 3 is making this change to provide
additional transparency into certain expense items incurred
relative to its communication network that are in addition to the
network access costs paid to third parties.

Historically, the Company has included "network related expenses"
including facility rent, utilities, maintenance and other costs,
each related to the operation of Level 3's communications network,
as well as salaries, wages and related benefits (including non-
cash stock-based compensation expenses) associated with personnel
who are responsible for the delivery of services, operation and
maintenance of its communications network, and accretion expense
on asset retirement obligations, but excluding depreciation and
amortization, within the line item "Selling, General and
Administrative Expenses" in its Consolidated Statement of
Operations.  On a going forward basis, these network related
expenses will be reported under a separate line item, "Network
Related Expenses," in the Company's Consolidated Statement of
Operations.  After the disaggregation is effective, "Selling,
General and Administrative Expenses" will include the salaries,
wages and related benefits (including non-cash, stock-based
compensation expenses) and the related costs of corporate and
sales personnel, travel, insurance, non-network related rent,
advertising, and other administrative expenses.

In addition, the Company will change the description of "Cost of
Revenue" in its Consolidated Statement of Operations to "Network
Access Costs."  Network Access Costs will continue to include
leased capacity costs, right-of-way costs, access charges,
satellite transponder lease costs and other third party costs
directly attributable to providing access to customer locations
from the Level 3 network.  Network Access Costs will continue to
exclude Network Related Expenses, and depreciation and
amortization.  Network Access Costs do not include any employee
expenses or impairment expenses; these expenses are allocated to
Network Related Expenses or Selling, General and Administrative
Expenses.

The changes do not affect the Company's previously reported
Consolidated Total Costs and Expenses, Operating Income, Net Loss
or Loss per Share in the Consolidated Statement of Operations, or
any items reported in the Consolidated Balance Sheets,
Consolidated Statements of Comprehensive Loss, Cash Flows or
Changes in Stockholders' Equity (Deficit).

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

                       http://is.gd/lfViJH

                   About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

Level 3 incurred a net loss of $109 million in 2013, a net
loss of $422 million in 2012, and a net loss of $756 million in
2011.

                           *     *     *

In June 2014, Fitch Ratings upgraded the Issuer Default Rating
(IDR) assigned to Level 3 Communications, Inc. (LVLT) and its
wholly owned subsidiary Level 3 Financing, Inc. (Level 3
Financing) to 'B+' from 'B'.

"The upgrade of LVLT's ratings is supported by the continued
strengthening of the company's credit profile since the close of
the Global Crossing Limited (GLBC) acquisition, positive operating
momentum evidenced by expanding gross and EBITDA margins, and
ongoing revenue growth within the company's Core Network Services
(CNS) segment and its position to generate meaning FCF," Fitch
stated.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.


LEO MOTORS: Signs 10-Year License Agreement with TPT
----------------------------------------------------
Leo Motors, Inc., entered into a license agreement with TPT, Co.,
Ltd., pursuant to which TPT granted to the Company a worldwide,
non-exclusive, right and license to use certain patented and yet
to be patented inventions.

Pursuant to the License granted to the Company by TPT, the Company
may (i) utilize the Licensed Materials exclusively in the
development and invention of new products for use and sale in the
product categories of automobiles, vessels and energy storage
equipment, and (ii) may sell products utilizing the Licensed
Materials in the product categories of automobiles, vessels and
energy storage equipment.  TPT will remain responsible for the
product development, production and delivery of the Licensed
Materials.  However, the Company will be responsible for product
development, production and delivery of any new inventions it
creates utilizing the Licensed Materials.

The Agreement will have an initial term of 10 years, which may be
extended by mutual agreement of both parties.

As consideration for the License granted, the Company will grant
TPT 2,000,000 shares of the Company's restricted common stock, par
value $0.001.  If, on Sept. 19, 2015, the then market value of the
Shares will not equal or exceed 200,000,000 KRW (South Korean
Won), the Company shall purchase the Shares that TPT still owns
from TPT at a price equal to 200,000,000 KRW, based upon the
assumption that TPT remains the owner of 100% of the Shares.  If
any of the License Materials lose their status as registered
patents, the License Fee shall be adjusted to reflect such status
change within 3 months of such change, upon the mutual agreement
of both parties.

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

                        http://is.gd/2Vi3Xn

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of $1.24 million on $0 of revenues
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.88 million on $25,605 of revenues during the prior year.

As of June 30, 2014, the Company had $1.15 million in total
assets, $1.92 million in total liabilities and a $766,257 total
deficit.

John Scrudato CPA, in Califon, 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 incurred significant losses since inception
of $16,871,850.  This and other factors raise substantial doubt
about the Company's ability to continue as a going concern.


MAHALO ENERGY: Suit Against Gallacher Stays in Oklahoma
-------------------------------------------------------
Chief District Judge Gregory K. Frizzell in Oklahoma tossed the
Motion to Transfer Venue Pursuant to 28 U.S.C. Sec. 1404 filed by
P. David Newsome, Jr., Liquidating Trustee of Mahalo Energy (USA),
Inc., which seeks to transfer a lawsuit to the U.S. District Court
for the District of Delaware, where he has filed suit against
defendants Jeff G. Lawson and Grant A. MacKenzie, asserting claims
for alleged breach of fiduciary duties in their capacity as
attorneys for Mahalo Energy (USA) and its parent, Mahalo Energy
Ltd.  The Defendants oppose the motion.  Judge Frizzell said
Newsome has not met his burden of establishing that the District
Court of Delaware has personal jurisdiction over all defendants.

Judge Frizzel, however, granted Newsome's Request for Judicial
Notice, requesting the court to take notice of the Complaint filed
in the Delaware court.

The parties are directed to file a Joint Status Report by Oct. 8,
2014.

P David Newsome, Jr, is represented by:

     Ali MM Mojdehi, Esq.
     Janet Dean Gertz, Esq.
     COOLEY LLP
     4401 Eastgate Mall
     San Diego, CA 92121-1909
     Tel: 858-550-6055
     Fax: 858-550-6420
     E-mail: amojdehi@cooley.com
             jgertz@cooley.com

          - and -

     Joshua D Wells, Esq.
     William Bernard Federman, Esq.
     FEDERMAN & SHERWOOD
     10205 North Pennsylvania Avenue
     Oklahoma City, OK 73120
     Tel: 405-235-1560
     Fax: 405-239-2112
     E-mail: wbf@federmanlaw.com

Grant A. MacKenzie is represented by:

     Craig A. Fitzgerald
     GableGotwals
     1100 ONEOK Plaza
     100 West 5th Street
     Tulsa, OK  74103-4217
     Tel: (918) 595-4811
     E-mail: cfitzgerald@gablelaw.com

          - and -

     Paula Quillin, Esq.
     FRANDEN WOODARD FARRIS QUILLIN + GOODNIGHT
     Williams Center Tower II
     2 W. 2nd Street, Suite 900
     Tulsa, OK 74103
     Tel: (918) 583-7129
     E-mail: pquillin@tulsalawyer.com

A copy of the Court's September 24, 2014 Opinion and Order is
available at http://is.gd/ravMQBfrom Leagle.com.

                   About Mahalo Energy (USA) Inc.

Mahalo Energy (USA) Inc. has 300 producing wells in Oklahoma and
60,000 acres of gas-bearing shale formations.  Tulsa, Oklahoma-
based Mahalo Energy filed for Chapter 11 protection (Bankr.
E.D. Okla. Case No. 09-80795) on May 21, 2009.  The Debtor sought
bankruptcy protection following a default in its secured debt,
resulting from increasing commodity prices and failure to meet
targets to overall production levels.

The Debtor tapped Stephen W. Elliott, Esq., at Kline, Kline,
Elliot & Bryant, PC, as counsel.  The Debtor estimated $10 million
to $50 million in assets and $100 million to $500 million in debts
as of the bankruptcy filing.

P David Newsome, Jr, was appointed as the liquidating trustee and
successor-in-interest to the claims of the reorganized debtor.


MEDICAL ALARM: Incurs $75,000 Net Loss in Dec. 31 Quarter
---------------------------------------------------------
Medical Alarm Concepts Holdings, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of $74,983 on $256,731 of revenue for
the three months ended Dec. 31, 2013, compared to net income of
$3.36 million on $140,713 of revenue for the same period in 2012.

For the six months ended Dec. 31, 2013, the Company reported net
income of $271,039 on $521,591 of revenue compared to net income
of $3.35 million on $285,365 of revenue for the same period during
the prior year.

The Company's balance sheet at Dec. 31, 2013, showed $1.21 million
in total assets, $3.34 million in total liabilities and a $2.13
million total stockholders' deficit.

"While the Company is attempting to generate sufficient revenues,
the Company's cash position may not be enough to support the
Company's daily operations.  Management intends to raise
additional funds by way of a public or private offering, or by
alternative methods.  Management believes that the actions
presently being taken to further implement its business plan and
generate sufficient revenues provide the opportunity for the
Company to continue as a going concern.  While the Company
believes in the viability of its strategy to increase revenues and
in its ability to raise additional funds, there can be no
assurances to that effect.  The ability of the Company to continue
as a going concern is dependent upon the Company's ability to
further implement its business plan and generate sufficient
revenues," the Company stated in the Report.

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

                         http://is.gd/TZfFVI

                         About Medical Alarm

Plymouth Meeting, Pa.-based Medical Alarm Concepts Holding, Inc.,
utilizes new technology in the medical alarm industry to provide
24-hour personal response monitoring services and related products
to subscribers with medical or age-related conditions.

In its report on the consolidated financial statements for the
year ended June 30, 2013, Paritz & Company, P.A., expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company had working capital deficit
of $3.12 million, did not generate cash from its operations, and
had operating losses for the past two years.


MERRIMACK PHARMACEUTICALS: Inks License Agreement with Baxter
-------------------------------------------------------------
Merrimack Pharmaceuticals, Inc., entered into a license and
collaboration agreement with Baxter International Inc., Baxter
Healthcare Corporation and Baxter Healthcare SA, for the
development and commercialization of Merrimack's product candidate
MM-398 outside of the United States and Taiwan, according to a
Form 8-K filed with the U.S. Securities and Exchange Commission.

Under the Agreement, Merrimack granted Baxter an exclusive,
royalty-bearing right and license under Merrimack's patent rights
and know-how to develop and commercialize MM-398 in the Licensed
Territory.  Baxter is responsible for using commercially
reasonable efforts to develop, obtain regulatory approvals for
and, following regulatory approval, commercialize MM-398 in the
Licensed Territory, including in a specified number of specified
major countries in each of Asia, Europe and the remainder of the
Licensed Territory.

A joint steering committee comprised of an equal number of
representatives from each of Merrimack and Baxter is responsible
for approving changes to the global development plan for MM-398,
including all budgets, and overseeing the parties' development and
commercialization activities with respect to MM-398.  Unless
otherwise agreed, Merrimack will be responsible for conducting all
clinical trials contemplated by the global development plan for
MM-398.

Under the Agreement, Baxter will pay Merrimack a non-refundable
fee of $100 million.  In addition, Merrimack is eligible to
receive from Baxter (i) up to an aggregate of $100 million upon
the achievement of specified research and development milestones,
(ii) up to an aggregate of $520 million upon the achievement of
specified regulatory milestones and (iii) up to an aggregate of
$250 million upon the achievement of specified sales milestones.
Merrimack and Baxter will share equally the cost of conducting all
clinical trials contemplated by the global development plan,
except that Merrimack will be responsible for the first $98.8
million of costs related to the development of MM-398 for
pancreatic cancer patients who have not previously received
gemcitabine.

Merrimack is also entitled to tiered, escalating royalties ranging
from sub-teen double-digit to low twenties percentages of net
sales of MM-398 in the Licensed Territory.  In general, Baxter's
obligation to pay Merrimack royalties continues on a product-by-
product and country-by-country basis until the latest of the
expiration of the patent rights covering the product in such
country, the expiration of all regulatory exclusivity applicable
to the product in such country or ten years after the first
commercial sale of the product in such country.

Merrimack and Baxter will enter into a commercial supply agreement
pursuant to which Merrimack will supply MM-398 bulk drug substance
to Baxter and, at Baxter's option, may manage fill and finish
activities to be conducted by a third party contract manufacturer
for Baxter.  Baxter also has the option to manufacture MM-398
itself, in which case Merrimack will perform a technology transfer
of its manufacturing process to Baxter.

In addition, Merrimack granted Baxter a right of first negotiation
to obtain a license to develop and commercialize MM-111, MM-141
and MM-302 outside of the United States.

Additional information is available for free at:

                       http://is.gd/wqmHyx

           Amendment to PharmaEngine Assignment Agreement

On Sept. 22, 2014, Merrimack entered into an amendment to the
Assignment, Sublicense and Collaboration Agreement with
PharmaEngine, Inc., pursuant to which:

   * Sublicense Revenue (as defined in the PEI Agreement) now
     excludes upfront fees and up to $150 million of research and
     development milestone payments;

   * the portion of Sublicense Revenue that Merrimack is required
     to pay to PharmaEngine was reduced;

   * Merrimack will make a $7.0 million milestone payment to PEI
     as a result of entering into the Agreement with Baxter; and

   * Merrimack's obligation to make an additional $5.0 million
     milestone payment to PEI that was previously triggered by the
     award of certain specified regulatory designations with
     respect to filing submissions to the U.S. Food and Drug

Administration is now triggered upon acceptance by the FDA of a
New Drug Application for MM-398, provided that if such acceptance
has not occurred by April 1, 2015, Merrimack will make the payment
required for this milestone no later than April 30, 2015.

On Sept. 23, 2014, Merrimack Pharmaceuticals (Bermuda) Ltd., a
wholly owned subsidiary of Merrimack, merged with and into
Merrimack, with Merrimack being the surviving corporation.  As a
result of the Merger, all intercompany agreements between
Merrimack and Merrimack Bermuda, including that certain License
Agreement, dated as of Sept. 26, 2005, and amended on June 30,
2011, terminated and are of no further force or effect.  Pursuant
to the License Agreement, Merrimack Bermuda previously held
certain intellectual property rights with respect to MM-398.

                           About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $130.68 million in 2013, a net
loss of $91.75 million in 2012 and a net loss of $79.67 million in
2011.

As of June 30, 2014, the Company had $129.81 million in total
assets, $206.93 million in total liabilities and a $77.11 million
total stockholders' deficit.


MF GLOBAL: Judge Holds Off Approving Payment to Creditors
---------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported
that U.S. Bankruptcy Judge Martin Glenn in Manhattan held off
approval of MF Global's plan to pay creditors $295 million, saying
he was uncomfortable with one part of the proposal: MF Global's
request to estimate certain unresolved claims at zero dollars.
According to the report, the judge said he was "not happy" that he
didn't have enough information on some of the claims.

                         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.


MISSION NEW ENERGY: Incurs $1.1 Million Net Loss in Fiscal 2014
---------------------------------------------------------------
Mission NewEnergy filed with the U.S. Securities and Exchange
Commission its annual report disclosing a net loss of $1.09
million on $9.68 million of total revenue for the year ended
June 30, 2014, compared to net income of $10.05 million on $8.41
million of total revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

A copy of the Form 6-K is available for free at:

                         http://is.gd/EDekKF

                            Annual Meeting

The Company will hold an annual general meeting on Oct. 27, 2014,
at 10:00 am (WST) at BDO, 38 Station Street, Subiaco, Perth,
Western Australia, to consider approval of the following items:

   1. Adoption of remuneration report;

   2. Re-election of director Guy Burnett;

   3. Re-election of director Datuk Mohamed Zain Bin Mohamed
      Yusuf;

   4. Re-election of director James Garton

   5. Re-election of director Mohd Azlan Bin Mohammed;

   6. Issue of Shares to Executive Directors in lieu of cash
      bonus;

   7. Approval of 10% Placement Facility; and

   8. Reduction of share capital.

A copy of the Notice is available for free at:

                       http://is.gd/wAWDy2

                     About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


MOMENTIVE PERFORMANCE: Judge Won't Delay Bankruptcy Plan
--------------------------------------------------------
Chris Dolmetsch, writing for Bloomberg News, reported that U.S.
District Judge Vincent Bricetti in White Plains, New York, denied
the request of Momentive Performance Materials Inc.'s creditors to
keep the plan from being implemented while they challenge it.
According to the report, Judge Briccetti also refused to let plan
opponents take their case directly to the U.S. Court of Appeals in
Manhattan.

                  About Momentive Performance

Momentive Performance is one of the world's largest producers of
silicones and silicone derivatives, and is a global leader in the
development and manufacture of products derived from quartz and
specialty ceramics.  Momentive has a 70-year history, with its
origins as the Advanced Materials business of General Electric
Company.  In 2006, investment funds affiliated with Apollo Global
Management, LLC, acquired the company from GE.

As of Dec. 31, 2013, the Company had 4,500 employees worldwide, of
which 46% of the Company's employees are members of a labor union
or are represented by workers' councils that have collective
bargaining agreements.

Momentive Performance Materials Inc., Momentive Performance
Materials Holdings Inc., and their affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14,
2014, with a deal with noteholders on a balance-sheet
restructuring.

As of Dec. 31, 2013, the Debtors had $4.114 billion of
consolidated outstanding indebtedness, including payments due
within the next 12 months and short-term borrowings.  The Debtors
said that the restructuring will eliminate $3 billion in debt.

The Debtors have tapped Willkie Farr & Gallagher LLP as bankruptcy
counsel with regard to the filing and prosecution of these chapter
11 cases; Sidley Austin LLP as special litigation counsel; Moelis
& Company LLC as financial advisor and investment banker;
AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers
as auditor; and Crowe Horwath LLP as benefit plan auditor.
Kurtzman Carson Consultants LLC is the notice and claims agent.

The U.S. Trustee for Region 2 appointed seven members to serve on
the Official Committee of Unsecured Creditors of the Debtors'
cases.   Klee, Tuchin, Bogdanoff & Stern LLP serves as its
counsel.  FTI Consulting, Inc., serves as its financial advisor.
Rust Consulting Omni Bankruptcy serves as its information agent.

Wilmington Trust, National Association, the Trustee for the
Momentive Performance Materials Inc. 10% Senior Secured Notes due
2020 -- 1.5 Lien Notes -- under the Indenture, dated as of May 25,
2012, by and between Momentive Performance Materials Inc. and The
Bank of New York Mellon Trust Company, National Association, is
represented by Mark R. Somerstein, Esq., Mark I. Bane, Esq., and
Stephen Moeller-Sally, Esq., at Ropes & Gray LLP.

U.S. Bank National Association -- as successor Indenture Trustee
under the indenture dated as of December 4, 2006, among Momentive
Performance Materials Inc., the Guarantors named in the Indenture,
and Wells Fargo Bank, N.A. as initial trustee, governing the 11.5%
Senior Subordinated Notes due 2016 -- is represented in the case
by Susheel Kirpalani, Esq., Benjamin I. Finestone, Esq., David L.
Elsberg, Esq., Robert Loigman, Esq., K. John Shaffer, Esq., and
Matthew R. Scheck, Esq., at Quinn Emanuel Urquhart & Sullivan,
LLP; and Clark Whitmore, Esq., and Ana Chilingarishvili, Esq., at
Maslon Edelman Borman & Brand, LLP.

BOKF, NA -- as successor First Lien Trustee to The Bank of New
York Mellon Trust Company, N.A., as trustee under an indenture
dated as of October 25, 2012, for the 8.875% First-Priority Senior
Secured Notes due 2020 issued by Momentive Performance Materials
Inc. and guaranteed by certain of the debtors -- is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., and Mauricio A.
Espana, Esq., at Dechert LLP.

Counsel to Apollo Global Management, LLC and certain of its
affiliated funds are Ira S. Dizengoff, Esq., Philip C. Dublin,
Esq., Abid Qureshi, Esq., Deborah J. Newman, Esq., and Ashleigh L.
Blaylock, Esq., at Akin Gump Strauss Hauer & Feld LLP.

Attorneys for Ad Hoc Committee of Second Lien Noteholders are
Dennis F. Dunne, Esq., Michael Hirschfeld, Esq., and Samuel A.
Khalil, Esq., at Milbank, Tweed, Hadley & McCloy LLP.

U.S. Bankruptcy Judge Robert Drain formally approved Momentive's
restructuring plan on Sept. 11.  Appeals by senior bondholders
remain pending.


MONTREAL MAINE: Trustee Investigates Companies Tied to Derailment
-----------------------------------------------------------------
Sara Randazzo, writing for Daily Bankruptcy Review, reported that
a bankruptcy trustee looking to recover money for those affected
by a deadly 2013 train derailment has turned his attention to more
than a dozen companies that may have played a role in the
accident.  According to the report, in filings made in U.S.
Bankruptcy Court in Bangor, Maine, the trustee for train operator
Montreal Maine & Atlantic Railway Ltd. said he is seeking
information from energy companies Shell Oil Co., ConocoPhillips,
InCorr Energy Group and Enserco Energy Inc. to help him determine
whether he can pursue legal action against the companies.

                      About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing 47 people and destroying part of Lac-Megantic, Quebec,
sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,
Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling
its business.  Its Canadian counterpart, Montreal, Maine &
Atlantic Canada Co., meanwhile, filed for protection from
creditors in Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel, led by Michael A. Fagone, Esq.,
and D. Sam Anderson, Esq.  Development Specialists, Inc., serves
as the Chapter 11 trustee's financial advisor.  Gordian Group,
LLC, serves as the Chapter 11 Trustee's investment banker.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana served as counsel
to MM&A.  It now serves as counsel to the Chapter 11 Trustee.

Justice Martin Castonguay oversees the case in Canada.

The Canadian Transportation Agency suspended the carrier's
operating certificate after the accident, due to insufficient
liability coverage.

The town of Lac-Megantic, Quebec, has sought financial aid to
restore the gutted community and a civil complaint alleges a
failure to take steps to prevent a derailment.

In the Canadian case, Andrew Adessky at Richter Consulting has
been appointed CCAA monitor.  The CCAA Monitor is represented by
Sylvain Vauclair at Woods LLP.  MM&A Canada is represented by
Patrice Benoit, Esq., at Gowling LaFleur Henderson LLP.

The U.S. Trustee appointed a four-member official committee of
derailment victims.  The Official Committee is represented by:
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,
Esq., at Paul Hastings LLP.

There's also an unofficial committee of wrongful death claimants
consisting of representatives of the estates of the 46 victims.
This group is represented by George W. Kurr, Jr., Esq., at Gross,
Minsky & Mogul, P.A.; Daniel C. Cohn, Esq., at Murtha Cullina LLP;
Peter J. Flowers, Esq., at Meyers & Flowers, LLC; Jason C.
Webster, Esq., at The Webster Law Firm; and Mitchell A. Toups,
Esq., at Weller, Green Toups & Terrell LLP.

After the U.S. Trustee formed the Official Committee, the ad hoc
committee filed papers asking the U.S. Court to have the official
committee disbanded.  The ad hoc group said it represents 46
victims of the disaster.

On Jan. 23, 2014, the Debtors won authorization to sell
substantially all of their assets to Railroad Acquisition Holdings
LLC, an affiliate of New York-based Fortress Investment Group, for
$15.7 million.  The Bankruptcy Courts in the U.S. and Canada
approved the sale.  The Fortress unit is represented by Terence M.
Hynes, Esq., and Jeffrey C. Steen, Esq., at Sidley Austin LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75% of the $25 million in
available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.  The
other 25% would be earmarked for claimants seeking compensation
for property that was damaged when much of the town burned.
Former U.S. Senator George Mitchell, a Democrat who represented
Maine in the U.S. Senate from 1980 to 1995 and who is now chairman
emeritus of law firm DLA Piper LLP, would administer the plan and
lead the effort to wrap up MM&A's Chapter 11 bankruptcy.

As reported by the Troubled Company Reporter on April 3, 2014,
Judge Kornreich ruled that the unofficial committee of wrongful
death claimants and its counsel have failed to comply with Rule
2019 of the Federal Rules of Bankruptcy Procedure, and as a result
of that failure, the Unofficial Committee and its counsel will not
be heard on any pending matter in the case.

As reported by the TCR on April 11, 2014, Judge Kornreich rejected
the disclosure statement for the Plan filed by the ad hoc group of
wrongful-death claimants, holding that the Plan is flawed and
unconfirmable.


MORGANS HOTEL: Yucaipa Director Nominee Quits
---------------------------------------------
Derex Walker provided notice to Morgans Hotel Group Co. of his
resignation from the board effective Sept. 11, 2014, according to
a regulatory filing with the U.S. Securities and Exchange
Commission.  He was Yucaipa American Management, LLC's nominee to
the Board and was elected at the Company's 2014 annual meeting of
stockholders held on May 14, 2014.

Yucaipa, et al., said they intend to continue to exercise their
right to appoint a nominee to the Company's board of directors or,
during any period of time that their nominee is not serving on the
board, to appoint a nonvoting board observer.

The Investors previously entered into a binding Memorandum of
Understanding providing for the settlement of certain actions
involving the Company and other parties.  As of Sept. 22, 2014,
all those settlements have become final and those subject to court
approval have received court approval.

The Investors disclosed in an amended regulatory filing with the
SEC that as of Sept. 11, 2014, they beneficially owned 12,522,367
shares of common stock of Morgans Hotel Group Co. representing
26.8 percent of the shares outstanding.

A copy of the regulatory filing is available for free at:

                       http://is.gd/FPqfqp

                    About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel has been in the red the past five years.  It
reported a net loss attributable to common stockholders of $57.48
million on $236.48 million of total revenues for the year ended
Dec. 31, 2013, as compared with a net loss attributable to common
stockholders of $66.81 million on $189.91 million of total
revenues in 2012.  Morgans Hotel posted a net loss of $87.95
million on $207.33 million of total revenues in 2011, a net loss
of $83.64 million on $236.37 million of total revenues in 2010,
and a net loss of $101.60 million on $225.05 million of total
revenues in 2009.

As of June 30, 2014, the Company had $684.79 million in total
assets, $896.03 million in total liabilities, $5.38 million in
redeemable noncontrolling interest and a $216.62 million total
deficit.


MOSS FAMILY: Disclosure Statement Hearing Moved to Jan. 2015
------------------------------------------------------------
Judge Harry C. Dees, Jr., of the U.S. Bankruptcy Court for the
Northern District of Indiana, South Bend Division, on Sept. 22,
2014, adjourned the hearing on Moss Family Limited Partnership's
amended disclosure statement to Jan. 30, 2015, at 1:30 p.m.

As reported by The Troubled Company Reporter, on Sept. 13, 2013,
the proposed plan provides for this treatment of claims against
and interest in the Debtors:

     1. The allowed claim of Fifth Third ($1,726,698) will be
        satisfied from the sale of any or all parcels of the
        marketed real estate via auction.

     2. The allowed claim of Horizon ($1,122,743) will be
        satisfied by surrendering the real estate to Horizon by
        way of deeds in lieu; and the Debtors will retain the real
        estate with the remaining debt.

     3. Unsecured claims will be fully paid and satisfied by use
        of the proceeds from the sale of LaPorte Judgment Lien
        Property.  From the sale of every LaPorte Judgment Lien
        property, 20% of the net proceeds will be paid into an
        escrow account to be held and disbursed to unsecured
        creditors annually on a pro rata basis of unsecured claims
        until the time as the claims are paid in full, without
        interest.

     4. Prepetition interest in the Debtors will be retained
        by the holders of the same subject to the provisions
        of the Plan.  Each interest holder of both Debtors will
        receive 1/2 of the percentage they held in the prepetition
        Debtors in the reorganized consolidated Debtor.

The continuance of the hearing on the amended disclosure statement
was agreed to among the Debtors, the City of Michigan, Indiana,
the Beachwalk Property Owners Association, LaPorte Savings Bank,
and Fifth Third Bank.

The amended disclosure statement hearing was continued to January
next year as the Debtors anticipate to amend its plan to account
for the material changes once the settlements with LaPorte and
Fifth Third have been completed.

                       About Moss Family

Moss Family Limited Partnership and Beachwalk, L.P., filed
Chapter 11 petitions (Bankr. N.D. Ind. Case Nos. 12-32540 and
12-32541) on July 17, 2012.  Judge Harry C. Dees, Jr., presides
over the case.  Daniel Freeland, Esq., at Daniel L. Freeland &
Associates, P.C., represents the Debtors.  Moss Family disclosed
$6,609,576 in assets and $6,299,851 in liabilities as of the
Chapter 11 filing.

The Debtors' Amended Joint Chapter 11 Plan dated Dec. 3, 2013,
provides that unsecured claims will be fully paid and satisfied by
use of the proceeds from the sale of LaPorte Judgment Lien
Property.


MOUNTAIN PROVINCE: Joint Venture Welcomes OK of Water License
-------------------------------------------------------------
De Beers Canada and Mountain Province Diamonds announced that the
Operator of the Gahcho Kue Project has received approval of the
Type A Water Licence by the Minister of Environment and Natural
Resources (ENR) of the Government of the Northwest Territories
(GNWT), the Hon. Michael J. Miltenberger.

Tony Guthrie, CEO of De Beers Canada:

"This is another important milestone for Gahcho Kue and we want to
thank the Minister for his review and approval of the water
licence in such an efficient manner.

The Gahcho Kue Mine represents a significant investment which will
result in employment and business opportunities that will
contribute to the economic growth and prosperity of the Northwest
Territories."

Patrick Evans, CEO of Mountain Province Diamonds, added:

"On behalf of our board and the shareholders of Mountain Province
I extend our appreciation and thanks to the Operator of the Gahcho
Kue Mine, De Beers Canada, for successfully guiding the project
through the regulatory process.

Our thanks also goes to all the parties involved in the permitting
of Gahcho Ku' for their support for this important mine
development which will contribute to maintaining Canada's position
as a leading diamond producer."

Gahcho Kue will employ close to 700 people during the two years of
construction and approximately 400 people during its operational
phase.

                   About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province reported a net loss of C$26.60 million in 2013,
a net loss of C$3.33 million in 2012 and a net loss of C$11.53
million in 2011.

The Company's balance sheet at June 30, 2014, showed
C$185 million in total assets, C$25.07 million in total
liabilities and C$160 million in total shareholders' equity.


NATIONAL CINEMEDIA: Bank Debt Trades at 4% Off
----------------------------------------------
Participations in a syndicated loan under which National Cinemedia
LLC is a borrower traded in the secondary market at 96.03 cents-
on-the-dollar during the week ended Friday, September 26, 2014,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 0.35 percentage points from the previous week, The Journal
relates.  National Cinemedia pays 275 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Nov. 21,
20109, and carries Moody's 'B2' rating and Standard & Poor's 'BB-'
rating.  The loan is one of the biggest gainers and losers among
205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


NET ELEMENT: Obtains $11 Million in Financing from Alfa-Bank
------------------------------------------------------------
Net Element, Inc., disclosed that Alfa-Bank, Russia's largest
private bank, has renewed and increased Net Element's Russian
subsidiary OOO TOT Money credit facility from 300 million Russian
rubles to 415 million Russian rubles (approximately US$11 million
at current exchange rate).  This financing facility will support
the company's next stage of growth and operations in Russia and
the Commonwealth of Independent States.

TOT Money's previous financing agreement with Alfa-Bank, secured
in September, 2012, for the amount of 300 million Russian rubles
(approximately USD $9.8 million, at the time of the agreement),
expired May 20, 2014 and was fully repaid, using TOT Money's
working capital, in accordance with the terms of the agreement.

"We are pleased to extend this facility to TOT Money," said
representative at Alfa-Bank.  "TOT Money continues to
revolutionize the transactional service market in Russia and we
are pleased to support the company's growth as it evolves and
expands its service offerings."

Oleg Firer, CEO of Net Element, emphasized the importance of the
credit facility as well as having a strong working relationship
with Alfa-Bank.  "Alfa-Bank understands our Company and its
mission and this allowed them to structure the new credit facility
to facilitate the continued growth of TOT Money's business.  Mr.
Firer continued, "This financing significantly heightens our
liquidity position and enhances our ability to invest in growth
opportunities in the region.  We value having a lender with deep
knowledge of the transactional services market and CIS region."

In April 2014, TOT Money launched its new state-of-the-art
platform for mobile commerce, direct carrier billing and payment
processing.  The $11 million credit facility will provide TOT
Money with financial resources to attract top customers and
continue to build upon its platform for Russia and the
Commonwealth Independent States markets.

Additional information regarding this financing can be found in
Net Element's 8K, a copy of which is available at:

                        http://is.gd/3Bt96K

                         About Net Element

Miami, Fla.-based Net Element International, Inc. (formerly Net
Element, Inc.,) currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $48.31 million in 2013, as
compared with a net loss of $16.38 million in 2012.  The Company's
balance sheet at June 30, 2014, showed $16.57 million in total
assets, $22.79 million in total liabilities and a $6.21 million
total stockholders' deficit.

BDO USA, LLP, in Miami, Florida, 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 and has
used substantial amounts of cash to fund its operating activities
that raise substantial doubt about its ability to continue as a
going concern.


NEWLAND RESOURCES: Indiana Court Affirms Ruling in Branham Suit
---------------------------------------------------------------
In 2007, The Branham Corporation obtained a judgment against
Newland Resources, LLC and related entities for breach of
contract.  The judgment was uncollectible in light of 2004-2005
distributions by Newland that had depleted corporate assets
available for creditors.

Branham has alleged that funds that would have been available to
pay the judgment were wrongfully depleted by Newland's 2004-2005
distributions of proceeds Newland received upon the 2004 sale of
its wholly-owned subsidiary, Boone County Utilities, LLC.  The
distributions to shareholders and members, which took place during
BCU's bankruptcy proceedings, left Newland and BCU with joint
assets of less than $10,000.

In 2011, Branham filed proceedings supplemental and new claims for
relief under the Indiana Crime Victims Relief Act, Indiana Code
section 34-24-3-1 and Indiana's Corrupt Business Influence Act,
Indiana Code section 34-24-2-6.  In addition to Newland, named
defendants included the appellees: Samuel Sutphin, White River
Funding Corp., White River Venture Partners, L.P., Gene Tanner,
David Knall, Madeira Partners, L.P., Mike Henderson, Brian
Henderson, Tim DeBruiker, Driver Solutions, LLC, Archie Leslie,
Fifth Third Bank, EcoHoldings, LLC (EcoHoldings), Dorothy Alig,
Greenleaf, LLC, Royal Run Partners, L.P., John Michael Kensill,
Susan Kensill, and Ecosource, LLC.

Summary judgment was granted to the majority of the defendants on
the new claims, on statute of limitations and res judicata
grounds.

Branham appeals the grant of summary judgment to the Court of
Appeals of Indiana.

The appeal of the grant of summary judgment has been consolidated
with an appeal by Thomas Eckerle, a past provider of legal
services to Newland, and the Thomas Eckerle Professional
Corporation.  Eckerle appeals the denial of a motion to correct
error which challenged the February 4, 2013 dismissal, without
prejudice, of Eckerle as a defendant.

"We affirm the trial court's summary judgment order but remand for
inclusion of Eckerle as a prevailing defendant. We reverse the
order dismissing Eckerle," the Court of Appeals of Indiana said in
a Sept. 23 Opinion available at http://is.gd/52NKIVfrom
Leagle.com.

Attorneys for Branham are:

     Donn H. Wray, Esq.
     Marc A. Menkveld, Esq.
     KATZ & KORIN, PC
     The Emelie Building
     334 North Senate Avenue
     Indianapolis, IN 46204-1708
     Tel: 317-464-1100
     E-mail: dwray@katzkorin.com
             mmenkveld@katzkorin.com

          - and -

     Roger L. Burrus, Esq.
     BURRUS & SEASE, LLP
     410 West Oak Street
     Zionsville, IN 46077
     Tel: (317) 873-2150
     Fax: (317) 873-2420
     E-mail: rburrus@burruslaw.com

          - and -

     Mickey J. Lee, Esq.
     McGINNIS WUTSCHER BEIRAMEE, LLP
     101 W. Ohio Street, Suite 2000
     Indianapolis, IN 46204
     Tel: (317) 559-4894
     Fax: (866) 581-9302
     E-mail: mlee@mwbllp.com


NICHOLS CREEK: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Nichols Creek Development, LLC
        P.O. Box 1344
        Vidalia, GA 30475

Case No.: 14-04699

Chapter 11 Petition Date: September 26, 2014

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

Debtor's Counsel: Jason A. Burgess, Esq.
                  THE LAW OFFICES OF JASON A. BURGESS, LLC
                  118 West Adams Street, Ste. 900
                  Jacksonville, FL 32202
                  Tel: 904-354-5065
                  Email: jason@jasonaburgess.com

Total Assets: $21.7 million

Total Liabilities: $11.5 million

The petition was signed by R.L. Mitchell, member manager.

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


NII HOLDINGS: Avoids Cash Collateral Issues
-------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a lawyer for NII Holdings Inc. said the
company has no secured debt and that it was operating on its own
cash.  The report, however, pointed out that although NII has no
cash-collateral problems, its bankruptcy won't be trouble-free,
judging from papers filed when the reorganization began on
Sept. 15.

                        About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina.  NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin
America.  NII Holdings' shares of common stock, par value $0.001,
are publicly traded under the symbol NIHD on the NASDAQ Global
Select Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014.  The Debtors have sought joint administration
of their Chapter 11 cases.

The Chapter 11 cases are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day as counsel and Prime Clerk LLC
as claims and noticing agent.


NORTEL NETWORKS: UK Pensioners Call for Equal Allocation
--------------------------------------------------------
Law360 reported that the long-running fight over how to divvy up
$7.3 billion realized from Nortel Networks Corp.'s liquidation
continued Tuesday as U.K. pensioners called for all parties to
receive an equal percentage while Nortel's U.S. arm argued it
deserved most of the proceeds since it contributed most of the
value.  According to Law360, the second day of closing arguments
in the cross-border trial, which links courtrooms in Delaware and
Ontario via computer video, saw Nortel's U.K. pension fund
champion a pro rata allocation of the $7.3 billion in escrowed
funds.

The trial on the long-running fight over how to distribute $7.3
billion raised in Nortel Networks' liquidation wrapped up on
Sept. 24, and both the U.S. Bankruptcy Court in Delaware and the
Ontario Superior Court of Justice in Toronto will have a say on
how to divide the sale proceeds.

Law360 related that on the third and last day of closing
arguments, Nortel's regional units and others made final points in
support of their varied proposals for allocating the funds brought
in from a series of post-bankruptcy deals, including a blockbuster
$4.5 billion patent sale.

According to Bill Rochelle, the bankruptcy columnist for Bloomberg
News, one of the lawyers representing the parties, there is
nonetheless the possibility of inconsistent decisions.  Retirees
as well as bondholders will be affected by the outcome, the
Bloomberg report said.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
business in more than 150 countries around the world.  Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors.  Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group.  That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New
York, serve as the U.S. Debtors' general bankruptcy counsel; Derek
C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in
Wilmington, serves as Delaware counsel.  The Chapter 11 Debtors'
other professionals are Lazard Freres & Co. LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims and notice
agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.  Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., and Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware,
represent the Unsecured Creditors Committee.

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of Long-
Term Disability Participants tapped Alvarez & Marsal Healthcare
Industry Group as financial advisor.  The Retiree Committee is
represented by McCarter & English LLP as Delaware counsel, and
Togut Segal & Segal serves as the Retiree Committee.  The
Committee retained Alvarez & Marsal Healthcare Industry Group as
financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.


NUVILEX INC: Chief Scientific Officer Quits
-------------------------------------------
Dr. Robert F. Ryan, M.S., Ph.D. resigned from the Board of
Directors of Nuvilex, Inc., and from his position as the chief
scientific officer of the Company effective as of Sept. 19, 2014,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.

In connection with his departure, the Company entered into a
settlement agreement pursuant to which the Company agreed to pay
Dr. Ryan $183,000 in settlement of certain loans and expenses,
transfer certain assets to Dr. Ryan under the terms of the Asset
Purchase Agreement and allow Dr. Ryan to retain 26,036,800 shares
of the Company's common stock earned and purchased.  Under the
Settlement Agreement, Dr. Ryan agreed to surrender certain share
certificates of the Company and of Bio Blue Bird AG, the Company's
subsidiary, resign from all of his positions with the Company,
return all the Company's property and data in his possession and
release the Company from all claims of any type or description.
In addition, Dr. Ryan agreed to abide by certain limitations on
the transfer of his Shares.  Upon the execution of the Settlement
Agreement, Dr. Ryan may sell up to 1,250,000 Shares, except that
he may not sell any Shares for a price that is more than $0.02
less than the closing price of the Shares on the previous trading
day.  Apart from these 1,250,000 Shares, on any given day Dr. Ryan
may not sell any more than 30,000 Shares plus an additional 15,000
Shares for each 1,000,000 Shares reported traded (rounded down to
the nearest million) on the immediately previous trading day.

The Asset Purchase Agreement provides for the sale of listed
nutraceutical assets to Dr. Ryan in exchange for his execution of
the Settlement Agreement and his assumption of certain
obligations.

On Sept. 19, 2014, the Board appointed Kenneth L. Waggoner, the
Company's chief executive officer, president and general counsel,
to serve as a director of the Company.  Mr. Waggoner fills one of
the vacancies created by an increase in the size of the Board from
six to nine.  Mr. Waggoner's term will expire at the next annual
meeting of stockholders or until his successor is elected and
qualified.

On Sept. 19, 2014, the Board adopted Amendment No. One to the
Bylaws of Nuvilex, Inc.  Amendment No. One grants the Board the
power to increase or decrease the number of directors on the Board
from time to time and removes a limit on the number of directors
on the Board.

The Board also adopted a Code of Business Conduct and Ethics,
amending and restating the Code of Ethics and Corporate Policy
filed with the Company's Annual Report on Form 10-K filed with the
SEC on July 29, 2013.  The Code of Business Conduct sets forth
legal and ethical standards of conduct applicable to all
directors, officers and employees of the Company.

In addition, the Board adopted an Audit Committee Charter,
Compensation Committee Charter and Nominating Committee Charter
for the committees of the Board.  The Board also adopted an
Insider Trading Policy and Software Policies for the Company.

                         About Nuvilex Inc.

Silver Spring, Md.-based Nuvilex, Inc.'s current strategy is to
focus on developing and marketing products designed to improve the
health and well-being of those who use them.

Nuvilex incurred a net loss of $1.59 million on $12,160 of product
sales for the 12 months ended April 30, 2013, as compared with a
net loss of $1.89 million on $66,558 of total revenue during the
prior year.

The Company's balance sheet at July 31, 2014, showed $8.19 million
in total assets, $371,386 in total liabilities and $7.82 million
in total stockholders' equity.

Robison, Hill & Co., in Salt Lake City, Utah, issued a "going
concern" qualification on the consolidated financial statements
for the year ended April 30, 2013.  The independent auditors noted
that the Company has suffered recurring losses from operations
which raises substantial doubt about its ability to continue as a
going concern.


ORECK CORP: MDL Suit v. Royal Appliance Violates Injunction
-----------------------------------------------------------
Judge Keith M. Lundin of the U.S. Bankruptcy Court for the Middle
District of Tennessee, Nashville Division, approved OAC
Acquisition Company, LLC, and Royal Appliance Mfg. Co.'s motion to
enforce the order authorizing the sale of Oreck Corporation, et
al.'s assets.

Judge Lundin also interpreted a certain section in the sale order
to mean that Royal assumed liability under its asset purchase
agreement only for claims which have all of the following
characteristics:

   (1) Such claim must be a warranty claim subject to the
       Section 1.4(a)(iii) of the Royal APA;

   (2) Such warranty claim must arise from a warranty obligation
       of one or more of the Debtors;

   (3) Such warranty claim must arise pursuant to and in
       accordance with the conditions and limitations set forth in
       an express written warranty given by the Debtors;

   (4) Such warranty claim must arise from an express written
       warranty delivered in connection with the sale of the
       Debtors' products and components;

   (5) Such warranty claim must relate to a product or component
       of the Debtors sold prior to the closing of the sale to
       Royal on July 24, 2013; and

   (6) The express written warranty giving rise to the warranty
       claim must have been specifically identified by the Debtors
       as a ?warranty.?

Judge Lundin also ruled that the MDL Plaintiffs' Amended Class
Action Complaint filed on or about Aug. 5, 2014, against Royal
violates the injunctive provisions of the sale order.

                        About Oreck Corp.

Oreck Corporation and eight affiliates sought Chapter 11
protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in
Nashville, Tennessee, on May 6, 2013, with plans to sell the
business as a going concern.

Oreck has been in the business of manufacturing, marketing and
selling vacuum cleaners and related products since the late 1960s.
The corporate offices are located in Nashville, and the
manufacturing and call center is located in Cookeville, Tennessee.

Oreck has 70 employees in Nashville, 250 employees at its plant in
Cookeville and 325 employees operating 96 company-owned and
managed retail stores.  The Debtor disclosed $18,013,249 in assets
and $14,932,841 plus an unknown amount in liabilities as of the
Chapter 11 filing.

William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at
Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor.
BMC Group Inc. is the claims and notice agent.  Sawaya Segalas &
Co., LLC serves as financial advisor.

The U.S. Trustee appointed six creditors to the Official Committee
of Unsecured Creditors.  Daniel H. Puryear, Esq., at Puryear Law
Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP represent the Committee.  The Committee
tapped to retain Gavin/Solmonese LLC as its financial advisor.

In July 2013, Royal Appliance Mfg. Co. (RAM), a subsidiary of the
TTI Group, finalized the purchase of Oreck Corp.'s assets.  The
Bankruptcy Court approved the sale on July 16, 2013.

Royal, the maker of Dirt Devil floor-care products, won the
auction for Oreck Corp.  The second-place bidder was the Oreck
family, which sold the business in a $272 million transaction in
2003.  The Oreck family made the first bid at auction at
$21.9 million, including $14.5 million cash.

The terms of Royal's winning bid weren't disclosed publicly,
according to a Bloomberg News report.  Royal was acquired in 2003
by Hong Kong-based Techtronic Industries Co., the maker of Hoover
vacuum cleaners.


ORECK CORP: Amends Ch. 11 Plan of Liquidation
---------------------------------------------
Oreck Corporation, et al., together with the Official Committee of
Unsecured Creditors, amended the plan of liquidation and
accompanying disclosure statement to modify creditor recoveries.

Under the amended plan, holders of Oreck Corp. general unsecured
claims are expected to recover between 0% to 18% of the amount of
their claims, while holders of Oreck Inc. general unsecured claims
are expected to recover nothing.

A blacklined version of the Amended Plan is available for free
at http://bankrupt.com/misc/ORECKds0922.PDF

                        About Oreck Corp.

Oreck Corporation and eight affiliates sought Chapter 11
protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in
Nashville, Tennessee, on May 6, 2013, with plans to sell the
business as a going concern.

Oreck has been in the business of manufacturing, marketing and
selling vacuum cleaners and related products since the late 1960s.
The corporate offices are located in Nashville, and the
manufacturing and call center is located in Cookeville, Tennessee.

Oreck has 70 employees in Nashville, 250 employees at its plant in
Cookeville and 325 employees operating 96 company-owned and
managed retail stores.  The Debtor disclosed $18,013,249 in assets
and $14,932,841 plus an unknown amount in liabilities as of the
Chapter 11 filing.

William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at
Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor.
BMC Group Inc. is the claims and notice agent.  Sawaya Segalas &
Co., LLC serves as financial advisor.

The U.S. Trustee appointed six creditors to the Official Committee
of Unsecured Creditors.  Daniel H. Puryear, Esq., at Puryear Law
Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP represent the Committee.  The Committee
tapped to retain Gavin/Solmonese LLC as its financial advisor.

In July 2013, Royal Appliance Mfg. Co. (RAM), a subsidiary of the
TTI Group, finalized the purchase of Oreck Corp.'s assets.  The
Bankruptcy Court approved the sale on July 16, 2013.

Royal, the maker of Dirt Devil floor-care products, won the
auction for Oreck Corp.  The second-place bidder was the Oreck
family, which sold the business in a $272 million transaction in
2003.  The Oreck family made the first bid at auction at
$21.9 million, including $14.5 million cash.

The terms of Royal's winning bid weren't disclosed publicly,
according to a Bloomberg News report.  Royal was acquired in 2003
by Hong Kong-based Techtronic Industries Co., the maker of Hoover
vacuum cleaners.


OVERLAND STORAGE: Incurs $22.9 Million Net loss in Fiscal 2014
--------------------------------------------------------------
Overland Storage, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing
a net loss of $22.92 million on $65.69 million of net revenue for
the year ended June 30, 2014, compared to a net loss of $19.64
million on $48.02 million of net revenue for the year ended
June 30, 2013.

As of June 30, 2014, the Company had $93.93 million in total
assets, $57.14 million in total liabilities and $36.79 million in
total shareholders' equity.

Moss Adams LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent auditors noted that
the Company's recurring losses and negative operating cash flows
raise substantial doubt about the Company's ability to continue as
a going concern.

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

                       http://is.gd/sKzS4O

                      About Overland Storage

San Diego, Cal.-based Overland Storage, Inc. (Nasdaq: OVRL) --
http://www.overlandstorage.com/-- is a global provider of unified
data management and data protection solutions designed to enable
small and medium enterprises (SMEs), corporate departments and
small and medium businesses (SMBs) to anticipate and respond to
change.


OSAGE EXPLORATION: Amends 2013 Annual Report to Add Info.
---------------------------------------------------------
Osage Exploration and Development, Inc., filed an amended Annual
Report for the year ended Dec. 31, 2013, which was filed with the
Securities and Exchange Commission on March 31, 2014, to expand
certain disclosures with respect to properties and estimated
proved developed and undeveloped reserves pursuant to SEC staff
comments.

The principal assets of the Company consist of proved and unproved
oil and gas properties and oil and gas production related
equipment.  The Company's oil and gas properties are located in
the state of Oklahoma.

Developed oil and gas properties are those on which sufficient
wells have been drilled to economically recover the estimated
reserves calculated for the property.  Undeveloped properties do
not presently have sufficient wells to recover the estimated
reserves.

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

                        http://is.gd/Y8X9KT

                       About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.

Osage Exploration reported net income of $3.85 million on $8.02
million of total operating revenues for the year ended Dec. 31,
2013, as compared with a net loss of $516,706 on $2.26 million of
total operating revenues for the year ended Dec. 31, 2012.

Mayer Hoffman McCann P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has incurred recurring losses from
operations and, as of December 31, 2013, has current liabilities
significantly in excess of current assets.  These conditions,
among other things, raise substantial doubt about its ability to
continue as a going concern.

As of June 30, 2014, the Company had $49.57 million in total
assets, $32.97 million in total liabilities and $16.60 million in
total stockholders' equity.

                        Bankruptcy Warning

"The Company's operating plans require additional funds which may
take the form of debt or equity financings.  The Company's ability
to continue as a going concern is in substantial doubt and is
dependent upon achieving profitable operations and obtaining
additional financing.  There is no assurance additional funds will
be available on acceptable terms or at all.  In the event we are
unable to continue as a going concern, we may elect or be required
to seek protection from our creditors by filing a voluntary
petition in bankruptcy or may be subject to an involuntary
petition in bankruptcy," the Company stated in its quarterly
report for the period ended June 30, 2014.


PATHEON INC: Bank Debt Trades at 2% Off
---------------------------------------
Participations in a syndicated loan under which Patheon Inc. is a
borrower traded in the secondary market at 97.98 cents-on-the-
dollar during the week ended Friday, September 26, 2014, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a decrease of 0.29
percentage points from the previous week, The Journal relates.
Patheon pays 325 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Jan. 14, 2021, and carries
Moody's B2 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


PEABODY ENERGY: Bank Debt Trades at 2% Off
------------------------------------------
Participations in a syndicated loan under which Peabody Energy
Power Corp. is a borrower traded in the secondary market at 97.92
cents-on-the-dollar during the week ended Friday, September 26,
2014, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 0.45 percentage points from the previous week, The
Journal relates.  Peabody Energy pays 325 basis points above LIBOR
to borrow under the facility.  The bank loan matures on Sept. 20,
2020, and carries Moody's Ba2 rating and Standard & Poor's BB
rating.  The loan is one of the biggest gainers and losers among
205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


PENSKE AUTOMOTIVE: Moody's Hikes Corporate Family Rating to B2
--------------------------------------------------------------
Moody's Investors Service upgraded all ratings of Penske
Automotive Group, Inc., including the Corporate Family rating,
which was upgraded to Ba2 from Ba3, and continued the stable
outlook.

Issuer: Penske Automotive Group, Inc.

Upgrades:

Probability of Default Rating , Upgraded to Ba2-PD from Ba3-PD

Corporate Family Rating (Local Currency), Upgraded to Ba2 from
Ba3

US$550M 5.75% Senior Subordinated Regular Bond/Debenture (Local
Currency) , Upgraded to B1 from B2

Outlook Actions:

Outlook, Remains Stable

"Penske's diverse business model, which includes meaningful
businesses in the UK and continental Europe, as well as Australia,
provide it with a segment-leading competitive profile," stated
Moody's Vice President Charlie O'Shea. "In addition, credit
metrics have improved to around Moody's upgrade trigger levels,
and Moody's believe this upward performance trend will continue
for at least the next 12-18 months."

Ratings Rationale

The Ba2 Corporate Family Rating considers Penske's formidable and
diverse market and competitive position, with leading positions in
both Europe and the key US markets in which it has chosen to
operate. The rating also considers the favorable relationship the
company has with key OEM's such as BMW, which provides it with
advantages from a new dealership perspective, and the company's
brand mix, which is skewed towards premium and luxury. Moody's
views the company's expansion into ancillary businesses such as
its commercial vehicle distribution business in Australia and its
growing US car rental business as being sensible extensions.
Moody's expects Penske to continue to make acquisitions across its
various segments and geographies, with the belief they will be
prudently sourced and priced, with minimal integration disruption.
Moody's also expects Penske to continue to utilize cash flow from
operations to provide additional returns to its shareholders
through its dividend policy. In addition, the rating considers the
company's improving credit metrics, with debt/EBITDA on an 8 times
rent adjusted basis approaching 4.5 times, and EBITA/interest of
around 4 times. The stable outlook reflects Moody's expectation
that financial policy will continue to be relatively benign such
that this improvement in credit metrics is sustained. Ratings
could be upgraded if credit metrics further improve such that
debt/EBITDA on an 8 times rent adjusted basis was maintained below
4 times for an extended period and EBITA/interest was sustained
above 5 times. Ratings could be downgraded if debt/EBITDA on an 8
times rent adjusted basis exceeded 5 times or if EBITA/interest
fell below 2.75 times.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Penske Automotive Group, Inc. ("PAG"), headquartered in Bloomfield
Hills, Michigan, operates retail automotive franchises,
representing 40 different brands. The company has 174 franchises
in 19 states and Puerto Rico and 171 franchises located outside
the United States, primarily in the United Kingdom.


PETER D. GACHE: SDNY Judge Dismisses Suit Against Hill Realty
-------------------------------------------------------------
District Judge Cathy Seibel granted the Defendants' Motions to
Dismiss the Second Amended Complaint, denied the Plaintiff's
Motion to Withdraw the Reference to the Bankruptcy Court, in the
lawsuit captioned as, PETER D. GACHE, aka PETER DJONALD GACHE,
Plaintiff, v. HILL REALTY ASSOCIATES, LLC, WINTERHILL REALTY, LLC,
MICHAEL T. TOKARZ, individually, DAVID L. GOLDRICH, individually
and as Manager of Hill Realty Associates, LLC, PHILLIP A.
MARRACCINI, individually and in his capacity as Supervisor of the
Town of Harrison, N.Y., RONALD B. BIANCHI, individually and in his
capacity as Supervisor of the Town of Harrison, N.Y., STEPHEN
MALFITANO, individually and in his capacity as Supervisor of the
Town of Harrison, N.Y., JOHN DOES, I-X and JANE DOES, I-X,
Defendants, NO. 13-CV-1650 (CS)(S.D.N.Y.).  In the lawsuit, the
Plaintiff brings two claims, each of which relates to Defendants'
purportedly fraudulent conduct during his bankruptcy proceedings.

A copy of the Court's September 22, 2014 Opinion and Order is
available at http://is.gd/LF6lyufrom Leagle.com.

In July 1991, Gache filed for Chapter 11 bankruptcy protection.
On August 1, 1995, the Bankruptcy Court involuntarily converted
the Chapter 11 proceeding to a Chapter 7 proceeding and appointed
a Chapter 7 trustee.


PHOENIX PAYMENT: Court Approves Sale of Assets to NAB for $50MM
---------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware authorized Phoenix Payment Systems, Inc., to
sell substantially all of its assets to North American Bancard LLC
for $50 million.

The Debtor cancelled a Sept. 18 auction after after no competing
bid against NAB's stalking horse bid was timely received.
According to Law360, the card transaction processor would pursue
NAB's stalking horse offer for the company.  Bill Rochelle and
Sherri Toub, bankruptcy columnists for Bloomberg News, reported
that the purchase price offered by NAB's EPX Acquisition will pay
all undisputed creditors in full and will provide a ?substantial?
recovery for the company's equity holders.

Judge Walrath overruled objections to the sale raised by POST
Integrations, Inc., and Ebocom, LLC.

                      About Phoenix Payment

Founded in 2004, Phoenix Payment Systems, Inc., aka Electronic
Payment Systems, aka EPX, is an international payment processor
with corporate headquarters in Wilmington, Delaware, and
technology headquarters in Phoenix, Arizona.  It provides
acceptance, processing, support, authorization and settlement
services for credit card, debit card and e-check payments.

Providing processing services at more than 8,700 locations
worldwide, PPS processed, in multiple currencies, 280 million
transactions in 2013 and expects to process 400 million in 2014.

Phoenix Payment Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 14-11848) on Aug. 4,
2014, to quickly sell its assets.

As of the Petition Date, the Debtor had total outstanding
liabilities and other obligations of $16.6 million and 9.8 million
shares of outstanding preferred and common stock.  Debt to secured
creditor The Bancorp Bank is estimated at $6.2 million.

Judge Mary F. Walrath presides over the case.

The Debtor's attorneys are Richard J. Bernard, Esq., at Foley &
Lardner LLP, in New York; and Mark D. Collins, Esq., Russell
Siberglied, Esq., Zachary I Shapiro, Esq., and Marisa A.
Terranova, Esq., at Richards Layton & Finger, P.A., in Wilmington,
Delaware.  The Debtor's banker and financial advisor is Raymond
James & Associates, Inc., while Bederson, LLC, is the Debtor's
accountant.  PMCM, LLC, provides advisory services and executive
leadership to the Debtor.  The Debtor's claims and noticing agent
is Omni Management Group, LLC.

The U.S. Trustee for Region 3 has appointed three members to the
Official Committee of Unsecured Creditors.


PLAZA HEALTHCARE: 19 Nursing Homes Sell for $62 Million
-------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Country Villa Plaza Convalescent Center will
sell its 18 skilled-nursing facilities and one assisted-living
facility in California to Shlomo Rechnitz for $62 million plus
assumption of specified liabilities.  According to the report,
provided the court approves the proposed sale at an Oct. 22
hearing and enters an approval order before Oct. 31, the parties
have agreed to work toward completing the sale on Oct. 31.

Plaza Healthcare Center LLC and Plaza Convalescent Center LP each
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
on March 4, 2014.  The following day, 17 of their affiliates filed
for bankruptcy protection.  The lead case is In re Plaza
Healthcare Center LLC, Case No. 14-11335 (Bankr. C.D. Calif.).


PRETTY GIRL: Court Fixes Nov. 19 as Claims Bar Date
---------------------------------------------------
The U.S. Bankruptcy Court in Southern District of New York
established November 19, 2014, as the deadline for all persons and
entities holding or asserting a claim against Pretty Girl, Inc.,
to file a proof of claim in the Debtor's case.

Pretty Girl, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 14-11979) on July 2, 2014.  The petition was
signed by Albert Nigri as president.  The Debtor disclosed total
assets of $10.76 million and total liabilities of $12.27 million.
Rosen & Associates, P.C., acts as the Debtor's counsel.


QUICKSILVER RESOURCES: Moody's Cuts Corp. Family Rating to Caa3
---------------------------------------------------------------
Moody's Investors Service downgraded Quicksilver Resources Inc.'s
Corporate Family Rating (CFR) to Caa3 from Caa1. Moody's also
downgraded the company's senior secured second lien obligations to
Caa2 from B2, the senior unsecured notes to Ca from Caa2 and the
subordinated notes to Ca from Caa3. The SGL-4 Speculative Grade
Liquidity Rating is affirmed and the outlook remains negative.

"The downgrade to Caa3 reflects Moody's view that Quicksilver
Resources' risk of default has further increased," said Pete
Speer, Moody's Senior Vice President. "The hiring of a Strategic
Alternatives Officer combined with the ongoing delay in reaching
an agreement for potential asset sales increases the possibility
that the company may pursue a debt restructuring that Moody's
would view as a distressed exchange."

Downgrades:

Issuer: Quicksilver Resources Inc.

Probability of Default Rating, Downgraded to Caa3-PD from
Caa1-PD

Corporate Family Rating (Local Currency), Downgraded to Caa3
from Caa1

Senior Subordinated Regular Bond/Debenture (Local Currency)
Apr 1, 2016, Downgraded to Ca(LGD6) from Caa3(LGD6)

Senior Secured Term Loan (Local Currency) Jun 21, 2019,
Downgraded to Caa2(LGD3) from B2(LGD2)

Senior Secured Regular Bond/Debenture (Local Currency) Jun 21,
2019, Downgraded to Caa2(LGD3) from B2(LGD3)

Senior Unsecured Regular Bond/Debenture (Local Currency) Jul 1,
2021, Downgraded to Ca(LGD5) from Caa2(LGD5)

Senior Unsecured Regular Bond/Debenture (Local Currency) Aug 15,
2019, Downgraded to Ca(LGD5) from Caa2(LGD5)

Outlook Actions:

Issuer: Quicksilver Resources Inc.

Outlook, Remains Negative

Affirmations:

Issuer: Quicksilver Resources Inc.

Speculative Grade Liquidity Rating, Affirmed SGL-4

Ratings Rationale

Quicksilver disclosed on September 25, 2014 that it is has
appointed a Strategic Alternatives Officer pursuant to an
agreement with a financial advisory services firm. The company has
been actively pursuing for some time a joint venture or other
sales transaction to raise cash from its Horn River Basin
properties to serve as a catalyst for a major refinancing and
reduction of outstanding debt. No such catalyst transaction
agreement has been reached to date.

Moody's views Quicksilver's present debt levels as unsustainable
and the company has $350 million of senior subordinated notes that
mature April 1, 2016. All of these factors lead Moody's to believe
that there is a heightened risk that Quicksilver may need to reach
a negotiated agreement to reduce its outstanding debt and extend
maturities that Moody's would view as equivalent to a default.

Quicksilver's Caa3 CFR reflects the company's cash margins that
are insufficient to cover its heavy interest costs, high debt
levels and near-term refinancing risk that raises concerns over
the sustainability of the company's capital structure. The
company's production and proved developed (PD) reserve base have
been in a multi-year decline owing to its concentration in the
Barnett Shale, which generates weak cash margins and returns in
the present natural gas price environment, and also because of
large asset sales to raise cash.

The company's SGL-4 rating indicates weak liquidity owing to the
upcoming debt maturity and insufficient cash flow to sustain
production and proved reserves. Quicksilver has completed asset
sales and negotiated amendments to its bank credit facility to
maintain some liquidity and covenant headroom as it pursues a
catalyst transaction to allow the company to reduce financial
leverage. At August 1, 2014 the company had $272 million of
liquidity.

The Caa3-PD probability of default rating results in the second
lien senior secured obligations being rated Caa2 and the senior
unsecured notes and subordinated notes being rated Ca under
Moody's Loss Given Default (LGD) Methodology. This notching from
Quicksilver's Caa3 CFR reflects the relative size of company's
$325 million senior secured global borrowing base credit facility
(not rated), the $625 million senior secured second lien term loan
and the $200 million second lien senior secured notes priority
claim over the $623 million senior unsecured notes and $350
million senior subordinated notes.

A downgrade would be considered if Quicksilver's liquidity profile
further deteriorates. An upgrade is unlikely absent a substantial
reduction in debt and higher natural gas and NGL prices supportive
of improved cash flow generation.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Quicksilver Resources Inc. is an independent exploration and
production company headquartered in Fort Worth, Texas.


QUICKSILVER RESOURCES: Appoints Strategic Alternatives Officer
--------------------------------------------------------------
John Little was appointed Strategic Alternatives Officer of
Quicksilver Resources Inc. effective as of Sept. 22, 2014,
pursuant to an engagement agreement between Quicksilver and
Deloitte Transactions and Business Analytics LLP, a financial
advisory services firm.

Mr. Little will report to the Board or a committee of the Board
and, in collaboration with Quicksilver's management team, he will
assist Quicksilver in exploring, evaluating and implementing
strategic and tactical initiatives.  As part of his duties, Mr.
Little will assist Quicksilver in its recently begun process to
market company assets, identify joint venture partners or
otherwise engage in a strategic transaction.

Mr. Little, age 49, has served as a principal of DTBA or its
affiliates since 2004, during which time he has led numerous
engagements in a variety of industries.  Mr. Little will continue
to be employed by DTBA and will not receive compensation directly
from Quicksilver or participate in Quicksilver's benefit plans.
Quicksilver will compensate DTBA for Mr. Little's services at a
rate of $20,000 per week, will indemnify Mr. Little to the extent
of the most favorable indemnities provided by Quicksilver to any
of its directors and officers and will cause Mr. Little to be
covered by Quicksilver's directors and officers insurance.  In
addition to receiving fees for Mr. Little's services, DTBA will be
entitled to compensation at specified hourly rates for the
services of any other of its personnel and to reimbursement of
reasonable out-of-pocket expenses.  The Engagement Agreement may
be terminated by either party without cause.

                          About Quicksilver

Quicksilver Resources Inc. is an exploration and production
company engaged in the development and production of long-lived
natural gas and oil properties onshore North America.  Based in
Fort Worth, Texas, the company is widely recognized as a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999 and is listed on the New York Stock Exchange under the
ticker symbol KWK.  The company has U.S. offices in Fort Worth,
Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig,
Colorado and Cut Bank, Montana.  The Company's Canadian
subsidiary, Quicksilver Resources Canada Inc., is headquartered in
Calgary, Alberta.

Quicksilver Resources posted net income of $161.61 million in 2013
following a net loss of $2.35 billion in 2012.

As of June 30, 2014, the Company had $1.05 billion in total
assets, $2.16 billion in total liabilities and a $1.11 billion
total stockholders' deficit.

                           *     *     *

As reported by the TCR on July 2, 2014, Standard & Poor's Ratings
Services revised its rating outlook on Fort Worth, Texas-based
Quicksilver Resources Inc. to negative from stable and affirmed
its 'CCC+' corporate credit rating on the company.

S&P said the outlook revision reflects S&P's expectation that
Quicksilver will continue to burn cash at a run-rate of about $20
million to $35 million per quarter, depleting its cash position
(as of Dec 31, 2013) of about $250 million over the next several
quarters.  In addition, the company may face significant springing
debt maturities in October 2015 and January 2016, if more than
$100 million remains outstanding on its subordinated notes due
2016 (currently $350 million outstanding) as of Oct. 1, 2015.
Based on this significant repayment risk, S&P has revised its
assessment of Quicksilver's liquidity to "less than adequate" from
"adequate."  However, S&P believes the company still has several
options to avoid the springing maturities, including strategic
transactions such as a joint venture for its major Horn River
Basin project.


RADIOSHACK CORP: Standard General in Talks to Ease Cash Crunch
--------------------------------------------------------------
Drew Fitzgerald and Matt Jarzemsky, writing for The Wall Street
Journal, reported that hedge fund Standard General LP said it is
working on a plan to ease RadioShack Corp.'s cash crunch ahead of
the holidays, though the talks with the company and its lenders
have yet to bear fruit.  According to the report, the comments
indicated that the retailer has yet to nail down the financing
help it needs to avoid running out of cash and stay out of
bankruptcy court.

                    About Radioshack Corporation

RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com--
is a national retailer of innovative mobile technology products
and services, as well as products related to personal and home
technology and power supply needs.  RadioShack's retail network
includes more than 4,300 company-operated stores in the United
States, 270 company-operated stores in Mexico, and approximately
1,000 dealer and other outlets worldwide.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139.4 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.

                           *     *     *

As reported by the TCR on Sept. 15, 2014, Standard & Poor's
Ratings Services lowered its corporate credit rating on Fort
Worth, Texas-based RadioShack Corp. to 'CCC-' from 'CCC'.

"The downgrade comes as the company announced it will seek
capital, and that such a transaction could include a debt
restructuring in addition to store closures and other measures,"
said Standard & Poor's credit analyst Charles Pinson-Rose.

In the Sept. 16, 2014, edition of the TCR, the TCR reported that
Fitch Ratings had downgraded the Long-term Issuer Default Rating
(IDR) for RadioShack Corporation (RadioShack) to 'C' from 'CC'.
The downgrade reflects the high likelihood that RadioShack will
need to restructure its debt in the next couple of months.

The TCR reported on March 13, 2014, that Moody's Investors Service
downgraded RadioShack Corporation's corporate family rating to
Caa2 from Caa1.  "The continuing negative trend in RadioShack's
sales and margins has resulted in a precipitous drop in
profitability causing continued deterioration in credit metrics
and liquidity," Mickey Chadha, Senior Analyst at Moody's said.


RIVERHOUNDS EVENT: Final Plan Hearing Set for Nov. 7
----------------------------------------------------
Brian Bowling, writing for Trib Total Media, reported that U.S.
Bankruptcy Judge Jeffery Deller in Pittsburgh set Nov. 7 as the
final hearing on the Chapter 11 reorganization plans for
Riverhounds Acquisition Group LP, which owns and operates the
team, and Riverhounds Event Center LP, which owns and operates
Highmark Stadium.

David Fuchs, Esq., an attorney for a group of minority owners who
are creditors to the companies, said they intend to challenge the
feasibility of the plans, according to the report.

Riverhounds Event Center, LP, owns the Highmark Stadium where the
Pittsburgh Riverhounds professional soccer team plays.  The Plans,
according to a Wall Street Journal report, allow Terrance "Tuffy"
Shallenberger Jr. to become their sole owner.   The plans are
sponsored by Mr. Shallenberger, which currently owns a 51% stake
in the two partnerships that own the team and the stadium.

"We are definitely headed in the right direction," said Mr.
Shallenberger, according to the Trib Total Media report.

Trib Total Media also said one of Mr. Shallenberger's other
companies, Shallenberger Investments, loaned the companies more
than $2 million in 2013 and 2014 to keep them running before they
filed for bankruptcy and has loaned them $1.6 million more during
the bankruptcy, according to court documents.

The report said Judge Deller approved motions Friday in both
bankruptcies that would have the companies borrow $200,000 more
from Shallenberg Investments to cover their operating and legal
costs through the end of November.

The cases are In re Riverhounds Event Center LP, 14-bk-21180, and
In re Riverhounds Acquisition Group LP, 14-bk-21181, U.S.
Bankruptcy Court, Western District Pennsylvania (Pittsburgh).  The
Debtors' counsel is John M. Steiner, Esq., and Crystal H.
Thornton-Illar, Esq., at Leech Tishman Fuscaldo & Lampl LLC, in
Pittsburgh, Pennsylvania.  Events listed under $10 million in
assets and Acquisition listed under $1 million in assets.  The
stadium owner reported about $4.5 million and the team reported
about $10.2 million in unsecured debts.


RIVERWALK JACKSONVILLE: Has Exclusive Plan Filing Right Til Oct 25
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
extended Riverwalk Jacksonville Development, LLC's exclusive right
to file a Chapter 11 plan through October 25, 2014, without
prejudice to the Debtor seeking further extension.

The Sept. 10, 2014 edition of The Troubled Company Reporter
relayed that the Debtor sought an extension of its exclusivity
plan filing period through the end of this year.

Sabadell United Bank, N.A., opposed to the exclusivity extension
request, the TCR's Sept 18, 2014 edition related.  Sabadell
asserted that the motion does not reflect that the Debtor has made
any progress negotiating with its creditors, and no concrete
proposals have been made to resolve the debt owed to Sabadell.

              About Riverwalk Jacksonville Development

Riverwalk Jacksonville Development, LLC, owns four parcel of real
property located in areas surrounding the Wyndham Hotel and
Convention Center. The properties comprise approximately 10.4
acres and constitute prime downtown commercial space. The
occupants of the area are a Chart House restaurant, various office
building and parking amenities.

Three of the four properties are encumbered to Sabadell and U.S.
Century Bank. There is, in fact, substantial equity in all of the
properties.

Riverwalk Jacksonville Development filed a Chapter 11 bankruptcy
(Bankr. S.D. Fla. Case No. 14-19672) on April 28, 2014, in Miami.
Stevan J. Pardo signed the petition as managing member.  The
Debtor estimated assets of at least $10 million and debts of at
least $1 million.  Geoffrey S. Aaronson, Esq., at Aaronson Schantz
P.A. serves as the Debtor's counsel.  Judge Laurel M Isicoff
oversees the case.


SAGE AUTOMOTIVE: S&P Assigns 'B' CCR & Rates $150MM Loan 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
corporate credit rating to Greenville, S.C.-based automotive
interior textiles (fabrics) supplier Sage Automotive Holdings Inc.
The outlook is stable.

At the same time, S&P assigned its 'B' issue-level and '3'
recovery ratings to Sage's $150 million first-lien term loan.  The
'3' recovery rating indicates S&P's expectation that lenders would
receive a meaningful recovery (50%-70%) in the event of a payment
default.

S&P also assigned its 'CCC+' issue-level and '6' recovery ratings
to the company's $40 million second-lien term loan.  The '6'
recovery rating indicates S&P's expectation that lenders would
receive negligible recovery (0%-10%) in the event of a payment
default.

The debt issuance also includes an unrated $30 million asset-based
lending (ABL) revolver.

"The stable rating outlook reflects our expectation that Sage can
maintain debt to EBITDA below 5x and generate FOCF to debt of
about 5% during the next 12 months," said Standard & Poor's credit
analyst Naomi Dsouza.  "We believe demand for Sage's textile
products will continue at the current pace over the next 12 months
as a result of continued market penetration in China and Europe
due to increasing middle class demands (particularly in China) and
additional opportunistic platform wins."

Although unlikely, S&P could raise the rating during the next 12
months if it believes the U.S. seasonally adjusted annual rate
(SAAR) and the underlying demand for automobile textile interiors
are more robust than forecasted.  This could allow the company to
generate incremental cash to repay debt sooner than anticipated.
S&P would also need to believe that the improvements in credit
metrics would be sustained.

S&P could lower the rating if FOCF generation turns negative for
consecutive quarters and significantly decreases liquidity, or if
debt to EBITDA, including S&P's adjustments, substantially exceeds
5x.  This could result from a weaker-than-expected U.S. economy
that stifles light vehicle demand or OEMs consolidating platforms
with larger Tier 1 suppliers.


SEARS CANADA: Said to Be Mulling Bankruptcy, Tapped Advisors
------------------------------------------------------------
James Covert, writing for The New York Post, reported that Sears
Canada is weighing a potential Chapter 11 filing as its CEO is set
to depart.

The Post has learned that the department store chain has begun to
reach out to top law firms in Canada.  A bankruptcy filing isn't
imminent or even certain, sources cautioned.  The Company has
enough inventory to get through the holiday season.

On Thursday, Sears Canada said CEO Douglas Campbell will leave the
company no later than Jan. 1 so that he can "tend to personal
family issues."

Billionaire Eddie Lampert, chairman of Sears Holdings, controls
Sears Canada through a 51% equity stake in the company.

A bankruptcy law firm in Canada has received an inquiry from Sears
Canada about being retained, sources close to the matter told the
Post.

Asked by The Post on Thursday about Sears Canada's recent talks
with bankruptcy lawyers, company spokesman Vincent Power said,
"There is no truth to this."

Sources also told the Post that Lampert is now scrambling to sell
more of the chain's best locations to raise cash outside of a
court proceeding.  The report also noted that with Sears Canada's
prospects as a business in doubt, the prospect of a piecemeal
selloff of the retailer looks less lucrative.  The Post reported
last week that an auction by Sears Holdings of its 51% stake in
Sears Canada failed to attract any bids in its second round.
Sources told The Post that prospective bidders in the auction run
by Bank of America got spooked after getting a look at the
company's fast-deteriorating financials.

The Post also reported that Fairholme Capital Management, one of
Sears' largest shareholders, said Thursday it was unable to reach
a deal with real estate firm St. Joe to participate in a $400
million loan to Sears Holdings.


SEARS HOLDINGS: PYOF to Provide $50 Million in Funding
------------------------------------------------------
As previously reported by the TCR on Sept. 19, 2014, three
subsidiaries of Sears Holdings entered into a $400 million short
term loan with affiliates of ESL Investments that is secured by
mortgages on certain real property of Holdings and its
subsidiaries.  The first $200 million of the Loan was funded at
the closing on Sept. 15, 2014, and, subject to the satisfaction of
certain post-closing conditions, $200 million will be funded on
Sept. 30, 2014.  The Loan will have an annual base interest rate
of 5% and an upfront fee of 1.75% of the principal amount.  The
Loan is due Dec. 31, 2014, but as long as there is no event of
default, may be extended at Holdings' option until Feb. 28, 2015,
upon the payment of an extension fee equal to .5% of the principal
amount.

PYOF 2014 Loans, LLC, purchased a 12.5% participation interest in
the Loan from affiliates of ESL Partners pursuant to a
participation agreement by and among PYOF and affiliates of ESL
Partners, according to a regulatory filing with the U.S.
Securities and Exchange Commission.  Under the Participation
Agreement, PYOF is obligated to participate pro rata in the
additional funding of $200 million to Holdings on Sept. 30, 2014,
assuming satisfaction of certain required conditions.

ESL Partners and its affiliates disclosed that as of Sept. 22,
2014, they beneficially owned 47,206,112 shares of common stock of
Sears Holdings Corporation representing 44.3 percent of the shares
outstanding.

A copy of the regulatory filing is available for free at:

                        http://is.gd/xdSdyI

                            About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.36 billion in 2013, a net
loss of $930 million in 2012 and a net loss of $3.14 billion in
2011.  As of Aug. 2, 2014, Sears Holdings had $16.43 billion in
total assets, $15.51 billion in total liabilities and $919 million
in total equity.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to Caa1 from B3.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period. For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year. Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014. "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Fairholme Unit Steps Back From Loan
---------------------------------------------------
Fairholme Capital Management, L.L.C., disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that its
subsidiary, The St. Joe Company, was unable to agree on terms for
a participation in the $400 million secured short-term loan
disclosed on the 8-K filed by the Company on Sept. 15, 2014.
The St. Joe Company was unable to agree on terms for such a
participation in light of its investment criteria and has declined
the opportunity to participate, Fairholme stated in the regulatory
filing.

As reported by the TCR on Sept. 18, 2014, Sears Holdings, through
Sears, Roebuck and Co., Sears Development Co., and Kmart
Corporation, entities wholly-owned and controlled, directly or
indirectly by the Company, have entered into a $400 million
secured short-term loan with JPP II, LLC, and JPP, LLC, entities
affiliated with ESL Investments, Inc., on Sept. 15, 2014.

PYOF 2014 Loans, LLC, purchased a 12.5% participation interest in
the Loan from affiliates of ESL Partners pursuant to a
participation agreement by and among PYOF and affiliates of ESL
Partners.  Under the Participation Agreement, PYOF is obligated to
participate pro rata in the additional funding of $200 million to
Holdings on Sept. 30, 2014, assuming satisfaction of certain
required conditions.

Fairholme Capital Management, L.L.C., disclosed that as of
Sept. 24, 2014, it beneficially owned 24,593,273 Shares (23.1%) of
Sears Holdings, based upon the 106,472,251 Shares outstanding as
of Aug. 15, 2014, according to the Company.

Fairholme Funds, Inc., may be deemed to be the beneficial owner of
15,093,573 Shares (14.2%) of the Company.

Bruce R. Berkowitz may be deemed to be the beneficial owner of
25,506,273 Shares (24.0%) of the Company.

A copy of the regulatory filing is available for free at:

                       http://is.gd/fmh1e9

                            About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.36 billion in 2013, a net
loss of $930 million in 2012 and a net loss of $3.14 billion in
2011.  As of Aug. 2, 2014, Sears Holdings had $16.43 billion in
total assets, $15.51 billion in total liabilities and $919 million
in total equity.

                            *     *     *

Moody's Investors Service, in January 2014, downgraded Sears
Holdings Corporate Family Rating to Caa1 from B3.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year. The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period. For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year. Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014. "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS METHODIST: Nursing Facility Gets $6.24 Million Bid
--------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Sears Methodist Retirement System Inc., a
nonprofit operator of senior living facilities and veterans' homes
in Texas, will sell its geriatric and nursing facility on the
campus of Texas Tech University for $6.24 million to a buyer
affiliated with Ensign Group Inc., absent a higher bid at auction.
According to the report, if agreed by the judge in Dallas, bids to
top the offer from Ensign Group's Knight Health Holdings LLC will
be due Oct. 27 in advance of an Oct. 29 auction and a requested
Oct. 31 hearing to approve the sale.

                       About Sears Methodist

As a leading Texas senior living icon established on Christian
principles, Sears Methodist Retirement System Inc. provides
secure, rewarding, and luxurious residency to seniors.  The system
includes: (i) eight senior living communities located in Abilene,
Amarillo, Lubbock, Odessa and Tyler, Texas; (ii) three veterans
homes located in El Paso, McAllen and Big Spring, Texas, managed
by Senior Dimensions, Inc., pursuant to contracts between SDI and
the Veterans Land Board of Texas; and (iii) Texas Senior
Management, Inc. ("TSM"), Senior Living Assurance, Inc. ("SLA")
and Southwest Assurance Company, Ltd. ("SWAC"), which provide, as
applicable, management and insurance services to the System.
Sears Methodist Senior Housing, LLC, is the general partner of,
and controls .01% of the interests in, Canyons Senior Living, L.P.
("CSL").

Sears Methodist and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 14-
32821) on June 10, 2014.  The cases are assigned to Judge Stacey
G. Jernigan.

The Debtors' counsel is Vincent P. Slusher, Esq., and Andrew
Zollinger, Esq., at DLA Piper LLP (US), in Dallas, Texas; and
Thomas R. Califano, Esq., Gabriella L. Zborovsky, Esq., and Jacob
S. Frumkin, Esq., at DLA Piper LLP (US), in New York.  The
Debtors' financial advisor is Alvarez & Marsal Healthcare Industry
Group, LLC, while the Debtors' investment banker is Cain Brothers
& Company, LLC.  The Debtors' notice, claims and solicitation
agent is GCG Inc.

The Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The U.S. Trustee has appointed five members to the Official
Committee of Unsecured Creditors.  The Committee is represented by
Clifton R. Jessup, Jr., Esq., and Bryan L. Elwood, Esq., at
Greenberg Traurig, LLP, in Dallas, Texas.


SIMPLEXITY LLC: Seeks Extension of Exclusive Plan Filing Period
---------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Simplexity LLC has asked the bankruptcy judge
in Wilmington, Delaware, to further extend its exclusive plan
filing period to Nov. 11 to allow it to continue discussions about
its claims against lender Fifth Third Bank.

According to the report, the Official Committee of Unsecured
Creditors has asked the bankruptcy court to terminate Simplexity's
exclusivity to allow the panel to pursue a lawsuit against the
bank, saying it's improper for the company's officers, directors,
managers and indirect owner Versa Capital Management LLC to lead
settlement negotiations with Fifth Third.  The court schedule a
hearing for Oct. 16 to determine approval of the Committee's and
Simplexity's requests.

                         About Simplexity

Simplexity, LLC, a defunct cellphone activator, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
14-10569) on March 16, 2014.  The case is before Judge Kevin
Gross.  The Debtors' counsel is Kenneth J. Enos, Esq., and Robert
S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in
Wilmington, Delaware.  Prime Clerk LLC serves as claims and
noticing agent.  Simplexity hired Rutberg & Co. as investment
banker.

Simplexity LLC and Simplexity Services LLC both estimated
$10 million to $50 million in assets, and $50 million to $100
million in liabilities.

The U.S. Trustee for Region 3 appointed five members to an
official committee of unsecured creditors.  Peter S. Partee, Sr.,
Esq., and Michael P. Richman, Esq., at Hunton & Williams LLP, in
New York; and Christopher A. Ward, Esq., and Shanti M. Katona,
Esq., at Polsinelli PC, in Wilmington, Delaware, represent the
Committee.


SPRING BRANCH: $10M Suit Against Johnson DeLuca Over Ch. 11 Pared
-----------------------------------------------------------------
Law360 reported that a Texas bankruptcy judge cut claims from a
$10 million malpractice suit that alleges Johnson DeLuca Kennedy &
Kurisky PC should not have advised a former hospital owner to file
for Chapter 11, but he stopped short of dismissing the case.
According to the report, U.S. Bankruptcy Judge Jeff Bohm ruled
that while Marty McVey and his investment company cannot pursue
claims that he lost millions when a deal to sell the defunct
Spring Branch Medical Center fell through as a result of the
bankruptcy, he can sue Johnson DeLuca for allegedly allowing
creditors to go after him for $2.6 million of the hospital's debt.


SUPER BUY FURNITURE: Amends Schedules of Assets and Liabilities
---------------------------------------------------------------
Super Buy Furniture, Inc., amended its schedules of assets and
liabilities, disclosing to the Bankruptcy Court:

     Name of Schedule               Assets        Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $18,209,692
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $717,301
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $25,926,690
                                 -----------      -----------
        TOTAL                    $18,209,692      $26,643,992

The Amended Schedules, dated Sept. 12, 2014, reflect that four
creditors have been removed from Schedule F Unsecured Non-Priority
Claims while another nine creditors have been added to Schedule F.

A copy of the Amended Schedules, which includes details on the
removed and added Schedule F creditors, is available for free at:

http://bankrupt.com/misc/SuperBuyFurniture_131_amendedSALs.pdf

                    About Super Buy Furniture

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its original schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.

The U.S. Trustee for Region 21 appointed seven creditors to serve
in the official committee of unsecured creditors in the case.
Javier Vilarino and Ferraiuoli, LLC, serve as legal counsel to the
Creditors Committee.


SUPERVALU INC: Fitch Raises Issuer Default Rating to 'B'
--------------------------------------------------------
Fitch Ratings has upgraded SUPERVALU Inc.'s (SVU) Issuer Default
Rating (IDR) to 'B' from 'B-'.  Fitch has also upgraded the
company's credit facilities and senior unsecured notes.  The
Rating Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects SVU's improved top line performance over the
past year which provides greater confidence that the company
should be able to sustain flat to modestly improved consolidated
sales and steady EBITDA (excluding any impact from the transition
services agreement [TSA]) over the next 12-24 months.  The upgrade
further reflects Fitch's expectation that free cash flow (FCF)
will be used in part for debt reduction, and that adjusted
debt/EBITDAR will be stable to modestly improved going forward in
the low-4x range.

SVU's business mix has improved in the wake of its March 2013 sale
of its New Albertson's, Inc. (NAI) business to a Cerberus Capital
Management (Cerberus)-led consortium, reducing its exposure to the
competitive traditional supermarket sector.  Since that time, SVU
has been cutting expenses, decentralizing the supermarket
operations, and investing in price reductions to revive sales
growth.

These efforts have led to positive ID sales in the Save-A-Lot
segment in fiscal 2014 (ending February) and the first quarter of
fiscal 2015, and slightly positive sales in the Retail Food
segment for the past two quarters, while sales trends in the
Independent Business segment remain negative.  The Independent
Business accounted for 47% of sales and 36% of EBITDA in the 12
months ended June 2014, compared with 25%/29% for Save-A-Lot, and
28%/35% for Retail Food. Save-A-Lot is gaining momentum and has
good prospects in the current grocery environment which should
help offset ongoing 1%-2% attrition in the Independent Business
and +/- 1% comps in the Retail Food business.

Price reductions led to modestly lower fiscal 2014 EBITDA in both
the Save-A-Lot and Retail Food Segments, while EBITDA from the
Independent Business segment was slightly higher due to expense
savings.  While overall segment EBITDA was relatively steady in
fiscal 2014, consolidated EBITDA improved to $754 million
(excluding restructuring charges) from $650 million in fiscal
2013, due to incremental TSA fees from Albertson's LLC (LLC) and
NAI and savings from the workforce reduction completed in the
second quarter of fiscal 2014.  Fitch expects EBITDA to be flat in
fiscal 2015, as ongoing price reductions will likely offset the
benefit from cost savings.  Fitch sees only limited upside to
EBITDA beyond fiscal 2015 given the significant operating and
competitive challenges in the low-margin grocery business.

Fitch projects modestly lower sales and EBITDA from the
Independent Business over the balance of fiscal 2015.  For Save-A-
Lot, Fitch expects mid-single digit comp sales growth and
moderately lower EBITDA in fiscal 2015, with the potential for
some EBITDA upside in fiscal 2016.  And for the Retail Food
segment, Fitch projects comparable store sales in the 0%-1% range
and relatively flat EBITDA in fiscal 2015, and sees limited upside
to EBITDA in fiscal 2016 and beyond.

Over the medium term, SVU will have to manage down its costs
associated with the TSA assuming the Albertson's entities move
their back-office functions to their new affiliated company
Safeway Inc., assuming that transaction closes as expected during
the fourth quarter.  Fees from the TSA are estimated at $190
million in fiscal 2015.

Higher EBITDA in fiscal 2014 together with the repayment of $113
million of debt led to a reduction in adjusted debt/EBITDAR to
4.3x at the end of fiscal 2014 from 5.0x at end-fiscal 2013.
Looking ahead, adjusted leverage should be steady to modestly
lower on flattish EBITDA and modest debt reduction from FCF.

The next refinancing hurdle is the $628 million of 8% notes due in
May 2016.  Fitch believes SVU has flexibility to address this
maturity through a refinancing, retained FCF -- estimated by Fitch
at $150 million-$200 million annually -- and asset sales.  After
that, the company's next debt maturities are in 2019 when the
secured revolver and term loan mature, and 2021, when $400 million
of senior unsecured notes mature.

TSA Risk

The rating takes into account the risk to SVU's bottom line from a
termination of the TSA by NAI and/or LLC.  The TSA was recently
extended by a year to run through Sept. 21, 2016, though fees
could begin to decline prior to that time should the Albertson's
entities dispose of any of their stores or distribution centers or
cancel any services, as they are permitted to do.

The impact from this will depend on SVU's ability to manage down
its costs concurrent with any reduction in fees.  SVU has not
disclosed the actual costs associated with providing these
services or the breakdown of those costs, though the fees of $190
million were essentially designed to cover SVU's costs and to be
break-even for SVU in fiscal 2014.

SVU's cost structure would include costs that are variable in
nature, such as labor and supplies, and fixed costs such as
depreciation and rent on property and equipment.  Reducing
variable costs should be straightforward, while reducing fixed
costs will be more time consuming and may be difficult to fully
eliminate.

Assuming half of the costs are fixed in nature, there is a $95
million risk to SVU's EBITDA over the near term should Safeway
take over the services currently provided by SVU.  This could
potentially drive SVU's EBITDA from $754 million in fiscal 2014
toward $660 million, pushing leverage back up to around 5.0x from
4.3x at the end of fiscal 2014.  SVU would still be FCF positive
at around $100 million annually at these levels.

Recovery Analysis

Fitch's ratings on individual debt issues are based on the IDR and
the expected recovery in a distressed scenario.  Fitch has
allocated across the capital structure an assumed enterprise value
of $2.9 billion (after administrative claims) which is based on an
assumed post-default EBITDA of approximately $590 million and a
4.9x multiple.  The post-default EBITDA assumes a 30% decline in
EBITDA at Retail Food and the Independent Business, and flat
EBITDA at Save-A-Lot.  The multiple is a weighted average of 4.0x
for the Retail Food segment, 4.5x for the independent business and
6.5x for Save-A-Lot.

The $1 billion revolving ABL facility, which is assumed to be 70%
drawn, is backed by inventories, receivables, and prescription
files, which Fitch collectively values at $1.1 billion.  The $1.5
billion term loan is backed by real estate with a book value of
approximately $684 million and a pledge of the shares of Moran
Foods, LLC (Save-A-Lot), which Fitch values at $1.4 billion,
assuming a 6.5x multiple of EBITDA (net of allocated corporate
expenses).  As such, both facilities are assumed to receive a full
recovery, leading to a rating on both facilities of 'BB/RR1'.

The senior unsecured notes are rated 'B/RR4', up from 'CCC+/RR5',
implying a 30%-50% recovery.  Fitch notes that in a liquidation
scenario, SVU's company pension underfunding of $465 million and
multiemployer pension (MEPP) underfunding of $455 million would
rank ahead of the senior unsecured notes given the unique
structural priorities available to the PBGC and pension plan
fiduciaries.  Therefore, in a liquidation scenario, there would be
no recovery to the senior notes.

RATING SENSITIVITIES

A downgrade could result in the event of more negative operating
trends across the business, with top line declining in the 2%-3%
range, FCF turning negative, and/or adjusted debt/EBITDAR moving
above 5x.

An upgrade could result from more robust top-line growth and
steady to improving EBITDA supported by a turnaround of the Save-
A-Lot segment, a stabilization of the Independent Business, and
steady results in the Retail Food segment, causing adjusted
debt/EBITDAR to improve to below 4x.

Fitch upgrades SVU's ratings as follows:

SUPERVALU INC.

   -- IDR to 'B' from 'B-';
   -- $1 billion secured revolving credit facility to 'BB/RR1'
      from 'BB-/RR1';
   -- $1.5 billion secured term loan to 'BB/RR1' from 'BB-/RR1';
   -- Senior unsecured notes to 'B/RR4' from 'CCC+/RR5'.

The Rating Outlook is Stable.


S.W.A. LLC: Old Union Turnpike Property to Be Sold Oct. 22
----------------------------------------------------------
AMR Real Estate Holdings-Lancaster, LLC -- the present holder of a
mortgage given by S.W.A. LLC to Toyota Motor Credit Corporation --
will foreclose on SWA LLC's property and will hold a public
auction at 10:00 a.m. on October 22, 2014, upon the mortgaged
premises at 700 Old Union Turnpike, Lancaster, Worcester County,
Massachusetts.

The real property covered by the Mortgage will be sold subject to
any and all restrictions, easements, covenants, conditions, unpaid
real estate taxes, tax titles, municipal liens and assessments and
existing encumbrances of record created prior to the Mortgage, if
any thereon. The real property covered by the Mortgage also will
be sold subject to all leases and tenancies having priority over
the Mortgage, to tenancies or occupation by persons on the
premises and to all laws and ordinances including, without
limitation, all building, zoning and environmental laws and
ordinances.

Bidders are required to submit a $200,000 deposit in cash,
certified check or bank treasurer's check at the time and place of
the sale.  The balance of the purchase price must be paid in cash,
certified check or bank treasurer's check upon delivery of the
deed 30 days from the date of the sale.  The deposit paid at the
time of the sale will be forfeited if the purchaser does not
comply strictly with the terms of the sale.  Other terms will be
announced at the sale.

AMR Real Estate Holdings-Lancaster, LLC, is represented by:

     John P. Dougherty, Esq.
     NUTTER, MCCLENNEN & FISH, LLP
     155 Seaport Boulevard
     Boston, MA 02110-2604
     Tel: (617) 439-2000
     E-mail: jdougherty@nutter.com


STEPHEN T. YELVERTON: Court Tosses Suit Suit v. Chapter 7 Trustee
-----------------------------------------------------------------
Stephen Thomas Yelverton sued Wendell W. Webster, the chapter 7
trustee overseeing Yelverton's bankruptcy case, and Webster's
surety, Federal Insurance Company.  Yelverton is vexed because
Webster entered into a global settlement agreement with
Yelverton's sisters in the main bankruptcy case under terms which
Yelverton finds wanting. In return for the sum of $110,000 paid to
the estate, the settlement extinguished litigation claims brought
by Yelverton against his sisters and eliminated Yelverton's
ownership interest in the family's pig farm. Yelverton filed an
objection to Webster's motion for court approval of the settlement
and, after the court approved the settlement over his objection,
sought to overturn that approval through various motions and
appeals.  Unsuccessful in those attacks, he initiated the
adversary proceeding to collaterally attack the settlement by
alleging in his corrected amended complaint that Webster breached
his fiduciary duties by negotiating and agreeing to the settlement
terms.

In a September 24, 2014 Memorandum Decision available at
http://is.gd/c4WcIGfrom Leagle.com, Bankruptcy Judge S. Martin
Teel, Jr., ruled that the corrected amended complaint must be
dismissed because (1) it fails to state a claim upon which relief
can be granted under Rule 12(b)(6) of the Federal Rules of Civil
Procedure for it fails to include well-pled facts supporting the
claims asserted, and it is not plausible on its face; and (2)
Yelverton is barred from re-litigating his objections to the
settlement by the doctrines of res judicata (claim preclusion) and
collateral estoppel (issue preclusion).

Stephen T. Yelverton is the sole member of the Yelverton Law Firm,
PLLC.  He filed for Chapter 11 bankruptcy protection (Bankr. D.
D.C. Case No. 09-00414) on May 14, 2009.  Judge S. Martin Teel,
Jr., on Aug. 20, 2010, denied confirmation of the Debtor's plan
and converted the case to Chapter 7.


TALISMAN ENERGY: Fitch Cuts Preferred Stock Rating to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded Talisman Energy Inc.'s (Talisman;
NYSE: TLM) Long-term Issuer Default Rating (IDR) and senior
unsecured ratings to 'BBB-' from 'BBB'.  Fitch also downgrades the
company's Short-term IDR and commercial paper program to 'F3' from
'F2'.  The Rating Outlook has been revised to Stable from
Negative.

The downgrade primarily reflects the company's forecasted
continued negative free cash flow (FCF) profile and heightened
reliance on asset sales to alleviate pressure on leverage metrics.

Approximately $4.7 billion of debt is affected by the rating
action.

KEY RATING DRIVERS

Talisman's ratings consider the company's size, expected
achievement of core asset FCF neutrality by 2016, adequate
liquidity position, and manageable maturities profile.  These
considerations are offset by the company's lower production and
reserve profiles, relatively high finding, development &
acquisition (FD&A) costs, increased exposure to natural gas,
remaining non-core asset sale obstacles and extended development
horizon, and possibility for higher leverage metrics without the
execution of targeted asset sales.

The company reported net proved reserves of 891 million barrels of
oil equivalent (mmboe) at year-end 2013 and net production of 291
thousand boe per day (mboepd), including consolidated subsidiaries
and joint ventures, as of June 30, 2014.  This results in a
reserve life of about 8.5 years.  The Fitch-calculated one- and
three-year average organic reserve replacement rates are 115% and
67%, respectively.  Total production and reserves are down nearly
20% and over 25%, respectively, since 2009 mainly due to asset
sales.  The natural gas production mix has grown to roughly 65% in
2013 (North American natural gas represented 45% of total
production) from about 50% in 2009, which has contributed to lower
product diversification.  Management's focus on liquids production
(core liquids growth of 25% since the first quarter 2013) should
help improve product mix medium-term.

ASSET PROFILE CONTINUES TO EVOLVE

Management continues to divest/dilute non-core positions in an
effort to focus on its core North American and South East Asian
plays and improve capital efficiency, as well as close funding
gaps.  These core assets tend to have favorable liquids
characteristics, exposure to premium pricing, location advantages,
and/or beneficial cost structures.  Talisman has illustrated its
ability to execute asset sales by exiting seven non-core positions
and completing $6.6 billion in dispositions, including carries,
since 2011.  However, Fitch believes the company's remaining non-
core assets may prove to be challenging to divest/dilute,
particularly its North Sea positions.  Management has targeted
non-core asset sales of approximately $2 billion over the next 12
to s18 months.

LEVERAGE PROFILE LINKED TO ASSET SALES

Talisman's 2013 leverage metrics increased year-over-year due to
an over $800 million increase in borrowings to fund capital
expenditures, while the production volume and liquids mix
declined.  The company ended 2013 with debt/EBITDA of 2.0x, which
was anticipated by Fitch and marginally better than expectations.
Further, Fitch-calculated year-end debt/proved (1p) reserves and
debt per flowing barrel metrics, including equity affiliates, were
approximately $6/boe and nearly $18,400, respectively.  LTM
debt/EBITDA improved to 1.6x supported by higher North American
natural gas prices and the repayment of the company's outstanding
revolver and a portion of its commercial paper (CP) balance funded
mainly with asset sale proceeds.  Management expects the company's
core assets to achieve a production and cash flow CAGR of 5% and
10%, respectively, through 2018 and FCF neutrality by 2016, but
Fitch recognizes that in non-core segments, particularly North
Sea, negative FCF concerns remain.

Fitch's base case forecasts Talisman will be about $1.3 billion
FCF negative, including equity affiliates and dividends, in both
2014 and 2015, using Fitch's oil & gas price deck.  Fitch's base
case assumes the shortfalls in 2014 and 2015 will be primarily
funded with $1.4 billion in completed and $2 billion in targeted
asset sales.  This results in debt/EBITDA of 1.7x and 1.6x in 2014
and 2015, respectively.  Debt/1p reserves and debt per flowing
barrel metrics, including equity affiliates, are forecast to
improve to approximately $4.70/boe and $14,300, respectively, by
2015.  This, however, is dependent on the company's ability to
achieve the targeted $2 billion in non-core assets, while not
materially reducing cash flows, 1p reserves, and production.
Fitch forecasts upward pressure on leverage metrics in 2016.

Fitch expects Talisman's leverage profile to remain closely linked
to asset sales and believes that an inability to execute at
targeted levels and under favorable terms could pressure the
rating.  Fitch estimates that, subject to market prices and asset
profile, base case 2015 debt/EBITDA, debt/1p reserves, and debt
per flowing metrics could increase approximately 0.2x, $0.55/boe,
and $1,600, respectively, for each incremental $500 million in
asset sale shortfalls.

The company utilizes a combination of swaps and two-way collars to
manage cash flows and support development funding.  As of June 30,
2014, the company had entered into derivatives contracts through
2016.

ADEQUATE LIQUIDITY POSITION

Talisman had unrestricted cash and equivalents of $356 million as
of June 30, 2014.  Restricted cash, representing the company's
share of funds held in escrow to satisfy Yme removal obligations,
totaled $186 million ($125 million short-term) as of June 30,
2014.  Additional cash and equivalents of $223 million, as of
June 30, 2014, are held by the company's joint ventures.

Supplemental liquidity is provided by the company's $3.0 billion
and $200 million senior unsecured credit facilities due March 2019
and October 2018, respectively.  The company's $3.0 billion credit
facility includes a $1 billion sublimit for the issuance of
letters of credit.  Further, the company maintains a $1.0 billion
CP program.  Available borrowing capacity under the credit
facilities was nearly $2.9 billion, as of June 30, 2014, due to
$315 million of CP outstanding.

MANAGEABLE MATURITIES PROFILE

Maturities equal to $375 million, UK250 million (about $410
million), and $700 million in 2015, 2017, and 2019, respectively,
are due over the next five years.  These represent the company's
5.125% senior notes due May 2015, 6.625% senior notes due December
2017, and 7.75% senior notes due June 2019.  This excludes $315
million in CP borrowings and $6 million ($46 million total) in
Tangguh LNG project financing payments as of June 30, 2014.

Talisman, as defined in its $3.0 billion bank credit facility
agreement, is subject to a quarterly consolidated debt-to-cash
flow ratio of less than 3.5x on a trailing twelve-month basis
(1.9x as of June 30, 2014).  Other covenants consist of lien
limitations and transaction restrictions.

OTHER LIABILITIES

Talisman's defined benefit pension plan was about $101 million
underfunded at year-end 2013, or an over 55% funded status.  Fitch
believes that the expected size of service costs and contributions
are manageable relative to fund flows from operations at less than
5%.  Other contingent obligations totaled $3.3 billion, exclusive
of the divested Montney and other non-core western Canada assets,
on a multi-year, undiscounted basis as of proforma Dec. 31, 2013.
Obligations are primarily comprised of transportation and
processing commitments ($1.8 billion), office and vessel leases
($580 million), and other service contracts ($879 million).
Additionally, the company's share of Yme field settling costs and
liabilities were $223 million, as of June 30, 2014, which is cash
collateralized.  The entire Yme field obligation is expected to be
satisfied by 2016.

Talisman's asset retirement obligations (AROs) were $1.9 billion,
as of June 30, 2014, which is up from the $1.8 billion reported at
year-end 2013 mainly due to a change in discount rate.  The
company expects to pay $43 million in AROs over the next 12
months.  Fitch notes that about half of the reported AROs ($3.2
billion undiscounted as of Dec. 31, 2013) are associated with the
North Sea.  Fitch recognizes that North Sea rationalization risk
exists given the challenging sale environment and production
profile of Talisman's positions.  This could accelerate
decommissioning costs and materially impact cash flows.  Fitch
views the acceleration of decommissioning costs as an event risk,
since the current intention is to redevelop and divest these
assets.

RATING SENSITIVITIES

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

   -- Rationalization of the company's reserve base that leads to
      a portfolio with favorable netbacks retaining size, scale,
      and diversification;

   -- Achievement of a mid-cycle debt/EBITDA at or below 1.5x on a
      sustained basis;

   -- Realization of debt/1p reserves below $5.00/boe and/or
      debt/flowing barrel under $15,000.

Fitch believes the company's evolving asset profile, North Sea
challenges, limited near-term growth prospects, and forecasted
negative FCF are credit overhangs.  Talisman still faces several
obstacles as it continues divesting non-core assets in order to
streamline its portfolio and meet near-term funding requirements,
which Fitch believes lessens the probability of positive rating
actions over the near term.

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

   -- Mid-cycle debt/EBITDA of above 2.0x on a sustained basis;
   -- Debt/1p reserves of over $6.00/boe and/or debt/flowing
      barrel approaching $20,000;
   -- An inability to divest $1.5-$2.0 billion in non-core assets
      that requires the use of debt to close funding gaps;
   -- A sustained weak crude and natural gas pricing environment
      without a corresponding reduction in capex;
   -- Increased dividend payments or commencement of share
      repurchases inconsistent with the expected cash flow
      profile.

Fitch does not anticipate a negative rating action in the near
term, but recognizes that the company's financial flexibility is
limited.  Further rating actions will be closely linked to the
management's ability to balance and execute its operational,
divestiture/dilution, and financial targets.

Fitch has downgraded Talisman's ratings as:

   -- Long-term IDR to 'BBB-' from 'BBB';
   -- Senior unsecured notes to 'BBB-' from 'BBB';
   -- Senior unsecured bank facilities to 'BBB-' from 'BBB';
   -- Cumulative perpetual preferred stock to 'BB' from 'BB+';
   -- Short-term IDR to 'F3' from 'F2';
   -- Commercial paper program to 'F3' from 'F2'.

The Rating Outlook has been revised to Stable from Negative.


TEC/GULL CREEK: Sale and Plan Approved
--------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the bankruptcy judge in Baltimore, Maryland,
has approved the sale of the non-profit, 86-unit Gull Creek
Retirement Community to an affiliate of WMD Asset Management LLC,
and approved the Chapter 11 plan of liquidation, which proposes to
distribute sale proceeds to creditors.  According to the report,
the WMD affiliate was named winning bidder after no competing bids
were received and the auction was canceled.

TEC/Gull Creek, Inc., which provides both independent and assisted
living services to its residents, sought protection under Chapter
11 of the Bankruptcy Code on June 27, 2014.  The case is In re
TEC/Gull Creek, Inc., Case No. 14-20311 (Bankr. D. Md.).  The case
is assigned to Judge Duncan W. Keir.

The Debtor's counsel is James Edward Van Horn, Jr., Esq., at
McGuirewoods LLP, in Baltimore, Maryland.  The Debtor's financial
advisor is Weinsweigadvisors LLC, while its investment banker is
Cassidy Turley Commercial Real Estate Services, Inc.

The Debtor has estimated assets of $1 million to $10 million and
estimated liabilities of $10 million to $50 million.

The petition was signed by Lloyd R. Kitchen, Jr., executive vice
president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mdb14-20311.pdf


TELEXFREE LLC: Creditors Object to Professional Fees
----------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that creditors who say they are victims of the
TelexFree LLC Ponzi scheme objected to the payment of fees to
professional firms hired by the former Internet phone-service
provider, saying their work resulted only in delay and waste.
According to the report, the objectors asked the judge to disallow
fees sought by law firms Greenberg Traurig LLP and Gordon Silver
and financial adviser Alvarez & Marsal North America LLC.
Alternatively, the creditors asked the judge to postpone the fee
hearing until an official creditors' committee is formed, the
report related.

                         About TelexFREE

TelexFREE -- http://www.TelexFREE.com-- is a telecommunications
business that uses multi-level marketing to assist in the
distribution of voice over internet protocol telephone services.
TelexFREE's retail VoIP product, 99TelexFREE, allows for unlimited
international calling to seventy countries for a flat monthly rate
of $49.90.  TelexFREE has over 700,000 associates or promoters
worldwide.

The company believes the sales of the 99TelexFREE product, the
TelexFREE "app," and other new products will ultimately prove
successful and profitable.  The company is struggling, however,
with several factors that required it to seek chapter 11
protection.  First, the Company experienced exponential growth in
revenue between 2012 and 2013 (from de minimus amounts to over
$1 billion), which put tremendous pressure on the Company's
financial, operational and management systems.  Second, although
the company revised its original compensation plan to promoters in
order to address certain questions that were raised regarding such
plan, the company believes that the plans need to be further
revised.  Finally, the trailing liabilities arising from the
original compensation plan are difficult to quantify and have
resulted in substantial asserted liabilities against the company,
a number of which may not be valid.

TelexFREE LLC and two affiliates sought bankruptcy protection
(Bankr. D. Nev. Lead Case No. 14-12525) on April 13, 2014.

Alvarez & Marsal North America, LLC is serving as restructuring
advisor and Greenberg Traurig, LLP and Gordon Silver are serving
as legal advisors to TelexFREE.  Kurtzman Carson Consultants LLC
serves as claims and noticing agent.

TelexFREE, LLC, estimated $50 million to $100 million in assets
and $100 million to $500 million in liabilities.

TelexFREE is facing accusations of operating a $1 billion-plus
pyramid scheme.

In May, the Court approved the motion by the U.S. Securities &
Exchange Commission to transfer the venue of the Debtors' cases to
the U.S. Bankruptcy Court, District of Massachusetts (Bankr. D.
Mass. Case Nos. 14-40987, 14-40988 and 14-40989).  The Court
entered an order in relation to the venue transfer stating that
the cases remain jointly administered, and KCC will continue to
serve as claims processing agent.

The Debtors had opposed to the motion, stating that while the SEC
contends that the Massachusetts Bankruptcy Court is more
convenient for the SEC, the SEC has failed entirely to meet its
burden to show that the Massachusetts Bankruptcy Court is better
than the Nevada Bankruptcy Court for administration of the Chapter
11 Cases.  The Debtors chose the Nevada Bankruptcy Court because,
inter alia, TelexFREE Nevada, a Nevada entity, is a counter-party
to more than 700,000 contracts governed by Nevada law.

A creditors' committee has not yet been appointed in the Chapter
11 Cases.


TENET HEALTHCARE: Offering $500 Million of Senior Notes
-------------------------------------------------------
Tenet Healthcare Corporation is offering to sell $500 million
aggregate principal amount of senior notes, which will bear
interest at a rate of 5.50% per annum.  The proceeds from the
offering will be used for general corporate purposes, including
the repayment of indebtedness and drawings under Tenet's senior
secured revolving credit facility, related transaction fees and
expenses, and acquisitions.

The notes will be Tenet's general unsecured senior obligations and
will be subordinated to all of Tenet's existing and future senior
secured obligations to the extent of the value of the collateral
securing Tenet's senior secured obligations, and will be
structurally subordinated to all obligations and liabilities of
Tenet's subsidiaries.

                             About Tenet

Tenet Healthcare Corporation is a national, diversified healthcare
services company with more than 105,000 employees united around a
common mission: to help people live happier, healthier lives.  The
company operates 80 hospitals, more than 190 outpatient centers,
six health plans and Conifer Health Solutions, a leading provider
of healthcare business process services in the areas of revenue
cycle management, value-based care and patient communications.
For more information, please visit www.tenethealth.com.

Tenet reported a net loss of $104 million in 2013 following net
income of $133 million in 2012.

As of June 30, 2014, the Company had $16.90 billion in total
assets, $15.75 billion in total liabilities, $277 million in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $873 million in total equity.

                             *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, B corporate credit
rating from Standard & Poor's Ratings Services and B1 Corporate
Family Rating from Moody's Investors Service.


THORNBURG MORTGAGE: Judge Narrows $1.9 Billion Suit Against Banks
-----------------------------------------------------------------
Bankruptcy Judge Duncan W. Keir granted, in part, the Defendants'
"Joint Motion to Dismiss First Amended Complaint" filed in the
case captioned as, Joel I. Sher in his capacity as Chapter 11
Trustee for TMST, Inc., TMST Hedging Strategies, Inc. and TMST
Home Loans, Inc., Plaintiff, v. JP Morgan Chase Funding Inc., et
al, Defendants, Adv. Proc. No. 11-340 (Bankr. D. Md.).

Mr. Sher sued various financial institutions over transactions
that contributed to the collapse of Thornburg Mortgage, Inc.  He
seeks total damages in excess of $1.9 billion.

In his ruling, Judge Keir dismissed several of the counts raised
by Mr. Sher.  A copy of the Court's September 24, 2014 Memorandum
of Decision is available at http://is.gd/bBEkmSfrom Leagle.com.

Citigroup Global Markets, Inc. and Citigroup Global Markets
Limited jointly filed a supplemental memorandum setting forth
grounds unique to their request for dismissal.

The Defendants set forth their grounds for dismissal under the
safe harbor provisions of Section 546 of the Bankruptcy Code2,
Federal Rule of Bankruptcy Procedure 7012, incorporating Federal
Rule of Civil Procedure 12(b)(6), and Federal Rule of Bankruptcy
Procedure 7056, incorporating Federal Rule of Civil Procedure 56.

Mr. Sher has filed an Opposition to the Motion to Dismiss and both
parties have filed further supplemental pleadings. The court held
a hearing upon the Motion to Dismiss on May 1, 2013.

                       About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
Thornburg changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, served as counsel to
Thornburg Mortgage.  Orrick, Herrington & Sutcliffe LLP served as
special counsel.  Jim Murray and David Hilty of Houlihan Lokey
Howard & Zukin Capital, Inc., served as investment banker and
financial advisor.  Protiviti Inc. served as financial advisory
services.  KPMG LLP served as the tax consultant.  Epiq Systems,
Inc., serves claims and noticing agent.  Thornburg disclosed total
assets of $24.4 billion and total debts of $24.7 billion, as of
Jan. 31, 2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.  He is represented by his firm, Shapiro Sher
Guinot & Sandler.


UNITEK GLOBAL: Further Extends Standstill Periods to Oct. 2
-----------------------------------------------------------
As disclosed in its current reports on Form 8-K filed on Aug. 13,
2014, and Sept. 4, 2014, UniTek Global Services, Inc., previously
entered into forbearance agreements, dated as of Aug. 8, 2014,
with the Company's lenders under its Term Credit Agreement and
Revolving Credit Agreement, which agreements were amended on
Sept. 3, 2014, to extend through Sept. 23, 2014, the standstill
periods contained in those agreements.

In a Form 8-K filed with the U.S. Securities and Exchange
Commission on Sept. 24, 2014, the Company said it entered into
with the Term Lenders and Revolver Lenders amendments to the Term
Forbearance Agreement and the Revolver Forbearance Agreement to
extend through Oct. 2, 2014, the standstill periods contained in
those agreements.

The "Term Credit Agreement" means that certain Credit Agreement,
dated as of April 15, 2011, among the Company, the several banks
and other financial institutions or entities from time to time
parties thereto, and Cerberus Business Finance, LLC, as
administrative agent.  The "Revolving Credit Agreement" means that
certain Revolving Credit and Security Agreement, dated as of
July 10, 2013, among the Company, certain subsidiaries thereof,
the several banks and other financial institutions or entities
from time to time parties thereto, and Apollo Investment
Corporation, as agent.

                   About UniTek Global Services

UniTek Global Services, Inc., based in Blue Bell, Pennsylvania,
provides fulfillment and infrastructure services to media and
telecommunication companies in the United States and Canada.

UniTek Global reported a net loss of $52.07 million on $471.93
million of revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $77.73 million on $437.59 million of revenues
in 2012.

The Company's balance sheet at March 29, 2014, showed $249.60
million in total assets, $257.33 million in total liabilities and
a $7.72 million total stockholders' deficit.

                        Bankruptcy Warning

"An event of default under either of our credit facilities could
result in, among other things, the acceleration and demand for
payment of all the principal and interest due and the foreclosure
on the collateral.  As a result of such a default or action
against collateral, we could be forced to enter into bankruptcy
proceedings, which may result in a partial or complete loss of
your investment," the Company said in its annual report for the
year ended Dec. 31, 2013.

                           *     *     *

In the Oct. 17, 2013, edition of the TCR, Moody's Investors
Service assigned a Caa2 Corporate Family Rating to UniTek Global
Services, Inc.  UniTek's Caa2 CFR reflects the company's high
interest burden, delay in filing 2013 quarterly reports with the
SEC, lower than anticipated future revenues from one of its main
customers, and need to address internal control weaknesses over
financial reporting as of December 31, 2012 as cited in the
company's Form 10-K for the year ended Dec. 31, 2012.

The TCR reported on Aug. 27, 2014, that Moody's Investors Service
changed UniTek Global Services, Inc.'s outlook to negative from
stable due to the company's lower than anticipated operating
performance during the first half of 2014 and uncertainty
regarding its near-term covenant compliance.

As reported by the TCR on Oct. 17, 2013, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Blue Bell,
Pa.-based UniTek Global Services Inc. to 'B-' from 'CCC'.  "The
ratings upgrade to 'B-' reflects our belief that the company
is no longer vulnerable and dependent on favorable developments to
meet its financial commitments over the next few years," said
Standard & Poor's credit analyst Michael Weinstein.


USEC INC: Has $6.9MM Additional Funding for ACTDO Deal
------------------------------------------------------
USEC Inc. on September 22, 2014, entered into Amendment No. 008 to
the agreement dated May 1, 2014 with UT-Battelle, LLC, as operator
of Oak Ridge National Laboratory, for continued research,
development and demonstration of the American Centrifuge
technology in furtherance of the U.S. Department of Energy's
national security objectives.  Amendment No. 008 amends the ACTDO
Agreement to provide for additional funds of approximately $6.9
million, bringing total funding to approximately $40.7 million.
The other terms and conditions of the ACTDO Agreement were not
changed by the Amendment.

The ACTDO Agreement provides for continued cascade operations, the
continuation of core American Centrifuge research and technology
activities, and the furnishing of related reports to ORNL. The
agreement is a firm fixed-price contract with a total price of
approximately $75.3 million for the period from May 1, 2014 to
March 31, 2015. The agreement provides for payments of
approximately $6.7 million per month through September 30, 2014
and approximately $6.9 million thereafter. The ACTDO Agreement is
incrementally funded. Funds currently allocated to the ACTDO
Agreement are expected to cover the work to be performed through
October 31, 2014. The agreement also provides ORNL with one
additional option to extend the agreement by six months to
September 30, 2015. The option is priced at approximately $41.7
million. ORNL may exercise its option by providing notice 60 days
prior to the end of the term of the agreement. The total price of
the contract including options is approximately $117 million.

                         About USEC Inc.

USEC Inc. filed a Chapter 11 bankruptcy petition (Bank. D. Del.
Case No. 14-10475) on March 5, 2014.  John R. Castellano signed
the petition as chief restructuring officer.  The Hon. Christopher
S. Sontchi presides over the case.

D. J. Baker, Esq., Rosalie Walker Gray, Esq., Adam S. Ravin, Esq.,
and Annemarie V. Reilly, Esq., at Latham & Watkins LLP, serve as
the Debtor's general counsel.  Amanda R. Steele, Esq., Mark D.
Collins, Esq., and Michael J. Merchant, Esq., at Richards, Layton
& Finger, P.A., serve as the Debtor's Delaware counsel.  Vinson &
Elkins is the Debtor's special counsel.  Lazard Freres & Co. LLC
acts as the Debtor's investment banker.  AP Services, LLC,
provides management services to the Debtor.  Logan & Company Inc.
serves as the Debtor's claims and noticing agent.  Deloitte Tax
LLP are the Debtor's tax professionals.  The Debtor's independent
auditor is PricewaterhouseCoopers LLP.  KPMG LLP provides fresh
start accounting services to the Debtors.


VIRGIN MEDIA: Bank Debt Trades at 2% Off
----------------------------------------
Participations in a syndicated loan under which Virgin Media
Investment Holdings Ltd (NTL) is a borrower traded in the
secondary market at 97.61 cents-on-the-dollar during the week
ended Friday, September 26, 2014, according to data compiled by
LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street
Journal.  This represents a drop of 0.38 percentage points from
the previous week, The Journal relates.  Virgin Media Investment
Holdings Ltd (NTL) pays 275 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Feb. 6, 2020.  The
bank debt carries Moody's Ba3 rating and Standard & Poor's BB-
rating.  The loan is one of the biggest gainers and losers among
255 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


VISION INDUSTRIES: Chief Financial Officer Quits
------------------------------------------------
Dennis P. Gauger tendered his resignation as Vision Industires
Corp.'s chief financial officer on Sept. 18, 2014, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.  Mr. Gauger's resignation is not the result of any
disagreement with the Company regarding the Company's operations,
policies, or practices.

The Company said it has not made a decision for a replacement CFO
at this time but has begun pursuing candidates for the vacant
position.  The Company's Chief Executive Officer, Martin
Schuermann, will assume the duties and obligations as the
Company's interim CFO until a replacement can be identified.

                      About Vision Industries

Long Beach, Cal.-based Vision Industries Corp. focuses its
efforts in building Class 8 fuel cell electric vehicles (FCEV)
used in drayage transportation.

Vision Industries Corp. filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Calif. Case No. 14-28225) on Sept. 24, 2014.  The
petition was signed by Jerome Torresyap as president/COO.  The
Debtor disclosed total assets of $1.34 million and total
liabilities of $3.18 million.  Marshack Hays LLP serves as the
Debtor's counsel.  The case is assigned to Judge Robert N. Kwan.


WALTER ENERGY: Bank Debt Trades at 11% Off
------------------------------------------
Participations in a syndicated loan under which Walter Energy, Inc
is a borrower traded in the secondary market at 89.15 cents-on-
the-dollar during the week ended Friday, March 14, 2018 according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a drop of 2.66
percentage points from the previous week, The Journal relates.
Walter Energy, Inc pays 575 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 14, 2018.  The
bank debt carries Moody's Ba3 rating and Standard & Poor's B-
rating.  The loan is one of the biggest gainers and losers among
255 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


WPCS INTERNATIONAL: Q1 Revenue Increased to $6.8 Million
--------------------------------------------------------
WPCS International Incorporated announced its fiscal 2015 first
quarter financial results for the period ended July 31, 2014.

Revenue for the fiscal 2015 first quarter increased 59% to $6.8
million as compared to $4.3 million for the same period the prior
year, mostly attributable to contracting services project revenue
in the Company's Suisun City Operations.

WPCS International reported a net loss attributable to the Company
of $2.23 million compared to a net loss attributable to the
Company of $5.89 million for the same period in 2013.

The Company's balance sheet at July 31, 2014, showed $20.82
million in total assets, $18.08 million in total liabilities and
$2.73 million in total equity.

Sebastian Giordano, Interim CEO of WPCS, commented, "We continue
to diligently make progress across several fronts. First, we are
pleased with our fiscal 2015 first quarter revenue growth of 59%
on a year-over-year basis, which was mostly attributable to our
Suisun City Operations.  This segment of our operations is doing
very well and we anticipate this trend to continue in the
foreseeable future.  In addition to the restructuring measures
previously reported for fiscal year end 2014, we continue to make
steady progress in this area during the first quarter of 2015, as
we completed the sale of our Australian Operations and obtained
shareholder approval for the sale of our Seattle Operations.
These accomplishments are part of a comprehensive restructuring
effort that, when completed, should better financially position
the Company going forward. We continue to pursue the sale of our
China joint venture interest, debt restructuring and further
reduction of expenses and liabilities.  As such, our financials
for this period still reflect the impact of these legacy issues
and the remaining areas that still need to be addressed.  Finally,
we continue our commitment to developing our digital currency
business, which has resulted in an increased user base on our
platforms and new product launches, such as Celery, which began
generating nominal revenues during this quarter.  On behalf of the
management team, we are excited about the future of WPCS and thank
our shareholders for their continued support during this process."

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

                      http://is.gd/cfBEVO

               About WPCS International Incorporated

WPCS -- http://www.wpcs.com-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP
as its new independent registered public accounting firm.
CohnReznick LLP resigned on Dec. 20, 2013.

WPCS International incurred a net loss attributable to common
shareholders of $11.16 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.  As of April 30,
2014, the Company had $22.02 million in total assets, $16.05
million in total liabilities and $5.96 million in total equity.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


YRC WORLDWIDE: Amends Credit Agreement with Credit Suisse
---------------------------------------------------------
YRC Worldwide Inc. had amended its credit agreement with Credit
Suisse AG, Cayman Islands Branch, as administrative agent under
the Credit Agreement dated Feb. 13, 2014, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.

The Credit Agreement Amendment, among other things: (a) increases
the rates by .25%, provided that the original rates will be
reinstated if the Company meets its total leverage ratio; (b)
amends the annual excess cash flow sweep to require a 75% sweep if
the Company's total leverage ratio is greater than 4.00:1.00; (c)
requires that the Company's pro forma total leverage ratio be less
than or equal to 4.00:1.00 to use (i) the $20 million "starter"
component of the cumulative credit basket for investments,
restricted payments or prepayments of subordinated debt or (ii)
the $30 million general restricted payment basket; and (d) resets
the total leverage ratio covenants as follows:

     Test Period Ending       Maximum Total Ratio
     ------------------       -------------------
     June 30, 2014                6.00 to 1.0
     September 30, 2014           5.25 to 1.0
     December 31, 2014            5.25 to 1.0
     March 31, 2015               5.00 to 1.0
     June 30, 2015                4.75 to 1.0
     September 30, 2015           4.50 to 1.0
     December 31, 2015            4.25 to 1.0
     March 31, 2016               4.00 to 1.0
     June 30, 2016                3.75 to 1.0
     September 30, 2016           3.75 to 1.0
     December 31, 2016            3.50 to 1.0
     March 31, 2017              3.25 to 1.0
     June 30, 2017               3.25 to 1.0
     September 30, 2017          3.25 to 1.0
     December 31, 2017 and
     thereafter                  3.00 to 1.0

Upon effectiveness of the Credit Agreement Amendment, each
consenting lender shall receive a fee equal to .25% of their
outstanding exposure.

A copy of the Amended Credit Agreement is available at:

                        http://is.gd/Dgf3wc

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

The Company incurred a net loss of $83.6 million in 2013 following
a net loss of $136.5 million in 2012.  As of June 30, 2014, the
Company had $2.17 billion in total assets, $2.54 billion in total
liabilities and a $362.4 million total shareholders' deficit.

                            *    *    *

As reported by the TCR on Feb. 18, 2014, Moody's Investors Service
had upgraded the Corporate Family Rating for YRC Worldwide Inc.
("YRCW") from Caa3 to B3, following the successful closing of its
refinancing transactions.

In the Jan. 31, 2014, edition of the TCR, Standard & Poor's
Ratings Services said that it raised its ratings on Overland Park,
Kansas-based less-than-truckload (LTL) trucker YRC Worldwide Inc.
(YRCW), including the corporate credit rating to 'CCC+' from
'CCC', and removed them from CreditWatch negative, where they were
placed on Jan. 10, 2014.  "The upgrades reflect YRCW's improved
liquidity position and minimal debt maturities as a result of its
proposed refinancing," said Standard & Poor's credit analyst Anita
Ogbara.


* New York Seek Shield for Rent-Control Tenants
-----------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the city and state of New York filed a friend-
of-the-court brief in an individual's bankruptcy case to tell the
state's highest court that their rights under a rent-stabilized
lease are not property of the estate and would be exempt if they
were.  According to the report, a federal district court said the
value of a tenant's lease in a rent-stabilized apartment was
property of the estate that the landlord could buy from the
bankruptcy trustee.  The tenant took her case to the U.S. Court of
Appeals in Manhattan, which, in turn, turned to the New York
Supreme Court after concluding that the outcome in the case
depended on New York law, the report related.

The case in the state high court is Santiago-Monteverde v. Pereira
(In re Santiago-Monteverde), CTQ-2014-00004, New York Court of
Appeals (Albany).  The case in the federal circuit court is
Santiago-Monteverde v. Pereira (In re Santiago-Monteverde), 12-
4131, U.S. Court of Appeals for the Second Circuit (Manhattan).


* Panel Again Questions Sternberg Limits on Stay Violation Fees
---------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a three-judge panel for the Ninth Circuit
upheld a lower court's decision, awarding a Chapter 7 debtor a
total of about $25,000 after a payday lender collected a $575
loan.  According to the report, the court said that as required by
the Sternberg decision the bankrupt could only recover fees for
halting a stay violation, not for attempting to recover damages.

The new Ninth Circuit case is Snowden v. Check Into Cash of
Washington Inc. (In re Snowden), 13-35291, U.S. Ninth Circuit
Court of Appeals (San Francisco).


* Spending Beyond One's Means Isn't Dodging Taxes
-------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that, in a case involving the bankruptcy of a
wealthy couple, a U.S. Court of Appeals in San Francisco ruled
that "no circuit has held that living beyond one's means alone
constitutes willful tax evasion" after the couple was sued by the
Internal Revenue Service, contending that maintenance of the
couple's expensive lifestyle in the face of investment losses and
tax liabilities was a "willful" attempt to evade taxes.  According
to the report, the Circuit Court said that to saddle an individual
with tax debt requires "a showing of specific intent to evade the
tax," and a "mere showing of spending in excess of income is not
sufficient."

The case is Hawkins v. Franchise Tax Board of California, 11-
16276, U.S. Court of Appeals for the Ninth Circuit (San
Francisco).


* Bingham-Morgan Lewis Merger Talks Enter Critical Stage
--------------------------------------------------------
Jennifer Smith, writing for The Wall Street Journal, reported that
merger negotiations between Boston law firm Bingham McCutchen LLP
and the larger Morgan, Lewis & Bockius LLP are entering a critical
phase.  According to the report, citing two people familiar with
the matter, Morgan Lewis has identified a group of roughly two
dozen Bingham partners whose participation is necessary for a
combination to proceed.


* Holland & Knight Adds New Litigation Partner in Tampa
-------------------------------------------------------
Holland & Knight announced that Jason H. Baruch has joined the
firm as a partner in its litigation practice group. He was
previously a shareholder with Trenam Kemker.

"Jason has an excellent reputation in the Tampa Bay legal
community and his commercial litigation experience fits perfectly
with the type of work we do," said Brad Kimbro, executive partner
of Holland & Knight's Tampa office. "We have a strong litigation
practice in this market and Jason's arrival will increase our
capacity and add to our group of respected litigators."

Mr. Baruch represents clients in the areas of commercial
litigation, maritime law, bankruptcy and creditors' rights, and
intellectual property. He is recognized as a Legal Elite "Up &
Comer" by Florida Trend and is Martindale-Hubbell AV Preeminent
Peer Review Rated.

He earned his B.S. and B.A. degrees from the University of Florida
and his J.D. degree from the University of Florida Levin College
of Law.

Mr. Baruch may be reached at:

         Jason H. Baruch, Esq.
         HOLLAND & KNIGHT LLP
         100 North Tampa Street
         Suite 4100
         Tampa, FL 33602
         Tel: (813) 227-6607
         Email: jason.baruch@hklaw.com


* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                                Total
                                               Share-      Total
                                     Total   Holders'    Working
                                    Assets     Equity    Capital
  Company          Ticker             ($MM)      ($MM)      ($MM)
  -------          ------           ------   --------    -------
ABSOLUTE SOFTWRE   OU1 GR            129.2       (9.4)       0.4
ABSOLUTE SOFTWRE   ALSWF US          129.2       (9.4)       0.4
ABSOLUTE SOFTWRE   ABT CN            129.2       (9.4)       0.4
ADVANCED CELL TE   T2N1 GR             5.6      (20.7)     (19.6)
ADVANCED CELL TE   ACTC US             5.6      (20.7)     (19.6)
ADVANCED EMISSIO   ADES US           106.4      (46.1)     (15.3)
ADVANCED EMISSIO   OXQ1 GR           106.4      (46.1)     (15.3)
ADVENT SOFTWARE    AXQ GR            452.2      (86.0)     (99.3)
ADVENT SOFTWARE    ADVS US           452.2      (86.0)     (99.3)
AEMETIS INC        AMTX US            95.4       (1.1)     (18.1)
AIR CANADA-CL A    ADH TH         10,522.0   (1,822.0)    (226.0)
AIR CANADA-CL A    ADH GR         10,522.0   (1,822.0)    (226.0)
AIR CANADA-CL A    AIDIF US       10,522.0   (1,822.0)    (226.0)
AIR CANADA-CL A    AC/A CN        10,522.0   (1,822.0)    (226.0)
AIR CANADA-CL B    AIDEF US       10,522.0   (1,822.0)    (226.0)
AIR CANADA-CL B    AC/B CN        10,522.0   (1,822.0)    (226.0)
ALLIANCE HEALTHC   AIQ US            468.1     (131.0)      59.7
AMC NETWORKS-A     AMCX US         3,685.9     (396.1)     689.3
AMC NETWORKS-A     AMCX* MM        3,685.9     (396.1)     689.3
AMC NETWORKS-A     9AC GR          3,685.9     (396.1)     689.3
AMER RESTAUR-LP    ICTPU US           33.5       (4.0)      (6.2)
AMYLIN PHARMACEU   AMLN US         1,998.7      (42.4)     263.0
AMYRIS INC         3A0 TH            284.1     (139.7)      74.4
AMYRIS INC         AMRS US           284.1     (139.7)      74.4
AMYRIS INC         3A0 GR            284.1     (139.7)      74.4
ANGIE'S LIST INC   ANGI US           128.4      (36.6)     (54.9)
ANGIE'S LIST INC   8AL GR            128.4      (36.6)     (54.9)
ANGIE'S LIST INC   8AL TH            128.4      (36.6)     (54.9)
ARRAY BIOPHARMA    ARRY US           139.1      (25.7)      68.9
ASPEN AEROGELS I   AP1 GR             88.2      (80.7)      (5.2)
ASPEN AEROGELS I   ASPN US            88.2      (80.7)      (5.2)
ASTERIAS BIO       ASTY US             1.9       (5.1)      (6.7)
AUTOZONE INC       AZO US          7,371.8   (1,808.2)  (1,016.1)
AUTOZONE INC       AZOEUR EU       7,371.8   (1,808.2)  (1,016.1)
AUTOZONE INC       AZ5 TH          7,371.8   (1,808.2)  (1,016.1)
AUTOZONE INC       AZ5 GR          7,371.8   (1,808.2)  (1,016.1)
AVALANCHE BIOTEC   AAVL US            54.8       43.0       48.9
AVALANCHE BIOTEC   AVU GR             54.8       43.0       48.9
AVID TECHNOLOGY    AVID US           208.0     (348.9)    (134.1)
AXIM BIOTECHNOLO   AXIM US             0.1       (0.1)      (0.1)
BENEFITFOCUS INC   BNFT US           141.0      (14.6)      52.3
BENEFITFOCUS INC   BTF GR            141.0      (14.6)      52.3
BERRY PLASTICS G   BERY US         5,419.0     (118.0)     654.0
BERRY PLASTICS G   BP0 GR          5,419.0     (118.0)     654.0
BRP INC/CA-SUB V   BRPIF US        1,895.9      (44.8)     133.6
BRP INC/CA-SUB V   B15A GR         1,895.9      (44.8)     133.6
BRP INC/CA-SUB V   DOO CN          1,895.9      (44.8)     133.6
BURLINGTON STORE   BURL US         2,555.3     (140.1)     102.3
BURLINGTON STORE   BUI GR          2,555.3     (140.1)     102.3
CABLEVISION SY-A   CVY GR          6,701.1   (5,133.2)     338.4
CABLEVISION SY-A   CVC US          6,701.1   (5,133.2)     338.4
CABLEVISION-W/I    CVC-W US        6,701.1   (5,133.2)     338.4
CABLEVISION-W/I    8441293Q US     6,701.1   (5,133.2)     338.4
CADIZ INC          CDZI US            57.9      (45.6)       4.7
CAESARS ENTERTAI   CZR US         27,069.4   (2,578.4)   1,716.6
CAESARS ENTERTAI   C08 GR         27,069.4   (2,578.4)   1,716.6
CALLIDUS CAPITAL   CBL CN            444.5       (4.3)       -
CALLIDUS CAPITAL   28K GR            444.5       (4.3)       -
CAPMARK FINANCIA   CPMK US        20,085.1     (933.1)       -
CASELLA WASTE      CWST US           656.6       (7.6)     (11.6)
CATALENT INC       CTLT US         3,090.2     (367.3)     234.5
CATALENT INC       0C8 GR          3,090.2     (367.3)     234.5
CATALENT INC       0C8 TH          3,090.2     (367.3)     234.5
CENTENNIAL COMM    CYCL US         1,480.9     (925.9)     (52.1)
CHOICE HOTELS      CZH GR            628.4     (412.5)     184.3
CHOICE HOTELS      CHH US            628.4     (412.5)     184.3
CIENA CORP         CIEN US         2,100.4      (45.2)     889.3
CIENA CORP         CIE1 TH         2,100.4      (45.2)     889.3
CIENA CORP         CIEN TE         2,100.4      (45.2)     889.3
CIENA CORP         CIE1 GR         2,100.4      (45.2)     889.3
CINCINNATI BELL    CBB US          2,176.9     (556.0)     337.7
CIVITAS SOLUTION   CIVI US         1,031.5      (62.0)      66.1
CIVITAS SOLUTION   1CI GR          1,031.5      (62.0)      66.1
CORINDUS VASCULA   CVRS US             0.0       (0.0)      (0.0)
CROWN BAUS CAPIT   CBCA US             0.0       (0.0)      (0.0)
DENNY'S CORP       DENN US           284.2       (0.0)     (21.5)
DENNY'S CORP       DE8 GR            284.2       (0.0)     (21.5)
DEX MEDIA INC      DXM US          2,084.0     (864.0)     139.0
DIRECTV            DTV US         22,126.0   (6,127.0)    (624.0)
DIRECTV            DIG1 GR        22,126.0   (6,127.0)    (624.0)
DIRECTV            DTVEUR EU      22,126.0   (6,127.0)    (624.0)
DIRECTV            DTV CI         22,126.0   (6,127.0)    (624.0)
DOMINO'S PIZZA     EZV GR            495.7   (1,289.7)     105.0
DOMINO'S PIZZA     EZV TH            495.7   (1,289.7)     105.0
DOMINO'S PIZZA     DPZ US            495.7   (1,289.7)     105.0
DUN & BRADSTREET   DNB US          1,773.4   (1,077.1)     (60.3)
DUN & BRADSTREET   DB5 GR          1,773.4   (1,077.1)     (60.3)
EDGEN GROUP INC    EDG US            883.8       (0.8)     409.2
EMPIRE RESORTS I   NYNY US            46.1       (9.5)      (7.2)
EMPIRE RESORTS I   LHC1 GR            46.1       (9.5)      (7.2)
EMPIRE STATE -ES   ESBA US         1,122.2      (31.6)    (925.9)
EMPIRE STATE-S60   OGCP US         1,122.2      (31.6)    (925.9)
EOS PETRO INC      EOPT US             1.5       (4.3)      (5.5)
FAIRPOINT COMMUN   FONN GR         1,524.8     (360.6)      20.9
FAIRPOINT COMMUN   FRP US          1,524.8     (360.6)      20.9
FERRELLGAS-LP      FEG GR          1,589.9      (88.9)      89.0
FERRELLGAS-LP      FGP US          1,589.9      (88.9)      89.0
FREESCALE SEMICO   1FS GR          3,265.0   (3,728.0)   1,334.0
FREESCALE SEMICO   1FS TH          3,265.0   (3,728.0)   1,334.0
FREESCALE SEMICO   FSL US          3,265.0   (3,728.0)   1,334.0
GAMING AND LEISU   GLPI US         2,581.7      (72.9)     (41.1)
GAMING AND LEISU   2GL GR          2,581.7      (72.9)     (41.1)
GENCORP INC        GCY GR          1,675.6      (49.0)      86.7
GENCORP INC        GY US           1,675.6      (49.0)      86.7
GENTIVA HEALTH     GHT GR          1,250.6     (285.7)     112.2
GENTIVA HEALTH     GTIV US         1,250.6     (285.7)     112.2
GLG PARTNERS INC   GLG US            400.0     (285.6)     156.9
GLG PARTNERS-UTS   GLG/U US          400.0     (285.6)     156.9
GLOBALSTAR INC     GSAT US         1,327.4     (204.5)      (8.9)
GOLD RESERVE INC   GRZ CN             29.9       (4.2)       9.9
GOLD RESERVE INC   GDRZF US           29.9       (4.2)       9.9
GOLD RESERVE INC   GOD GR             29.9       (4.2)       9.9
GRAHAM PACKAGING   GRM US          2,947.5     (520.8)     298.5
HCA HOLDINGS INC   HCA US         29,822.0   (6,588.0)   2,877.0
HCA HOLDINGS INC   2BH GR         29,822.0   (6,588.0)   2,877.0
HCA HOLDINGS INC   2BH TH         29,822.0   (6,588.0)   2,877.0
HD SUPPLY HOLDIN   5HD GR          6,714.0     (701.0)   1,438.0
HD SUPPLY HOLDIN   HDS US          6,714.0     (701.0)   1,438.0
HERBALIFE LTD      HOO GR          2,435.7     (404.1)     552.4
HERBALIFE LTD      HLF US          2,435.7     (404.1)     552.4
HERBALIFE LTD      HLFEUR EU       2,435.7     (404.1)     552.4
HOVNANIAN ENT-A    HOV US          1,893.7     (443.1)   1,107.3
HOVNANIAN ENT-B    HOVVB US        1,893.7     (443.1)   1,107.3
HOVNANIAN-A-WI     HOV-W US        1,893.7     (443.1)   1,107.3
HUGHES TELEMATIC   HUTC US           110.2     (101.6)    (113.8)
HUGHES TELEMATIC   HUTCU US          110.2     (101.6)    (113.8)
IHEARTMEDIA INC    IHRT US        14,752.2   (9,315.2)   1,225.6
IMPRIVATA INC      I62 GR             35.6       (4.3)     (10.8)
IMPRIVATA INC      IMPR US            35.6       (4.3)     (10.8)
INCYTE CORP        INCY US           679.1     (171.0)     464.6
INCYTE CORP        ICY GR            679.1     (171.0)     464.6
INCYTE CORP        ICY TH            679.1     (171.0)     464.6
INFOR US INC       LWSN US         6,778.1     (460.0)    (305.9)
IPCS INC           IPCS US           559.2      (33.0)      72.1
ISTA PHARMACEUTI   ISTA US           124.7      (64.8)       2.2
JUST ENERGY GROU   1JE GR          1,511.6     (169.0)     230.1
JUST ENERGY GROU   JE CN           1,511.6     (169.0)     230.1
JUST ENERGY GROU   JE US           1,511.6     (169.0)     230.1
KINAXIS INC        9KX GR             44.6      (70.4)      (6.4)
KINAXIS INC        KXS CN             44.6      (70.4)      (6.4)
KINAXIS INC        KXSCF US           44.6      (70.4)      (6.4)
L BRANDS INC       LTD TH          6,870.0     (503.0)   1,119.0
L BRANDS INC       LTD GR          6,870.0     (503.0)   1,119.0
L BRANDS INC       LB US           6,870.0     (503.0)   1,119.0
LEAP WIRELESS      LWI TH          4,662.9     (125.1)     346.9
LEAP WIRELESS      LEAP US         4,662.9     (125.1)     346.9
LEAP WIRELESS      LWI GR          4,662.9     (125.1)     346.9
LEE ENTERPRISES    LEE US            828.2     (165.0)     (26.0)
LORILLARD INC      LO US           2,893.0   (2,228.0)     900.0
LORILLARD INC      LLV GR          2,893.0   (2,228.0)     900.0
LORILLARD INC      LLV TH          2,893.0   (2,228.0)     900.0
MANNKIND CORP      NNF1 TH           236.3      (46.4)     (74.3)
MANNKIND CORP      NNF1 GR           236.3      (46.4)     (74.3)
MANNKIND CORP      MNKD US           236.3      (46.4)     (74.3)
MARRIOTT INTL-A    MAQ TH          6,830.0   (1,720.0)  (1,153.0)
MARRIOTT INTL-A    MAR US          6,830.0   (1,720.0)  (1,153.0)
MARRIOTT INTL-A    MAQ GR          6,830.0   (1,720.0)  (1,153.0)
MDC PARTNERS-A     MDCA US         1,685.0      (87.5)    (228.9)
MDC PARTNERS-A     MDZ/A CN        1,685.0      (87.5)    (228.9)
MDC PARTNERS-A     MD7A GR         1,685.0      (87.5)    (228.9)
MERITOR INC        AID1 GR         2,810.0     (527.0)     373.0
MERITOR INC        MTOR US         2,810.0     (527.0)     373.0
MERRIMACK PHARMA   MP6 GR            129.8      (77.1)      13.0
MERRIMACK PHARMA   MACK US           129.8      (77.1)      13.0
MICHAELS COS INC   MIM GR          1,716.0   (2,734.0)     493.0
MICHAELS COS INC   MIK US          1,716.0   (2,734.0)     493.0
MONEYGRAM INTERN   MGI US          4,784.5     (142.0)     119.2
MORGANS HOTEL GR   M1U GR            684.8     (211.2)     124.9
MORGANS HOTEL GR   MHGC US           684.8     (211.2)     124.9
MOXIAN CHINA INC   MOXC US             4.1       (0.4)      (3.2)
MPG OFFICE TRUST   1052394D US     1,280.0     (437.3)       -
NATIONAL CINEMED   NCMI US         1,005.2     (188.3)      79.1
NATIONAL CINEMED   XWM GR          1,005.2     (188.3)      79.1
NAVISTAR INTL      NAV US          7,702.0   (4,046.0)   1,126.0
NAVISTAR INTL      IHR GR          7,702.0   (4,046.0)   1,126.0
NAVISTAR INTL      IHR TH          7,702.0   (4,046.0)   1,126.0
NEKTAR THERAPEUT   NKTR US           478.1      (35.4)     213.9
NEKTAR THERAPEUT   ITH GR            478.1      (35.4)     213.9
NORTHWEST BIO      NWBO US            12.6      (29.9)     (30.0)
NORTHWEST BIO      NBYA GR            12.6      (29.9)     (30.0)
OMEROS CORP        3O8 GR             41.0      (10.6)      26.8
OMEROS CORP        OMER US            41.0      (10.6)      26.8
OMTHERA PHARMACE   OMTH US            18.3       (8.5)     (12.0)
PALM INC           PALM US         1,007.2       (6.2)     141.7
PHIBRO ANIMAL HE   PAO GR            473.3      (78.7)     177.3
PHIBRO ANIMAL HE   PAO EU            473.3      (78.7)     177.3
PHIBRO ANIMAL HE   PAHC LN           473.3      (78.7)     177.3
PHIBRO ANIMAL-A    PB8 GR            473.3      (78.7)     177.3
PHIBRO ANIMAL-A    PAHC US           473.3      (78.7)     177.3
PHILIP MORRIS IN   PMI SW         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   PM1CHF EU      36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   4I1 TH         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   4I1 GR         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   PM US          36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   PM1 TE         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   PM1EUR EU      36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN   PM FP          36,325.0   (7,847.0)   1,130.0
PLAYBOY ENTERP-A   PLA/A US          165.8      (54.4)     (16.9)
PLAYBOY ENTERP-B   PLA US            165.8      (54.4)     (16.9)
PLY GEM HOLDINGS   PG6 GR          1,096.8      (91.4)     217.3
PLY GEM HOLDINGS   PGEM US         1,096.8      (91.4)     217.3
PROTALEX INC       PRTX US             1.7       (8.2)       1.2
PROTECTION ONE     PONE US           562.9      (61.8)      (7.6)
QUALITY DISTRIBU   QLTY US           445.6      (35.6)     115.6
QUALITY DISTRIBU   QDZ GR            445.6      (35.6)     115.6
QUINTILES TRANSN   Q US            2,978.6     (621.6)     511.6
QUINTILES TRANSN   QTS GR          2,978.6     (621.6)     511.6
RADNET INC         RDNT US           738.4       (2.8)      60.7
RADNET INC         PQIA GR           738.4       (2.8)      60.7
RAYONIER ADV       RYQ GR          1,225.0      (38.8)     136.3
RAYONIER ADV       RYAM US         1,225.0      (38.8)     136.3
REGAL ENTERTAI-A   RETA GR         2,675.7     (750.5)      26.2
REGAL ENTERTAI-A   RGC US          2,675.7     (750.5)      26.2
RENAISSANCE LEA    RLRN US            57.0      (28.2)     (31.4)
RENTPATH INC       PRM US            208.0      (91.7)       3.6
REVLON INC-A       RVL1 GR         1,938.7     (571.8)     275.3
REVLON INC-A       REV US          1,938.7     (571.8)     275.3
RITE AID CORP      RAD US          6,959.3   (1,906.5)   1,783.1
RITE AID CORP      RTA GR          6,959.3   (1,906.5)   1,783.1
RITE AID CORP      RTA TH          6,959.3   (1,906.5)   1,783.1
ROCKWELL MEDICAL   RWM TH             25.9       (3.9)       6.4
ROCKWELL MEDICAL   RWM GR             25.9       (3.9)       6.4
ROCKWELL MEDICAL   RMTI US            25.9       (3.9)       6.4
RURAL/METRO CORP   RURL US           303.7      (92.1)      72.4
RYERSON HOLDING    7RY TH          2,001.1     (108.5)     734.8
RYERSON HOLDING    7RY GR          2,001.1     (108.5)     734.8
RYERSON HOLDING    RYI US          2,001.1     (108.5)     734.8
SALLY BEAUTY HOL   S7V GR          1,983.6     (362.8)     616.8
SALLY BEAUTY HOL   SBH US          1,983.6     (362.8)     616.8
SEQUENOM INC       SQNM US           131.6      (49.3)      51.4
SILVER SPRING NE   SSNI US           534.3     (111.7)      83.2
SILVER SPRING NE   9SI GR            534.3     (111.7)      83.2
SILVER SPRING NE   9SI TH            534.3     (111.7)      83.2
SIRIUS XM CANADA   SIICF US          409.2      (78.8)    (157.0)
SIRIUS XM CANADA   XSR CN            409.2      (78.8)    (157.0)
SPORTSMAN'S WARE   SPWH US           292.3      (44.5)      76.1
SPORTSMAN'S WARE   06S GR            292.3      (44.5)      76.1
SUNGAME CORP       SGMZ US             2.5       (6.4)      (6.8)
SUPERVALU INC      SVU* MM         4,354.0     (682.0)     106.0
SUPERVALU INC      SVU US          4,354.0     (682.0)     106.0
SUPERVALU INC      SJ1 TH          4,354.0     (682.0)     106.0
SUPERVALU INC      SJ1 GR          4,354.0     (682.0)     106.0
THERAVANCE         HVE GR            605.6     (187.5)     303.2
THERAVANCE         THRX US           605.6     (187.5)     303.2
THRESHOLD PHARMA   THLD US            84.2      (28.3)      42.8
TOWN SPORTS INTE   CLUB US           412.2      (55.1)      25.1
TRANSDIGM GROUP    T7D GR          6,711.0   (1,591.5)   1,073.0
TRANSDIGM GROUP    TDG US          6,711.0   (1,591.5)   1,073.0
TRAVELPORT WORLD   1TW GR          3,016.0   (1,069.0)    (262.0)
TRAVELPORT WORLD   TVPT US         3,016.0   (1,069.0)    (262.0)
TRINET GROUP INC   TN3 TH          1,333.0      (36.7)      70.3
TRINET GROUP INC   TNETEUR EU      1,333.0      (36.7)      70.3
TRINET GROUP INC   TN3 GR          1,333.0      (36.7)      70.3
TRINET GROUP INC   TNET US         1,333.0      (36.7)      70.3
TRUPANION INC      TPW GR             49.0       (5.5)       7.2
TRUPANION INC      TRUP US            49.0       (5.5)       7.2
ULTRA PETROLEUM    UPL US          2,958.1     (123.5)    (352.9)
ULTRA PETROLEUM    UPLEUR EU       2,958.1     (123.5)    (352.9)
ULTRA PETROLEUM    UPM GR          2,958.1     (123.5)    (352.9)
UNISYS CORP        UISEUR EU       2,336.1     (628.5)     369.7
UNISYS CORP        UIS1 SW         2,336.1     (628.5)     369.7
UNISYS CORP        UISCHF EU       2,336.1     (628.5)     369.7
UNISYS CORP        USY1 TH         2,336.1     (628.5)     369.7
UNISYS CORP        USY1 GR         2,336.1     (628.5)     369.7
UNISYS CORP        UIS US          2,336.1     (628.5)     369.7
VECTOR GROUP LTD   VGR US          1,642.7      (31.1)     560.0
VECTOR GROUP LTD   VGR GR          1,642.7      (31.1)     560.0
VENOCO INC         VQ US             736.8     (139.5)    (777.3)
VERISIGN INC       VRSN US         2,322.6     (632.9)    (246.0)
VERISIGN INC       VRS TH          2,322.6     (632.9)    (246.0)
VERISIGN INC       VRS GR          2,322.6     (632.9)    (246.0)
VERSO PAPER CORP   VRS US          1,037.1     (549.4)      28.0
VIRGIN MOBILE-A    VM US             307.4     (244.2)    (138.3)
WEIGHT WATCHERS    WTWEUR EU       1,526.4   (1,397.9)      13.8
WEIGHT WATCHERS    WTW US          1,526.4   (1,397.9)      13.8
WEIGHT WATCHERS    WW6 TH          1,526.4   (1,397.9)      13.8
WEIGHT WATCHERS    WW6 GR          1,526.4   (1,397.9)      13.8
WEST CORP          WT2 GR          3,876.0     (672.7)     264.3
WEST CORP          WSTC US         3,876.0     (672.7)     264.3
WESTMORELAND COA   WME GR          1,583.7     (260.6)      50.8
WESTMORELAND COA   WLB US          1,583.7     (260.6)      50.8
XERIUM TECHNOLOG   TXRN GR           633.4       (8.9)     104.5
XERIUM TECHNOLOG   XRM US            633.4       (8.9)     104.5
XOMA CORP          XOMA TH            89.9       (7.6)      45.9
XOMA CORP          XOMA GR            89.9       (7.6)      45.9
XOMA CORP          XOMA US            89.9       (7.6)      45.9
YRC WORLDWIDE IN   YRCW US         2,179.5     (362.4)     201.2
YRC WORLDWIDE IN   YEL1 TH         2,179.5     (362.4)     201.2
YRC WORLDWIDE IN   YEL1 GR         2,179.5     (362.4)     201.2


                             *********

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, Psyche A. Castillon, 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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