TCR_Public/141003.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Friday, October 3, 2014, Vol. 18, No. 275

                            Headlines

21ST CENTURY ONCOLOGY: Moody's Caa2 CFR on Review for Upgrade
22ND CENTURY: Inks Consulting Agreement with Crede CG and Terren
A123 SYSTEMS: Settlement on General Motors' Claim Approved
ADVANCED BIOMEDICAL: Voluntary Chapter 11 Case Summary
ADVANCED MICRO DEVICES: GM Byrne Gets $1MM Cash Retention Award

ADVANSTAR INC: S&P Puts 'B' CCR on Watch Pos. Over UBM Sale
AMERICAN ACHIEVEMENT: Moody's Affirms B3 CFR; Outlook Negative
AMERICAN EAGLE: Files Copy of September Investor Presentation
APPLIED ENERGETICS: Amends March 31 Quarter Report
ASARCO LLC: High Court to Rule on Lawyers' Bankruptcy Fees

ASARCO LLC: Baker Botts to Present Fee Arguments to Supreme Court
ASPEN GROUP: Amends 20.2 Million Shares Resale Prospectus
ASR 2401 FOUNTAINVIEW: Houston Property Owner Seeks Ch. 11
ATRINSIC INC: Delays Fiscal 2014 Form 10-K
BIOLIFE SOLUTIONS: Forms 20-Year Joint Venture with SAVSU

BION ENVIRONMENTAL: Posts $5.76-Mil. Loss in FY Ended June 30
BRINX RESOURCES: Has $127K Net Loss for July 31 Quarter
CATASYS INC: To Sell $1.5 Million Worth of Common Shares
CECILIO R. VEGA: Connecticut Judge Won't Reinstate Bankr. Case
CHC GROUP: Moody's Affirms B2 CFR & Alters Outlook to Positive

CHINA GINSENG: Delays Fiscal 2014 Form 10-K
CHINA PRECISION: Delays Fiscal 2014 Form 10-K
CONQUEROR MARINE: Chase and Comar Win Partial Summary Judgment
CRS HOLDING: Wants to Employ Kingery & Crouse as Accountant
CRS HOLDING: Can Pay Retention Bonuses to Key Employees

CRS HOLDING: Judge May Denies JY's Bid to Dismiss Ch. 11 Case
CT TECHNOLOGIES: Moody's Affirms B2 CFR & Revises Outlook to Neg
CTI BIOPHARMA: Had $15.9MM Net Financial Standing at Aug. 31
CUBIC ENERGY: To Restate Previously Filed Quarterly Reports
CUBIC ENERGY: Delays Fiscal 2014 Form 10-K

D&L ENERGY: To Sell Disposal Well Assets for $4.35-Mil.
D.A.B. GROUP: Receiver Retains Blank Rome as Counsel
DELIA*S INC: Incurs $13.59-Mil. Net Loss in August 2 Quarter
DETROIT, MI: Defends 7th Amended Bankruptcy Plan
DETROIT, MI: Emergency Manager Testifies in Plan Trial

DINEEQUITY INC: S&P Affirms 'B' CCR Over Securitized Financing
DUNE ENERGY: Enters Into Forbearance Agreement with Lenders
EAST COAST BROKERS: Trustee Hires McCarron & Diess as Counsel
ECO BUILDING: Delays Fiscal 2014 Form 10-K
ENDEAVOUR INT'L: Gets $440MM Loan; Restructuring Talks Ongoing

ESCALON MEDICAL: Reports $381K Net Loss for FY Ended June 30
ESSAR STEEL: Recapitalization Plans No Impact on Moody's Ca CFR
FCC HOLDINGS: Meeting of Creditors Set for October 6
FCC HOLDINGS: Court Grants Bank of Montreal Relief From Stay
FIRST NATIONAL: Keith Eckel Elected Class A Director

FLUX POWER: Reports $4.3 Million Fiscal 2014 Net Loss
FLUX POWER: Delays Fiscal 2014 Form 10-K
FRESNO, CA: Moody's Affirms Ba2 Lease-Backed Obligations Rating
GENERAL MOTORS: Recalling 117,651 Vehicles For Chassis Control
GLOBAL ATLANTIC: Moody's Assigns Ba1 Long-Term Issuer Rating

GOBP HOLDINGS: Moody's Assigns B3 Corporate Family Rating
GOOD BOOKS: Skyhorse, Perseus Books to Acquire Assets
GR TAYLOR: Files for Chapter 11 Bankruptcy Protection
GRAFTECH INT'L: Moody's Lowers Corp. Family Rating to Ba2
GREEN EARTH: Incurs $6.8 Million Net Loss in Fiscal 2014

HCA HOLDINGS: Moody's Raises Corporate Family Rating to Ba3
HERON LAKE: Sends Newsletter to Unit Holders
HOUSTON REGIONAL: Comcast Protests New Sale Proposal
IMPLANT SCIENCES: Incurs $21 Million Net Loss in Fiscal 2014
INTELLIPHARMACEUTICS INT'L: Chief Financial Officer Resigns

INTERFAITH MEDICAL: Court Stays Deadline for Final Decree
INT'L MANUFACTURING: Ch.11 Trustee Hires Business Team as Broker
JUTTE ELECTRIC: No Quick Ruling in First Financial' Suit
KEMET CORP: Files Copy of Presentation Materials With SEC
KEYSTONE RAILCAR: Voluntary Chapter 11 Case Summary

KNR ENTERPRISE: Case Summary & Unsecured Creditor
LAKELAND INDUSTRIES: Arenal Capital Stake at 5.7% as of Sept. 23
LAND O LAKES MARINE: Case Summary & 3 Unsecured Creditors
LEHMAN BROTHERS: Still Has $4B+ in Real Estate, Private Equity
LIME ENERGY: Hurvis Group Managing Director Appointed to Board

LIBERATOR INC: Incurs $376,000 Net Loss in Fiscal 2014
LIVING HOPE: Arkansas Court Rules on Appeals in Naples Suit
MEDICAL ALARM: Delays Filing of Fiscal 2014 Form 10-K
MF GLOBAL: Judge Approves $295MM Payout for Unsecured Creditors
MIG LLC: Cousins Chipman Changes Firm Name to Chipman Brown

MOMENTIVE PERFORMANCE: Inks Deal Resolving USA's Plan Objection
MOMENTIVE PERFORMANCE: Inks Stipulation Resolving Compliance Bid
MOMENTIVE SPECIALTY: S&P Lowers CCR to 'CCC+'; Outlook Negative
MOONLIGHT APARTMENTS: Bankruptcy Court Closes Reorganization Case
NATCHEZ REGIONAL CENTER: Community Health Systems Buys Hospital

NET TALK.COM: Sells $500,000 Promissory Note to JMJ Financial
NETSOL TECHNOLOGIES: Has $11.36-Mil. Loss in FY Ended June 30
NICHOLS CREEK DEVELOPMENT: Section 341(a) Meeting Set for Oct. 29
NII HOLDINGS: U.S. Trustee Appoints Creditors' Committee
NUVEEN INVESTMENTS: S&P Raises Issuer Credit Rating From 'B-'

NUVERRA ENVIRONMENTAL: S&P Lowers CCR to 'B-'; Outlook Stable
NYTEX ENERGY: Incurs $441,000 Net Loss in March 31 Quarter
OCM CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
PACIFIC THOMAS: Security Holder to Appeal Ruling on Comcore Deal
PARADIGM EAST: Taps Tannen Baum as Special Real Estate Counsel

PROSPECT PARK: Creditors Committee Balks at Jones Day Employment
PFS HOLDING: Moody's Lowers Corporate Family Rating to B3
PHIBRO ANIMAL: Reports $3.13-Mil. Net Loss for FY Ended June 30
PITTSBURGH CORNING: District Court Confirms Chapter 11 Plan
PLANDAI BIOTECHNOLOGY: Delays Form 10-K for Fiscal 2014

PREMIER TRAILER: Moody's Withdraws Caa2 Rating on $135MM Loan
PROSPECT PARK: Withdraws Bid to Pay $48,183 to Secured Creditor
PULSE ELECTRONICS: Voluntarily Delists Common Shares From NYSE
REGIONS FINANCIAL: Moody's Affirms Ba1 Senior Debt Rating
REICHHOLD INC: Seeks Joint Administration of Ch. 11 Cases

REICHHOLD INC: Proposes Logan & Co as Claims Agent
REICHHOLD INC: Proposes to Pay $2.2MM to Critical Vendors
RIVER CITY RENAISSANCE: Thailhimer to Sell 29 Richmond Properties
ROCACEIA ENERGY: Voluntary Chapter 11 Case Summary
SABRA HEALTH CARE: S&P Affirms 'B+' CCR; Outlook Stable

SEARS HOLDINGS: To Sell Most of Stake in Canada Unit
SEVEN ARTS: Delays Fiscal 2014 10-K for Review
SOLAR POWER: SPI Japan to Buy Interests in Iinuma for JPY140MM
SPEEDEMISSIONS INC: CFO Daugherty Resigns
TEAM HEALTH: $300MM Add-on Debt No Impact on Moody's Ba2 CFR

TENET HEALTHCARE: Issues $500 Million of Senior Notes Due 2019
TONY'S LONG WHARF: Case Summary & 15 Largest Unsecured Creditors
TOWER AUTOMOTIVE: Moody's Withdraws B2 Rating on $250MM Notes
TOYS "R" US: Posts $4.82-Mil. Net Earnings for Aug. 2 Quarter
TRADER CORP: Moody's Affirms B3 Corporate Family Rating

TRAVELPORT WORLDWIDE: Closes 30 Million Shares IPO
TRIMAS CORP: Moody's Affirms Ba2 CFR Over Allfast Acquisition
TRIPLANET PARTNERS: Oct. 8 hearing on USA's Bid for Case Dismissal
TRUMP ENTERTAINMENT: Files Icahn-Sponsored Chap. 11 Plan
U.S. SILICA: Moody's Raises Corporate Family Rating to Ba3

UNIVERSAL BIOENERGY: Needs More Time to File 2014 Form 10-K
USEC INC: Emerges From Bankruptcy as Centrus Energy Corp.
USMART MOBILE: Disposes of ACL Holdings for $129
VARIANT HOLDING: Hires Greenberg Traurig as Litigation Counsel
VERTIS HOLDINGS: Quad Wins Injunction vs. Riverside Acquisition

VICTORY ENERGY: Terminates Purchase Agreement With TELA
VIGGLE INC: Incurs $68.4 Million Net Loss in Fiscal 2014
WESTMORELAND COAL: Completes $424-Mil. Notes Exchange Offer
WIZARD WORLD: Stockholders Elected Six Directors
WPCS INTERNATIONAL: Seven Directors Elected to Board

WV STATE UNIVERSITY: Moody's Affirms Ba1 Rating on $25MM Bonds
XHIBIT CORP: Incurs $2.61-Mil. Net Loss in March 30 Quarter

* Ruling's No Free Pass for Cities to Cut Pensions, Experts Say

* Elliot Greenleaf Bags TMA's Large Transaction of the Year Award

* BOOK REVIEW: Dynamics of Institutional Change:
               The Hospital in Transition


                             *********


21ST CENTURY ONCOLOGY: Moody's Caa2 CFR on Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed 21st Century Oncology, Inc.'s
ratings under review for upgrade, including the Caa2 Corporate
Family Rating, Caa2-PD Probability of Default Rating, B1 ratings
on the company's $100 million revolving credit facility and $90
million term loan, Caa2 rating on the company's existing $350
million 8.875% second lien notes, and Caa3 rating on the $380
million 9.875% subordinated notes. The company's speculative grade
liquidity rating was changed to SGL-3 from SGL-4.

The following ratings actions were taken:

Ratings placed under review for upgrade:

Corporate Family Rating, Caa2;

Probability of Default Rating, Caa2-PD;

$100 million senior secured revolving credit facility, due October
2016, B1 (LGD1);

$90 million senior secured term loan, due October 2016, B1 (LGD2);

$350 million senior 2nd lien 8.875% notes, due January 2017, Caa2
(LGD3);

$380 million senior subordinated 9.875% notes, due April 2017,
Caa3 (LGD5);

The speculative grade liquidity rating was changed to SGL-3 from
SGL-4.

Ratings Rationale

The rating action follows the company's September 26, 2014
announcement that the Canada Pension Plan Investment Board
("CPPIB") has made a $325 million preferred equity investment in
21st Century. Proceeds from the investment are expected to enable
21st Century to reduce debt and provide the company with
incremental liquidity for operations and growth initiatives. The
investment by CPPIB negates the Restructuring Support Agreement
that 21st Century had entered with a group of bondholders in July
2014.

The change in the company's speculative grade liquidity rating to
SGL-3 from SGL-4 reflects the improved liquidity profile of the
company following the investment from CPPIB, including the
expectation for increased revolver availability, additional cash
balances, and a reduction in interest expense from current levels
following debt reduction.

Moody's review will consider the company's final capital
structure, debt levels, and liquidity profile following receipt of
proceeds and subsequent debt reduction from the investment by
CPPIB. The review will additionally consider the outlook for 21st
Century's operating performance going forward, including the
reimbursement rate environment and the anticipated financial and
operating policies following the new investment by CPPIB.

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

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS"), is an integrated cancer care company that
operates 179 radiation treatment facilities in the US and Latin
America. The company's revenue for the last twelve months ended
June 30, 2014 was approximately $884 million. 21st Century is
majority owned by Vestar Capital.


22ND CENTURY: Inks Consulting Agreement with Crede CG and Terren
----------------------------------------------------------------
In connection with the entry into a joint venture arrangement with
22nd Century Group, Inc.'s newly-formed subsidiary, 22nd Century
Asia Ltd., on Sept. 29, 2014, the Company entered into a
Consulting Agreement with Crede CG III, Ltd., and Terren Peizer in
order to provide consulting services to 22nd Century Asia with
respect to the Company's efforts to sell its proprietary tobacco
products into Asia.

The Company issued to Crede 1,250,000 Tranche 1A Warrants and
1,000,000 Tranche 1B Warrants.  The Tranche 1A Warrants have an
exercise price equal to $3.36 per share.  The Tranche 1B Warrants
have an exercise price equal to $2.5951 per share, which is equal
to the volume weighted average price of the Company's Common
Stock, par value $0.00001, on the NYSE MKT for the three day
period of September 24, 25 and 26.  The Tranche 1A Warrants and
the Tranche 1B Warrants each have a term of two years and are
exercisable at any time beginning on the date of issuance.

In connection with the Company's joint venture arrangement meeting
certain milestones, the Company also issued to Crede 1,000,000
Tranche 2 Warrants and 1,000,000 Tranche 3 Warrants.  The Tranche
2 Warrants and Tranche 3 Warrants each have an exercise price
equal to $3.3736 per share, which is equal to 130% of the VWAP for
the Measurement Period, and only vest and become exercisable upon
certain sales milestones being met.  In certain instances, the
Tranche 1A Warrants, the Tranche 1B Warrants, the Tranche 2
Warrants and the Tranche 3 Warrants may be exercised on a cashless
basis by the holder.  Holders of the Warrants may exercise their
warrants to purchase shares of Common Stock on or before the
termination date of the applicable Warrant by delivering to the
Company an exercise notice, appropriately completed and duly
signed, and payment of the exercise price for the number of shares
for which the warrant is being exercised in cash.

The Tranche 2 Warrants have a term of five years and vest and
become exercisable only if 22nd Century Asia achieves revenues of
at least $15 million in either of the two twelve month periods
beginning on the Commencement Date or revenues of at least $90
million during either of the two twelve month periods beginning on
the first anniversary of the Commencement Date, and in each
instance the Company must be cash flow positive from its
investment in 22nd Century Asia.

The Tranche 3 Warrants have a term of five years and vest only if
22nd Century Asia achieves revenues of at least $45 million in
either of the two twelve month periods beginning on the one-year
anniversary of the Commencement Date or revenues of at least $27
million in during either of the two twelve month periods beginning
on the first anniversary of the Commencement Date, and in each
instance the Company must be cash flow positive from its
investment in 22nd Century Asia.

In addition to the traditional cashless exercise provision, the
Tranche 1A Warrants, but not the Tranche 1B Warrants, Tranche 2
Warrants or Tranche 3 Warrants, provide that the Tranche 1A
Warrants may be exercised on a cashless basis by exchanging such
warrants for shares of Common Stock using a negotiated Black-
Scholes formula beginning on the day that is sixty one days after
Sept. 17, 2014, provided that all conditions for such exchange are
satisfied.  The negotiated Black-Scholes value is defined as the
value of an option for the number of shares equal to the portion
of the Tranche 1A Warrant being exchanged at the applicable
exchange date as such value is determined calculated using the
Black Scholes Option Pricing Model obtained from the "OV" function
on Bloomberg utilizing (i) an underlying price per share equal to
the closing sale price of the Common Stock as of the date of
issuance of the warrant, (ii) a risk-free interest rate
corresponding to the U.S. Treasury rate for a period equal to the
remaining term of the warrant as of such exchange date, (iii) a
strike price equal to the exercise price in effect at the time of
the applicable exchange, (iv) an expected volatility equal to 135%
and (v) an assumed period of five years remaining in the term of
the warrant (regardless of the actual remaining term of the
warrant). The total number of shares issuable under this exchange
provision is limited as provided in the Tranche 1A Warrants.

The Company may force the holder to exercise the Tranche 1A
Warrants for cash in the event the following are satisfied: (i)
the trading volume in the Company's Common Stock over 20
consecutive days be equal or greater than an aggregate of Ten
Million shares, (ii) a registration statement covering the share
of Common Stock issuable upon exercise of the Tranche 1A Warrants
must be effective and (iii) the trading price of the Common Stock
on the date prior to delivery of the notice to the holder must be
equal or greater than 125% of the exercise price of the warrant.

The Warrants do not confer upon holders any voting or other rights
as stockholders of the Company.  Each of the Warrants contains a
limitation that the holder may not exercise or exchange the
Warrant if such exercise or exchange will cause the holder to
acquire beneficial ownership of more than 9.99% of the Company's
outstanding shares of Common Stock.

                         About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through its
wholly-owned subsidiary, 22nd Century Ltd, is a plant
biotechnology company using technology that allows for the level
of nicotine and other nicotinic alkaloids (e.g., nornicotine,
anatabine and anabasine) in tobacco plants to be decreased or
increased through genetic engineering and plant breeding.

22nd Century reported a net loss of $26.15 million in 2013, a net
loss of $6.73 million in 2012 and a net loss of $1.34 million in
2011.  As of June 30, 2014, the Company had $11.24 million in
total assets, $2.11 million in total liabilities, and $9.12
million in total shareholders' equity.


A123 SYSTEMS: Settlement on General Motors' Claim Approved
----------------------------------------------------------
The Bankruptcy Court approved a settlement between the Liquidation
Trust in the Chapter 11 case of A123 Systems Inc., and General
Motors LLC and its affiliates.

The settlement provides that, among other things:

   1. The amended GM Claim is allowed as Class 4 General Unsecured
Claim in the aggregate amount of $19,500,000 against the
Liquidation Trust and the Debtor's estate; and

   2. The Liquidation Trust's claims and noticing agent is
authorized and directed to mark any other proofs of claim
submitted by GM, including the original GM claim, as withdrawn on
the official register in the Chapter 11 cases.

                        About A123 Systems

Based in Waltham, Massachusetts, A123 Systems Inc. designed,
developed, manufactured and sold advanced rechargeable lithium-ion
batteries and battery systems and provided research and
development services to government agencies and commercial
customers.  A123 was the recipient of a $249 million federal grant
from the Obama administration.

A123 and U.S. affiliates, A123 Securities Corporation and Grid
Storage Holdings LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012.
A123 disclosed assets of $459.8 million and liabilities totaling
$376 million.  Lawyers at Richards, Layton & Finger, P.A., and
Latham & Watkins LLP serve as the Debtors' counsel.  Lazard Freres
& Co. LLC acts as the Debtors' financial advisors, while Alvarez &
Marsal serves as restructuring advisors.  Logan & Company Inc.
serves as the Debtors' claims and noticing agent.  Brown Rudnick
LLP and Saul Ewing LLP serve as counsel to the Official Committee
of Unsecured Creditors.

Prior to the bankruptcy filing, A123 had an agreement to sell an
80% stake in the business to Chinese auto-parts maker Wanxiang
Group Corp.  U.S. lawmakers opposed the deal over concerns on the
transfer of American taxpayer dollars and technology to China.
When it filed for bankruptcy, the Debtors presented a deal to sell
all assets to Johnson Controls Inc., subject to higher and better
offers.  At the auction in December 2012, most of the assets ended
up being sold for $256.6 million to Wanxiang.  The deal received
approval from the Committee on Foreign Investment in the U.S. on
Jan. 29, 2013.

A123 Systems was renamed B456 Systems Inc., following the sale.

Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
are represented in the case by lawyers at Young Conaway Stargatt &
Taylor, LLP, and Sidley Austin LLP.  JCI is represented in the
case by Josh Feltman, Esq., at Wachtell Lipton Rosen & Katz LLP.

In May 2013, the Delaware bankruptcy court confirmed the
liquidation plan for A123 Systems Inc.  The Plan repays all
secured creditors in full with some money left over for unsecured
creditors.  Holders of $143.8 million in subordinated notes are
projected to recoup 36.3 percent.  If B456 Systems Inc., the
company's new name, reduces claims to amounts the company believes
correct, the recovery on the subordinated notes could increase to
62.9 percent, according to the disclosure statement.  General
unsecured creditors, who previously were said to have $124 million
in claims, would have roughly the same recovery.


ADVANCED BIOMEDICAL: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Advanced Biomedical, Inc.
           DBA Pathology Laboratories Services, Inc.
        15775 Laguna Canyon Rd., #140
        Irvine, CA 92618

Case No.: 14-15938

Nature of Business: Health Care

Chapter 11 Petition Date: October 1, 2014

Court: United States Bankruptcy Court
       Central District Of California (Santa Ana)

Judge: Hon. Mark S Wallace

Debtor's Counsel: Robert Sabahat, Esq.
                  MADISON HARBOR ALC
                  17702 Mitchell N Ste 100
                  Irvine, CA 92614
                  Tel: 949-756-9050
                  Fax: 949-756-9060
                  E-mail: rsabahat@madisonharbor.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cyrus Karimi, president.

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


ADVANCED MICRO DEVICES: GM Byrne Gets $1MM Cash Retention Award
---------------------------------------------------------------
The Compensation Committee of the Board of Directors of Advanced
Micro Devices, Inc., approved the following retention awards with
respect to John Byrne, the Company's senior vice president and
general manager, Computing and Graphics Business Group, which the
Company will grant on Oct. 15, 2014, according to a regulatory
filing with the U.S. Securities and Exchange Commission.

A time-based cash retention award of $1,000,000 will be paid in
two tranches.  Half of the award will be paid on the first regular
payroll date after Sept. 30, 2015, and the remainder will be paid
on the first regular payroll date after Sept. 30, 2016.  The award
will accelerate and be paid on the first regular payroll date
after that acceleration if Mr. Byrne is involuntarily terminated
by the Company other than for cause and if certain other
conditions are met.

Mr. Byrne will also be granted a performance-based restricted
stock unit retention award with an aggregate grant date fair value
of $1,000,000.  The number of PRSUs granted will be determined by
dividing the Award Value by the 30-day trailing average closing
price of the Company's common stock on the grant date.  The PRSUs
will only be earned to the extent certain pre-determined
performance conditions are met.  Half of the earned PRSUs will
vest on Sept. 30, 2015, and the remainder will vest on Sept. 30,
2016.  The PRSUs will accelerate and vest immediately if Mr. Byrne
is involuntarily terminated by the Company other than for cause
and if certain other conditions are met.

                    About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company.  The Company's products include x86
microprocessors and graphics.

Advanced Micro incurred a net loss of $83 million on $5.29 billion
of net revenue for the year ended Dec. 28, 2013, as compared with
a net loss of $1.18 billion on $5.42 billion of net revenue for
the year ended Dec. 29, 2012.  As of June 28, 2014, the Company
had $4.24 billion in total assets, $3.74 billion in total
liabilities and $501 million in total stockholders' equity.

                          *     *     *

In August 2013, Standard & Poor's Ratings Services revised its
outlook on Advanced Micro to negative from stable.  At the same
time, S&P affirmed its 'B' corporate credit and senior unsecured
debt ratings on AMD.

As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded
the long-term Issuer Default Rating (IDR) for Advanced Micro
Devices Inc. (NYSE: AMD) to 'B-' from 'CCC'.  The upgrade
primarily reflects AMD's improved financial flexibility from
recent refinancing activity, which extends meaningful debt
maturities until 2019.

In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service
lowered Advanced Micro Devices' corporate family rating to B2 from
B1.  The downgrade of the corporate family rating to B2 reflects
AMD's prospects for weaker operating performance and liquidity
profile over the next year as the company commences on a multi-
quarter strategic reorientation of its business in the face of a
challenging macro environment and a weak PC market.


ADVANSTAR INC: S&P Puts 'B' CCR on Watch Pos. Over UBM Sale
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including the 'B' corporate credit rating, on New York-
based business-to-business media provider Advanstar Inc. on
CreditWatch with positive implications.

The CreditWatch placement follows the announcement that UBM PLC
will be acquiring Advanstar in a partially debt-financed
transaction.  If the transaction closes as planned, Advanstar
would merge into the larger and financially stronger UBM.  S&P
views UBM's acquisition of Advanstar to be in-line with its stated
goal of increasing its exposure to tradeshow events and improving
its position in the U.S. market.  The transaction should
moderately improve UBM's leverage on a pro forma basis to about
2.3x because the company is planning to issue $100 million of
incremental debt and fund the remainder of the purchase price
through an equity rights offering.

"We would likely raise our corporate credit rating on Advanstar to
the level of that on UBM upon the transaction's completion,
provided that we conclude that Advanstar's operations are core to
UBM's business strategy," said Standard & Poor's credit analyst
Jawad Hussain.  "If UBM refinances the debt, we would likely
withdraw all of Advanstar's ratings upon the close of the
refinancing."

Alternatively, if the transaction is not completed, S&P would
likely affirm the ratings on Advanstar and remove them from
CreditWatch.


AMERICAN ACHIEVEMENT: Moody's Affirms B3 CFR; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service revised American Achievement Corporation
("AAC" or "American Achievement") rating outlook to negative from
stable due to the increasing liquidity risk driven by its upcoming
debt maturities. All ratings, including the B3 Corporate Family
Rating, are affirmed.

The company's strategic options are limited following the failed
merger with Visant (B3 stable).In April, the US Federal Trade
Commission's (FTC) blocked the proposed merger between American
Achievement and Visant Corporation due to concerns that the merger
would be anti-competitive for the class ring industry.

"We think the company will look to address the sustainability of
its debt structure within the next quarter or two as the required
redemption premium on the notes decreases and the maturity dates
approach," said Kevin Cassidy, Senior Credit Officer at Moody's
Investors Service. The $365 million notes (B3) mature in October
2016 and the $55 million revolving credit facility (unrated)
expires in October 2015. The notes are redeemable prior to October
15, 2014 at approximately 105.4% and after October 15, 2014 and
prior to October 15, 2015 at approximately 102.7%. The notes are
redeemable after October 15, 2015 at par. "We think the company
will first look to refinance the notes and revolver, but there is
an increasing possibility of some type of other debt revision,"
said Cassidy.

The negative outlook reflects the increased liquidity risk amid
modest operating performance trends.

Ratings affirmed:

Corporate Family Rating at B3;

Probability of Default Rating at B3-PD;

$365 million senior secured notes due April 2016 at B3;

Ratings Rationale

American Achievement's B3 Corporate Family Rating reflects its
small scale with revenue less than $300 million, high financial
leverage, modest interest coverage, and our expectation of weak
free cash flow over the near to intermediate term. The ratings
also reflect the company's narrow product focus on yearbooks and
class rings, regional concentration in the Southern United States
and limited organic growth prospects in a mature industry. The
rating is supported by AAC's strong market position in each of its
niche product segments, high customer retention rates, good
operating margins, and an efficient manufacturing footprint.

The negative outlook reflects the increased risk of a debt
restructuring amid modest operating performance trends.

Failure to address the maturity of its revolving credit
facility/secured notes within the next three months will
significantly increase downward rating pressure.

An upgrade of the rating is unlikely over the near-term given the
company's small scale and top line pressure and the current
negative rating outlook. For an upgrade to be considered over the
longer-term there needs to be clarity around the sustainability of
the capital structure. There also need to be a meaningful increase
in scale and product diversification and credit metrics need to be
maintained around their current levels (that is debt/EBITDA below
6.0 times and free cash flow/debt over 5%).

The principal methodology used in this rating was the Global
Consumer Durables published in October 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

American Achievement, headquartered in Austin, Texas, is a leading
provider of education and special moment affinity products and
services. The company holds a strong market position in each of
its product segments -- yearbooks, class rings, and graduation
products. American Achievement is privately owned by Fenway
Partners, LLC. Revenue for the twelve months ended June 1, 2014
approximated $280 million.


AMERICAN EAGLE: Files Copy of September Investor Presentation
-------------------------------------------------------------
Beginning on Sept. 29, 2014, and continuing for a limited period
of time, American Eagle Energy Corporation will be making certain
presentations to current and potential investors, lenders,
creditors, vendors, customers, employees, and others with an
interest in the Company and its business.  A copy of the slide
presentation is available for free at http://is.gd/NPbC0N

                        About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

As of June 30, 2014, American Eagle had $319.88 million in total
assets, $186.46 million in total liabilities and $133.41 million
in total stockholders' equity.

American Eagle incurred a net loss of $3.89 million for the three
months ended June 30, 2014.

                             *   *    *

As reported by the TCR on Aug. 7, 2014, Standard & Poor's Ratings
Services assigned its 'CCC+' corporate credit rating to Denver-
based American Eagle Energy Corp.  "The ratings on American Eagle
reflect our view of the company's participation in the volatile
and capital-intensive oil and gas E&P industry, and its small and
geographically concentrated asset base in Divide County, N.D.,"
said Standard & Poor's credit analyst Christine Besset.

The TCR reported on Aug. 6, 2014, that Moody's Investors Service
assigned first time ratings to American Eagle Energy Corporation's
(American Eagle Energy or AMZG), including a Caa1 Corporate Family
Rating (CFR).


APPLIED ENERGETICS: Amends March 31 Quarter Report
--------------------------------------------------
Applied Energetics, Inc., filed with the U.S. Securities and
Exchange Commission an amendment to its quarterly report on Form
10-Q for the three months ended March 31, 2014.
A copy of the Form 10-Q is available at http://is.gd/vb0eIU

The Company disclosed a net loss of $206,813 on $26,875 of revenue
for the three months ended March 31, 2014, compared with a net
loss of $573,215 on $34,457 of revenue for the same period in
2013.

The Company's balance sheet at March 31, 2014, showed $1.02
million in total assets, $340,765 in total liabilities, and
total stockholders' equity of $678,282.

For the three months ended March 31, 2014, the company had
negative cash flows from operations of $174,000 and may incur
additional future losses due to the reduction in Government
contract activity.  These matters raise substantial doubt as to
the company's ability to continue as a going concern, according to
the regulatory filing, according to the regulatory filing.

Tucson, Arizona-based Applied Energetics, Inc., designs, develops
and manufactures solid state Ultra Short Pulse ("USP") lasers for
commercial applications and applied energy systems for military
applications.


ASARCO LLC: High Court to Rule on Lawyers' Bankruptcy Fees
----------------------------------------------------------
Sara Randazzo, writing for The Wall Street Journal, reported that
the U.S. Supreme Court has agreed to hear arguments into the issue
on whether bankruptcy professionals can get paid for defending
their own fee applications.

According to the Journal, the case stems from the bankruptcy of
ASARCO LLC, where the bankruptcy judge in Texas said Baker Botts,
the lead counsel for ASARCO, deserved an additional $5 million in
fees and nearly half a million dollars in expenses for defending
against fee objections.  Grupo Mexico, which acquired ASARCO,
appealed the judgment, but the bankruptcy judge's ruling was
upheld by the federal district court.  At the Fifth Circuit,
ASARCO won, and Baker Botts appealed to the Supreme COurt.

The case in the Supreme Court is Baker Botts LLP v. Asarco LLC,
14-103, U.S. Supreme Court (Washington).

                      About Asarco LLC

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

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

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


ASARCO LLC: Baker Botts to Present Fee Arguments to Supreme Court
-----------------------------------------------------------------
Baker Botts disclosed that the Supreme Court on Oct. 2 granted its
petition for certiorari in Baker Botts L.L.P. v. ASARCO LLC,
No. 14-103.  The lower courts unanimously found that Baker Botts'
extraordinary performance during the ASARCO bankruptcy directly
contributed to one of the most successful bankruptcies in the
history of the Bankruptcy Code.  Yet, Baker Botts was forced to
incur enormous costs defending its fee application, even though
the lower courts rejected all challenges to Baker Botts' core
compensation.

Baker Botts says it looks forward to presenting its arguments
concerning whether bankruptcy professionals may seek compensation
for successfully defending their fee applications against
meritless objections.  "That issue is important to our nation's
bankruptcy system, and we are pleased that the Supreme Court has
agreed to decide it," Baker Botts said.

At issue is this precedent-setting case is whether Section 330(a)
of the Bankruptcy Code grants bankruptcy judges discretion to
award compensation for the defense of a fee application.

Baker Botts maintains that it is entitled to recover the costs
incurred while defending its fee application in representing the
American Smelting and Refining Company (ASARCO) during the
company's $1.7 billion bankruptcy settlement in 2009 -- the
largest environmental bankruptcy in U.S. history at that time.
Baker Botts's performance was lauded by the Bankruptcy Court
judge, who awarded it $5 million for the cost of defending its fee
application against ASARCO's challenges.  The district court
affirmed the award, but the Fifth Circuit overruled it on appeal.

Baker Botts Houston partner, Aaron Streett, chairman of the firm's
Supreme Court and Constitutional Law Practice, will argue the case
on behalf of the firm.

                    About Baker Botts L.L.P.

Baker Botts -- http://www.bakerbotts.com-- is an international
law firm of approximately 700 lawyers practicing throughout a
network of 15 offices around the globe.

                         About Asarco LLC

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

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

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


ASPEN GROUP: Amends 20.2 Million Shares Resale Prospectus
---------------------------------------------------------
Aspen Group, Inc., filed with the U.S. Securities and Exchange
Commission a post-effective amendment to its Form S-1 registration
statement relating to the sale of up to 20,274,922 shares of
Aspen's common stock which may be offered by Sophrosyne Capital,
LLC, Michael D'Anton, John Scheibelhoffer, et al.

The Company will not receive any proceeds from the sales of shares
of its common stock by the selling shareholders.

The Company's common stock trades on the Over-the-Counter Bulletin
Board under the symbol "ASPU".  As of the last trading day before
Sept. 29, 2014, the closing price of the Company's common stock
was $0.23 per share.

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

                       http://is.gd/93oFqq

                        About Aspen Group

Denver, Colo.-based Aspen Group, Inc., was founded in Colorado in
1987 as the International School of Information Management.  On
Sept. 30, 2004, it was acquired by Higher Education Management
Group, Inc., and changed its name to Aspen University Inc.  On
May 13, 2011, the Company formed in Colorado a subsidiary, Aspen
University Marketing, LLC, which is currently inactive.  On
March 13, 2012, the Company was recapitalized in a reverse merger.

Aspen's mission is to become an institution of choice for adult
learners by offering cost-effective, comprehensive, and relevant
online education.  Approximately 88 percent of the Company's
degree-seeking students (as of June 30, 2012) were enrolled in
graduate degree programs (Master or Doctorate degree program).
Since 1993, the Company has been nationally accredited by the
Distance Education and Training Council, a national accrediting
agency recognized by the U.S. Department of Education.

Aspen Group incurred a net loss of $5.35 million for the year
ended April 30, 2014.  The Company also reported a net loss of
$1.40 million for the four months ended April 30, 2013.  The
Company reported a net loss of $6 million in 2012 as compared
with a net loss of $2.13 million in 2011.

The Company's balance sheet at July 31, 2014, showed $4.79 million
in total assets, $5.63 million in total liabilities and a $845,460
total stockholders' deficiency.


ASR 2401 FOUNTAINVIEW: Houston Property Owner Seeks Ch. 11
----------------------------------------------------------
ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought
bankruptcy protection in Houston (Bankr. S.D. Tex. Case Nos. 14-
35322) on Sept. 30, 2014, without stating a reason.

Each debtor, a Single Asset Real Estate as defined in 11 U.S.C.
Sec. 101(51B), estimated assets and debt of $10 million to $50
million.  Each debtor claims to have its principal assets located
at 2401 Fountain View, Houston, Texas.

ASR LP's Chapter 11 case is assigned to Judge Letitia Z. Paul
while ASR LLC's Chapter 11 case is assigned to Judge Marvin Isgur

The Debtors have tapped Christopher Adams, Esq., at Okin Adams &
Kilmer LLP, in Houston, as counsel.


ATRINSIC INC: Delays Fiscal 2014 Form 10-K
------------------------------------------
Atrinsic, Inc., disclosed in a Form 12b-25 filed with the U.S.
Securities and Exchange Commission that the filing of the Company
annual report on Form 10-K for the year ended June 30, 2014, has
been delayed because the compilation, dissemination and review of
the information required to be presented in the Form 10-K has
imposed time constraints that have rendered timely filing of the
Form 10-K impracticable without undue hardship and expense to the
Company.  The Company believes that the Annual Report will be
available on or before Oct. 14, 2014.

                          About Atrinsic

Atrinsic Inc.'s principal asset is a 51% membership interest in
Momspot, which is in the process of developing an online
affiliated marketing network targeting the Mommy Market.  The
Company does not conduct any other business activity, directly or
indirectly.

On June 15, 2012, the Company filed a Chapter 11 petition in the
United States Bankruptcy Court in Southern District of New York
(Case No. 12-12553).  As of that date, the Company terminated all
remaining employees, and ceased its normal business operations.

The Company emerged from Chapter 11 on June 26, 2013, at which
time the Plan of Reorganization was conditionally confirmed by the
United States Bankruptcy Court, Southern District of New York.
The confirmation was subject to the consummation of the Company's
acquisition of a 51% controlling interest in Momspot LLC, which
was subsequently completed on July 12, 2013.  The Emergence Date
was the date the Company adopted fresh start accounting in
accordance with Financial Accounting Standards Board Accounting
Standards Codification Topic 852.  The adoption of fresh-start
accounting resulted in the Company becoming a new entity for
financial reporting purposes.  Accordingly, the financial
statements on or prior to July 12, 2013, are not comparable with
the financial statements for periods after July 12, 2013.

The Company has continued to incur net losses through June 30,
2013, and has yet to establish profitable operations.  These
factors among others create a substantial doubt about the
Company's ability to continue as a going concern.


BIOLIFE SOLUTIONS: Forms 20-Year Joint Venture with SAVSU
---------------------------------------------------------
BioLife Solutions, Inc., announced the formation of a joint
venture under the brand name of biologistex Cold Chain Management,
a play on biologistics, defined as the processes, tools, and data
used to monitor and manage the movement of biologic materials such
as vaccines, cells, tissues, and organs across time and space.

The joint venture is with SAVSU Technologies, LLC, a wholly owned
subsidiary of Barson Corporation, with whom BioLife has an
existing exclusive product distribution relationship.

biologistex CCM is a limited liability company, and the entity is
majority held by BioLife Solutions, with SAVSU Technologies being
the only other shareholder.  biologistex CCM was formed to
leverage SAVSU intellectual property related to controlled
temperature containers and BioLife's significant relationships and
customer base in the high growth biobanking, drug discovery, and
regenerative medicine markets.  biologistex CCM has received a 20-
year exclusive worldwide distribution right to current and future
SAVSU controlled temperature containers, including the EVOTM smart
container.  BioLife will make a multi-million dollar investment in
connection with these transactions, and will manage all sales,
marketing, technical, customer service, accounting, and
fulfillment operations in its current Bothell, Washington
facilities.

Mike Rice, BioLife's president and CEO, commented on the formation
of biologistex CCM by stating, "We are very pleased to announce
the creation of biologistex CCM with SAVSU.  This is a great
opportunity for BioLife's sales and marketing team to introduce
SAVSU's next generation EVO smart container platform to our
strategic markets, where we have built and maintain very strong
relationships with hundreds of customers that can benefit from
using improved biologistics tools.  Current alternatives in cold
chain shippers include Styrofoam cooler type boxes and expensive
vacuum panel devices, most of which do not currently include stand
alone or embedded intelligence to monitor critical payload status
and location.  Initial customer feedback on EVO and our logistics
management portal has been very positive and we look forward to
completing our beta customer program and the full product and
service launch over the next few months."

A 2013 visiongain Translational Regenerative Medicine market
research report forecasts that the regenerative medicine market
comprised of cell and gene therapies and tissue-engineered
products will grow to more than $23 billion by 2024.  BioLife
expects to participate in this market growth by providing
biopreservation media and precision thermal packaging products
used to store, freeze, ship, and administer clinical cells and
tissues to patients.  To date, BioLife's proprietary
biopreservation media products have been incorporated into over
130 hospital-approved and clinical trial stage regenerative
medicine products and therapies.

Rice continued, "We believe we can drive substantial revenue and
growth through biologistex CCM since precision temperature
controlled shippers are highly complementary to our clinical grade
biopreservation media products, as both offerings can extend
stability, increase yield, and reduce costs for our customers'
cell and tissue-based biologic source material and manufactured
regenerative medicine products.  We have an excellent opportunity
to leverage the strong relationships we have in our core markets."

Bruce McCormick, president of SAVSU Technologies, remarked on the
creation of biologistex CCM with BioLife by stating, "We are keen
to partner with BioLife to launch biologistex CCM and commence
deployment and market adoption of our next generation smart
shippers for temperature sensitive biologics.  BioLife has
established a significant base of customers, who along with
clinicians and patients, can benefit from improved biologistics
throughout the manufacturing and delivery chain.  We highly value
BioLife's reputation, scientific marketing approach and proven,
high quality operations in their Bothell facilities."

Dana Barnard, president & CEO of SAVSU's parent company Barson
Corporation, commented on the strategic decision to partner with
BioLife to market SAVSU's EVO smart shipper technology platform by
stating, "We considered several factors leading to our decision to
form the biologistex CCM joint venture with BioLife.  Speed to
market is critical and BioLife's existing relationships in our
cross over markets, proven execution in driving adoption of
disruptive tools, and their commitments to fund and manage the
operations of the JV really convinced our board of directors that
this is the best overall approach to market SAVSU's next
generation controlled temperature containers and the joint
venture?s related customer management portal."

In December 2013, the IMARC Group published its Global Healthcare
Cold Chain Logistics Market Report & Forecast.  This includes a
forecast that the demand for cold chain packaging and
instrumentation services will grow from $3.2 billion in 2013 to
$5.1 billion in 2018.

On Sept. 29, 2014, biologistex and SAVSU entered into a supply and
distribution agreement whereby biologistex became the exclusive,
worldwide distributor of Smart Containers.  Pursuant to the Supply
and Distribution Agreement, biologistex agrees to purchase a
minimum number of Smart Containers over a 24 month period for an
aggregate purchase price of approximately $2.6 million.  Under the
terms of the agreement, SAVSU must fulfill all obligations
required of it to permit biologistex to make the Products
available for marketing, sales and acceptance of customer orders.
The Supply and Distribution Agreement has an initial term of 20
years unless terminated early by its terms.

Additional information is available for free at:

                        http://is.gd/SSd5xb

                      About BioLife Solutions

Bothell, Washington-based BioLife Solutions, Inc., develops and
markets patented hypothermic storage and cryo-preservation
solutions for cells, tissues, and organs, and provides contracted
research and development and consulting services related to
optimization of biopreservation processes and protocols.

BioLife Solutions incurred a net loss of $1.08 million in 2013,
a net loss of $1.65 million in 2012, and a net loss of $1.95
million in 2011.

The Company's balance sheet at June 30, 2014, showed $14.80
million in total assets, $1.40 million in total liabilities and
$13.39 million in total shareholders' equity.


BION ENVIRONMENTAL: Posts $5.76-Mil. Loss in FY Ended June 30
-------------------------------------------------------------
Bion Environmental Technologies, Inc., filed with the U.S.
Securities and Exchange Commission on Sept. 26, 2014, its annual
report on Form 10-K for the fiscal year ended June 30, 2014.

GHP Horwath, P.C., expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
has not generated significant revenue and has suffered recurring
losses from operations.

The Company reported a net loss of $5.76 million on $5,931 of
revenue for the fiscal year ended June 30, 2014, compared with a
net loss of $8.25 million on $11,862 of revenue in 2013.

The Company's balance sheet at June 30, 2014, showed $4.59 million
in total assets, $12.02 million in total liabilities, Series B
Redeemable Convertible Preferred stock of $23,400, and a
stockholders' deficit of $7.46 million.

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

                       http://is.gd/WDsQRl

                     About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

GHP HORWATH, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2013.  The independent auditors noted that
the Company has not generated significant revenue and has suffered
recurring losses from operations.  These factors raise substantial
doubt about its ability to continue as a going concern.

The Company's balance sheet at March 31, 2014, showed $6.92
million in total assets, $12 million in total liabilities, $22,900
of series B redeemable convertible preferred stock, and a $5.09
million total deficit.


BRINX RESOURCES: Has $127K Net Loss for July 31 Quarter
-------------------------------------------------------
Brinx Resources Ltd. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $127,986 on $16,726 of natural gas and oil sales for the
three months ended July 31, 2014, compared with a net loss of
$136,954 on $47,142 of natural gas and oil sales for the same
period last year.

The Company's balance sheet at July 31, 2014, showed $1.31 million
in total assets, $62,467 in total liabilities and stockholders'
equity of $1.25 million.

The Company has incurred a net loss of $1.53 million since
inception.  To achieve profitable operations, the Company requires
additional capital for obtaining producing oil and gas properties
through either the purchase of producing wells or successful
exploration activity.  Management believes that sufficient funding
will be available to meet its business objectives including
anticipated cash needs for working capital and is currently
evaluating several financing options.  However, there can be no
assurance that the Company will be able to obtain sufficient funds
to continue the development of its properties and, if successful,
to commence the sale of its projects under development.  As a
result of the foregoing, there exists substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.

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

                       http://is.gd/5dAmYu

Headquartered in Denver, Colo., Brinx Resources Ltd.
(OTC BB: BNXR.OB) -- http://www.brinxresources.com/-- is an
expanding exploration company focused on developing North American
oil and natural gas reserves.

The company's current focus is on the continued exploration and
development of its land portfolio comprised of working interests
in the Owl Creek Project located in McClain County, Oklahoma (50%
interest), the Three Sands Project located in Noble County,
Oklahoma (40% interest), and its newest interest in its
Mississippi Prospect in Palmetto Point (10% interest).


CATASYS INC: To Sell $1.5 Million Worth of Common Shares
--------------------------------------------------------
Catasys, Inc., on Sept. 29, 2014, entered into securities purchase
agreements with several investors relating to the sale and
issuance of an aggregate of 750,000 shares of the Company's common
stock, par value $0.0001 per share, at a price of $2.00 per share
for aggregate gross proceeds to the Company of $1.5 million.

Chardan Capital Markets, LLC, acted as the sole placement agent
for this Offering, in consideration for which it received 55,000
restricted shares of Common Stock of the Company.

                          About Catasys Inc.

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

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

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

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant operating losses and
negative cash flows from operations during the year ended Dec. 31,
2013.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

                         Bankruptcy Warning

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


CECILIO R. VEGA: Connecticut Judge Won't Reinstate Bankr. Case
--------------------------------------------------------------
Connecticut District Judge Robert N. Chatigny rejected Cecilio R.
Vega's appeal from an order of the U.S. Bankruptcy Court
dismissing his case under 11 U.S.C. Sec. 1112(b) with a one-year
filing bar.

Mr. Vega owns two properties in Connecticut: a house in Hamden
valued at $380,000, which is encumbered by secured claims totaling
approximately $425,000; and a rental property in New Haven valued
at $160,000, which is encumbered by secured claims totaling
$640,936. Since 2010, he has filed three bankruptcy cases. In
April 2010, he filed a voluntary petition for chapter 13 relief.
After the bankruptcy court authorized his lender to foreclose on
the Hamden and New Haven properties, he filed a motion to convert
the matter to a liquidation case. The motion was granted and he
received a discharge of his unsecured debts. Case No. 10-30967.

Another chapter 13 petition followed in September 2011. The
bankruptcy court dismissed the case without prejudice in January
2012, again authorizing the lender to foreclose on the Hamden and
New Haven properties. Case No. 11-32349.

In July 2012, Mr. Vega filed a third petition under chapter 13.
The lender responded by again seeking the court's permission to
foreclose on the properties. The lender pointed out that Mr. Vega
had filed each of his first two petitions just days before losing
title to the properties under foreclosure judgments, that he had
not made a mortgage payment on either property since 2009, and
that he had failed to tender required post-petition payments.

In February 2013, Mr. Vega moved to convert the chapter 13 case to
a reorganization case under chapter 11.  In April 2013, the court
granted the motion.

As a debtor in chapter 11 reorganization, Mr. Vega was obliged to
file monthly operating reports and to pay quarterly fees.  Monthly
operating reports permit interested parties to monitor the
debtor's financial state and compliance with law. Fees are
assessed according to the estate's quarterly disbursements. Mr.
Vega neither filed a report nor paid a fee between April and
August 2013.

On August 2, 2013, the United States Trustee filed a motion with
the bankruptcy court addressing these failures. The motion asked
the court to compel Mr. Vega to file late reports and pay
delinquent fees and also asked the court to either dismiss the
case or set a deadline to confirm a reorganization plan.

Mr. Vega did not file a response to the Trustee's motion. On the
eve of a hearing on the motion, he submitted monthly reports, but
the reports were incomplete and inaccurate. Mr. Vega reported that
cash was coming in faster than it was going out, but bank
statements indicated his balance was waning.  Mr. Vega never paid
his quarterly fee.

At a hearing on August 28, 2013, Mr. Vega conceded that he had
failed to file reports and pay fees as required by law.  He argued
that his failure to satisfy these legal obligations should be
excused and that the court should confirm a plan of
reorganization, which he had recently submitted. The court
disagreed. Observing that Mr. Vega had spent much of the previous
four years "playing the system," the court stated that it had "no
faith" he could successfully complete a chapter 11 reorganization.
The court dismissed the case and barred Mr. Vega from filing
another petition for one year.  On October 2, 2013, the court
denied Mr. Vega's motion for reconsideration.

This appeal followed. Mr. Vega does not argue that the bankruptcy
court lacked cause to dismiss his case. He contends, rather, that
the court erred because it failed to consider lesser sanctions
than dismissal with a filing bar. In addition, Mr. Vega argues
that the court failed to properly consider whether his newly
submitted plan of reorganization could be confirmed.

A copy of the Court's Sept. 29 Ruling and Order is available at
http://is.gd/bVqczTfrom Leagle.com.


CHC GROUP: Moody's Affirms B2 CFR & Alters Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service affirmed all ratings of CHC Group Ltd
("CHC") and its subsidiary, CHC Helicopter S.A. ("CHC S.A."). The
ratings consist of CHC's B2 Corporate Family Rating (CFR), B2-PD
Probability of Default Rating (PDR), and SGL-3 Speculative Grade
Liquidity rating (SGL) and CHC S.A.'s B1 senior secured and Caa1
senior unsecured ratings. The rating outlooks for CHC and CHC S.A.
have been changed to positive from stable.

Ratings Rationale

"We have changed CHC's outlook to positive to reflect an expected
reduction in the company's financial leverage driven by $600
million in planned preferred equity proceeds combined with our
expectation for improving cash flow", said Darren Kirk, Moody's
Vice President and Senior Credit Officer. "We believe these
factors may enable CHC to reduce its financial leverage below 5.5x
over the next 12 to 18 months, which would support a higher rating
in this timeframe", added Kirk.

CHC's B2 CFR is driven by its high financial leverage (6.4x at
July 31, 2014) and negative free cash flow coupled with its
complex corporate structure and cyclical exposure. CHC's large,
high-quality helicopter fleet, however, provides critical offshore
transportation services to a diverse list of highly-rated oil &
gas companies globally. Its relationships are generally
longstanding and contractual with about 75% of its helicopter
services revenues derived from fixed monthly fees. CHC also
benefits from additional diversity through its government
contracts as well as its maintenance, repair and overhaul
business. Moody's expects the company's cash flows will improve
over the next several years based on positive industry
fundamentals and modest growth in CHC's fleet of high-quality
aircraft together with its cost containment efforts and lower
interest expense as it reduces debt from a portion of the expected
equity issuance.

CHC has adequate liquidity (SGL-3) provided by $120 million of
cash at July 31, 2014 and access to $324 million of its $375
million committed revolver (after $51 million of outstanding
letters of credits). These sources compare to Moody's estimate of
about $300 million of negative adjusted free cash flow (cash from
operations less gross capital expenditures excluding any asset
financing) over the twelve months ending July 31, 2015 and Moody's
estimate of about $200 million of debt associated with capitalized
operating lease maturities (assuming expiring leases are not
renewed) in the same timeframe. Moody's expects the company will
comply with maintenance covenants on its bank revolver and
aircraft leases, although the latter will have much narrower
margins. CHC's liquidity is somewhat enhanced by the likelihood
that it could raise cash against the value of its future capital
equipment purchases. Consistent with its practice for assessing
speculative grade liquidity ratings, Moody's will only incorporate
the benefit of the preferred equity raise in CHC's SGL rating once
the transaction closes. Moody's however expects CHC's liquidity
rating could be raised to SGL-2 at that time.

The positive outlook reflects Moody's expectation that CHC will
raise $600 million in proceeds from preferred shares by the end of
calendar 2014 and that its earnings may improve over the next 12-
18 months such that the company's adjusted leverage may reduce --
and be sustained -- below 5.5x.

A ratings upgrade would require CHC to actually demonstrate good
cash flow growth, with leverage trending toward 5.5x. Moody's
would also need to continue to expect that the company will be
able to satisfy its sizeable lease funding arrangements.

CHC's ratings could be downgraded if Moody's expects the company's
leverage will exceed 7x or if its liquidity is expected to become
inadequate.

Affirmations:

Issuer: CHC Group Ltd.

Corporate Family Rating, B2

Probability of Default Rating, B2-PD

Speculative Grade Liquidity Rating, SGL-3

Issuer: CHC Helicopter S.A.

$1.1 billion senior secured notes Oct, 2020, Affirmed B1 (LGD3)

$300 million senior unsecured notes Jun, 2021, Affirmed Caa1
(LGD5)

Outlook Actions:

Issuer: CHC Group Ltd.

Outlook, Changed to Positive from Stable

Issuer: CHC Helicopter S.A.

Outlook, Changed to Positive from Stable

CHC, headquartered in Vancouver, British Columbia, is a
significant provider of helicopter services to the global offshore
exploration and production industry with operations in
approximately 30 countries.

The principal methodology used in these ratings was the Global
Oilfield Services Rating Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


CHINA GINSENG: Delays Fiscal 2014 Form 10-K
-------------------------------------------
China Ginseng Holdings Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
June 30, 2014.

The Company said it was unable to file its Form 10-K for the year
ended June 30, 2014, in a timely manner because the Company was
not able to complete its financial statements without unreasonable
effort or expense.  The Company undertakes the responsibility to
file that report no later than 15 calendar days after its original
due date.

                         About China Ginseng

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

The Company's balance sheet at March 31, 2014, showed $11.6
million in total assets, $14.31 million in total liabilities, and
a stockholders' deficit of $2.7 million.

"The Company had an accumulated deficit of $11.11 million as of
March 31, 2014 and there are existing uncertain conditions the
Company foresees relating to its ability to obtain working capital
and operate successfully.  These matters raise substantial doubt
about the Company's ability to continue as a going concern,
according to the regulatory filing," the Company stated in its
quarterly report for the period ended March 31, 2014.


CHINA PRECISION: Delays Fiscal 2014 Form 10-K
---------------------------------------------
China Precision Steel, Inc., was not, without unreasonable effort
or expense, able to file its annual report on Form 10-K for the
fiscal year ended June 30, 2014, by Sept. 29, 2014.  The Company
anticipates that it will file its Form 10-K within the grace
period provided by Securities Exchange Act Rule 12b-25, according
to a regulatory filing with the U.S. Securities and Exchange
Commission.

                     About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com-- is a
niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles.  The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia.  China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $68.93 million on $36.52
million of sales revenues for the year ended June 30, 2013, as
compared with a net loss of $16.94 million on $142.97 million of
sales revenues during the prior fiscal year.

The Company's balance sheet at March 31, 2014, showed $88.13
million in total assets, $78.16 million in total liabilities, all
current and $9.97 million in total stockholders' equity.

Moore Stephens, Certified Public Accountants, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has suffered a very significant
loss in the year ended June 30, 2013, and defaulted on interest
and principal repayments of bank borrowings that raise substantial
doubt about its ability to continue as a going concern.


CONQUEROR MARINE: Chase and Comar Win Partial Summary Judgment
--------------------------------------------------------------
Bankruptcy Judge Robert Summerhays in Louisiana ruled on cross
motions for summary judgment filed by JPMorgan Chase Bank, N.A.,
Comar Marine, LLC, and Superior Shipyard & Fabrication, Inc.,
which are defendants in a lawsuit commenced by Conqueror Marine
Logistics, LLC.

The partial motions for summary judgment address whether the
administrative expense claimants named as defendants are entitled
to surcharge collateral that secures Chase's preferred ship
mortgage and which allegedly secures Comar's claim.

In September 2009, Conqueror, Raider Marine Logistics, LLC, and
Enforcer Marine Logistics, LLC, filed for Chapter 11 relief.  The
three related debtors owned and operated 120-foot work boats. Each
debtor owned a single boat. Enforcer owned the Lady Ione, Raider
owned the Captain Ron, and Conqueror owned the Lady Barbara.

Comar managed the debtors' vessels pre-petition under written
management agreements.  The debtors terminated these agreements
prior to filing their Chapter 11 petitions on the grounds that
Comar mismanaged the vessels.

Comar contends that the debtors' actions breached the management
agreements, and asserts liens against the three vessels based on
labor and supplies provided in the operation of the vessels pre-
petition. Prior to the commencement of the case, Comar had the
three vessels arrested and commenced litigation in the U.S.
District Court for the Western District of Louisiana. Comar
asserted a preferred maritime lien against the vessels in the
amount of $132,055.90. (Cause No. 6:09-CV-1438 and No. 6:12-CV-
1533). The district court ultimately ruled that Comar does not
possess a preferred maritime lien on the vessels. An appeal from
that decision is currently pending before the U.S. Court of
Appeals for the Fifth Circuit.

After the commencement of the case, the court approved debtors'
retention of Lafayette Work Boat Rentals and then Global Oilfield
Contractors, LLC to manage the vessels. Lafayette Work Boat
Rentals and Global Oilfield Contractors hired crews and sub-
contractors to support the continued operation of the three
vessels. On August 8, 2012, however, the court ordered that the
case be converted from Chapter 11 to a case under Chapter 7, and
Elizabeth G. Andrus was duly appointed the Chapter 7 Trustee. The
court subsequently approved the sale of the Lady Barbara for
$655,000. The net proceeds of the sale were $591,330.87. The court
also approved the sale of the Lady Ione for $725,000. The net
proceeds of the sale were $660,960.83. The court ordered that
these funds be placed in the registry of the bankruptcy court.

On July 17, 2013, the Chapter 7 Trustee commenced the adversary
proceedings in the Conqueror Marine and Enforcer Marine cases. The
Trustee seeks a ruling on the validity, extent, and priority of
the liens asserted against the proceeds from the sale of the Lady
Barbara and the Lady Ione. The Trustee named Chase and Comar as
defendants.

Chase asserts a preferred ship mortgage in the amount of
$1,169,231.  Comar asserts a preferred maritime lien in the amount
of $132,055.90.

The Chapter 7 Trustee also named four subcontractors in Conqueror
Marine and five subcontractors in Enforcer Marine who seek
administrative expense treatment of claims for supplies, repairs,
and other services provided to the vessels after the petition date
but prior to conversion:

     1. Marine Systems, Inc. filed notices of liens against
Enforcer Marine for $95,000, $59,494, $20,257 and $34,336.

     2. Superior Shipyard & Fabrication, Inc., filed a claim in
the amount of $17,703 in Conqueror Marine and in the amount of
$48,740 in Enforcer Marine;

     3. South Coast Diesel, LLC, filed a claim in the3. amount of
$21,263 in Conqueror Marine and in the amount of $2,783 in
Enforcer Marine;

     4. C&P Distributing, LLC, which filed a claim in the amount
of $1,907 in Conqueror Marine and $846 in Enforcer Marine; and

     5. Allied Shipyard, Inc., which filed a claim in the amount
of $11,588 in Conqueror Marine and $9,054 in Enforcer Marine.

On July 23, 2013, the court granted Superior's motion to pay its
claim as an administrative expense of the Chapter 11 estate under
11 U.S.C. Sec. 503.  In response to Superior's motion, the Trustee
represented that there was less than $25,000 in the estate to pay
administrative claims. Given the lack of unencumbered property to
pay all administrative claims in full, the Administrative Expense
Claimants argue that their administrative expense claims should be
surcharged against the proceeds of the vessels under 11 U.S.C.
Sec. 506(c).

In his ruling, Judge Summerhays grants the motions for partial
summary judgment filed by Chase and Comar and rules that the
Administrative Expense Claimants cannot, as a matter of law,
surcharge the proceeds of the Lady Barbara and the Lady Ione under
11 U.S.C. Sec. 506(c). The motion for designation of priority
administrative expense under 11 U.S.C. Sec. 506(c) filed by
Superior -- which was consolidated with this adversary proceeding
-- is denied.  The motion for summary judgment filed by Superior
is also denied.

A copy of the Court's September 30, 2014 Reasons for Decision is
available at http://is.gd/LiJLN0from Leagle.com.

The cases are ELIZABETH ANDRUS, TRUSTEE FOR CONQUEROR MARINE
LOGISTICS, LLC, Plaintiff, v. JPMORGAN CHASE BANK, N.A., SUPERIOR
SHIPYARD & FABRICATION, INC., SOUTH COAST DIESEL, LLC, C&P
DISTRIBUTION, LLC, ALLIED SHIPYARD, INC., AND COMAR MARINE, LLC,
f/k/a COMAR MARINE CORPORATION f/k/a NAUTICAL OFFSHORE
CORPORATION, Defendants. ELIZABETH ANDRUS, TRUSTEE FOR ENFORCER
MARINE LOGISTICS, LLC, Plaintiff, v. JPMORGAN CHASE BANK, N.A.,
MARINE SYSTEMS, INC., SUPERIOR SHIPYARD & FABRICATION, INC., SOUTH
COAST DIESEL, LLC, C&P DISTRIBUTION, LLC, ALLIED SHIPYARD, INC.,
AND COMAR MARINE, LLC, f/k/a COMAR MARINE CORPORATION f/k/a
NAUTICAL OFFSHORE CORPORATION, Defendants, Adv. Proc. Nos. 13-
05027 and 13-05028 (Bankr. W.D. La.).


CRS HOLDING: Wants to Employ Kingery & Crouse as Accountant
-----------------------------------------------------------
CRS Holding of America LLC asks the U.S. Bankruptcy Court for the
Middle District of Florida for permission to employ Kingery &
Crouse, PA, as its accountant to perform necessary accounting
services for the Debtors for a number of years prior to the
Debtor's bankruptcy filing.

The firm will charge the Debtor its standard hourly rates for
services.  The firm says it will file a fee application for the
allowance and payment of its invoices for services rendered to the
Debtor.

The Debtor assures the Court that the firm is disinterested within
the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

  Mark Kingery, CPA
  Kingery & Crouse, PA
  2801 W. Busch Blvd., Suite 200
  Tampa, FL 33618
  Tel: (813) 874-1280
  Fax: (813) 874-1292
  E-mail: mkingery@tampacpa.com

                  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.

CRS Holding of America, LLC, reported $812,470 in total assets,
and $37,560,321 in total liabilities.


CRS HOLDING: Can Pay Retention Bonuses to Key Employees
-------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida authorized CRS Holding of America LLC to pay
retention bonuses to key employees on a monthly basis, payable at
month end.

  Key Employees                Bonuses
  -------------                -------
  Matt Godri                    $2,500
  William Ramsay                $5,000
  Raeni Ware                    $1,250
  Chris Schoeller               $1,250
  Fernando Alvarado             $1,250
  Jim Shelnutt                  $1,250

                  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.

CRS Holding of America, LLC, reported $812,470 in total assets,
and $37,560,321 in total liabilities.


CRS HOLDING: Judge May Denies JY's Bid to Dismiss Ch. 11 Case
-------------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida denied the request of JY Creative Holdings,
Inc., to dismiss the bankruptcy cases filed by Robert Swett on
behalf of CRS Holding of America, LLC, and its debtor affiliates,
asserting that the Receiver lacks standing to file the cases

Judge May denied JY Creative's request for reasons stated orally
and recorded in open court.

As reported in the Troubled Company Reporter on Sept. 8, 2014,
JY Creative, a secured and unsecured creditor of the Debtors, a
member of the board of directors, and a stockholder, asserted that
the appointment of a receiver does not deprive the corporate
directors of the power to file a bankruptcy petition.  JY Creative
further asserted that the Receiver, while clothed with many of the
powers and duties of a director of a corporation as a result of
the receivership order, is not a substitute director and is not
the corporation, and the filing of the bankruptcy petition must
have the effect of terminating the receivership.

                  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.

CRS Holding of America, LLC, reported $812,470 in total assets,
and $37,560,321 in total liabilities.


CT TECHNOLOGIES: Moody's Affirms B2 CFR & Revises Outlook to Neg
----------------------------------------------------------------
Moody's Investor Service affirmed CT Technologies Intermediate
Holdings, Inc.'s (dba "HealthPort") ratings. The Corporate Family
rating ("CFR") was affirmed at B2, the Probability of Default
rating at B2-PD, the senior secured first lien ratings at B1 and
the senior secured second lien rating at Caa1. The ratings outlook
was revised to negative from stable.

Issuer: CT Technologies Intermediate Holdings Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured First Lien, Affirmed B1 (LGD3)

Senior Secured Second Lien, Affirmed Caa1 (LGD5)

Outlook, Changed To Negative From Stable

Ratings Rationale

The B2 CFR reflects HealthPort's niche scope, relatively small
revenue size of just over $300 million and high pro forma
financial leverage (debt to EBITDA) expected to decline from
almost 8 times as of June 30, 2014 towards below 6 times over the
next 12 to 18 months. Moody's expects financial leverage
improvements will be driven by higher profitability reflecting
cost reduction initiatives completed in 2014. Financial metrics
reflect Moody's standard adjustments, as well as adjustments to
add back deferred revenues and to pro forma completed
acquisitions. Moody's anticipates revenue growth of 3% to 6% and
growth in free cash flow to about $20 million, supported by
Healthport's leadership position in the market for outsourced
medical information exchange management services and multi-year
contracts with large hospitals and hospital systems in the U.S.
Healthport's revenue growth slowed in early 2014 due to severe
winter weather which caused fewer working days, driving weak
revenues in the first quarter of 2014. Diminished revenues from
the Centers for Medicare and Medicaid Service's (CMS) Recovery
Audit Contractor (RAC) program could challenge Healthport's
growth. Liquidity is considered adequate.

The negative ratings outlook reflects Moody's concern that if
revenue growth is less than anticipated, Healthport's financial
leverage could remain elevated, free cash flow could remain
diminished and liquidity could deteriorate. The ratings could be
downgraded if pricing pressures or negative regulatory
developments result in margin compression and declines in cash
generation such that Moody's anticipates diminished liquidity,
free cash flow to debt below 2% or debt to EBITDA sustained above
6 times. A debt-funded acquisition or dividend could also pressure
the rating. The ratings could be upgraded if HealthPort expands
its revenue base and reduces debt such that Moody's expects stable
profit margins, debt to EBITDA will be sustained below 5 times and
a good liquidity profile.

HealthPort is the largest provider of medical information exchange
management services in the United States. The company has been
majority-owned by ABRY Partners since 2007. Moody's expects 2014
revenues of about $325 million.

The principal methodology used in this rating was Global Business
& Consumer Service Industry Rating Methodology published in
October 2010. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.


CTI BIOPHARMA: Had $15.9MM Net Financial Standing at Aug. 31
------------------------------------------------------------
CTI BioPharma Corp. reported estimated and unaudited net financial
standing of $15.9 million as of Aug 31, 2014.  The total estimated
and unaudited net financial standing of CTI Consolidated Group as
of Aug. 31, 2014, was $16.7 million.

CTI Parent Company trade payables outstanding for greater than 30
days were approximately $1.3 million as of Aug. 31, 2014.

CTI Consolidated Group trade payables outstanding for greater than
30 days were approximately $1.9 million as of Aug. 31, 2014.

During Aug. 2014, there were solicitations for payment only within
the ordinary course of business and there were no injunctions or
suspensions of supply relationships that affected the course of
normal business.

As of Aug. 31, 2014, there were no amounts overdue of a financial
or tax nature, or amounts overdue to social security institutions
or overdue to employees.

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

                        http://is.gd/2qGwrR

                         About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

Cell Therapeutics reported a net loss attributable to common
shareholders of $49.64 million in 2013, a net loss attributable to
common shareholders of $115.27 million in 2012 and a net loss
attributable to common shareholders of $121.07 million in 2011.

Cell Therapeutics' balance sheet at June 30, 2014, showed $55.25
million in total assets, $40.68 million in total liabilities,
$7.89 million in common stock purchase warrants and $6.68 million
in total shareholders' equity.

                        Bankruptcy Warning

"We have acquired or licensed intellectual property from third
parties, including patent applications and patents relating to
intellectual property for PIXUVRI, pacritinib and tosedostat.  We
have also licensed the intellectual property for our drug delivery
technology relating to Opaxio, which uses polymers that are linked
to drugs known as polymer-drug conjugates.  Some of our product
development programs depend on our ability to maintain rights
under these arrangements.  Each licensor has the power to
terminate its agreement with us if we fail to meet our obligations
under these licenses.  We may not be able to meet our obligations
under these licenses.  If we default under any license agreement,
we may lose our right to market and sell any products based on the
licensed technology and may be forced to cease operations,
liquidate our assets and possibly seek bankruptcy protection.
Bankruptcy may result in the termination of agreements pursuant to
which we license certain intellectual property rights," the
Company said in its quarterly report for the period ended June 30,
2014.


CUBIC ENERGY: To Restate Previously Filed Quarterly Reports
-----------------------------------------------------------
The management, with the approval of the Audit Committee of the
Board of Directors, of Cubic Energy, Inc., concluded that the
previously issued financial statements contained in the Company's
quarterly reports on Form 10-Q, as amended, for the quarters ended
Dec. 31, 2013, and March 31, 2014, should no longer be relied upon
because of errors related to the accounting treatment relating to
certain warrants with full ratchet provisions and debt obligations
issued by the Company on Oct. 2, 2013.

In the financial statements included in the Forms 10-Q for the
Prior Periods, the Company improperly recorded the warrants with
full ratchet provisions as an increase to equity and valued them
at relative fair value.  The Company said it should have reflected
the warrants as a liability at their fair value and reflected
subsequent changes in the fair value of the liability in earnings.
The Company related it also should have recorded a larger discount
on the debt obligations and correspondingly higher subsequent
discount amortization.

As soon as practicable, the Company intends to file amendments to
the Forms 10-Q for the Prior Periods that will record the separate
warrant liability at its estimated fair value and adjust the
associated debt discount and related amortization, the Company
said in a regulatory filing with the U.S. Securities and Exchange
Commission.

According to the filing, the Audit Committee has discussed the
matters disclosed in this Current Report on Form 8-K with
management and Vogel - CPAs, PC, the Company's independent
registered public accounting firm during the Prior Periods.  Vogel
- CPAs, PC has indicated that it concurs with the Company's
conclusions and intended actions.

"Management is assessing the effect of the restatements on the
Company's internal control over financial reporting and disclosure
controls and procedures and will report its conclusion regarding
the Company's internal control over financial reporting and the
effectiveness of its disclosure controls and procedures in its
Annual Report on Form 10-K for the fiscal year ended June 30,
2014," the Company said the Form 8-K report.

                         About Cubic Energy

Cubic Energy, Inc., headquartered in Dallas, Texas, is an
independent upstream energy company engaged in the development and
production of, and exploration for, crude oil and natural gas.
Its oil and gas assets and activities are concentrated in
Louisiana.

Cubic Energy incurred a net loss of $5.93 million for the year
ended June 30, 2013, a net loss of $12.49 million for the year
ended June 30, 2012, and a net loss of $10.28 million
for the year ended June 30, 2011.

As of March 31, 2014, the Company had $134.14 million in total
assets, $141.96 million in total liabilities, $988 in
redeemable common stock and a $7.81 million total stockholders'
deficit.


CUBIC ENERGY: Delays Fiscal 2014 Form 10-K
------------------------------------------
Cubic Energy, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended
June 30, 2014.

"Due to the Company's efforts to resolve certain accounting issues
relating to certain transactions consummated on October 2, 2013,
the Company has been unable to complete, within the prescribed
time period, its Annual Report on Form 10-K for its fiscal year
ended June 30, 2014," the Company stated in the filing.

The Company anticipates it will file the Form 10-K on or before
Oct. 14, 2014.

On Oct. 2, 2013, the Company acquired oil and gas properties in
three transactions.  As a result of these acquisitions, the
Company anticipates significant increases in revenues and
operating losses for the year ended June 30, 2014, as well as an
increased level of indebtedness, and the other transactions.  The
Company said a reasonable estimate of results of operations for
the year ended June 30, 2014, cannot currently be made due to
pending finalization of the year-end financial statements.

                         About Cubic Energy

Cubic Energy, Inc., headquartered in Dallas, Texas, is an
independent upstream energy company engaged in the development and
production of, and exploration for, crude oil and natural gas.
Its oil and gas assets and activities are concentrated in
Louisiana.

Cubic Energy incurred a net loss of $5.93 million for the year
ended June 30, 2013, a net loss of $12.49 million for the year
ended June 30, 2012, and a net loss of $10.28 million
for the year ended June 30, 2011.

As of March 31, 2014, the Company had $134.14 million in total
assets, $141.96 million in total liabilities, $988 in
redeemable common stock and a $7.81 million total stockholders'
deficit.


D&L ENERGY: To Sell Disposal Well Assets for $4.35-Mil.
-------------------------------------------------------
D & L Energy, Inc., & Petroflow, Inc., ask the Bankruptcy Court to
approve a private sale of certain Disposal Well Assets,
comprising:

  (1) all of their transferable membership interest in and to
North Lima Disposal Well #4, LLC, or so much of the Debtors'
right, title and interest in the North Lima #4 Units that remains
after the company or its other members exercise their rights of
first refusal under the company's operating agreement;

  (2) the Debtors' 100% ownership interest in Northstar Disposal
Services II, LLC;

  (3) the Debtors' 100% ownership interest in Northstar Disposal
Services VI, LLC and the lease associated with the Northstar #6;
and

  (4) accounts receivable owed to Debtors by North Lima #4.

The purchase price for the sale assets will be $4,350,000, subject
to a proportionate reduction of the purchase price amount based on
the North Lima #4 entity or the members of North Lima #4
exercising their rights of first refusal as permitted by the
operating agreement governing the North Lima #4 as amended and
restated.

The closing will take place no later than 10 days after the later
to occur of (i) the Court's entry of the sale order, or (ii) the
waiver and/or exercise of the rights of first refusal by the North
Lima #4 entity and its members.

                         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.


D.A.B. GROUP: Receiver Retains Blank Rome as Counsel
----------------------------------------------------
Simon J.K. Miller, Receiver of D.A.B. Group LLC, seeks permission
from the Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for
the Southern District of New York to employ Blank Rome LLP as
Receiver's counsel, nunc pro tunc to the July 14, 2014 petition
date.

To meet the requirements of the Office of the U.S. Trustee, the
Debtor is moving to allow the Receiver to continue his retention
of Blank Rome.

The Debtor owns a commercial real property at 139-141 Orchard
Street, New York, NY Block 415, Lot 66 and 67.  The Property is
improved by a partially constructed hotel.

Prior to bankruptcy and pursuant to Order of the Supreme Court
dated July 18, 2011, Simon Miller was appointed Receiver for the
Property.  Mr. Miller subsequently retained Blank Rome as his
counsel.

After bankruptcy, the Debtor and Orchard Hotel LLC executed a
stipulation which provides for the Receiver to continue in place
on limited basis, notwithstanding the provisions of Section 543 of
the Bankruptcy Code.  The U.S. Trustee requested that, in
connection with the Stipulation and Mr. Miller's continuing
engagement to Blank Rome, the firm be formally retained upon
application to the Court.

Based on the information set forth in the Declaration of
Disinterestedness, Blank Rome said it holds no adverse to the
Debtor.  All legal fees awarded to Blank Rome shall be paid by
Orchard, subject to review by the U.S. Trustee and approval upon
application to the Court.

Blank Rome can be reached at:

       BLANK ROME LLP
       The Chrysler Building
       405 Lexington Avenue
       New York, NY 10174-0208
       Tel: +1 (212) 885-5000
       Fax: +1 (212) 885-5001

                         About DAB Group

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

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

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

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

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


DELIA*S INC: Incurs $13.59-Mil. Net Loss in August 2 Quarter
------------------------------------------------------------
dELiA*s, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $13.59 million on $25.73 million of net revenues for the
three months ended Aug. 2, 2014, compared with a net loss of $12.1
million on $33.17 million of net revenues for the three months
ended Aug. 3, 2013.

The Company's balance sheet at Aug. 2, 2014, showed $75.59 million
in total assets, $37.55 million in total liabilities and total
stockholders' equity of $38.04 million.

The Company incurred a net loss of $25.2 million and negative cash
flows from operations of $30.5 million for the six months ended
August 2, 2014.  If the Company's current business trend
continues, the Company will not have sufficient liquidity to meet
its anticipated cash requirements through the next twelve months.
The speed of the Company's turnaround in a difficult retail
environment with reduced website and mall traffic has been slower
than expected.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.  In order to
continue its operations, the Company would need to seek either
additional equity or debt financing, restructure existing debt,
adopt cost-cutting measures, or sell/merge the Company to
sufficiently extend its cash and liquidity.  There can be no
assurance, however, that any of these alternatives will be
successfully completed on terms acceptable to the Company or that
the Company can implement cost-cutting measures sufficient to
extend its cash and liquidity.  Management is currently
considering various financing alternatives.

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

                       http://is.gd/AYD2PN

dELiA*s, Inc. operates dELiA*s, lifestyle brand catering to
teenage girls.  New York-based dELiA*s offers dresses, shoes,
accessories and more at its 101 retail stores in the United
States.


DETROIT, MI: Defends 7th Amended Bankruptcy Plan
------------------------------------------------
Detroit defended the latest version of its bankruptcy plan, saying
it offers same treatment to all holders of claims tied to its
service contracts with the city's pension funds.

The city's latest plan, which includes terms of its settlement
with bond insurer Syncora Guarantee Inc., has been met with
opposition from Financial Guaranty Insurance Co. and holders of
certificates of participation, including Deutsche Bank AG's
London branch.  The objectors argued that the plan treats Syncora
better than other holders of COP claims in violation of the
Bankruptcy Code.

In a filing with the U.S. Bankruptcy Court for the Eastern
District of Michigan, Detroit argued that not only Syncora but all
other holders of COP claims may settle issues concerning the
treatment of their claims.

According to the city, other holders of COP claims will receive a
pro rata share of the asset pool which includes up to
$88.4 million in unsecured bonds, if they choose to participate in
a settlement proposed under the bankruptcy plan.

Meanwhile, those that do not elect to participate in the
settlement will receive the default treatment for their COP claims
which remains unchanged from the old version of the plan.

"Holders of Class 9 COP claims can only benefit from the
modifications," the city said in the filing.  "They cannot and do
not suffer."

The city estimates that recoveries for holders of COP claims that
will accept the settlement will increase from a contingent maximum
of approximately 10% to a "guaranteed" recovery estimated at
13.7%.

Syncora in a court filing also defended the settlement, saying it
"cures the previous flaws with respect to COP claim treatment."

                  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: Emergency Manager Testifies in Plan Trial
------------------------------------------------------
Kevyn Orr, the emergency manager for the city of Detroit,
testified before the U.S. Bankruptcy Court in Michigan that life
in the city is improving, although it still has a long way to go,
various sources reported.

Matthew Dolan, writing for The Wall Street Journal, reported Mr.
Orr said crime has fallen in Detroit since entering receivership
last year, while other city services like public lighting, trash
pickup and bill paying have also improved.

Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Mr. Orr said he was ?amazed? by settlements
with some previously-objecting creditors.  He said it wouldn't
have been possible without mediation, the Bloomberg report said.

                  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.


DINEEQUITY INC: S&P Affirms 'B' CCR Over Securitized Financing
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Glendale, Calif.-based DineEquity Inc.
The outlook is stable.

At the same time, S&P affirmed its 'BB-' issue-level rating on
DineEquity's existing senior secured credit facilities.  The
recovery rating is '1', indicating S&P's expectation of very high
recovery (90%-100%) in the event of a payment default.  S&P also
affirmed its 'B-' issue-level rating on the company's existing
senior unsecured notes.  The recovery rating is '5', indicating
S&P's expectation of modest recovery (10%-30%) in the event of a
payment default.

S&P intends to withdraw the issue-level and recovery ratings on
the company's senior notes and existing senior secured credit
facilities once repaid with proceeds from the securitized
financing facility.

"The affirmation follows DineEquity's announcement that it has
closed on its securitized financing facility, which we expect the
company will use to repay its existing debt," said credit analyst
Tobias Crabtree.  "The co-issuers of the securitization financing
facility own substantially all of the Applebee's and IHOP domestic
franchise, rental, and financing assets and will use cash flows
from these assets to service debt.  Forecast credit metrics (pro
forma to include the securitized financing facility) are largely
unchanged following the transaction with the company expected to
remain highly leveraged."

The stable rating outlook reflects S&P's view that DineEquity's
highly franchised model will lead to consistent and steady
operating results despite challenging casual dining industry
conditions.  The rating outlook also incorporates S&P's
expectations for debt to EBITDA to be above 5x.

Downside scenario

Although unlikely, given the company's relatively stable operating
performance as a result of its highly franchised business model,
S&P could lower the corporate credit rating if debt to EBITDA
increases above 6.5x.  This could occur if the company adopts more
aggressive financial policies and increases debt by $350 million,
while EBITDA remains constant.

Upside scenario

Following the recent securitization, S&P views an upgrade is more
likely to occur under a more favorable view of the company's
business rather than a sustained improvement in credit metrics
such that debt to EBITDA was to be sustained below 5x.  S&P's
cautious outlook for the casual- and family-dining segment over
the next year is currently a limiting factor to a more favorable
assessment of its business.


DUNE ENERGY: Enters Into Forbearance Agreement with Lenders
-----------------------------------------------------------
Dune Energy, Inc., on Oct. 1 disclosed it has entered into a
Forbearance Agreement and Fourth Amendment dated September 30,
2014 to the Amended and Restated Credit Agreement between the
Company and its lenders dated December 22, 2011, as amended.

The Company was in default of the Credit Agreement at the end of
the second quarter because the Total Debt to EBITDAX was 5.28 to
1.0, which was well over the required ratio of 4.0 to 1.0.  This
default has led to concerns as to whether the Company could
continue as a going concern.

Prior to the end of the second quarter, the Credit Agreement
lenders had also notified the Company that its borrowing base
under the revolver would be reduced to $37.5 million (including
outstanding letters of credit) on October 1, 2014.  Under the
terms of the Amendment, the creditors have agreed to a borrowing
base availability at $40 million and to waive the event of
default, as well as any current ratio covenant defaults as of
September 30, 2014, until the earlier to occur of December 31,
2014 or the closing or termination of the merger of the Company
under the terms of the Agreement and Plan of Merger, dated
September 17, 2014, by and among EOS Petro, Inc., EOS Merger Sub,
Inc. and Dune Energy, Inc. (the "Merger Agreement"); provided that
the Company does not incur any additional Defaults, as defined in
the Credit Agreement.  The Amendment also added a covenant
requiring the Company to maintain as of September 30, 2014, a
ratio of total Revolving Credit Exposures (as such term is defined
in the Credit Agreement) as of such day to EBITDAX of not greater
than 2.5 to 1.0.

James A. Watt, President and Chief Executive Officer of the
Company stated, "We appreciate the support provided by our lenders
and anticipate this will provide the company sufficient liquidity
to consummate the planned merger with EOS Petro, Inc."

                       About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/
-- is an independent energy company based in Houston, Texas.
Since May 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.

Dune Energy reported a net loss of $46.98 million in 2013, a net
loss of $7.85 million in 2012 and a net loss of $60.41 million in
2011.

As of June 30, 2014, the Company had $231.47 million in total
assets, $143.03 million in total liabilities and $88.43 million in
total stockholders' equity.

                           Going Concern

"We monitor our financial progress very carefully and attempt to
adjust our available projects in order to meet all of the
covenants of the Credit Agreement.  Notwithstanding these efforts,
our future revolver availability is also driven by the amount of
Notes outstanding, as they are part of the EBITDAX covenant
calculation used to determine our borrowing limit under the
revolver.  As a result of the PIK feature contained in the Notes,
the amount outstanding has increased over time and, therefore,
continues to put pressure on the EBITDAX covenant and limit
borrowing availability.  As we are no longer in compliance with
the financial covenant of the Credit Agreement, additional
borrowings may not permitted, and the outstanding revolver loans
may become due and payable upon notice to us by the Bank of
Montreal.  Absent relief from the Credit Agreement Lenders, the
restructuring of a material portion of the Notes or the emergence
of a new lender, our ability to meet our obligations in due course
is threatened.  Management is currently in discussions with all
parties and seeking new credit providers or other strategic
alternatives in an effort to resolve this liquidity stalemate.

"These and other factors raise substantial doubt about our ability
to continue as a going concern for the next twelve months," the
Company stated in the Form 10-Q Report for the period ended
June 30, 2014.


EAST COAST BROKERS: Trustee Hires McCarron & Diess as Counsel
-------------------------------------------------------------
Gerard A. McHale, Jr., the acting Chapter 11 trustee for the
estate of East Coast Brokers & Packers, Inc. and its debtor-
affiliates, asks for permission from the U.S. Bankruptcy Court for
the Middle District of Florida to employ McCarron & Diess, as
special litigation counsel to the Trustee.

McCarron & Diess will represent the Debtor in connection with any
potential claims of the Debtor arising under the Perishable
Agriculture Commodities Act ("PACA") against third-party
recipients of PACA trust assets ("the "PACA Assets").

Subject to the Court's approval, the Chapter 11 Trustee is seeking
to retain McCarron & Diess on a contingency basis, specifically,
33.33%, plus expenses, of any recoveries from any potential third-
party recipient of PACA Assets.

Louis w. Diess, III, shareholder of McCarron & Diess, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

The Court for the Middle District of Florida will hold a hearing
on the motion on Oct. 9, 2014 at 9:30 a.m.

McCarron & Diess can be reached at:

       Louis W. Diess, III, Esq.
       MCCARRON & DIESS
       4530 Wisconsin Avenue, N.W., Ste. 301
       Washington, D.C. 20016
       Tel: (202) 364-0400
       Fax: (202) 364-2731
       E-mail: ldiess@mccarronlaw.com

                    About East Coast Brokers

East Coast Brokers & Packers, Inc., along with related entities,
sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No.
13-02894) in Tampa, Florida, on March 6, 2013.  East Coast Brokers
& Packers disclosed $12,663,307 in assets and $75,181,975 in
liabilities as of the Chapter 11 filing.

The debtor-affiliates are Batista J. Madonia, Sr. and Evelyn M.
Madonia (Case No. 13-02895); Circle M Ranch, Inc., Case No.
13-02896); Ruskin Vegetable Corporation, Case No. 13-02897);
Oakwood Place, Inc. (Case No. 13-2898); Byrd Foods of Virginia,
Inc. (Case No. 13-03069); Eastern Shore Properties, Inc. (Case No.
13-03070); and Stellaro Bay, Inc. (Case No. 13-3071).

Scott A. Stichter, Esq., and Susan H. Sharp, Esq., at Stichter,
Riedel, Blain & Prosser, P.A., in Tampa, serve as counsel to the
Debtors.  Steven M. Berman, Esq., and Hugo S. deBeaubien, Esq., at
Shumaker, Loop, & Kendrick, LLP, in Tampa, are the Debtors'
special counsel.

In June 2013, the bankruptcy court approved the appointment of
Gerard A. McHale, Jr., to serve as Chapter 11 trustee.  MLIC Asset
Holdings LLC and MLIC CB Holdings LLC asked the Bankruptcy Court
to appoint a Chapter 11 trustee, or, in the alternative, dismiss
the Debtors' Chapter 11 cases.  According to the MLIC entities,
the Debtors, among other things had mishandled the potential rents
from employees, failed to pay taxes, failed to maintain insurance,
has inadequate security regarding the Debtors' personal and real
property, and delayed the filing of schedules and reports required
under the Bankruptcy Code.

Brian G. Rich, Esq., at Berger Singerman LLP, in Tallahassee,
Fla., represents the Chapter 11 trustee as counsel.


ECO BUILDING: Delays Fiscal 2014 Form 10-K
------------------------------------------
Eco Building Products, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
June 30, 2014.

The Company said the Aanual Report could not be filed within the
prescribed time period due to the Company requiring additional
time to prepare and review that Report.  That delay could not be
eliminated by the Company without unreasonable effort and expense.
In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, the Company said it will file its Form 10-K no later than 15
calendar days following the prescribed due date.

                        About Eco Building

Vista, Calif.-based Eco Building Products is a manufacturer of
proprietary wood products treated with an eco-friendly proprietary
chemistry that protects against mold, rot, decay, termites and
fire.

Eco Building incurred a net loss of $24.59 million on $5.22
million of total revenue for the year ended June 30, 2013, as
compared with a net loss of $11.17 million on $3.72 million of
total revenue during the prior year.

The Company's balance sheet at March 31, 2014, showed $2.71
million in total assets, $46.66 million in total liabilities and a
$43.95 million total stockholders' deficit.

Sam Kan & Company, in Alameda, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2013.  The independent auditors noted
that the Company has generated minimal operating revenues, losses
from operations, significant cash used in operating activities and
its viability is dependent upon its ability to obtain future
financing and successful operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


ENDEAVOUR INT'L: Gets $440MM Loan; Restructuring Talks Ongoing
--------------------------------------------------------------
Endeavour International Corporation announced the closing of a
$440 million senior secured term loan with an annual interest rate
of LIBOR plus 10% (with a LIBOR floor of 1%), that matures on
Jan. 2, 2017.  The proceeds of the financing were used to repay
the balance outstanding under the Company's existing credit
agreement, dated as of Jan. 24, 2014, to repay in full certain
monetary production payments issued by the Company's wholly-owned
subsidiary, Endeavour Energy UK Limited, to repay all
reimbursement obligations outstanding with respect to the
Company's existing LC Procurement Agreement, dated as of Jan. 24,
2014, to provide cash collateral under the terms of a new LC
Issuance Agreement entered into by certain subsidiaries of the
Company (pursuant to which Credit Suisse AG has agreed to issue
letters of credit for EEUK's account to secure decommissioning
obligations in connection with certain of its United Kingdom
Continental Shelf Petroleum Production Licenses), for payment of
related expenses and to provide additional liquidity to the
Company.

The Company and certain of its subsidiaries have also entered into
forbearance agreements with holders of a majority of its 12% First
Priority Notes due 2018, 12% Second Priority Notes due 2018 and
6.5% Convertible Senior Notes due 2016.  As previously announced
by the Company, the Company did not make the Sept. 2, 2014,
interest payments due on the Notes, triggering a 30-day grace
period that ends on Oct. 1, 2014.  Because the interest payments
are not being made during the grace period, an event of default
will occur under each series of Notes.  Under the terms of the
Forbearance Agreements, the noteholders have agreed to forbear
from exercising remedies against the Company arising from the
interest payment defaults and, with respect to the First Priority
Notes and Second Priority Notes, arising with respect to the
Credit Agreement.  The forbearance period is scheduled to expire
at 11:59pm on Oct. 7, 2014.

The Company said it remains engaged in discussions with
representatives of certain holders of its various classes of
indebtedness, including the holders of Notes, regarding a debt
restructuring plan that would be affected by the Company pursuant
to a chapter 11 filing.  No assurances can be given, however, that
those discussions will result in an agreement for a debt
restructuring plan.  Under the terms of the Credit Agreement,
neither a chapter 11 filing, nor the failure by the Company to pay
the interest due on the Notes, will result in an event of default
thereunder.

                   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.


ESCALON MEDICAL: Reports $381K Net Loss for FY Ended June 30
------------------------------------------------------------
Escalon Medical Corp. filed with the U.S. Securities and Exchange
Commission on Sept. 26, 2014, its annual report on Form 10-K for
the fiscal year ended June 30, 2014.

The Company reported a net loss of $381,883 on $12.35 million of
net revenues for the fiscal year ended June 30, 2014, compared
with net income of $2.62 million on $11.5 million of net revenues
in 2013.

The Company's balance sheet at June 30, 2014, showed $7.66 million
in total assets, $4.19 million in total liabilities and
stockholders' equity of $3.46 million.

Escalon Medical Corp. had incurred recurring operating losses and
negative cash flows from operating activities.  These conditions
raised substantial doubt in prior periods about the Company's
ability to continue as a going concern, according to the
regulatory filing.

The Company believes that its existing cash and cash flow from
operations will be sufficient to fund its activities throughout
fiscal 2015.  However, the Company based this estimate on
assumptions that may prove to be wrong, and it may use its
available capital resources sooner than the Company currently
expects.  Further, its operating plan may change, and may need
additional funds to meet operational needs and capital
requirements for product development and commercialization sooner
than planned.

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

                       http://is.gd/QWMQ4d

Ardmore, Pa.-based Escalon Medical Corp. operates in the
healthcare market, specializing in the development, manufacture,
marketing and distribution of medical devices and pharmaceuticals
in the areas of ophthalmology, diabetes and hematology.  The
Company and its products are subject to regulation and inspection
by the United States Food and Drug Administration.


ESSAR STEEL: Recapitalization Plans No Impact on Moody's Ca CFR
---------------------------------------------------------------
Moody's Investors Service comments that Essar Steel Algoma's (ESA)
recapitalization and refinancing plan has no immediate impact on
the company's Ca Corporate Family Rating (CFR) or its Ca-PD
Probability of Default rating. Under the Plan of Arrangement
approved by the Ontario Superior Court of Justice, ESA will be
refinancing its capital structure and receiving a capital infusion
from Essar Global Fund Ltd. Under the final order, lenders under
the ABL/Term loan facility, which had a maturity date of September
20, 2014 and was not repaid, or other parties as set forth in the
final order, may not terminate, accelerate, declare a default or
take other actions as described until the earlier of the effective
date of the refinancing and recapitalization or November 15, 2014.

The current ratings (Ca CFR) reflect the defaults that have
occurred and the prospects for debt recovery.


FCC HOLDINGS: Meeting of Creditors Set for October 6
----------------------------------------------------
The meeting of creditors of FCC Holdings Inc. is going to be held
on Oct. 6, at 1:00 p.m., according to a filing with the U.S.
Bankruptcy Court for the District of Delaware.

The meeting will take place at J. Caleb Boggs Federal Bldg., Room
5209, 844 King Street, in Wilmington, Delaware.

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

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

                      About 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.


FCC HOLDINGS: Court Grants Bank of Montreal Relief From Stay
------------------------------------------------------------
U.S. Bankruptcy Judge Christopher Sontchi lifted the automatic
stay to allow Bank of Montreal to exercise its rights and remedies
under non-bankruptcy law against a real property located in
Maricopa County, Arizona, owned by High-Tech Institute Inc.

High-Tech Institute is an affiliate of FCC Holdings Inc. that also
filed for Chapter 11 protection in U.S. Bankruptcy Court for the
District of Delaware.

                      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.


FIRST NATIONAL: Keith Eckel Elected Class A Director
----------------------------------------------------
The Board of Directors of First National Community Bancorp, Inc.,
elected Keith W. Eckel to serve as a Class A director of the
Company until the 2017 annual meeting of shareholders.  Mr. Eckel
was named to the Board's Audit, Corporate Governance and Risk
Management Committees.  Also, on Sept. 24, 2014, the Board of
Directors of First National Community Bank, a wholly-owned
subsidiary of the Company, elected Mr. Eckel to serve as director
of the Bank.  Mr. Eckel was named to the Bank Board's Compliance
and Directors' Loan Committee.

Any loans with the Bank in which Mr. Eckel or his immediate family
members has a direct or indirect material interest were made in
the ordinary course of business, on substantially the same terms,
including interest rates and collateral, as those prevailing at
the time for comparable loans with persons not related to the
Company or the Bank and did not involve more than the normal risk
of collectability or present other unfavorable features, the
Company disclosed in a regulatory filing with the U.S. Securities
and Exchange Commission.

                         About First National

Headquartered in Dunmore, Pa., First National Community Bancorp,
Inc., is a Pennsylvania corporation, incorporated in 1997 and is
registered as a bank holding company under the Bank Holding
Company Act ("BHCA") of 1956, as amended.  The Company became an
active bank holding company on July 1, 1998, when it acquired
ownership of First National Community Bank (the "Bank").  The Bank
is a wholly-owned subsidiary of the Company.

The Company's primary activity consists of owning and operating
the Bank, which provides customary retail and commercial banking
services to individuals and businesses.  The Bank provides
practically all of the Company's earnings as a result of its
banking services.

First National reported net income of $6.38 million on $32.95
million of total interest income for the year ended Dec. 31, 2013,
as compared with a net loss of $13.71 million on $37.02 million of
total interest income for the year ended Dec. 31, 2012.

As of June 30, 2014, the Company had $957.87 million in total
assets, $908.66 million in total liabilities and $49.20 million in
total shareholders' equity.

                         Regulatory Matters

The Bank is under a Consent Order from the Office of the
Comptroller of the Currency dated Sept. 1, 2010.  The Company is
also subject to a Written Agreement with the Federal Reserve Bank
of Philadelphia dated Nov. 24, 2010.

The Bank, pursuant to a Stipulation and Consent to the Issuance of
a Consent Order dated Sept. 1, 2010, without admitting or denying
any wrongdoing, consented and agreed to the issuance of the Order
by the OCC, the Bank's primary regulator.  The Order requires the
Bank to undertake certain actions within designated timeframes,
and to operate in compliance with the provisions thereof during
its term.  The Order is based on the results of an examination of
the Bank as of March 31, 2009.  Since the examination, management
has engaged in ongoing discussions with the OCC and has taken
steps to improve the condition, policies and procedures of the
Bank.  Compliance with the Order is monitored by a committee of at
least three directors, none of whom is an employee or controlling
shareholder of the Bank or its affiliates or a family member of
any such person.  The Committee is required to submit written
progress reports to the OCC on a monthly basis.  The Committee has
submitted each of the required monthly progress reports with the
OCC.  The members of the Committee are John P. Moses, Joseph
Coccia, Joseph J. Gentile and Thomas J. Melone.


FLUX POWER: Reports $4.3 Million Fiscal 2014 Net Loss
-----------------------------------------------------
Flux Power Holdings, Inc., reported a net loss of $894,000, or
$0.01 per basic share, for the quarter ended June 30, 2014,
compared to net income of $582,000, or $0.01 per diluted share,
for the same period in 2013.

Fiscal 2014 revenues were $358,000 vs. $772,000 in FY 2013, which
period included the non-cash recognition of $480,000 in deferred
revenue.  Full year 2014 results principally reflect initial
traction from the launch of new products in the second half of the
year.

Flux's 2014 net loss was $4,299,000, or $0.06 per basic share,
compared to 2013 net income of $351,000, or $0.01 per diluted
share.  The net income (loss) comparisons were impacted by a $6
million decrease in the non-cash benefit from the change in the
fair value of warrant liability in FY 2014 vs. 2013.  Excluding
that item, Flux's 2014 net loss would have declined vs. the prior
year by over $1 million.

CEO, Ron Dutt, commented, "Fiscal 2014 has been a truly
transformational year for Flux as we successfully pivoted our
product strategy and developed and launched new products for the
lift equipment industry.  Interest and the pace of customer trials
and adoption of industrial battery product lines have exceeded our
expectations.  Our efforts since January 1, 2014 have largely been
on shipping purchased and demonstration packs to national accounts
nationwide.  So far in the first quarter we have begun to convert
our sales and marketing activities into a growing base of formal
bids with national accounts, supported by strong interest from
battery distributors, lift truck dealers and manufacturers."

Flux Power expects to file its Form 10-K with the SEC this week.

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

                        http://is.gd/zH5zDt

                          About Flux Power

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

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

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

The Company's balance sheet at March 31, 2014, showed $1.45
million in total assets, $4.30 million in total liabilities and a
$2.85 million total stockholders' deficit.

                         Bankruptcy Warning

"If we are unable to increase sales of our products or obtain
additional funding in the near future, our cash resources will
rapidly be depleted and we may be required to further materially
reduce or suspend operations, which would likely have a material
adverse effect on our business, stock price and our relationships
with third parties with whom we have business relationships, at
least until additional funding is obtained.  If we do not have
sufficient funds to continue operations, we could be required to
liquidate our assets, seek bankruptcy protection or other
alternatives that would likely result in our receiving less than
the value at which those assets are carried on our financial
statements, and it is likely that investors will lose all or some
of their investment in us," the Company stated in the quarterly
report for the period ended March 31, 2014.


FLUX POWER: Delays Fiscal 2014 Form 10-K
----------------------------------------
Flux Power Holdings, Inc., was unable to file its annual report on
Form 10-K for the period ended June 30, 2014, within the
prescribed time period because the Company was unable, without
unreasonable effort or expense, to obtain and analyze the
information necessary to complete the preparation of the Form 10-
K.  The Company said in a regulatory filing with the U.S.
Securities and Exchange Commission that it expects to complete and
file the Form 10-K by Oct. 14, 2014, however there can be no
assurances that the preparation and filing of the Form 10-K will
not be further delayed.

                          Conference Call

Flux Power held a conference call to discuss results for its
fiscal year ended June 30, 2014, and management's current business
outlook.

Ron Dutt, CEO and acting CFO, said the Company's fourth quarter
revenues of $201,000 more than doubled over Q3 levels.  And the
Company's Q1 OEM and national account activity shows that the
Company's product is now being recognized and is moving beyond the
"piloting" stage and entering the "adoption" stage.

According to Mr. Dutt, the Company's sales priority remains on
larger customers where it can better leverage its limited sales &
marketing resources.

A copy of the conference call transcript is available for free at:

                        http://is.gd/aTo8Tz

                         About Flux Power

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

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

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

The Company's balance sheet at March 31, 2014, showed $1.45
million in total assets, $4.30 million in total liabilities and a
$2.85 million total stockholders' deficit.

                         Bankruptcy Warning

"If we are unable to increase sales of our products or obtain
additional funding in the near future, our cash resources will
rapidly be depleted and we may be required to further materially
reduce or suspend operations, which would likely have a material
adverse effect on our business, stock price and our relationships
with third parties with whom we have business relationships, at
least until additional funding is obtained.  If we do not have
sufficient funds to continue operations, we could be required to
liquidate our assets, seek bankruptcy protection or other
alternatives that would likely result in our receiving less than
the value at which those assets are carried on our financial
statements, and it is likely that investors will lose all or some
of their investment in us," the Company stated in the quarterly
report for the period ended March 31, 2014.


FRESNO, CA: Moody's Affirms Ba2 Lease-Backed Obligations Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the City of Fresno's Issuer
Rating at Baa1. Moody's have also affirmed the city's lease-backed
obligations at Ba2. In addition, Moody's have affirmed the Ba3
ratings on the city's 2006A Convention Center bonds, 2002 Pension
Obligation Bonds and 2002 Judgment Obligation Bonds. Approximately
$352 million of debt is affected by these rating actions. Moody's
have revised our outlook on the city's long-term ratings to
positive from stable.

Ratings Rationale

The change in outlook fundamentally reflects the recent positive
changes in the city's tax base and local economy, contributing to
increases in property and sales taxes, the city's most important
revenue sources. The positive outlook also reflects our
expectation that the city's steps to rein in expenditures and
rebuild depleted reserves will pay off in the near- to medium-term
with help from the improving economy.

The affirmation of the long-term ratings reflects the city's still
quite weak financial position, which is at a positive inflection
point, given the city's improving economy and steady, capable
management. The ratings continue to reflect the city's exceedingly
weak balance sheet and a large fixed cost burden. Improvements in
the city's financial position have generally not yet translated
into better audited results, though unaudited FY 2014 figures and
the adopted fiscal 2015 budget suggest coming improvement. If the
city's reserve position improves through sustained operating
surpluses, the likelihood of an upgrade of the city's lease-
revenue, pension and judgment obligation bond ratings will
increase substantially.

The Baa1 issuer rating represents what the city's GO rating would
be if the city had such debt. Under California law, a city's GO
pledge is an unlimited ad valorem pledge of the city's tax base.
The city must raise property taxes by whatever amount necessary to
repay the obligation, irrespective of its underlying financial
position.

The Ba2 and Ba3 rating on the city's lease and pension/judgment
obligation bonds reflect the less secure pledge for lease and
pension/judgment obligation payments and reflects the additional
risk to bondholders from the city's financial, operational and
economic condition over the more secure GO pledge. A
lease/POB/judgment pledge is a contractual obligation, on parity
with a city's other unsecured obligations, backed by all of the
city's available financial resources.

Strengths

  Sizable tax base

  The city is the economic center of the San Joaquin Valley

  Stabilizing general fund operations

  Debt levels consistent with higher-rated cities

  Management commitment to improving the city's operating results
  and balance sheet

Challenges

  Recovering, but still weak, local economy

  City's narrow reserve levels leave it vulnerable to an economic
  downturn

  Weak socio-economic profile, including a very high poverty rate

Outlook

The positive outlook reflects the significant improvements in the
city's local economy and tax base, which is putting more revenues
in the city's coffers. Over the next few years, if this trend
continues, the city's financial position should also improve,
laying the basis for rating upgrades.

What Could Move The Rating UP

-- Continuing improvement in the city's tax base

-- Sustained trend in operating surpluses, leading to rebuilding
    of reserve levels to pre-recession norms

What Could Move The Rating DOWN

-- Continuation of recent trend of operating deficits

-- The city's regional economy lapses into recession, with
    declines in the tax base and sales taxes

The principal methodology used in this rating was US Local
Government General Obligation Debt published in January 2014. An
additional methodology used in rating the lease revenue debt was
The Fundamentals of Credit Analysis for Lease-Backed Municipal
Obligations published in December 2011.


GENERAL MOTORS: Recalling 117,651 Vehicles For Chassis Control
--------------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
General Motors Co. is recalling a total of 117,651 cars and trucks
in North America from the 2013 and 2014 model years due to a
chassis control module that may have a manufacturing defect.
According to the report, vehicles involved are certain model year
2013 to 2014 Chevrolet Tahoe and Suburban; 2013-2014 Cadillac CTS;
2013-2014 GMC Yukon and Yukon XL; 2013-2014 Cadillac Escalade and
Escalade ESV; 2014 Chevrolet Traverse; 2014 GMC Acadia; 2014 Buick
Enclave; 2014 Chevrolet Express; 2014 GMC Savana; 2014 Chevrolet
Silverado heavy duty and 2014 GMC Sierra heavy duty.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

                        *     *     *

The Troubled Company Reporter, on Sep. 29, 2014, reported that
Standard & Poor's Ratings Services raised its corporate credit
rating on U.S. automaker General Motors Co. (GM) to 'BBB-' from
'BB+', and revised the outlook to stable from positive.  At the
same time, S&P raised its issue-level rating on GM's unsecured
debt to 'BBB-' from 'BB+' and simultaneously withdrew its '4'
recovery rating on that debt, because S&P do not assign recovery
ratings to the issues of investment-grade companies.


GLOBAL ATLANTIC: Moody's Assigns Ba1 Long-Term Issuer Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 long-term issuer
rating to Global Atlantic Financial Life Limited (GAFLL) with a
stable outlook. GAFLL is the primary intermediate holding company
for the life and annuity operations of its ultimate parent, Global
Atlantic Financial Group (Global Atlantic, GAFG, unrated).

Ratings Rationale

According to Moody's Assistant Vice President, Shachar Gonen,
"GAFLL's Ba1 issuer rating is three notches lower than the Baa1
(stable outlook) insurance financial strength (IFS) ratings of the
group's primary life and annuity operating entities, including
Commonwealth Annuity and Life Insurance Company (Commonwealth),
First Allmerica Financial Life Insurance Company, and Forethought
Life Insurance Company (collectively Global Atlantic Life); it's
also the same as the senior debt rating of its wholly-owned
holding company, Forethought Financial Group, Inc." GAFLL derives
its cash flows through its indirect ownership of the
aforementioned direct writing companies as well as through the
direct ownership of the Bermuda-based life reinsurance operations
(Commonwealth Annuity and Life Reinsurance Company Limited
(Commonwealth Re), unrated).

The rating agency added that significant liquid resources are
available at the GAFLL and GAFG holding companies, which are
subject to less regulatory restrictions given their holding
company status as compared to US statutory entities. Moody's
expects a portion these resources, including those from the
eventual sale of the P&C reinsurance business, Ariel Re (unrated),
will be available to enhance financial flexibility as well as used
to maintain appropriate capital levels in support of the
anticipated growth of the life and annuity insurance business.
Moody's commented that Commonwealth Re generates material stable
cash flows from its historical block reinsurance business. The
business is very seasoned, is composed of well diversified product
offerings, and represented over 70% of GAFLL's earnings in H1
2014.

The rating agency said that offsetting these strengths is the
structural subordination from the senior debt outstanding ($150
million) at Forethought Financial Group, Inc. (FFG, Ba1 sr debt,
stable outlook) and from any potential future debt issuance from
holding companies directly or indirectly owned by GAFLL. Moody's
noted that significant addition to existing structural
subordination could pressure the Ba1 issuer rating of GAFLL.

Ratings Drivers

Moody's said the following factors could lead to an upgrade of
Global Atlantic Life's ratings: (1) the integration of the
recently acquired life and annuity businesses progresses without
disruption, (2) the risk profile of the insurance liabilities and
investments does not materially increase from current levels, (3)
the NAIC company action level (CAL) risk based capital (RBC) ratio
remains above 400%, after adjusting for captive reinsurers, and
(4) strong profitability is maintained with return on capital
consistently above 10%.

Conversely, the following factors could lead to a downgrade of
Global Atlantic Life's ratings: (1) a materially increased risk
profile or growth appetite, including another material acquisition
near-term, (2) reduced profitability with return on capital
falling below 5%, (3) a decline in the NAIC CAL RBC ratio to below
350%, or (4) adjusted financial leverage consistently above 25%.

The following ratings were assigned with a stable outlook:

Global Atlantic Financial Life Limited -- long-term issuer rating
at Ba1.

For the first six months of 2014, Commonwealth Annuity and Life
Insurance Company, the primary life operating company of Global
Atlantic Financial Group, reported a statutory net gain of $33
million. As of June 30, 2014, Commonwealth Annuity and Life
Insurance Company reported capital and surplus of $1.3 billion,
and statutory assets of $10.6 billion.

The principal methodology used in these ratings was Global Life
Insurers published in August 2014.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations. Moody's issuer ratings are
opinions of the ability of entities to honor senior unsecured
financial counterparty obligations and contracts.


GOBP HOLDINGS: Moody's Assigns B3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
and a B3-PD probability of default rating to GOBP Holdings Inc.
("GOBP"), the parent company of Grocery Outlet, Inc. ("GOI"). In
addition, Moody's assigned a B2 rating to the company's proposed
$75 million revolving credit facility, a B2 rating to the proposed
$440 million first lien term loan and a Caa2 rating to the
proposed $210 million second lien term loan. The rating outlook is
stable. Proceeds from the proposed credit facilities will be used
to refinance the company's existing debt and to finance the
acquisition of Grocery Outlet Inc. by Hellman & Friedman LLC. All
ratings are subject to satisfactory review of final documentation.

The following ratings are assigned:

Corporate Family Rating at B3;

Probability-of-Default Rating at B3-PD;

Proposed $75 million revolving credit facility expiring 2019 at B2
LGD3;

Proposed $440 million first lien term loan maturing 2021 at B2
LGD3;

Proposed $210 million second lien term loan maturing 2022 at Caa2
LGD5.

Ratings Rationale

The company's B3 Corporate Family Rating reflects its small scale
in terms of revenue and EBITDA, low barriers to entry, financial
policy risks that come with private equity ownership and high
financial leverage - proforma for the new debt Moody's estimates
debt/EBITDA including all adjustments to be at 8.2 times. Moody's
expects leverage to decline to around 6.5 times over the next 12-
18 months as GOI's refined strategy and management focus on
sharpening its customer value proposition and competitive price
positioning has resulted in positive same store sales and EBITDA
growth year-to-date 2014 which is expected to continue through
2015. Positive rating factors include GOI's attractive market
niche, a solid track record of organic and new store growth and a
good liquidity profile.

The stable outlook reflects Moody's expectation that GOI's credit
metrics will continue to improve modestly due to increased
profitability driven by organic and new store growth.

Ratings could be upgraded if the company demonstrates that the
under performance in fiscal 2013 (flat same store sales and
EBITDA) was an aberration due to non-recurring circumstances
unrelated to the company's business model. An upgrade would also
require improvement in margins, consistent same store sales
growth, and a material improvement in credit metrics while
maintaining good liquidity. Quantitatively, ratings could be
upgraded if EBITA/interest is sustained above 1.75 times and
debt/EBITDA is sustained below 6.25 times.

Ratings could be downgraded if same store sales and profitability
demonstrate a declining trend, financial policies become
aggressive or if liquidity materially deteriorates. Quantitatively
ratings could be downgraded if EBITA/interest is sustained below
1.25 times or if debt/EBITDA does not demonstrate a sustained
improvement towards 6.5 times.

Grocery Outlet Inc. ("GOI") headquartered in Emeryville, CA, is an
extreme-value retailer of food, beverages, and consumer goods. The
company will operate 218 stores by the end of fiscal 2014 in five
western states (CA, OR, WA, ID, and NV) as well as 16 stores in
Pennsylvania. After the closing of the proposed transaction the
company will be owned by Hellman & Friedman LLC. Revenues for the
last twelve months ended June 28, 2014 were approximately $1.4
billion.

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.


GOOD BOOKS: Skyhorse, Perseus Books to Acquire Assets
-----------------------------------------------------
Skyhorse Publishing and The Perseus Books Group on Oct. 2
disclosed that they have successfully partnered to acquire the
assets of Good Books, which filed for Chapter 7 bankruptcy in
December 2013.  A sales order was approved on Oct. 2 by the
bankruptcy court and the closing is scheduled to take place in the
next few days.

After Skyhorse won the bankruptcy auction for all Good Books
assets, it immediately sold the Mayo Clinic book publishing
assets, which were a part of Good Books, to its distributor
Perseus.

Skyhorse retained all other Good Books assets, including its
popular New York Times Bestselling Fix-It and Forget-It series.
This series has sold millions of copies since it was first created
and continues to be the bedrock of the list.  In addition,
Skyhorse retained the Amish and Mennonite fiction, as well as
health, gift, and other lifestyle titles. Approximately 1.3
million books were included in the sale.  All of these titles will
be distributed by Perseus Distribution.  Skyhorse selected Perseus
Distribution as its exclusive service provider in August of 2013.

Perseus takes ownership of Good Books' world-renowned Mayo Clinic
line of books, which includes the #1 New York Times bestsellers
The Mayo Clinic Diet and The Mayo Clinic Diabetes Diet, as well as
the popular Mayo Clinic Guide to a Healthy Pregnancy, Mayo
Clinic's Guide to Your Baby's First Year and the upcoming Mayo
Clinic Guide to Fertility and Conception.  These books will be
published under the auspices of Perseus' Da Capo Lifelong imprint,
known for its bestselling health and wellness books.  Da Capo has
an existing relationship with the Mayo Clinic as publisher of the
The Mayo Clinic Guide to Stress-Free Living and the upcoming Mayo
Clinic Handbook for Happiness.

"The logistics of this deal were very challenging, and there were
many twists and turns, but we found a way to bring the various
groups together to make this work for all parties," said
Tony Lyons, President and Publisher of Skyhorse Publishing.
"Getting this deal finalized and approved by the court shows the
strength of our relationship with Perseus and its incredible team.
We are honored to take over Good Books from its brilliant
founders, Merle and Phyllis Good, and look forward to working with
Perseus to bring this terrific brand under the Skyhorse banner and
back to it loyal readers around the country as well as to a new
generation of budding food enthusiasts."

"We admire Skyhorse and enjoy a close relationship through our
distribution partnership," said David Steinberger, President and
CEO of The Perseus Books Group.  "We are very pleased to partner
in this new way and to become the publisher of this broader Mayo
Clinic program."

"We're delighted to expand our relationship with the Mayo Clinic,
which has already led to some wonderful books for Da Capo
Lifelong," said John Radziewicz, Publisher of Da Capo Press.  "We
look forward to further partnering with Mayo to broaden its book
audience and to share its mission of making a difference in the
world."

                  About The Perseus Books Group

The Perseus Books Group -- http://www.perseusbooks.com-- is an
independent company committed to enabling independent book
publishers to reach their potential, whether those publishers are
Perseus-owned, joint ventures or owned by third parties.  Perseus
publishing imprints include Avalon Travel, Basic Books, Basic
Civitas, Da Capo Press, Da Capo Lifelong Books, PublicAffairs,
Running Press, Seal Press, and Westview Press, as well as
partnerships with The Daily Beast, The Economist, The Nation
Institute, and The Weinstein Company.  Through Consortium, Perseus
Distribution, Publishers Group West, and Legato Publishers Group,
as well as through its Constellation digital service offering
which also supports Argo Navis Author Services and Faber Factory
Powered by Constellation, the Perseus Books Group is the leading
provider of sales, marketing, distribution, and digital services,
serving 400 independent publishers.

                 About Skyhorse Publishing

Founded in 2006 by former Lyons Press publisher Tony Lyons,
Skyhorse has been one of the great publishing success stories of
the last decade.  With 14 New York Times bestsellers, a backlist
of more than 4,800 titles and over 1,000 new titles planned for
2015, Skyhorse publishes in almost every major subject category.
The Skyhorse list includes outdoor sports, country living,
politics, true crime, history, reference, and humor. It also
publishes under several imprints.  Arcade Publishing offers
literary fiction and nonfiction, including five works from the
2012 winner of the Nobel Prize for Literature, Mo Yan.  Allworth
Press publishes practical books for creative professionals.  Sky
Pony Press offers books for children and young adults.  Sports
Publishing focuses on regional team sports.  Not For Tourists is
an award winning travel guide series. Gary Null Publishing focuses
on health and healing.  Night Shade Books and Talos Press are
Skyhorse's science fiction imprints.

                      About Da Capo Press

Da Capo Press, founded in 1964 as a publisher of music books,
became a general trade publisher in the mid-1970s.  It joined the
Perseus Books Group in 1999. Today it has a wide-ranging list of
mostly nonfiction titles, both hardcover and paperback, focusing
on history, music, the performing arts, sports, and popular
culture.  Da Capo Lifelong Books was founded as a health and
wellness imprint in 2003 and has a broad list of titles focusing
on pregnancy, parenting, fitness, personal relationships,
diabetes, healthful cooking, psychology, personal growth, and
sexuality.


GR TAYLOR: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------
G.R. Taylor Enterprises Inc has filed for Chapter 11 bankruptcy in
the U.S. Bankruptcy Court for the District of Arizona, Mike
Sunnucks, Senior Reporter at Phoenix Business Journal reports.

Company CEO Garry Taylor said in court filings that the Debtor has
22 employees and has been around for 32 years.

According to the Business Journal, the Company and its bankruptcy
were mum about details of the Chapter 11 filing and the reason
behind the filing.

Litchfield Park-based G.R. Taylor Enterprises Inc --
http://teiroof.com/home-- dba TEI Roof, is a family-owned roofing
contractor that has serviced the West Valley in Phoenix, Arizona,
for 27 years.


GRAFTECH INT'L: Moody's Lowers Corp. Family Rating to Ba2
---------------------------------------------------------
Moody's Investors Service downgraded all long-term ratings for
GrafTech International Ltd., including the Corporate Family Rating
("CFR") to Ba2 from Ba1.The downgrade reflects continued softening
in the graphite electrodes business, increased volatility in the
non-electrodes business, and tightening liquidity. All long-term
ratings remain on review for downgrade.

"GrafTech's recent announcement raises our concerns that credit
metrics will remain weak for longer than expected as the company
and that the liquidity cushion will be relatively modest in
advance of the next debt maturity in November 2015," said Ben
Nelson, Moody's Assistant Vice President and lead analyst for
GrafTech International Ltd.

The actions:

Issuer: GrafTech International Ltd.

  Corporate Family Rating, Downgraded to Ba2 from Ba1, Under
  Review for Downgrade;

  Probability of Default Rating, Downgraded to Ba2-PD from Ba1-
  PD, Under Review for Downgrade;

  $470 million Senior Secured Revolving Credit Facility, Assigned
  Ba1 (LGD2), Under Review for Downgrade;

  $300 million Senior Unsecured Notes, Downgraded to Ba3 (LGD4)
  from Ba2, Under Review for Downgrade;

  Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
  SGL-2.

The rating on the company's revolving credit facility was re-
assigned in light of the amendment and extension of maturity
earlier in 2014.

Ratings Rationale

Moody's does not expect GrafTech to restore credit metrics to
levels appropriate for the Ba1 CFR, including adjusted financial
leverage below 3 times (Debt/EBITDA), by early-to-mid 2015. The
supply/demand balance of the graphite electrode industry remains
disadvantageous for producers despite capacity reductions by
multiple industry participants. GrafTech plans to lower operating
rates due to order postponements in this business through year
end. The company lowered guidance for the graphite electrodes
business and, due to delayed consumer electronics product
launches, lowered guidance for non-electrodes business in advance
of its third quarter earnings call. Management has cut guidance
multiple times in recent quarters and plans to review its guidance
policies. These factors contribute, along with tightening
liquidity, contribute to the downgrade of the CFR to Ba2 from Ba1.

Moody's also believes that liquidity has tightened. The company
reported about $300 million of effective availability on its $470
million revolving credit facility after considering $68 million in
cash borrowings, $7 million of outstanding letters of credit, and
covenant-related restrictions. Moody's believes the tightest
covenant is a 3.0x senior secured leverage ratio test, which
implies EBITDA of about $125 million according to bank
calculations. Management has guided to $105-115 million of EBITDA
in 2014, which implies EBITDA will fall in the second half of the
year and the liquidity cushion could narrow further unless the
company is able to execute successfully plans to reduce
inventories. Moody's believes this cushion is particularly
important considering the upcoming maturity of the company's $200
million Senior Subordinated Notes in November 2015. These factors
drive the downgrade of the Speculative Grade Liquidity Rating
("SGL") to SGL-3 from SGL-2.

The review will focus on the likelihood that operating performance
will improve sufficiently to reduce leverage to below 4 times
within the next few quarters and expected liquidity cushion
through the next eighteen months. Key credit metrics remain weak
with adjusted financial leverage in the high 4 times
(Debt/EBITDA), interest coverage near 3 times (EBITDA/Interest),
and retained cash flow near 13% (RCF/Debt) for the twelve months
ended June 30, 2014. GrafTech provided updated information about
the timing and amount of its planned cost savings and inventory
reduction initiatives in a pre-release filing. Moody's expects the
company will provide additional information during its third
quarter conference call and intends to resolve the review for
downgrade shortly thereafter.

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

GrafTech International Ltd. manufactures graphite electrodes,
refractory products, needle coke products, advanced graphite
materials, and natural graphite products. After completing an
announced rationalization program, the company will operate 18
manufacturing facilities for all products and have about 195k
metric tons of electrode capacity. Headquartered in Parma, Ohio,
GrafTech generated $1.2 billion of revenue for the twelve months
ended June 30, 2014.


GREEN EARTH: Incurs $6.8 Million Net Loss in Fiscal 2014
--------------------------------------------------------
Green Earth Technologies, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $6.84 million on $4.05 million of net sales for the
year ended June 30, 2014, compared to a net loss of $6.59 million
on $8.03 million of net sales for the year ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed
$16.64 million in total assets, $26.98 million in total
liabilities, and a $10.34 million total stockholders' deficit.

Friedman LLP, in East Hanover, New Jersey, 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 losses, negative cash flows from operations,
working capital deficit, related party note in default payable
upon demand and its ability to pay its outstanding liabilities
through fiscal 2014 raise substantial doubt about its ability to
continue as a going concern.

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

                        http://is.gd/1kh7kL

                   About Green Earth Technologies

White Plains, N.Y.-based Green Earth Technologies, Inc. (OTC QB:
GETG) -- http://www.getg.com/-- markets, sells and distributes
bio-degradable performance and cleaning products.  The Company's
product line crosses multiple industries including the automotive
aftermarket, marine and outdoor power equipment markets.


HCA HOLDINGS: Moody's Raises Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service upgraded HCA Holdings, Inc.'s Corporate
Family Rating to Ba3 from B1. The company's Probability of Default
Rating was also upgraded to Ba3-PD from B1-PD. The ratings on the
company's existing debt instruments at HCA Holdings, Inc. and HCA,
Inc. were also upgraded. HCA Holdings, Inc. is the parent company
of HCA, Inc. (collectively HCA or the company). The rating outlook
was changed to stable from positive.

"The upgrade of HCA's Corporate Family Rating to Ba3 reflects
Moody's expectation that the company will continue to employ
financial policies that include returns to shareholder but limit
increases in leverage," said Dean Diaz, a Moody's Senior Vice
President. "HCA has shown that it is willing to maintain a
disciplined approach to using incremental debt to fund shareholder
initiatives while using its healthy cash flow to continue to
invest in growth and maintain leverage within a manageable range,"
continued Diaz. "The upgrade also reflects Moody's expectation
that HCA will improve its profit margins and cash flow in the near
term as benefits of the Affordable Care Act result in lower bad
debt expense and improved cash collection," said Diaz.

The following is a summary of Moody's rating actions.

Ratings upgraded:

HCA Holdings, Inc.:

Corporate Family Rating to Ba3 from B1

Probability of Default Rating to Ba3-PD from B1-PD

Senior unsecured notes to B2 (LGD 6) from B3 (LGD 6)

HCA, Inc.:

Senior secured ABL revolver to Baa3 (LGD 1) from Ba1 (LGD 1)

Senior secured revolver to Ba2 (LGD 3) from Ba3 (LGD 3)

Senior secured term loans to Ba2 (LGD 3) from Ba3 (LGD 3)

Senior secured notes to Ba2 (LGD 3) from Ba3 (LGD 3)

Senior unsecured notes to B2 (LGD 5) from B3 (LGD 5)

Ratings affirmed:

HCA Holdings, Inc.:

Speculative Grade Liquidity Rating at SGL-2

The rating outlook was changed to stable from positive.

Ratings Rationale

HCA's Ba3 Corporate Family Rating reflects Moody's expectation
that HCA's scale and dominant market strength will allow the
company to continue to grow revenue and maintain healthy EBITDA
margins. HCA's scale and position as the largest for-profit
hospital operator in terms of revenue, aids its ability to
leverage investments and resources needed to adapt to changes in
the sector and weather industry challenges. While Moody's
anticipates that the company will continue to return capital to
shareholders in lieu of debt repayment, the rating agency expects
that HCA will generate sufficient cash to fund moderate sized
acquisitions with little detrimental impact on credit metrics.
Moody's expects that the company will operate with debt to EBITDA
in the range of 4.5 to 5.0 times.

The stable rating outlook reflects Moody's expectation that HCA
will continue to realize revenue and EBITDA growth as benefits of
the Affordable Care Act result in declining uninsured volumes and
lower bad debt expense. However, reinvestment in existing
operations and acquisitions will likely continue to limit
meaningful improvements in credit metrics. Finally, the outlook
incorporates Moody's expectation that the company will limit
increases in leverage for shareholder initiatives.

Moody's could upgrade the ratings if HCA realizes continued
earnings growth or repayment of debt such that debt to EBITDA is
expected to be maintained below 4.0 times. Additionally, Moody's
would have to see the company maintain a conservative financial
profile prior to considering an upgrade, including limiting
increases in leverage for shareholder distributions or share
repurchases.

If the company experiences a deterioration in operating trends,
for example, negative trends in same-facility adjusted admissions
or same-facility revenue per adjusted admission, Moody's could
downgrade the ratings. Additionally, Moody's could downgrade the
ratings if the company incurs additional debt to fund shareholder
distributions or acquisitions so that debt to EBITDA was expected
to be sustained above 5.0 times.

HCA Inc. is a wholly owned subsidiary of HCA Holdings, Inc.
(collectively HCA). Headquartered in Nashville, Tennessee, HCA is
the nation's largest acute care hospital company as measured by
revenue. A portion of the equity of HCA is still held by private
equity firms Bain Capital and KKR as well as members of
management. The company generated revenue in excess of $35
billion, net of the provision for doubtful accounts, in the twelve
months ended June 30, 2014.

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


HERON LAKE: Sends Newsletter to Unit Holders
--------------------------------------------
Heron Lake BioEnergy, LLC, disclosed with the U.S. Securities and
Exchange Commission that it published and sent a newsletter to its
unit holders on or about Sept. 30, 2014.

                           About Heron Lake

Heron Lake BioEnergy, LLC, operated a dry mill, coal fired ethanol
plant in Heron Lake, Minnesota.  After completing a conversion in
November 2011, the Company is now a natural gas fired ethanol
plant.  Its subsidiary, HLBE Pipeline Company, LLC, owns 73
percent of Agrinatural Gas, LLC, the pipeline company formed to
construct, own, and operate a natural gas pipeline that provides
natural gas to the Company's ethanol production facility through a
connection with the natural gas pipeline facilities of Northern
Border Pipeline Company in Cottonwood County, Minnesota.  Its
subsidiary, Lakefield Farmers Elevator, LLC, has grain facilities
at Lakefield and Wilder, Minnesota.  At nameplate, the Company's
ethanol plant has the capacity to process approximately 18.0
million bushels of corn each year, producing approximately 50
million gallons per year of fuel-grade ethanol and approximately
160,000 tons of distillers' grains with soluble.

Heron Lake reported net income of $2.26 million on $163.76 million
of revenues for the year ended Oct. 31, 2013, as compared with a
net loss of $32.35 million on $168.65 million of revenues for the
year ended Oct. 31, 2012.

As of July 31, 2014, the Company had $66.70 million in total
assets, $15.92 million in total liabilities and $50.77 million in
total members' equity.

Boulay PLLP, in Minneapolis, Minnesota, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Oct. 31, 2013.  The independent auditors noted that
the Company has incurred losses due to difficult market conditions
and had lower levels of working capital than was desired.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

                        Bankruptcy Warning

"Our loan agreements with AgStar are secured by substantially all
business assets and are subject to various financial and non-
financial covenants that limit distributions and debt and require
minimum debt service coverage, net worth, and working capital
requirements.  The Company was in compliance with the covenants of
its loan agreements with AgStar as of October 31, 2013.  In the
past, the Company's failure to comply with the covenants of the
master loan agreement and failure to timely pay required
installments of principal has resulted in events of default under
the master loan agreement, entitling AgStar to accelerate and
declare due all amounts outstanding under the master loan
agreement.  If AgStar accelerated and declared due all amounts
outstanding under the master loan agreement, the Company would not
have adequate cash to repay the amounts due, resulting in a loss
of control of our business or bankruptcy," the Company said in its
annual report for the year ended Oct. 31, 2013.


HOUSTON REGIONAL: Comcast Protests New Sale Proposal
----------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that
Comcast Corp. is fighting a new proposal to sell Comcast SportsNet
Houston, saying the tweaked proposal makes it more difficult for
Comcast to be repaid a roughly $100 million loan that it extended
to the channel.  Comcast would also give up its roughly 23%
ownership stake of the sports channel if the sale is approved, the
report said.

             About Houston Regional Sports Network

An involuntary Chapter 11 bankruptcy petition was filed against
Houston Regional Sports Network, L.P. d/b/a Comcast SportsNet
Houston (Bankr. S.D. Tex. Case No. 13-35998) on Sept. 27, 2013.

The involuntary filing was launched by three units of Comcast/NBC
Universal and a television-related company.  The petitioners are:
Houston SportsNet Finance LLC, Comcast Sports Management Services
LLC, National Digital Television Center LLC, and Comcast SportsNet
California, LLC.

The petitioning creditors have filed papers asking the Bankruptcy
Judge to appoint an independent Chapter 11 trustee "to conduct a
fair and open auction process for the Network's business assets on
a going concern basis."

Houston Regional Sports Network is a joint enterprise among
affiliates of the Houston Astros baseball team, the Houston
Rockets basketball team, and Houston SportsNet Holdings, LLC --
"Comcast Owner" -- an affiliate of Comcast Corporation.  The
Network has three limited partners -- Comcast Owner, Rockets
Partner, L.P., and Astros HRSN LP Holdings LLC.  The primary
purpose of Houston Regional Sports Network is to create and
operate a regional sports programming service that produces,
exhibits, and distributes sports programming on a full-time basis,
including live Astros and Rockets games within the league-
permitted local territories.

Counsel for the petitioning creditors are Howard M. Shapiro, Esq.,
at Wilmer Cutler Pickering Hale and Dorr LLP; George W. Shuster,
Jr., Esq., at Wilmer Cutler Pickering Hale and Dorr LLP; Vincent
P. Slusher, Esq., at DLA Piper; and Arthur J. Burke, Esq., at
Davis Polk & Wardwell LLP.

Judge Marvin Isgur presides over the case.

The Network was officially placed into Chapter 11 bankruptcy
pursuant to a Feb. 7 Order for Relief.  It has won approval to
hire Haynes and Boone, Charles A. Beckham, Jr., Esq., Henry
Flores, Esq., Abigail Ottmers, Esq., and Christopher L. Castillo,
Esq., as counsel.  It also hired Conway MacKenzie, Inc., as
financial advisor.

Harry Perrin, Esq., represents Astros owner Jim Crane.  Alan
Gover, Esq., represents the Rockets.

The Astros are represented by Richard B. Drubel, Esq., Colleen A.
Harrison, Esq., and Jonathan R. Voegele, Esq., at Boies, Schiller
& Flexner LLP, in Hanover, NH; and Scott E. Gant, Esq., at Boies,
Schiller & Flexner in Washington, DC.  Comcast Corporation and
NBCUniversal Media, LLC, are represented by Vincent P. Slusher,
Esq., Eli Burriss, Esq., Andrew Mayo, Esq., and Andrew Zollinger,
Esq., at DLA Piper; Arthur J. Burke, Esq., Timothy Graulich, Esq.,
and Dana M. Seshens, Esq., at Davis Polk & Wardwell LLP; and
Howard M. Shapiro, Esq., and Craig Goldblatt, Esq., at Wilmer
Cutler Pickering Hale and Dorr LLP.  Attorney for McLane
Champions, LLC and R. Drayton McLane, Jr., are Wayne Fisher, Esq.,
at Fisher Boyd & Huguenard, LLP.


IMPLANT SCIENCES: Incurs $21 Million Net Loss in Fiscal 2014
------------------------------------------------------------
Implant Sciences Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing
a net loss of $21.01 million on $8.55 million of revenues for the
year ended June 30, 2014, compared to a net loss of $27.35 million
on $12.01 million of revenues for the year ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $5.47 million
in total assets, $66.68 million in total liabilities and a $61.20
million total stockholders' deficit.

Marcum LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent auditors noted that
the Company has had recurring net losses and continues to
experience negative cash flows from operations.  As of Sept. 23,
2014, the Company's principal obligation to its primary lenders
was approximately $53,437,000 and accrued interest of
approximately $10,163,000.  The Company is required to repay all
borrowings and accrued interest to these lenders on March 31,
2015.  These conditions raise substantial doubt about its ability
to continue as a going concern.

                        Bankruptcy Warning

"Despite our current sales, expense and cash flow projections and
$17,512,000 in cash available from our line of credit with DMRJ,
at September 23, 2014, we will require additional capital in the
third quarter of fiscal 2015 to fund operations and continue the
development, commercialization and marketing of our products.  Our
failure to achieve our projections and/or obtain sufficient
additional capital on acceptable terms would have a material
adverse effect on our liquidity and operations and could require
us to file for protection under bankruptcy laws," the Company
stated in the Report.

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

                        http://is.gd/Ml8g0g

                      About Implant Sciences

Implant Sciences Corporation (OBB: IMSC.OB) --
http://www.implantsciences.com/-- develops, manufactures and
sells sensors and systems for the security, safety and defense
(SS&D) industries.


INTELLIPHARMACEUTICS INT'L: Chief Financial Officer Resigns
-----------------------------------------------------------
Intellipharmaceutics International Inc. announced the resignation
of Shameze Rampertab, vice president, finance and chief financial
officer, who is leaving the Company effective Oct. 10, 2014, to
pursue an opportunity in the medical devices industry.

Dr. Isa Odidi, chairman and chief executive officer of the
Company, commented, "On behalf of the management team and the
Board of Directors, I would like to thank Shameze for his
contributions to Intellipharmaceutics, and to wish him success in
his new endeavour.  We believe that the Company remains well
positioned to continue to execute on its growth strategy."

Commenting on his time with the Company, Mr. Rampertab noted, "I
wish Intellipharmaceutics and my talented colleagues there all the
best as they continue forward with their dynamic drug development
and commercialization program."

The Company has commenced a search to fill Mr. Rampertab's role.
Pending the hiring of a replacement for Mr. Rampertab, the
functions of chief financial officer for Intellipharmaceutics will
be carried out by the Company's president and former chief
financial officer, Dr. Amina Odidi.

                      About Intellipharmaceutics

Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada.  Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs.  Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals.  Based on this technology,
Intellipharmaceuticshas a pipeline of product candidates in
various stages of development, including filings with the FDA in
therapeutic areas that include neurology, cardiovascular,
gastrointestinal tract, diabetes and pain.

Intellipharmaceutics incurred a net loss of US$11.49 million
for the year ended Nov. 30, 2013, following a net loss of
US$6.13 million for the year ended Nov. 30, 2012.

Deloitte LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Nov. 30, 2013.  The independent auditors noted that
Company's recurring losses from operations and the accumulated
deficit raise substantial doubt about its ability to continue as a
going concern.


INTERFAITH MEDICAL: Court Stays Deadline for Final Decree
---------------------------------------------------------
The Hon. Carla E. Craig of the U.S. Bankruptcy Court for the
Eastern District of New York suspended the deadline, which is set
for Sept. 9, 2014, to submit a final decree for the bankruptcy
case of Interfaith Medical Center Inc. at the behest of IMC
Disbursing Trust.

According to IMC, it will certainly take additional time complete
this process beyond the September 9 deadline.  IMC noted that the
Debtor's second amended Chapter 11 plan of reorganization became
effective on June 19, 2014.

The IMC together with the liquidating trust and the covered
persons fund monitor have been charged with administering various
aspects of the plan.  Administration of the Debtor's estate is
underway on many fronts, but is not yet complete.  Among other
tasks, the IMC is currently reviewing and analyzing claims --
including fee claims -- and liens against the Debtors' property in
advance of the hearing on Sept. 22, 2014.  By the confirmation
order, the deadline to object to all such claims has not yet
passed and will, instead, expire on the later of Dec. 16, 2014 or
180 days from the date of the claim that is filed, which may be
extended by the Court.

Additionally, the deadlines for medical malpractice claimants to
return their election forms and to file their claims have not yet
passed.  Once filed, the IMC and the covered persons fund monitor
will need time to review and analyze such claims, proceed in
mediation or state court accordingly, and ultimately resolve such
matters.  Therefore, although the parties are working diligently,
all of the aforementioned tasks, along with others required in
connection with administration of the Debtor's estate, will take
time -- some weeks, others months -- to complete, IMC noted.

               About Interfaith Medical Center

Headquartered in Brooklyn, New York, Interfaith Medical Center,
Inc., operates a 287-bed hospital on Atlantic Avenue in Bedford-
Stuyvesant and an ambulatory care network of eight clinics in
central Brooklyn, in Crown Heights and Bedford-Stuyvesant.

The Company filed for Chapter 11 protection (Bankr. E.D. N.Y.
Case No. 12-48226) on Dec. 2, 2012.  The Debtor disclosed
$111,872,972 in assets and $193,540,998 in liabilities as of the
Chapter 11 filing.  Liabilities include $117.9 million owing to
the New York State Dormitory Authority on bonds secured by the
assets.

Alan J. Lipkin, Esq., at Willkie Farr & Gallagher LLP, serves as
bankruptcy counsel to the Debtor.  Nixon Peabody LLP is the
special corporate and healthcare counsel.  CohnReznick LLP serves
as financial advisor.  Donlin, Recano & Company, Inc. serves as
administrative agent.

The Official Committee of Unsecured Creditors tapped Alston & Bird
LLP as its counsel, and CBIZ Accounting, Tax & Advisory of New
York, LLC as its financial advisor.

Eric M. Huebscher, the patient care ombudsman, tapped the law firm
of DiConza Traurig LLP, as his counsel.


INT'L MANUFACTURING: Ch.11 Trustee Hires Business Team as Broker
----------------------------------------------------------------
Beverly N. McFarland, the Chapter 11 Trustee of International
Manufacturing Group, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Business Team as business broker to sell the Business as a going
concern, effective Sept. 16, 2014.

The Listing Agreement grants an exclusive listing to Business Team
to

   (a) market the Business for a six-month period (subject to one
       extension for the period of time necessary to close a
       sale); and

   (b) perform a bid sale if more than one offer is received for
       the Business.

The Trustee has agreed to pay Business Team, upon the closing of a
sale, a commission fee of 10% of the gross accepted sale price if
Business Team procures the buyer.  This commission is a reduction
from the normal 12% commission Business Team typically charges for
a sale of this type. If the circumstances warrant, a break-up fee
will be negotiated subject to Court approval.

Aaron Culver of Business Team assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.

Business Team can be reached at:

       Aaron Culver
       BUSINESS TEAM
       1750 Howe Avenue, Suite 240
       Sacramento, CA 95825
       Tel: (916) 612-3123

               About International Manufacturing

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

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

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

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

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

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


JUTTE ELECTRIC: No Quick Ruling in First Financial' Suit
--------------------------------------------------------
Ohio Bankruptcy Judge Mary Ann Whipple denied First Financial
Bank, N.A.'s Motion for Summary Judgment in its lawsuit against
the principal of Jutte Electric, LTD.

Kenneth Jutte, and his wife, Alicia Michelle Jutte, filed a
petition for relief under Chapter 7 of the Bankruptcy Code on
February 12, 2012. After being granted an extension of time to
file a complaint to determine dischargeability, First Financial
timely filed its complaint.

First Financial alleges that the Juttes owe it a debt that arises
as a result of their conversion of property in which the bank had
a first and best security interest and to which it had a right of
possession and that is nondischargeable under 11 U.S.C. Sec.
523(a)(2)(A) and (a)(6).  The bank moves for summary judgment on
its claim under Sec. 523(a)(6) only.

Kenneth Jutte caused Jutte Electric to file a Chapter 11
bankruptcy petition (Bankr. N.D. Ohio Case No. 11-33379) on June
17, 2011.  On June 23, 2011, Jutte Electric's bankruptcy schedules
were filed, which Jutte declared were true and correct to the best
of his knowledge, information and belief.  Schedule B shows assets
that include, among other things, certain equipment and inventory,
and indicates that the equipment and inventory were valued at
$539,653.31 and were located at its shops in Fort Recovery, Ohio,
and Columbus, Ohio.  The Jutte Electric bankruptcy case was
ultimately dismissed.

Jutte Electric was a debtor-in-possession throughout the pendency
of its bankruptcy case.

Prior to seeking bankruptcy protection, Jutte Electric had
executed three promissory notes in favor of First Financial: (1) a
$400,000 note on October 17, 2008, (2) a $350,000 note on October
17, 2008, and (3) a $192,470.83 note on November 5, 2008.

As security for the loans, Jutte Electric granted First Financial
an interest in substantially all of its property.  The Notes are
now in default and, according to the bank, a total of $715,139.20
plus interest, costs and attorney fees is owed under them.

Alicia Jutte was not involved on a day-to-day basis in the
operations or activities of Jutte Electric.  According to Jutte,
in the ordinary course of the business operations of Jutte
Electric, he disposed of certain property to which First Financial
claims an interest but never caused any of the bank's collateral
to be transferred to HC3 Group LLC as alleged by the bank.  Jutte
holds no ownership interest in HC3 Group LLC but did facilitate
the company in obtaining an electrical license.

According to Judge Whipple, First Financial's evidence, and
specifically, Kent's affidavit, are insufficient to support a
finding that there is no genuine dispute as to any material fact
and that it is entitled to judgment as a matter of law.  First
Financial has produced no proper evidence that the Juttes caused a
wrongful disposition of its property rights or that it had a right
to possession of any particular property at the time of its
disposition. While Jutte admits in his affidavit that he disposed
of certain property in the ordinary course of business, he does
not identify such property. To the extent that it consists of
inventory, the security agreements specifically permit the sale of
inventory. And although the bank has a security interest in the
proceeds of the sale of any inventory and such proceeds may not
have been turned over to the bank, the Court said it has directed
the court to no provision in the security agreements requiring
turnover of those proceeds.  First Financial also offers no
evidence that it ever demanded turnover of any of its collateral.

A copy of the Court's Sept. 29, 2014 Memorandum of Decision and
Order is available at http://is.gd/sBfvzOfrom Leagle.com.

Jutte Electric Ltd., based in Fort Recovery, Ohio, filed for
Chapter 11 bankruptcy (Bankr. N.D. Ohio Case No. 11-33379) on June
17, 2011.  Judge Mary Ann Whipple presides over the case.  Randy
Lee Reeves, Esq., at Randy L. Reeves Co., LPA, serves as the
Debtor's counsel.  In its petition, the Debtor estimated $1
million to $10 million in both assets and debts.  The petition was
signed by Kenneth R. Jutte, CEO.


KEMET CORP: Files Copy of Presentation Materials With SEC
---------------------------------------------------------
Per-Olof Loof, chief executive officer, and William M. Lowe, Jr.,
executive vice president and chief financial officer, of KEMET
Corporation, are scheduled to provide certain investor
information, including an investor presentation that commenced at
approximately 1:10 p.m. Eastern Daylight Time on Tuesday,
Sept. 30, 2014, in Scottsdale, Arizona.

Topics of the presentation include, among other things, Company
overview, product overview, and financial overview.

KEMET also confirmed prior guidance for the quarter ending
Sept. 30, 2014, and expects revenues to be in the range of $206
million to $212 million.

The slide package prepared by the Company for use in connection
with this presentation is available for free at:

                        http://is.gd/ae416T

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

The Company's balance sheet at June 30, 2014, showed $838.64
million in total assets, $620.39 million in total liabilities and
$218.25 million in total stockholders' equity.

                            *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to Caa1
from B2 and the Probability of Default Rating to Caa1-PD from B2-
PD based on Moody's expectation that KEMET's liquidity will be
pressured by maturing liabilities and negative free cash flow due
to the interest burden and continued operating losses at the Film
and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on Simpsonville,
S.C.-based KEMET Corp. to 'B-' from 'B+'.

"The downgrade is based on continued top-line and margin pressures
and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.

The TCR reported in August 2014 that Standard & Poor's Ratings
Services revised its outlook on Greenville, S.C.-based capacitor
supplier KEMET Corp. to stable from negative.  S&P affirmed the
ratings, including the 'B-' corporate credit rating.


KEYSTONE RAILCAR: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Keystone Railcar, Inc.
        1058 Pennsylvania Avenue
        Harrisburg, PA 17111

Case No.: 14-04586

Chapter 11 Petition Date: October 1, 2014

Court: United States Bankruptcy Court
       Middle District of Pennsylvania (Harrisburg)

Judge: Hon. Robert N Opel II

Debtor's Counsel: Markian R Slobodian, Esq.
                  LAW OFFICES OF MARKIAN R. SLOBODIAN
                  801 North Second Street
                  Harrisburg, PA 17102
                  Tel: 717 232-5180
                  Fax: 717 232-6528
                  E-mail: law.ms@usa.net

Estimated Assets: $0 to 50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by David R Gamble, vice president.

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


KNR ENTERPRISE: Case Summary & Unsecured Creditor
-------------------------------------------------
Debtor: KNR Enterprise, Inc.
        4316 Markham Street
        Annandale, VA 22003

Case No.: 14-13660

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: October 1, 2014

Court: United States Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Hon. Robert G. Mayer

Debtor's Counsel: John T. Donelan, Esq.
                  LAW OFFICE OF JOHN T. DONELAN
                  125 S. Royal Street
                  Alexandria, VA 22314
                  Tel: (703) 684-7555
                  Email: donelanlaw@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Chung Il Ku, president.

The Debtor listed Trust Properties as its largest unsecured
creditor holding a claim of $30,000.

A copy of the petition is available for free at:

             http://bankrupt.com/misc/vaeb14-13660.pdf


LAKELAND INDUSTRIES: Arenal Capital Stake at 5.7% as of Sept. 23
----------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Arenal Capital Partners LP and Arenal Capital
Fund LP disclosed that as of Sept. 23, 2014, they beneficially
owned 335,185 shares of common stock of Lakeland Industries
representing 5.7 percent of the shares outstanding.  The reporting
persons previously owned 566,015 shares at June 28, 2013, as
reported by the TCR on July 10, 2013.  A copy of the regulatory
filing is available at http://is.gd/SkFhTb

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $376,825 on $96.3 million of sales for the year ended
Jan. 31, 2012.

The Company's balance sheet at July 31, 2014, showed
$87.9 million in total assets, $40.9 million in total liabilities
and $46.9 million in total stockholders' equity.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that Company is in default on certain covenants of its loan
agreements at Jan. 31, 2013.  "The lenders have not waived these
events of default and may demand repayment at any time.
Management is currently trying to secure replacement financing but
does not have new financing available at the date of this report."


LAND O LAKES MARINE: Case Summary & 3 Unsecured Creditors
---------------------------------------------------------
Debtor: Land O Lakes Marine Service, LLC
        3208 Land O Lakes Blvd.
        Land O Lakes, FL 34639

Case No.: 14-11660

Chapter 11 Petition Date: October 1, 2014

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

Judge: Hon. Catherine Peek McEwen

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: 813-877-4669
                  Fax: 813-877-5543
                  E-mail: Buddy@tampaesq.com
                         All@tampaesq.com

Total Assets: $783,630

Total Liabilities: $1.88 million

The petition was signed by David E. Hipps, Jr., manager.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/flmb14-11660.pdf


LEHMAN BROTHERS: Still Has $4B+ in Real Estate, Private Equity
--------------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported
that a filing with the U.S. Bankruptcy Court in Manhattan
disclosed that Lehman Brothers Holdings Inc. still had more than
$4 billion in private equity and real estate assets as of June 30.
According to the report, citing the same filing, Lehman had $2
billion in private equity investments across several entities and
more than $2 billion in real estate, mostly commercial real
estate.

                      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)


LIME ENERGY: Hurvis Group Managing Director Appointed to Board
--------------------------------------------------------------
The Board of Directors of Lime Energy Co. appointed Tommy Mike
Pappas, CPA, to serve as a director of the Company.

Mr. Pappas is currently the managing director of The Hurvis Group,
a privately held investment group.  As the managing director, Mr.
Pappas is responsible for overseeing the execution of all
financial and operational activities of the group while also
monitoring direct investments through ongoing communication with
the management teams.  He also provides strategic financial and
operational guidance in addition to participating in monthly
planning sessions and quarterly board meetings.  Mr. Pappas began
his career with a national accounting firm where he assisted
companies and individuals on an array of issues including mergers
and acquisitions, corporate taxation, federal and state
compliance, multi-state taxation, individual taxation and estate
planning.

Mr. Pappas received his BS in Accounting and Business
Administration with a major in Management Information Systems from
the University of North Carolina.  He is a licensed CPA and is a
member of the American Institute of Certified Public Accountants,
the Illinois CPA Society and the North Carolina Association of
Certified Public Accountants.

Mr. Pappas was elected pursuant to the request of John Hurvis, one
of the Company's shareholders.  Initially, Mr. Pappas will not
serve on any committees of the Board.  It is expected that Mr.
Pappas will receive the standard non-employee director
compensation described in the Company's proxy statement for the
2014 annual meeting of shareholders, including, under the
Company's 2010 Non-Employee Directors' Stock Plan, an initial
grant of restricted stock with a market value equal to $40,000
upon the approval of the Board and an annual grant of restricted
stock with a prorated market value equal to $20,000.

                        About Lime Energy

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

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

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


LIBERATOR INC: Incurs $376,000 Net Loss in Fiscal 2014
------------------------------------------------------
Liberator, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$376,056 on $14.71 million of net sales for the year ended
June 30, 2014, compared to a net loss of $288,485 on $13.84
million of net sales for the year ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $3.31 million
in total assets, $5.20 million in total liabilities and a $1.89
million total stockholders' deficit.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2014.  The independent
auditors noted that the Company has a net loss of $376,056, a
working capital deficiency of $1,685,712, an accumulated deficit
of $8,423,741 and a negative cash flow from continuing operations
of $199,396.  These factors 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/ASyidR

                        About Liberator Inc.

Atlanta, Georgia-based Liberator is a vertically integrated
manufacturer that designs, develops and markets products and
accessories that enhance intimacy.  Liberator is also a nationally
recognized brand trademark, brand category and a patented line of
products commonly referred to as sexual positioning shapes and sex
furniture.


LIVING HOPE: Arkansas Court Rules on Appeals in Naples Suit
-----------------------------------------------------------
District Judge D.P. Marshall, Jr., for the U.S. District Court for
the Eastern District of Arkansas, Western Division, ruled on three
appeals in the cases involving Living Hope Southeast, LLC, and
Living Hope Southwest Medical Services LLC.

The cases are: JAMES J. NAPLES, Assignee of Pinewood Enterprises
and GREG STEPHENS, Appellants. v. RENEE S. WILLIAMS, Chapter 7
Trustee, LHSW; MICHAEL E. COLLINS, Chapter 11 Trustee; ESTATE OF
WANDA J. STEPHENS; DAVID KIMBRO STEPHENS, Individually and on
behalf of the A. K. Tennessee Irrevocable Trust, the Kimbro
Stephens Insurance Trust, and their equitable beneficiaries; A. K.
TENNESSEE IRREVOCABLE TRUST; UNITED STATES TRUSTEE; KIMBRO
STEPHENS INSURANCE TRUST; and LIVING HOPE INSTITUTE, INC.
Appellees. and JAMES J. NAPLES, Assignee of Pinewood Enterprises,
Appellant. v. RENEE S. WILLIAMS, Chapter 7 Trustee, LHSWand
MICHAEL E. COLLINS, Chapter 11 Trustee, LHSE Appellees. and JAMES
J. NAPLES, Assignee of Pinewood Enterprises Appellant, v. RENEE S.
WILLIAMS, Chapter 7 Trustee, LHSW; UNITED STATES TRUSTEE; and
MICHAEL E. COLLINS, Chapter 11 Trustee, Appellees. and A.K.
TENNESSEE IRREVOCABLE TRUST; KIMBRO STEPHENS INSURANCE TRUST;
DAVID KIMBRO STEPHENS, Individually and on behalf of all the
equitable beneficiaries of the Kimbro Stephens Insurance Trust and
the A.K. Tennessee Irrevocable Trust, Appellants, v. RENEE S.
WILLIAMS; MICHAEL E. COLLINS; UNITED STATES TRUSTEE; LIVING HOPE
INSTITUTE, INC.; ESTATE OFWANDAJ. STEPHENS, afk/a Wanda J.
Stephens; and JAMES J. NAPLES, Appellees. and GREG STEPHENS,
Appellant, v. RENEE S. WILLIAMS, Chapter 7 Trustee, LHSW; MICHAEL
E. COLLINS, Chapter 11 Trustee; JAMES J. NAPLES, Assignee of
Pinewood Enterprises, L.C.; U.S. TRUSTEE; LIVING HOPE INSTITUTE,
INC.; A.K. TENNESSEE IRREVOCABLE TRUST; KIMBRO STEPHENS INSURANCE
TRUST; and DAVID KIMBRO STEPHENS, Individually and on behalf of
the A. K. Tennessee Irrevocable Trust, the Kimbro Stephens
Insurance Trust, and their equitable beneficiaries, Appellees. and
JAMES J. NAPLES, as Assignee of Pinewood Enterprises, L.C.
Appellant, v. RENEE S. WILLIAMS, Chapter 7 Trustee and MICHAEL E.
COLLINS, Chapter 11 Trustee, Appellees, Nos. 4:13-cv-499-DPM,
4:13-cv-547-DPM, 4:13-cv-667-DPM, 4:13-cv-670-DPM, 4:13-cv-723-
DPM, 4:14-cv-201-DPM (E.D. Ark.).

A copy of the Court's Sept. 29 Order is available at
http://is.gd/ut9Wvlfrom Leagle.com.

Living Hope Southeast, LLC, based in Little Rock, Arkansas, filed
for Chapter 11 bankruptcy (Bankr. E.D. Ark. Case No. 12-11082) on
Feb. 27, 2012.  James E. Smith, Jr., Esq., at Smith Akins P.A.,
represented the Debtor.  LHSE scheduled $795,648 in assets and
liabilities of $1,403,166.  The petition was signed by Michael
Grundy, vice president and CEO.

Living Hope Southwest Medical Services LLC, in Texarkana, Arkansas
filed for Chapter 11 bankruptcy (Bankr. W.D. Ark. 06-71484) on
July 18, 2006.  The case was later converted to a Chapter 7
liquidation on Aug. 15, 2008.  Richard L. Ramsay, Esq., at
Eichenbaum, Liles & Heister, P.A., served as Chapter 11 counsel.
In its petition, the Debtor did not disclose its assets but
indicated that debts were between $1 million to $10 million.
Renee S. Williams was named trustee in the Chapter 7 bankruptcy
case.


MEDICAL ALARM: Delays Filing of Fiscal 2014 Form 10-K
-----------------------------------------------------
Medical Alarm Concepts Holding, Inc., was unable to timely file
its Form 10-K for the fiscal year ended June 30, 2014, within the
prescribed time period because the Company was unable to complete
its financial statements for the auditor's review without
unreasonable effort or expense, according to the Company's
regulatory filing with the U.S. Securities and Exchange
Commission.  The Company said it is in the process of compiling
the required information for its independent registered public
accounting to review the financial statements for the fiscal year
ended June 30, 2014.

The Company currently anticipates that the Annual Report will be
filed as soon as practicable.

                         Aout 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.

The Company's balance sheet at Sept. 30, 2013, showed $1.26
million in total assets, $6.23 million in total liabilities, and a
stockholders' deficit of $4.97 million.

"As reflected in the accompanying consolidated financial
statements, as of September 30, 2013, the Company has working
capital deficit of $2,708,946; did not generate significant cash
from its operations; had stockholders' deficit of $4,967,643 and
had operating loss for prior three years.  These circumstances,
among others, raise substantial doubt about the Company's ability
to continue as a going concern," the Company stated in its
quarterly report for the period ended Sept. 30, 2013.


MF GLOBAL: Judge Approves $295MM Payout for Unsecured Creditors
---------------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported
that U.S. Bankruptcy Judge Martin Glenn in Manhattan approved a
payout for MF Global's unsecured creditors, who have waited nearly
three years as customers of the collapsed brokerage already had
their money returned.  According to the report, James W. Giddens,
the trustee in charge of winding down the brokerage, could pay the
unsecured creditors about $295 million.

As previously reported by The Troubled Company Reporter, Judge
Glenn held off approval of the payout plan saying he was
uncomfortable with one part of the proposal: MF Global's request
to estimate certain unresolved claims at zero dollars.  The judge
said he was "not happy" that he didn't have enough information on
some of the claims.

To address Judge Glenn's concerns, Mr. Giddens provided specific
information about the unresolved claims that will be placed under
a reserve fund of more than $400 million and legal arguments as to
why he should place a cap on the amounts, the Journal related.

                         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.


MIG LLC: Cousins Chipman Changes Firm Name to Chipman Brown
-----------------------------------------------------------
MIG LLC and its debtor-affiliates informed the U.S. Bankruptcy
Court for the District of Delaware that the law firm of Cousins
Chipman & Brown LLP as their conflicts counsel has changed its
name to Chipman Brown Cicero & Cole LLP.

                        About MIG LLC

Formerly operating under the name "Metromedia International Group,
Inc.," MIG LLC -- http://www.migllc-group.com/-- owned and
operated and sold dozens of companies in diverse industries,
including entertainment, photo finishing, garden equipment and
sporting goods, until the late 1990s.  In 1997 and 1998, MIG
consummated the sale of substantially all of its U.S.-based
entertainment assets and began focusing on expanding into emerging
communications and media businesses.  By 2005, all of MIG's
operating businesses were located in the Republic of Georgia and
operated through its subsidiaries.

MIG LLC and affiliate ITC Cellular, LLC, filed for Chapter 11
bankruptcy protection on June 30, 2014.  The cases are currently
jointly administered under Bankr. D. Del. Lead Case No. 14-11605.
As of the bankruptcy filing, MIG's sole valuable asset, beyond its
existing cash, is its indirect interest in Magticom Ltd.  The
cases are assigned to Judge Kevin Gross.

Headquartered in Tbilisi, Georgia, Magticom is the leading mobile
telephony operator in Georgia and is also the largest telephone
operator in Georgia.  Magticom serves 2.4 million subscribers with
a network that covers 97% of the populated regions in Georgia.
Magticom is owned by International Telcell Cellular, LLC, which is
46% owned by MIG unit ITC Cellular, 51% owned by Dr. George
Jokhtaberidze, and 3% owned by Gemstone Management Ltd.

Formerly known as MIG, Inc., MIG was a debtor in a previous case
(Bankr. D. Del. Case NO. 09-12118).  It obtained approval of its
reorganization plan in November 2010.

The Debtors have tapped Greenberg Traurig LLP as counsel, Fox
Rothschild Inc. as financial advisor; Cousins Chipman and Brown,
LLP as conflicts counsel; and Prime Clerk LLC as claims and notice
agent and administrative advisor.  The Debtors have retained
Natalia Alexeeva as chief restructuring officer.

A three-member panel has been appointed in these cases to serve as
the official committee of unsecured creditors, consisting of
Walter M. Grant, Paul N. Kiel, and Lawrence P. Klamon.


MOMENTIVE PERFORMANCE: Inks Deal Resolving USA's Plan Objection
---------------------------------------------------------------
MPM Silicones, LLC, et al., entered into a stipulation with the
United States of America resolving the limited objection to Joint
Plan of Reorganization for the Debtors.

The stipulation dated Sept. 19, 2014, provides for, among other
things:

   1. Paragraph 63 of the confirmation order is deleted in its
entirety and replaced as:

      63. Except as permitted under applicable law, nothing
      in the Plan or this confirmation order will be deemed
      to expand the Court's jurisdiction with respect to
      determining the federal tax liability of any person
      or entity, including but not limited to the Debtors
      and the Reorganized Debtors, or the federal tax
      treatment of any item, distribution or entity,
      including the federal tax consequences of the Plan.
      In confirming the Plan, the Court has not made any
      determination as to the federal tax liability of any
      person or entity, including but not limited to the
      Debtors and the Reorganized Debtors, or the federal
      tax treatment of any item, distribution or entity,
      including the federal tax consequences of the Plan.
      The fact that certain language was previously included
      in Section 12.5 of the Plan and then removed from
      subsequent drafts of the Plan is not intended, and
      will not be construed, as evidence as to the federal
      tax consequences of the Plan or the Court's
      jurisdiction with regard to any federal tax
      consequences of the Plan.  In addition, no provision
      in the Plan or the order relieves the Debtors and the

      Reorganized Debtors from their obligations to comply
      with the Communications Act of 1934, as amended, and
      the rules, regulations and orders promulgated
      thereunder by the Federal Communications Commission.
      No transfer of control to the Reorganized Debtors of
      any federal license or authorization issued by the FCC
      will take place prior to the issuance of FCC regulatory
      approval for such transfer of control pursuant to
      applicable FCC regulations.  The FCC's rights and
      powers to take any action pursuant to its regulatory
      authority over the transfer of control to the
      Reorganized Debtors, including, but not limited to,
      imposing any regulatory conditions on such transfer,
      are fully preserved, and nothing herein will proscribe or
      constrain the FCC's exercise of such power or authority.

   2. The stipulation fully and finally resolves the United States
objection.

Previously, the Court scheduled a hearing on the limited objection
of the USA to Joint Plan of Reorganization for the Debtors.

                   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.


MOMENTIVE PERFORMANCE: Inks Stipulation Resolving Compliance Bid
----------------------------------------------------------------
MPM Silicones, LLC, et al., entered into a stipulation with BOKF,
NA, and Wilmington Trust, National Association, resolving
Trustees' motion dated Sept. 19, 2014, to compel the Debtors to
comply with the Court's final DIP order regarding adequate
protection payments to noteholders.

According to the Debtors, they have received requisite investor
approval to enter into the stipulation dated Sept. 24.  The
stipulation provides for, among other things:

1. The confirmation order will be amended to include the
paragraph:

      Notwithstanding anything to the contrary in Sections 5.4
      and 5.5 of the Plan and the final DIP Order, and without
      any concession by the Debtors or the Plan Support Parties
      of the validity of the positions asserted in or relating
      to the motion to compel, if the Effective Date occurs on
      or before Oct. 15, 2014, any accrued and unpaid interest
      with respect to the First Lien Notes and the 1.5 Lien
      Notes arising from the Petition Date through the
      Effective Date will be paid in cash on the Effective
      Date. If the Effective Date occurs subsequent to
      Oct. 15, 2014, the rights of all parties are fully
      reserved with respect to the matters set forth in the
      motion to compel.  No admission by any party is
      intended hereby.

2. The stipulation may not be altered, amended, modified or waived
in any respect whatsoever, except by a writing duly and mutually
executed by the parties.

BOKF, NA is successor indenture trustee, under that certain
indenture dated as of Oct. 25, 2012, as supplemented by that
certain supplemental indenture, dated as of Nov. 12, 2012 for the
8.875% First-Priority Senior Secured Notes due 2020 issued by
Debtor Momentive Performance Materials Inc. and guaranteed by
certain of the Debtors.

Wilmington Trust, National Association, is successor indenture
trustee under that certain indentures dated as of May 25, 2012,
for the 10% Senior Secured Notes due 2020 issued by MPM and
guaranteed by certain of the Debtors.

The Debtors, in response to the Trustees' motion, stated that they
are bound by the terms of the Plan, as confirmed, well as the
terms of the final DIP order.

Pursuant to the motion to compel, the Trustees asserted a late in
the day objection to a Plan which has already been confirmed.

The trustees, in their motion, stated that the the Court must not
permit the Debtors to violate their Court-ordered postpetition
obligations to the trustees, or to proceed in a manner contrary to
what they have disclosed to creditors in the Disclosure Statement
and represented to the Court and other parties-in-interest.

The trustees noted that the Debtors intend to issue the
replacement first lien notes and replacement 1.5 lien notes in an
amount that includes all accrued and unpaid postpetition interest.

BOKF, NA, is represented by:

         Michael J. Sage, Esq.
         Brian E. Greer, Esq.
         DECHERT LLP
         1095 Avenue of the Americas
         New York, NY 10036-6797
         Tel: (212) 698-3500
         Fax: (212) 698-3599

         Philip D. Anker, Esq.
         WILMER CUTLER PICKERING HALE AND DORR LLP
         7 World Trade Center
         250 Greenwich Street
         New York, NY 10007
         Tel: (212) 230-8800
         Fax: (212) 230-8888

         William J. Perlstein, Esq.
         Danielle Spinelli, Esq.
         1875 Pennsylvania Avenue NW
         Washington, DC 20006
         Tel: (202) 663-6000
         Fax: (202) 663-6363

Wilmington Trust is represented by:

         Mark R. Somerstein, Esq.
         Mark I. Bane, Esq.
         ROPES & GRAY LLP
         1211 Avenue of the Americas
         New York, NY 10036-8704
         Tel: (212) 596-9000
         Fax: (212) 596-9090

         Stephen Moeller-Sally, Esq.
         Prudential Tower
         800 Boylston Street
         Boston, MA 02199-3600
         Tel: (617) 951-7000
         Fax: (617) 951-7050

                   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.


MOMENTIVE SPECIALTY: S&P Lowers CCR to 'CCC+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Momentive Specialty Chemicals Inc. (MSC) by one notch to
'CCC+' from 'B-'.  The outlook is negative.

At the same time, S&P lowered all of its issue ratings on MSC and
its subsidiaries by one notch.  Based on S&P's updated recovery
assumptions, it revised the recovery rating on the company's
first-lien debt to '3' from '4', indicating expectations of
meaningful recovery (50% to 70%) in the event of a payment
default.  The recovery ratings on all MSC's other debt remain
unchanged at '5'.

"The downgrade follows MSC's significant use of cash in the first
half of 2014 and our expectation that lackluster cash flow from
operations and elevated capital spending will cause free operating
cash flow to be significantly negative in 2014 and 2015," said
Standard & Poor's credit analyst Cynthia Werneth. MSC used
approximately $330 million of cash during the six months ended
June 30, 2014, double the year-earlier amount.  In 2014, use of
cash for working capital was significantly higher primarily
because of revenue growth and an increase in inventory in advance
of a maintenance shutdown.  In addition, the company completed $64
million of acquisitions during the first half of the year, and
announced the planned construction of two new plants.  Management
has indicated that it expects capital spending to total between
$185 million and $210 million this year, far above maintenance
spending which we estimate at about $100 million, and meaningfully
higher than the last two years.  "We expect capital spending to
remain at approximately the same level in 2015 as in 2014.  As a
result, we anticipate free operating cash flow (which is before
acquisitions) to be a use of cash of between $150 million and $200
million for each of the full years 2014 and 2015 as construction
of the announced growth projects is completed," S&P said.

The negative outlook primarily reflects S&P's expectation that
liquidity will continue to decline as business conditions remain
challenging, working capital is a moderate use of cash on an
annual basis (but is subject to substantial seasonal swings), and
MSC completes spending on growth projects in 2014 and 2015.

S&P could lower the ratings during the next year if liquidity
weakens more than it expects, increasing the likelihood that MSC
cannot meet its payment obligations.  This could occur if
macroeconomic or industry conditions worsen materially, raw
material costs spike and MSC is unable to pass cost increases on
to its customers, capital spending exceeds S&P's expectations,
there are additional sizable acquisitions, the shared services
agreement with MPM is terminated or significantly amended, or if
MSC incurs substantial restructuring costs.  S&P could also lower
the ratings if it believes a debt restructuring is likely.

S&P could revise the outlook to stable if improved operating
performance and lower capital spending cause operating cash flow
to turn positive and we think it is likely to remain so, and
liquidity strengthens to "adequate" as defined in S&P's criteria.
Although unlikely in the near term, S&P could raise the ratings
slightly if the foregoing comes to pass, MSC achieves and
maintains an adjusted debt to EBITDA ratio of about 6x, and the
financial sponsor appears unlikely to relever the company.


MOONLIGHT APARTMENTS: Bankruptcy Court Closes Reorganization Case
-----------------------------------------------------------------
Bankruptcy Judge Robert T. Berger closed the Chapter 11 case of
Moonlight Apartments, LLC, after the bank sold all of the Debtor's
assets at an auction.

The Court on March 20, 2014, entered an order (i) designating the
case as a single asset real estate case; (ii) allowing the interim
use of cash collateral.   The cash collateral order authorized the
receiver to continue to operate the receivership property and use
cash collateral, and provided a $25,000 fee cap for Debtor's
professionals.

The Debtor did not pay off First Capital Corporation in full by
May 28, 2014, so on or around May 29, 2014, the receiver turned
over to the First Capital all remaining receivership property in
its control.

The Court noted that there was cause for dismissal of the case.

"There is no need for the bankruptcy to continue because First
Capital was granted stay relief with respect to all assets of the
Debtor and has taken control over all or substantially all of
those assets, leaving no assets in the bankruptcy estate and no
likelihood of rehabilitation," Judge Berger stated.

The Debtor has withdrawn its opposition to the receiver Carl
Clark's motion to dismiss the case.  The Debtor had initially
stated that it has no objection to Mr. Clark's withdrawal as
receiver but its does not wish to dismiss its case until it
evaluates the merit of a potential breach of contract claim.

As reported in the TCR on Aug. 4, 2014, the receiver, in seeking
the dismissal, noted that as the Debtor's real estate was sold at
auction, and cash collateral was used to satisfy First Capital's
lien, there are no remaining assets in the bankruptcy estate.
Thus, the receiver contends that there is "cause" for dismissing
the case pursuant to Sec. 1112(b)(1) of the Bankruptcy Code.  The
receiver further contended that continuing the bankruptcy case
under either chapter 11 or chapter 7 would result in ongoing
administrative fees and expenses which would deplete any funds
available to unsecured creditors.

                About Moonlight Apartments, LLC

Moonlight Apartments, LLC, owner of multi-family residential real
property located in Gardner, Kansas, filed a Chapter 11 bankruptcy
petition (Bankr. D. Kansas Case No. 14-20172) in Kansas City on
Jan. 28, 2014.  The Overland Park, Kansas-based company disclosed
$28,631,756 in assets and $26,125,713 in liabilities as of the
Chapter 11 filing.

The Debtor is represented by attorneys at Jochens Law Office,
Inc., in Kansas City.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement were due May 28, 2014.

No committee of creditors or equity security holders has been
appointed in this case.

Carl R. Clark was the receiver of Moonlight Apartments.


NATCHEZ REGIONAL CENTER: Community Health Systems Buys Hospital
---------------------------------------------------------------
Community Health Systems, Inc., on Oct. 1 disclosed that a
subsidiary has acquired substantially all of the assets of Natchez
Regional Medical Center, a 179-bed hospital located in Natchez,
Mississippi.

Community Health Systems' subsidiary was the sole and winning
bidder in an auction of the hospital by the Adams County Board of
Supervisors on Sept. 11, 2014.  The sale of the hospital was
approved by the U.S. Bankruptcy Court on Sept. 30, 2014.

A separate subsidiary of the Company owns and operates 101-bed
Natchez Community Hospital, which became an affiliate of Community
Health Systems through the acquisition of Health Management
Associates, Inc. in January 2014.  Over time, operations of the
two Natchez hospitals will be consolidated to create a stronger,
more efficient healthcare delivery system.

Commenting on [Wednes]day's announcement, Wayne T. Smith, chairman
and chief executive officer of Community Health Systems, Inc.,
said, "We see considerable opportunity to support the physicians
and employees of these hospitals as they work together to create a
sustainable, successful healthcare system.  The combination of
these facilities ultimately will result in an operationally strong
hospital, a more coordinated approach to patient care, and
enhanced access to a wide array of quality health services for
local residents."

Community Health Systems' affiliates own and operate 13 acute care
hospitals in Mississippi.

                  About Community Health Systems

Community Health Systems, Inc. -- http://www.chs.net/-- is one of
the largest publicly-traded hospital companies in the United
States and a leading operator of general acute care hospitals in
communities across the country.  Through its subsidiaries, the
Company currently owns, leases or operates 207 affiliated
hospitals in 29 states with an aggregate of approximately 31,100
licensed beds.  The Company's headquarters are located in
Franklin, Tennessee, a suburb south of Nashville.  Shares in
Community Health Systems, Inc. are traded on the New York Stock
Exchange under the symbol "CYH."

                    About Natchez Regional

Based in Natchez, Mississippi, Natchez Regional Medical Center is
a full-service hospital offering comprehensive diagnostic and
treatment services for acute, subacute and ambulatory care.
Natchez Regional serves as a referral center for the five
Mississippi counties and two Louisiana parishes it serves, known
locally as the Miss-Lou.  The hospital is owned by Adams County.

Natchez Regional Medical Center filed for Chapter 9 bankruptcy
protection (Bankr. S.D. Miss. Case No. 14-01048) on March 26,
2014.  Eileen N. Shaffer, Esq., Attorney At Law, serves as
bankruptcy counsel.  In its petition, the Center listed total
assets of $27.8 million and total debts of $20.80 million.  The
petition was signed by Donny Rentfro, hospital CEO.

At the onset of the case, the 179-bed facility said intends to
have a term sheet outlining a sale of the facility to a "qualified
buyer."  The hospital blamed financial problems on "ill-timed and
poorly integrated acquisition of physicians' practices and new
clinical technologies," the report related.

This is the Center's second bankruptcy filing in six years.  It
filed a Chapter 9 petition on Feb. 12, 2009 (Bankr. S.D. Miss.
Case No. 09-00477).  Eileen N. Shaffer, Esq., also represented the
Debtor as counsel in the 2009 case.  The Debtor listed total
assets of between $10 million and $50 million, and total debts of
between $10 million and $50 million in the 2009 petition.  Nathcez
Regional exited bankruptcy in December 2009 after a court approved
its plan of adjustment, in which all unsecured creditors owed
$5,000 were to be paid in full.

In the 2014 case, Bankruptcy Judge Neil P. Olack, who presides
over the case, has held that appointment of a patient care
ombudsman is unnecessary.

The U.S. Trustee appointed three creditors to serve in the
official committee of unsecured creditors.  Douglas S. Draper,
Esq., and Heller, Draper, Patrick, Horn & Dabney, L.L.C., serve as
lead counsel.  David A. Wheeler, Esq., and Wheeler & Wheeler,
PLLC, serve as local counsel.


NET TALK.COM: Sells $500,000 Promissory Note to JMJ Financial
-------------------------------------------------------------
Net Talk.Com, Inc., issued a convertible promissory note to JMJ
Financial, an accredited investor, in the aggregate principal
amount of $500,000 for an aggregate purchase price of up $450,000,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.

JMJ paid initial consideration of $50,000 and may, at JMJ's
discretion, pay additional consideration, up to an amount equal to
the Aggregate Purchase price.  The principal sum due to JMJ will
be prorated based upon the amount of consideration actually paid
by JMJ to the Company (plus an approximate 10% original issue
discount that is prorated based upon the amount of consideration
actually paid by JMJ to the Company) such that the Company is only
required to repay the amount actually funded by JMJ.

The Note is convertible, at the option of the holder, into shares
of the Company's common stock, par value $0.001 per share, at a
conversion price equal to the lesser of $0.17 or 60% of the lowest
trade price in the 25 trading days previous to the conversion
date.  The Company has the right, in its discretion, to enforce a
"Conversion Floor" equal to $0.10 per share, which, if enforced by
the Company, will require the Company to make whole any loss
suffered by JMJ in the form of cash payment.

The Note has a maturity date of Aug. 21, 2016.  If the Company
repays any then outstanding principal amount due to JMJ prior to
the date 90 days following the issue date of the Note, the
interest on that amount will be 0%.  If the Company repays any
then outstanding principal amount due to JMJ after the Interest
Date, that amount will be charged with a one-time 12% interest
charge.

                     Issues $83,500 Note to KBM

Net Talk.Com entered into a Securities Purchase Agreement with KBM
Worldwide, Inc., pursuant to which the Company issued an 8%
Convertible Promissory Note to KBM, an accredited investor, in the
principal amount of $83,500 for a purchase price of $83,500.

The Note is convertible, at the option of the holder, into shares
of the Company common stock, par value $0.001 per share, based on
the conversion price equal to 65% multiplied by the average of the
lowest five trading prices for the Company's common stock during
the 10 prior to the date of conversion.  Interest accrues at 8%
per annum and is due at maturity date which is Sept. 11, 2015.

                         About Net Talk.com

Based in Miami, Fla., Net Talk.com, Inc., is a telephone company,
that provides, sells and supplies commercial and residential
telecommunication services, including services utilizing voice
over internet protocol technology, session initiation protocol
technology, wireless fidelity technology, wireless maximum
technology, marine satellite services technology and other similar
type technologies.

Net Talk.com a net loss of $4.78 million on $6.02 million of net
revenues for the year ended Dec. 31, 2013, as compared with a net
loss of $14.71 million on $5.79 million of net revenues in 2012.

As of June 30, 2014, the Company had $5.07 million in total
assets, $12.42 million in total liabilities and a $7.35 million
total stockholders' deficit.

Zachary Salum Auditors P.A., 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 incurred significant recurring losses from
operations, its total liabilities exceeds its total assets, and is
dependent on outside sources of funding for continuation of its
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


NETSOL TECHNOLOGIES: Has $11.36-Mil. Loss in FY Ended June 30
-------------------------------------------------------------
NetSol Technologies, Inc., filed with the U.S. Securities and
Exchange Commission on Sept. 16, 2014, its annual report on Form
10-K for the fiscal year ended June 30, 2014.

The Company reported a net loss of $11.36 million on $36.38
million of total net revenues for the fiscal year ended June 30,
2014, compared to a net income of $7.86 million on $49.85 million
of revenue in 2013.

The Company's balance sheet at June 30, 2014, showed $94.9 million
in total assets, $16.14 million in total liabilities and total
stockholders' equity of $78.76 million.

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

                       http://is.gd/UzudEU

Netsol Technologies, Inc. designs, develops, markets, and exports
software products primarily to the automobile finance and leasing,
banking, healthcare, and financial services industries worldwide.
It also provides system integration, consulting, and IT products
and services.


NICHOLS CREEK DEVELOPMENT: Section 341(a) Meeting Set for Oct. 29
-----------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Nichols Creek
Development, LLC, will be held on Oct. 29, 2014, at 1:00 p.m. at
Jacksonville, FL (3-40) - Suite 1-200, 300 North Hogan St.
Creditors have until Jan. 12, 2015, to submit their proofs of
claim.

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

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

                         About Nichols Creek

Nichols Creek Development, LLC, sought Chapter 11 bankruptcy
for protection (Bankr. M.D. Fla. Case No. 14-04699) on Sept. 26,
2014, in Jacksonville, Florida.  R.L. Mitchell signed the petition
as member manager.  The Debtor disclosed total assets of $21.7
million and total liabilities of $11.5 million.

The Debtor owns property at 9596 New Berlin Court, Jacksonville,
Florida, which is valued at $21.8 million and pledged as
collateral to secured creditors owed a total of $11.6 million.
There is no secured debt.

The Law Offices of Jason A. Burgess, LLC, serves as the Debtor's
counsel.


NII HOLDINGS: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 2 on Sept. 29 appointed five creditors
of NII Holdings, Inc. to serve on the official committee of
unsecured creditors.

The unsecured creditors' committee is composed of:

     (1) Wilmington Trust, National Association
         50 South Sixth Street, Suite 1290
         Minneapolis, MN 54402
         Attention: Peter Finkel, Vice President
         Tel: (612) 217-5629
         Fax: (612) 217-5651

     (2) Capital Research and Management Company
         630 Fifth Avenue, 36th Floor
         New York, NY 10111-0121
         Attention: David Daigle
         Tel: (212) 581-5000

     (3) Aurelius Investment, LLC
         c/o Aurelius Capital Management, LP
         535 Madison Avenue ? 22nd Floor
         New York, New York 10022
         Attention: Dan Gropper
         Tel: (646) 445-6570
         Fax: (212) 786-5870

     (4) Wilmington Savings Fund Society, FSB
         500 Delaware Avenue
         Wilmington, DE 19801
         Attention: Patrick Healy, Vice President
         Tel: (302) 888-7420
         Fax: (302) 421-3137

     (5) American Tower do Brasil-Cessao de Infraestructuras LTDA
         1000 N.W. 57th Court, Suite 350
         Miami, FL 33126
         Attention: Susanne M. Kandel, General Counsel
                    Latin America
         Tel: (617) 585-7752
         Fax: (617) 363-7575

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and
financial affairs.  Importantly, official committees serve as
fiduciaries to the general population of creditors they
represent.

                        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.  The U.S. Trustee for Region 2 on
Sept. 29 appointed five creditors of NII Holdings to serve on the
official committee of unsecured creditors.


NUVEEN INVESTMENTS: S&P Raises Issuer Credit Rating From 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issuer
credit rating on Nuveen Investments Inc. to 'BBB' from 'B-' and
removed the rating from CreditWatch, where it had been placed with
positive implications on April 14, 2014.  The outlook is stable.
At the same time, S&P raised Nuveen's stand-alone credit profile
(SACP) to 'bb' from 'b-'.  In addition, S&P withdrew its 'B' issue
credit rating on the company's senior secured first-lien term loan
and revolver and its 'CCC' issue credit rating on the company's
senior secured second-lien term loan.  S&P also raised its issue
credit rating on the company's senior unsecured notes to 'BBB'
from 'CCC' and removed it from CreditWatch positive.

The upgrade follows the close of TIAA's acquisition of Nuveen.
"In our view, the transaction improves Nuveen's financial and
business profiles by significantly reducing the company's
outstanding debt, supporting improved cash flow generation due to
lower interest expense, and potentially creating new growth
opportunities," said Standard & Poor's credit analyst Olga Roman.
Additionally, S&P's ratings on Nuveen benefit from implicit
support from TIAA.  S&P's issuer credit rating on Nuveen is three
notches higher than its SACP of 'bb', reflecting S&P's standard
three-notch uplift for a "strategically important" subsidiary of a
consolidated group, per S&P's group rating methodology.

TIAA has indicated that Nuveen will operate as a separate
subsidiary within TIAA Asset Management, retaining its brand and
multi-boutique operating model.  At the closing of the
transaction, Nuveen's outstanding debt will total about $1.4
billion, consisting of $300 million in senior notes due in 2015,
$500 million in senior notes due in 2017, and $645 million in
senior notes due in 2020.  The first- and second-lien term loans
will be repaid in full at close, and the revolver will be retired.
Also at closing, TAM Finance Co. LLC, a new wholly owned
subsidiary holding company of TIAA formed to hold the equity
interests in Nuveen, will have about $400 million in an
intercompany temporary loan outstanding.  Pro forma for a new
capital structure and including $400 million intercompany
temporary loan outstanding, Nuveen's debt to last-12-months EBITDA
would be approximately 4.3x, and its EBITDA interest coverage
would be about 3.5x as of June 30, 2014.

The stable outlook reflects S&P's expectations that AUM will
remain relatively flat over the next 12-18 months and that Nuveen
will continue to operate with debt to EBITDA below 5x.  S&P could
lower the ratings if debt to EBITDA surpasses 5x because of either
an unexpected drop in AUM or an increase in debt.  S&P could also
lower the ratings if its assessment of Nuveen's strategic
importance to TIAA changes.  Because S&P does not anticipate
material sustained improvement in the company's financial metrics
over the next 12-18 months, the potential for an upgrade is likely
to be limited over that time horizon.


NUVERRA ENVIRONMENTAL: S&P Lowers CCR to 'B-'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Nuverra Environmental Solutions Inc. to 'B-' from 'B'.
The outlook is stable.  At the same time, S&P lowered its issue
rating on the company's $400 million senior unsecured notes to
'B-' from 'B'.  The recovery rating on the notes remains unchanged
at '3'.

"The rating action reflects our view that the company's financial
risk profile is now more consistent with a "highly leveraged"
characterization, as we now recognize the volatility in Nuverra's
earnings and cash flows is greater than we previously considered,"
said Standard & Poor's credit analyst James Siahaan.  S&P assumes
the upcoming sale of the company's industrial solutions segment
will render the company as being more akin to an oilfield services
company.  S&P tends to regard these companies as having higher
volatility because their performance depends on cyclical hydraulic
fracturing activity in their key shale basins.  The company has
faced delays in its plan to divest its industrial solutions
segment and S&P now believes that the divestiture proceeds, if
they do materialize, are likely to be materially lower than we
initially assumed.

During the past seven months, S&P has seen the company's
negotiations with potential acquirer VeroLube USA Inc. become
challenged, as VeroLube reduced its purchase price consideration
to $145 million from $175 million initially.  S&P had also
anticipated the divestiture to have been completed by now.  In
addition, the company's earnings and cash flows have
underperformed S&P's expectations.  Through the first six months
of 2014, the company's annualized debt to EBITDA ratio increased
to 7.1x as of June 30, 2014, from 4.3x during the same period in
2013 (which included earnings from the industrial solutions
segment).  While S&P projects some improvement in the company's
earnings during the back half of 2014, it places greater focus on
the completion of the divestiture along with related debt
reduction.  S&P's base-case forecast assumes that Nuverra does
divest the industrial solutions segment and repays credit facility
debt to yield an adjusted debt to EBITDA ratio in the 5x area by
the end of 2014.

Standard & Poor's Ratings Services' stable outlook on Nuverra
reflects S&P's assumption that the company completes the sale of
its industrial solutions division, uses the proceeds to repay
revolver debt, and maintains adequate liquidity.  While S&P
expects the company's operating results to show some improvement
in the back half of 2014, its ratings recognize high volatility in
Nuverra's credit measures given its dependence on cyclical, oil
and gas price-dependent hydraulic fracturing activity.  S&P views
an adjusted debt to EBITDA ratio of 5x to 6x as being appropriate
for the current ratings.

S&P could lower the ratings if the downside risks to its forecast
materialize -- such as an inability to divest the industrial
solutions division on acceptable terms, unfavorable economic
trends or environmental regulations that curtail drilling activity
and investments, other operating problems that constrain
liquidity, or the incurrence of significant debt to fund
acquisitions or a shareholder distribution.  If the company's
availability under its credit facility falls below 12.5% of the
total size of the facility, this could initiate a covenant testing
period, and could prompt S&P to lower the ratings if liquidity is
not restored in a timely fashion.

S&P could raise the ratings if the company reduces debt and
demonstrates a stable operating profile such that its debt to
EBITDA ratio is consistently near the lower end of the 5x to 6x
range and it improves the headroom under its springing fixed-
charge coverage ratio.  Stronger credit ratios would provide
cushion against future volatility and could allow S&P to re-assess
its ratings.  S&P would also need to be assured that the
volatility in Nuverra's earnings and cash flows eases to a lower
degree than S&P currently expects.  An upgrade would also be
contingent upon the company maintaining adequate liquidity, with
sources of cash sufficient to cover uses by at least 1.2x over the
following 12 months.


NYTEX ENERGY: Incurs $441,000 Net Loss in March 31 Quarter
----------------------------------------------------------
Nytex Energy Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $441,227 on $76,467 of total revenues for the three
months ended March 31, 2014, compared to a net loss of $669,560 on
$449,573 of total revenues for the same period a year ago.

The Company's balance sheet at March 31, 2014, showed $4.32
million in total assets, $1.42 million in total liabilities, $3.72
million in mezzanine equity, and a $816,573 total stockholders'
deficit.

"We cannot be certain that our existing sources of cash will be
adequate to meet our liquidity requirements, including cash
requirements that may be due under existing debt obligations as
well as amounts due to our vendors in the normal course of
business.  The Company's ability to continue as a going concern is
dependent upon its ability to generate future profitable
operations and/or to obtain the necessary financing from
shareholders or other sources to meet its obligations and repay
its liabilities arising from normal business operations when they
come due," the Company stated in the Report.

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

                        http://is.gd/DVsMHH

                        About NYTEX Energy

Located in Dallas, Texas, Nytex Energy Holdings, Inc., is an
energy holding company with operations centralized in two
subsidiaries, Francis Drilling Fluids, Ltd. ("FDF") and NYTEX
Petroleum, Inc. ("NYTEX Petroleum").  FDF is a 35 year old full-
service provider of drilling, completion and specialized fluids
and specialty additives; technical and environmental support
services; industrial cleaning services; equipment rentals; and
transportation, handling and storage of fluids and dry products
for the oil and gas industry.  NYTEX Petroleum, Inc., is an
exploration and production company focusing on early stage
development of minor oil and gas resource plays within the United
States.

NYTEX Energy reported a net loss of $2.67 million in 2013
following a net loss of $5.15 million in 2012.

In their report on the Company's consolidated financial statements
for the year ended Dec. 31, 2013, Whitley Penn LLP expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company will need additional
working capital to fund operations.


OCM CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: OCM Construction, Inc.
        P.O. Box 2285
        Blasdell, NY 14219

Case No.: 14-12283

Chapter 11 Petition Date: October 1, 2014

Court: United States Bankruptcy Court
       Western District of New York (Buffalo)

Judge: Hon. Michael J. Kaplan

Debtor's Counsel: Arthur G. Baumeister, Jr., Esq.
                  AMIGONE, SANCHEZ, MATTREY & MARSHALL LLP
                  1300 Main Place Tower
                  350 Main Street
                  Buffalo, NY 14202
                  Tel: (716) 852-1300
                  E-mail: abaumeister@amigonesanchez.com

Total Assets: $171,778

Total Liabilities: $1.18 million

The petition was signed by Konrad S. Ortega, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nywb14-12283.pdf


PACIFIC THOMAS: Security Holder to Appeal Ruling on Comcore Deal
----------------------------------------------------------------
Equity security holder Jill Worsley has filed a notice of appeal
challenging a federal judge's decision that approved the sale of
Pacific Thomas Corp.'s self-storage facility to Comcore, Inc.

U.S. Bankruptcy Judge M. Elaine Hammond on Aug. 18 authorized the
company to sell the facility as well as the adjacent driveways and
parking lots for $12.95 million.

Secured creditors Bank of the West and Summit Bank, which hold a
lien on the property, have consented to the sale on condition that
the company closes the deal by Nov. 25.  Bank of the West will
receive full payment while the other bank will receive $7.9
million at closing of the deal.

                    About Pacific Thomas Corp.

Walnut Creek, California, Pacific Thomas Corporation filed a
Chapter 11 petition (Bankr. N.D. Cal. Case No. 12-46534) in
Oakland on Aug. 6, 2012, estimating in excess of $10 million in
assets and liabilities.

The Debtor is related to Pacific Thomas Capital, which specializes
in real estate services, focusing on the investment, ownership and
development of commercial real estate properties, according to
http://www.pacificthomas.com/ Real estate activities has spanned
throughout the Hawaiian Islands as well as U.S. West Coast
locations in California, Nevada, Arizona and Utah.  Hawaii based
activities are managed under the name Thomas Capital Investments.

Bankruptcy Judge M. Elaine Hammond presides over the case.  Anne-
Leith Matlock, Esq., at Matlock Law Group, P.C., serves as general
counsel.  The petition was signed by Jill V. Worsley, COO,
secretary.  Kyle Everett was named Chapter 11 trustee of the
Debtor.  Craig C. Chiang, Esq., at Buchalter Nemer, P.C., in San
Francisco, Calif., represents the Chapter 11 trustee as counsel.

In its schedules, the Debtor disclosed $19,960,679 in assets and
$16,482,475 in liabilities as of the petition date.

In January 2014, Judge Hammond entered an order holding that
Pacific Thomas Corp.'s Fourth Amended Disclosure Statement, filed
on Dec. 31, 2013, is not approved for the reasons stated on the
record at the Jan. 16 hearing.  Pursuant to the Plan, the Debtor
proposes to avail of a loan from Thorofare Capital to pay off some
secured claims.  The new loan would be refinanced by the
reorganized company before the loan terms expires.  If the
reorganized company fails to do so, the safe storage parcels of
the Pacific Thomas properties will be sold.


PARADIGM EAST: Taps Tannen Baum as Special Real Estate Counsel
--------------------------------------------------------------
Paradigm East Hanover LLC asks the Bankruptcy Court for permission
to employ Tannenbaum Helpern Syracuse & Hirschritt LLP (THSH) as
special counsel for the Debtor.

The Debtor requires the employment of special real estate counsel
in connection with the sale of real property and to, inter alia,
prepare sale agreement, prepare closing documents and coordinate
with bankruptcy counsel.

The hourly rates of THSH's personnel are:

      Member                    $550 - 695
      Associates                $375 - 385
      Paralegals                $200 - $275

Prior to the filing date, THSH represented the Debtor in
connection with the same matters for which it is currently seeking
to be retained.  THSH has a prepetition claim against the Debtor
in the amount of $5,307, for legal services rendered.

To the best of the Debtor's knowledge, THSH does not represent or
hold any interest adverse to the Debtor or the estate with respect
to the matter for which the firm will be employed.

                       About Paradigm East

Paradigm East Hanover, LLC, sought Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 14-25017) in Newark, New Jersey,
on July 23, 2014.

The Debtor, a Single Asset Real Estate as defined in 11 U.S.C.
Secf. 101(51B), disclosed assets of between $10 million and
$50 million, and debt of less than $10 million.

The company is owned by entities held by Paradigm Capital Funding,
LLC.

The case is assigned to Judge Donald H. Steckroth.  Morris S.
Bauer, Esq., at Norris McLaughlin & Marcus, PA, in Bridgewater,
New Jersey, serves as counsel.


PROSPECT PARK: Creditors Committee Balks at Jones Day Employment
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of debtor Prospect Park Networks, LLC, asks the Bankruptcy
Court to adjourn sine die the Debtors' application to employ Jones
Day as special litigation counsel, or in the alternative, deny the
application.  According to the Committee, the employment of Jones
Day at this time is premature and would render the Debtor's plan
of liquidation unconfirmable and lead to the administrative
insolvency of the Chapter 11 Case.

                   About Prospect Park Networks

Prospect Park Networks, LLC, a Los Angeles, Calif.-based talent
and management company, filed for Chapter 11 bankruptcy (Bankr. D.
Del. Case No. 14-10520) in Wilmington, on March 10, 2014,
estimating $50 million to $100 million in assets, and $10 million
to $50 million in debts.  The petition was signed by Jeffrey
Kwatinetz, president.

William E. Chipman, Jr., Esq., and Mark D. Olivere, Esq., at
Cousins Chipman & Brown LLP, in Wilmington, Delaware; and John H.
Genovese, Esq., Michael Schuster, Esq., and Heather L. Harmon,
Esq., at Genovese Joblove & Battista, P.A. serve as the Debtor's
bankruptcy counsel.  The Debtor also hired Cohn Reznick LLP as an
ordinary course professional.

The U.S. Trustee for Region 3 selected three creditors to serve on
the Official Committee of Unsecured Creditors.  Cole, Schotz,
Meisel, Forman & Leonard, P.A., serves as the Committee's counsel.


PFS HOLDING: Moody's Lowers Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service downgraded PFS Holding Corporation's
Corporate Family Rating ("CFR") to B3 from B2 and its Probability
of Default Rating to B3-PD from B2-PD. The downgrade reflects
higher financial leverage and a weaker liquidity profile relative
to Moody's expectations. Based on deteriorated operating
performance Moody's expects leverage to remain above 7.5 times
through 2015. Concurrently, Moody's downgraded the first lien term
loan to B3 from B2 and the second lien term loan to Caa2 from
Caa1. The rating outlook is stable.

The following ratings were downgraded:

PFS Holding Corporation:

Corporate Family Rating to B3 from B2

Probability of Default Rating to B3-PD from B2-PD

First lien term loan to B3 (LGD 3) from B2 (LGD 3)

Second lien term loan to Caa2 (LGD 5) from Caa1 (LGD 5)

The rating outlook is stable

Ratings Rationale

PFS's B3 CFR reflects the company's very high leverage, narrow
margins, weak liquidity profile and aggressive growth via
acquisitions. The company's earnings and liquidity profile are
dramatically weaker than Moody's expected due to integration
challenges faced with a recent acquisition, and loss of the right
to distribute the Royal Canin product line. Moody's expects that
earnings pressure will persist and that leverage will remain above
7.5 times through 2015. Furthermore, the company has relied more
than expected on the revolver due to weak cash flow generation.
These factors are partially offset by the company's national
distribution platform as the largest pet food and supply
distributor in the US and good customer and vendor diversity.

The stable rating outlook reflects Moody's expectation that the
integration issues are temporary and that earnings and liquidity
will improve starting in early 2015. The stable outlook also
reflects the good growth within the pet food and supply category
and the competitive advantage PFS enjoys as the largest domestic
distributor in a fragmented industry, which should support
earnings recovery.

A downgrade could occur if operational and liquidity improvement
is not realized in the near term. Specifically, if leverage is not
below 8.0 times by year-end 2015 or if revolver availability falls
below $20 million the rating could be downgraded. Owner-friendly
transactions or large debt-funded acquisitions could also result
in a downgrade.

It is unlikely the rating will be upgraded in the near term.
However, PFS's ratings could be upgraded if the company is able to
strengthen its credit metrics such that debt to EBITDA is below
7.0 times on a sustained basis while improving its free cash flow.
Moody's will also need to be comfortable with the company's
acquisition strategy and ability to effectively integrate these
businesses.

The principal methodology used in this rating was Global
Distribution & Supply Chain Services published in November 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.

Easton, Pennsylvania-based PFS Holding Corporation (along with its
operating subsidiary Phillips Pet Food & Supplies), is a pet food
and pet supply distributor in the U.S., servicing independent pet
retail stores, online retailers and other channels such as
groomers and other specialty outlets. For the twelve months ended
June 30, 2014, the company posted pro forma revenues of
approximately $1 billion. The company was acquired by Thomas H.
Lee Partners in January 2014. Thomas H. Lee owns the majority of
the equity, with a meaningful minority stake held by management.


PHIBRO ANIMAL: Reports $3.13-Mil. Net Loss for FY Ended June 30
---------------------------------------------------------------
Phibro Animal Health Corporation filed with the U.S. Securities
and Exchange Commission on Sept. 18, 2014, its annual report on
Form 10-K for the fiscal year ended June 30, 2014.

The Company reported a net loss of $3.13 million on $691.91
million of net sales for the fiscal year ended June 30, 2014,
compared with net income of $24.89 million on $653.15 million of
net sales in 2013.

The Company's balance sheet at June 30, 2014, showed $472 million
in total assets, $457 million in total liabilities, and
stockholders' equity of $15.15 million.

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

                       http://is.gd/tx76z1

Phibro Animal Health Corporation is a diversified global
developer, manufacturer and marketer of a broad range of animal
health and mineral nutrition products to the poultry, swine,
cattle, dairy, and aquaculture markets.  Phibro is also a
manufacturer and marketer of performance products for use in the
personal care, automotive, chemical catalyst and electronics
markets. BFI Co. LLC owns a majority of Phibro's common shares
outstanding.  Revenue for the last twelve month period ended March
31, 2014 was approximately $673 million.


PITTSBURGH CORNING: District Court Confirms Chapter 11 Plan
-----------------------------------------------------------
Pittsburgh Corning Corporation on Oct. 1 disclosed that its
Modified Third Amended Plan of Reorganization has been confirmed
by the U.S. District Court for the Western District of
Pennsylvania, effective October 1.  The confirmation affirms the
May 2013 ruling by the U.S. Bankruptcy Court for the Western
District of Pennsylvania, leading the company one step closer to
emerging from Chapter 11 bankruptcy.  Pittsburgh Corning has
operated under Chapter 11 protection since April 16, 2000.

Between 1964 and 1972, Pittsburgh Corning manufactured, marketed
and sold Unibestos, an asbestos pipe insulation product it
acquired from Union Asbestos and Rubber Company.  The company
manufactured Unibestos at its plants in Tyler, Texas and Port
Allegany, Pennsylvania.  While the Pittsburgh Corning revenues for
this product averaged less than $3 million annually, the company
was named as a defendant in asbestos-related lawsuits, defending
and resolving more than 200,000 claims.  Pittsburgh Corning sought
Chapter 11 protection in 2000, when it became apparent that
defending and settling an additional 235,000 claims would exhaust
company resources before they could be resolved.

The confirmed Plan of Reorganization establishes a trust valued in
excess of $3.5 billion to assume all asbestos-related liabilities
and resolve all asbestos personal injury claims.  The trust will
be funded by Pittsburgh Corning, its shareholders PPG Industries
Inc. and Corning Incorporated, and participating insurance
carriers.

"This confirmation by the U.S. District Court is another
significant milestone for Pittsburgh Corning Corporation, leading
us one step closer to the consummation of our Chapter 11 process,"
said James R. Kane, Chairman and Chief Executive Officer of
Pittsburgh Corning Corporation.  "We thank our employees,
customers, suppliers, shareholders and business partners for
helping our company remain stable and competitive.  Pittsburgh
Corning has a strong foundation for continued growth, and we look
forward to completing the next steps toward emerging from
bankruptcy."

PPG Industries and Corning Incorporated are each 50-percent
shareholders of Pittsburgh Corning.

PPG is pleased with the court decision affirming the decision of
the bankruptcy court to confirm the Pittsburgh Corning plan of
reorganization.  The order of the District Court is subject to a
customary appeals process and, if that order is upheld and all
conditions are met, the plan of reorganization would become
effective.  Under the plan of reorganization, PPG and its
participating insurers are to make their initial payments to the
trust 30 business days after the plan becomes effective and all
conditions to funding have been met.

                     About Pittsburgh Corning

Pittsburgh Corning Corporation filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 00-22876) on April 16, 2000,
to address numerous claims alleging personal injury from exposure
to asbestos.  At the time of the bankruptcy filing, there were
about 11,800 claims pending against the Company in state court
lawsuits alleging various theories of liability based on exposure
to Pittsburgh Corning's asbestos products and typically requesting
monetary damages in excess of $1 million per claim.

Judge Thomas Agresti handles the bankruptcy case.  Reed Smith LLP
serves as counsel and Deloitte & Touche LLP as accountants to the
Debtor.

The United States Trustee appointed a Committee of Unsecured Trade
Creditors on April 28, 2000.  The Bankruptcy Court authorized the
retention of Leech, Tishman, Fuscaldo & Lampl, LLC, as counsel to
the Committee of Unsecured Trade Creditors, and Pascarella &
Wiker, LLP, as financial advisor.

The U.S. Trustee also appointed a Committee of Asbestos Creditors
on April 28, 2000.  The Bankruptcy Court authorized the retention
of these professionals by the Committee of Asbestos Creditors: (i)
Caplin & Drysdale, Chartered as Committee Counsel; (ii) Campbell &
Levine as local counsel; (iii) Anderson Kill & Olick, P.C. as
special insurance counsel; (iv) Legal Analysis Systems, Inc., as
Asbestos-Related Bodily Injury Consultant; (v) defunct firm, L.
Tersigni Consulting, P.C. as financial advisor, and (vi) Professor
Elizabeth Warren, as a consultant to Caplin & Drysdale, Chartered.

On Feb. 16, 2001, the Court approved the appointment of Lawrence
Fitzpatrick as the Future Claimants' Representative.  The
Bankruptcy Court authorized the retention of Meyer, Unkovic &
Scott LLP as his counsel, Young Conaway Stargatt & Taylor, LLP, as
his special counsel, and Analysis, Research and Planning
Corporation as his claims consultant.

In 2003, a plan of reorganization was agreed to by various
parties-in-interest, but, on Dec. 21, 2006, the Bankruptcy Court
issued an order denying the confirmation of that plan, citing that
the plan was too broad in addressing independent asbestos claims
that were not associated with Pittsburgh Corning.

On Jan. 29, 2009, an amended plan of reorganization (the Amended
PCC Plan) -- which addressed the issues raised by the Court when
it denied confirmation of the 2003 Plan -- was filed with the
Bankruptcy Court.

As reported by the TCR on April 25, 2012, Pittsburgh Corning,
which is a joint venture between Corning Inc. and PPG Industries
Inc., filed another amendment to its reorganization plan designed
to wrap up a Chapter 11 begun 12 years ago.

PCC's balance sheet at Sept. 30, 2012, showed $29.41 billion
in total assets, $7.52 billion in total liabilities and
$21.88 billion in total equity.


PLANDAI BIOTECHNOLOGY: Delays Form 10-K for Fiscal 2014
-------------------------------------------------------
Plandai Biotechnology, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
June 30, 2014.

The Company said it has experienced a delay in completing the
necessary disclosures and finalizing its financial statements with
its independent public accountant in connection with its Annual
Report on Form 10-K.  As a result of this delay, the Company was
unable to file its Annual Report by the prescribed filing date
without unreasonable effort or expense.

                           About Plandai

Based in Seattle, Washington, Plandai Biotechnology, Inc., through
its recent acquisition of Global Energy Solutions, Ltd., and its
subsidiaries, focuses on the farming of whole fruits, vegetables
and live plant material and the production of proprietary
functional foods and botanical extracts for the health and
wellness industry.  Its principle holdings consist of land, farms
and infrastructure in South Africa.

Plandai incurred a net loss of $2.96 million on $359,143 of
revenues for the year ended June 30, 2013, as compared with a net
loss of $3.83 million on $74,452 of revenues during the prior
fiscal year.  The Company's balance sheet at March 31, 2014,
showed $9.77 million in total assets, $13.20 million in total
liabilities, $1.29 million in noncontrolling interest and a $2.14
million total stockholders' deficit.

As reported by the TCR on Feb. 4, 2014, Terry L. Johnson, CPA,
replaced Patrick Rodgers, CPA, P.A., as the Company's independent
accountant.

Patrick Rodgers, CPA, PA, in Altamonte Springs, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has incurred losses since
inception, has a negative working capital balance at June 30,
2013, and has a retained deficit, which raises substantial doubt
about its ability to continue as a going concern.


PREMIER TRAILER: Moody's Withdraws Caa2 Rating on $135MM Loan
-------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Premier
Trailer Leasing, Inc., including the B3 Corporate Family Rating
and the Caa2 rating of the $135 million senior second-priority
secured term loan that the company planned to arrange.

Ratings Rationale

The ratings action follows the decision by Premier Trailer Leasing
not to proceed with the planned $135 million senior second-
priority secured term loan but to arrange alternative financing
instead.

Withdrawals:

Issuer: Premier Trailer Leasing, Inc.

Corporate Family Rating, Withdrawn, previously rated B3

Probability of Default Rating, Withdrawn, previously rated B3-PD

Senior Secured Bank Credit Facility, Withdrawn , previously
rated Caa2 (LGD5)

Outlook Actions:

Issuer: Premier Trailer Leasing, Inc.

Outlook, Changed To Rating Withdrawn From Stable

Premier Trailer Leasing, Inc., headquartered in Grapevine, TX, is
a leading provider of rental and leasing services for dry-vans,
flatbeds and specialty equipment in the transportation industry.
The company is owned by funds managed by Garrison Investment
Group.


PROSPECT PARK: Withdraws Bid to Pay $48,183 to Secured Creditor
---------------------------------------------------------------
Prospect Park Networks, LLC notified the Bankruptcy Court of its
withdrawal of a motion for authority to make payment of cash
collateral to secured creditor Prospect Park, LLC in the amount of
$48,183 filed on May 27, 2014.

                   About Prospect Park Networks

Prospect Park Networks, LLC, a Los Angeles, Calif.-based talent
and management company, filed for Chapter 11 bankruptcy (Bankr. D.
Del. Case No. 14-10520) in Wilmington, on March 10, 2014,
estimating $50 million to $100 million in assets, and $10 million
to $50 million in debts.  The petition was signed by Jeffrey
Kwatinetz, president.

William E. Chipman, Jr., Esq., and Mark D. Olivere, Esq., at
Cousins Chipman & Brown LLP, in Wilmington, Delaware; and John H.
Genovese, Esq., Michael Schuster, Esq., and Heather L. Harmon,
Esq., at Genovese Joblove & Battista, P.A. serve as the Debtor's
bankruptcy counsel.  The Debtor also hired Cohn Reznick LLP as an
ordinary course professional.

The U.S. Trustee for Region 3 selected three creditors to serve on
the Official Committee of Unsecured Creditors.  Cole, Schotz,
Meisel, Forman & Leonard, P.A., serves as the Committee's counsel.


PULSE ELECTRONICS: Voluntarily Delists Common Shares From NYSE
--------------------------------------------------------------
Pulse Electronics Corporation said it has submitted written notice
to the New York Stock Exchange of its decision to voluntarily
delist its common stock from the NYSE and to deregister its common
stock under the Securities Exchange Act of 1934, as amended.

After careful consideration, Pulse Electronics' board of directors
decided to delist from the NYSE and deregister its common stock
with the Securities and Exchange Commission as it believes that
the savings that will benefit the company and its shareholders
outweigh the advantages of continuing as a NYSE listed and SEC
reporting company.  Without the annual accounting and legal costs
and administrative burdens associated with SEC reporting
obligations and compliance with the Sarbanes-Oxley Act, Pulse
Electronics believes it will be able to reduce its costs while
still maintaining appropriate financial controls.  Pulse
Electronics further believes that these changes will provide for
greater operational efficiencies that will allow the company to
better focus on its business.

The Company intends to file a Form 25 with the SEC to voluntarily
delist its common stock on or about Oct. 6, 2014.  Delisting from
the NYSE is expected to become effective 10 days after the filing
date of the Form 25.  Following delisting and provided that Pulse
Electronics continues to meet the applicable legal requirements,
it intends to file a Form 15 with the SEC on or about Oct. 16,
2014, to terminate the registration of its common stock under the
Exchange Act.  Pulse Electronics expects the termination of
registration under the Exchange Act will become effective 90 days
after the date of the filing of the Form 15 with the SEC.  In the
event the NYSE or the SEC delays or denies the company's delisting
or deregistration, following the effective date of delisting, or
the withdrawal of registration under Section 12(b) is delayed by
the SEC, the company will file, within 60 days of such delay or
denial, any reports and forms with the SEC that would have been
required.

After its shares have been delisted from the NYSE, Pulse
Electronics expects that its shares may be quoted on the OTC
Markets Inc. electronic quotation service if market makers commit
to make a market in the Company's shares.  The OTC Markets is an
electronic network through which participating broker-dealers can
make markets and enter orders to buy and sell shares of issuers.
However, Pulse Electronics can provide no assurance that trading
in its common stock will continue on the OTC Markets or otherwise.
Moreover, Pulse Electronics common stock may become more illiquid
once it is no longer traded on the NYSE, which could negatively
impact market prices for the Company's stock and make it more
difficult for shareholders to sell their shares.  For more
information about this service, please see www.otcmarkets.com.

                      About Pulse Electronics

San Diego, California-based Pulse Electronics Corporation --
http://www.pulseelectronics.com/-- is a global producer of
precision-engineered electronic components and modules, operating
in three business segments: Network product group; Power product
group; and Wireless product group.  As of Dec. 28, 2012, Pulse had
$188 million in total assets.

As reported by the TCR on Juy 8, 2013, the Company dismissed
KPMG LLP as its independent registered public accounting
firm.  Grant Thornton LLP was hired as replacement.

Pulse Electronics reported a net loss of $27.02 million on $355.67
million of net sales for the year ended Dec. 27, 2013, as compared
with a net loss of $32.09 million on $373.16 million of net sales
for the year ended Dec. 28, 2012.

The Company's balance sheet at June 27, 2014, showed $180.44
million in total assets, $247.24 million in total liabilities and
a $66.79 million total shareholders' deficit.


REGIONS FINANCIAL: Moody's Affirms Ba1 Senior Debt Rating
---------------------------------------------------------
Moody's Investors Service has changed the rating outlook of
Regions Financial Corporation and its subsidiaries, including its
lead bank, Regions Bank, to positive from stable. Moody's also
affirmed its ratings on Regions. Regions Financial Corporation is
rated Ba1 for senior debt and Not-Prime for short-term
obligations. Regions Bank has long- and short-term bank deposit
ratings of Baa3 and Prime-3, respectively, and a standalone bank
financial strength rating of D+, mapping to a standalone baseline
credit assessment of baa3.

Affirmations:

Issuer: AmSouth Bancorporation

Subordinate Regular Bond/Debenture, Affirmed Ba2/POS

Issuer: AmSouth Bank

Subordinate Regular Bond/Debenture, Affirmed Ba1/POS

Issuer: Regions Bank

Adjusted Baseline Credit Assessment, Maintained baa3

Baseline Credit Assessment, Maintained baa3

Bank Financial Strength Rating, Affirmed D+/POS

Issuer Rating, Affirmed Baa3/POS

OSO Senior Unsecured OSO Rating, Affirmed Baa3/POS

ST OSO Rating, Affirmed P-3

Senior Unsecured Deposit Rating, Affirmed Baa3/POS

ST Deposit Rating, Affirmed P-3

Subordinate Regular Bond/Debenture, Affirmed Ba1/POS

Issuer: Regions Financial Corporation

LT Issuer Rating, Affirmed Ba1/POS

ST Issuer Rating, Affirmed NP

Pref. Stock Non-cumulative Shelf, Affirmed (P)B1

Pref. Stock Shelf, Affirmed (P)Ba3

Junior Subordinate Shelf, Affirmed (P)Ba3

Subordinate Shelf, Affirmed (P)Ba2

Senior Unsecured Shelf, Affirmed (P)Ba1

Pref. Stock Non-cumulative Preferred Stock, Affirmed B1
(hyb)/POS

Subordinate Regular Bond/Debenture, Affirmed Ba2/POS

Senior Unsecured Regular Bond/Debenture, Affirmed Ba1/POS

Issuer: Regions Financing Trust IV

Pref. Stock Shelf, Affirmed (P)Ba3

Issuer: Regions Financing Trust V

Pref. Stock Shelf, Affirmed (P)Ba3

Issuer: Regions Financing Trust VI

Pref. Stock Shelf, Affirmed (P)Ba3

Issuer: Union Planters Bank, National Association

Subordinate Regular Bond/Debenture, Affirmed Ba1/POS

Issuer: Union Planters Preferred Funding Corp.

Pref. Stock Non-cumulative Preferred Stock, Affirmed Ba3
(hyb)/POS

Outlook Actions:

Issuer: AmSouth Bancorporation

Outlook, Changed To Positive From Stable

Issuer: AmSouth Bank

Outlook, Changed To Positive From Stable

Issuer: Regions Bank

Outlook, Changed To Positive From Stable

Issuer: Regions Financial Corporation

Outlook, Changed To Positive From Stable

Issuer: Regions Financing Trust IV

Outlook, Changed To Positive From Stable

Issuer: Regions Financing Trust V

Outlook, Changed To Positive From Stable

Issuer: Regions Financing Trust VI

Outlook, Changed To Positive From Stable

Issuer: Union Planters Bank, National Association

Outlook, Changed To Positive From Stable

Issuer: Union Planters Preferred Funding Corp.

Outlook, Changed To Positive From Stable

Ratings Rationale

The change in outlook to positive from stable is based on Moody's
view that Regions has continued to improve its asset quality and
that management is developing better discipline in avoiding asset
concentrations, which in the financial crisis weakened the
company's financial profile materially. Moody's said that Regions'
capital position has also continued to strengthen.

Regions has achieved a significant reduction in nonperforming
assets (NPAs, nonaccrual loans, OREOs, loans past due 90+ days,
and accruing TDRs). Its NPAs have declined 51% from $5.5 billion
in third quarter 2012 to $2.7 billion in second quarter 2014.
Relative to loans and OREO, its NPA ratio improved from 7.2% to
3.3% over the same period. Although the bank's NPAs remain
relatively elevated, it is not an outlier among its same-rated
peers.

Moreover, Regions' higher capital base, coupled with lower
commercial real estate (CRE) and home equity (HE) loan balances,
have reduced the bank's asset concentrations. Its tangible common
equity (TCE) rose 23% while its combined exposure to CRE and HE
declined 18% from Q3 2012 to Q2 2014. Consequently, its total
concentration to these assets declined from 2.2 times TCE to 1.5
times TCE, which is relatively low among major US regional banks.

A revamped management team has overseen these improvements and
implemented more sensitive concentration risk limits. However,
Moody's noted that Regions' concentration risk management will be
tested because of earnings pressures that have made it difficult
for the company to generate a return on equity greater than its
cost of equity. For example, in an effort to support earnings,
Regions' has grown its commercial and industrial (C&I) loans at an
above average rate relative to the economy and other US banks in
the first six months of 2014. This C&I loan growth has been
significantly driven by Regions' participation in the national
syndicated loan markets, where it takes participations in other
banks' transactions. These loans typically provide little
franchise enhancement for participants like Regions, and can be a
source of higher risk. With that said, Moody's noted that Regions'
C&I loan asset quality performed relatively well in the financial
crisis.

Having actively managed down troubled asset portfolios and
historic risk concentrations, Regions' management has turned its
attention to growth and providing shareholders with adequate
returns. If Regions' risk management maintains discipline in
avoiding asset or risk concentrations, the bank's ratings could be
upgraded. Key indicators in this regard include concentration data
as well as loan growth relative to Regions' market opportunity.
Conversely, the most likely source of negative rating pressure
would be a rising concern that risk management is not effective in
containing a rebuilding of asset concentrations and that
underwriting standards have deteriorated in the pursuit of
earnings growth. A significant increase in the bank's return of
capital to shareholders would also be viewed negatively, said
Moody's.

The principal methodology used in these ratings was Global Banks
published in July 2014.


REICHHOLD INC: Seeks Joint Administration of Ch. 11 Cases
---------------------------------------------------------
Reichhold, Inc., and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to enter an order
authorizing the joint administration of their Chapter 11 cases for
procedural purposes only.   Proposed counsel, Marion M. Quirk,
Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., explains
that with four debtors, each with its own docket, the failure to
jointly administer these cases would result in numerous
duplicative filings for each issue, which would then be served
upon separate service lists.  The Debtors want the cases jointly
administered under the caption In re Reichhold Holdings US, Inc.,
et al., Case No. 14-12237.

                        About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, USA, is one of the
world's largest manufacturer of unsaturated polyester resins and a
leading supplier of coating resins for the industrial,
transportation, building and construction, marine, consumer and
graphic arts markets.  Reichhold -- http://www.Reichhold.com/--
has manufacturing operations throughout North America, Latin
America, the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of
the year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies are pursuing a sale transaction that has
two elements:

   (i) a consensual foreclosure by the holders of senior secured
notes on their security interests in the common and preferred
stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the
ultimate holding company of all of the non-debtor affiliates that
operate outside the U.S., and

  (ii) a purchase of certain assets of the Debtors by Reichhold
Holdings International B.V. through a credit bid pursuant to
Section 363 of the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.


REICHHOLD INC: Proposes Logan & Co as Claims Agent
--------------------------------------------------
Reichhold, Inc., and its affiliated debtors seek approval to hire
Logan & Company, Inc., as the official noticing and claims agent.

Although the Debtors have not yet filed their schedules of assets
and liabilities, they anticipate that there will be in excess of
10,000 entities to be noticed.  In view of the number of
anticipated claimants and other notice parties and the complexity
of the Debtors' businesses, the Debtors submit that the
appointment of a claims and noticing agent is both necessary and
in the best interests of both the Debtors' estates and their
creditors.

For monthly data storage, Logan will charge the Debtor $0.10 per
creditor name per month.  Logan will charge $205 per hour for Web
site design and maintenance.  For consulting services,
professionals at Logan will charge at these hourly rates:

                                              Hourly
     Category                                 Rate
     --------                                 ------
Principal                                     $297
Court Testimony                               $300
Statement & Schedule Preparation              $220
Account Executive Support                     $205
Public Web Site Design and Maintenance        $205
Programming Support                           $165
Project Coordinator                           $140
Quality Control and Audit                      $77
Data Entry                                     $77
Clerical Support                               $50

Prior to the Petition Date, the Debtors provided Logan a $10,000
retainer.

The claims agent can be reached at:

         Logan & Company, Inc.
         546 Valley Road, Second Floor
         Upper Montclair, New Jersey 07043
         Attn: Kathleen M. Logan, President
         Tel: (973) 509-3190
         Fax: (973) 509-3191

                        About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, USA, is one of the
world's largest manufacturer of unsaturated polyester resins and a
leading supplier of coating resins for the industrial,
transportation, building and construction, marine, consumer and
graphic arts markets.  Reichhold -- http://www.Reichhold.com/--
has manufacturing operations throughout North America, Latin
America, the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of
the year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies are pursuing a sale transaction that has
two elements:

   (i) a consensual foreclosure by the holders of senior secured
notes on their security interests in the common and preferred
stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the
ultimate holding company of all of the non-debtor affiliates that
operate outside the U.S., and

  (ii) a purchase of certain assets of the Debtors by Reichhold
Holdings International B.V. through a credit bid pursuant to
Section 363 of the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.


REICHHOLD INC: Proposes to Pay $2.2MM to Critical Vendors
---------------------------------------------------------
Reichhold, Inc., and its affiliated debtors seek approval to pay,
in the ordinary course of business, the prepetition fixed,
liquidated and undisputed claims of certain critical vendors and
service providers.

The Debtors are concerned that certain critical vendors will
refuse to deliver goods and services without payment of their
prepetition claims.

The Debtors propose to limit the aggregate amount of payments to
be made on account of critical vendor claims to $2.2 million.  The
Debtors will seek the consent of the agent of the DIP financing to
make payments of any critical vendors in excess of $75,000.

The Debtors will condition the payment of critical vendor claims
on the agreement of individual critical vendors to continue
supplying goods and services to the Debtors on the same trade
terms that, or better trade terms than, such critical vendors
offered the Debtors immediately prior to the Petition Date.

                        About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, USA, is one of the
world's largest manufacturer of unsaturated polyester resins and a
leading supplier of coating resins for the industrial,
transportation, building and construction, marine, consumer and
graphic arts markets.  Reichhold -- http://www.Reichhold.com/--
has manufacturing operations throughout North America, Latin
America, the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of
the year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies are pursuing a sale transaction that has
two elements:

   (i) a consensual foreclosure by the holders of senior secured
notes on their security interests in the common and preferred
stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the
ultimate holding company of all of the non-debtor affiliates that
operate outside the U.S., and

  (ii) a purchase of certain assets of the Debtors by Reichhold
Holdings International B.V. through a credit bid pursuant to
Section 363 of the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.


RIVER CITY RENAISSANCE: Thailhimer to Sell 29 Richmond Properties
-----------------------------------------------------------------
River City Renaissance, LC, and River City Renaissance III, LC1,
ask the U.S. Bankruptcy Court for the Eastern District of Virginia
for permission to employ Morton G. Thalhimer, Inc., as their
broker for real property assets, which comprised of 29 residential
apartment buildings located in the City of Richmond, Virginia.

The Debtors say they want to hire the firm to pursue an orderly
liquidation of their properties in lieu of foreclosure sale is the
core purpose of their Chapter 11 cases.  The Debtors note they
require the assistance of a broker with substantial experience in
the marketing and sale of residential apartment buildings similar
to the properties in order to ensure that the bankruptcy estates
obtain the maximum value for the properties.

The firm is expected to:

  a) implement a marketing campaign designed to generate maximums
     interest in the properties that include, without limitation,
     using the firm's proprietary multifamily database to identify
     and contact potential buyers, establishing a high-quality
     website to provide sale-process information and due-diligence
     materials to potential buyers, and providing, negotiating
     with potential buyers, and provide tours of the properties to
     potential buyer; and

  b) assist the Debtors in structuring the sale process, negotiate
     with potential buyers, and select the buyer(s) who provide
     the best combination of price terms track record and ability
     to close.

The Debtors proposed to pay the firm in this manner:

  a) As to the "River City Court" property located at 3501 Stuart
     Avenue and 306 N. Nansemond St., the Broker's commission will
     be 1.5% of the sale price;

  b) As to the properties, the firm's commission will:

     -- 1.5% of any sale contract in excess of $10 million; and
     -- 2% on any sale contract for less than $10 million.

  c) If the holder's liens of each of the Debtors' properties will
     not be paid in full from the sale of those properties, then
     the commission relating to the sales of all properties will
     be limited to the greater of (i) a flat-fee of $100,000, and
     (ii) the firm's normal commission less the shortfall in the
     amount needed to pay off the holder's liens;

  d) If the holder's liens of River City Renaissance's properties
     will not be paid in full from the sale of those properties,
     then the commission relating to the sales of all properties
     will be limited to the greater of (i) a flat-fee of $80,000,
     and (ii) the firm's normal commission less the shortfall in
     the amount needed to pay off the holder's liens; and

  e) If the holder's liens of River City Renaissance III's
     properties will not be paid in full from the sale of those
     properties, then the commission relating to the sales of all
     properties will be limited to the greater of (i) a flat-fee
     of $20,000, and (ii) firm''s normal commission less the
     shortfall in the amount needed to pay off the holder's liens.

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                       U.S. Bank Objection

U.S. Bank National Association -- as trustee for holders, by and
through CWCapital Asset Management LLC as special servicer --
objected to the Debtors' employment request because the
application purports to grant to the Broker certain rights that
cannot be granted absent the consent of the holders.  In
particular, the Debtors purport to grant to the firm a guaranteed
payment even if the sale process does not yield sale proceeds
sufficient to satisfy the claims of the holders.

The bank pointed out that the application provides that, in the
event the holders' liens are not satisfied in full from the sale
of the Debtors' properties, the firm will still receive the
greater of (a) a flat-fee of $100,000, and (b) the firm's normal
commission less the shortfall in the amount needed to pay off the
holders liens.

According to the bank, in such an instance, the Debtors will have
no unencumbered assets from which to pay such amounts and will
have to pay the firm from the holders' collateral, which includes
a first priority secured lien on all of the properties --
including all of the related cash collateral, as such term is
defined in section 363 of the Bankruptcy Code.

The bank argued that the Debtor's application should not be
approved to the extent it purports to grant a carve-out of the
holders' collateral.

U.S. Bank retained as counsel:

   Robbin S. Rahman, Esq.
   KILPATRICK TOWNSEND & STOCKTON LLP
   1100 Peachtree Street, Suite 2800
   Atlanta, GA 30309
   Tel: (404) 815-6323
   Fax: (404) 815-6555
   E-mail: rrahman@kilpatricktownsend.com

        -- and --

   Mark D. Taylor, Esq.
   VLP LAW GROUP
   1776 I Street, NW, Ninth Floor
   Washington, DC 20006
   Tel: (202) 759-4890
   E-mail: mtaylor@vlplawgroup.com

                         Chevron Supports

Chevron, U.S.A., a creditor and party in interest in the Debtors'
bankruptcy cases, said it supports the Debtors' request to employ
the firm as their broker.

Chevron U.S.A. retained as counsel:

   Augustus C. Epps, Jr., Esq.
   Jennifer M. McLemore, Esq.
   CHRISTIAN & BARTON, LLP
   909 East Main Street, Suite 1200
   Richmond, Virginia 23219-3095
   Tel: (804) 697-4100
   Fax: (804) 697-6112
   E-mail: aepps@cblaw.com
          jmclemore@cblaw.com

                   About River City Renaissance

Richmond, Virginia-based, River City Renaissance, LC, and River
City Renaissance III, LC, sought Chapter 11 protection (Bankr.
E.D. Va. Case Nos. 14-34080 and 14-34081) in Richmond, Virginia,
on July 30, 2014.  The cases are assigned to Judge Keith L.
Phillips.  Robert H. Chappell, III, Esq., at Spotts Fain PC,
represents the Debtors in their cases.  River City Renaissance
estimated $10 million to $50 million in assets and debts.
Renaissance III estimated less than $10 million in assets and
debts.  The Debtors have tapped Spotts Fain PC as counsel.


ROCACEIA ENERGY: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                     Case No.
     ------                                     --------
     Quality Lease and Rental Holdings, LLC     14-60074
         dba Rocaceia Energy Services
     23403B NW Zac Lentz Parkway
     Victoria, TX 77905

     Quality Lease Rental Service, LLC          14-60075
         dba Rocaceia Energy Services
     23403B NW Zac Lentz Parkway
     Victoria, TX 77905

     Quality Lease Service, LLC                 14-60076
         dba Rocaceia Energy Services
         fka Quality Lease Service, Inc.
     23403B NW Zac Lentz Parkway
     Victoria, TX 77905

     Rocaceia, LLC                              14-60077
         dba Rocaceia Energy Services
     23403B NW Zac Lentz Parkway
     Victoriia, TX 77905

Chapter 11 Petition Date: October 1, 2014

Court: United States Bankruptcy Court
       Southern District of Texas (Victoria)

Judge: Hon. David R Jones

Debtors' Counsel: Walter J Cicack, Esq.
                  HAWASH MEADE GASTON NEESE & CICACK LLP
                  2118 Smith Street
                  Houston, TX 77002
                  Tel: (713) 658-9001
                  Fax: (713) 658-9011
                  Email: wcicack@hmgnc.com

                                     Estimated    Estimated
                                       Assets    Liabilities
                                    -----------  ------------
Quality Lease and Rental            $10MM-$50MM  $50MM-$100MM
Quality Lease Rental Service        $10MM-$50MM  $10MM-$50MM
Quality Lease Service, LLC          $10MM-$50MM  $10MM-$50MM
Rocaceia, LLC                       $100K-$500K  $10MM-$50MM

The petitions were signed by Christopher Williams, manager of
Rocaceia, LLC.

The Debtors did not file a list of their largest unsecured
creditors when they filed the petitions.


SABRA HEALTH CARE: S&P Affirms 'B+' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sabra Health Care REIT Inc.  The outlook is
stable.  At the same time, S&P affirmed its 'BB-' rating on the
senior unsecured notes issued by Sabra's wholly owned
subsidiaries, Sabra Health Care L.P. and Sabra Capital Corp.  The
company plans to add-on $150 million to this note issuance.  S&P's
recovery rating on this debt remains '2', indicating its
expectation for a substantial (70% to 90%) recovery in the event
of payment default.

"Our 'B+' corporate credit rating on Sabra reflects our view that
the company's financial risk profile is 'significant' and business
risk profile is 'weak' according to our criteria," said Standard &
Poor's credit analyst Michael Souers.  S&P's business risk
assessment reflects Sabra's smaller size ($1.2 billion total
market capitalization), concentrated tenant base (top two tenants
contribute nearly 57% of revenues, pro forma for the Holiday
acquisition), and improving but continued heavy reliance on
skilled nursing/post-acute facilities (SNFs), which are subject to
potentially volatile government reimbursement programs and
contribute approximately 56% of Sabra's revenue.  S&P notes that
this asset concentration remains dependent on potentially volatile
government reimbursement programs such as Medicare and Medicaid.
In late July, the Centers for Medicare & Medicaid Services (CMS)
finalized their 2015 payment and policy changes, with skilled
nursing facilities set to receive a $750 million (2.0%) increase
in Medicare payments.

S&P's assessment also incorporates its view of the REIT industry's
"low" risk and "very low" country risk.  Although ongoing
government efforts to contain health care spending represents an
ongoing risk, S&P believes that triple-net leases (that are
subject to parent guarantees and cross-default provisions) and a
long weighted average lease term (10.3 years) will continue to
support Sabra's near-term core cash flow stability.

The Holiday transaction is structured as a sale/leaseback
transaction, with Sabra leasing the properties back to an
affiliate of Holiday.

Following the Holiday portfolio acquisition, S&P expects Sabra to
continue aggressively expanding its portfolio at roughly 10% of
assets per year, with a primary investment focus on senior housing
and memory care facilities and a secondary focus on skilled
nursing facilities.  S&P believes the expansion will gradually
strengthen Sabra's business risk profile by diversifying its
tenant base and increasing exposure to private-pay sources (now
above 50% pro forma for the Holiday acquisition).

S&P views Sabra's financial risk profile to be "significant".  S&P
bases this on its forecast for debt-to-undepreciated capital
(including preferred stock) in the high-50% range and fixed-charge
coverage (FCC) in the low- to mid-2x range.

Despite this improvement, S&P believes Sabra's relatively small
capital structure, aggressive portfolio expansion, and expected
heavy reliance on its revolving credit facility to fund
investments will continue to lead to moderate variability in
credit metrics over the next two years.  S&P also believes that
Sabra's portfolio expansion could push leverage higher, resulting
in weaker credit metrics than S&P assumes in its base case and
thereby constraining its rating outcome.

The outlook is stable.  S&P expects relatively steady tenant-level
rent coverage and negligible lease expirations to support Sabra's
near-term core cash flow and credit metrics.  S&P also believes
that profitable, leverage-neutral investments will continue to
gradually strengthen Sabra's scale and portfolio diversification.

S&P sees limited downside for the ratings at this time, given its
expectation for steady core cash flow and relatively static credit
metrics.  However, S&P could consider lowering the ratings if
leverage rises above its current level, pressuring FCC below 1.8x.
This could be a result of debt-financed expansion or the
restructuring of leases for tenants that can't mitigate rising
expenses or potential reimbursement cuts.

Upward ratings momentum remains constrained by Sabra's relatively
small capital structure and still-significant portfolio
concentration.  However, S&P would consider raising the ratings by
one notch if Sabra establishes and maintains a more balanced
investment and funding strategy (which would prompt S&P to
reconsider its current use of the negative financial policy
modifier) that results in more stable and predictable credit
metrics, while continuing to gradually strengthen its scale and
portfolio diversification.


SEARS HOLDINGS: To Sell Most of Stake in Canada Unit
----------------------------------------------------
Suzanne Kapner, writing for The Wall Street Journal, reported that
Sears Holdings Corp. said it plans to reap as much as $380 million
by selling the bulk of the 51% stake it holds in Sears Canada to
its own shareholders.  Of that amount, $168 million is expected to
come from CEO Edward Lampert and his hedge fund, ESL Investments
Inc., following a $400 million short-term loan the CEO infused to
the company in September.

                            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.


SEVEN ARTS: Delays Fiscal 2014 10-K for Review
----------------------------------------------
Seven Arts Entertainment Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
June 30, 2014.  Seven Arts said it was unable to timely file the
Annual Report due to a delay in completing the financial
statements required to be included therein, and the audit
procedures related thereto, which delay could not be eliminated by
the Company without unreasonable effort and expense.

In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, the Company said it will file the Form 10-K for the year
ended June 30, 2014, no later than the 15th calendar date
following the proscribed due date.

                        About Seven Arts

Los Angeles-based Seven Arts Entertainment, Inc. (OTC QB: SAPX)
was founded in 2002 as an independent motion picture production
and distribution company engaged in the development, acquisition,
financing, production and licensing of theatrical motion pictures
for exhibition in domestic (i.e., the United States and Canada)
and foreign theatrical markets, and for subsequent worldwide
release in other forms of media, including home video and pay and
free television.

The Hall Group, CPAs, in Dallas, Texas, expressed substantial
doubt about the Company's ability to continue as a going concern
following the financial results for the year ended June 30, 2013,
citing the Company's recurring losses from operations and net
capital deficiency.

The Company reported a net loss of $22.42 million on $1.52 million
of total revenue for the fiscal year ended June 30, 2013, compared
with a net loss of $11.15 million on $4.06 million of total
revenue in 2012.


SOLAR POWER: SPI Japan to Buy Interests in Iinuma for JPY140MM
--------------------------------------------------------------
Solar Power, Inc.'s wholly-owned subsidiary in Japan, SPI Solar
Japan G.K., entered into a Membership Interest Purchase Agreement
with Mr. Tako Yasuda, whereby SPI Japan agreed to purchase, and
Mr. Yasuda agreed to sell, all of the membership interests in
Iinuma Hatsudensho GK, a Japanese company which is currently
developing a 1.9MW solar project, for an aggregate purchase price
of JPY 140,000,000, pursuant to the terms and conditions of the
Agreement.  A copy of the Membership Interest Purchase Agreement
by and between SPI Solar Japan G.K. and Mr. Takao Yasuda dated
Sept. 22, 2014, is available for free at http://is.gd/U2codQ

                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.24 million in 2013
following a net loss of $25.42 million in 2012.  As of June 30,
2014, the Company had $72.84 million in total assets, $56.85
million in total liabilities and $15.99 million in total
stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern.


SPEEDEMISSIONS INC: CFO Daugherty Resigns
-----------------------------------------
Dannie Daugherty Jr. resigned from his position as the chief
financial officer of Speedemissions, Inc., effective on Aug. 15,
2014.  As part of his resignation, Mr. Daugherty indicated that
his decision is not a result of any disagreements with the Company
over matters relating to the Company's operations, policies, or
practices.

"Mr. Daugherty has been a valued member of the executive
management team and has served the Company faithfully and
professionally during his term of employment with the Company,"
the Company said in a Form 8-K filed with the U.S. Securities and
Exchange Commission.

The Company is currently interviewing candidates for the chief
financial officer position.  Until a suitable candidate is hired,
the Company's president and chief executive officer, Richard A.
Parlontieri, will perform the duties of chief financial officer.

                       About Speedemissions

Tyrone, Georgia-based Speedemissions, Inc., is a test-only
emissions testing and safety inspection company.

Speedimissions reported a net loss of $814,482 in 2013 and a net
loss of $656,037 in 2012.

The Company's balance sheet at June 30, 2014, showed $2.17 million
in total assets, $2.50 million in total liabilities, $4.57 million
in series A convertible, redeemable preferred stock, and a
$4.91 million total shareholders' deficit.


TEAM HEALTH: $300MM Add-on Debt No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service commented that Team Health, Inc.'s
proposed upsizing of its revolver to $650 million from $500
million and term loan A to $600 million from $450 million is
credit positive. The $300 million upsizing is leverage neutral.
Furthermore, Team Health's ratings, including its Ba2 Corporate
Family Rating, are unchanged.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
October 2010. Other methodologies used include Loss Given Default
for Speculative Grade Issuers in the US, Canada, and EMEA,
published June 2009.

Team Health is a leading provider of physician staffing and
administrative services to hospitals and other healthcare
providers in the U.S. The company is affiliated with approximately
10,200 healthcare professionals who provide emergency medicine,
hospital medicine, anesthesia, urgent care, pediatric staffing and
management services.


TENET HEALTHCARE: Issues $500 Million of Senior Notes Due 2019
--------------------------------------------------------------
Tenet Healthcare Corporation issued $500,000,000 in aggregate
principal amount of 5.50% senior notes due 2019, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.  The Notes have not been registered under the
Securities Act of 1933, as amended, or any state securities laws.

Tenet will pay interest on the Notes semi-annually, in arrears, on
March 1 and September 1 of each year, commencing March 1, 2015, to
holders of record on the immediately preceding February 15 and
August 15.  The Notes are unsecured and will rank equally with all
of Tenet's existing and future unsecured senior debt, will rank
senior to all of Tenet's existing and future unsecured
subordinated debt and will be effectively subordinated to all of
Tenet's existing and future secured debt, to the extent of the
value of the collateral securing such secured indebtedness.

The Notes were issued pursuant to the indenture, dated as of
Nov. 6, 2001, between Tenet and The Bank of New York Mellon Trust
Company, N.A., as supplemented by the twenty-fourth supplemental
indenture thereto, dated as of Sept. 29, 2014, between Tenet and
the Trustee.  The Indenture contains covenants that, among other
things, restrict Tenet's ability and the ability of its
subsidiaries: to incur liens; enter into sale and lease-back
transactions; or consolidate, merge or sell all or substantially
all of their assets, other than in certain transactions between
one or more of Tenet's wholly owned subsidiaries and Tenet.  These
restrictions, however, are subject to a number of important
exceptions and qualifications.  In particular, there are no
restrictions on Tenet's ability or the ability of its subsidiaries
to incur additional indebtedness, make restricted payments, pay
dividends or make distributions in respect of capital stock,
purchase or redeem capital stock, enter into transactions with
affiliates or make advances to, or invest in, other entities
(including unaffiliated entities).

The Indenture also provides that the Notes may become subject to
redemption under certain circumstances, including a change of
control of Tenet.  In addition, Tenet may, at its option, redeem
the Notes in whole or in part at any time at a redemption price
equal to 100% of the principal amount of the Notes being redeemed
plus the applicable make-whole premium set forth in the Indenture,
together with accrued and unpaid interest.

In connection with the issuance of the Notes, Tenet also entered
into an Exchange and Registration Rights Agreement, dated as of
Sept. 29, 2014, with Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as representative of the initial purchasers named in
the purchase agreement for the Notes.  Pursuant to the
Registration Rights Agreement, Tenet has agreed to consummate an
exchange offer for the Notes for notes registered with the
Securities and Exchange Commission within 365 days from Sept. 29,
2014.

The proceeds from the sale of the Notes 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.

                             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.


TONY'S LONG WHARF: Case Summary & 15 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Tony's Long Wharf Transport,LLC
        294 Kimberly Avenue
        New Haven, CT 06519

Case No.: 14-31839

Chapter 11 Petition Date: October 1, 2014

Court: United States Bankruptcy Court
       District of Connecticut (New Haven)

Judge: Hon. Julie A. Manning

Debtor's Counsel: Peter L. Ressler, Esq.
                  GROOB RESSLER & MULQUEEN, P.C.
                  123 York Street, Ste 1B
                  New Haven, CT 06511-0001
                  Tel: (203) 777-5741
                  Fax: 203-777-4206
                  Email: ressmul@yahoo.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Robert Anderson Jr., managing member.

List of Debtor's 15 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
April Hedge                                             $2,963

Brenner, Saltzman & Wallman                           $173,200

Carter Mario Injury Lawyers                             $1,380

CT State Cashing Services                               $4,166

Fair Auto Supply                                       $35,000

Hop Energy dba Valley Oil                              $28,611

Housing Authority City of N.H.                          $7,500

Industrial Acceptace Corp.                             $27,000

Internal Revenue Service                Taxes         $286,655
P.O. Box 21126
Philadelphia, PA 19114

Liberty Mutual Insurance                               $13,200

National Liability & Fire Ins                           $6,312

New Hampshire Ins.                                          $1

Santa Fuel Inc                                              $1

Thompson O'Connor & Assoc.                              $3,928

UIA Diversified Corp.                                  $12,611


TOWER AUTOMOTIVE: Moody's Withdraws B2 Rating on $250MM Notes
-------------------------------------------------------------
Moody's Investors Service withdrew the B2 rating on Tower
Automotive Holdings USA, LLC's (Holdings USA) proposed $250
million of senior unsecured notes. Holdings USA is a wholly-owned
indirect subsidiary of Tower International, Inc. (Tower). Tower
previously announced the postponement of the note offering due to
less-favorable market conditions. In a related action, Moody's
affirmed Holdings USA's Corporate Family Rating and Probability of
Default Rating, at B1 and B1-PD, respectively; and revised the
rating on Holdings USA's existing senior secured term loan to B1
from Ba3 -- the same level prior to the proposed note offering.
The Speculative Grade Liquidity Rating is affirmed at SGL-3. The
rating outlook is stable.

The following ratings were withdrawn:

Tower Automotive Holdings USA, LLC

$250 million of senior unsecured notes, previously B2 (LGD5)

The following rating was lowered:

Tower Automotive Holdings USA, LLC

Senior secured term loan, to B1 (LGD3) from Ba3 (LGD3)

The following ratings were affirmed:

Tower Automotive Holdings USA, LLC

Corporate Family Rating, at B1

Probability of Default Rating, at B1-PD

Speculative Grade Liquidity Rating, at SGL-3

The $200 million ABL revolving credit facility is not rated by
Moody's

Ratings Rationale

Moody's lowered the secured term loan rating to B1 from Ba3 to
reflect the absence of the unsecured notes in the capital
structure. The term loan will not benefit from a paydown funded
from the note proceeds and the loss absorption cushion that would
have been provided by the unsecured notes.

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

Tower International, Inc. headquartered in Livonia, Michigan, is a
leading integrated global manufacturer of engineered structural
metal components and assemblies primarily serving automotive
original equipment manufacturers. The company manufactures body-
structure stampings, frame and other chassis structures, as well
as complex welded assemblies, for small and large cars,
crossovers, pickups and SUVs. Revenues in 2013 approximated $2.1
billion.


TOYS "R" US: Posts $4.82-Mil. Net Earnings for Aug. 2 Quarter
-------------------------------------------------------------
Toys R Us Property Co. II LLC filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
net earnings of $4.82 million on $31.66 million of total revenues
for the thirteen weeks ended Aug. 2, 2014, compared to net
earnings of $9.63 million on $29.02 million of total revenues for
the thirteen weeks ended Aug. 3, 2013.

The Company's balance sheet at Aug. 2, 2014, showed $516.17
million in total assets, $756.23 million in total liabilities and
total stockholders' deficit of $240.06 million.

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

                       http://is.gd/8RTSDc

Toys "R" Us Property Company II, LLC is engaged in the lease or
sublease of its properties to Toys "R" Us-Delaware, Inc.  It owns
fee and ground leasehold interests in 125 properties located in
the United States.  The company was founded in 2005 and is based
in Wayne, New Jersey.  Toys "R" Us Property Company II, LLC is a
subsidiary of Giraffe Junior Holdings, LLC.


TRADER CORP: Moody's Affirms B3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed Trader Corporation's B3
corporate family rating ("CFR"), B3-PD probability of default
rating, Ba3 secured revolver rating, B3 secured notes rating and
SGL-3 speculative grade liquidity rating, and changed the ratings
outlook to positive from stable.

"The outlook change to positive considers Trader's demonstrated
deleveraging and the potential that the ratings could be upgraded
within the next 12 to 18 months if leverage is sustained below
5x," said Peter Adu, lead analyst for Trader.

Ratings Affirmed:

Corporate Family Rating, B3

Probability of Default Rating, B3-PD

$30M Senior Secured Bank Credit Facility, Ba3

US$290M Senior Secured Notes, B3

Speculative Grade Liquidity Rating, SGL-3

Outlook:

Changed to Positive from Stable

Ratings Rationale

Trader's B3 CFR primarily reflects its small size and narrow-
focused operation, successful transition to digital from print,
strong position in the Canadian used automobile advertising market
and demonstrated ability to de-lever, offset by Moody's opinion
that its private equity owner is likely to re-lever the company.
The rating also reflects business risks with the digital platform,
including limited forward visibility to growth potential in Canada
due to soft economic conditions and rising competition. As well,
the rating considers the company's well recognized brand in
Canada, good subscription-based recurring revenue, strong EBITDA
margins, and Moody's expectation that leverage would be maintained
towards 5x through the next 12 to 18 months (adjusted Debt/EBITDA
of 5.7x at LTM Q2/2014).

Trader's liquidity is adequate (SGL-3). At Q2/2014, Trader had
cash of $16 million and an undrawn $30 million committed revolving
credit facility due 2016. Moody's expects annual free cash flow in
excess of $15 million. Trader is subject to leverage and interest
coverage covenants and Moody's expects cushion of at least 15%
through the next 4 to 6 quarters. The company's ability to
generate liquidity from asset sale proceeds is limited as its
assets secured the revolver and the notes.

The ratings outlook is positive and recognizes Trader's increasing
revenue and profitability which could enable leverage to be
maintained at a level that supports a higher rating within the
next 12 to 18 months. Moody's will return the outlook to stable if
Trader increases leverage towards 6x, possibly due to a debt-
funded dividend payment to its owner.

Upward rating action could be considered should Trader sustain
adjusted Debt/ EBITDA below 5x and (EBITDA-CapEx)/Interest Expense
above 2x. Trader's rating would be downgraded should its liquidity
position deteriorate or if it sustains adjusted Debt/ EBITDA
towards 7x and (EBITDA-CapEx)/Interest Expense below 1x.

The principal methodology used in this rating was the Global
Publishing 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.

Trader Corporation is a provider of advertising and digital
marketing services for Canadian automotive dealers. Revenue for
the last twelve months ended June 28, 2014 was $170 million. The
company is wholly-owned by Apax Partners and is headquartered in
Toronto, Ontario, Canada.


TRAVELPORT WORLDWIDE: Closes 30 Million Shares IPO
--------------------------------------------------
Travelport Worldwide Limited completed on Sept. 30, 2014, its
initial public offering the of 30,000,000 of its common shares,
par value $0.0025, pursuant to the registration statement on Form
S-1, as amended, which was declared effective by the U.S.
Securities and Exchange Commission on Sept. 24, 2014.

The Company entered into an underwriting agreement with Morgan
Stanley & Co. LLC and UBS Securities LLC, as representatives of
the several underwriters relating to the sale of the Common Shares
in the IPO.

The Company used $425 million of the proceeds from the IPO to
repay in full the outstanding indebtedness under its subsidiary's
senior unsecured bridge loan agreement on Sept. 30, 2014.

On Sept. 24, 2014, as a result of the IPO, the Compensation
Committee of the Company's Board of Directors approved a
discretionary bonus for certain members of the Company's
management, including the Company's named executive officers:
Gordon Wilson ($529,126); Philip Emery ($211,681); Kurt Ekert
($293,414); and Eric Bock ($217,156).  Also on Sept. 24, 2014, as
a result of the IPO, the Compensation Committee of the Company's
Board approved the conversion of the performance-based options
held by Douglas Steenland, the Chairman of the Board, to time-
based options upon the determination that the performance criteria
were satisfied, with 50% vesting on April 15, 2015, and the
remainder vesting on April 15, 2016.  In addition, the
Compensation Committee of the Company's Board approved the form of
award agreement for the restricted stock unit grants to be made to
the Company's directors, as disclosed in the Registration
Statement.

On Sept. 30, 2014, the Company amended and restated its By-laws
and Memorandum of Association.

Meanwhile, Travelport filed with the SEC a Form S-8 registration
statement to register 14.1 million common shares issuable under
the Company's 2013 Equity Plan, 2014 Employee Stock Purchase Plan
and 2014 Omnibus Incentive Plan.  The proposed maximum aggregate
offering price is $231.1 million.  A copy of the registration
statement is available at http://is.gd/EylVc0

                     About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry.

As of June 30, 2014, the Company had $3.01 billion in total
assets, $4.08 billion in total liabilities and a $1.07 billion
total deficit.  The Company reported a net loss of $203 million in
2013 following a net loss of $292 million in 2012.

                           *     *     *

As reported by the TCR on Sept. 8, 2014, Standard & Poor's Ratings
Services raised to 'B-' from 'CCC+' its long-term corporate credit
ratings on U.K.-based travel services provider Travelport
Worldwide Limited and its new wholly owned financing entity,
Travelport Finance (Luxembourg) S.a.r.l. (Travelport Finance).
The outlook is stable.


TRIMAS CORP: Moody's Affirms Ba2 CFR Over Allfast Acquisition
-------------------------------------------------------------
Moody's Investors Service affirmed its Ba2 Corporate Family Rating
(CFR) and Ba2-PD Probability of Default rating (PDR) for Trimas
following the company's recent announcement that it intends to
acquire Allfast Fastening Systems, a manufacturer of solid and
blind rivets, blind bolts and temporary fasteners for the
aerospace industry. Ratings on the company's Senior Secured credit
facility were also affirmed at Ba2. The rating outlook remains
stable.

The affirmation of Trimas's ratings reflects the company's solid
positioning within the Ba2 rating category and expectations that
higher leverage levels resulting from the acquisition will
moderate over the near to intermediate term. The $360 million
estimated purchase price of Allfast will be financed entirely by
debt which Moody's estimate will increase debt to EBITDA by over 1
turn from about 2.5x to 3.7x. Moody's expect leverage to revert
back towards 2.5x over the next 12-15 months driven by a
combination of earnings growth and the pay-down of debt under
Trimas's senior credit facilities. The affirmation also
incorporates the company's solid coverage metrics with pro forma
EBIT/Interest of about 5.5x and expectations that pro forma free
cash flows as a % of debt will remain in the high-single digits.

The acquisition of Allfast should bolster the company's aerospace
segment and meaningfully expand its product portfolio while better
positioning Trimas as a preferred supplier to its aerospace
customers. Allfast has content on a diverse set of platforms and
its robust EBITDA margins of approximately 40% should be accretive
to the company' earnings. Moody's note the fully-priced nature of
the transaction (an estimated purchase multiple of about 15x
times) reflects the expected ramp-up in deliveries in commercial
aircraft and anticipated revenue and cost synergies.

Issuers:

Trimas Corporation & Trimas Company LLC

Affirmations:

Corporate Family Rating, Affirmed at Ba2

Probability of Default Rating, Affirmed at Ba2-PD

Senior Secured Revolver due 2018, Affirmed Ba2 (LGD3)

Upsized Senior Secured Term Loan A due 2018, Affirmed Ba2 (LGD3)

Speculative Grade Liquidity, affirmed at SGL-2

Rating Outlook: Stable

Ratings Rationale

Trimas' ratings continue to reflect the company's generally solid
credit metrics coupled with a healthy degree of product and end-
market diversification and expectations of gradual improvement in
operating margins and leverage metrics. The ratings are
constrained by the cyclicality of the company's operating
performance as demonstrated by the sharp decline in revenues and
profitability during the 2009 economic downturn, as well as its
limited geographic diversification and an aggressive acquisition
strategy.

Rating Outlook

The rating outlook is stable, reflecting Moody's expectation that
management will focus on reverting leverage back to 2.5x or below
over the next 12 to 18 months. The stable outlook also
incorporates expectations for a gradual improvement in operating
margins and an absence of large debt-financed acquisitions in the
next few quarters.

What Could Change the Rating -- UP

To be considered for a higher rating or positive outlook, the
company should demonstrate sustained organic revenue growth,
meaningful improvements in margins, sustainable debt to EBITDA
below 2.0 times, and EBITA to interest coverage over 6.0 times,
also on a sustainable basis. Moreover, the company's size and
business scale in its product segments along with improved segment
diversity that was anticipated to result in lower cyclicality
could help support positive ratings traction. The composition of
the company's capital structure and its covenants allow for
material acquisitions that could adversely affect its credit
metrics over the short term or longer depending on their
execution. As a result, a capital structure more consistent with a
higher rating would also be considered in a ratings upgrade.

What Could Change the Rating -- DOWN

The rating could be downgraded if the company's debt to EBITDA
were remain above 3.25x on a sustained basis or if free cash flow
generation were to weaken such that free cash flow as a % of debt
was anticipated to remain below 7.5%. The ratings could also come
under pressure if one of more business segments were to experience
a meaningful decline in earnings or if further debt-financed
acquisitions or shareholder friendly actions resulted in weaker
credit metrics that were inconsistent with the Ba2 rating
category.

TriMas Corporation is a diversified industrial manufacturer
engaged in five business segments: packaging, energy, aerospace,
engineered components and Cequent, a segment that manufactures
custom-engineered towing and trailering products. Revenues for the
twelve months ended June 30, 2014 were approximately $1.5 billion.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


TRIPLANET PARTNERS: Oct. 8 hearing on USA's Bid for Case Dismissal
------------------------------------------------------------------
The United States of America asks the Bankruptcy Court to dismiss
the Chapter 11 case of Triplanet Partners LLC, or, in the
alternative, convert the case to one under Chapter 7 of the
Bankruptcy Code.

The USA motion accompanies the Internal Revenue Service's motion
to dismiss the Debtor's case.

The IRS explained that it has no way of accurately assessing the
Debtor's tax liabilities because the Debtor failed to file its
quarterly tax return in 2008 and has not filed partnership tax
forms for the last five years.

The hearing on the matter will be held on Oct. 8, 2014.

                      About Triplanet Planet

Triplanet Partners LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 14-22643) on May 8, 2014.  Sophien
Bennaceur signed the petition as manager.  The Debtor disclosed
$19,946,560 in assets and $33,663,525 in liabilities.  Arnold
Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck, P.C., serves as the Debtor's counsel.  Judge Robert D.
Drain oversees the case.

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


TRUMP ENTERTAINMENT: Files Icahn-Sponsored Chap. 11 Plan
--------------------------------------------------------
Trump Entertainment Resorts, Inc., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a joint plan of
reorganization and accompanying disclosure statement, which
propose that all classes of claims, except for other priority non-
tax claims and secured claims, are impaired, and that the only
class required to vote is the class of first lien credit agreement
claims, which claims are substantially held by Carl Icahn.

The Plan reflects the agreement in principle by the First Lien
Lenders, which are owed approximately $292,257,374, to equitize a
portion of their existing senior secured debt and exchange the
remainder of that debt for new debt requiring no cash interest
payments.  In addition, under the Plan, the First Lien Lenders
would invest $100 million in equity capital provided that the
Debtors obtain real-property tax and other relief from the City of
Atlantic City, Atlantic County, New Jersey and/or the State of New
Jersey.

Upon confirmation of the Plan, the holders of Allowed First Lien
Credit Agreement Claims in the aggregate the following
consideration: (x) 55% of the New Common Stock to be issued by
Reorganized TER on a fully diluted basis and (y) the New Term
Loan.  Holders of Allowed First Lien Credit Agreement Claims will
have the right to allocate among each other the portion of New
Common Stock and New Term Loan each holder will receive, and the
Disbursing Agent will make distributions on account of Allowed
First Lien Credit Agreement Claims based on such allocations.

A hearing on the approval of the Disclosure Statement is scheduled
for Nov. 5, according to Bill Rochelle and Sherri Toub, bankruptcy
columnists for Bloomberg News.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/TRUMPds1001.pdf

                 About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to close the Trump Plaza by next week,
and, absent union concessions, the Taj Mahal by Nov. 13.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

The U.S. Trustee for Region 3 on Sept. 23 appointed seven
creditors of Trump Entertainment Resorts, Inc., to serve on the
official committee of unsecured creditors.


U.S. SILICA: Moody's Raises Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service upgraded U.S. Silica Company, Inc.'s
Corporate Family Rating to Ba3 from B1, as well as upgraded its
senior secured credit facility to Ba3 from B1, and its Probability
of Default Rating to B1-PD from B2-PD. The Speculative Grade
Liquidity rating was affirmed at SGL-2. The rating outlook is
stable.

The following actions were taken:

Corporate Family Rating, upgraded to Ba3 from B1;

$425 million senior secured credit facility, upgraded to Ba3
(LGD-3) from B1 (LGD-3);

Probability of Default Rating, upgraded to B1-PD from B2-PD;

Speculative Grade Liquidity rating, affirmed at SGL-2.

The rating outlook was revised to stable from positive.

Ratings Rationale

The upgrade in U.S. Silica's ratings is based on the company's
significantly stronger operating performance, substantial
improvements in debt leverage and interest coverage, reduced
ownership position of a major shareholder and Moody's expectation
that continued stability in the hydraulic fracturing (fracking)
industry will continue to support strong operating cash flow
generation. U.S. Silica has more than doubled its revenues over
the past three years due to rising demand for frac sand along with
the pursuit of strategic growth initiatives and acquisitions and
has maintained strong EBITDA margins. The company is among the top
five suppliers (by nameplate capacity) of frac sand in the United
States. Strong operating performance has enabled the company to
generate enough cash to pursue strategic growth initiatives, pay
shareholder dividends and still reduce its leverage ratios while
raising its interest coverage ratio. Silica's debt-to-book
capitalization declined to 54% for the twelve months ending June
30, 2014 from 57% at year-end 2013 while adjusted debt-to-EBITDA
declined to 2.7x from 3.0x and its adjusted EBIT interest coverage
ratio rose to 5.9x from 5.3x over the same time periods. In
addition, the company's private equity ownership by Golden Gate
Capital was eliminated in December 2013 when Golden Gate sold its
remaining shares. Moody's view this as a credit positive since it
is likely to reduce the incentive to pursue shareholder friendly
actions.

U.S. Silica's Ba3 Corporate Family Rating reflects the company's
operating results, modest debt leverage, strong interest coverage,
high profit margins and solid market position in the growing frac-
sand industry. The company's credit profile also benefits from its
position as one of the largest producers of industrial silica in
the United States, its extensive proven and probable reserves,
strategically located quarries and production facilities,
developed logistical network and long-standing customer
relationships. At the same time, the company's rating is
constrained by its limited size, reliance on a single commodity
product, exposure to cyclical end markets and reliance on the
hydraulic fracturing industry for the majority of its revenue and
operating income. The B1-PD probability of default rating is one
notch lower than the Corporate Family Rating to reflect the higher
(65%) recovery rate utilized in Moody's loss-given-default
methodology for companies that rely primarily on first-lien bank
loans. Historical recovery studies indicate that corporate capital
structures comprised solely of bank debt have higher recovery
values than those that utilize a combination of bank debt and
other debt instruments.

U.S. Silica's SGL-2 reflects the company's good liquidity position
over the next 12 to 18 months. At June 30, 2014, the company's
liquidity was supported by $106 million of cash and availability
of approximately $47 million under its senior secured revolving
credit facility. The company has generated negative free cash flow
over the past several years due to shareholder dividends and
capital investments in raw sand plants, resin coated product
facilities and transloading terminals. Moody's expect Silica to
continue to pursue growth initiatives and to pay a quarterly
dividend. In order to meet increasing demand, the company is
investing in expanding capacity at its Pacific, Missouri plant as
well as investing in a new greenfield facility.

The stable outlook reflects US Silica's operating performance and
that the positive fundamentals in the hydraulic fracturing
(fracking) industry will support strong operating cash flow
generation. The stable outlook also assumes US Silica will operate
with stable capital structure and credit metrics even as it
pursues its growth strategies.

Moody's notes that stronger liquidity would be a prerequisite for
an upgrade, with substantially stronger internal cash cusion and
external long-term, committed and unconditional credit
availability. The ratings could experience upward momentum if the
company continues to build greater scale and diversity and
consistently generates positive free cash flow, while reducing and
maintaining its adjusted debt-to-book capitalization below 50% and
adjusted debt-to-EBITDA closer to 2.0x.

The ratings would be considered for a downgrade should end markets
subtantially deteriorate, specifically the oil and gas end market.
A downgrade could also occur should operating results deteriorate
such that adjusted debt-to-EBITDA rises above 3.5x; the company
more aggressively pursues growth or shareholder friendly
initiatives, or liquidity is significantly reduced.

Based in Frederick, Maryland, U.S. Silica operates 17 silica
mining and processing facilities and is one of the largest
producers of industrial silica sand in North America. The company
holds approximately 297 million metric tons of reserves, including
138 million tons of API spec frac sand and mostly serves the oil &
gas, glass, building products and chemicals sectors. In the twelve
months ended June 30, 2014, the company generated approximately
$680 million of revenues.

The principal methodology used in this rating was Building
Materials Industry published in September 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


UNIVERSAL BIOENERGY: Needs More Time to File 2014 Form 10-K
-----------------------------------------------------------
Universal Bioenergy, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
seeking additional time in order to prepare and file its annual
report on Form 10-K for the fiscal year ended June 30, 2014.

The Company said it is still awaiting third party documentation in
order to properly prepare a complete and accurate Form 10-K.  The
Company has been unable to receive this data in a timely manner
without unreasonable effort and expenses.  The Company does not
expect significant changes in its results from operations and
earnings from the corresponding period ended March 31, 2014.

                     About Universal Bioenergy

Headquartered in Irvine, California, Universal Bioenergy Inc.
develops markets alternative and natural energy products
including, natural gas, solar, biofuels, wind, wave, tidal, and
green technology products.

Universal Bioenergy incurred a net loss of $623,518 on $60.21
million of revenues for the year ended June 30, 2013, as compared
with a net loss of $4.12 million on $57.32 million of revenues for
the year ended June 30, 2012.

Bongiovanni & Associates, CPA's, in Cornelius, North Carolina,
issued a "going concern" qualification on the consolidated
financial statements for the year ended June 30, 2013.  The
independent auditors noted that the the Company has suffered
recurring operating losses, has an accumulated deficit, has
negative working capital, and has yet to generate an internal cash
flow that raises substantial doubt about its ability to continue
as a going concern.


USEC INC: Emerges From Bankruptcy as Centrus Energy Corp.
---------------------------------------------------------
USEC Inc.'s previously-confirmed Plan of Reorganization became
effective on Sept. 30, 2014.  The Company has emerged from
bankruptcy proceedings as Centrus Energy Corp.  Jessica Wehrman at
The Columbus Dispatch relates that the Company started trading on
the New York Stock Exchange Tuesday.

As reported by the Troubled Company Reporter on Sept. 8, 2014, the
Company said on Sept. 5, 2014, that the U.S. Bankruptcy Court for
the District of Delaware has confirmed the Company's Plan of
Reorganization, and that the new common stock to be issued under
the Plan will trade on the New York Stock Exchange under the
ticker symbol "LEU".

Steven Overly at The Washington Post quoted Company spokesperson
Paul Jacobson as saying, "We constantly are pursuing global
business, and now that we're on firmer financial grounds and don't
have this debt hanging over us, we very much will pursue that."

The Washington Post relates that the Company's American Centrifuge
project -- the construction of a large uranium enrichment facility
in Piketon, Ohio -- is still on hold.  The Company told The
Washington Post that it has been unable to secure financing for
the project because of the uncertain nuclear energy market.

"We strongly believe in the future value that the American
Centrifuge technology can provide for domestic uranium enrichment
and will build on the innovation of our employees, America's
leading experts on uranium enrichment, to support the national
security objectives of the United States Government,"
StreetInsider quoted Company President and CEO as saying.

                         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.


USMART MOBILE: Disposes of ACL Holdings for $129
------------------------------------------------
USmart Mobile Device Inc. entered into an Agreement of Sale and
Purchase pursuant to which it sold to Targa Electronics Company
Limited all of the equity interest held in ACL International
Holdings Limited, a Hong Kong incorporated company wholly owned by
the Company, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

No prior material relationship existed between the Purchaser and
the Company, any of its affiliates, or any of its directors or
officers.  Pursuant to the SPA, the purchase consideration to be
received by the Company for the Shares is approximately US$129
(HK$1,000) in the aggregate.  The purchase consideration is
receivable in cash in full after the completion of the disposal.

On Sept. 30, 2014, pursuant to the SPA, the Company completed the
Disposal and, as a result, no longer holds any equity interest in
ACL Holdings.

After the disposal, the Company is expected to improve its
liquidity position and will maintain trading operation in mobile
device in a moderate size and will also seek for acquisition of
other business opportunity.

                       About USmart Mobile

Del.-based USmart Mobile, previously known as ACL Semiconductors
Inc., is engaged in the production, manufacturing and distribution
of smartphones, electronic products and components in Hong Kong
Special Administrative Region and the People's Republic of China
through its operating subsidiaries.

USmart Mobile reported a net loss of $13.8 million on $72.2
million of net sales for the year ended Dec. 31, 2013, as compared
with a net loss of $4.86 million on $161 million of net sales for
the year ended Dec. 31, 2012.

Albert Wong & Co. 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's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern,
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


VARIANT HOLDING: Hires Greenberg Traurig as Litigation Counsel
--------------------------------------------------------------
Variant Holding Company, LLC seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to employ Greenberg
Traurig LLP as special litigation counsel.

Greenberg Traurig will represent the Debtor as special litigation
counsel with regard to contested matters involving BPC VHI, L.P.,
Beach Point Total Return Master Fund, L.P., Beach Point Distressed
Master Fund, L.P. (together, "Beach Point").  Greenberg Traurig
has been representing the Debtor in litigation commenced by Beach
Point in the Superior Court of the State of California for the
County of Los Angeles, captioned BPC VHI, L.P. et al v. Variant
Holding Company, LLC, et al., Case No. BC 546153 (Cal. Super. Ct.)
(the "State Court Action").

Greenberg Traurig will be paid at these hourly rates:

       Shareholders              $495-$920
       Of Counsel                $595-$975
       Associates                $225-$595
       Paralegals                $165-$295

Greenberg Traurig will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Howard J. Steinberg, shareholder of Greenberg Traurig, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Greenberg Traurig can be reached at:

       Howard J. Steinberg, Esq.
       GREENBERG TRAURIG LLP
       1840 Century Park East, Suite 1900
       Los Angeles, Ca 90067
       Tel: (310) 586-7702
       Fax: (310) 586-7800
       E-mail: steinbergh@gtlaw.com

                       About Variant Holding

Variant Holding Company, LLC, commenced bankruptcy proceedings
under Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.
14-12021) on Aug. 28, 2014.  Tucson, Arizona-based Variant Holding
estimated $100 million to $500 million in assets and less than
$100 million in debt.

The Debtor has tapped Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, as counsel.

Members holding the majority of the interests in the company,
namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding
Company, LLC, Walkers Dream Trust, and Variant Royalty Group, LP,
signed the resolution authorizing the bankruptcy filing.


VERTIS HOLDINGS: Quad Wins Injunction vs. Riverside Acquisition
---------------------------------------------------------------
Quad/Graphics Marketing LLC won an injunction against Riverside
Acquisition Group LLC barring it from taking legal action against
the company in connection with its acquisition of Vertis Holdings
Inc.'s business.

The U.S. Bankruptcy Court for the District of Delaware on Sept. 23
ordered Riverside to stop from taking any action that threatens to
upset the $258.5 million sale of assets of Vertis and its
subsidiaries.

Quad sought an injunction after Riverside allegedly continued to
assert claims for successor liability despite the court's previous
order, which approved the sale "free and clear" of claims.

Prior to the court's approval of the sale, Riverside sued 5 Digit
Plus LLC, a subsidiary of Vertis, for illegal procurement and use
of confidential information and intellectual property which
Riverside claims it owns.  The company said 5 Digit Plus doesn't
own the property, therefore, it could not sell it free and clear.

The lawsuit filed before the Superior Court of New Jersey was
automatically halted after Vertis and its subsidiaries, including
5 Digit Plus filed for bankruptcy protection in October 2012.

                     About Vertis Holdings

Vertis Holdings Inc. -- http://www.thefuturevertis.com/--
provides advertising services in a variety of print media,
including newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised
by Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman
Carson Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail inserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08-
11460) on July 15, 2008, to complete a merger with American Color
Graphics.  ACG also commenced separate bankruptcy proceedings.  In
August 2008, Vertis emerged from bankruptcy, completing the
merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-
16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The
bankruptcy court approved the prepackaged Chapter 11 plan on Dec.
16, 2010, and Vertis consummated the plan on Dec. 21.  The plan
reduced Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of
Vertis Holdings for a net purchase price of $170 million.  This
assumes the purchase price of $267 million less the payment of $97
million for current assets that are in excess of normalized
working capital requirements.


VICTORY ENERGY: Terminates Purchase Agreement With TELA
-------------------------------------------------------
Aurora Energy Partners, a Texas general partnership of which
Victory Energy Corporation is the managing partner and owner of a
50% partnership interest, and TELA Garwood Limited, LP, mutually
agreed to the termination of the Purchase and Sale Agreement dated
June 30, 2014, between Aurora and TELA, as permitted by the terms
of the PSA, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

Since the July 2, 2014, announcement of the Fairway acquisition,
the Company has acquired a 10% WI and 7.5% NRI in approximately
2,180 gross acres located in Glasscock and Howard County Texas.
This acreage is being held by production with 10 existing wells.
Forty-acre well spacing provides significant future drilling
opportunity on the property.  The company acquired its interest
from Target Energy Limited (TELA) of Australia.

Victory had initially planned to acquire a 10% WI in the full
4,530 acres of the Fairway prospect.  During its due diligence
review the Company discovered significant title impairment issues
in portions of the acreage.  These issues were not resolved to
Victory's satisfaction.  On Sept. 23, 2014, after an extensive
period of unsuccessfully trying to re-value the transaction in a
commercially reasonable manner, the Company and TELA mutually
agreed to terminate the PSA.  Because of the mutual termination,
all of the second closing acreage, with the exception of the
acreage allocated to the Taree 193-1 well, is no longer part of
the Fairway transaction.  The Company will retain its 10% WI
interest in the Taree 193-1 well as part of its termination
Agreement with Tela.  As of Sept. 30, 2014, a closing date on the
Taree 193-1 well acreage has not been scheduled.

"The termination is a result of unresolved issues relating to re-
pricing evaluation methodology and the potential loss of future
development and drilling rights on portions of the leases that are
a part of the second closing," said Kenny Hill, CEO of Victory
Energy.  "Victory's acquisitions must meet our economic benchmarks
and ownership must be deliverable by sellers before we are able to
close.  Because we were unable to meet these benchmarks on most of
the second closing acreage, we were obligated to pass on the
acreage and deploy capital to other projects."

                       About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

Victory Energy reported a net loss of $2.11 million on $735,413 of
total revenues for the year ended Dec. 31, 2013, as compared with
a net loss of $7.09 million on $326,384 of total revenues in 2012.

The Company's balance sheet at June 30, 2014, showed $5.02 million
in total assets, $1.29 million in total liabilities and $3.72
million in total stockholders' equity.

Weaver & Tidwell, LLP, in Fort Worth, 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 experienced recurring losses since its
inception and has an accumulated deficit.  These conditions raise
substantial doubt regarding the Company's ability to continue as a
going concern.


VIGGLE INC: Incurs $68.4 Million Net Loss in Fiscal 2014
--------------------------------------------------------
Viggle Inc. filed with the U.S. Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $68.43
million on $17.98 million of revenues for the year ended June 30,
2014, compared to a net loss of $91.40 million on $13.90 million
of revenues for the year ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $79.09
million in total assets, $39.29 million in total liabilities and
$39.80 million in total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30, 2014
has a deficiency in working capital that raises substantial doubt
about its ability to continue as a going concern.

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

                        http://is.gd/52XFZ6

                   Reports Strong Growth in Users

Viggle reported continued strong growth in all metrics.
Viggle enjoyed a significant increase in year-over-year revenue
and user growth, sequential quarterly growth, and engagement and
monthly average users, in its fiscal 2014 year ended June 30,
2014.  Sequential quarterly revenue grew 61 percent from $3.306
million in F3Q 2014 to $5.308 million in F4Q 2014.

Total reach was 18.4 million and active reach was 9.4 million in
June 2014.  The Viggle Rewards App alone also continued its strong
growth after this reporting period, more than doubling its monthly
average users in August, as previously reported.

The Viggle platform's net registered users totaled 5,353,269 at
the end of F4Q 2014, an increase of 75 percent from the 3,062,535
at the end of F4Q 2013, and a 29 percent increase over the
4,140,653 net registered users recorded at the end of F3Q 2014.

During the quarter, Viggle announced its underwritten public
offering of 4,375,000 shares of its common stock at a price to the
public of $8.00 per share, raising net proceeds of $31.8 million.
The Company also successfully completed its integration of
Wetpaint, an entertainment news and social publishing platform,
and NextGuide, a personalized TV programming guide and distributed
reminder platform.  With the progress of this integration, Viggle
launched a new Product Development Organization, and new Content
and Programming team.

As previously reported, Viggle had its strongest month in August
2014, with record numbers of new registered users and monthly
active users, as expansion of its platform and point earning
system continues to make tremendous strides.  The Company released
its figures and recorded approximately 1,027,690 monthly active
users and an increase of approximately 653,223 new registered
users.

"We are pleased to report a very strong year, as we've dedicated
our resources to investing in the infrastructure of our business
and making the shift from a mobile app for TV to a platform that
allows our users to earn points for watching TV, listening to
music, and watching web content," said Greg Consiglio, president
and COO of Viggle.  "As a result, today we are the leading mobile
entertainment discovery and rewards company bringing together
consumers and brands around entertainment content.  We've
consistently delivered double-digit growth in revenues, and
continued to increase our subscriber base.  We successfully
completed the integrations of Wetpaint and NextGuide, acquired
Choose Digital, officially launched Viggle Music in partnership
with Gracenote, and launched the initial version of the Viggle
Store, adding millions of songs and albums for download."
Consiglio added that Viggle achieved all of this and received a
significant patent for rewarding entertainment usage and
delivering real rewards.  "The Company is moving in the right
direction and we look forward to building on our momentum going
forward," he said.

Through the end of F4Q 2014, Viggle users have checked into
403,181,838 TV programs - including 48,314,250 from Jan. 1, 2014,
through the end of F4Q 2014.  Additionally, users checked into
over 50 million songs using the new Viggle Music service between
Jan. 1, 2014, and June 30, 2014.  As of June 30, 2014, users have
redeemed a total of 3,146,276 million rewards, for an average of
12,981 points per redemption.  The total retail value of rewards
redeemed through June 30, 2014, is approximately $19.3 million.
Overall, users? average time in the platform has been 64 minutes
and 8 seconds per session.

For F4Q 2014, inclusive of acquisitions in the period, Viggle
reported an Adjusted EBITDA loss of $8.4 million as compared to an
Adjusted EBITDA loss of $8.0 million in F4Q 2013.

Fiscal 2014 YTD adjusted EBITDA loss of $27.3 million was a 15
percent decrease from the $32.1 million YTD adjusted EBITDA loss
at the end of F4Q 2013.

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.


WESTMORELAND COAL: Completes $424-Mil. Notes Exchange Offer
-----------------------------------------------------------
Westmoreland Coal Company has closed its offer to exchange up to
$424 million of its 10.75% Senior Secured Notes due 2018 that have
been registered under the Securities Act of 1933, as amended, for
up to $424 million of its outstanding 10.75% Senior Secured Notes
due 2018 that were issued in a private placement on April 28,
2014.

The exchange offer expired at 5:00 p.m., New York City time, on
Sept. 26, 2015.  All $424 million aggregate principal amount of
the Original Notes were validly tendered in exchange for an equal
amount of Exchange Notes.

A registration statement on Form S-4 relating to the exchange
offer was declared effective by the Securities and Exchange
Commission on Aug. 27, 2014.  The exchange offer was made only
pursuant to the exchange offer documents that were distributed to
holders of the Original Notes, including the prospectus dated
Aug. 29, 2014, and the related letter of transmittal.

                       About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal incurred a net loss applicable to common
shareholders of $6.05 million in 2013, a net loss
applicable to common shareholders of $8.58 million in 2012 and a
net loss applicable to common shareholders of $34.46 million in
2011.

As of June 30, 2014, the Company had $1.58 billion in total
assets, $1.84 billion in total liabilities and a $260.64 million
total shareholders' deficit.

                           *     *     *

As reported by the TCR on Nov. 6, 2012, Standard & Poor's
Ratings Services raised its corporate credit rating on Englewood,
Co.-based Westmoreland Coal Co. (WLB). to 'B-' from 'CCC+'.

"The upgrade reflects our view that WLB is less vulnerable to
default after successfully negotiating less restrictive covenant
requirements for an unrated $110 million term loan due 2018," said
credit analyst Gayle Bowerman.  "Our assessment of WLB's business
risk profile as 'vulnerable' and financial risk profile as 'highly
leveraged' are unchanged.  We also revised our liquidity score to
'adequate' based on the covenant relief and additional liquidity
provided under the company's new $20 million asset-based loan
(ABL) facility from 'less than adequate'."

Westmoreland Coal carries a Caa1 corporate family rating from
Moody's Investors Service.


WIZARD WORLD: Stockholders Elected Six Directors
------------------------------------------------
Wizard World, Inc., held its 2014 annual meeting of stockholders
on Sept. 25, 2014, at which the stockholders:

   (1) elected John Maclauso, John Maatta, Greg Suess, Kenneth
       Shamus, Vadim Mats, and Paul Kessler as directors each to
       serve a one-year term and until each of their successors is
       elected and qualified;

   (2) ratified the selection of Li and Company, PC, the Company's
       independent registered public accountant, to audit the
       Company's consolidated financial statements for 2014;

   (3) approved on a non-binding advisory basis the Company's
       executive compensation; and

   (4) approved the holding of an annual advisory votes on
       executive compensation.

On Sept. 25, 2014, the board of directors of Wizard World approved
by unanimous written consent the Third Amended and Restated 2011
Incentive Stock and Award Plan, which amends Section 4 of the
Second Amended and Restated 2011 Incentive Stock and Award Plan to
increase the number of authorized shares subject to the Plan from
7,500,000 to 15,000,000 shares of common stock.

                         About Wizard World

Based in New York, N.Y., Wizard World, Inc., is a producer of pop
culture and multimedia conventions ("Comic Cons") across North
America that markets movies, TV shows, video games, technology,
toys, social networking/gaming platforms, comic books and graphic
novels.  These Comic Cons provide sales, marketing, promotions,
public relations, advertising and sponsorship opportunities for
entertainment companies, toy companies, gaming companies,
publishing companies, marketers, corporate sponsors and retailers.

Wizard World incurred a net loss attributable to common
stockholders of $3.88 million in 2013, a net loss attributable to
common stockholders of $3.13 million in 2012 and a net loss of
$2.01 million in 2011.

As of June 30, 2014, the Company had $6.91 million in total
assets, $2.79 million in total liabilities and $4.11 million in
total stockholders' equity.


WPCS INTERNATIONAL: Seven Directors Elected to Board
----------------------------------------------------
WPCS International held its annual meeting of stockholders on
Sept. 29, 2014, at which the stockholders:

  (1) elected Sebastian Giordano, Charles Benton, Kevin Coyle,
      Norm Dumbroff, Neil Hebenton, Edward Gildea and Divya Thakur
      to the Board of Directors;

  (2) ratified the appointment of Marcum LLP as the Company's
      independent registered public accounting firm for the fiscal
      year ending April 30, 2015;

  (3) rejected an amendment to the Certificate of Incorporation of
      the Company to increase the Company's authorized shares of
      common stock from 14,285,714 to 75,000,000;

  (4) approved on an advisory basis, the compensation of the
      Company's named executive officers; and

  (5) approved on an advisory basis, a three-year frequency with
      which the Company should conduct future shareholder advisory
      votes on named executive officer compensation.

            Reports 34% Digital Currency Offerings Growth

WPCS International provided shareholders with an update on the
user growth of its BTX Trader and Celery digital currency
platforms.  Cumulative user count as of Sept. 16, 2014, totaled
7,121, as compared to 5,239 as of June 16, 2014, an increase of
approximately 34%.  In addition, the Company has added a
transparency page to its Celery wallet that can be found on
www.gocelery.com/#transparency to assure its users that digital
currency stored with Celery is safe and quickly accessible.

"We are extremely pleased with the growth of our BTX Trader and
Celery user base," stated BTX Trader chief operating officer, Ilya
Subkhankulov.  "The user growth of our platforms is directly
attributable to the growth the digital currency industry continues
to experience.  Consumers are becoming more educated and therefore
more comfortable with owning and utilizing Bitcoin as an
alternative method of payment.  We continue to refine our software
and intend to develop and introduce new, creative ideas to bring
to market.  We look forward to seeing continued user growth and
translation into positive revenue growth in the future."

Divya Thakur, BTX chief technology officer added, "BTX is taking a
leadership position in the digital currency industry by providing
the type of transparency that users need to make informed
decisions by giving them insight into customer holdings of
Bitcoin, Litecoin and Dogecoin, as well as order completion times
and withdrawal speeds. Our goal is provide make BTX the most
trusted provider in the industry."

As the second company to launch a US wallet with direct bank
transfers, Celery is one of the most convenient ways to purchase
digital currency for US residents.  Celery has driven BTX Trader's
user growth in the past three months with approximately 28% of the
total user base attributed to the consumer wallet and buying
service.  Moreover, the total amount of digital currency sold
since Celery's launch is $78,000, with 71%, 24% and 5% of sales
consisting of Bitcoin, Dogecoin and Litecoin, respectively.  BTX
Trader collects a fee of 1% in dollars for all Celery transactions
as its primary revenue source.  BTX Trader counts users as those
signed up with an email address with either BTX Trader, the
trading platform, or Celery, the online wallet and buying service,
as both products share the same infrastructure.

              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.


WV STATE UNIVERSITY: Moody's Affirms Ba1 Rating on $25MM Bonds
--------------------------------------------------------------
Moody's Investors Service has affirmed Ba1 on West Virginia State
University Foundation, Inc's Student Housing Revenue Bonds, Series
2013 affecting $25,175,000 outstanding bonds. The outlook is
stable.

Rating Rationale

The affirmation is based on the project's completion and full
lease-up for the Fall 2014 semester, in addition to its continued
close affiliation with West Virginia State University (rated Baa1
negative). The rating reflects satisfactory financial performance
projections for FY 2015 that will be sufficient to meet debt
service obligations.

Strengths

-- Centrally located on the campus of West Virginia State
University and closely affiliated with the university.

-- Project benefits from the university's subordination of
certain operating expenses as manager and the provision of a
contingent lease agreement whereby the university shall lease beds
in the event the Fixed Charges Coverage Ratio falls below 1.00x.

-- Headcount enrollment grew to 2,864 in Fall 2014, representing
an 8.6% increase from the previous year. The completion of the
project and the implementation of a two-year residency requirement
has allowed the university to increase the number of students
living on-campus by 23%.

Challenges

-- Stand-alone project financing that is subject to annual lease-
up risk and where excess revenues flow out of the trust estate.

-- Dependent on university's enrollment trends which have been
historically volatile.

Outlook

The stable outlook is based on Fall 2014 occupancy rates which
demonstrate a lower risk profile following the project's
construction period and initial lease-up.

What Could Change the Rating UP

-- Strong and consistent financial performance following the
    project's maximum annual debt service year in 2022, together
    with growing position of the university.

What Could Change the Rating DOWN

-- Declining net revenue stemming from lower than projected
    occupancy or rents

Rating Methodology

The principal methodology used in this rating was Global Housing
Projects published in July 2010.


XHIBIT CORP: Incurs $2.61-Mil. Net Loss in March 30 Quarter
-----------------------------------------------------------
Xhibit Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $2.61 million on $17.91 million of total net revenues for
the three months ended March 30, 2014, compared with a net loss of
$1.07 million on $1.5 million of total net revenues for the three
months ended March 31, 2013.

The Company's balance sheet at March 30, 2014, showed $70.95
million in total assets, $62.79 million in total liabilities and
total stockholders' equity of $8.16 million.

The Company has incurred a loss from operations for the three
month period ended March 30, 2014 and the year ended Dec. 31, 2013
of $2.63 million and $173.86 million, respectively.  Additionally,
the Company has a working capital deficit of $16.23 million at
March 30, 2014.  As a result of these factors, a risk exists
regarding the Company's ability to continue as a going concern,
according to the regulatory filing.

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

                       http://is.gd/MUNdxp

Xhibit Corp., f/k/a NB Manufacturing, Inc., develops custom online
advertising campaigns and programs for a wide range of advertisers
and their customers.  The Company is based in Phoenix, Arizona.


* Ruling's No Free Pass for Cities to Cut Pensions, Experts Say
---------------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that U.S. Bankruptcy Judge Christopher M. Klein's recent
ruling in the Chapter 9 case of Stockton, California, on the
city's pension gives cities having similar troubles a tool to use
when deciding what to do of their pension obligations.

Richard L. Barnett, mayor of Villa Park, California, however, said
Judge Klein's ruling is not a tool the city will be using in the
immediate future.  Mr. Barnett, who coincidentally is a bankruptcy
lawyer, said using Judge Klein's ruling could mean declaring
Chapter 9 municipal bankruptcy before a city can cut its pension
obligations.  Villa Park, according to the DealBook, has voted in
September to begin the formal process of dropping out of the state
pension system, known as CalPERS.


* Elliot Greenleaf Bags TMA's Large Transaction of the Year Award
-----------------------------------------------------------------
Elliott Greenleaf received the Large Transaction of the Year Award
for the firm's work in AgFeed Industries, Inc. on September 30 at
the TMA Annual meeting in Toronto, Ontario.  Elliott Greenleaf's
shareholder and Commercial Bankruptcy and Restructuring Practice
Chair, Rafael Zahralddin, as senior counsel on this creative
transaction, received the award on the Firm's behalf.

Elliott Greenleaf represented the ad hoc committee of equity
security holders and received Court approval for appointment of an
official committee of equity security holders which it represented
in the case.  The equity committee played a significant role in
the sale transactions which resulted in the very successful sale
of AgFeed's U.S. based assets to affiliates of Tri-Oaks Foods and
Murphy Brown and its assets in China to Ningbo Tech Bank.

The firm assembled a team of professionals, including
Gavin Solmonese and Sugar Felsenthal Grais & Hammer, to provide a
value driven representation for the equity in the case which
consisted largely of individual shareholders that were the victims
of fraud.

Mr. Zahralddin said, "This has been a challenging case because of
its complexity.  We are most proud of the work done by our
committee, small businessmen and retirees, who in most cases
invested significant savings and lost them to fraud and
mismanagement which we will continue to address."

Elliott Greenleaf's Chairman and CEO, John M. Elliott, expressed,
"Our law firm continues to provide creative and effective
solutions to difficult financial challenges.  Rafael and his
team's effective lawyering is a testament to this firm's creative
problem solving."

Rafael Zahralddin-Aravena led the firm's successful engagement
with a team that included Eric Sutty, Shelley Kinsella and
paralegal, Sandee Roberts.  "This case was in a delicate balance
when we got involved; push too hard on the fraud issues during the
sales and the value of the company would be manipulated by
opportunistic bidders.  We were able to strike the right tone and
work with the company and CRO Keith Maib to timely obtain a
recovery for the shareholders," Mr. Zahralddin said.

Recently honored by Thomson Reuters' publications as a Top 25
Business Litigation Firm in the United States and repeatedly
selected as a Corporate Counsel "Go To" Fortune 200 law firm,
Elliott Greenleaf's Commercial Bankruptcy and Restructuring
Practice has experience representing creditors and creditor
committees across the country and in cross border transactions.


* BOOK REVIEW: Dynamics of Institutional Change:
               The Hospital in Transition
------------------------------------------------
Authors:    Milton Greenblatt, Myron Sharaf, and Evelyn M. Stone
Publisher:  Beard Books
Softcover:  288 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at http://is.gd/eN8orH

Like many other private-sector and public institutions in modern
society, hospitals are regularly undergoing change. The three
authors of this volume have been leaders in change at Boston State
Hospital, a large public mental hospital, that serves as the test
case for the experienced advice and hard-earned lessons found in
this work.

With their academic and professional backgrounds, the three
authors combined offer an incomparable fund of knowledge and
experience for the reader. In keeping with their positions, they
focus on the position and the role of the leaders of institutional
change. They do not recommend any particular choices, direction,
or outcome. They do not presume to know what is the best for all
institutions, or to understand the culture, realities, goals, or
values of all institutions. They do not even presume to know what
is best or desirable for hospitals, the institution with which
they are most familiar. Instead, the authors direct their
attention to "the problems hampering change and the gains and
losses of one or another strategy of change." In relation to this,
they are "more concerned with the study of process than with
outcome." By not recommending specific policies or arguing for
specific values or goals, the authors make their book relevant to
all institutions involved in change, but particularly public-
health institutions.

All of the subjects are dealt with from the perspective of top
executives and administrators. Among the subjects taken up are not
only the staff and structure of the institution, specifically the
medical institution, but also consultants, volunteers, local
communities, and state and federal government agencies. The detail
given to each subject goes beyond the administrator's relationship
to it to discussion concerning the relationship of lower-level
employees with the subject. This relationship of lower-level
employees has everything to do with how change occurs within the
institution, and often whether it occurs. The authors go into such
detail because they understand that the performance and goals of
top administrators are affected by everything that goes on within
their institution, and often by much that goes on outside of it.

For example, the authors begin the subject of volunteers by
defining three types of volunteers: volunteers from organizations,
student or independent volunteers, and government-appointed or
statutory volunteers. Volunteers of whatever type can cause
anxiety, resistance, and even resentment among regular staff of an
institution. Volunteers are not simply "free help," but require
administration, training, and oversight - which can distract
regular employees from work they consider more important and
interesting, and use up departments' resources. The transitional
nature of volunteers, their ignorance of institutional and
occupational concerns of the regular staff, and their lack of
professionalism can cause disruptions and personnel problems in
parts of an institution. The authors advise the top
administrators, "The intrusive evangelism of student volunteers
can be threatening not only to professional supervisors, but to
the entire hospital staff as well, from the attendant to the top
administrator." While recognizing the problems which may be caused
by volunteers, especially younger ones, the authors point out the
worth of volunteers to the hospital despite the potential problems
they bring. Overall, the different types of volunteers "improve
the physical and social environment" of the workplace, "make
direct and beneficial contacts with chronic patients," and often
"establish true innovations." After discussing the pros and cons
of volunteers and providing detailed guidance on how to manage
volunteers so as to minimize potential problems, the authors
advise the administrator and his or her staff how to regard
volunteers. "Both staff and administrator must constantly keep in
mind that volunteers are not personally helping them [word in
italics in original], but are helping the patients or the
community." Along with the technical management and administrative
guidance, such counsel is clearly relevant and important in
keeping perspective on the matter of volunteers.

The treatment of volunteers in a medical institution exemplifies
the comprehensive, empathetic, and experienced treatment of all
the subjects. Personnel - whether professional, clerical, service,
or volunteer - is obviously a major concern of any institution and
change in it. The structure of an institution is another crucial
concern. This is addressed under the heading "decentralization
through unitization." In the context of a large public medical
facility, decentralization "involves breaking up the institution
into semiautonomous units...; each of which is like a small
community health center in that it is responsible for serving a
specific part of the community." As with the subject of
volunteers, the authors treat this subject of the structure of the
institution by examining its various sides, discussing related
personnel and administrative matters, relating instructive
anecdotes from their own experience, and in the end, offering
relevant and practical advice and actions whose sense is apparent
to the reader by this point.

Recognizing that the authors have faced many of the same
situations, decisions, pressures, challenges, and aims as they
have, top hospital and public-health administrators will no doubt
adopt many of the authors' recommendations for managing the
process of change. The content of the book as well as its style
(which is obviously meant to be helpful, sympathetic, and
realistic) offers the reader not only resolutions, but also
encouragement. The top hospital administrators and their staffs,
who are the main audience for "Dynamics of Institutional Change,"
will not find a better study and handbook to help them through the
changes their institutions are being called upon to undergo to
deal with the health concerns and problems of today's society.


                             *********

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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