TCR_Public/141119.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

          Wednesday, November 19, 2014, Vol. 18, No. 322

                            Headlines

22ND CENTURY: Incurs $2.7 Million Net Loss in Third Quarter
30DC INC: Reports $31,600 Net Income in Third Quarter
ADAMIS PHARMACEUTICALS: Incurs $2.1 Million Net Loss in Q2
ALASKA AIR: S&P Hikes Credit Rating From BB+, Outlook Stable
ALLIED IRISH: Files Interim Management Statement

APPLIED MINERALS: Incurs $2.6 Million Net Loss in Third Quarter
APOLLO MEDICAL: Posts $1.5 Million Net Income in Second Quarter
ASR 2401: Wants to Use Cash Collateral of Noteholder JPMCC
AXION INTERNATIONAL: Posts $2.5 Million Net Income in 3rd Quarter
AUXILIUM PHARMACEUTICALS: FMR No Longer an Owner as of Nov. 7

BEAZER HOMES: Brian Beazer to Step Down as Non-Executive Chairman
BG MEDICINE: FMR LLC No Longer Owns Shares as of Nov. 7
BIOFUELS POWER: Delays Form 10-Q for Third Quarter
BROWNIE'S MARINE: Posts $131,000 Net Income in Third Quarter
CALMARE THERAPEUTICS: Needs More Time to File Quarterly Report

CANCER GENETICS: Incurs $4.8 Million Net Loss in Third Quarter
CATASYS INC: Incurs $210,000 Net Loss in Third Quarter
CENTRAL ENERGY: Reports $133,000 Net Loss for Third Quarter
CHINA GINSENG: KCG Americas Lowers Equity Stake to 9.8%
CHONG HUA SHENG: Case Summary & 2 Largest Unsecured Creditors

COMMUNICATION INTELLIGENCE: Incurs $1.8MM Net Loss in 3rd Qtr.
COMMUNITY HOME: Lunar Heights Wants Relief from Automatic Stay
CPI CORP: Files for Bankr. in Canada; Nov. 27 Creditors Meeting
CRESTWOOD HOLDINGS: Cut by S&P to 'B-' & Removed From Watch Neg.
CRS HOLDING: Court Denies as Moot Bid to Incur Regions DIP Loan

CRS HOLDING: Gerard A. McHale Jr. Approved as Chapter 11 Trustee
CRS HOLDING: Trustee Taps Johnson Pope to Assist in Investigation
CRUNCHIES FOOD: Creditors Panel Taps Sheppard Mullin as Counsel
CRUNCHIES FOOD: Stipulation on $180,000 Additional Loan Approved
CRUNCHIES FOOD: Taps Silver Law to Advise on Sale

CUBIC ENERGY: Posts $7.7 Million Net Income in Fiscal 2014
CUE & LOPEZ: Confirms Plans of Reorganization
CUI GLOBAL: Reports Consolidated Loss of $348,000 for 3rd Quarter
CUMULUS MEDIA: Reports $2.5 Million Net Income in Third Quarter
CYCLONE POWER: Delays Q3 Form 10-Q for Review

DAHL'S FOODS: Has Interim Approval of $1.3-Mil. DIP Loan
DENDREON CORP: Proposes Guidelines to Protect NOLs
DENDREON CORP: Prime Clerk Serving as Claims Agent
DINEEQUITY INC: Fitch Affirms & Withdraws B IDR Over Refinancing
DIOCESE OF HELENA: Offers Plan To Settle Abuse Claim

DOLPHIN DIGITAL: Delays Third Quarter Form 10-Q
DR. TATTOFF: Delays Filing of Third Quarter Form 10-Q
DUKE REALTY: Fitch Affirms 'BB+' Preferred Stock Rating
EAT AT JOE'S: Incurs $71,000 Net Loss in Third Quarter
ECOSPHERE TECHNOLOGIES: Incurs $1.9 Million Net Loss in Q3

EDUCATION MANAGEMENT: S&P Cuts CCR to 'D' on Suspended Payments
ELEPHANT TALK: Needs More Time to File Quarterly Report
ELITE PHARMACEUTICALS: Posts $21 Million Net Income in Q3
EMPIRE RESORTS: Incurs $4.8 Million Net Loss in Third Quarter
ENERGY FUTURE: Withdraws Application to Employ PwC

ENTRANS INT'L: S&P Assigns 'B' Corp. Credit Rating
EQUINIX INC: S&P Rates $1BB Senior Unsecured Notes Due 2022 'BB'
EQUINOX HOLDINGS: S&P Affirms 'B' CCR & Revises Outlook to Stable
ESSAR STEEL: S&P Raises CCR to 'B-' Over Refinancing
EURAMAX INTERNATIONAL: Incurs $16.4 Million Net Loss in Q3

EXTERRAN HOLDINGS: S&P Affirms 'BB-' CCR Over Spin-off Plans
FAIRMONT GENERAL: Suzanne Koenig Released from PCO Duties
FAIRMONT GENERAL: Admin. Claims Bar Date Set for December 11
FINJAN HOLDINGS: Reports $553,000 Net Income in Third Quarter
FIRST NATIONAL: Posts $3.3 Million Net Income in Third Quarter

FOREVERGREEN WORLDWIDE: Posts $203,000 Net Income in 3rd Quarter
FOREST OIL: Reports $106 Million Net Loss for Third Quarter
GELTECH SOLUTIONS: Incurs $950,000 Net Loss in Sept. 30 Quarter
GELTECH SOLUTIONS: Names Michael Reger as President
GREAT PLAINS: Bid for Relief from Stay Taken Under Advisement

HELLER EHRMAN: District Court Enters Scheduling Order
HOWREY LLP: Judge Montali Allows Direct Appeal to 9th Circuit
HUNTINGTON INGALLS: S&P Raises CCR to 'BB+'; Outlook Stable
INDEX RECOVERY: Dec. 2 Confirmation Hearing of Liquidation Plan
KIOR INC: Employs King & Spalding as Bankruptcy Counsel

KIOR INC: Hires Richards Layton as Local Bankruptcy Counsel
KIOR INC: Obtains Interim Approval of $2.5-Mil. DIP Loan
KIOR INC: Employs Epiq as Administrative Advisor
KLX INC: S&P Assigns 'BB' Rating to $1.2BB Sr. Unsecured Notes
LAKSHMI HOSPITALITY: Court Denies EBT's Bid to Dismiss Case

LAKSHMI HOSPITALITY: Friedman Replies to Issues With its Hiring
LDK SOLAR: Court Okays Joint Administration of 3 Chap. 11 Cases
LDR INDUSTRIES: Authorized to Incur $2MM Financing from JPMorgan
LEVEL 3 COMMUNICATIONS: S&P Rates $600MM Sr. Notes Due 2023 'B'
LIGHTSQUARED INC: Harbinger Urges Judge Not to Junk Suit v. Dish

LLRIG TWO: Amends List of Largest Unsecured Creditors
LONG BEACH: Wants Amendments to Purchase and Sale Agreements OK'd
METROPOLITAN COLLEGE: Fitch Rates $68 Million Revenue Bonds 'BB'
MILLENNIUM MULTIPLE: 10th Cir. Affirms Ruling in Aviva Dispute
MOOG INC: S&P Rates New $250MM Unsecured Notes Due 2023 'BB'

NAARTJIE CUSTOM: Court OKs Ray Quinney as Panel's Local Counsel
NAARTJIE CUSTOM: Hilco to Get $50,000 TF for Disposing Assets
NAARTJIE CUSTOM: Pachulski Stang Approved as Committee Counsel
NEXEO SOLUTIONS: S&P Lowers CCR to 'B'; Outlook Stable
NEXT 1 INTERACTIVE: Warren Kettlewell Quits as Director

NORBORD INC: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
NOVOLEX HOLDINGS: S&P Rates Proposed $965-Mil. Loans 'B'
NPS PHARMACEUTICALS: Incurs $2.1-Mil. Net Loss in Third Quarter
O.W. BUNKER: Schedules and Statements Due Dec. 1
OAKLEY REDEVELOPMENT: S&P Hikes 2008A TABs Rating From 'BB'

OHCMC-OSWEGO: Bid to Enforce Plan Confirmation Order Withdrawn
OVERLAND STORAGE: Sphere Registration Stmt. Declared Effective
OVERLAND STORAGE: Incurs $7.3 Million Net Loss in First Quarter
OWENS-BROCKWAY GLASS: S&P Rates New $700MM Senior Notes 'BB+'
PALM BEACH: Wants to Sell Undeveloped Land for At Least $6.3MM

PHILLIPS INVESTMENT: Wants to Sell Gwinnett Station to Shang Hei
PLY GEM HOLDINGS: Raging Capital Holds 5.3% Equity Stake
QUANTUM CORP: To Issue 11.3 Million Shares Under Plans
QUICKSILVER RESOURCES: Posts $23.7 Million Net Income in Q3
REALOGY HOLDINGS: Revises Corporate Governance Guidelines

RIVER CITY: Court Approves Spotts Fain as Bankruptcy Counsel
RIVER CITY: Devt. Specialist Okayed as Liquidating Representative
RIVER CITY: Has Until Dec. 31 to Access Lenders' Cash Collateral
RIVER CITY: Has Until Feb. 25 to Remove Pending Civil Actions
RIVER CITY: U.S. Bank Balks at Employment Sperry as Auctioneer

RIVER CITY: Wants Until Feb. 25 to Propose Chapter 11 Plan
SABINE PASS: Amends Q3 Form 10-Q to Provide Additional Info.
SANUWAVE HEALTH: Incurs $1.5 Million Net Loss in Third Quarter
SCRUB ISLAND: Approved to Amend Final DIP Financing Budget
SEARS HOLDINGS: Sears Canada Rights Offering Fully Subscribed

SEARS HOLDINGS: S&P Rates $625MM 8% Unsecured Notes 'CCC-'
SEQUENOM INC: Files Form 10-Q, Reports $6 Million Net Loss for Q3
SIMON WORLDWIDE: Posts $4.6 Million Net Loss for Third Quarter
SIMPLEXITY LLC: Court Denies Fifth Third Motion to Convert Case
SMART & FINAL: S&P Raises Corp. Credit Rating to 'B+'

SUNRISE REAL ESTATE: Inks $1.7-Mil. Share Purchase Pact With Ace
SUPER BUY: Taps Irizarry Rodriguez to Prepare Tax Returns
SYNOVUS FINANCIAL: Fitch Hikes LT Issuer Default Rating to BB+
TARGETED MEDICAL: Reports $1 Million Net Loss for Third Quarter
TELKONET INC: Posts $347,000 Net Income in Third Quarter

TEMPLAR ENERGY: S&P Affirms 'B' CCR & Revises Outlook to Stable
TLC HEALTH: Challenge Period for Committee Extended Indefinitely
TODD HERTZBERG: Court Enters Show Cause Order for Ch.7 Trustee
TRISTAR WELLNESS: Delays Third Quarter Form 10-Q
ULTIMATE ESCAPES: Court Clears Directors of Liability

UNI-PIXEL INC: Agrees to Settle Shareholder Litigations
UNITEK GLOBAL: Has Interim OK to Assume Plan Support Agreement
UNITEK GLOBAL: Has Interim Authority to Tap $29.2MM in DIP Loans
UNIVERSAL COOPERATIVES: Seeks to Tap KGSR as Pension Advisor
UNIVERSAL HEALTH: J&B to Pursue Fraudulent Transfer Claims

UNIVERSITY GENERAL: Appoints Chief Revenue Officer
VARIANT HOLDING: Wants to Incur $10MM Loan from Secured Lenders
VUZIX CORP: Incurs $3.3 Million Net Loss in Third Quarter
VISUALANT INC: Chief Technology Officer Resigns
WAVE SYSTEMS: Incurs $2.1 Million Net Loss in Third Quarter

WORLD SURVEILLANCE: Reports $405,000 Net Loss for Third Quarter
Z TRIM HOLDINGS: Reports $1.4 Million Net Loss for Third Quarter


                             *********


22ND CENTURY: Incurs $2.7 Million Net Loss in Third Quarter
-----------------------------------------------------------
22nd Century Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $2.72 million on $64,431 of sale of products for the
three months ended Sept. 30, 2014, compared to a net loss of
$15.37 million on $52,500 of sale of products for the same period
a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $10 million on $528,080 of sale of products compared
to a net loss of on $18.33 million on $52,500 of sale of products
for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $26.68
million in total assets, $6.56 million in total liabilities and
$20.12 million in total shareholders' equity.

As of Sept. 30, 2014, the Company had positive working capital of
approximately $13.54 million compared to positive working capital
of approximately $6.76 million at Dec. 31, 2013.  The $6.78
million increase in the Company's working capital position was
primarily the result of an increase in net cash provided by
financing activities and from proceeds received from the sales of
machinery and equipment, reduced by cash used in operating and
investing activities.  In addition, the Company's working capital
was increased by equity compensation, in the form of stock
warrants, issued to Crede Capital CG III, Ltd., under a consulting
agreement dated Sept. 29, 2014, in the amount of approximately
$4.07 million.

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

                         http://is.gd/9VDorC

                         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.


30DC INC: Reports $31,600 Net Income in Third Quarter
-----------------------------------------------------
30DC, Inc., filed with the U.S. Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing net income of $31,680
on $700,067 of total revenue for the three months ended Sept. 30,
2014, compared to net income of $736,838 on $1.94 million of total
revenue for the same period a year ago.

As of Sept. 30, 2014, the Company had $2.78 million in total
assets, $2.03 million in total liabilities and $756,661 in total
stockholders' equity.

The Company had a cash balance of $144,612 at Sept. 30, 2014, and
the Company had a working capital deficit of $1,492,941.  To fund
working capital for the next 12 months, the Company expects to
raise capital and to improve the results of operations from
increasing revenue as well as a reduction in operating costs.

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

                        http://is.gd/TEF18e

                          About 30DC Inc.

New York-based 30DC, Inc., provides Internet marketing services
and related training to help Internet companies in operating their
businesses.  It operates in two divisions, 30 Day Challenge and
Immediate Edge.

30DC, Inc., posted net income of $58,918 on $2.79 million of total
revenue for the year ended June 30, 2014, compared to a net loss
of $407,642 on $1.46 million of total revenue for the year ended
June 30, 2013.

MaloneBailey, LLP, in Houston, Texas, 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 accumulated losses from operations since
inception and has a working capital deficit as of June 30, 2014.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


ADAMIS PHARMACEUTICALS: Incurs $2.1 Million Net Loss in Q2
----------------------------------------------------------
Adamis Pharmaceuticals Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $2.12 million on $0 of revenue for the
three months ended Sept. 30, 2014, compared to a net loss of
$31,995 on $0 of revenue for the same period a year ago.

For the six months ended Sept. 30, 2014, the Company reported a
net loss of $5 million on $0 of revenue compared to a net loss of
$1.07 million on $0 of revenue for the same period during the
prior year.

The Company's balance sheet at Sept. 30, 2014, showed $15.10
million in total assets, $2.32 million in total liabilities and
$12.78 million in total stockholders' equity.

The Company's cash and cash equivalents were $5,942,875 and
$5,403,235 at Sept. 30, 2014, and March 31, 2014, respectively.

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

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

                        http://is.gd/l8bUGi

                            About Adamis

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

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

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


ALASKA AIR: S&P Hikes Credit Rating From BB+, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its long-
term corporate credit ratings on Seattle, Wash.-based Alaska Air
Group Inc. and its subsidiary, Alaska Airlines Inc., to 'BBB-'
from 'BB+'.  The outlook is stable.

"We base the upgrade on Alaska Air's strong operating performance,
continued debt reduction, and very good credit measures," said
Standard & Poor's credit analyst Betsy Snyder.  "Alaska Air faces
growing competition from Delta Air Lines Inc. at Alaska Air's main
hub, in Seattle, Wash.  However, we believe generally favorable
conditions in the domestic airline market and Alaska Air's ample
liquidity and strong balance sheet should enable the company to
maintain credit measures consistent with our "minimal" financial
risk assessment".

S&P assess the company's liquidity as "strong."  The company has
moderate debt maturities and capital spending needs, which S&P
expects to result in continued strong free cash flow generation.
The company also has ample liquidity despite a large share
repurchase program.

Alaska Airlines is a relatively small participant in the U.S.
airline industry and is Alaska Air's major operating subsidiary.
The subsidiary operates hubs at Anchorage, Alaska; Los Angeles;
Seattle (its main hub); and Portland, Oregon.  It serves
destinations primarily along the West Coast of the U.S., Canada,
Mexico, and routes to Alaska from the lower 48 states.

Alaska Airlines faces significant competition in its West Coast
markets, principally from Southwest Airlines Co. and United Air
Lines Inc., but also from JetBlue Airways Corp., unrated Virgin
America Inc., Allegiant Travel Co., and more recently, Delta.
During the past year, Delta has made Seattle a hub airport for
trans-Pacific operations as well as for additional domestic
flights to and from Seattle.  Delta has indicated it has
significant growth plans for Seattle, which S&P expects to result
in competitive pressure for Alaska Air.  However, Alaska Air does
have a substantial market share on many of its routes along the
West Coast, and it dominates traffic between the West Coast and
Alaska. Alaska Air also benefits from alliance relationships with
many airlines, including Delta, American Airlines Inc., and
various non-U.S. airlines.

"We assess Alaska Air's business risk profile as "fair."  Although
it has a "satisfactory" competitive position, the fundamental
characteristics of the airline industry constrain its overall
business risk.  Our base-case scenario foresees further earnings
gains for Alaska Air, although at a more gradual pace than
recently.  The company should benefit from lower fuel prices.
However, we also expect fairly substantial share repurchases to
slow the company's financial improvement," S&P said.

The outlook is stable based on S&P's expectation of continued
healthy cash generation and improving credit measures.

S&P could lower its rating if economic growth is weaker than it
expects, the company faces more serious revenue pressure because
of increased competition at Seattle, fuel prices were to increase
substantially, or the company increased its share repurchases
significantly, causing FFO to debt to decline to below 75% on a
consistent basis.

S&P considers an upgrade unlikely given the company's narrow
competitive position and the cyclical risks of the airline
industry.


ALLIED IRISH: Files Interim Management Statement
------------------------------------------------
Allied Irish Banks, P.L.C., highlights continued profitability
with capital ratios increasing in its third quarter management
update.

Economic Environment

The economic environment in AIB's main operating markets continued
to improve with the Irish domestic economy recording broad-based
growth in 2014 and economic recovery in the UK being maintained.
Notwithstanding the improving operating environment, challenges
remain including economic weakness in the Eurozone, high levels of
leverage and impaired loans in the Irish economy and while levels
of lending demand are improving, they are from low levels.

Operating Performance

Economic recovery is positively impacting asset quality and
lending demand levels and the overall operating performance of the
bank is ahead of expectations year to date.  The bank continues to
make tangible progress towards meeting its strategic goals and
medium term targets.

The bank was profitable and capital generative in the third
quarter of the year.  NIM expansion was as a result of lower
funding costs, sustainable asset pricing and ongoing reductions in
liabilities covered by the Eligible Liabilities Guarantee Scheme
(ELG).  Excluding the impact of the ELG, NIM was c.1.64% YTD
September 2014 up from 1.60% in H1 2014.

Other income year to date has been positively impacted by asset
disposals, including disposals in the Available for Sale portfolio
and this trend continued in Q3 2014.  Underlying banking fees and
commission income was in line with management expectations.

Operating costs, a key focus area, reduced year on year and AIB
expects to meet its EUR350m operating cost reduction target for
2014 relative to 2012 levels, excluding the impact of the c.
EUR60.5m bank levy paid to the Irish State in October 2014.
Notwithstanding the ongoing cost reductions, employee engagement
levels have significantly increased in the bank which is
supportive of improving customer service levels.

Lending

Overall lending approvals of c. EUR9bn year to date across the
bank's loan portfolios are c.39% higher than the same period in
2013.  For 2014, the bank is on track to exceed its approvals
lending target of EUR7-10bn at appropriate credit quality and
yields.  AIB continues to actively seek lending opportunities and
has the capital and funding profile to prudently grow our loan
book.

Excluding the UK, business and corporate drawdowns increased by
41% to c.EUR1.8bn year to date September 2014 in comparison to the
same period in 2013 with higher levels of activity across all
sectors and in particular, the agriculture, wholesale/retail
trade, manufacturing and tourism sectors.  Mortgage drawdowns in
RoI were c. 29% higher year to date September 2014 at c. EUR0.8bn.
UK drawdown levels of c. EUR1.1bn were c. 54% higher with
increased drawdown activity in the SME and mid-corporate sectors
in Great Britain.

Overall drawdowns year to date September 2014 were c. EUR4.0bn, a
c. 40% increase on the corresponding period in 2013.
Notwithstanding the increase in approvals and drawdowns, the pace
of loan redemptions continued to exceed new lending demand
although the pace of decline in net loans reduced.  The bank has
maintained its investment in the customer franchise to improve
service levels and the overall customer proposition.

Asset Quality

Total impaired loans reduced from c. EUR26.0bn at 30 June 2014 to
c. EUR24.3bn at end of September 2014 with impaired loan balances
stable or lower in all loan sectors relative to June 2014 levels.
Impaired loans have now reduced by c. 16% since December 2013.
The reduction in impaired loans is predominantly driven by
increased restructuring activity and the pace of migration to
newly impaired loans declined as economic conditions improved.
Specific provision to impaired loans coverage reduced marginally
to c. 53% at the end of September 2014 reflecting the improving
economic environment and write offs on restructured loans.

The total number of accounts in arrears in the Irish residential
mortgage portfolio has declined by c. 11% YTD September 2014.
Total accounts in arrears for owner occupier mortgages were down
c. 15% YTD and arrears levels in the Buy to Let portfolio also
declined in the quarter.

AIB continues to meet targets in relation to the resolution of SME
and mortgage customers in arrears with accelerated progress made
in relation to concluding solutions.  In aggregate, restructuring
activity to date with customers has been concluded at a positive
variance to the bank's loan loss provisions.

Given the stabilisation in the bank's asset quality, the credit
impairment charge is continuing to trend towards more normalised
levels.  However, given the aggregate outcome to date of loan
restructuring activity, AIB had an overall net writeback of
provisions in the first 9 months of 2014.

Balance Sheet and Funding

Total assets were stable in Q3 2014.  Net loans of EUR64.7bn at
September 2014 were broadly unchanged from June 2014 levels
reflecting improved new lending drawdowns and positive foreign
exchange impacts offset by ongoing redemptions.  Customer accounts
at the end of September 2014 were c. EUR66bn with the bank
continuing to focus on reducing its overall funding costs.  As a
result, the bank's loan to deposit ratio at the end of September
2014 was c. 98%, up from c. 96% at end June 2014.

Funding from Monetary Authorities decreased to c. EUR2.4bn at end
Q3 2014 (EUR3.7bn at 30 June 2014) including EUR1.9bn of Targeted
Longer Term Refinancing Operations.  The bank's Liquidity Coverage
Ratio was c. 115% and the Net Stable Funding Ratio was c. 114% at
end of September 2014.

NAMA Senior Bonds reduced to c. EUR10.8bn at 30 September 2014
following a repayment of c. EUR1.0bn in the quarter.  The bank
will continue to monitor announcements by NAMA and its repayment
pattern in relation to Senior Bonds in considering if positive
timing adjustments are required to future NAMA Senior Bond income
assumptions in Quarter 4 2014.

Capital

As highlighted on 26 October 2014, the European Central Bank
published the results of the Comprehensive Assessment.  On both a
static and dynamic balance sheet basis, AIB had comfortable
capital buffers to minimum requirements and no additional capital
was required as a result of the assessment.

AIB's transitional CET1 ratio, including the benefit of unaudited
profits generated in H1 2014 was 16.1% as of 30 June 2014 and the
CET1 ratio increased to c.16.5% as of 30 September 2014 as a
result of unaudited profits generated in the period partly offset
by a marginal increase in risk weighted assets.

Capital Structure

Considerations in relation to the 2009 Preference Shares and the
2016 Contingent Capital Notes are expected to continue with the
Department of Finance.  These considerations will reflect evolving
regulatory requirements and the improving operating performance of
the bank in a strengthening macroeconomic environment.

Valuation

AIB currently has 523,438,445,437 ordinary shares in issue, of
which 99.8% are held by the National Pensions Reserve Fund
Commission, with 500 billion of the ordinary shares issued to the
NPRFC in July 2011 at a price of EUR0.01 per share.  Based on the
number of shares currently in issue and the closing share price of
7 November 2014, AIB trades on a valuation multiple of c. 7x
(excluding 2009 Preference Shares) 30 June 2014 Net Asset Value
(NAV).  The Group continues to note that the median for comparable
European banks is c.1x NAV.

                     About Allied Irish Banks

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

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

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

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

Allied Irish reported a loss of EUR1.59 billion in 2013, a loss of
EUR3.55 billion in 2012 and a net loss of $2.32 billion in 2011.

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

APPLIED MINERALS: Incurs $2.6 Million Net Loss in Third Quarter
---------------------------------------------------------------
Applied Minerals, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $2.57 million on $55,681 of revenues for the three
months ended Sept. 30, 2014, compared to a net loss of $3.86
million on $6,773 of revenues for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $5.96 million on $114,688 of revenues compared to a
net loss of $9.55 million on $44,737 of revenues for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $9.04
million in total assets, $12.48 million in total liabilities and a
$3.44 million total stockholders' deficiency.

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

                        http://is.gd/yJgKlI

                      About Applied Minerals

New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a
leading global producer of halloysite clay used in the development
of advanced polymer, catalytic, environmental remediation, and
controlled release applications.  The Company operates the Dragon
Mine located in Juab County, Utah, the only commercial source of
halloysite clay in the western hemisphere.  Halloysite is an
aluminosilicate clay that forms naturally occurring nanotubes.

Applied Minerals incurred a net loss of $13.06 million in 2013, a
net loss of of $9.73 million in 2012 and a net loss of $7.43
million in 2011.

                        Bankruptcy Warning

"The Company has had to rely mainly on the proceeds from the sale
of stock and convertible debt to fund its operations.  If the
Company is unable to fund its operations through the
commercialization of its minerals at the Dragon Mine, there is no
assurance that it will be able to raise funds through the sale of
equity or debt.  If so, it may have to file bankruptcy," the
Company said in its 2013 Annual Report.


APOLLO MEDICAL: Posts $1.5 Million Net Income in Second Quarter
---------------------------------------------------------------
Apollo Medical Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $1.53 million on $11.66 million of net revenues for
the three months ended Sept. 30, 2014, compared to a net loss of
$980,738 on $2.52 million of net revenues for the same period in
2013.

For the six months ended Sept. 30, 2014, the Company reported net
income of $28,384 on $15.75 million of net revenues compared to a
net loss of $2.91 million on $5.13 million of net revenues for the
same period a year ago.

As of Sept. 30, 2014, the Company had $16.05 million in total
assets, $16.56 million in total liabilities and a $504,025 total
stockholders' deficit.

At Sept. 30, 2014, the Company had cash equivalents and marketable
securities of $4 million compared to cash and cash equivalents of
$6.8 million at March 31, 2014.  At Sept. 30, 2014, the Company
had borrowings totaling $7.6 million compared to borrowings at
March 31, 2014, of $6.7 million.

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

                        http://is.gd/kg6YkR

                        About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Apollo Medical reported a net loss of $4.55 million for the year
ended Jan. 31, 2014, following a net loss of $8.90 million for the
year ended Jan. 31, 2013.


ASR 2401: Wants to Use Cash Collateral of Noteholder JPMCC
----------------------------------------------------------
ASR 2401 Fountainview, LP, asks the Bankruptcy Court for
authorization to use cash collateral in which noteholder JPMCC
2006-LDP7 Office 2401, LLC asserts an interest.

The noteholder has a prepetition security interest in the Debtor's
real property, related personal property, inventory, and proceeds
therefrom, well as the revenues generated from the operation and
leasing of the real property.

The Debtor will use the cash collateral to continue the operation
of its business and preserve its value as a going concern.

As adequate protection from any diminution in value of the
lender's collateral, the Debtor will grant the creditor
replacement liens upon all categories of property of the Debtor
and its estate, a superpriority administrative expense claim.

Additionally, the Debtor will deliver payment to noteholder in the
amount of at least $74,973 beginning within 3 days of the entry of
the interim order, and monthly on the 20th day of each calendar
month thereafter.

                           About ASR 2401

ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought
Chapter 11 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.


AXION INTERNATIONAL: Posts $2.5 Million Net Income in 3rd Quarter
-----------------------------------------------------------------
Axion International Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income attributable to common shareholders of $2.56
million on $3.12 million of revenue for the three months ended
Sept. 30, 2014, compared to a net loss attributable to common
shareholders of $1.35 million on $1.27 million of revenue for the
same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss attributable to common shareholders of $14.86 million on
$12.02 million of revenue compared to a net loss attributable to
common shareholders of $5.53 million on $4.53 million of revenue
for the same period a year ago.

As of Sept. 30, 2014, the Company had $18.31 million in total
assets, $32.77 million in total liabilities, $6.82 million 10%
convertible preferred stock and a $21.29 million total
stockholders' deficit.

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

                       http://is.gd/g7B7uh

                     About Axion International

New Providence, N.J.-based Axion International Holdings, Inc. (OTC
BB: AXIH) - http://www.axionintl.com/-- is the exclusive licensee
of patented and patent-pending technologies developed for the
production of structural plastic products such as railroad
crossties, pilings, I-beams, T-Beams, and various size boards
including a tongue and groove design that are utilized in multiple
engineered design solutions such as rail track, rail and tank
bridges (heavy load), pedestrian/park and recreation bridges,
marinas, boardwalks and bulk heading to name a few.

AXION International reported a net loss of $24.19 million on $6.63
million of revenue in 2013, compared to a net loss of $5.43
million on $5.34 million of revenue in 2012.

Following the 2013 results, BDO USA, LLP, expressed substantial
doubt about the Company's ability to continue as a going concern,
stating that the Company has suffered recurring losses from
operations and has working capital and net capital deficiencies.
BDO USA, LLP also issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2012.


AUXILIUM PHARMACEUTICALS: FMR No Longer an Owner as of Nov. 7
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission on Nov. 7, 2014, FMR LLC, Edward C. Johnson 3d
and Abigail P. Johnson disclosed that they do not own any shares
of common stock of Auxilium Pharmaceuticals Inc.  A copy of the
regulatory filing is available at http://is.gd/OLL1Pe

                           About Auxilium

Auxilium Pharmaceuticals, Inc. -- http://www.Auxilium.com/-- is a
fully integrated specialty biopharmaceutical company with a focus
on developing and commercializing innovative products for
specialist audiences.  With a broad range of first- and second-
line products across multiple indications, Auxilium is an emerging
leader in the men's healthcare area and has strategically expanded
its product portfolio and pipeline in orthopedics, dermatology and
other therapeutic areas.

Auxilium now has a broad portfolio of 12 approved products.  Among
other products in the U.S., Auxilium markets edex(R) (alprostadil
for injection), an injectable treatment for erectile dysfunction,
Osbon ErecAid(R), the leading device for aiding erectile
dysfunction, STENDRATM (avanafil), an oral erectile dysfunction
therapy, Testim(R) (testosterone gel) for the topical treatment of
hypogonadism, TESTOPEL(R) (testosterone pellets) a long-acting
implantable testosterone replacement therapy, XIAFLEX(R)
(collagenase clostridium histolyticum or CCH) for the treatment of
Peyronie's disease and XIAFLEX for the treatment of Dupuytren's
contracture.

The Company also has programs in Phase 2 clinical development for
the treatment of Frozen Shoulder syndrome and cellulite.

The balance sheet at Sept. 30, 2014, showed $1.14 billion in total
assets, $983 million in liabilities, and $162 million of
stockholders' equity.

                           *     *     *

As reported by the TCR on May 7, 2014, Moody's Investors Service
downgraded the ratings of Auxilium Pharmaceuticals, Inc.,
including the Corporate Family Rating to B3 from B2.  "The
downgrade reflects Moody's expectations that declines in Testim,
Auxilium's testosterone gel, will materially reduce EBITDA
in 2014, resulting in negative free cash flow, a weakening
liquidity profile, and extremely high debt/EBITDA," said Moody's
Senior Vice President Michael Levesque.

The TCR reported on Sept. 23, 2014, that Standard & Poor's Ratings
Services raised its corporate credit rating on Auxilium
Pharmaceuticals Inc. to 'CCC+' following the announced
restructuring program and a $50 million add-on to its existing
first-lien term loan.


BEAZER HOMES: Brian Beazer to Step Down as Non-Executive Chairman
-----------------------------------------------------------------
The Board of Directors of Beazer Homes USA, Inc., announced that
Brian C. Beazer will step down as non-executive chairman of its
Board of Directors in February 2015, and will be succeeded by
Stephen P. Zelnak, Jr., a current member of the Beazer Homes Board
of Directors.

At the unanimous request of the Company's Board members, Mr.
Beazer, who has served in the role of non-executive chairman since
the Company's IPO in 1994, will be standing for re-election to the
Board of Directors at the Company's annual meeting of stockholders
scheduled for Feb. 4, 2015.  If elected, Mr. Beazer has agreed to
serve as a director and as chairman emeritus.

"Mr. Beazer has been in the homebuilding and construction industry
worldwide for over 50 years," said Laurent Alpert, Chairman of the
Company's Nominating/Corporate Governance Committee.  "His
experience and vision have been driving forces at the Company, and
we are pleased that we will continue to benefit from his knowledge
and experience as we transition the Chairman's position."

Mr. Alpert continued, "As we prepare for this transition, we would
like to thank Mr. Beazer for his service and dedication to this
Company.  His knowledge of the homebuilding business, his respect
for others and his tireless efforts to increase shareholder value
continue to be invaluable contributions to the Company's success."

"Mr. Zelnak, who has served as a Director of the Company since
February 2003, was unanimously chosen by the Board of Directors to
succeed Mr. Beazer as Non-Executive Chairman and carry on the
traditions and values instilled since the Company's founding,"
said Mr. Alpert.  "Mr. Zelnak has been an integral part of the
Company's turnaround and return to profitability.  His vast
knowledge of the building industry and mentorship skills will be
tremendous assets to the other Directors and to the management
team of Beazer Homes."

Mr. Zelnak is chairman and majority owner of ZP Enterprises, a
private investment firm.  Mr. Zelnak is the former non-executive
chairman of Martin Marietta Materials, Inc., a producer of
aggregates for the construction industry, and served as its Chief
Executive Officer from 1993 to 2009.  He continues to serve as a
Director for Martin Marietta.  He brings over 30 years of
experience as a senior executive in the building materials
industry and an educational background that includes business
administration, organizational behavior and finance.

                         About Beazer Homes

Beazer Homes USA, Inc. (NYSE: BZH) -- http://www.beazer.com/--
headquartered in Atlanta, is one of the country's 10 largest
single-family homebuilders with continuing operations in Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New Mexico, North Carolina, Pennsylvania, South
Carolina, Tennessee, Texas, and Virginia.  Beazer Homes is listed
on the New York Stock Exchange under the ticker symbol "BZH."

Beazer Homes incurred a net loss of $33.86 million for the year
ended Sept. 30, 2013, a net loss of $145.32 million for the year
ended Sept. 30, 2012, and a net loss of $204.85 million for the
year ended Sept. 30, 2011.

As of June 30, 2014, the Company had $1.97 billion in total
assets, $1.75 billion in total liabilities and $219 million in
total stockholders' equity.

                           *     *     *

Beazer carries a 'B-' issuer credit rating, with "negative"
outlook, from Standard & Poor's.

In the Jan. 30, 2013 edition of the TCR, Moody's Investors Service
raised Beazer Homes USA, Inc.'s corporate family rating to 'Caa1'
from 'Caa2' and probability of default rating to 'Caa1-PD' from
'Caa2-PD'.  The ratings upgrade reflects Moody's increasing
confidence that Beazer's credit metrics, buoyed by a stregthening
housing market, will gradually improve for at least the next two
years and that the company may be able to return to a modestly
profitable position as early as fiscal 2014.

As reported by the TCR on Sept. 10, 2012, Fitch Ratings has
upgraded the Issuer Default Rating (IDR) of Beazer Homes USA, Inc.
(NYSE: BZH) to 'B-' from 'CCC'.  The upgrade and the stable
outlook reflect Beazer's operating performance so far this year,
its robust cash position, and moderately better prospects for the
housing sector during the remainder of this year and in 2013.  The
rating is also supported by the company's execution of its
business model, land policies, and geographic diversity.


BG MEDICINE: FMR LLC No Longer Owns Shares as of Nov. 7
-------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission on Nov. 7, 2014, FMR LLC, Edward C. Johnson 3d and
Abigail P. Johnson disclosed that they do not own any shares of
common stock of BG Medicine Inc.  A full-text copy of the
regulatory filing is available at http://is.gd/2qSv0A

                         About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.

BG Medicine reported a net loss of $15.84 million on $4.07 million
of total revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $23.76 million on $2.81 million of total
revenues during the prior year.  The Company's balance sheet at
June 30, 2014, showed $11.24 million in total assets, $7.25
million in total liabilities and $3.98 million in total
stockholders' equity.

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company's recurring losses from operations, recurring
cash used in operating cash flows and stockholders' deficit raise
substantial doubt about its ability to continue as a going
concern.


BIOFUELS POWER: Delays Form 10-Q for Third Quarter
--------------------------------------------------
Biofuels Power Corp. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the period ended
Sept. 30, 2014.  According to the Company, its financial
statements for the quarter ended Sept. 30, 2014, are not yet ready
for distribution as a result of recent measures the Company has
taken with regard to efforts to sign operating agreements which
will effect subsequent events at the balance sheet date and
awaiting auditors review.

                           Biofuels Power

Humble, Tex.-based Biofuels Power Corporation is a distributed
energy company that is pioneering the use of biodiesel to fuel
small electric generating facilities that are located in close
proximity to end-users.  BPC's first power plant is currently
located near Houston, Texas in the city of Oak Ridge North.

Biofuels Power reported a net loss of $606,556 on $0 of sales for
the year ended Dec. 31, 2013, as compared with net income of
$342,456 on $0 of sales in 2012.

Clay Thomas, P.C., in Abilene, 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 suffered significant losses and will require
additional capital to develop its business until the Company
either (1) achieves a level of revenues adequate to generate
sufficient cash flows from operations; or (2) obtains additional
financing necessary to support its  working capital requirements.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


BROWNIE'S MARINE: Posts $131,000 Net Income in Third Quarter
------------------------------------------------------------
Brownie's Marine Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $131,365 on $805,472 of total net revenues for the
three months ended Sept. 30, 2014, compared to a net loss of
$110,786 on $891,372 of total net revenues for the same period a
year ago.

For the nine months ended Sept. 30, 2014, the Company reported net
income of $178,714 on $2.25 million of total net revenues compared
to a net loss of $876,909 on $2.07 million of total net revenues
for the same period during the prior year.

As of Sept. 30, 2014, the Company had $1.16 million in total
assets, $1.44 million in total liabilities and a $284,698 total
stockholders' deficit.

                         Bankruptcy Warning

"During the fourth quarter of 2011, the Company formed a joint
venture with one dive entity, and in the first quarter of 2012,
purchased the assets of another, with assumption of their retail
location lease in Boca Raton, Florida.  The Company accomplished
both transactions predominantly through issuance of restricted
common stock in BWMG.  The Company believed these transactions
would help generate sufficient future working capital.  Neither
endeavor did or has generated profit or positive cash-flow.
Therefore, effective May 31, 2013, the Company closed and ceased
operations at its retail facility.  As a result, the Company does
not expect that existing cash flow will be sufficient to fund
presently anticipated operations beyond the fourth quarter of
2014.  This raises substantial doubt about BWMG's ability to
continue as a going concern.  The Company will need to raise
additional funds and is currently exploring alternative sources of
financing.  We have issued a number of convertible debentures as
an interim measure to finance our working capital needs.  We have
historically paid for many legal and consulting services with
restricted stock to maximize working capital.  We intend to
continue this practice in the future when possible.  We have
implemented some cost saving measures and will continue to explore
more to reduce operating expenses.

"If we fail to raise additional funds when needed, or do not have
sufficient cash flows from sales, we may be required to scale back
or cease operations, liquidate our assets and possibly seek
bankruptcy protection.  The accompanying consolidated financial
statements do not include any adjustments that may result from the
outcome of this uncertainty," the Company stated in the 10-Q.

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

                        http://is.gd/v86kWU

                      About Brownie's Marine

Brownie's Marine Group, Inc., does business through its wholly
owned subsidiary, Trebor Industries, Inc., d/b/a Brownie's Third
Lung, a Florida corporation.  The Company designs, tests,
manufactures and distributes recreational hookah diving, yacht
based scuba air compressor and nitrox generation systems, and
scuba and water safety products.  BWMG sells its products both on
a wholesale and retail basis, and does so from its headquarters
and manufacturing facility in Fort Lauderdale, Florida.  The
Company's common stock is quoted on the OTC BB under the symbol
"BWMG".  The Company's Web site is
http://www.browniesmarinegroup.com/

Brownie's Marine reported a net loss of $788,286 in 2013, as
compared with a net loss of $2.01 million in 2012.


CALMARE THERAPEUTICS: Needs More Time to File Quarterly Report
--------------------------------------------------------------
Calmare Therapeutics Incorporated was unable, without unreasonable
effort or expense, to file its quarterly report on Form 10-Q for
the period ended Sept. 30, 2014, by the Nov. 14, 2014, filing date
applicable to smaller reporting companies due to a delay
experienced by the Company in completing its financial statements
and other disclosures in the Quarterly Report.  As a result, the
Company is still in the process of compiling required information
to complete the Quarterly Report and its independent registered
public accounting firm requires additional time to complete its
review of the financial statements for the period ended Sept. 30,
2014, to be incorporated in the Quarterly Report.  The Company
anticipates that it will file the Quarterly Report no later than
the fifth calendar day following the prescribed filing date.

                    About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

On Aug. 20, 2014, Competitive Technologies, Inc. changed its name
to Calmare Therapeutics Incorporated, pursuant to the filing of an
Amendment to the Company's Articles of Incorporation with the
Secretary of State of the State of Delaware.

Competitive Technologies incurred a net loss of $3 million on
$546,139 of gross profit from product sales in 2012, as compared
with a net loss of $3.59 million on $1.86 million of gross profit
from product sales in 2011.  The Company's balance sheet at
June 30, 2014, showed $4.48 million in total assets, $10.89
million in total liabilities and a $6.41 million total
shareholders' deficit.

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


CANCER GENETICS: Incurs $4.8 Million Net Loss in Third Quarter
--------------------------------------------------------------
Cancer Genetics, Inc., reported a net loss of $4.79 million on
$3.22 million of revenue for the three months ended Sept. 30,
2014, compared to a net loss of $3.06 million on $1.70 million of
revenue for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $11.46 million on $6.16 million of revenue compared to
a net loss of $9.84 million on $4.75 million of revenue for the
same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $51.63
million in total assets, $13.61 million in total liabilities and
$38.02 million in total stockholders' equity.

"The company has significantly advanced its footprint in providing
state-of-the-art genomic testing for cancer by continuing to
execute growth in the clinical market and expanding our
capabilities through the acquisitions of Gentris and BioServe
Biotechnologies India.  We have been focused on integrating our
new sites in North Carolina and Hyderabad, India this past quarter
so that we can immediately capture customer synergies and expand
our service offering," said Panna Sharma, president and CEO of
Cancer Genetics.  "As our business impacts more patients, informs
the outcomes of more trials, and aids in new discoveries in
oncology, we are quickly becoming the partner to help personalize
the treatment of cancer from bench to bedside."

"This past quarter places our company in an ideal position to
continue our growth from the revenue synergies derived from the
acquisitions, the launch of additional tests and services, and the
investments we have made in sales and marketing," added Sharma.
"We are seeing extraordinary interest among community oncologists
and pathologists for targeted genomic information that has been
validated with leading research institutions to improve diagnosis,
as well as guide and monitor patient treatment.  The pace at which
new combination protocols and new molecular therapeutics are being
adopted is driving improved and more informed cancer care.  CGI is
uniquely positioned as a partner in this era of precision
medicine."

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

                        http://is.gd/gfH6R2

                       About Cancer Genetics

Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage
diagnostics company focused on developing and commercializing
proprietary genomic tests and services to improve and personalize
the diagnosis, prognosis and response to treatment (theranosis) of
cancer.

Cancer Genetics reported a net loss of $12.37 million in 2013
following a net loss of $6.66 million in 2012.


CATASYS INC: Incurs $210,000 Net Loss in Third Quarter
------------------------------------------------------
Catasys, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $210,000 on $370,000 of healthcare services revenues for the
three months ended Sept. 30, 2014, compared to net income of
$680,000 on $109,000 of healthcare services revenues for the same
period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $25.51 million on $881,000 of healthcare services
revenues compared to a net loss of $3.18 million on $315,000 of
healthcare services revenues for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed $2.64
million in total assets, $43.82 million in total liabilities and a
$41.17 million total stockholders' deficit.

                         Bankruptcy Warning

"Our financial statements have been prepared on the basis that we
will continue as a going concern.  At September 30, 2014, cash and
cash equivalents amounted to $1.5 million and we had a working
capital deficit of approximately $1.5 million.  In January 2014,
May 2014, and September 2014, we closed on financings of
approximately $1.0, $1.5, and $1.5 million, respectively.  We have
incurred significant operating losses and negative cash flows from
operations since our inception.  During the nine months ended
September 30, 2014, our cash used in operating activities of
continuing operations was $3.4 million.  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 September 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 December 2014,
however delays in cash collections, revenue, or unforeseen
expenditures, could negatively impact our estimate.  We are in
need of additional capital, however, there is no assurance that
additional capital can be timely 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."

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

                        http://is.gd/UeymKe

                         About Catasys Inc.

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

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

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


CENTRAL ENERGY: Reports $133,000 Net Loss for Third Quarter
-----------------------------------------------------------
Central Energy Partners LP filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $133,000 on $1.45 million of revenues for the three
months ended Sept. 30, 2014, compared to a net loss of $113,000 on
$1.04 million of revenues for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $540,000 on $4 million of revenues compared to a net
loss of $199,000 on $3.48 million of revenues for the same period
last year.

As of Sept. 30, 2014, the Company had $8.25 million in total
assets, $9.05 million in total liabilities and a $806,000 total
partners' deficit.

                         Bankruptcy Warning

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

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

                       http://is.gd/amPDqx

                   About Central Energy Partners

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

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

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


CHINA GINSENG: KCG Americas Lowers Equity Stake to 9.8%
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, KCG Americas LLC disclosed that as of
Oct. 31, 2014, it beneficially owned 4,390,767 shares of common
stock of China Ginseng Holdings Inc. representing 9.89 percent of
the shares outstanding.  KCG Americas previously reported
beneficial ownership of 7,746,500 common shares or 17.45 percent
equity stake as of Aug. 29, 2014.  A copy of the regulatory filing
is available for free at http://is.gd/sJdEnE

                       About China Ginseng

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

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $8.82 million
in total assets, $14.42 million in total liabilities and a $5.60
million total stockholders' deficit.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, 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 incurred an accumulated deficit of
$14,169,335 since inception, has a working capital deficit of
$11,616,962, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully.  These conditions raise substantial
doubt about its ability to continue as a going concern.


CHONG HUA SHENG: Case Summary & 2 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Chong Hua Sheng Mwu Gwung Committee, Inc.
           dba CHSMG Committee, Inc.
        6515 Ladera Drive
        Houston, TX 77083

Case No.: 14-36360

Chapter 11 Petition Date: November 17, 2014

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. Karen K. Brown

Debtor's Counsel: Matthew Brian Probus, Esq.
                  WAUSON PROBUS
                  One Sugar Creek Ctr Blvd, Ste 880
                  Sugar Land, TX 77478
                  Tel: 281-242-0303
                  Fax: 281-242-0306
                  Email: mbprobus@w-plaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Shean L. Wang, chairman of the Board.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/txsb14-36360.pdf


COMMUNICATION INTELLIGENCE: Incurs $1.8MM Net Loss in 3rd Qtr.
--------------------------------------------------------------
Communication Intelligence Corporation filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss attributable to common stockholders of
$1.79 million on $285,000 of total revenue for the three months
ended Sept. 30, 2014, compared to a net loss attributable to
common stockholders of $1.46 million on $370,000 of total revenue
for the same period during the prior year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss attributable to common stockholders of $5.73 million on
$1.05 million of total revenue compared to a net loss attributable
to common stockholders of $5.15 million on $867,000 of total
revenue for the same period a year ago.

As of Sept. 30, 2014, the Company had $2 million in total assets,
$1.23 million in total liabilities and $768,000 in total
stockholders' equity.

At Sept. 30, 2014, cash and cash equivalents totaled $641,000
compared to cash and cash equivalents of $945,000 at Dec. 31,
2013.

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

                        http://is.gd/OoZa85

                 About Communication Intelligence

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

Communication Intelligence reported a net loss attributable to
common stockholders of $8.09 million following a net loss
attributable to common stockholders of $6.74 million in 2012.

PMB Helin Donovan, LLP, in San Francisco, CA, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent accounting firm
noted that the Company's significant recurring losses and
accumulated deficit raise substantial doubt about its ability to
continue as a going concern.


COMMUNITY HOME: Lunar Heights Wants Relief from Automatic Stay
--------------------------------------------------------------
Foreclosure sale purchaser, Lunar Heights, LLC, asks the
Bankruptcy Court for relief from the automatic stay in the Chapter
11 case of Community Home Financial Services, Inc.

Under Hernando County, Florida Circuit Court Case No. 2012-2946,
Lunar was the highest and best bidder at foreclosure sale for a
piece of real estate:

         Lot 7, Block 590
         Spring Hill, Unit 9
         also known as 3054 Marwill Avenue
         Spring Hill, FL 34609

While a Certificate of Sale was issued in favor of Lunar, based
upon information and belief that CS was a nullity due to the
automatic stay in bankruptcy, as Hernando public record shows a
skeletal UCC1 filing in favor of Debtor on the subject property
and Debtor was a joined party to the foreclosure case.

Given the lack of any equity in the subject property and the
nature of the bankruptcy estate's interest, neither Debtor nor any
creditor herein will be prejudiced by the granting of the motion
for nunc pro tunc relief from the automatic stay in Bankruptcy to
retroactively authorize the May 15, 2014 sale of the subject
property, but Lunar will be prejudiced if said relief is not
granted.

Lunar Heights is represented by:

         Thomas Ryan Rumfelt, PLLC
         129B S. President St.
         Jackson, MS 39201
         Tel: (601) 992-3388
         Fax: 601-949-3358
         E-mail: ryan@rumfeltlegal.com

                      About Community Home

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.

The Debtor was first represented by Roy H. Liddell, Esq., and
Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as
Chapter 11 counsel.  Wells Marble was terminated Nov. 13, 2013.
The Debtor is now being represented by Derek A. Henderson, Esq.,
in Jackson, Miss.  In 2013, the Debtor sought to employ David
Mullin, Esq., at Mullin Hoard & Brown LLP, as special counsel.

On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11
Trustee for the Debtor.  Jones Walker LLP serves as counsel to the
Chapter 11 trustee, while Stephen Smith, C.P.A., acts as
accountant.

                         *     *     *

On Aug. 8, 2013, the Court approved the Disclosure Statement
explaining the Debtor's Plan of Reorganization dated Jan. 29,
2013.  In the first quarter of 2014, the Court entered an order
holding in abeyance the (i) confirmation of the Debtor's Chapter
11 Plan; and (ii) the objection and amended objection to the
confirmation of Plan pending further Court order.


CPI CORP: Files for Bankr. in Canada; Nov. 27 Creditors Meeting
---------------------------------------------------------------
CPI Corp. and CPI Portrait Studios of Canada Corp. filed for
bankruptcy on Nov. 6, 2014, and will hold a first meeting of
creditors on Nov. 27, 2014, at 11:00 a.m., at the offices of the
trustee:

     Duff & Phelps Canada Restructuring Inc.
     333 Bay Street 14th Floor
     Toronto, Ontario M5H2R2
     Canada
     Tel: 416-932-6228


CRESTWOOD HOLDINGS: Cut by S&P to 'B-' & Removed From Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior secured issue ratings on Crestwood Holdings LLC to 'B-'
from 'B'.  S&P removed the ratings from CreditWatch, where it
placed them with negative implications on Sept. 24, 2014.  The
outlook is stable.

The downgrade reflects the implementation of the master limited
partnership (MLP) and general partnership (GP) criteria.  The 'B-'
corporate credit rating reflects a four-notch negative ratings
differential relative to the rating of the MLP, Crestwood
Midstream Partners L.P. (CMLP).  As of Sept. 30, 2014, Crestwood
Holdings owned about 29% of the GP, Crestwood Equity Partners
L.P.'s (CEQP) common limited partner (LP) interests (which has a
4% LP interest in CMLP).  They also owned about 10% of CMLP's LP
interests.  CEQP owns 100% of CMLP's incentive distribution rights
(IDR) (which entitles them to receive 50% of all distributions
paid by CMLP in excess of its initial quarterly distribution).

"In the recent criteria, we developed an approach to establish a
stand alone credit profile of the GP.  We typically rate the GP
two to five notches below the MLP when they do not constitute a
group, as is the case here with Crestwood Holdings," said Standard
& Poor's credit analyst Mike Llanos.

The notching differential reflects the structural subordination of
the GP relative to the MLP's underlying cash flows, and takes into
consideration S&P's assessment (positive, neutral, negative, or
very negative) on cash flow interruption risk, stand alone debt
leverage, and cash flow diversity.

The stable outlook on Crestwood Holdings reflects S&P's
expectation of stand alone leverage of about 5.5x for 2015 and
reliance on distribution payments from CEQP and operating
partnership CMLP.  S&P anticipates these distributions will cover
debt service by more than 2x over the next 12 to 24 months.

S&P could lower the rating if Crestwood Holdings' liquidity
becomes constrained, warranting a downgrade into the 'CCC'
category.

Higher ratings are unlikely in the near term, but S&P could
consider an upgrade if Crestwood Holdings' stand alone leverage
falls below 4x, or if S&P raised CMLP's issuer credit rating.


CRS HOLDING: Court Denies as Moot Bid to Incur Regions DIP Loan
---------------------------------------------------------------
Bankruptcy Judge K. Rodney May, in a final order, denied as moot
CRS Holding of America, LLC, et al.'s motion to incur postpetition
debtor-in-possession financing.

The Court was advised that on Sept. 24, 2014, Regions Bank
terminated the DIP Facility.

                  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: Gerard A. McHale Jr. Approved as Chapter 11 Trustee
----------------------------------------------------------------
Bankruptcy Judge K. Rodney May approved the appointment of Gerard
A. McHale Jr. as Chapter 11 trustee for CRS Holding of America,
LLC, et al.

As reported in the Troubled Company Reporter on Oct. 28, 2014, the
U.S. Trustee, in its motion to approve appointment of Mr. McHale,
said that Mr. McHale's connections with the Debtors, creditors,
any other parties-in-interest, their respective attorneys and
accountants, the U.S. Trustee, are limited to the connections set
forth in the verified statement filed in support of the
application.

As reported in the TCR on Sept. 8, 2014, Guy G. Gebhart, the
Acting U.S. Trustee for Region 21, asked the Court to direct the
appointment of a trustee for the Debtors.

The U.S. Trustee asserted that the appointment of a trustee better
serves the interests of the Debtors' estates and is more
consistent with the policy of the Bankruptcy Code, pointing
out that the scheme of the Bankruptcy Code is hostile to the
concept of a receiver in bankruptcy.  The U.S. Trustee
specifically points to Section 105(b) which expressly prohibits a
bankruptcy court from appointing a receiver.  A receiver has been
appointed for the Debtors, but the U.S. Trustee contends that the
receivership is the creation of another court and, therefore, the
receiver answers to that court, and not to the Bankruptcy Court.
Moreover, the U.S. Trustee said the receiver's appointment
resulted from an action by a secured creditor and the method by
which the receiver was selected likely did not follow a procedure
with similar safeguards designed to insure disinterestedness.

                  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
Aug. 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: Trustee Taps Johnson Pope to Assist in Investigation
-----------------------------------------------------------------
Gerard A. McHale, Jr., Chapter 11 trustee for CRS Holding Of
America, LLC, et al., asks the Bankruptcy Court for permission to
employ the law firm of Johnson, Pope, Bokor, Ruppel & Burns,
LLP as his counsel nunc pro tunc Oct. 10, 2014.

JP will render such legal services including:

   i) providing legal advice and all legal services necessary to
assist the trustee in her investigation of the Debtors' assets and
financial affairs;

  ii) pursuing actions under Chapter 5 of the Bankruptcy Code, if
any;

iii) prosecuting objections to claims or exemptions designated by
the trustee as subject to objection; and

  iv) performing additional necessary legal services as may be
required by the trustee.

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

The firm can be reached at:

         Michael C. Markham, Esq.
         Angelina E. Lim, Esq.
         JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
         403 E. Madison Street (33602)
         P.O. Box 1100
         Tampa, FL 33601-1100
         Tel: (813) 225-2500
         Fax: (813) 223-7118
         E-mails: Mikem@jpfirm.com
                  AngelinaL@jpfirm.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.


CRUNCHIES FOOD: Creditors Panel Taps Sheppard Mullin as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of Crunchies Food Company, LLC, asks the Bankruptcy Court for
permission to retain Sheppard, Mullin, Richter & Hampton LLP as
its counsel.

The hourly rates of the firm's personnel with primary
responsibilities in the case are:

         Ori Katz, partner                $695
         Adam J. McNeile, associate       $495

Sheppard Mullin has agreed to discount Mr. Katz's rate to $595 per
hour.  Sheppard Mullin did not receive a retainer with respect to
its representation of the Committee.

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

The firm can be reached at:

         Adam J. McNeile, Esq.
         Ori Katz, Esq.
         SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
         A Limited Liability Partnership
         Four Embarcadero Center, 17th Floor
         San Francisco, CA 94111-4109
         Tel: (415) 434-9100
         Fax: (415) 434-3947
         E-mail: amcneile@sheppardmullin.com
                 okatz@sheppardmullin.com

                      About Crunchies Food

Crunchies filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal.
Case No. 14-bk-11776) in Santa Barbara, California, on August 15,
2014.  The case is assigned to Judge Peter Carroll.

The Debtor has tapped David L. Neale, Esq., at Levene Neale Bender
Rankin & Brill LLP, in Los Angeles, serves as counsel.  For its
legal services, the firm has agreed to accept $50,000.


CRUNCHIES FOOD: Stipulation on $180,000 Additional Loan Approved
----------------------------------------------------------------
The Bankruptcy Court approved a stipulation among Crunchies Food
Company, LLC, The Provident Trust Group, LLC, The Chung Family
Trust, Chaucer Foods Limited, and the Official Committee of
Unsecured Creditors authorizing the Debtor to incur an additional
loan.

The loan of $180,000 will be comprised of (i) $100,000 in cash and
$80,000 of freeze dried strawberries to be supplied to the Debtor
at cost.  The loan will be on the same terms and conditions as set
forth in the existing Postpetition Financing Order and Loan
Agreement.

The postpetiton financing order will be deemed modified solely to
reflect the additional $180,000 in postpetition financing.

The Court also ordered that any reference to the purchase price
and initial overbid amount in the sale motion, asset purchase
agreement and bidding procedures order will be deemed modified to
reflect an increased purchase price of $3,810,000 and increased
initial overbid amount of $4,030,000.

In addition to the conditions set forth in the postpetition
financing order, Chaucer will not be required to fund the
additional $180,000, or any portion thereof, unless these have
occurred:

   a) the Bankruptcy Court has entered the order;

   b) the Provident Group and Chaucer have executed amendments to
the Term Sheet and Intercreditor Creditor to reflect the
additional postpetition financing; and

   c) the Debtor has executed a First Amendment to Loan and
Security Agreement, and Note for $180,000, and any other documents
reasonably requested by Chaucer to reflect the additional
postpetition financing.

                      About Crunchies Food

Crunchies filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal.
Case No. 14-bk-11776) in Santa Barbara, California, on August 15,
2014.  The case is assigned to Judge Peter Carroll.

The Debtor has tapped David L. Neale, Esq., at Levene Neale Bender
Rankin & Brill LLP, in Los Angeles, serves as counsel.  For its
legal services, the firm has agreed to accept $50,000.


CRUNCHIES FOOD: Taps Silver Law to Advise on Sale
-------------------------------------------------
Crunchies Food Company, LLC, asks the Bankruptcy Court for
permission to employ Silver Law Group, P.C. as special corporate
counsel nunc pro tunc to Aug. 15, 2014.

SLG will advise the Debtor on (i) sale of its business as a going
concern; (ii) sale negotiations and (iii) potential deal
alternatives with outside investors.

On Oct. 18, 2013, Chaucer Foods Ltd., a United Kingdom limited
Company, filed a lawsuit against the Debtor in Ventura County
superior Court, claiming that the Debtor owed at least $1,537,828
for unpaid invoices.

Chaucer supplied the Debtor with freeze dried strawberries.

Supplier Shandong Searsport Foods, Co., Ltd., also filed a lawsuit
against the Debtor claiming that it is owed at least $845,661.

SLG has represented the Debtor prior to the Petition Date in
connection with its dealings with the Debtor's secured creditors,
unsecured creditors and equity holders, including Chung, Delaski
and Chaucer.  As of the Petition Date, the Debtor does not owe SLG
any fees or costs for their services.  Since the Petition Date,
SLG has performed services for the Debtor, and the fees and costs
for those services total $31,009.  However, SLG has received no
compensation for postpetition services or costs.

SLG's personnel with primary responsibilities in the case and
their hourly rates are:

         Perry Silver, Esq.                   $390
         Stuart Y. Kim, Esq., of counsel      $490
         Attorneys                         $295 - $690
         Law Clerks, Paralegal Assistants
           Consultants                     $145 - $210

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

The Debtor is represented by:

         David L. Neale, Esq.
         J.P. Fritz, Esq.
         LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
         10250 Constellation Blvd., Suite 1700
         Los Angeles, CA 90067
         Tel: (310) 299-1234
         Fax: (310) 229-1244
         E-mails: DLN@LNBYB.COM
                  JPF@BYB.COM

                      About Crunchies Food

Crunchies filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal.
Case No. 14-bk-11776) in Santa Barbara, California, on August 15,
2014.  The case is assigned to Judge Peter Carroll.

The Debtor has tapped David L. Neale, Esq., at Levene Neale Bender
Rankin & Brill LLP, in Los Angeles, serves as counsel.  For its
legal services, the firm has agreed to accept $50,000.


CUBIC ENERGY: Posts $7.7 Million Net Income in Fiscal 2014
----------------------------------------------------------
Cubic Energy, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing net income
attributable to common shareholders of $7.70 million on $15.84
million of total revenues for the year ended June 30, 2014,
compared to a net loss attributable to common shareholders of
$6.85 million on $3.84 million of total revenues during the prior
year.

The Company's balance sheet at June 30, 2014, showed $124.97
million in total assets, $126.65 million in total liabilities,
$988,000 in redeemable preferred stock, and a $1.68 million total
stockholders' deficit.

BDO USA, LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent accounting firm noted
that the Company has suffered recurring losses from operations,
has violated covenants of its debt agreements, has a working
capital deficit and has a net capital deficiency that 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/YVGtAk

                         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.


CUE & LOPEZ: Confirms Plans of Reorganization
---------------------------------------------
Bankruptcy Judge Brian K. Tester confirmed Cue & Lopez
Construction Inc.'s Amended Plans of Reorganization and its
supplements.

The Court's ruling was also in accordance with the stipulation
between the Debtor and Oriental Bank, filed on Aug. 4, 2014.

As reported in the Troubled Company Reporter on Oct. 29, 2014, the
Debtor has filed with the Court a third amendment to its Plan
dated Oct. 22, 2014.

Under the Third Amended Plan, Class 3 (Oriental Bank) claims,
shall be paid on or before the Effective Date, by the transfer to
Oriental Bank of the above properties, with a combined estimated
value of $856,372.99, and the assignment of the remaining the
retainage set forth above.  In addition, Debtor will pay Oriental
Bank $100,000.00 arising from the retainage assigned by Debtor to
Oriental Bank as to the Casa Maggiore Project, not property of
Debtor's estate, paid by Casa Maggiore, Inc. to Debtor and
returned by Debtor thereto.  The $100,000 will be paid by a
payment of $25,000 on the Effective Date, the balance to be paid
through twelve consecutive equal monthly payments of $3,125.00 due
on the 30th day of the subsequent twelve month and a balloon
payment for $37,500 on the 30th day of the thirteen (13) month
after the Effective Date.  Oriental Bank's Class 5 Claim for
$4,192,778.24 which includes Oriental Bank's deficiency claim
under Class 3 and Oriental Bank's current unsecured claim, will he
dealt with under Class 5 of the Plan.  The Debtor will submit
quarterly operating reports to Oriental detailing Debtor's
revenues, expenses, and results of operations, during the term of
the Plan.

The Holders of Allowed General Unsecured Claims, including the
deficiency claims of the secured creditors set forth above, will
be paid in full satisfaction of their claims 5% thereof, through
60 consecutive monthly installments of $12,157.51, commencing on
the Effective Date and continuing on the 30th day of the
subsequent 59 months.

A copy of the Third Amended Plan is available for free at:

        http://bankrupt.com/misc/CUE_LOPEZ_378_3plan.pdf

                       About Cue & Lopez

San Juan, Puerto Rico-based Cue & Lopez Construction, Inc., sought
protection under Chapter 11 of the Bankruptcy Code on October 4,
2013 (Case No. 13-08297, Bankr. D.P.R.).  The case is assigned to
Judge Brian K. Tester.

Cue & Lopez Contractors, Inc., filed a separate Chapter 11
petition (Case No. 13-08299) on the same date.

The Debtors are represented by Charles Alfred Cuprill, Esq., at
Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico.  CPA
Luis R. Carrasquillo & Co., P.S.C., serves as accountant.

Cue & Lopez Construction scheduled $13,334,151 in total assets and
$17,520,089 in total liabilities.  The Chapter 11 petitions were
signed by Frank F. Cue Garcia, president.


CUI GLOBAL: Reports Consolidated Loss of $348,000 for 3rd Quarter
-----------------------------------------------------------------
CUI Global, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a
consolidated net loss of $348,568 on $21.37 million of total
revenue for the three months ended Sept. 30, 2014, compared to net
income of $737,286 on $17.21 million of total revenue for the same
period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
consolidated net income of $902,948 on $57.49 million of total
revenue compared to a consolidated net income of $712,427 on
$45.42 million of total revenue for the same period during the
prior year.

The Company's balance sheet at Sept. 30, 2014, showed $98.23
million in total assets, $26.57 million in total liabilities and
$71.66 million in total stockholders' equity.

As of Sept. 30, 2014, CUI Global held cash and cash equivalents of
$17,100,165 and investments of $10,433,644.  Operations,
acquisitions, investments, patents, equipment, land and buildings
have been funded through cash on hand, and cash from operations.

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

                        http://is.gd/JQ5j8P

                          About CUI Global

Tualatin, Ore.-based CUI Global, Inc., formerly known as Waytronx,
Inc., is a platform company dedicated to maximizing shareholder
value through the acquisition, development and commercialization
of new, innovative technologies.

CUI Global reported a net loss allocable to common stockholders of
$1.75 million in 2013, a net loss allocable to common stockholders
of $2.52 million in 2012 and a net loss allocable to common
stockholders of $48,763 in 2011.


CUMULUS MEDIA: Reports $2.5 Million Net Income in Third Quarter
---------------------------------------------------------------
Cumulus Media Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing income
attributable to common shareholders of $2.54 million on $313.88
million of net revenue for the three months ended Sept. 30, 2014,
compared to income attributable to common shareholders of $2.66
million on $262.53 million of net revenue for the same period a
year ago.

For the nine months ended Sept. 30, 2014, the Company reported
income attributable to common shareholders of $8.40 million on
$934.17 million of net revenue compared to income attributable to
common shareholders of $14.47 million on $750.68 million of net
revenue for the same period during the prior year.

As of Sept. 30, 2014, the Company had $3.74 billion in total
assets, $3.21 billion in total liabilities and $533.22 million in
total stockholders' equity.

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

                        http://is.gd/IRmWQ7

                       About Cumulus Media

Cumulus Media Inc. (CMLS) combines high-quality local programming
with iconic, nationally syndicated media, sports and entertainment
brands in order to deliver premium choices for listeners, provide
substantial reach for advertisers and create opportunities for
shareholders.  As the largest pure-play radio broadcaster in the
United States, Cumulus provides exclusive content that is fully
distributed through approximately 460 owned-and-operated stations
in 90 U.S. media markets (including eight of the top 10), more
than 10,000 broadcast radio affiliates and numerous digital
channels.  Cumulus is well-positioned in the widening digital
audio space through a significant stake in the Rdio digital music
service, featuring 30 million songs on-demand in addition to
custom playlists and exclusive curated channels.  Cumulus is also
the leading provider of country music and lifestyle content
through its NASH brand, which will serve country fans through
radio programming, NASH magazine, concerts, licensed products and
television/video. For more information, visit www.cumulus.com

Cumulus Media put AR Broadcasting Holdings Inc. and three other
units to Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-13674) in 2011 after struggling to pay off debts that topped
$97 million as of June 30, 2011.

Cumulus Media reported net income attributable to common
shareholders of $165.40 million in 2013 following a net loss
attributable to common shareholders of $54.16 million in 2012.

                        Bankruptcy Warning

"The lenders under the Credit Agreement have taken security
interests in substantially all of our consolidated assets, and we
have pledged the stock of certain of our subsidiaries to secure
the debt under the Credit Agreement.  If the lenders accelerate
the required repayment of borrowings, we may be forced to
liquidate certain assets to repay all or part of such borrowings,
and we cannot assure you that sufficient assets will remain after
we have paid all of the borrowings under such Credit Agreement.
If we were unable to repay those amounts, the lenders could
proceed against the collateral granted to them to secure that
indebtedness and we could be forced into bankruptcy or
liquidation," the Company said in the 2013 Annual Report.

                           *     *     *

Standard & Poor's Ratings Services, in September 2014, revised its
rating outlook on Atlanta, Ga.-based Cumulus Media Inc. to stable
from positive.  S&P also affirmed its 'B' corporate credit and
existing debt ratings on the company.

As reported by the TCR on April 3, 2013, Moody's Investors Service
downgraded Cumulus Media, Inc.'s Corporate Family Rating to B2
from B1 and Probability of Default Rating to B2-PD from B1-PD.
The downgrades reflect Moody's view that the pace of debt
repayment and delevering will be slower than expected.  Although
EBITDA for 4Q2012 reflects growth over the same period in the
prior year, results fell short of Moody's expectations.


CYCLONE POWER: Delays Q3 Form 10-Q for Review
---------------------------------------------
Cyclone Power Technologies, Inc., disclosed with the U.S.
Securities and Exchange Commission that it was unable to file its
quarterly report on Form 10-Q for the period ended Sept. 30, 2014,
because the Company's financial review with its auditors is in
process and has not been completed.  In accordance with Rule
12b-25 of the Securities Exchange Act of 1934, the Company said it
will file its Form 10-Q no later than the fifth calendar day
following the prescribed due date.

                        About Cyclone Power

Pompano Beach, Fla.-based Cyclone Power Technologies, Inc. (Pink
Sheets: CYPW) is a clean-tech engineering company, whose business
is to develop, commercialize and license its patented Rankine
cycle engine technology for applications ranging from renewable
power generation to transportation.  The Company is the successor
entity to the business of Cyclone Technologies LLLP, a limited
liability limited partnership formed in Florida in June 2004.
Cyclone Technologies LLLP was the original developer and
intellectual property holder of the Cyclone engine technology.

Cyclone Power reported a net loss of $3.79 million on $715,382 of
revenues for the year ended Dec. 31, 2013, as compared with a net
loss of $3 million on $1.13 million of revenues for the year ended
Dec. 31, 2012.

Mallah Furman, in Fort Lauderdale, 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's dependence on outside financing, lack of
sufficient working capital, and recurring losses raises
substantial doubt about its ability to continue as a going
concern.


DAHL'S FOODS: Has Interim Approval of $1.3-Mil. DIP Loan
--------------------------------------------------------
Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the
Southern District of Iowa, gave Foods, Inc., d/b/a Dahl's Foods,
Inc., and its debtor affiliates, interim authority to obtain up to
$1,300,000 in senior secured, superpriority debtor-in-possession
credit financing from Associated Wholesale Grocers, Inc.

The Debtors have requested that the Lender provide a senior
secured, super-priority term credit facility of up to $6,649,623
in the aggregate to fund the working capital requirements of the
Debtors during the pendency of the Chapter 11 cases and to
refinance the Prepetition Loan Obligations.  As of the Petition
Date, Debtors owe AWG the aggregate amount of approximately $3.2
million.  The DIP Loan and any outstanding Guaranty Reimbursement
Obligations accrues interest at a fixed rate equal to 6% per
annum.

The Debtors were also given interim authority to use cash
collateral securing their indebtedness from AWG.

The Iowa Department of Revenue objected to the financing motion to
the extent that it might be construed to grant the Debtors'
lenders a lien or security interest in funds held in trust for the
IDR.  The objection filed by the Iowa Revenue Department is
sustained.  The following terms and conditions are applicable to
any collateral and amounts subject to collection by the taxing
authority, notwithstanding any language in the interim DIP order
to the contrary:

   "This Order does not preclude the Iowa Department of Revenue
(IDR) from attempting to establish that funds held or received by
the debtor in possession or any secured creditor are held in trust
and are not part of the bankruptcy estate, and shall not preclude
the IDR from seeking additional relief with respect to such
claims. Nothing in this paragraph, however, shall preclude the
debtor-in-possession or any secured creditor from challenging any
such assertions or contending that such funds are not held in
trust for the IDR. The security interests provided for in the
Order shall not diminish in any way the rights of the IDR as a
trust fund claimant, if any, to obtain possession of funds subject
to its trust claims. In addition, any funds that the Court, after
notice and hearing, determines are trust funds of the IDR shall
not constitute collateral of any secured creditor."

The final hearing is scheduled for Nov. 25, 2014, at 1:00 p.m.

AWG is represented by:

         Christopher J. Rockers, Esq.
         HUSCH BLACKWELL LLP
         4801 Main Street
         Suite 1000
         Kansas City, MO 64112
         Tel: (816) 283-4608
         Fax: (816) 983-8080
         E-mail: christopher.rockers@huschblackwell.com

                        About Dahl's Foods

Dahl's Foods owns and operates 10 full-line grocery stores in and
around the Des Moines, Iowa area.  Since the 1970s, Dahl's has
been employee owned pursuant to an ESOP with 97% of the ownership
held by the ESOP.  The remaining 3% is owned by certain past and
present members of management and other former employees.
Individual grocery store square footage ranges from 28,820 to
70,000 and averages 55,188.  Dahl's employs over 950 people.  For
the 52 weeks ended June 28, 2014, Dahl's generated sales of $136.8
million.

Foods, Inc. dba Dahl's Foods, Dahl's Food Mart, Inc., and Dahl's
Holdings I, LLC, sought bankruptcy protection (Bankr. S.D. Iowa
Lead Case No. 14-02689) in Des Moines, Iowa on Nov. 9, 2014, with
a deal to sell to Associated Wholesale Grocers Inc. for
$4.8 million.

The Debtors have tapped Bradshaw, Fowler, Proctor & Fairgrave,
P.C., as bankruptcy counsel, Crowe & Dunlevy, P.C., as special
reorganization and conflicts counsel, and Foods Partners, LLC as
financial advisor and investment banker.

Associated Wholesale Grocers, Inc., the Debtors' prepetition
lender, committed to provide a senior secured, super-priority term
credit facility of up to $6,649,623.  As of the Petition Date,
Debtors owe AWG the aggregate amount of approximately $3.2
million.  AWG is represented by Christopher J. Rockers, Esq., at
Husch Blackwell LLP, in Kansas City, Missouri.


DENDREON CORP: Proposes Guidelines to Protect NOLs
--------------------------------------------------
Dendreon Corporation and its U.S. subsidiaries filed a motion
asking the Bankruptcy Court to establish notice and hearing
procedures that must be satisfied before certain transfers of
equity securities in Dendreon, or of any beneficial interest
therein, are deemed effective.

The Debtors have generated, and are currently generating, a
significant amount of significant net operating loss carryforwards
and other tax attributes for U.S. federal income tax purposes. For
example, as of Dec. 31, 2013, the Debtors had approximately $1.8
billion of NOLs that were available to offset taxable income and
approximately $25 million of research credits available to offset
tax liability.

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

   * Any "substantial shareholder" -- entity that has direct or
     indirect beneficial ownership of owns at least 4.5% of all
     issued and outstanding shares -- equal to, as of September
     30, 2014, approximately 7,148,678 shares -- of the common
     stock of Dendreon -- must serve and file a declaration on
     or before the later of (i) 20 calendar days after the date
     of the notice of the order approving the procedures and
     (ii) 10 days after becoming a substantial shareholder.

   * At least 30 calendar days prior to effectuating any transfer
     of the equity securities that would result in another entity
     becoming a substantial shareholder, the parties to such
     transaction must serve and file a notice of the intended
     stock transaction.

   * The Debtors have 30 calendar days after receipt of the stock
     transaction notice to object to the proposed transaction.

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

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

                          About Dendreon

With corporate headquarters in Seattle, Washington, Dendreon
Corporation -- http://www.dendreon.com/-- a biotechnology company
focused on the discovery, development and commercialization of
novel cellular immunotherapies to significantly improve treatment
options for cancer patients.  Dendreon's first product, PROVENGE
(sipuleucel-T), was approved by the U.S. Food and Drug
Administration (FDA) and became commercially available for the
treatment of men with asymptomatic or minimally symptomatic
castrate-resistant (hormone-refractory) prostate cancer in April
2010.  Dendreon is traded on the NASDAQ Global Market under the
symbol DNDN.

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors have
requested that their cases be jointly administered under Case No.
14-12515.  Judge Peter J. Walsh presides over the cases.  The
petitions were signed by Gregory R. Cox, interim chief financial
officer and treasurer.

Dendreon sought bankruptcy protection after it reached agreements
on the terms of a financial restructuring with certain  holders of
the Company's 2.875% Convertible Senior Notes due 2016
representing 84% of the $620 million aggregate principal amount of
the 2016 Notes.  The financial restructuring may take the form of
a stand-alone recapitalization or a sale of the Company or its
assets.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP,
as counsel; Lazard Freres & Co. LLC, as investment banker;
AlixPartners, as restructuring advisors; and Prime Clerk LLC as
claims and noticing agent.

The Debtors disclosed $365 million in total assets and
$664 million in total liabilities as of June 30, 2014.

To date, no creditors' committee has been appointed in the Chapter
11 Cases by the Office of the United States Trustee for the
District of Delaware.  There's an organizational meeting on Nov.
19, 2014, at 10:00 a.m. to appoint a committee.


DENDREON CORP: Prime Clerk Serving as Claims Agent
--------------------------------------------------
Dendreon Corporation and its U.S. subsidiaries asked the
Bankruptcy Court for approval to hire Prime Clerk LLC as their
claims and noticing agent in the chapter 11 cases.

The Debtors have tapped Prime Clerk to, among other things, assume
full responsibility for the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtors' chapter 11 cases.

For its claims and noticing services, Prime Clerk will charge the
Debtors at these hourly rates:

                                    Hourly Rate
                                    -----------
     Analyst                           $45
     Technology Consultant            $125
     Consultant                       $140
     Senior Consultant                $170
     Director                         $195

For the firm's solicitation, balloting and tabulation services,
the rates are:

                                    Hourly Rate
                                    -----------
     Solicitation Consultant          $195
     Director of Solicitation         $210

The firm will charge $0.10 per page for printing, $0.10 per page
for fax noticing, and no charge for e-mail noticing.  The case Web
site hosting and setup and the on-line claim filing services are
free of charge.  For data administration and management, the firm
will charge $0.10 per record per month for data storage,
maintenance and security.

Prior to the Petition Date, the Debtors provided Prime Clerk a
retainer in the amount of $40,000.

The claims agent can be reached at:

         PRIME CLERK LLC
         830 3rd Avenue, 9th Floor
         New York, NY 10022
         Attn: Shai Waisman
         Tel: (212) 257-5450
         E-mail: swaisman@primeclerk.com

                          About Dendreon

With corporate headquarters in Seattle, Washington, Dendreon
Corporation -- http://www.dendreon.com/-- a biotechnology company
focused on the discovery, development and commercialization of
novel cellular immunotherapies to significantly improve treatment
options for cancer patients.  Dendreon's first product, PROVENGE
(sipuleucel-T), was approved by the U.S. Food and Drug
Administration (FDA) and became commercially available for the
treatment of men with asymptomatic or minimally symptomatic
castrate-resistant (hormone-refractory) prostate cancer in April
2010.  Dendreon is traded on the NASDAQ Global Market under the
symbol DNDN.

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors have
requested that their cases be jointly administered under Case No.
14-12515.  Judge Peter J. Walsh presides over the cases.  The
petitions were signed by Gregory R. Cox, interim chief financial
officer and treasurer.

Dendreon sought bankruptcy protection after it reached agreements
on the terms of a financial restructuring with certain  holders of
the Company's 2.875% Convertible Senior Notes due 2016
representing 84% of the $620 million aggregate principal amount of
the 2016 Notes.  The financial restructuring may take the form of
a stand-alone recapitalization or a sale of the Company or its
assets.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP,
as counsel; Lazard Freres & Co. LLC, as investment banker;
AlixPartners, as restructuring advisors; and Prime Clerk LLC as
claims and noticing agent.

The Debtors disclosed $365 million in total assets and
$664 million in total liabilities as of June 30, 2014.

To date, no creditors' committee has been appointed in the Chapter
11 Cases by the Office of the United States Trustee for the
District of Delaware.  There's an organizational meeting on Nov.
19, 2014, at 10:00 a.m. to appoint a committee.


DINEEQUITY INC: Fitch Affirms & Withdraws B IDR Over Refinancing
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'B' Long-term Issuer
Default Rating (IDR) for DineEquity, Inc. (DineEquity; NYSE: DIN).
The rating withdrawal follows DineEquity's refinancing of its
secured credit facility and 9.5% senior unsecured notes with a
whole business securitization.  At Sept. 30, 2014, DineEquity had
approximately $1.4 billion of total debt.

KEY RATING DRIVERS

High Financial Leverage

DineEquity's credit metrics are in line with Fitch's forecast and
are expected to remain reflective of a 'B' rated restaurant
company over the near-term.  For the latest 12-month (LTM) period
ended Sept. 30, 2014, total adjusted debt-to-operating EBITDAR was
5.8, operating EBITDAR-to-interest plus rent was 1.9x and FFO
fixed charge coverage was 1.7x.

Good Cash Flow Generation

DineEquity's cash flow is supported by the firm's 99% franchised
system, which provides a steady source of royalty-based high-
margin revenue and has minimal capital requirements.  Cash flow
will benefit from the firm's recent refinancing as management
expects annual pre-tax interest savings to approximate $34
million.  DineEquity revised its 2014 operating cash flow and FCF
guidance upward as a result of the refinancing and management's
improved same-restaurant sales (SRS) outlook, discussed below.

Shareholder Friendly Financial Strategy

DineEquity increased its quarterly dividend by 17% to $3.50
annually and availability under its share repurchase authorization
to $100 million due to the interest savings resulting from its
securitization transaction.  The firm's stated financial strategy
is to maximize the business in order to return significant FCF to
shareholders.  DineEquity's dividend payout as a percentage of
earnings is one of the highest in the industry.

Significant Scale and Diversification

DineEquity benefits from the scale and diversification provided by
its two national brands.  At Dec. 31, 2013, DineEquity's system
consisted of 3,631 restaurants, of which 2,011 were Applebee's
Neighborhood Grill and Bar (Applebee's) and 1,620 were
International House of Pancakes (IHOPs).  Total system-wide sales
approximated $7.4 billion with average annual restaurant sales for
franchised units being about $2.4 million for Applebee's and $1.8
million for IHOP.

DineEquity is exploring the acquisition of a third non-competing
brand to scale its shared services infrastructure and provide
additional new unit development opportunities for existing
franchisees.  Management has indicated that nothing is imminent.

Same-Restaurant Sales

Applebee's domestic system-wide SRS increased 1.7% and 0.6% during
the quarter and nine months ended Sept. 30, 2014, respectively.
In each case a higher average check was partially offset by a
decline in traffic.  IHOP's domestic system-wide SRS rose 2.4% and
3.2% during the quarter and nine months ended Sept. 30, 2014,
respectively.  Traffic was slightly positive in the quarter, after
being negative for the nine-month period.

For the full year, DineEquity projects that Applebee's SRS will be
flat to 1%, versus the firm's prior expectations of between
negative 2% and positive 1%.  Management has guided for 2.5% to
3.5% for IHOP, an increase from its previous guidance of 1% to 2%.
Sales are benefitting from menu innovation and effective
marketing, which are helping to differentiate Applebee's and IHOP
from the competition.  Examples include Applebee's All You Can Eat
Crosscut Ribs and IHOP's numerous holiday pancake varieties and
Thanksgiving meals limited time offers.

Liquidity and Maturities

DineEquity's liquidity is adequate given the firm's FCF and
limited near-term maturities.  At Sept. 30, 2014, DineEquity had
over $200 million of liquidity inclusive of $133 million of cash
and availability under the firm's $75 million revolver which has
been terminated.  DineEquity's $1.3 billion of new securitized
notes have a 30-year legal final maturity and a 7-year anticipated
repayment date resulting in no upcoming maturities.


DIOCESE OF HELENA: Offers Plan To Settle Abuse Claim
----------------------------------------------------
Daily Bankruptcy Review, citing the Associated Press, reported
that the Roman Catholic Diocese of Helena has filed a bankruptcy
reorganization plan that proposes a $16.4 million settlement for
hundreds of people who said clergy members sexually abused them
for decades while the church covered it up.

According to the DBR report, the plan, filed on Nov. 17, calls for
the 362 victims identified in two lawsuits filed in 2011 to
receive a minimum payment of $2,500 each.  An abuse-claims
reviewer will determine the actual payment based on the severity
and long-term effects of the abuse, the report related.

                    About the Diocese of Helena

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

Attorneys at Elsaesser Jarzabek Anderson Elliott & MacDonald,
Chtd., serve as counsel to the Debtor.  Gough, Shanahan, Johnson &
Waterman PLLP has been tapped as special counsel to provide legal
advice relating to sexual abuse claims.

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

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

The U.S. Trustee for Region 18 appointed seven creditors to serve
on the Official Committee of Unsecured Creditors.  The Committee
has retained Pachulski Stang Ziehl & Jones LLP as counsel.

The Court installed Michael R. Hogan as the legal representative
for these sex abuse victims: (a) are under 18 years of age before
the Claims Bar Date; (b) neither discovered nor reasonably should
have discovered before the Claims Bar Date that his or her injury
was caused by an act of childhood abuse; or (c) have a claim that
was barred by the applicable statute of limitations as of the
Claims Bar Date but is no longer barred by the applicable statute
of limitations for any reason, including for example the passage
of legislation that revives such claims.


DOLPHIN DIGITAL: Delays Third Quarter Form 10-Q
-----------------------------------------------
Dolphin Digital Media, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the quarter
ended Sept. 30, 2014.  The Company said the Form 10-Q could not be
filed within the prescribed time because additional time is
required by the Company's management and auditors to prepare
certain financial information to be included in that report.

                       About Dolphin Digital

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

As of June 30, 2014, Dolphin Digital had $1.09 million in total
assets, $8.95 million in total liabilities, all current, and a
$7.85 million total stockholders' deficit.

Dolphin Digital incurred a net loss of $2.46 million in 2013
following a net loss of $3.38 million in 2012.

Crowe Horwath LLP, in Fort Lauderdale, 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 net losses, negative cash flows from
operations and does not have sufficient working capital.  These
events raise substantial doubt about the Company's ability to
continue as a going concern.


DR. TATTOFF: Delays Filing of Third Quarter Form 10-Q
-----------------------------------------------------
Dr. Tattoff filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
Sept. 30, 2014.  The Company said it was not able to file the Form
10-Q within the prescribed time period because of issues with the
timing and availability of its outside accounting firm and the
need to collect certain information that would make the report on
the Form 10-Q complete which could not be done in a timely manner.

                          About Dr. Tattoff

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

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

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

SingerLewak LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company's current liabilities exceeded its current assets
by approximately $5,435,000, has shareholders' deficit of
approximately $4,013,000, has suffered recurring losses and
negative cash flows from operations, and has an accumulated
deficit of approximately $11,708,000 at Dec. 31, 2013.  This
raises substantial doubt about the Company's ability to continue
as a going concern.


DUKE REALTY: Fitch Affirms 'BB+' Preferred Stock Rating
-------------------------------------------------------
Fitch Ratings has assigned a 'BBB' rating to the $300 million
3.750% senior unsecured notes due Dec. 1, 2024 issued by Duke
Realty Limited Partnership, the operating partnership of Duke
Realty Corp. (NYSE: DRE) (Duke).

The issue priced at 98.795% of par, representing a 3.896% yield to
maturity and a 153 basis point spread to the benchmark treasury
rate.

Duke will use the proceeds from the offering and planned asset
sales to pay down revolver borrowings, repay its $250 million
7.375% senior notes due Feb. 15, 2015, redeem all of its 6.6%
Series L preferred shares outstanding and help fund its $252
million of committed development expenditures at Sept. 30, 2014.

The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings take into account Duke's large pool of diversified
industrial, office, and medical office properties, strong access
to various forms of capital, and adequate unencumbered asset
coverage of unsecured debt.  These credit strengths are tempered
by a modest pro forma liquidity surplus over the next several
years and execution risk tied to asset sales in the near term.

Asset Sales Improve Credit Profile

Duke sold $877 million of properties during 2013 at a 6.8% in-
place cap rate.  The transactions furthered previous portfolio
repositioning consistent with a 60%, 25% and 15% mix of bulk
industrial, suburban office, and medical office building (MOB)
assets, respectively.  The company has disposed of an additional
$532 million of assets year-to-date through Sept. 30, 2014 at a
blended cap rate of 7.2% on in-place net operating income (NOI).
The company's systematic disposition program has accelerated de-
levering while strengthening the durability of Duke's cash flows,
in Fitch's view.  Additional single asset and portfolio sales
(predominantly comprised of suburban office assets) are likely
during next 12-24 months, which should further improve Duke's
financial flexibility and reduce its portfolio capital intensity.

Appropriate Leverage for Ratings

Duke's leverage was 6.6x at Sept. 30, 2014 based on trailing 12-
month (TTM) recurring operating EBITDA compared to 6.8x at
Dec. 31, 2013 and 8.0x at Dec. 31, 2012.  Fitch expects that
leverage will stabilize around 6.5x during its two- to three-year
rating horizon, helped by pre-leased development completions in
2014 and a 60%/40% mix between equity and debt to fund net
investments.  The 6.5x leverage is appropriate for a 'BBB' rated
REIT focused primarily on high-quality bulk industrial properties.
Fitch defines leverage as consolidated debt, net of readily
available cash over recurring operating EBITDA, including cash
distributions from unconsolidated joint ventures (JVs).

Adequate Fixed Charge Coverage

Fixed charge coverage (FCC) was 2.1x for the TTM ending Sept. 30,
2014, an increase from 1.9x and 1.6x during 2013 and 2012.  Fitch
expects that FCC will exceed 2.0x over the next 12-24 months and
sustain in the low 2.0x range, driven by low single-digit same-
store net operating income (SSNOI) growth, incremental NOI from
development deliveries and lower recurring capex given a reduced
suburban office footprint.  Duke's preferred equity repurchases
have also helped its FCC.  Projected FCC is consistent with the
'BBB' IDR.  Fitch defines FCC as recurring operating EBITDA, less
recurring capital expenditures and straight-line rent adjustments,
divided by total interest incurred and preferred dividends.

Pre-Leasing Mitigates Development Risk

Duke's committed development expenditures represented 2.7% of
gross assets at Sept. 30, 2014.  This is down from 3.9% at
Dec. 31, 2013 due to recent deliveries, but up from its 0.7% cycle
low in 2009.  Fitch is comfortable with Duke's development
exposure in the context of improving U.S. industrial fundamentals
and 59% pre-leasing for its total pipeline, including Duke's share
in unconsolidated JVs.  Fitch expects the company to generally
emphasize pre-leased projects over the near term -- a credit
positive -- with a measured appetite for speculative development
depending on individual submarket fundamentals.

Improving Fundamentals

Duke's SSNOI increased by 3.8% for the TTM ending Sept. 30, 2014,
with its three core property types - bulk distribution, suburban
office and medical office - growing in excess of 3%.  The
company's small retail portfolio showed a 6% decline in SSNOI
during the same period.  Duke's in-service portfolio occupancy was
95.4% at the end of the third quarter, up from 94.2% at Dec. 31,
2013.  Spreads on renewal leases were positive 8% year-to-date
(YTD) through Sept. compared with 3.1% during 2013 and 1.5% in
2012 and (0.9%) in 2011.  Stronger occupancy rates have improved
Duke's pricing flexibility across all property types, though
suburban office rent spreads continue to lag (+5.6% YTD).

Adequate Financial Flexibility

The company's liquidity profile is also adequate with total
sources of liquidity covering total uses by 1.2x for the Oct. 1,
2014 to Dec. 31, 2016 period.  Including the cost to complete its
development pipeline reduces Duke's coverage to an adequate 1.0x.
On a pro forma basis, adjusting for the company's $300 million
3.750% senior unsecured issuance, Duke's liquidity ratio improves
to 1.2x, including development.

Fitch defines liquidity coverage as sources of liquidity divided
by uses of liquidity.  Sources of liquidity include unrestricted
cash, availability under the unsecured revolving credit facility,
and projected retained cash flow from operating activities after
dividends.  Uses of liquidity include pro rata debt maturities,
expected recurring capital expenditures, and remaining development
costs.

DRE's liquidity profile is also supported by 2.1x pro forma
unencumbered asset coverage of unsecured debt assuming a stressed
8.25% cap rate, which is adequate for the 'BBB' rating.

Duke has a well-balanced debt maturity schedule. Following the
repayment of its 7.375% senior unsecured notes due Feb. 15, 2015
with proceeds from this issuance, Duke's next unsecured maturity
is not until March 1, 2016 when its $150 million 5.500% senior
unsecured notes mature.

Conservative Dividend Payout

Fitch expects Duke's dividend to increase moderately over the next
12-24 months given higher earnings from development completions,
improved operational stability from the realigned portfolio, and
fact that the quarterly dividend has remained at $0.17/share since
2009, which is inconsistent with peers.  Nonetheless, Fitch
expects the adjusted funds from operations (AFFO) payout ratio to
remain in a prudent range.

The company's AFFO payout ratio has improved to 68% for the nine
months ending Sept. 30, 2014 from 74% in 2013 and 84% in 2012.
Growth in property operating cash flows and the lack of dividend
increases have driven the improvement in Duke's payout ratio.
Fitch estimates that the company's low dividend payout ratio
allows it to retain roughly $75 million of internally generated
cash flow that can be used to satisfy its financial obligations
and fund external investments.

Stable Outlook

The Stable Rating Outlook is based on Fitch's expectation that
leverage will stabilize around 6.5x, that coverage will exceed
2.0x, and that the company will maintain adequate financial
flexibility over the near to medium term.

Preferred Stock Notching

The two-notch differential between DRE's IDR and preferred stock
rating is consistent with Fitch's criteria for corporate entities
with a 'BBB' IDR.  These preferred securities are deeply
subordinated and have loss absorption elements that would likely
result in poor recoveries in the event of a corporate default.

Rating Sensitivities

These factors may have a positive impact on the ratings and/or
Rating Outlook:

   -- Fitch's expectation of leverage sustaining below 6.0x
      (leverage was 6.6x for the TTM ended Sept. 30, 2014);

   -- Fitch's expectation of FCC sustaining above 2.5x (TTM
      coverage was 2.1x).

These factors may have a negative impact on the ratings and/or
Rating Outlook:

   -- Fitch's expectation of leverage sustaining above 7.0x;

   -- Fitch's expectation of FCC sustaining below 1.5x.

Fitch currently rates Duke Realty Corp. and Duke Realty Limited
Partnership as:

Duke Realty Corporation

   -- Issuer Default Rating (IDR) at 'BBB';
   -- Preferred stock at 'BB+'.

Duke Realty Limited Partnership

   -- IDR at 'BBB';
   -- Senior unsecured line of credit at 'BBB';
   -- Senior unsecured term loan at 'BBB';
   -- Senior unsecured notes at 'BBB'.


EAT AT JOE'S: Incurs $71,000 Net Loss in Third Quarter
------------------------------------------------------
Eat at Joe's Ltd. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $70,942 on $361,575 of revenues for the three months ended
Sept. 30, 2014, compared to a net loss of $532,874 on $364,924 of
revenues for the same period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported net
income of $3.72 million on $1.09 million of revenues compared to a
net loss of $475,610 on $968,992 of revenues for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $15.67
million in total assets, $12.02 million in total liabilities and
$3.65 million in total stockholders' equity.

The Company has generated income before income taxes for the nine
months ended Sept. 30, 2014, of $5,387,533, however it had a loss
from operations of $481,659.  As of Sept. 30, 2014, the Company
had an accumulated deficit of $11,934,042.  These conditions
continue to raise substantial doubt as to the Company's ability to
continue as a going concern, according to the filing.

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

                        http://is.gd/sIbaLI

                        About Eat at Joe's

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

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

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


ECOSPHERE TECHNOLOGIES: Incurs $1.9 Million Net Loss in Q3
----------------------------------------------------------
Ecosphere Technologies, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $1.94 million on $550,632 of total revenues for the
three months ended Sept. 30, 2014, compared to a net loss of $2.79
million on $2.38 million of total revenues for the same period
last year.

For the nine months ended Sept. 30, 2014, the Company reported
a net loss of $7.74 million on $688,452 of total revenues compared
to net income of $21.99 million on $4.22 million of total revenues
for the same period during the prior year.

As of Sept. 30, 2014, the Company had $16.79 million in total
assets, $3.59 million in total liabilities, $3.78 million in total
redeemable convertible cumulative preferred stock, and $9.41
million in total equity.

As of Oct.31, 2014, Ecosphere had cash on hand of approximately
$0.1 million.  Due to the nature of its technology licensing
business model, Ecosphere presently does not have any regularly
recurring revenue.  These factors, the Company said, raise
substantial doubt about its ability to continue as a going
concern.  To support its operations, the Company has a number of
plans to monetize its intellectual property.

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

                        http://is.gd/zuD6bJ

                           *     *     *

Ecosphere Technologies earlier a Notification of Late Filing on
Form 12b-25 with respect to its quarterly report on Form 10-Q for
the period ended Sept. 30, 2014.  The Company disclosed it had
received a significant award from a major consumer magazine
whereby its Ecos PowerCube has been named one of the best new
products of the year.  The Company understands that the magazine
will be on newsstands on Nov. 12, 2014, and has been required to
refrain from disclosure until that date.  The Company believes
this information should be disclosed in its Form 10-Q so it will
file the report that day.

                    About Ecosphere Technologies

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

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

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company had a loss from operations and cash used in
operations along with an accumulated deficit.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.

"As of August 6, 2014, Ecosphere had cash on hand of approximately
$0.3 million.  Due to the nature of its technology licensing
business model, Ecosphere presently does not have any regularly
recurring revenue.  These factors 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 June 30, 2014.


EDUCATION MANAGEMENT: S&P Cuts CCR to 'D' on Suspended Payments
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Pittsburgh-based for-profit post-
secondary school operator Education Management LLC (EDMC) to 'D'
from 'CC'.  At the same time, S&P lowered its issue-level rating
on the company's senior secured credit facility to 'D' from 'CC'.
The '3' recovery rating on the debt remains unchanged.  S&P also
lowered its issue-level rating on the company's senior unsecured
debt to 'D' from 'C'.  The '6' recovery rating on the debt remains
unchanged.

The rating actions follow the amendment to the company's credit
facilities that waived all financial covenants and substituted the
originally agreed upon cash interest and principal payments for a
payment-in-kind (PIK structure).

"We assign a 'D' rating when we believe that the obligor will fail
to pay all or substantially all of its obligations as they come
due," said Standard & Poor's credit analyst Christopher Thompson.
"EDMC is in the process of an ongoing, multistage out-of-court
restructuring, which it expects to be finalized in 2015." The
company has reached an agreement with nearly all of its lenders to
restructure $1.5 billion of existing debt for $400 million in new
debt and equity.  "Given the company's distressed financial
condition, we believe the investors are receiving less than the
agreed upon promise of the original securities."


ELEPHANT TALK: Needs More Time to File Quarterly Report
-------------------------------------------------------
Elephant Talk Communications Corp. filed a Notification of Late
Filing on Form 12b-25 with respect to its quarterly report on Form
10-Q for the period ended Sept. 30, 2014.  The Company said it
needs additional time to complete the presentation of its
financial statements, and its analysis thereof.  The Company has
accordingly delayed the filing of its Form 10-Q.  The Company
expects to file its Form 10-Q with the U.S. Securities and
Exchange Commission on or before the fifth calendar day as
described in Rule 12b-25 under the Securities Exchange Act of
1934.

Elephant Talk expects to report a net loss of $2.4 million for the
three months ended Sept. 30, 2014, compared to a net loss of $3.2
million for the same period a year ago.

Revenue for the third quarter of 2014 is expected to increase to
approximately $7.3 million compared to $5.2 million for the same
quarter of 2013.

Mr. Steven van der Velden, chairman and CEO of Elephant Talk,
stated, "The third quarter of 2014 continues to demonstrate the
positive sequential growth trends established by Elephant Talk
over the past year, driven by increased utilization of our ET
Software DNA 2.0 platform with our key customers.  We are pleased
with the increased cash provided from operations as well as the
positive EBITDA achieved, which validates the scalability of our
monthly recurring revenue platform."

                         About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.

Elephant Talk reported a net loss of $22.13 million in 2013, a net
loss of $23.13 million in 2012 and a net loss of $25.31 million in
2011.  As of June 30, 2014, the Company had $44.72 million in
total assets, $23.24 million in total liabilities and $21.47
million in total stockholders' equity.

"If the Company is unable to achieve its anticipated revenues or
financing arrangements with its major vendors, the Company will
need to attract further debt or equity financing.  Although the
Company has been successful in the past in meeting its cash needs,
there can be no assurance that proceeds from additional revenues,
vendor financings or debt and equity financings, where required,
will be received in the required time frames.  If the Company is
unable to achieve its anticipated revenues or obtain financing it
may need to delay and restructure its operations.  As of June 30,
2014, these conditions 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 June 30, 2014.


ELITE PHARMACEUTICALS: Posts $21 Million Net Income in Q3
---------------------------------------------------------
Elite Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to common shareholders of $21.37 million
on $1.25 million of total revenues for the three months ended
Sept. 30, 2014, compared to a net loss attributable to common
shareholders of $9.63 million on $1.15 million of total revenues
for the same period in 2013.

For the six months ended Sept. 30, 2014, the Company reported net
income attributable to common shareholders of $16.97 million on
$2.41 million of total revenues compared to a net loss
attributable to common shareholders of $8.71 million on $1.88
million of total revenues for the same period last year.

As of Sept. 30, 2014, the Company had $23.88 million in total
assets, $79.25 million in total liabilities and a $55.36 million
total stockholders' deficit.

As of Sept. 30, 2014, the Company had cash on hand of $7.6 million
and a working capital surplus of $7.9 million.  The Company
believes that those resources, combined with the Company's access
to amounts available pursuant to the $40 million equity line with
Lincoln Park, and approximately $0.4 million available under the
Hakim Credit Line are sufficient to fund operations through the
current operating cycle.

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

                        http://is.gd/DhVcyF

                     About Elite Pharmaceuticals

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

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


EMPIRE RESORTS: Incurs $4.8 Million Net Loss in Third Quarter
-------------------------------------------------------------
Empire Resorts, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $4.84 million on $18.77 million of net revenues for the three
months ended Sept. 30, 2014, compared to a net loss of $743,000 on
$19.67 million of net revenues for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $20.49 million on $49.59 million of net revenues
compared to a net loss of $2.29 million on $55.43 million of net
revenues for the same period during the prior year.

The Company's balance sheetat Sept. 30, 2014, showed $42.39
million in total assets, $56.66 million in total liabilities and a
$14.27 million total stockholders' deficit.

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

                        http://is.gd/JJNw00

                       About Empire Resorts

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

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


ENERGY FUTURE: Withdraws Application to Employ PwC
--------------------------------------------------
Energy Future Holdings Corp., et al., have withdrawn their motion
to employ PricewaterhouseCoopers LLP as internal audit,
information security and tax consultants nunc pro tunc the
Petition Date.

                       About Energy Future

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

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

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

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

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

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

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

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

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


ENTRANS INT'L: S&P Assigns 'B' Corp. Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Houston-based EnTrans International LLC.  The
outlook is stable.  At the same time, S&P assigned its 'B' issue-
level rating to EnTrans' proposed $250 million senior secured
notes due 2020.  The recovery rating on the notes is '3',
indicating S&P's expectation for meaningful (50% to 70%) recovery
to creditors in the event of a payment default.

"EnTrans International will use proceeds from the proposed secured
notes to refinance existing debt at Heil Trailer International and
SERVA Financing LLC, both of which are majority-owned portfolio
companies of private equity firm American Industrial Partners,"
said Standard & Poor's credit analyst Carin Dehne-Kiley.

EnTrans will also enter into a new $70 million asset-based loan
revolving credit facility due 2019 and availability will be
subject to a borrowing base.  S&P expects the revolver to be
undrawn at the close of the transaction.

The ratings on EnTrans reflect S&P's view of the company's
"vulnerable" business risk and "highly-leveraged" financial risk
profiles, "favorable" comparable ratings analysis, and S&P's
assessment of liquidity as "adequate."

The stable outlook reflects S&P's expectation that EnTrans will
successfully integrate and grow the combined businesses, while
maintaining FFO to debt above 12%.

S&P could lower the rating if it expected FFO/debt to fall below
12% or debt/EBITDA to exceed 5x with no near-term remedy, or if
liquidity deteriorated.  This would most likely occur if North
American E&P companies reduced drilling and completion capital
expenditures by more than S&P currently anticipates due to lower
oil prices.

S&P would consider a higher rating if EnTrans were able to improve
profitability more in line with its oilfield services peers, or if
the company were able to bring and maintain FFO/debt above 20% for
a sustained period.


EQUINIX INC: S&P Rates $1BB Senior Unsecured Notes Due 2022 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Equinix Inc.'s aggregate $1 billion senior unsecured
notes due 2022.  The recovery rating is capped at '3' due to the
company's ability to incur additional debt and indicates S&P's
expectation for meaningful (50% to 70%) recovery for unsecured
creditors in the event of a payment default.  S&P expects most of
the proceeds will be used to repay the $750 million senior notes
due 2021 and associated costs and for general corporate purposes.
Since the transaction does not materially alter the company's
credit metrics, the 'BB' corporate credit rating and stable
outlook are not affected by the refinancing.

Equinix also intends to refinance its secured credit facilities
later this year.  The proposed $1.5 billion facilities comprise a
$500 million term loan and $1 billion revolving line of credit,
both maturing in 2019.  The new credit facilities will not affect
ratings, including the '3' recovery rating on the new $1 billion
of unsecured notes, which already incorporates the refinanced
credit facilities.

Redwood City, Calif.-based Equinix is a data center operator
providing colocation and interconnection servicers to internet
content providers, small- to medium-sized enterprises, larger
global enterprises, financial services companies, and network
service providers primarily in the Americas, Europe, and Asia
Pacific.  S&P considers its business risk profile to be
"satisfactory," given its global reach, substantial set of
facilities in favorable locations, and large base of customers
under multi-year contracts, which constrains customer churn.  S&P
expects leverage to be in the mid-3x area in 2015, which is its
midpoint for an "aggressive" financial risk profile.  Equinix's
conversion to a REIT in 2015 requires significant, ongoing cash
distributions and will limit the prospect for material improvement
in financial metrics.

RATING ACTIONS

Equinix Inc.
Corporate credit rating             BB/Stable/--

New Ratings
$1 bil. sr. unsec nts due 2022      BB
  Recovery rating                    3


EQUINOX HOLDINGS: S&P Affirms 'B' CCR & Revises Outlook to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on New York City-based fitness club
operator Equinox Holdings Inc. and revised the outlook to stable
from positive.

At the same time, S&P affirmed the 'B' issue-level rating, with a
recovery rating of '3', on Equinox's aggregate $745 million senior
secured credit facility due 2020, including the proposed $150
million incremental term loan.  The '3' recovery rating reflects
S&P's expectation for meaningful (50%-70%) recovery in the event
of a payment default.  S&P also affirmed the 'CCC+' issue-level
rating, with a recovery rating of '6', on the company's second-
lien term loan.  The '6' recovery rating reflects S&P's
expectation for negligible (0%-10%) recovery in the event of a
payment default.

The company plans to raise the additional $150 million term loan
under its existing senior secured credit facility.  This
incremental debt will have the same 2020 maturity as Equinox's
existing facility and the aggregate size of the first lien
facility will be $745 million upon closing.  Equinox plans to use
$57 million to redeem stock options and add the remainder as cash
on the balance sheet.  Pro forma for this transaction, the
company's controlling stake in SoulCycle Holdings LLC will be
excluded from the collateral package that supports Equinox's
credit facilities.  In S&P's view, this is offset by the value
added to the collateral package related to the acquisition of six
Sports Club/LA branded gyms from Millennium Partners in July 2014.
In addition, S&P raised its emergence EBITDA multiple on Equinox
to 6x from 5x to reflect the relative strength of the company's
brand, which offsets the incremental term loan debt and resulted
in S&P's affirming the 'B' issue-level rating, with a recovery
rating of '3', on the first-lien facility.

"The revision of the outlook to stable from positive reflects
incremental leverage from the proposed transaction and our
expectation for adjusted operating lease-adjusted leverage to
remain above 6x through 2015," said Standard & Poor's credit
analyst Shivani Sood.

Under S&P's base-case forecast, the company will not reduce
leverage over the near term below the 6x threshold S&P believes is
in line with a one-notch higher rating on Equinox.  In addition,
S&P believes management will likely continue to add modest balance
sheet leverage to periodically fund growth, including executing
operating leases for new club locations that S&P capitalizes for
debt calculation purposes.

S&P's corporate credit rating on Equinox reflects S&P's assessment
of its business risk profile as "fair" and its financial risk
profile as "highly leveraged."

The stable outlook reflects S&P's expectation that moderate
consumer spending growth will support good same-club operating
performance, and that strong EBITDA growth partially offsets
incremental leverage from the proposed transaction and newly
executed leases for club openings.  Under S&P's base-case
forecast, it expects adjusted leverage over the near term to
remain above the 6x threshold that S&P believes is in line with a
one-notch higher rating on Equinox.

S&P would consider a one-notch upgrade if it was confident that
operating lease-adjusted debt to EBITDA would remain below 6x and
adjusted FFO to debt could improve above 12%.  An upgrade would
also be contingent on S&P's belief that management would size
future expansion plans in a leverage-neutral manner, such that
leverage could be sustained below 6x.

S&P would consider a downgrade if operating performance
significantly underperforms its base-case forecast such that
adjusted interest coverage falls to below 1.5x.


ESSAR STEEL: S&P Raises CCR to 'B-' Over Refinancing
----------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Essar Steel Algoma Inc. (ESA) to 'B-'
from 'SD' (selective default) following completion of the
company's refinancing and recapitalization process.  The outlook
is stable.

At the same time, Standard & Poor's finalized its 'B+' issue-level
rating and '1' recovery rating on ESA's US$50 million senior
secured revolving asset-based loan (ABL), US$375 million term
loan, and US$375 million notes.  A '1' recovery rating indicates
S&P's expectation of very high (90%-100%) recovery in its default
scenario.  The issue-level ratings are no longer preliminary as
the debt issuances (about US$1 billion in total), parent equity
injection, and sale of ESA's port facilities are now complete, and
will facilitate the company's emergence from creditor protection.

Standard & Poor's has also assigned its 'CCC+' issue-level rating
and '5' recovery rating to the company's new US$252 million junior
secured payment-in-kind (PIK) notes, which replace the previously
proposed junior secured notes.  A '5' recovery rating indicates
S&P's expectation of modest (10%-30%) recovery in the event of
default (in the lower half of the recovery range).

In addition, S&P withdrew its preliminary 'B-' issue-level rating
and '4' recovery rating on the company's previously proposed
junior secured notes, which were not issued.  Finally, S&P
withdrew its 'D' ratings on ESA's senior secured and senior
unsecured debt, along with S&P's respective '1' and '5' recovery
ratings on the debt.

"The upgrade on ESA reflects the completion of the company's debt
refinancing and other restructuring-related transactions, which
will facilitate ESA's emergence from creditor protection with a
new capital structure," said Standard & Poor's credit analyst
Jarrett Bilous.  "The company complied with the terms of its court
supervised restructuring by completing the refinancing and related
restructuring transactions before Nov. 15," Mr. Bilous added.

"Our assessment of ESA's business risk profile as "vulnerable"
primarily reflects our view of the company's high exposure to
historically volatile steel industry conditions and limited
operating diversity.  ESA mainly manufactures flat-rolled carbon
steel, which makes up about 80% of total shipments, and competes
in cyclical and capital-intensive end markets.  A large share of
its steel production is commodity hot-rolled sheet, which limits
differentiation from competitions.  Nearly all of ESA's production
is sold at spot prices or short-term contracts based on spot
prices rather than fixed prices, which has resulted in significant
historical volatility in profitability.  Although this provides
earnings upside during periods of rising steel prices, the company
is also exposed to periods of weak and declining prices.  Weaker
prices, high input costs, and one-time items led to losses in 2014
and contributed to the company's court-supervised restructuring,"
S&P said.

"In our view, ESA has limited operating diversity based on its
single-site production facilities and focus on volatile North
American steel market.  The company has been operating only one of
its blast furnaces, blast furnace No. 7, following a sharp drop in
steel prices in 2009.  The reliance on one blast furnace -- the
key facility of an integrated steel mill -- exposes ESA to
operating risk, which was highlighted by unscheduled downtime in
2011 and 2012.  In our view, the potential restart of its blast
furnace No. 6, which could increase capacity by more than 25% (or
about 1 million net tons annually), and efficiency gains primarily
from the company's recently revised iron ore contract with Cliffs
Natural Resources, should result in a sustained improvement in
profitability.  However, we expect the company's limited operating
diversity will remain a key constraint on our business risk
assessment of ESA," S&P noted.

The stable outlook reflects S&P's expectation that ESA's core
credit ratios, including adjusted debt-to-EBITDA and funds from
operations (FFO)-to-debt, gradually improve beyond the levels
commensurate with a highly leveraged financial risk profile.  The
outlook also takes into account the potential for significant
earnings and cash flow volatility due to the company's high
sensitivity to fluctuating steel industry conditions.  S&P expects
ESA to generate an adjusted debt-to-EBITDA ratio of close to 5.5x
and an FFO-to-debt ratio of just below 10% in fiscal 2015, with
improvement in fiscal 2016.

S&P could lower the ratings on ESA in the event that weaker steel
prices or higher-than-expected operating costs lead to
deterioration in earnings and cash flow, and result in liquidity
that S&P considers "less than adequate."

S&P could raise the rating if ESA materially exceeds its base-case
operating results expectations, which could result from stronger
steel prices and cost reductions considered to be permanent
through a business cycle.  In this scenario, S&P would expect the
company to generate adjusted debt-to-EBITDA at or below 3x on a
sustainable basis.


EURAMAX INTERNATIONAL: Incurs $16.4 Million Net Loss in Q3
----------------------------------------------------------
Euramax Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $16.40 million on $239.94 million of net sales for
the three months ended Sept. 26, 2014, compared to net income of
$16.25 million on $227.83 million of net sales for the three
months ended Sept. 27, 2013.

For the nine months ended Sept. 26, 2014, the Company reported a
net loss of $38.79 million on $642.83 million of net sales
compared to a net loss of $13.41 million on $630.24 million of net
sales for the nine months ended Sept. 27, 2013.

As of Sept. 26, 2014, the Company had $598.93 million in total
assets, $746.10 million in total liabilities and a $147.17 million
total shareholders' deficit.

Hugh Sawyer, interim president of Euramax Holdings, Inc., and a
professional in Huron Consulting Group's Business Advisory
Practice, commented, "Our operating performance for the third
quarter of 2014 reflects a second consecutive quarter of
improvement in net sales, operating income and Adjusted EBITDA
versus the corresponding prior year quarter.  Our U.S. Residential
and U.S. Commercial Products segments benefited from higher demand
compared to the third quarter of 2013.  Despite weakening economic
conditions in Western Europe, operating income in our
international segments improved due to the realization of cost
savings from operational initiatives undertaken in both the
current and prior year.  The Company has implemented operational
efficiencies, pursued business development initiatives and
continues to aggressively manage costs in our international
business segments as end market demand thus far remains
uncertain."

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

                        http://is.gd/F0VMAL

                           About Euramax

Based in Norcross, Georgia, Euramax International, Inc., is an
international producer of aluminum, steel, vinyl and
fiberglass products for original equipment manufacturers,
distributors, contractors and home centers in North America and
Western Europe.  The Company was acquired for $1 billion in 2005
by management and Goldman Sachs Capital Partners.

Euramax Int'l has subsidiaries in Canada (Euramax Canada, Inc.),
United Kingdom (Ellbee Limited and Euramax Coated Products
Limited), and The Netherlands (Euramax Coated Products B.V.), and
France (Euramax Industries S.A.).

Euramax Holdings reported a net loss of $24.89 million in 2013, a
net loss of $36.76 million in 2012 and a net loss of $62.71
million in 2011.

                         Bankruptcy Warning

"Any default under the agreements governing our indebtedness,
including a default under the ABL Credit Facility and the Senior
Unsecured Loan Facility, that is not waived by the required
holders of such indebtedness, could leave us unable to pay
principal, premium, if any, or interest on the Notes and could
substantially decrease the market value of the Notes.  If we are
unable to generate sufficient cash flow and are otherwise unable
to obtain funds necessary to meet required payments of principal,
premium, if any, or interest on such indebtedness, or if we
otherwise fail to comply with the various covenants, including
financial and operating covenants, in the instruments governing
our existing and future indebtedness, including the ABL Credit
Facility and the Senior Unsecured Loan Facility, we could be in
default under the terms of the agreements governing such
indebtedness.  In the event of such default, the holders of such
indebtedness could elect to declare all the funds borrowed
thereunder to be due and payable, together with any accrued and
unpaid interest, the lenders under the ABL Credit Facility could
elect to terminate their commitments, cease making further loans
and institute foreclosure proceedings against the assets securing
such facilities and we could be forced into bankruptcy or
liquidation," the Company said in the 2013 Annual Report.

                            *     *     *

As reported by the TCR on Dec. 13, 2012, Moody's Investors Service
downgraded Euramax International, Inc.'s corporate family rating
and probability of default rating to Caa2 from Caa1.  The
downgrade reflects Moody's expectation that the turmoil in
global financial markets and weakness in Europe will continue to
hamper Euramax's revenues and operating margins as well as weaken
key credit metrics.

The TCR, in its July 31, 2014, report, stated that Standard &
Poor's Ratings Services had revised its rating outlook on
Norcross, Ga.-based Euramax International Inc. to negative from
stable and affirmed its 'B-' corporate credit rating.


EXTERRAN HOLDINGS: S&P Affirms 'BB-' CCR Over Spin-off Plans
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
corporate credit and issue-level ratings on Houston, Texas-based
Exterran Holdings Inc. (Holdings).  The '3' recovery rating is
unchanged.  At the same time, S&P affirmed the 'B+' corporate
credit rating and 'B' issue-level rating on master limited
partnership (MLP) Exterran Partners L.P. (EXLP).  The '3' recovery
rating is unchanged.  The outlook for both is stable.

Holdings announced that it intends to spin off its international
contract operations, international aftermarket services, and
global fabrication businesses into a stand-alone, publicly traded
company, resulting in two independent companies.  S&P expects
Holdings will retain its ownership interest (currently 37%), as
well as all of the incentive distribution rights in EXLP.  S&P
reviewed the announced transaction and are affirming its ratings
on Holdings and EXLP.  S& expects to withdraw the rating on
Holdings when the transaction is complete because all debt will be
repaid.

S&P also believes that EXLP's credit profile will be unchanged.
Its stand-alone credit profile (SACP) remains b+.  Pro forma for
the proposed transaction, S&P expects Holdings to be outside
EXLP's group, and EXLP's SACP becomes its issuer credit rating.

"The partnership continues to improve its size and scale
organically and through acquisitions, such as the recent
acquisition of a portion of Chesapeake Energy's compression
assets," said Standard & Poor's credit analyst Mike Llanos.

The stable rating outlook on Holdings reflects S&P's expectation
that the company will pay off its debt and complete the
transaction as announced while maintaining credit measures at
current levels until then.  S&P expects to withdraw the ratings
when the debt is paid off.

The stable outlook on EXLP reflects S&P's expectation of stable
demand for compression services and equipment, adequate liquidity,
and total adjusted debt to EBITDA in the 4x area.


FAIRMONT GENERAL: Suzanne Koenig Released from PCO Duties
---------------------------------------------------------
The Bankruptcy Court entered an order discharging Suzanne Koenig
from the duties of the patient care ombudsman for Fairmont General
Hospital, Inc., et al.

The Court also said that neither the ombudsman nor the
Professionals will have any liability with respect to any act or
omission, statement or representation arising out of, relating to,
or involving in any way, the Debtors, the cases, the ombudsman's
evaluation, her reports or any pleadings or other writings filed
by the ombudsman or her professionals in connection with the cases
other than acts or omissions involving or arising out of gross
negligence, willful misconduct or a violation of applicable
disciplinary or ethical rules.

               About Fairmont General Hospital Inc.

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

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

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

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

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

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


FAIRMONT GENERAL: Admin. Claims Bar Date Set for December 11
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of West
Virginia set Dec. 11, 2014, at 5:00 p.m. (prevailing Eastern Time)
as deadline for creditors of Fairmont General Hospital Inc. and
its debtor-affiliates to file proofs of administrative claim.  All
proofs of claim must be filed with:

   SPILMAN THOMAS & BATTLE PLLC
   c/o Rayford K. Adams, III, Esq.
   110 Oakwood Drive, Suite 500
   Winston-Salem, NC 27103
   Tel: (336) 725-4710
   Email: tadams@spilmanlaw.com

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

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

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

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

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

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


FINJAN HOLDINGS: Reports $553,000 Net Income in Third Quarter
-------------------------------------------------------------
Finjan Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $553,000 on $5.37 million of revenues for the three months
ended Sept. 30, 2014, compared to a net loss of $1.37 million on
$394,000 of revenues for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $4.69 million on $6.18 million of revenues compared to
a net loss of $3.33 million on $592,000 of revenues for the same
period last year.

The Company's balance sheet at Sept. 30, 2014, showed $26.12
million in total assets, $2.70 million in total liabilities and
$23.42 million in total stockholders' equity.

As of Sept. 30, 2014, the Company had approximately $20.4 million
of cash and cash equivalents and $20.2 million of working capital.
The decrease in the Company's cash and cash equivalents of
approximately $4.2 million from Dec. 31, 2013, is primarily
attributable to approximately $3.8 million used in operations, net
of $4 million received from licensing agreements entered into in
2012 and the third quarter of 2014, a $0.5 million capital
commitment called by the Israel-based limited partnership venture
capital fund and approximately $0.1 million received from
exercises of stock options by certain former employees.

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

                       http://is.gd/d8dib8

                           About Finjan

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

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


FIRST NATIONAL: Posts $3.3 Million Net Income in Third Quarter
--------------------------------------------------------------
First National Community Bancorp, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing net income of $3.35 million on $8.31 million of
total interest income for the three months ended Sept. 30, 2014,
compared to net income of $1.88 million on $8.18 million of total
interest income for the same period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported net
income of $13.45 million on $24.65 million of total interest
income compared to net income of $4.33 million on $24.56 million
of total interest income for the same period in 2013.

As of Sept. 30, 2014, the Company had $982.13 million in total
assets, $931.81 million in total liabilities and $50.32 million in
total shareholders' equity.

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

                          http://is.gd/01ofFx

                         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.

                         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.


FOREVERGREEN WORLDWIDE: Posts $203,000 Net Income in 3rd Quarter
----------------------------------------------------------------
Forevergreen Worldwide Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income of $203,343 on $15.88 million of net
revenues for the three months ended Sept. 30, 2014, compared to
net income of $326,929 on $4.79 million of net revenues for the
same period last year.

For the nine months ended Sept. 30, 2014, the Company reported net
income of $839,250 on $40.54 million of net revenues compared to
net income of $110,090 on $11.49 million of net revenues for the
same period during the prior year.

As of Sept. 30, 2014, the Company had $6.69 million in total
assets, $7.16 million in total liabilities and a $467,508 total
stockholders' deficit.

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

                        http://is.gd/uAjrf0

                   About ForeverGreen Worldwide

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

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

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


FOREST OIL: Reports $106 Million Net Loss for Third Quarter
-----------------------------------------------------------
Forest Oil Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $105.84 million on $62.05 million of total revenues for the
three months ended Sept. 30, 2014, compared to net earnings of
$2.21 million on $118.19 million of total revenues for the same
period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $209.56 million on $187.68 million of total revenues
compared to a net loss of $32.29 million on $353.18 million of
total revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2014, the Company had
$927.48 million in total assets, $1.07 billion in total
liabilities and a $148.03 million total shareholders' deficit.

"On May 5, 2014, we entered into an Agreement and Plan of Merger
with Sabine Oil & Gas LLC, under which Forest and Sabine are
expected to combine their businesses in an all-stock transaction.
This agreement was amended on July 9, 2014 primarily to change the
structure of the transaction.  If the transaction is completed,
the Credit Facility will be terminated before any breach of the
financial covenant occurs.  Accordingly, we elected to defer
seeking an amendment or waiver to address a potential breach
rather than incurring the expense of doing so solely to avoid a
"going concern" audit opinion with respect to the financial
statements included in our Form 10-K/A filed on October 1, 2014.
If, prior to year end, it appears the combination transaction will
not be completed, we will attempt to undertake mitigating actions
with respect to the Credit Facility that we feel are most
appropriate.  However, there can be no assurance that any
particular actions will be available to us, or that even if
available, we will be able to complete them.  If the combination
transaction is not completed, failure to take appropriate
mitigating actions in the event we are in breach of the covenant
may have severely negative effects on our financial condition
including, potentially, bankruptcy," the Company stated in the
Report.

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

                        http://is.gd/r3I2mq

                          About Forest Oil

Forest Oil is an independent oil and gas company engaged in the
acquisition, exploration, development, and production of oil,
natural gas, and natural gas liquids ("NGLs") primarily in North
America.

Ernst & Young LLP, in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent accounting firm noted
that the Company has determined that it expects to fail a
financial covenant in its Credit Facility sometime prior to the
end of 2014, which could result in the acceleration of all
borrowings thereunder and the Company's senior unsecured notes due
2019 and 2020.  This raises substantial doubt about the Company's
ability to continue as a going concern.


                            *    *    *

As reported by the TCR on Aug. 25, 2014, Standard & Poor's Ratings
Services said that its 'B-' corporate credit rating and its other
ratings on Denver-based Forest Oil Corp. remain on CreditWatch
with positive implications, pending the close of a merger
transaction with Sabine Oil & Gas LLC.


GELTECH SOLUTIONS: Incurs $950,000 Net Loss in Sept. 30 Quarter
---------------------------------------------------------------
GelTech Solutions, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $950,093 on $110,867 of sales for the three months
ended Sept. 30, 2014, compared to a net loss of $1.91 million on
$530,812 of sales for the same period last year.

As of Sept. 30, 2014, the Company had $1.35 million in total
assets, $2.78 million in total liabilities and a $1.43 million
total stockholders' deficit.

As of Nov. 14, 2014, the Company had approximately $640,000 in
available cash.

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

                        http://is.gd/N04DeX

                           About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

Salberg & Company, P.A., expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has net cash used in operating activities in 2014 of $5.13
million and has an accumulated deficit of $35.13 million at
June 30, 2014.

The Company reported a net loss of $7.11 million for the fiscal
year ended June 30, 2014, following a net loss of $5.22 million
for the fiscal year ended June 30, 2013.


GELTECH SOLUTIONS: Names Michael Reger as President
---------------------------------------------------
GelTech Solutions, Inc., appointed Mr. Michael Reger as its
president and Mr. Daniel Simon as its chief operating officer,
replacing Mr. Reger, according to a regulatory filing with the
U.S. Securities and Exchange Commission.

Mr. Reger has been GelTech's chief operating officer since
March 25, 2013.  For over 20 years, Mr. Reger has been a partner
at III Associates, a registered investment advisor, and AVM, L.P.,
an institutional broker dealer.

Mr. Simon has been GelTech's director of Utility Markets since
October 2013.  Prior to that, Mr. Simon spent approximately 40
years with Con Edison with his latest position being Emergency and
Environmental Manager in Manhattan.

GelTech Solutions sold 317,966 shares of common stock and 158,983
two-year warrants (exercisable at $2.00 per share) for $100,000 to
Mr. Michael Reger, the Company's largest shareholder.

                           About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

Salberg & Company, P.A., expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has net cash used in operating activities in 2014 of $5.13
million and has an accumulated deficit of $35.13 million at
June 30, 2014.

The Company reported a net loss of $7.11 million for the fiscal
year ended June 30, 2014, following a net loss of $5.22 million
for the fiscal year ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $1.24 million
in total assets, $3.14 million in total liabilities and a
stockholders' deficit of $1.9 million.


GREAT PLAINS: Bid for Relief from Stay Taken Under Advisement
-------------------------------------------------------------
The Bankruptcy Court has taken under advisement 1st Source Bank's
motion for relief from automatic stay.

According to 1st Source Bank, the Debtor has lack of equity. 1st
Source Bank also believes that CEO Richard M. Osborne is
responsible for the high legal fees that the Bank has incurred in
pursuing its claim.

1st Source Bank asserts that the Debtor owes a total claim of
$645,369.

As reported in the Troubled Company Reporter on April 25, 2014,
the Debtor asked the Court to deny 1st Source Bank's motion to
terminate the automatic stay.

On March 20, 2014, the Bank sought relief from automatic stay to
sell certain personal property collateral, claiming that the
Debtor is not able to provide adequate protection to the Bank.

The Bank and Debtor executed and entered on May 21, 2007, into a
loan and security agreement whereby the Bank agreed to extend
credit to the Debtor for purposes of the Debtor acquiring or
purchasing certain vehicles, equipment and machinery, which are
items constituting the collateral.  The Debtor agreed to grant a
security interest in the collateral as security for the extension
of credit.

The Debtor has defaulted in the monthly payments to the Bank. The
regular monthly payment due is $26,886.02.  As of March 9, 2014,
the payoff of the amount due and owing the Bank by the Debtor is
$596,384.74.  Interest continues to accrue on the principal amount
at the rate of $95.90 per day.

The Bank believes that the value of the collateral does not
provide adequate protection to the Bank considering the
depreciating value of the collateral, additional costs to the Bank
of continuing interest and late charges, and additional amounts
accruing related to attorneys' fees and court costs.  The
collateral is believed to be in the possession of Debtor.

On April 7, 2014, the Debtor filed a response to the Bank's
motion, asking the Court to deny the motion.  According to the
Debtor, the Bank attempts to impermissibly inflate its claim so as
to cause the appearance of a lack of security.  The Bank asserts
that the payoff for its loans to Debtor is now $596,384.74.  The
Debtor says in its April 7 court filing that in formulating this
calculation, the Bank includes such items as interest, late fees,
legal fees and non legal expenses totaling $214,800.95.  The
Debtor disputes the amount and the permissibility of these charges
under the Bankruptcy Code.

The Bank's new calculation also ignores that fact that the parties
agreed that the amount of the claim is $484,731.14 and cannot be
amended, the Debtor states.  The Court approved this agreement on
Nov. 6, 2013.

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

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

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

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

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

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


HELLER EHRMAN: District Court Enters Scheduling Order
-----------------------------------------------------
Paravue Corporation and Post-Confirmation Liquidating Debtor
Heller Ehrman LLP requested that -- pursuant to Rule 8009 of the
Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rule
8010-1, and following the parties' meet and confer communications
as directed at the Case Management Conference held on Oct. 20,
2014 -- the District Court enter a Stipulated Scheduling Order.

In a Nov. 6 Stipulated Scheduling Order signed by District Judge
Charles R. Breyer and available at http://bit.ly/1zxPtwqfrom
Leagle.com, the parties' briefs on the appeal from the Bankruptcy
Court are due as follows:

     -- Appellant's Opening Brief January 2, 2015
     -- Appellee's Answering Brief February 13, 2015
     -- Appellant's Reply Brief February 27, 2015

The District Court proceeding is Case No. 3:14-CV-03887-CRB

Counsel for the Post-Confirmation Liquidating Debtor Heller Ehrman
LLP is:

     Marjorie E. Manning, Esq.
     BOLLING & GAWTHROP
     8880 Cal Center Dr
     Sacramento, CA 95826
     Tel: (916) 369-0777

Attorneys for Paravue Corporation are:

     George S. Trevor, Esq.
     Robert G. Retana, Esq.
     PEARSON, SIMON & WARSHAW, LLP
     44 Montgomery St., Suite 2450
     San Francisco, CA 94104
     Tel: (415) 433-9000

                        About Heller Ehrman

Headquartered in San Francisco, California, Heller Ehrman, LLP
-- http://www.hewm.com/-- was an international law firm of more
than 730 attorneys in 15 offices in the United States, Europe, and
Asia.  Heller Ehrman filed a voluntary Chapter 11 petition (Bankr.
N.D. Cal., Case No. 08-32514) on Dec. 28, 2008.  Members of the
firm's dissolution committee led by Peter J. Benvenutti approved a
plan dated Sept. 26, 2008, to dissolve the firm.  The Hon. Dennis
Montali presides over the case.  Pachulski Stang Ziehl & Jones LLP
assisted the Debtor in its restructuring effort.  The Official
Committee of Unsecured Creditors is represented by Felderstein
Fitzgerald Willoughby & Pascuzzi LLP.  The firm estimated assets
and debts at $50 million to $100 million as of the Petition Date.
According to reports, the firm had roughly $63 million in assets
and 54 employees at the time of its filing.  On Aug. 13, 2010, the
Court confirmed Heller's Joint Plan of Liquidation.


HOWREY LLP: Judge Montali Allows Direct Appeal to 9th Circuit
-------------------------------------------------------------
Bankruptcy Judge Dennis Montali issued a memorandum allowing law
firms being sued by the Howrey LLP bankruptcy trustee to skip the
U.S. District Court and directly appeal to the U.S. Court of
Appeals for the Ninth Circuit.

In the actions against defendants Jones Day LLP (A.P. No. 13-
03093), Pillsbury Winthrop Shaw Pittman LLP (A.P. No. 13-03095)
and Perkins Coie LLP (A.P. No. 14-03032), Allan B. Diamond,
Chapter 11 Trustee, seeks to recover on Pre-Dissolution Claims and
Post-Dissolution Claims.  In the actions against defendants Neal,
Gerber & Eisenberg LLP (A.P. No. 13-03057), Kasowitz Benson Torres
& Friedman LLP (A.P. No. 13-03060), Sheppard Mullin Richter &
Hampton LLP (A.P. No. 13-03062), Hogan Lovells US LLP (A.P. No.
13-03094) and Seyfarth Shaw LLP (A.P. No. 13-03254), he seeks to
recover only on Pre-Dissolution Claims.

The Chapter 11 Trustee sought against all eight defendants
Unfinished Business profits under the Bankruptcy Code, a turnover
of those profits, also under the Bankruptcy Code, an equitable
accounting and a recovery based upon a theory of unjust
enrichment.  The bankruptcy court rejected the first three
theories, but sustained the Trustee's contention that he could
recover Pre-Dissolution Claims under an unjust enrichment theory.

The questions presented on appeal are (1) may the Chapter 11
Trustee rely District of Columbia law to recover profits on
Unfinished Business taken from Howrey and brought to defendants by
partners who left Howrey prior to its dissolution and (2) may the
Trustee recover as property transferred in fraud of creditors, the
profits on Unfinished Business brought to the defendants by
partners who left Howrey as of or after dissolution and the
execution of the so-called Jewel Waiver.

The bankruptcy court order being appealed was entered on September
29, 2014 and the defendant filed a timely Notice Of Appeal and a
Motion For Leave To Appeal on October 14, 2014.  The Chapter 11
Trustee filed an opposition to the Motion For Leave To Appeal on
October 29, 2014.

The bankruptcy court clerk transmitted the matter to the United
States District Court for the Northern District of California.  As
of the date of Judge Montali's Memorandum, the district court has
not granted or denied the Motion For Leave To Appeal.

"Accordingly, this court is the court to make and file the
certification for direct appeal," Judge Montali said.

In allowing direct appeal to the Ninth Circuit, Judge Montali
said:

     -- the bankruptcy court is not aware of any controlling
decision of the United States Court of Appeals for the Ninth
Circuit or the Supreme Court of the United States that construes
any state law to identify profits earned on Unfinished Business of
a law firm as a property interest that can be or cannot be the
subject of recovery of its value under the state or Bankruptcy
Code fraudulent transfer laws or under principles of unjust
enrichment.

     -- the matter is of significant public importance to the
legal community. Whether or not law firms who take on members of
failed law firms, and complete Unfinished Business formerly
handled by the failed firm, are at risk under the Trustee's
theories is an unsettled and serious question affecting those law
firms and the attorneys who seek to join them.

     -- resolution of the issues is important for management and
planning by major law firms, particularly given the ever present
possibility of the failure of other law firms in the future.

A copy of the Court's Nov. 14, 2014 Memorandum is available at
http://bit.ly/11mE6LHfrom Leagle.com.

Diamond McCarthy LLP's Andrew B. Ryan, Esq., James D. Sheppard,
Esq., and Michael Fishel, Esq., represent Allan B. Diamond,
Chapter 11 Trustee for Howrey LLP.  He is also represented by
Kornfield, Nyberg, Bendes & Kuhner, P.C.'s Eric A. Nyberg, Esq.,
and Chris D. Kuhner, Esq.

                         About Howrey LLP

Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Cal. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP.  The filing
was in San Francisco, where the firm had an office.  The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP.  The firm at one time had more than 700 lawyers in 17
offices.  The partners voted to dissolve in March 2011.

The firm specialized in antitrust and intellectual-property
matters.  The three creditors filing the involuntary petition
together have $36,600 in claims, according to their petition.

The involuntary chapter 7 petition was converted to a chapter 11
case in June 2011 at the request of the firm.  In its schedules
filed in July, the Debtor disclosed assets of $138.7 million and
liabilities of $107.0 million.

Representing Citibank, the firm's largest creditor, is Kelley
Cornish, Esq., a partner at Paul, Weiss, Rifkind, Wharton &
Garrison.  Representing Howrey is H. Jason Gold, Esq., a partner
at Wiley Rein.

The Official Committee of Unsecured Creditors is represented in
the case by Bradford F. Englander, Esq., at Whiteford, Taylor And
Preston LLP.

In September 2011, Citibank sought conversion of the Debtor's case
to Chapter 7 or, in the alternative, appointment of a Chapter 11
Trustee.  The Court entered an order appointing a Chapter 11
Trustee. In October 2011, Allan B. Diamond was named as Trustee.
He is represented by Andrew Baxter Ryan, Esq., and Stephen Todd
Loden, Esq., at Diamond McCarthy LLP as counsel.


HUNTINGTON INGALLS: S&P Raises CCR to 'BB+'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Newport News, Va.-based Huntington Ingalls Industries
Inc. to 'BB+' from 'BB'.  The outlook is stable.

At the same time S&P assigned its 'BB+' issue rating and '4'
recovery rating to the company's proposed $600 million senior
unsecured notes due 2021.  The '4' recovery rating indicates S&P's
expectations of average (30%-50%) recovery in the event of payment
default.  S&P's recovery expectations are in the lower half of the
30%-50% range.  The company plans to use the proceeds from the new
notes to refinance its $600 million 6.875% senior unsecured notes
due 2018.

S&P also revised the recovery rating on the company's existing
unsecured debt to '4' from '5' and raised the issue rating to
'BB+' from 'BB-'.

The recovery rating on the company's secured credit facility
remains '1', indicating expectations of very high recovery (90%-
100%), although S&P raised the issue rating to 'BBB' from 'BBB-'
because of the upgrade of the corporate credit rating.

"The upgrade reflects profitability and cash flow that has
improved faster than we had expected, resulting in stronger credit
ratios than in our previous forecast," said Standard & Poor's
credit analyst Chris DeNicolo.  "The profitability improvement has
been largely a result of operating improvements and the completion
of problematic ships at the company's Gulf shipyards, as well as
declining pension expense.  In addition, higher cash flows have
enabled the company to complete $272 million of acquisitions and
increase dividends and share repurchases without impacting credit
quality."

The outlook is stable. Standard & Poor's believes Huntington
Ingalls' large backlog should provide relative stability for near-
term revenues. In addition, S&P expects the company's improving
profitability and modest debt reduction to result in steady credit
protection measures over the next two years.


INDEX RECOVERY: Dec. 2 Confirmation Hearing of Liquidation Plan
---------------------------------------------------------------
Bankruptcy Judge Diane Davis will convene a hearing on Dec. 2,
2014, at 1:00 p.m., to consider the confirmation of Index Recovery
Company, LP's Plan of Liquidation dated Sept. 24, 2014.
Objections, if any, are due Nov. 25, at 4:00 p.m.

Approval of the adequacy of the Disclosure Statement paved way for
the Debtor to begin solicitation of votes on the Plan.  Ballots
accepting or rejecting the Plan are due 5:00 p.m. on Nov. 25, and
be delivered to the Debtors' voting agent:

         Menter, Rudin & Trivelpiece, P.C.
         Attn: Jeffrey A. Dove, Esq.
         308 Maltbie Street, Suite 200
         Syracuse, NY 13204-1439

As reported in the Troubled Company Reporter on Oct. 13, 2014,
pursuant to the Plan, Classes 3 (Subordinated Unsecured Claims)
and 4 (Interests) are the only classes entitled to vote under the
Plan.  All other classes of claims are rendered unimpaired under
and, therefore, deemed to have accepted, the Plan without voting.

Although Class 4 (Interests) will receive no distribution under
the Plan and would normally, therefore, be deemed to reject the
Plan without voting, the Debtor is requesting that the Class 4
Interest holders be permitted to vote for or against the Plan,
should they so desire.  Every holder of a Class 4 Interest is also
the holder of a Class 4 Subordinated Unsecured Claim arising out
of the redemption of 95% of their Interests, and the Debtor
believes it is appropriate to permit those Persons to vote their
Class 3 and 4 Claims and Interests consistently.

The Debtor requested that the Court schedule a hearing on
confirmation of the Plan in late November or early December 2014.
In connection therewith, the Debtor asked that the Court direct
that any objections to the Plan be filed no later than seven days
prior to the Confirmation Hearing, at 4:00 p.m. prevailing Eastern
Time.

                    About Index Recovery Group

Index Recovery Group, LP, sought Chapter 11 protection (Bankr.
N.D.N.Y. Case No. 14-61434) in Utica, New York, on Sept. 2, 2014.
The Debtor disclosed total assets of $13.76 million and total
liabilities of $35.48 million.  Judge Diane Davis presides over
the case.  The Debtor is represented by Jeffrey A. Dove, Esq., at
Menter, Rudin & Trivelpiece, P.C.


KIOR INC: Employs King & Spalding as Bankruptcy Counsel
-------------------------------------------------------
KiOr, Inc., seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to employ King & Spalding LLP as bankruptcy
co-counsel.

K&S will be employed for the following purposes:

   (a) to advise the Debtor with respect to its powers and duties
       as a debtor-in-possession in the continued management and
       operation of its business;

   (b) to take all necessary action to protect and preserve the
       estate of the Debtor, including the prosecution of actions
       on the Debtor's behalf, the defense of any actions
       commenced against the Debtor, the negotiation of disputes
       in which the Debtor is involved, and the preparation of
       objections to claims filed against the Debtor's estate;

   (c) to prepare on behalf of the Debtor all applications,
       motions, answers, orders, reports, memoranda of law and
       other papers in connection with the Chapter 11 case;

   (d) to negotiate and prepare on behalf of the Debtor a plan of
       reorganization, a disclosure statement, and all related
       documents;

   (e) to negotiate and prepare documents relating to the
       disposition of assets, as requested by the Debtor;

   (f) to advise the Debtor, where appropriate, with respect to
       federal and state regulatory matters;

   (g) to advise the Debtor on finance, and finance-related
       matters and transactions, and matters relating to the sale
       of the Debtor's assets; and

   (h) to perform other legal services for the Debtor as may be
       necessary and appropriate.

The K&S 2014 fee rates for attorneys expected to work on the
Debtor's case range from $380 to $940 per hour for attorneys and
$240 to $380 per hour for document clerks and legal assistants.
Prior to the Petition Date, the Debtor advanced a total of
$602,327 in advance retainers for legal services rendered or to be
rendered, and for reimbursement of expenses incurred.

Mark W. Wege, Esq., a partner of King & Spalding LLP, assures the
Court that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

A hearing on the employment application is scheduled for Dec. 8,
2014, at 1:00 p.m. (EST).  Objections are due Dec. 1.

                            About Kior Inc.

KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No.
14-12514) on Nov. 9, 2014, in Delaware, Mark W. Wege, Esq., at
Wilmington, in Houston, Texas, serves as counsel to the Debtor.
The Debtor estimated up to $58.27 million in assets and up to
$261.3 million in liabilities.

The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley,
Esq., and Eric M. English, Esq., at King & Spalding, LLP, in
Houston, Texas; and John Henry Knight, Esq., Michael Joseph
Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.  The Debtor's financial
advisor is Alvarez & Marsal.  Guggenheim Securities, LLC, is the
Debtor's investment banker.  Epiq Bankruptcy Solutions, LLC, is
the Debtor's claims and noticing agent.

Pasadena Investments, LLC, as administrative agent for a
consortium of lenders, committed to provide up to $15,000,000 in
postpetition financing.  The DIP Agent is represented by Thomas E.
Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los
Angeles, California, and Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.


KIOR INC: Hires Richards Layton as Local Bankruptcy Counsel
-----------------------------------------------------------
KiOr, Inc., seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Richards, Layton & Finger, P.A., as
its bankruptcy co-counsel.

RL&F will render the following professional services:

   (a) advising the Debtor of its rights, powers and duties as
       debtor and debtor-in-possession under the Bankruptcy Code;

   (b) taking action to protect and preserve the Debtor's estate,
       including the prosecution of actions on the Debtor's
       behalf, the defense of actions commenced against the Debtor
       in this Chapter 11 case, the negotiation of disputes in
       which the Debtor is involved and the preparation of
       objections to claims filed against the Debtor;

   (c) assisting in preparing on behalf of the Debtor all motions,
       applications, answers, orders, reports and papers in
       connection with the administration of the Debtor's estates;

   (d) assisting in preparing the Debtor's plan of reorganization;

   (e) assisting in preparing the Debtor's disclosure statement
       and any related documents and pleadings necessary to
       solicit votes on the Debtor's plan of reorganization;

   (f) prosecuting on behalf of the Debtor the proposed plan and
       seeking approval of all transaction contemplated therein
       and in any amendments thereto; and

   (g) performing other necessary or desirable legal services in
       connection with the Chapter 11 case.

RL&F will be paid the following current hourly rates:

       Partners                  $560 to $800 an hour
       Counsel                   $490 an hour
       Associates                $250 to $465 an hour
       Paraprofessionals         $235 an hour

The principal professionals and paraprofessionals designated to
represent the Debtor and their current standard hourly rates are
as follows:

       John H. Knight, Esq.            $700 per hour
       Michael J. Merchant, Esq.       $625 per hour
       Amanda R. Steele, Esq.          $390 per hour
       Alexander G. Najemy, Esq.       $250 per hour
       Rebecca V. Speaker              $235 per hour

RL&F will charge the Debtor for its necessary out-of-pocket
expenses.  Prior to the Petition Date, the Debtor paid RL&F a
total retainer of $199,000 in connection with and in contemplation
of the Chapter 11 case.

John H. Knight, Esq., a director at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, assures the Court that his firm is
a "disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.

A hearing on the employment application is scheduled for Dec. 8,
2014, at 1:00 p.m. (EST).  Objections are due Dec. 1.

                            About Kior Inc.

KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No.
14-12514) on Nov. 9, 2014, in Delaware, Mark W. Wege, Esq., at
Wilmington, in Houston, Texas, serves as counsel to the Debtor.
The Debtor estimated up to $58.27 million in assets and up to
$261.3 million in liabilities.

The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley,
Esq., and Eric M. English, Esq., at King & Spalding, LLP, in
Houston, Texas; and John Henry Knight, Esq., Michael Joseph
Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.  The Debtor's financial
advisor is Alvarez & Marsal.  Guggenheim Securities, LLC, is the
Debtor's investment banker.  Epiq Bankruptcy Solutions, LLC, is
the Debtor's claims and noticing agent.

Pasadena Investments, LLC, as administrative agent for a
consortium of lenders, committed to provide up to $15,000,000 in
postpetition financing.  The DIP Agent is represented by Thomas E.
Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los
Angeles, California, and Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.


KIOR INC: Obtains Interim Approval of $2.5-Mil. DIP Loan
--------------------------------------------------------
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware gave KiOR, Inc., interim authority to obtain
postpetition financing in an aggregate principal amount not to
exceed $2,500,000 from Pasadena Investments, LLC, as
administrative agent for a consortium of lenders.

At the final hearing on the DIP request scheduled for Dec. 8,
2014, the Debtor will seek Court approval to obtain postpetition
financing in an aggregate amount not to exceed $15,000,000.  The
DIP Loan accrues interest at 7.50%.  Objections to the final
approval of the DIP request are due Dec. 3.

The proposed DIP facility will mature in six months.  The Debtor,
however, is required to comply with these milestones:

              Milestone                   Deadline
              ---------                   --------
Filing of Bid Procedures Motion      Petition Date

Entry of Interim DIP Order           Within 3 Business Days
                                     After Petition Date

Hearing on Bid Procedures Motion     Dec. 1, 2014, provided that
                                     failure to meet such deadline
                                     will constitute a default and
                                     will mature into an event of
                                     default if such milestone is
                                     not met by Dec. 5, 2014.

Entry of Bid Procedures Order        Within 3 business days after
                                     hearing on Bid Procedures
                                     Motion.

Entry of Final DIP Order             Within 3 business days after
                                     hearing on Bid Procedures
                                     Motion

Bid Submission Deadline              Dec. 15, 2014

Auction (if necessary)               Dec. 17, 2014

Sale Hearing                          Dec. 22, 2014, provided that
                                      failure to meet such
                                      deadline will constitute a
                                      default and will mature into
                                      an event of default if such
                                      milestone is not met by Dec.
                                      30, 2014.

Closing of Qualifying Cash Sale       Jan. 15, 2015

Entry of Confirmation Order           Feb. 12, 2015

Effective Date of Chapter 11 Plan     Feb. 27, 2015

A copy of the DIP Financing Motion is available for free at:
http://bankrupt.com/misc/KIOR_DIP_Loan_Motion.pdf

The Court also gave the Debtors interim authority to use cash
collateral securing their prepetition indebtedness.  As of the
Petition Date, the following amounts are outstanding under the
Debtor's prepetition loan obligations:

   -- approximately $16,273,500 in principal under the Prepetition
      First Lien Obligations;

   -- approximately $95,700,000 under the 2013 Second Lien
      Obligations;

   -- approximately $10,400,000 under the 2014 Second Lien Note
      Documents; and

   -- approximately $115,000,000 under the Prepetition Third Lien
      Obligations.

Pasadena Investments, LLC, the KFT Trust, Vinod Khosla, Trustee,
and VNK Management, LLC, is represented by:

         Thomas E. Patterson, Esq.
         KLEE, TUCHIN, BOGDANOFF & STERN LLP
         1999 Avenue of the Stars, 39th Floor
         Los Angeles, CA 90067
         Tel: (310) 407-4035
         E-mail: tpatterson@ktbslaw.com

           -- and --

         Michael R. Nestor, Esq.
         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Rodney Square
         1000 North King Street
         Wilmington, DE 19801
         Tel: (302) 571-6699
         Fax: (302) 576-3321
         E-mail: mnestor@ycst.com

The Third Lien Agent is represented by:

         Fred Neufeld, Esq.
         STRADLING, YOCCA, CARLSON & RAUTH P.C.
         100 Wilshire Blvd., 4th Fl.
         Santa Monica, CA 90401
         Tel: (424) 214-7043
         E-mail: fneufeld@sycr.com

            -- and --

         Karen B. Skomorucha Owens, Esq.
         ASHBY & GEDDES
         500 Delaware Avenue, P.O Box 1150
         Wilmington, DE 19899
         Tel: (302) 504-3725
         E-mail: KOwens@ashby-geddes.com

                            About Kior Inc.

KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No.
14-12514) on Nov. 9, 2014, in Delaware, Mark W. Wege, Esq., at
Wilmington, in Houston, Texas, serves as counsel to the Debtor.
The Debtor estimated up to $58.27 million in assets and up to
$261.3 million in liabilities.


KIOR INC: Employs Epiq as Administrative Advisor
------------------------------------------------
KiOr, Inc., seeks authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Epiq Bankruptcy Solutions, LLC, as
administrative advisor to provide the following services:

   (a) assisting with, among other things, solicitation, balloting
       and tabulation and calculation of votes, as well as
       preparing any appropriate reports, as required in
       furtherance of confirmation of plan(s) of reorganization;

   (b) generating an official ballot certification and testifying,
       if necessary, in support of the ballot tabulation results;

   (c) gathering data in conjunction with the preparation, and
       assist with the preparation, of the Debtor?s schedules of
       assets and liabilities and statements of financial affairs;

   (d) generating, providing and assisting with claims objections,
       exhibits, claims reconciliation, and related matters;

   (e) providing a confidential data room;

   (f) generating, assisting with and providing strategic
       communications advice, strategy and expertise, as needed;

   (g) managing any distributions pursuant to a confirmed plan of
       reorganization; and

   (h) providing other claims processing, noticing, solicitation,
       balloting and Administrative Services described in the
       Services Agreement.

A hearing on the employment application is scheduled for Dec. 8,
2014, at 1:00 p.m. (EST).  Objections are due Dec. 1.

                            About Kior Inc.

KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No.
14-12514) on Nov. 9, 2014, in Delaware, Mark W. Wege, Esq., at
Wilmington, in Houston, Texas, serves as counsel to the Debtor.
The Debtor estimated up to $58.27 million in assets and up to
$261.3 million in liabilities.

The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley,
Esq., and Eric M. English, Esq., at King & Spalding, LLP, in
Houston, Texas; and John Henry Knight, Esq., Michael Joseph
Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.  The Debtor's financial
advisor is Alvarez & Marsal.  Guggenheim Securities, LLC, is the
Debtor's investment banker.  Epiq Bankruptcy Solutions, LLC, is
the Debtor's claims and noticing agent.

Pasadena Investments, LLC, as administrative agent for a
consortium of lenders, committed to provide up to $15,000,000 in
postpetition financing.  The DIP Agent is represented by Thomas E.
Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los
Angeles, California, and Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.


KLX INC: S&P Assigns 'BB' Rating to $1.2BB Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating and '4' recovery rating to KLX Inc.'s proposed $1.2 billion
senior unsecured notes.  The '4' recovery rating indicates S&P's
expectation for average recovery (30%-50%) in a payment default
scenario.

The company will use the proceeds from the notes to pay a one-time
$750 million dividend to its former parent, B/E Aerospace Inc.,
and to provide initial liquidity.  KLX will be spun-off from BE
Aerospace in mid-Dec. and the note proceeds will be placed in
escrow pending the completion of the spin-off.

RATINGS LIST

KLX Inc.
Corporate Credit Rating      BB/Stable/--

New Ratings

KLX Inc.
$1.2 billion senior unsecured notes     BB
  Recovery Rating                        4


LAKSHMI HOSPITALITY: Court Denies EBT's Bid to Dismiss Case
-----------------------------------------------------------
The Hon. Margaret M. Mann denied the request of Enterprise Bank
and Trust for a dismissal of the Chapter 11 case of Lakshmi
Hospitality Group LLC for lack of venue or in alternative, a
transfer of the case venue to the Eastern District of Missouri.

As reported in the Troubled Company Reporter on Nov. 11, 2014,
Enterprise Bank and Trust insisted that the Debtor is a Missouri
limited liability company and that at the time of the bankruptcy
filing, (1) all of the Debtor's assets were in Missouri, including
bank accounts, (2) all of the Debtor's employees were in Missouri,
and (3) the bulk of the Debtor's creditors were from Missouri or
the Midwest.  EBT asserted that (i) venue is not proper in the
Southern District of California because there is no true nerve
center in that region, and (ii) transfer of the case to the
Eastern District of Missouri is appropriate.

                About Lakshmi Hospitality Group

Lakshmi Hospitality Group, LLC, owner of a hotel in Fenton,
Missouri, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Cal.
Case No. 14-07199) in San Diego, California, on Sept. 5, 2014.
Plyush Mehta signed the petition as authorized signatory.  The
Debtor disclosed total assets of $12.7 million and total
liabilities of $8.1 million.

The case is assigned to Judge Margaret M. Mann.  The Debtor has
tapped J. Bennett Friedman, Esq., at Friedman Law Group, P.C., in
Los Angeles, as counsel.

                            *   *   *

The U.S. Trustee is currently continuing the meeting of creditors
pursuant to Sec. 341(a) of the Bankruptcy Code in the Debtor's
case to Dec. 2, at 10:00 a.m., in San Diego, California.


LAKSHMI HOSPITALITY: Friedman Replies to Issues With its Hiring
---------------------------------------------------------------
Friedman Law Group, P.C., proposed bankruptcy counsel to Lakshmi
Hospitality Group, LLC, submitted a reply to the U.S. Trustee's
opposition to the Debtor's application to employ the Firm.

Stephen F. Biegenzahn, Esq., of Friedman Law, notes that in
summary, the U.S. Trustee complained:

  -- that the motion combines two application into one;

  -- that any treatment of interim compensation must be a separate
     written request of the court;

  -- about the "earned receipt" provisions in the retention
     agreement; and

  -- about the arbitration provisions in the retention agreement.

Mr. Biegenzahn says that the application sought to comply with the
contentions raised.  He asserts that the application stated
explicitly that the Firm intends to make a separate request of the
Court for payment procedure.

The Firm, Mr. Biegenzahn further asserts, caused a separate motion
for the establishment of interim fee procedure in conformity with
the fee procedure motion.  He maintains that the fee procedure
motion should resolve the U.S. Trustee's concerns over the Firm's
treatment of the Debtor's prepetition retainer.

With respect to the criticism by the U.S. Trustee regarding the
arbitration provisions included in the Firm's retention letter,
suffice it to say that they are included, in part, because the
California Business & Professions Code mandates fee arbitration
for professionals, Mr. Biegenzhan says.  Moreover, he adds, the
provisions relating to the American Arbitration Association relate
only to the eventuality that the Debtor files a "malpractice/
negligence claim against the firm."

                 About Lakshmi Hospitality Group

Lakshmi Hospitality Group, LLC, owner of a hotel in Fenton,
Missouri, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Cal.
Case No. 14-07199) in San Diego, California, on Sept. 5, 2014.
Plyush Mehta signed the petition as authorized signatory.  The
Debtor disclosed total assets of $12.7 million and total
liabilities of $8.1 million.

The case is assigned to Judge Margaret M. Mann.  The Debtor has
tapped J. Bennett Friedman, Esq., at Friedman Law Group, P.C., in
Los Angeles, as counsel.

                            *   *   *

The U.S. Trustee is currently continuing the meeting of creditors
pursuant to Sec. 341(a) of the Bankruptcy Code in the Debtor's
case to Dec. 2, at 10:00 a.m., in San Diego, California.


LDK SOLAR: Court Okays Joint Administration of 3 Chap. 11 Cases
---------------------------------------------------------------
The Hon. Peter J. Walsh has approved the joint administration of
the Chapter 11 cases of LDK Solar Systems, Inc., LDK Solar USA,
Inc., and LDK Solar Tech USA, Inc. for procedural purposes.

The pleadings filed in the Debtors' Chapter 11 cases shall bear
consolidated caption in the following form:

In re                               Chapter 11

LDK SOLAR SYSTEMS, INC., et al.,    Case No. 14-12384 (PJW)

Debtors                             Jointly Administered

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014, three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


LDR INDUSTRIES: Authorized to Incur $2MM Financing from JPMorgan
----------------------------------------------------------------
The Bankruptcy Court, in a modified final order, authorized LDR
Industries, LLC, to

   i) obtain postpetition financing which will consist of (a) a
revolving credit line in the amount of $2 million; and

  ii) use cash collateral in which JPMorgan Chase Bank, N.A.,
lender, asserts an interest.

As adequate protection from any diminution in value of the
lender's collateral the Debtor will grant the lender replacement
liens, a superpriority administrative expense claim status,
subject to carve out on certain expenses.

The Court also extended until Dec. 9, 2014, the period for the
Official Committee of Unsecured Creditors to (a) challenge the
validity, enforceablity, priority or extent of the prepetition
indebtedness or lender's liens on the collateral, or lender's
liens on the collateral.

The financing interest will accrue and be payable on the amounts
outstanding under the DIP Facility before the default at the CB
Floating rate plus 100 basis points.  After the default, the
applicable interest rates will all increase by 200 basis points.

The financing will terminate on Dec. 31, on on the occurrence of a
termination event.  The financing is also subject to theses sale
benchmarks:

   -- Dec. 31 closing of assets sale;

   -- Nov. 7 letter of non-binding letter of intent for a
      qualifying sale; and

   -- by Dec. 5, the Debtor will execute an asset purchase
      agreement with a prospective purchaser.

                       About LDR Industries

For over 75 years, Chicago-based LDR Industries and its
predecessor companies have engaged in the distribution of plumbing
products to the home improvement industry, including faucets,
showers, sinks, toilet seats and variety of other specialty lines
such as lead-free valves.

LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D.
Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014,
with plans to sell the business following a dispute with the U.S.
Customs.

The bankruptcy case is assigned to Honorable Judge Pamela S.
Hollis.  The Debtor is represented by attorneys at Reed Smith LLP.

The Debtor disclosed $27,538,561 in assets and $29,751,647 in
liabilities as of the Chapter 11 filing.


LEVEL 3 COMMUNICATIONS: S&P Rates $600MM Sr. Notes Due 2023 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating and '6' recovery rating to Broomfield, Colo.-based global
telecommunications provider Level 3 Communications Inc.'s (Level
3) $600 million senior notes due 2023.  The '6' recovery rating
indicates S&P's expectation for negligible (0% to 10%) recovery
for unsecured creditors in the event of a payment default.  The
company will use proceeds, along with cash, to redeem all of the
outstanding $605 million 11.875% senior notes due 2019, including
associated premiums and accrued interest.

On Nov. 5, 2014, S&P raised its ratings on Level 3 after it
acquired TW Telecom Inc.  TW Telecom extends Level 3's reach into
metropolitan markets and enables Level 3 to carry more traffic on-
network.  The TW Telecom acquisition will also boost the portion
of Level 3 revenues that come from enterprise core network
services, which S&P views as the most competitively defensible and
stable segment.

RATINGS LIST

Level 3 Communications Inc.
Corporate credit rating                 BB-/Stable/--

New Rating
$600 mil. sr. unsecured nts due 2023     B
  Recovery rating                        6


LIGHTSQUARED INC: Harbinger Urges Judge Not to Junk Suit v. Dish
----------------------------------------------------------------
Joseph Checkler, writing for Daily Bankruptcy Review, reported
that Philip Falcone's Harbinger Capital Partners is urging a
Colorado judge not to throw out its lawsuit against Dish Network
Corp. and Dish Chairman Charlie Ergen, saying they "fraudulently
deprived Harbinger of control of LightSquared when it was needed
most."

According to the report, in a filing with U.S. District Court in
Denver, lawyers for Harbinger said Dish and Mr. Ergen followed a
plan to "unlawfully strip Harbinger of its rights to control
LightSquared " so they could acquire the wireless venture out of
bankruptcy at a "fire-sale price."

                     About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.


LLRIG TWO: Amends List of Largest Unsecured Creditors
-----------------------------------------------------
LLRIG Two, LLC, aka Lost Lake Resort LLC/Lost Lake Development
LLC, submitted a new list of its top largest unsecured creditors.
Stephen R. Dawson was added to the list of creditors.

The amended list comprises of:

  Entity                          Nature of Claim   Claim Amount
  ------                          ---------------   ------------
Stephen R. Dawson                 "Wilson Note"       $530,000
14419 Greenwood Ave N
Ste A-205
Seattle, WA 98133

Lee Wilson and Lori Wilson         Claim against       $530,000
1305 32d Ave East                  estate property
Tacoma, WA 98403

Jeffrey Graham                     Claims against      $530,000
523 N D St                         property
Tacoma, WA 98403

Stewart Title Company              Indemnity Claim     $292,250
c/o Atty Chas Sirianni
999 Third Ave-3650
Seattle, WA 98104

WCEM                               Alleged Debt         $60,000

IRS Central Insolvency             Taxes                $24,821

John S Mills, Atty at Law          Legal service        Unknown

Lost Lake Resort                                        Unknown

RV Resort Management LLC                                Unknown

RV Resort Management LLC                                Unknown

RV Resort Management LLC                                Unknown

                           About LLRIG Two

Tacoma, Washington-based LLRIG Two, LLC, aka Lost Lake Resort LLC,
aka Lost Lake Development LLC, sought protection under Chapter 11
of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-45610, Bankr.
W.D. Wash.).  The case is assigned to Judge Brian D. Lynch.

The Debtor is represented by William L Beecher, Esq., at Beecher &
Conniff, in Tacoma, Washington.

The Debtor discloses total assets of $10.32 million and total
liabilities of $5.47 million.

                             *   *   *

The Sec. 341(a) meeting of creditors in the case is currently
scheduled for Dec. 17, 2014, at 12:30 p.m. at Courtroom J, Union
Station.


LONG BEACH: Wants Amendments to Purchase and Sale Agreements OK'd
-----------------------------------------------------------------
Long Beach Medical Center, et al., and the Official Committee of
Unsecured Creditors ask the Bankruptcy Court to approve amendments
to the purchase and sale agreements, asset purchase agreement with
Komanoff and MLAP Acquisition II LLC dated May 8, 2014, and
receivership agreement relating to the sale of assets and
properties of Long Beach Memorial Nursing Home, Inc.

The amendment provide for, among other things, an increase in the
aggregate cash portion of the nursing dome purchase price from
$15.6 million to $15.825 million if a certificate of need is
approved by the New York State Department of Health at a full 200
bed complement in exchange for an agreed bed reduction of $81,500
if DOH approves a CON for a reduced number of beds between 50 and
200 beds and thereafter, an agreed per bed reduction of $77,000
for any additional bed reduction under 150 beds.

A copy of the terms is available for free at
http://bankrupt.com/misc/LONGBEACH_277_sale_amendments.pdf

                    About Long Beach Medical Center

Long Beach Medical Center, formerly Long Beach Memorial Hospital,
was a 162-bed, community-based hospital offering primary, acute,
emergency and long-term health care to residents of Long Beach,
New York.  Founded in 1922, LBMC was a teaching facility for the
New York College of Osteopathic Medicine.  LBMC was shut down
after superstorm Sandy devastated the hospital in October 2012.

Long Beach Memorial Nursing Home Inc, runs the The Komanoff Center
for Geriatric and Rehabilitative Medicine, a 200-bed skilled
nursing facility affiliated with LBMC. It provides services for
residents requiring long term nursing home care and short term
post-acute (sub-acute) care.  Currently there are 127 residents of
Komanoff.

Long Beach Medical Center and Long Beach Memorial Nursing Home
d/b/a The Komanoff Center for Geriatric and Rehabilitative
Medicine, sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.
Case Nos. 14-70593 and 14-70597) on Feb. 19, 2014.

Long Beach Medical Center scheduled $17,400,606 in total assets
and $84,512,298 in total liabilities.

Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is
the Debtors' claims and noticing agent.  The Hon. Alan S. Trust
presides over the cases.

The U.S. Trustee has appointed three members to the official
committee of unsecured creditors.  The panel retained Klestadt &
Winters, LLP, led by Sean C. Southard, Esq., as counsel.


METROPOLITAN COLLEGE: Fitch Rates $68 Million Revenue Bonds 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to approximately $68
million of revenue bonds, series 2014, issued by Build NYC
Resource Corporation on behalf of the Metropolitan College of New
York (MCNY).

The bonds are expected to be sold via negotiation on or about the
week of Dec. 1, 2014.  Proceeds will be used to finance the
acquisition and renovation of space in a building at 40 Rector
Street, fund capitalized interest, and pay costs of issuance.
College equity will be used to refund the series 2005 bonds.

The Rating Outlook is Stable.

SECURITY

The fixed-rate series 2014 bonds are general obligations of the
college and secured by a mortgage on the 40 Rector Street Property
and a pledge of unrestricted revenues.  Bond documents include a
debt service reserve fund, current debt service coverage covenant,
and an additional bonds test.

KEY RATING DRIVERS

Limited Operating Flexibility: The 'BB' rating reflects MCNY's
track-record of positive GAAP-based operating performance and
financial cushion that offers some, but limited, capacity to
absorb budgetary shocks.  Partially offsetting factors include
MCNY's small size; narrow market position in a competitive
operating environment; modest enrollment dips in the last two fall
semesters; a high pro forma debt burden; and significant student
revenue dependence coupled with limited tuition raising
flexibility.

Small, Tuition-Dependent College: Similar to many private
colleges, MCNY has high dependence on student-derived income,
making enrollment management and expense controls critical to
generate balanced operations and positive debt coverage.  MCNY's
small enrollment base makes it susceptible to enrollment declines,
although concern is somewhat offset by the college's flexible cost
structure, predominantly part-time faculty and no union presence.

Adequate Balance Sheet: MCNY has slim but adequate balance sheet
resources for the rating category.  Available funds at Dec. 31,
2013 was $27.4 million, equal to a solid 104% of operating
expenses and a slimmer 35% of pro forma debt ($73.5 million).
Excluding college plans to make equity contributions of about $10
million at closing or within fiscal 2015, ratios remain consistent
with the rating category at about 24% to debt and 65% to expenses.

Historically Positive Margins: MCNY generated solid GAAP-based
operating margins over the past five years.  Management projects
another positive year for the fiscal year ending Dec. 31, 2014,
although not as strong as the solid 8.5% margin in fiscal 2013.

High Debt Burden: MCNY's high debt burden is a credit concern.
Current 2013 debt service ($3.9 million, primarily operating
leases) was 13.8% of operating revenues, which Fitch considers
high.  Post issuance carrying charges will be higher.  The
college's track-record of generating positive debt service
coverage only partially offsets this factor.

MCNY is under contract to close on a $5.585 million loan related
to academic space in the Bronx, which has a 2020 bullet payment.
The college will either pay or refinance this bullet. Fitch
believes MCNY has limited remarketing capacity at this time.
However, it has slim but adequate reserves - even after planned
equity contributions - to cover the loan payment upon maturity.

RATING SENSITIVITIES

Persistent Enrollment Volatility: Enrollment declines would
negatively pressure financial performance and debt service
coverage, leading to downward rating pressure.  The college has
very high reliance on student-generated revenues.

Failure to Grow Financial Resources: A gradual increase in balance
sheet resources over time is expected to at least partially
replenish equity contributions, and therefore support financial
flexibility, and manage the loan bullet maturity in 2020.
Significant declines in financial resource could pressure the 'BB'
rating.

Dependence on Federal Programs: MCNY's students are highly
dependent on federal grants and loans to pay tuition, and
therefore changes in program rules and regulations have greater
effect on the college than many other institutions.

CREDIT PROFILE

Founded in 1964, MCNY is a private, not-for-profit institution
that offers certificate programs and associate and bachelor's
degrees, as well as master's degrees in education, management,
public affairs and administration.  The college is accredited by
the Middle States Association of Colleges and Schools, most
recently reaffirmed in 2009 for a 10-year term.  Enrollment in
fall 2014 was about 1,228 students, of which 73% were
undergraduates.

Students are largely adult, non-traditional commuter students with
an average age of 33-35 years.  As a result, courses are
structured to be accessible to working adults (day, evening,
weekend) and include distance-learning components.  The college
operates three full semesters each academic year, which allows
students to complete degrees under an accelerated time frame.
Each field of study follows a cohort model whereby entering
cohorts are recruited for each program three times a year to
facilitate peer learning communities and support student
retention.

The college presently operates from its main Manhattan campus and
an extension center in the Bronx, both of which are leased
facilities.  Bond proceeds will be used to acquire three upper
floors and a portion of the first floor at 40 Rector Street
(roughly 1.9 miles away from the current site) to relocate the
Manhattan operations.  Additionally, the college entered into an
agreement in Aug. 2013 to purchase space in a building now under
construction in the Bronx that is approximately 0.3 miles away
from the existing extension center.  The Bronx project is being
financed with a loan from Goldman Sachs.

TUITION-DEPENDENT INSTITUTION

Similar to many other private colleges, MCNY is highly dependent
on student-generated revenues, consistently about 90% of
unrestricted operating revenues.  This dependence underscores the
importance of effective enrollment budgeting and management.

Fall semester headcount ranged from 1,085 in 2009 to 1,277 in
2012.  There was a 1.7% dip in fall 2012 to 1,255, and another
2.15% dip in fall 2014 to 1,228.  The declines are a concern,
although current enrollment levels are comparable - or stronger -
than some in the last five years.  MCNY's small size and academic
niche make it highly susceptible to enrollment fluctuations.  This
concern is only partially offset by the college's flexible cost
structure of predominantly part-time labor force and no union
presence.  While fall 2014 enrollment trended behind the prior
year, overall management reports the college remains within
budget.

HISTORICALLY POSITIVE MARGINS

After some turbulent financial years between 2005 and 2007, MCNY
has generated operating surpluses since fiscal year 2009,
averaging a solid 9.4% over that five year period.  The fiscal
2013 operating margin, which Fitch adjusted for non-recurring
investment returns, was solid at 8.5%.  Management again projects
balanced operations for the fiscal year ending Dec. 31, 2014,
although it expects results will be lower than fiscal 2013.
Additionally, management indicated that very moderate tuition
increases of about 1%-2% are being contemplated going forward,
which could lead to some margin compression.

ADEQUATE FINANCIAL CUSHION

MCNY's balance sheet has improved significantly in recent years,
driven primarily by operating cash flow retention.  The college is
not historically a large fundraiser.  Fitch defines available
funds (AF) as cash and investments less permanently restricted net
assets.  As of Dec. 31, 2013, the most recent audit date, AF was
$27 million, equal to 104% of operating expenses, and 97% of then-
outstanding debt and operating leases.  Fitch views these ratios
as atypically strong for a 'BB' rated private college.

However, MCNY plans to make equity contributions of about $10
million toward the Rector Street renovation and purchase, the
Bronx site purchase, and the series 2005 refunding.  Fitch
adjusted fiscal 2013 AF for these equity contributions, which are
expected to be made at closing and during fiscal 2015.  Post
issuance, adjusted AF of about $17 million is equal to 65% of pro
forma debt ($73 million) and 23% of fiscal 2013 operating
expenses.  Fitch considers these ratios solid for the rating
category, but notes that the nominal amount is small compared to
many other colleges, and that MCNY may use unrestricted reserves
to pay the $5.585 million bullet maturity in 2020.

Fitch believes MCNY's ability to manage refinancing risk is
limited, which makes building financial resources over time an
important factor in maintaining the rating.

HIGH DEBT BURDEN

For the fiscal year ending Dec. 31, 2013, current debt service of
$3.9 million was largely related to the college's facility leases.
This represented 13.8% of fiscal 2013 operating revenues, which
Fitch considers high.  Pro forma maximum annual debt service
(MADS) is about $4.7 million, excluding the loan bullet maturity
discussed previously, and largely level through maturity.  This
results in an even higher high debt burden of about 16%.

The $5.585 million loan from Goldman Sachs, related to the Bronx
location, is expected to be a fixed-rate, interest-only obligation
due in 2020.  At that time the college will either refinance or
pay the loan in full.  Pro forma debt burden including the bullet
maturity represented an exceptionally high burden of 33% of fiscal
2013 operating revenues.

BOND AND LOAN SECURITY PROVISIONS

Based on draft documents, the series 2014 bonds will have a
current debt service coverage requirement of at least 1.1x
starting in fiscal 2016, and 1.2x in fiscal 2017 and thereafter.
Fitch understands that the documents will include a provision for
hiring a consultant in the event coverage tests are not met, thus
providing some time to return to covenanted levels.  Failure to
meet such debt service coverage provisions would result in default
and possible debt acceleration.  The 2014 bonds do not have a
liquidity requirement.  An additional bonds test has two parts:
achieving at least 1.2x current debt service coverage for each of
the most recent two consecutive years, and projections by a
consultant acceptable to the trustee that coverage in the first
two years after project completion would be at or greater than
1.2x.  The college does not have any other debt plans at this
time.

There are preliminary bank loan documents for the separate Bronx
facility financing.  The loan could be accelerated for various
reasons, including failure to meet any other debt obligation
(principally the series 2014 bonds), loss of MCNY's academic
accreditation, or failure to meet annual liquidity requirements.
After the final loan closure (expected in Feb., 2015), MCNY must
demonstrate at its fiscal year end, $10 million of net assets, of
which $5 million must be liquid.  Fitch does not rate the bank
loan.

POSITIVE DEBT SERVICE COVERAGE

Much of the series 2014 debt service will be offset in the
college's budget by existing facility lease payments.  The college
expects that, long-term, facility cost escalations will be
contained due to the two projects.  Maintenance of solid operating
margins and positive debt service coverage are critical, given
MCNY's slim balance sheet, planned equity contributions, high
student fee reliance, and high debt burden.

Current fiscal 2013 debt, based on adjusted operating results, was
a solid 1.7x. Coverage of pro forma MADS ($4.7 million) would have
been 1.4x, still a solid level for the rating category.  As
expected, fiscal 2013 operations do not cover MADS (about $9.7
million) when the 2020 bullet maturity is included.  That coverage
would be closer to 0.7x, highlighting the importance of growing
balance sheet reserves over time.


MILLENNIUM MULTIPLE: 10th Cir. Affirms Ruling in Aviva Dispute
--------------------------------------------------------------
Aviva Life & Annuity challenges identical orders of the U.S.
District Court for the Western District of Oklahoma sitting in its
capacity as a bankruptcy appellate court.  The district court
entered the orders in two directly related cases brought by Aviva
in the nature of interpleader pursuant to the Federal Interpleader
Act, 28 U.S.C. Sections 1335, 2361, and Federal Rule of Civil
Procedure 22.  Aviva argues the court erred by limiting the scope
of the interpleader relief granted.  Exercising jurisdiction
pursuant to 28 U.S.C. Sec. 158(d)(1), the United States Court of
Appeals, Tenth Circuit affirmed.

The case arises from the Chapter 11 bankruptcy proceedings of the
Millennium Multiple Employer Welfare Benefit Plan. Prior to
seeking the protection of the bankruptcy court, the Millennium
Plan was an employee welfare benefit plan providing medical,
disability, long term care, severance, and death benefits.
Participants made contributions to the Millennium Plan, which then
purchased life insurance policies (Policies) on the lives of the
participants from Aviva and other insurance companies.

The Millennium Plan used proceeds derived from the Policies to
fund its benefit operations. In the event of the death of an
insured participant, the Millennium Plan would receive the death
benefit due under the policy. It would then pay death benefits to
the participant's heirs in accordance with its obligations under a
separate agreement between the Millennium Plan and the participant
(Participation Agreement). The Millennium Plan was obligated to
pay the premiums on the Policies, regardless of whether
participants paid their contributions under the Participation
Agreements. Conversely, the Participation Agreements required the
Millennium Plan to provide covered benefits, even if Aviva denied
coverage under the Policies.

The Millennium Plan held the Policies for the collective benefit
of all participants. It used the benefits paid under the Policies,
along with the proceeds of loans taken against the cash surrender
value of the Policies, as the primary source of funds for its
various benefit operations. Thus, the participants were neither
the legal owners nor the beneficiaries of the Policies. Instead,
the Policies were owned by the Millennium Plan and benefits paid
under the Policies, as well as the proceeds of loans secured by
the Policies, were pooled for the collective benefit of all
participants. In turn, the participants were entitled to only the
benefits provided under the Participation Agreements.

Several groups of participants and employers in multiple states
brought lawsuits against the Millennium Plan, Aviva, and other
insurance companies under a variety of legal theories. The claims
asserted in these lawsuits were based on allegations that the
defendants fraudulently induced the participants to enter into the
Participation Agreements. Of importance to this appeal, Jerald
White, Claudia White, and Diogenes Holdings, Inc. -- the Whites --
brought suit in Tennessee state court against the Millennium Plan,
Aviva, and other insurance providers for fraud, negligent
misrepresentation, civil conspiracy, violations of the Tennessee
Insurance Code, violations of the Tennessee Consumer Protection
Act, accounting malpractice, breach of fiduciary duty, unjust
enrichment, and constructive and resulting trust.  The Whites
alleged agents of Aviva fraudulently induced them to enter into
the Participation Agreements with the Millennium Plan by
representing the Participation Agreements complied with section
419A(f)(6) of the Internal Revenue Code.

Specifically, the Whites claimed Aviva's agents told them they
could invest tax-deductible amounts in the Millennium Plan and
later withdraw their investment tax-free. As the result of a 2005
Internal Revenue Service (IRS) audit, the Whites discovered the
Participation Agreements did not comply with IRS regulations. The
IRS served the Whites with a Notice of Deficiency, seeking more
than $760,000 in taxes and penalties based on their participation
in the Millennium Plan. The White Litigation seeks compensatory
and punitive damages from Aviva, the Millennium Plan, and other
insurers.

Faced with the participant law suits, the Millennium Plan filed a
Chapter 11 petition with the bankruptcy court and removed the
White Litigation to federal court. As part of the bankruptcy
proceedings, the Millennium Plan's bankruptcy trustee sued Aviva,
alleging the Policies were property of the bankruptcy estate and
Aviva should be ordered to tender the cash value of the Policies
to the bankruptcy court. By doing so, the Millennium Plan
exercised ownership over the Policies.

In response, Aviva sought interpleader relief before the
bankruptcy court and the U.S. District Court for the Western
District of Oklahoma. According to Aviva, it would be subject to
duplicative liability if forced to surrender the cash value of the
Policies to the Millennium Plan's bankruptcy trustee, while
simultaneously facing claims of ownership over the Policies from
the participants. Aviva therefore sought an order "requiring the
[participants] . . . to interplead any and all claims or potential
claims they have asserted or may assert against [the] Policies and
against Aviva relating to its obligations under [the] Policies."
Additionally, Aviva sought "injunctive relief enjoining the
[participants] from initiating or prosecuting any claims or
proceedings against Aviva in any other Court affecting or which
may affect those obligations, in order to protect Aviva from
further exposure to potential dual liability and multiple,
vexatious litigation."

Ultimately, the bankruptcy court entered an order granting Aviva
leave to deposit into the court registry the amount of
$6,822,331.44, which was the net cash surrender value of the
Policies owned by the Millennium Plan, including the Policies
insuring the Whites. This effectively settled the Millennium
Plan's claims of ownership over the Policies.

With respect to the participants' claims against the Millennium
Plan, the bankruptcy trustee distributed the assets of the
bankruptcy estate, including the $6,822,331.44 cash value of the
Policies, in accordance with the approved liquidation plan. Under
the plan, the Whites received a distribution in full satisfaction
of their claims against the Millennium Plan and its trustee. The
Whites then moved to amend their complaint in the White Litigation
to dismiss with prejudice the claims against the Millennium Plan
and its trustee which had been resolved in the bankruptcy
proceeding. In addition, the Whites dismissed their claims for
constructive trust, unjust enrichment, and injunctive relief
against Aviva. Importantly, the Whites' First Amended Complaint
declares, "Plaintiffs . . . do not seek to recover the life
insurance policies from [Aviva]. Nor do Plaintiffs seek to rescind
those insurance policies. Indeed, Plaintiffs expressly acknowledge
that legal and beneficial ownership of the . . . policies rests
with the Millennium Plan." But the Whites continued to pursue tort
claims against Aviva for common law fraud, negligent
misrepresentation, civil conspiracy, insurance fraud under
Tennessee law, violations of the Tennessee Consumer Protection Act
of 1977, and breach of fiduciary duty.

In response, Aviva petitioned the bankruptcy court for a permanent
injunction pursuant to 28 U.S.C. Sec. 2361, enjoining the Whites
and other participants from prosecuting any claims against Aviva
that would expose it to dual liability with respect to its
obligations under the Policies. Aviva argued the Whites' state law
tort claims, if successful, would compel Aviva to disgorge the
equivalent of the premiums it had received for the Policies, even
though Aviva had already paid the cash value of the Policies to
the Millennium Plan's bankruptcy estate.

The bankruptcy court granted Aviva's petition, in part. It found
that interpleader jurisdiction was appropriate and granted Aviva's
request for an injunction with respect to any claims of legal or
equitable ownership over the Policies. But the bankruptcy court
denied injunctive relief for any claims for damages in tort
flowing from the participants' reliance on Aviva's
misrepresentations regarding the Millennium Plan because those
claims were beyond the scope of the court's interpleader
jurisdiction. Finally, the bankruptcy court dismissed Aviva's
interpleader complaint with respect to the White Litigation
because the Whites had voluntarily dismissed with prejudice all
claims of ownership over the Policies.

Aviva appealed the bankruptcy court's decision to the U.S.
District Court for the Western District of Oklahoma, arguing the
bankruptcy court erred by limiting the scope of its injunction.
The district court agreed with the bankruptcy court's analysis and
result.

"In summary, interpleader relief does not permit Aviva to shield
itself from its tort liability related to the separate
Participation Agreements or to limit its total liability in tort
to the value of the Polices. The key elements of interpleader?a
single, identifiable asset and adverse claims to that asset?are
not present in the Whites' remaining tort claims. We therefore
hold the bankruptcy court and the district court, sitting in its
capacity as a bankruptcy appellate court, correctly limited
Aviva's interpleader remedy to allow the participants to pursue
their state tort claims," the Tenth Circuit said.

The case is, AVIVA LIFE AND ANNUITY COMPANY, fka Indianapolis Life
Insurance Company, an Iowa insurance corporation, Appellant, v.
JERALD WHITE, M.D.; CLAUDIA WHITE; DIOGENES HOLDINGS, INC.,
Appellees, No. 14-6006 and 14-6007 (10th Cir.).  A copy of the
Court's November 13, 2014 decision is available at
http://bit.ly/1xJZo1Gfrom Leagle.com.

Aviva is represented by:

     J. Michael Vaughan, Esq.
     WALTERS BENDER STROHBEHN & VAUGHAN, P.C.
     2500 City Center Square
     1100 Main Street
     Kansas City, MO 64105
     Tel: (816) 421-6620
     Fax: (816) 421-4747
     E-mail: mvaughan@wbsvlaw.com

         - and -

     Joseph A. Friedman, Esq.
     KANE RUSSELL COLEMAN & LOGAN, P.C.
     1601 Elm Street, Suite 3700
     Dallas, TX 75201
     Tel: 214-777-4200
     Fax: 214-777-4299
     E-mail: jfriedman@krcl.com

The Appellee is represented by:

     Eric D. Madden, Esq.
     Brandon V. Lewis, Esq.
     REID COLLINS & TSAI, LLP
     Thanksgiving Tower
     1601 Elm Street, 49th Floor
     Dallas, TX 75201
     Tel: 214-420-8900
     Fax: 214-420-8909
     E-mail: emadden@rctlegal.com
             blewis@rctlegal.com

          - and -

     Kiran A. Phansalkar, Esq.
     CONNER & WINTERS
     1700 One Leadership Square
     211 North Robinson
     Oklahoma City, OK 73102-7101
     Tel: (405) 272-5711
     Fax: (405) 232-2695
     E-mail: kphansalkar@cwlaw.com

                    About Millennium Multiple

Richardson, Texas-based Millennium Multiple Employer Welfare
Benefit Plan filed for Chapter 11 bankruptcy protection on June 9,
2010 (Bankr. W.D. Okla. Case No. 10-13528).  Peter Franklin, Esq.,
Doug Skierski, Esq., and Erin K. Lovall, at Franklin Skierski
Lovall Hayward, LLP, in Dallas; and G. Blaine Schwabe, III, Esq.,
at Mock, Schwabe, Waldo, Elder, Reeves & Bryant, in Oklahoma City,
Okla., assist the Company in its restructuring effort.  Eric D.
Madden, Esq., and Brandon V. Lewis, Esq., at Diamond McCarthy LLP,
in Dallas; and Kyung S. Lee, Esq., at Diamond McCarthy LLP, and
Kiran A. Phansalkar, Esq., at Conner & Winters LLP, serve as
counsel to the Official Committee of Unsecured Creditors.  The
Company estimated its assets and debts at $50 million to $100
million as of the petition date.


MOOG INC: S&P Rates New $250MM Unsecured Notes Due 2023 'BB'
------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB' issue-level
rating to Buffalo, N.Y.-based Moog Inc.'s proposed $250 million
senior unsecured notes due 2022.  The '5' recovery rating
indicates expectation for modest recovery (10%-30%; lower half of
the range) in the event of a payment default.

Moog plans to use the proceeds to repay borrowings on its $1.1
billion revolving credit facility, the ratings on which are
unchanged.  S&P do not believe the proposed transaction will
significantly alter the company's credit metrics, and S&P's rating
and outlook on the company remain unchanged.

S&P's rating on Moog reflects the company's significant niche
positions within the cyclical and competitive commercial aerospace
and industrial markets, as well as its modest scale and scope of
operations compared with other companies in the aerospace and
defense industry.  S&P also expects its credit ratios to remain
appropriate for the rating, with funds from operations to debt
remaining about 30%-40% over the next two years, including the
impact of any acquisitions.  S&P assess the company's business
risk as "satisfactory" and its financial risk as "intermediate."

RECOVERY ANALYSIS

Key analytical factors:

   -- S&P completed a recovery analysis of Moog and assigned its
      issue-level and recovery ratings to the company's $250
      million senior unsecured notes due 2022.

   -- S&P valued the company on a going concern basis using a 6.0x
      multiple of its projected emergence EBITDA.  S&P estimates
      that, for the company to default, EBITDA would need to
      decline significantly, representing a significant
      deterioration from the company's current state of business.

Simulated default and valuation assumptions

   -- Simulated year of default: 2019
   -- EBITDA at emergence: $150 million
   -- EBITDA multiple: 6.0x

Simplified waterfall

   -- Net enterprise value (after administrative costs): $855
      million
   -- Valuation split (obligors/nonobligors): 60%/40%
   -- Collateral value available to secured creditors: $620
      Million
   -- Secured first-lien debt: $962 million
   -- Recovery expectations: 70%-90% (lower half of the range)
   -- Senior unsecured debt: $258 million
   -- Other pari passu unsecured claims: $342 million
   -- Recovery expectations: 10%-30% (lower half of the range)

Note: All debt amounts include six months of prepetition interest.

RATINGS LIST

Moog Inc.
Corporate Credit Rating                      BB+/Stable/--

New Rating

Moog Inc.
$250 mil. senior unsecured notes due 2022    BB
  Recovery Rating                             5


NAARTJIE CUSTOM: Court OKs Ray Quinney as Panel's Local Counsel
---------------------------------------------------------------
Bankruptcy Judge William T. Thurman authorized the Official
Committee of Unsecured Creditors in the Chapter 11 case of
Naartjie Custom Kids, Inc., to retain Ray Quinney & Nebeker P.C.
as its local counsel, nunc pro tunc to Sept. 23, 2014.

RQN shareholders and directors with primary responsibilities on
the case and their hourly rates are:

         Michael R. Johnson                   $375
         David H. Leigh                       $305

Mr. Leigh has agreed to an hourly rate of $300 until Jan. 31,
2015.

Other attorneys and paralegals may from time to time serve the
Committee in connection with the matters.  The hourly rates of
these personnel are:

         Shareholders                      $280 - $390
         Of counsels                       $255 - $300
         Associates                        $190 - $250
         Paralegals                        $120 - $150

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

The firm can be reached at:

         Michael R. Johnson, Esq.
         David H. Leigh, Esq.
         RAY QUINNEY & NEBEKER P.C.
         36 South State Street, 14th Floor
         Salt Lake City, UT 84111
         Tel: (801) 532-1500
         Fax: (801) 532-7543
         E-mail: mjohnson@rqn.com
                  dleigh@rqn.com

                  About Naartjie Custom Kids

Naartjie Custom Kids, Inc., which designs, manufactures and sells
children's clothing, accessories and footwear for ages newborn
through 10 years old, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 14-29666) on Sept. 12,
2014.  The case is assigned to Judge William T. Thurman.

The Debtor's counsel is Annette W. Jarvis, Esq., Jeffrey M.
Armington, Esq., Benjamin J. Kotter, Esq., and Michael F. Thomson,
Esq., at Dorsey & Whitney LLP, in Salt Lake City, Utah.

The Official Committee of Unsecured Creditors is represented by
Pachulski Stang Ziehl & Jones LLP as its counsel.  Ray Quinney &
Nebeker P.C. serves as local counsel.  FTI Consulting, Inc. serves
as its financial advisor.


NAARTJIE CUSTOM: Hilco to Get $50,000 TF for Disposing Assets
-------------------------------------------------------------
Naartjie Custom Kids, Inc., disclosed the terms of employment of
Hilco IP Services LLC, doing business as Hilco Streambank as
exclusive agent to market and sell, assign, license, or otherwise
dispose of certain assets.

As reported in the Troubled Company Reporter on Nov. 7, 2014,
Hilco Streambank has been retained to sell the NaartjieR Kids
brand and the Company's interests in its South African subsidiary.

The assets include the worldwide trademark portfolio, the
NaartjieKids.com e-commerce platform, customer files and domain
names.  The assets also include the Company's interests in its
wholly owned South African subsidiary ZA One.  The assets will be
sold through a chapter 11 bankruptcy sale process.  The bid
deadline has been set for Nov. 21, 2014.

Pursuant to an agreement dated Oct. 21, 2014, Hilco will market
and manage the sale of the assets.  The Debtor will provide Hilco
with an engagement fee in the amount of $50,000, plus a
transaction fee.  The engagement fee will be credited against the
transaction fee.

The Debtor has agreed to pay a commission to Hilco based on a
percentage of aggregate proceeds generated from the sale,
assignment, license, or other dispositions of the assets as:

   a. 10% of the amount of aggregate net proceeds in excess of
$2,900,000 up to $3,900,000; plus

   b. 12.5% of the amount by which the aggregate net proceeds
exceed $3,900,000 up to $5,000,00; plus

   c. 15% of the amount by which the aggregate net proceeds exceed
$5,000,000.

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

                   About Naartjie Custom Kids

Naartjie Custom Kids, Inc., which designs, manufactures and sells
children's clothing, accessories and footwear for ages newborn
through 10 years old, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 14-29666) on Sept. 12,
2014.  The case is assigned to Judge William T. Thurman.

The Debtor's counsel is Annette W. Jarvis, Esq., Jeffrey M.
Armington, Esq., Benjamin J. Kotter, Esq., and Michael F. Thomson,
Esq., at Dorsey & Whitney LLP, in Salt Lake City, Utah.


NAARTJIE CUSTOM: Pachulski Stang Approved as Committee Counsel
--------------------------------------------------------------
Bankruptcy Judge William T. Thurman authorized the Official
Committee of Unsecured Creditors in the Chapter 11 case of
Naartjie Custom Kids, Inc., to retain Pachulski Stang Ziehl &
Jones LLP as its counsel nunc pro tunc to Sept. 23, 2014.

The principal attorneys and paralegals designated to represent the
Committee and their standard hourly rates are:

         Jeffrey N. Pomerantz, partner         $875
         Bradford J. Sandler, partner          $775
         Teddy M. Kapur, partner               $550
         Patricia Jeffries, paralegal          $295

The firm agreed with the Committee to make adjustments to its
compensation for services rendered and expenses incurred in the
matter.  PZSJ will not seek compensation for travel time to and
from Salt Lake City Area, but the firm will seek reimbursement of
its expenses related to the travel.

The firm can be reached at:

         Jeffrey N. Pomerantz, Esq.
         Bradford J. Sandler, Esq.
         Teddy M. Kapur, Esq.
         PACHULSKI STANG ZIEHL & JONES LLP
         10100 Santa Monica Blvd., 13th Floor
         Los Angeles, CA 90067
         Tel: (310) 277-6910
         E-mails: jpomerantz@pszjlaw.com
                  bsandler@pszjlaw.com
                  tkapur@pszjlaw.com

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

                  About Naartjie Custom Kids

Naartjie Custom Kids, Inc., which designs, manufactures and sells
children's clothing, accessories and footwear for ages newborn
through 10 years old, sought protection under Chapter 11 of the
Bankruptcy Code on Sept. 12, 2014 (Bankr. D. Utah Case No. 14-
29666).  The case is assigned to Judge William T. Thurman.

The Debtor's counsel is Annette W. Jarvis, Esq., Jeffrey M.
Armington, Esq., Benjamin J. Kotter, Esq., and Michael F. Thomson,
Esq., at Dorsey & Whitney LLP, in Salt Lake City, Utah.

The Official Committee of Unsecured Creditors is represented by
Pachulski Stang Ziehl & Jones LLP as its counsel.  Ray Quinney &
Nebeker P.C. serves as local counsel.  FTI Consulting, Inc. serves
as its financial advisor.


NEXEO SOLUTIONS: S&P Lowers CCR to 'B'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Texas-based Nexeo Solutions LLC to 'B' from 'B+'.  The
outlook is stable.

At the same time, S&P lowered its issue rating on the company's
senior secured term loan to 'B' from 'B+' and revised its recovery
rating on this debt to '3' from '4', indicating S&P's expectation
of meaningful recovery (50% to 70%) in the event of a payment
default.

S&P also lowered its issue rating on the company's senior
subordinated notes to 'CCC+' from 'B-'.  The recovery rating on
this debt is '6', indicating S&P's expectation for a negligible
recovery (0% to 10%) in the event of a payment default.

"The downgrade reflects greater-than-expected acquisition,
integration, and restructuring costs, which have weakened EBITDA
margins and credit measures beyond our earlier expectations," said
Standard & Poor's credit analyst Seamus Ryan.  Nexeo has completed
several acquisitions and divested its composites business in 2014,
incurring significant costs.  The company also continues to
experience costs associated with improving its cost structure to
position it for longer-term growth.  These costs have more than
offset operating performance improvements and have led to weaker
adjusted EBITDA margins and debt to EBITDA above 6.0x.  Because of
this increase in debt leverage, S&P no longer adjust its 'b'
anchor upward by one notch as a result of its comparable rating
analysis modifier.  S&P believes Nexeo's credit measures are in
line with other financial sponsor-owned companies S&P deems as
having "highly leveraged" financial risk profiles.

The ratings on Nexeo reflect S&P's assessment of the company's
business risk profile as "fair" and its financial risk profile as
"highly leveraged".  Although S&P believes the company's credit
measures will benefit from industry growth and acquisitions over
the longer term, continued integration and restructuring costs
will likely limit improvement over the next year.

The stable outlook on Nexeo Solutions LLC reflects S&P's
expectations that favorable demand trends and the integration of
recent acquisitions will allow the company to gradually reduce
leverage from current levels.  S&P do not believe the company will
increase debt to fund further acquisitions or return cash to
shareholders over the next year.  At the rating, S&P expects the
company to maintain debt to EBITDA below 7.0x pro forma for any
acquisitions.

S&P could lower the ratings if an unfavorable product-mix shift,
unexpected volume deterioration, or problems integrating recent
acquisitions lead to stagnant revenue and gross margins declining
by over 50 basis points in 2015.  Such a scenario could result in
debt to EBITDA above 7.0x, with limited likelihood of improvement
within 12 months.  S&P could also lower ratings if additional debt
pushes leverage to this same level.

S&P could raise ratings if Nexeo were to improve product mix,
selling prices, or improve its cost structure to the point where
S&P would expect the company to sustain adjusted EBITDA margins
above 4%.  Such a scenario could result in debt to EBITDA at or
below 5.0x.


NEXT 1 INTERACTIVE: Warren Kettlewell Quits as Director
-------------------------------------------------------
Warren Kettlewell resigned from his position as director of Next 1
Interactive, Inc., effective Nov. 10, 2014.  The resignation did
not involve any disagreement with the Company, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.

                     About Next 1 Interactive

Weston, Fla.-based Next 1 Interactive, Inc., is the parent company
of RRTV Network (formerly Resort & Residence TV), Next Trip -- its
travel division, and Next One Realty -- its real estate division.
The Company is positioning itself to emerge as a multi revenue
stream "Next Generation" media-company, representing the
convergence of TV, mobile devices and the Internet by providing
multiple platform dynamics for interactivity on TV, Video On
Demand (VOD) and web solutions.  The Company has worked with
multiple distributors beta testing its platforms as part of its
roll out of TV programming and VOD Networks.  The list of multi-
system operators the Company has worked with includes Comcast,
Cox, Time Warner and Direct TV.  At present the Company operates
the Home Tour Network through its minority owned/joint venture
real estate partner -- RealBiz Media.  As of July 17, 2012, the
Home Tour Network features over 4,300 home listings in four cities
on the Cox Communications network.

The Company incurred a net loss of $18.29 million on $1.56 million
of total revenues for the year ended Feb. 28, 2014, as compared
with a net loss of $4.23 million on $987,115 of total revenues for
the year ended Feb. 28, 2013.

The Company's balance sheet at Aug. 31, 2014, showed $4.43 million
in total assets, $13 million in total liabilities and a $8.56
million total stockholders' deficit.

D'Arelli Pruzansky, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Feb. 28, 2014.  The independent auditors noted
that the Company has incurred net losses of $18,295,802 and net
cash used in operations of $4,590,428 for the year ended Feb. 28,
2014, and the Company had an accumulated deficit of $87,625,076
and a working capital deficit of $13,549,796 at Feb. 28, 2014.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

                         Bankruptcy Warning

"If we continue to experience liquidity issues and are unable to
generate revenue, we may be unable to repay our outstanding debt
when due and may be forced to seek protection under the federal
bankruptcy laws," the Company said in its fiscal 2013 Annual
Report.


NORBORD INC: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Toronto-based wood products producer Norbord Inc. to stable from
positive.  At the same time, Standard & Poor's affirmed its 'BB-'
long-term corporate credit rating on the company and its 'BB-'
issue-level rating on Norbord's senior secured notes.  The '3'
recovery rating on the notes is unchanged.

"The outlook revision reflects our expectation that North Central
oriented strand board prices will remain below 2012 average levels
over the next couple of years, resulting in an adjusted debt-to-
EBITDA ratio in the mid-2x area over the next 12 months, which we
believe is consistent with an aggressive financial risk profile
after incorporating the very high volatility in the company's
credit measures," said Standard & Poor's credit analyst Jamie
Koutsoukis.

"In our opinion, the North American oriented strand board (OSB)
market is oversupplied due to the restart of six mothballed mills
in 2013 and the slower-than-expected pace of the U.S. housing
recovery.  Despite these market conditions, we expect OSB prices
to recover over the next couple of years, albeit at a slower pace
than previously expected.  Standard & Poor's economists forecast
U.S. housing starts of about 1.0 million in 2014 and 1.3 million
in 2015, which we believe will result in a significant uptick in
demand and supports our expectation of average North Central OSB
prices of about US$245 per thousand square feet next year," S&P
noted.

The stable outlook reflects Standard & Poor's expectation that
U.S. housing starts will increase to about 1.3 million next year,
thereby increasing North Central OSB prices and improve Norbord's
adjusted debt-to-EBIDTA ratio in the next 12 months to the mid-2x
area.

S&P could raise the rating on Norbord if its debt-to-EBITDA ratio
falls below 2x in the next 12 months, which may occur if housing
construction data are stronger than expected resulting in
commodity OSB prices that are significantly higher than S&P's
forecast.  S&P could also raise the rating if free operating cash
flow is used to reduce leverage, or if Norbord makes investments
that result in more stable earnings and an improvement in the
firm's business risk profile.

S&P could lower the rating on Norbord if its debt-to-EBITDA ratio
approaches 5x over the next 12 months, which could occur if
housing construction data are softer than expected resulting in
commodity OSB prices that are significantly lower than S&P's
forecast.


NOVOLEX HOLDINGS: S&P Rates Proposed $965-Mil. Loans 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' issue-level
rating to Novolex Holdings Inc.'s proposed $125 million revolving
credit facility and $840 million first-lien term loan.  The
recovery rating is '3', indicating S&P's expectation for
meaningful (in the upper end of the 50% to 70% range) recovery in
the event of payment default.  S&P also assigned a 'CCC+' issue-
level rating to the company's proposed $275 million second-lien
term loan.  The recovery rating is '6', indicating S&P's
expectation for negligible (0% to 10%) recovery in the event of
payment default.  All ratings are based on preliminary terms and
conditions.

The 'B' corporate credit rating on the company is unchanged.  The
outlook is stable.

The proposed debt issuance will be used to fund the acquisition of
Packaging Dynamics (B/Negative/--), refinance existing
indebtedness, and pay transaction fees and expenses.  S&P expects
that the $125 million revolving credit facility will be undrawn at
close of transaction.

"The ratings on Novolex reflect the company's relatively low
[albeit improving] EBITDA margins, narrow geographic focus on the
U.S. market, the threat of legislation banning plastic bags in
certain states, and the potential that over time changing consumer
preferences could lead to reduced demand for paper and plastic
bags," said Standard & Poor's credit analyst Daniel Krauss.
Partially offsetting these factors are the company's ability to
pass through raw material fluctuations in a timely manner, its
track record of realizing cost synergies following acquisitions,
an improving level of product diversity with the Packaging
Dynamics acquisition, and our expectation that debt leverage will
remain appropriate for the current rating.  With pro forma
revenues of about $1.9 billion, the company is a leading U.S.
manufacturer of plastic and paper bags, as well as paper food
packaging and films which primarily service the retail, grocery,
and food service end markets.  We assess the company's business
risk profile as "fair" and financial risk profile as "highly
leveraged".

The outlook is stable.  Based on Standard & Poor's outlook for
modest U.S. GDP growth and increased consumer spending in 2015 and
2016, S&P expects that EBITDA should gradually improve from pro
forma levels.  At the current rating, S&P expects the company will
be able to maintain adjusted debt to EBITDA of between 5x to 6x
(pro forma for acquisitions).  S&P assumes that management and
Wind Point Partners, the company's private-equity owner, will be
supportive of credit quality, and thus have not factored into
S&P's analysis any meaningful debt-funded distributions.  S&P
expects that the company will continue to look to supplement
organic growth with growth through acquisitions aimed at extending
its scope and reach.

S&P could raise the ratings by one notch in the next 12 months if
the company is able to successfully integrate the acquisition and
achieve the targeted synergies.  Based on S&P's scenario
forecasts, it could consider an upgrade if organic revenues grow
by more than 5%, combined with at least a 100 basis point
improvement in EBITDA margins beyond our expectations.  In this
scenario, S&P would expect that debt to EBITDA would drop to below
5x (pro forma for acquisitions).  To consider higher ratings, S&P
would also need further insight into the company's financial
policies, and gain comfort that adjusted debt leverage would
remain below 5x even after factoring in the potential for
additional debt-funded acquisitions or dividends.

S&P could lower the ratings if operating performance was
significantly weaker than S&P's expectations, which could result
from shifts in consumer preferences, increased legislative
pressures, or unexpected difficulties during the integration
process.  Based on S&P's scenario forecasts, it could consider a
modestly lower rating if revenues dropped by 5% combined with a
reduction in EBITDA margins by 200 basis points or more beyond
S&P's expectations.  In such a scenario S&P would expect debt to
EBITDA weakening to above 6x (pro forma for acquisitions).  S&P
ould also consider a downgrade if the company pursued a large
debt-funded acquisition or dividend recap, or if free cash flow
deteriorated and caused S&P to revise its liquidity assessment to
"less than adequate".


NPS PHARMACEUTICALS: Incurs $2.1-Mil. Net Loss in Third Quarter
---------------------------------------------------------------
NPS Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $2.14 million on $57.20 million of total revenues
for the three months ended Sept. 30, 2014, compared to a net loss
of $1.08 million on $39.20 million of total revenues for the same
period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $6.73 million on $157.36 million of total revenues
compared to a net loss of $21.27 million on $101.14 million of
total revenues for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $282.21
million in total assets, $151.30 million in total liabilities and
$130.91 million in total stockholders' equity.

"We are pleased with the continued success of Gattex/Revestive,
which has achieved $68 million of net sales so far this year
leaving us on track to deliver more than 200% year-over-year
growth," said Francois Nader, MD, president and chief executive
officer of NPS Pharma.  "We continue to identify new Short Bowel
Syndrome patients and grow our prescriber base leaving us
confident in the long-term outlook for Gattex.  Internationally,
we are also making important progress.  Revestive is now
officially launched in Germany and we filed for orphan drug
designation in Japan."

Dr. Nader added: "We were very gratified to receive a positive
Advisory Committee vote recommending the approval of Natpara for
the long-term treatment of hypoparathyroidism.  We are working
with the FDA to finalize our label and Risk Evaluation and
Mitigation Strategy.  In parallel, we are advancing a number of
pre-commercial activities to prepare for the successful launch of
Natpara in the second quarter of 2015."

The Company's cash, cash equivalents, and marketable investment
securities were approximately $169.3 million at Sept. 30, 2014,
compared to $180.5 million at Dec. 31, 2013.

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

                       http://is.gd/3Gbktv

                     About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

NPS Pharmaceuticals reported a net loss of $13.50 million in 2013,
a net loss of $18.73 million in 2012 and a net loss of $36.26
million in 2011.  The Company posted consolidated net loss of
$31.44 million in 2010 and a net loss of $17.86 million in 2009.


O.W. BUNKER: Schedules and Statements Due Dec. 1
------------------------------------------------
O.W. Bunker Holding North America Inc. and its two debtor-
affiliates are required to submit before the U.S. Bankruptcy Court
for the District of Connecticut their schedules of assets and
liabilities and statements of financial affairs on Dec. 1, 2014,
according to their court dockets.

                         About O.W. Bunker

OW Bunker AS is a global marine fuel (bunker) company founded in
Denmark.  The company declared bankruptcy on Nov. 7, 2014,
following its admission that it had lost US$275 million through a
combination of fraud committed by senior executives at its
Singaporean unit.

The Danish company placed its U.S. subsidiaries -- O.W. Bunker
Holding North America Inc., O.W. Bunker North America Inc. and
O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn.
Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13,
2014.

The U.S. cases are assigned to Judge Alan H.W. Shiff.  The U.S.
Debtors have tapped Patrick M. Birney, Esq., and Michael R.
Enright, Esq., at Robinson & Cole LLP, as counsel.   McCracken,
Walker & Rhoads LLP is serving as co-counsel.  Alvarez & Marsal is
the financial advisor.


OAKLEY REDEVELOPMENT: S&P Hikes 2008A TABs Rating From 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term rating to
'BBB-' from 'BB' on Oakley Redevelopment Agency, Calif.'s
outstanding series 2008A subordinate-lien tax allocation bonds
(TABs).  The outlook is stable.

"The raised rating reflects our view of the project area's
substantial increase in assessed value in fiscal 2015, bringing
coverage to sufficient levels," said Standard & Poor's credit
analyst Li Yang.

The Oakley Redevelopment Project Area was amended in 2001 and
encompasses a total of 1,537 acres concentrated along the city of
Oakley's commercial Main Street corridor.  The city of Oakley was
incorporated in 1999 and is located 50 miles northeast of San
Francisco, on the shore of the Sacramento-San Joaquin Delta.


OHCMC-OSWEGO: Bid to Enforce Plan Confirmation Order Withdrawn
--------------------------------------------------------------
The Bankruptcy Court, according to OHCMC-Oswego, LLC, entered an
order withdrawing the Debtor's motion for entry of an order (i)
enforcing the terms of the order confirming the Debtor's Modified
Plan of Liquidation dated June 30, 2014, and hold PNC Bank, NA in
contempt of Court; and (ii) extending until Nov. 30, 2014, the
deadline for the Debtor to close the sale approved under the Plan
based upon PNC's conduct.

On Oct. 29, the Court ordered that the Debtor's motion to enforce
plan and confirmation order is stricken from the Oct. 30 court
call because it does not comply with Local Bankruptcy Rule 9013-
1(D)(2) which requires a motion to be served not later that 4:00
p.m., on the third day before the date of presentment.

                         About OHCMC-Oswego

OHCMC-Oswego, LLC, is an Illinois limited liability company that
was formed on July 12, 2005 to, inter alia, acquire, develop and
sell a series of real estate developments.  It is wholly owned by
Oliver-Hoffman Corporation.  Its principal place of business is
located at 3108 S. Rt. 59, Ste. 124-373, Naperville, Illinois.

OHCMC-Oswego filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Ill. Case No. 14-05349) in Chicago on Feb. 19, 2014, with plans to
sell its assets.  Camille O. Hoffmann signed the petition as
president of managing and sole member.  The Debtor disclosed
$92,268 plus an unknown amount in assets and $56,782,127 in
liabilities.  The Hon. Carol A. Doyle presides over the case.  The
Debtor is represented by David C. Gustman,, Esq., at Freeborn &
Peters LLP.

The U.S. Bankruptcy Court confirmed the Debtor's Modified Plan of
Liquidation dated June 30, 2014, which contemplates a sale of the
Debtors' assets.

No trustee, examiner or creditors' committee has been appointed in
the case.


OVERLAND STORAGE: Sphere Registration Stmt. Declared Effective
--------------------------------------------------------------
Overland Storage, Inc., announced that the registration statement
on Form F-4/A registration statement filed by Sphere 3D
Corporation has been declared effective by the U.S. Securities and
Exchange Commission.

Overland's board of directors previously unanimously adopted and
approved an Agreement and Plan of Merger between Sphere 3D and
Overland Storage, and shareholders will be asked to approve the
merger at a meeting of shareholders on Nov. 28, 2014.  Certain
Overland Storage shareholders holding approximately 65% of the
outstanding Overland shares have agreed, pursuant to voting
agreements, to vote their shares in favor of the merger, and as a
result Overland expects the merger to be approved at the
shareholder meeting, and completed during the first week in
December.  The Notice to Shareholders and Proxy Statement relating
to the shareholder meeting was filed with the SEC on Nov. 7, 2014,
and is posted at http://bit.ly/13Tr6z0.

                       About Overland Storage

San Diego, Cal.-based Overland Storage, Inc. (Nasdaq: OVRL) --
http://www.overlandstorage.com/-- is a global provider of unified
data management and data protection solutions designed to enable
small and medium enterprises (SMEs), corporate departments and
small and medium businesses (SMBs) to anticipate and respond to
change.

Overland Storage reported a net loss of $22.92 million for the
year ended June 30, 2014, compared to a net loss of $19.64 million
for the year ended June 30, 2013.

As of June 30, 2014, the Company had $93.93 million in total
assets, $57.14 million in total liabilities and $36.79 million in
total shareholders' equity.

Moss Adams LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent auditors noted that
the Company's recurring losses and negative operating cash flows
raise substantial doubt about the Company's ability to continue as
a going concern.


OVERLAND STORAGE: Incurs $7.3 Million Net Loss in First Quarter
---------------------------------------------------------------
Overland Storage, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $7.29 million on $22.89 million of net revenue for the
three months ended Sept. 30, 2014, compared to a net loss of $4.59
million on $10.60 million of net revenue for the same period in
2013.

As of Sept. 30, 2014, the Company had $88.74 million in total
assets, $61.30 million in total liabilities and $27.43 million in
total shareholders' equity.

Eric Kelly, president and CEO of Overland Storage, said, "As we
announced this week, the Securities and Exchange Commission has
declared the Registration Statement on Form F-4/A filed by Sphere
3D Corporation regarding the proposed merger between Overland and
Sphere 3D to be effective.  We are asking shareholders to approve
the merger, and to date, shareholders holding approximately 65% of
our outstanding stock have agreed to vote their shares in favor of
the merger, which is expected to close during the first week of
December.  Through our long-term partnership with Sphere 3D, we
have been laying the groundwork to build a solid foundation for
the combined company.  We are excited to offer our customers a
highly optimized and a comprehensive set of app and desktop
virtualization solutions coupled with scalable, enterprise-class
storage offerings to address these growing markets in the
software-defined IT era."

Mr. Kelly further noted, "We are pleased to report that we
exceeded internal revenue projections in the past quarter, and we
have completed the third phase of our integration plan with
Tandberg Data.  The significant operational changes at Overland
will result in cost-savings of 10% to 15% (or $2 million to $3
million) greater than our previously-announced target of $20
million.  The final phase of the integration plan, which includes
recent organizational reductions and changes to our manufacturing
and supply chain operations, is expected to positively impact
gross margins going forward.  The Tandberg integration plan will
be completed prior to the closing of the merger agreement with
Sphere 3D and is expected to allow for a profitable run-rate
exiting calendar year 2014, excluding one-time charges and stock
compensation expense."

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

                       http://is.gd/o5O3rq

                     About Overland Storage

San Diego, Cal.-based Overland Storage, Inc. (Nasdaq: OVRL) --
http://www.overlandstorage.com/-- is a global provider of unified
data management and data protection solutions designed to enable
small and medium enterprises (SMEs), corporate departments and
small and medium businesses (SMBs) to anticipate and respond to
change.

Overland Storage reported a net loss of $22.92 million for the
year ended June 30, 2014, compared to a net loss of $19.64 million
for the year ended June 30, 2013.

Moss Adams LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent auditors noted that
the Company's recurring losses and negative operating cash flows
raise substantial doubt about the Company's ability to continue as
a going concern.


OWENS-BROCKWAY GLASS: S&P Rates New $700MM Senior Notes 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
issue rating and '4' recovery rating to Owens-Brockway Glass
Container Inc.'s proposed $700 million senior notes to be issued
in two tranches maturing in 2022 and 2025.  The '4' recovery
rating indicates S&P's expectation of average (30% to 50%)
recovery in the event of a payment default.  Owens-Brockway Glass
Container Inc. is a subsidiary of Owens-Illinois Inc.

The company will use a portion of the net proceeds from the senior
notes offering to fund the purchase of its 3.00% exchangeable
senior notes due 2015, and the remaining proceeds will be used for
general corporate purposes.  The existing ratings on Owens-
Illinois Inc., including the 'BB+' corporate credit rating, are
unchanged.  The outlook is stable.

S&P's corporate credit rating on Owens-Illinois Inc. is derived
from an anchor score of 'bbb-', based on S&P's "satisfactory"
business risk and "significant" financial risk profile assessments
for the company.  S&P lowers the anchor score by one notch based
on an unfavorable comparative rating assessment, reflecting weaker
credit measures relative to peers, and ongoing asbestos
litigation.

Owens-Illinois is a global leader in glass packaging, with leading
market shares in each of its four regions -- North America,
Europe, South America, and Asia-Pacific.

RATINGS LIST

Owens-Illinois Inc.
Corporate Credit Rating              BB+/Stable/--

New Rating

Owens-Brockway Glass Container Inc.
$700 Mil. Senior Notes
  Due 2022 And 2025                  BB+
   Recovery Rating                   4


PALM BEACH: Wants to Sell Undeveloped Land for At Least $6.3MM
--------------------------------------------------------------
Palm Beach Community Church, Inc., asks the Bankruptcy Court for
authorization to sell the undeveloped property, and asked the
Court to approve the proposed bidding procedures and the purchase
agreement.

The Debtor is a 501(c)(3) corporation which operates a church and
related services including a religious school, and is located on
an 11.6 acre parcel (the total property) in Palm Beach Gardens,
Florida.

The parcel of property that the Debtor seeks to sell is a portion
of the total property, located at the northeast quadrant of the
intersection of PGA Boulevard and Shady Lakes Drive, consisting of
approximately 9.03 acres of undeveloped land.  The Property does
not include the Borland Center, or the real property on which the
Borland Center is located, or the adjacent area containing
seventy-eight parking spaces.

PNC Bank N.A., holds a valid, properly perfected first priority
lien against the total property.  As of the Petition Date, the
Debtor was indebted to PNC in the principal amount of $11,332,870,
interest to Oct. 20, 2013, at 16% per annum of $5,799,778 and
attorney's fees and costs of $135,778, for a total owed of
$17,278,427.

The general terms of the sale are:

   a. PNC Bank (the purchaser) will be the staking horse bidder at
$6,310,400 and will have the right to credit bid its mortgage.

   b. the purchaser will act as a stalking horse bidder in the
event that there are other qualified bidders and that an auction
is required.

   c. Qualified bids are due 5:00 p.m. on Dec. 2, 2014.  The
qualifying bid packet must be delivered to:

         Aaron A. Wernick, Esq.
         FURR AND COHEN, P.A.
         2255 Glades Road, Suite 337W
         Boca Raton, FL 33431
         Tel: (561)395-0500
         E-mail: awernick@furrcohen.com

   d. due diligence must be completed no later than Nov. 30.

   e. In the event that there are one or more qualified bidders on
or before the Bid Deadline, the Debtor will conduct an auction at
the Law Offices of Furr and Cohen, P.A., 2255 Glades Road, Suite
337W, Boca Raton, Florida on Dec. 4, at 11 a.m.

                    About Palm Beach Community

Palm Beach Community Church, Inc., filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013.  The
petition was signed by Raymond Underwood as president.  The Debtor
scheduled total assets of $14.6 million and total liabilities of
$11.43 million.

Palm Beach Community Church won permission to employ Robert C.
Furr and the law firm of Furr and Cohen, P.A., as attorney; and
Roy Wiley and Covenant Financial, Inc. dba SmartPlan Financial
Services as accountants.

In December 2013, the U.S. Trustee informed the Bankruptcy Court
that it was unable to appoint a committee of creditors in the
case.


PHILLIPS INVESTMENT: Wants to Sell Gwinnett Station to Shang Hei
----------------------------------------------------------------
Phillips Investments, LLC, asks the Bankruptcy Court for
authorization to (i) sell certain real property and related
assets; and (ii) assume and assign certain leases in connection
therewith.

The Debtor owns various parcels of real property located in
Gwinnett County, Georgia and operates shopping center on its
property commonly known as Gwinnett Station and Gwinnett Prado.

The Debtor has been in discussions with a number of entities with
respect to a potential sale of Gwinnett Station, Gwinnett Prado or
both.  On Oct. 14, 2014, the Debtor entered into a real estate
purchase agreement with Shang Hei, LLC to acquire the Debtor's
rights, title and interest in Gwinnett Station and the leases for
$7.5 million.

The agreement provides for, among other things,

   1. $25,000 will be paid from the sale proceeds to ChangHei's
real estate broker, Regent Group Realty LLC;

   2. inspection period will 30 days from the date of execution of
the Shang Hei purchase agreement, it is expected that the
inspection period will have expired prior to the auction and the
sale hearing; and

   3. closing is to occur on a date on or before 15 days after the
Court enters the sale order, Shang Hei may extend the closing date
for an additional 45 days upon payment of a non-refundable
$300,000 payment to the Debtor.

The Debtor believes that lender East West Bank will consent to the
sale.  The Debtor owes $17.6 million aggregate amount to East West
Bank.

                     About Phillips Investments

Phillips Investments, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ga. Case No. 14-61444) on June 11, 2014.  Ly Phillips
signed the petition as managing member.

Phillips Investments owns several parcels of improved commercial
real estate from which it operates two retail shopping centers.
The Debtor disclosed $29,558,424 in assets and $28,667,234 in
liabilities as of the Chapter 11 filing.  Scroggins & Williamson,
P.C., serves as the Debtor's counsel.  Judge Mary Grace Diehl
presides over the case.


PLY GEM HOLDINGS: Raging Capital Holds 5.3% Equity Stake
--------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Raging Capital Master Fund, Ltd., and its affiliates
disclosed that as of Nov. 7, 2014, they beneficially owned
3,591,000 shares of common stock of Ply Gem Holdings, Inc.,
representing 5.3 percent of the shares outstanding (based upon
67,845,371 Shares outstanding, which is the total number of Shares
outstanding as of Nov. 7, 2014, as reported in the Ply Gem's
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on Nov. 7, 2014).  A copy of the regulatory
filing is available at http://is.gd/Cm3FTQ

                           About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem Holdings reported a net loss of $79.52 million in 2013, a
net loss of $39.05 million in 2012 and a net loss of $84.50
million in 2011.

The Company's balance sheet at June 28, 2014, showed $1.09 billion
in total assets, $1.18 billion in total liabilities and a $91.43
million total stockholders' deficit.

                           *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


QUANTUM CORP: To Issue 11.3 Million Shares Under Plans
------------------------------------------------------
Quantum Corporation filed with the U.S. Securities and Exchange
Commission a Form S-8 registration statement to register 11.3
million shares of common stock to be issued under the Company's
2012 Long-Term Incentive Plan and Employee Stock Purchase Plan.
The proposed maximum aggregate offering price is $14.46 million.
A full-text copy of the Form S-8 prospectus is available at:

                        http://is.gd/2OvNL0

                          About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum Corporation incurred a net loss of $21.47 million on
$553.16 million of total revenue for the year ended March 31,
2014, as compared with a net loss of $52.17 million on $587.43
million of total revenue for the year ended March 31, 2013.

As of Sept. 30, 2014, the Company had $354.18 million in total
assets, $440.38 million in total liabilities and a $86.20 million
stockholders' deficit.


QUICKSILVER RESOURCES: Posts $23.7 Million Net Income in Q3
-----------------------------------------------------------
Quicksilver Resources Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $23.75 million on $163.49 million of total revenue
for the three months ended Sept. 30, 2014, compared to net income
of $10.57 million on $153.11 million of total revenue for the same
period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $71.17 million on $373.31 million of total revenue
compared to net income of $193.39 million on $447.31 million of
total revenue for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $1.26
billion in total assets, $2.36 billion in total liabilities and a
$1.09 billion total stockholders' deficit.

"Quicksilver has made significant progress on our stated goals
since our last earnings call.  Oil discoveries in West Texas,
improved well results and cost structure in the Barnett and
affirmation of our borrowing base and the covenant changes with
our banks are all positive developments," said Glenn Darden, CEO
of Quicksilver Resources.  "These achievements have not only
strengthened the company's asset base, but should also be very
helpful in our marketing process and other negotiations."

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

                       http://is.gd/yVT3CH

                        About Quicksilver

Quicksilver Resources Inc. is an exploration and production
company engaged in the development and production of long-lived
natural gas and oil properties onshore North America.  Based in
Fort Worth, Texas, the company is widely recognized as a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999 and is listed on the New York Stock Exchange under the
ticker symbol KWK.  The company has U.S. offices in Fort Worth,
Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig,
Colorado and Cut Bank, Montana.  The Company's Canadian
subsidiary, Quicksilver Resources Canada Inc., is headquartered in
Calgary, Alberta.

Quicksilver Resources posted net income of $161.61 million in 2013
following a net loss of $2.35 billion in 2012.

                           *     *     *

As reported by the TCR on Sept. 30, 2014, Moody's Investors
Service downgraded Quicksilver Resources Inc.'s Corporate Family
Rating (CFR) to Caa3 from Caa1.  "The downgrade to Caa3 reflects
Moody's view that Quicksilver Resources' risk of default has
further increased," said Pete Speer, Moody's Senior Vice
President.

The TCR reported on Oct. 7, 2014, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Quicksilver
Resources Inc. to 'CCC-' from 'CCC+'.  "The downgrade reflects our
view that Quicksilver could undertake a distressed exchange for
its $350 million subordinated notes due 2016 within the next six
months," said Standard & Poor's credit analyst Carin Dehne-Kiley.


REALOGY HOLDINGS: Revises Corporate Governance Guidelines
---------------------------------------------------------
The Board of Directors of Realogy Holdings Corp. approved an
amendment to its Corporate Governance Guidelines to expand the
duties of its presiding director and to rename that position as
"Lead Independent Director", according to a regulatory filing with
the U.S. Securities and Exchange Commission.

Under the amended Guidelines, the Lead Independent Director's
duties have been expanded to include his or her ability to call
meetings of the independent or non-management directors as well as
special meetings of the Board.  Michael J. Williams, formerly the
presiding director, continues as the lead independent director.

As amended, the Guidelines set forth the following duties of the
Lead Independent Director:
  * leading the executive sessions of the independent and non-
    management directors;
  * serving as a liaison between the chief executive officer and
    members of the Board including providing feedback from the
    independent and non-management directors to the chief
    executive officer following each Board meeting;
  * coordinating with the independent and non-management directors
    between meetings and assisting in preparing Board meeting
    agendas and schedules; and
  * calling meetings of the independent or non-management
    directors as well as special meetings of the Board.

On Nov. 4, 2014, the Board of Directors of the Company approved a
conforming amendment to the Third Amended and Restated Bylaws of
the Company, by amending the first sentence of Section 3.4 to
provide that special meetings of the Board of Directors may be
called by the Chairman of the Board, the Lead Independent Director
or a majority of the Board of Directors then in office.

                      About Realogy Holdings Corp.

Realogy Holdings Corp. (NYSE: RLGY) is a global leader in
residential real estate franchising with company-owned real estate
brokerage operations doing business under its franchise systems as
well as relocation and title services.  Realogy's brands and
business units include Better Homes and Gardens(R) Real Estate,
CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R),
The Corcoran Group(R), ERA(R), Sotheby's International Realty(R),
NRT LLC, Cartus and Title Resource Group.  Collectively, Realogy's
franchise system members operate approximately 13,500 offices with
251,000 independent sales associates doing business in 104
countries around the world. Realogy is headquartered in Madison,
N.J.

                           *     *     *

In the Aug. 1, 2013, edition of the TCR, Moody's Investors Service
upgraded the corporate family rating of Realogy Group to to B2
from B3.  The upgrade to B2 CFR is driven by expectations for
ongoing strong financial performance, supported by Realogy's
recently-concluded debt and equity financing activities and a
continuing recovery in the US existing home sale market.

As reported by the TCR on Feb. 18, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on Realogy Corp. to
'B+' from 'B'.

"The one notch upgrade in the corporate credit rating to 'B+'
reflects an increase in our expectation for operating performance
at Realogy in 2013, and S&P's expectation that total lease
adjusted debt to EBITDA will improve to the low-6x area and funds
from operations (FFO) to total adjusted debt will be improve to
the high-single-digits percentage area in 2013, mostly due to
EBITDA growth in the low- to mid-teens percentage area in 2013,"
S&P said.


RIVER CITY: Court Approves Spotts Fain as Bankruptcy Counsel
------------------------------------------------------------
The Bankruptcy Court authorized River City Renaissance, LC, &
River City Renaissance III, LC to employ The Spotts Fain PC as
counsel.

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, LC
disclosed $27,353,274 in assets and $29,186,824 in liabilities as
of the Chapter 11 filing.  Renaissance III estimated less than $10
million in assets and debts.  The Debtors have tapped Spotts Fain
PC as counsel.


RIVER CITY: Devt. Specialist Okayed as Liquidating Representative
-----------------------------------------------------------------
The Bankruptcy Court authorized River City Renaissance, LC, and
River City Renaissance III, LC, to employ Development Specialist,
Inc. as liquidating representative for the Debtors.

As reported in the Troubled Company Reporter on Aug. 21, 2014, the
Debtors said that DSI, as liquidating representative, will provide
the services of Joseph J. Luzinski to serve as the DSI
professional primarily responsible for the engagement.

In the Debtors' amended application, Mr. Luzinski will also owe
fiduciary duties to the Debtors' bankruptcy estates and that he,
along with DSI, will be the primary designee on behalf of the
Debtors.  Among those duties and responsibilities, Mr. Luzinski
and DSI will appear at the Debtors' Section 341 Meeting of
Creditors as the Debtor-Designee, make operational decisions on
the Debtors' behalf, and operate and control the Debtors' bank
accounts, including, without limitation, the approval of all
advances and expenditures on the Debtors' behalf, as directed
by Judge Huennekens on Aug. 1, 2014.

As reported in the Troubled Company Reporter on Aug. 15, 2014,
the Debtors sought authority from the Court to hire the firm to
provide reorganization and liquidation management services.

The hourly billing rates for the proposed consultants are as
follows:

     Joseph J. Luzinski           $570
     Yale S. Bogen                $435
     George S. Shoup              $395
     Edward C. Dean               $275
     Shelly L. Cuff               $250

The hourly rate ranges for other DSI consultants are as follows:

     Senior Consultants           $550-$675
     Consultants                  $315-$435
     Junior Consultants            $95-$260

It is proposed that a $50,000 retainer be paid to DSI; $25,000 of
which will come from funds currently held in trust at Spotts Fain
PC, and the balance of which will come from the Debtors.

                 About River City Renaissance, LC

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, LC
disclosed $27,353,274 in assets and $29,186,824 in liabilities as
of the Chapter 11 filing.  Renaissance III estimated less than $10
million in assets and debts.  The Debtors have tapped Spotts Fain
PC as counsel.


RIVER CITY: Has Until Dec. 31 to Access Lenders' Cash Collateral
----------------------------------------------------------------
Bankruptcy Judge Keith L. Phillips authorized, in a third interim
order, River City Renaissance, LC, & River City Renaissance III,
LC to use until Dec. 31, 2014, the cash collateral in which U.S.
Bank National Association, as trustee, asserts an interest.

As adequate protection from any diminution in value of the
lender's collateral, the Debtors will grant the lenders
replacement liens, and a superpriority administrative claim
status.

As reported in the Troubled Company Reporter on Oct. 6, 2014,
U.S. Bank National Association -- as trustee for holders, by and
through CWCapital Asset Management LLC as special servicer --
objected to River City Renaissance, LC, and River City Renaissance
III, LC's motion for interim and final orders authorizing the use
of cash collateral.

The Holders stand to gain exactly nothing from these bankruptcy
cases or the proposed sale process and, yet, are being asked to
finance these cases in their entirety, Robbin S. Rahman, Esq., at

Kilpatrick Townsend & Stockton LLP, in Atlanta, Georgia told the
Court for the Eastern District of Virginia.  He insisted that the
Holders' claims would have been paid in full through the
foreclosure process and any excess sales proceeds could
immediately have gone to the Debtors without the additional delay,
expense and uncertainty that necessarily will be part of these
bankruptcy cases.

Because the Debtors opted to pursue a sale through Chapter 11, Mr.
Rahman noted, all parties now face the potential risk that the
proceeds generated from the sale of the Properties, after payment
of the substantial fees and expenses of these bankruptcy cases,
will be insufficient to fully pay the claims of the Holders, much
less deliver value to the residual stakeholders.

Even if the Holders were to consent to the full use of their Cash
Collateral as requested by the Debtors (which they do not), the
Debtors still would be unable to keep up with the substantial
administrative expenses accruing in these Bankruptcy Cases, Mr.
Rahman contended.  He added that to make matters even worse, the
Debtors seek to shift the risk of loss in these bankruptcy cases
to the Holders by way of a "carve-out."

                    Motion Should Be Granted,
                        Debtors Insisted

The Debtors submit that the Motion should be granted because:

   -- the Holders' interests are adequately protected;

   -- CompassRock Real Estate, LLC, the court appointed receiver
      for the Debtors' Properties, caused to be paid to the
      Holders $827,198 within 41 days of the Petition Date;

   -- the Receiver is an affiliate of the Special Servicer, and
      documents reveal the Special Servicer's role in the context
      of these substantial payments;

   -- while under the Receiver's control in the Receivership
      Action, and on information and belief, the Properties were
      not well maintained and experienced sharp declines in
      occupancy;

   -- in contrast to the foreclosure initiated by the Special
      Servicer and the Holders, which provided mere statutory
      notice, the Debtors' proposed sale process will be
      widely-advertised and will likely yield a benefit not just
      to the Holders and the Special Servicer but also to the
      Debtors' creditors and equity-holders; and

   -- the Debtors, through counsel, have repeatedly requested
      from the Holders a payoff statement, payment history, and
      breakdown for each Debtor, which have not been received,
      and the Debtors believe that those claimed sums could
      include default interest and other penalties and fees to
      which the Debtors will object.

                  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 LC
disclosed $27,353,274 in assets and $29,186,824 in liabilities as
of the Chapter 11 filing.  Renaissance III estimated less than $10
million in assets and debts.  The Debtors have tapped Spotts Fain
PC as counsel.


RIVER CITY: Has Until Feb. 25 to Remove Pending Civil Actions
-------------------------------------------------------------
Bankruptcy Judge Keith L. Phillips extended until Feb. 25, 2015,
River City Renaissance, LC, & River City Renaissance III, LC's
time to file notices of removal with respect to any civil actions
pending as of the Petition Date.

As reported in the Troubled Company Reporter on Oct. 22, 2014,
according to the Debtors, absent the extension, the Debtors'
deadline to file the notices will expire on Oct. 28.

                  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, LC
disclosed $27,353,274 in assets and $29,186,824 in liabilities as
of the Chapter 11 filing.  Renaissance III estimated less than $10
million in assets and debts.  The Debtors have tapped Spotts Fain
PC as counsel.


RIVER CITY: U.S. Bank Balks at Employment Sperry as Auctioneer
--------------------------------------------------------------
U.S. Bank National Association, as trustee, filed a limited
objection to River City Renaissance, LC, et al.'s motion to employ
Sperry Van Ness Auction Services, LLC, et al., as an auctioneer.

U.S. Bank is successor-in-interest to Bank of America, N.A., as
trustee, successor to Wells Fargo Bank, N.A., as trustee for the
registered holders of Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2005-C22 and
U.S. Bank National Association, as trustee, successor-in-interest
to Bank of America, N.A., as trustee, successor to Wells Fargo
Bank, N.A., as trustee for the registered holders of Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2006-C23, each by and through CWCapital Asset
Management LLC, solely in its capacity as special servicer for the
respective trusts.

The Holders and the Debtors have engaged in discussions regarding
the terms of retention of the auctioneer and, in some instances,
the Holders' objections have been resolved.  However, a few
matters remain with respect to which the parties have not yet
reached an agreement.

To the extent such an agreement is not reached, the Holders object
to the retention of the auctioneer until the Debtors provide
additional clarity on certain critical issues.  In summary, the
matters include, but are not limited to:

   1. certain of the terms set forth in the retention application
are unnecessarily vague and subject to interpretation.  For
example, the auctioneer's proposed compensation are not defined;

   2. in certain instances, the terms of the auctioneer's
compensation create an incentive to secure a sale for a lower
price to earn a higher commission;

   3. the retention application proposes to pay to the auctioneer
its compensation as part of a sale closing; and

   4. prior to payment of any compensation, the Debtors should be
required to serve upon the Holders and other interested parties a
notice that includes a calculation of the auctioneer's earned fee
and provide the Holders and other interested parties with the
opportunity to object to the extent they disagree with such
calculation.

The Debtors asked for permission to employ the auctioneer with
respect to the Debtors' real property assets, which are comprised
of 29 residential apartment buildings located in the City of
Richmond.

The auctioneer's proposed compensation are:

   a. In the event that the auction fails to result in a closed
transaction where the paid cash consideration exceeds the
respective Holder's secured claim as to the particular Debtor's
properties, or either of the Holders acquire the properties
through a credit-bid of either's secured claim, then SVN may be
paid up to $100,000, allocated 80%/20% between the RCR Properties
and the RCR III Properties, respectively, plus reasonable and
customary sellers' closing costs, which funds will be made
available from the Holders' collateral and available at closing in
order to close the sales.

   b. In the event that the auction results in a closed
transaction where the paid cash consideration exceeds the
respective Holder's secured claim, well as necessary closing
costs, as to the particular Debtor's properties by an amount
insufficient to pay to SVN in accordance with Section (x)(c),
below, then SVN will be entitled to a fee in an amount equal to
the difference of (i) the net dollar amount of paid cash
consideration at closing, minus (ii) the dollar amount of the
respective Holders' secured claim as to the particular Debtor's
Properties, plus necessary closing costs.

   c. In the event that the auction results in a closed
transaction where the paid cash consideration exceeds the
respective Holder's secured claim, well as necessary closing
costs, as to the particular Debtor's properties by an amount
sufficient to pay to SVN (i) two percent of the first $20,000,000
of the paid cash consideration at closing, plus (ii) one-and-one-
half percent of any amount beyond the first $20,000,000 of the
paid cash consideration at closing, then SVN will be entitled to a
fee in such amount at closing of such sale(s).

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

           Bid to Employ Morton G. Thalhimer Withdrawn

On Oct. 24, 2014, the Debtors notified the Court of their
withdrawal of the motion to employ Morton G. Thalhimer, Inc. as
broker for real property assets.

On Sept. 20, the Debtors filed their application, but due to
several reasons, proceeding with Thalhimer was not practical.

CWCapital Asset is represented by:

         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

         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

                  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, LC
disclosed $27,353,274 in assets and $29,186,824 in liabilities as
of the Chapter 11 filing.  Renaissance III estimated less than $10
million in assets and debts.  The Debtors have tapped Spotts Fain
PC as counsel.


RIVER CITY: Wants Until Feb. 25 to Propose Chapter 11 Plan
----------------------------------------------------------
River City Renaissance, LC, and River City Renaissance III, LC,
ask the Bankruptcy Court to extend their exclusive periods to file
a chapter 11 plan until Feb. 25, 2015, and solicit acceptances for
that plan until April 27.

Absent the extension, the Debtors' exclusive filing period will
expired on Nov. 27.

The Court will consider the matter at a hearing on Nov. 19, at
12:00 noon.  Objections, if any, are due Nov. 12.

                  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, LC
disclosed $27,353,274 in assets and $29,186,824 in liabilities as
of the Chapter 11 filing.  Renaissance III estimated less than $10
million in assets and debts.  The Debtors have tapped Spotts Fain
PC as counsel.


SABINE PASS: Amends Q3 Form 10-Q to Provide Additional Info.
------------------------------------------------------------
Sabine Pass LNG, L.P., filed an amended quarterly report on Form
10-Q for the period ended Sept. 30, 2014, to disclose recently
provided information pursuant to Section 219 of the Iran Threat
Reduction and Syria Human Rights Act of 2012.

Pursuant to Section 13(r) of the Securities Exchange Act of 1934,
as amended, if during the quarter ended Sept. 30, 2014, the
Company or any of its affiliates had engaged in certain
transactions with Iran or with persons or entities designated
under certain executive orders, the Company would be required to
disclose information regarding those transactions in its Quarterly
Report on Form 10-Q as required under Section 219 of the Iran
Threat Reduction and Syria Human Rights Act of 2012.  During the
quarter ended Sept. 30, 2014, the Company did not engage in any
transactions with Iran or with persons or entities related to
Iran.

Blackstone CQP Holdco LP, an affiliate of The Blackstone Group
L.P., is a holder of approximately 29% of the outstanding equity
interests of Cheniere Energy Partners, L.P., and has three
representatives on the Board of Directors of Cheniere Partners'
general partner.  Accordingly, Blackstone Group may be deemed an
"affiliate" of Cheniere Partners, as that term is defined in
Exchange Act Rule 12b-2.  Blackstone Group has included in its
Quarterly Report on Form 10-Q for the quarterly period ended
Sept. 30, 2014, disclosures pursuant to ITRA regarding one of its
portfolio companies that may be deemed to be an affiliate of
Blackstone Group.  Because of the broad definition of "affiliate"
in Exchange Act Rule 12b-2, this portfolio company of Blackstone
Group, through Blackstone Group's ownership of Cheniere Partners,
may also be deemed to be an affiliate of the Company.

Blackstone Group has reported that Travelport Limited has engaged
in the following activities: as part of its global business in the
travel industry, Travelport provides certain passenger travel-
related GDS and airline IT services to Iran Air and airline IT
services to Iran Air Tours.  The gross revenues and net profits
attributable to those activities by Travelport during the quarter
ended Sept. 30, 2014, were reported by Travelport's  parent
company, Travelport Worldwide Limited, to be approximately
$171,000 and $124,000, respectively.  Blackstone Group has
reported that Travelport intends to continue these business
activities with Iran Air and Iran Air Tours as those activities
are either exempt from applicable sanctions prohibitions or
specifically licensed by the Office of Foreign Assets Control.

                         About Sabine Pass

Sabine Pass LNG, L.P. owns, develops and operates an LNG receiving
and regasification terminal in western Cameron Parish, Louisiana.
Based in Houston, the Company's LNG terminal includes existing
infrastructure of five LNG storage tanks with 16.9 Bcfe capacity,
two docks that can hold vessels up to 265,000 cubic meters, and
vaporizers with capacity of 4.0 Bcf/d.

As of Sept. 30, 2014, Sabine Pass had $1.62 billion in total
assets, $2.22 billion in total liabilities and a $600.10 million
partners' deficit.


SANUWAVE HEALTH: Incurs $1.5 Million Net Loss in Third Quarter
--------------------------------------------------------------
SANUWAVE Health, Inc., reported a net loss of $1.49 million on
$227,492 of revenue for the three months ended Sept. 30, 2014,
compared to a net loss of $4.43 million on $148,421 of revenue for
the same period during the prior year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $5.75 million on $610,705 of revenue compared to a net
loss of $10.62 million on $510,272 of revenue for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $5.91
million in total assets, $6.33 million in total liabilities and a
$421,511 total stockholders' deficit.

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

                        http://is.gd/5kLmVf

                       About SANUWAVE Health

Alpharetta, Ga.-based SANUWAVE Health, Inc., is an emerging global
regenerative medicine company focused on the development and
commercialization of noninvasive, biological response activating
devices for the repair and regeneration of tissue, musculoskeletal
and vascular structures.

SANUWAVE reported a net loss of $11.29 million in 2013, a net
loss of $6.40 million in 2012 and a net loss of $10.23 million in
2011.


SCRUB ISLAND: Approved to Amend Final DIP Financing Budget
----------------------------------------------------------
The U.S. Bankruptcy Court authorized Scrub Island Development
Group Limited to amend final debtor-in-possession budget.

The motion was discussed in open court at the hearing on Oct. 15,
2014, at 11:00 a.m. attended by counsel for the Debtors, FirstBank
Puerto Rico, and RCB Equities #1, LLC.

The modifications to the amended budget will:

   a. decrease the expenses in the line items for "electric" in
October and November from $100,000 each month to $85,000 and
$90,000, respectively, based on updated information as to actual
and expected usage;

   b. revise the line item for expenses related to "other" in
October to include funding for (a) payment of a retainer to HDH
Advisors, LLC, one of the Debtors' expert witnesses on
confirmation, in the amount of $25,000, and (b) to reimburse
actual and necessary costs related to trial for the Debtors'
special trial counsel, in the estimated amount of $15,000; and

   c. increase the total available funding under the final DIP
financing order from $667,440 to $682,400 to account for the
modifications.

Other than as provided herein, all other terms and provisions of
the final DIP financing order remain unchanged.

As reported in the Troubled Company Reporter on Oct. 6, 2014,
Bankruptcy Judge Michael G. Williamson authorized, on a final
basis, the Debtor to obtain postpetition financing from RCB
Equities #1, LLC, in the principal amount of up to $1.5 million,
in accordance with their Loan Commitment Agreement dated Aug. 19,
2014.

Judge Williamson approved the amended budget for the three-month
period from Sept. 1, 2014, to Nov. 30, 2014.  A full-text copy of
the budget is available for free at http://is.gd/o52WfQ

As reported in the TCR on Sept. 22, 2014, specifically, the Court
authorized the Debtor to borrow up to $210,000 from the DIP Lender
until the final hearing, which was scheduled earlier this month,
to execute and deliver to the DIP Lender all of the DIP Loan
Documents, and perform its obligations under the DIP Loan
Documents.

The Debtor may use the proceeds of the DIP Facility solely to pay
the expenses set forth in the approved budget, a copy of which is
available for free at:

   http://bankrupt.com/misc/ScrubIsland_DIPBudget_09032014.pdf

The DIP Loan Obligations will bear interest at the rate of 2% per
month on any outstanding advances under the DIP Facility.  At the
time of any advance under the DIP Facility, the DIP Lender will be
entitled to a closing fee in an amount equal to 3% of the amount
of the advance.

In its motion, the Debtor proposed that the DIP Facility will be
secured by a first priority lien on and security interest in all
property of the Debtor located in the United States. The DIP
Lender will also have a superpriority administrative expense claim
having priority over any and all administrative expenses of and
priority claims against the Debtor.

                        FirstBank Objection

FirstBank Puerto Rico, prepetition secured lender to Scrub Island
Development Group and Scrub Island Construction Limited, objected
to the DIP Financing Motion, asking the Court to deny the Debtors'
request because:

   * the loan costs too much (an APR of 36%);

   * it is not accompanied by any showing of expenses that
     actually must be paid to avoid irreparable harm;

   * it inappropriately seeks to use sizable portions of the
     alleged DIP commitment to pay estate professionals and
     Mainsail Property Management, LLC;

   * provides too little benefit (only $375,000 for payment of
     costs of operation); and

   * moves control of the case away from the Debtor and to the
     DIP Lender.

In a supplementary objection, FirstBank submits that it is
inequitable and inappropriate for the Debtors to have manufactured
the whirlwind timing relating to their emergency motion to approve
the DIP Motion, affording FirstBank less than the requisite notice
period under the Bankruptcy Rules, while at the same time failing
to provide forthright disclosure and full transparency regarding
the DIP Motion.

FirstBank added that the Debtors' assertion regarding the
purportedly unencumbered nature of the Collateral (all of which
appears to have been purchased with loan proceeds advanced by
FirstBank and stored at FirstBank's expense) implicates matters of
British Virgin Islands law as to which FirstBank reserves all
rights.

FirstBank's objection has been resolved.

                       About Scrub Island

Scrub Island Development Group Ltd., the owner of a British Virgin
Islands luxury resort, and its affiliate, Scrub Island
Construction Limited, sought bankruptcy protection (Bankr. M.D.
Fla. Case Nos. 13-15285 and 13-15286) on Nov. 19, 2013, to end a
receivership Scrub Island claims was secretly put in place by its
lender.  The bankruptcy case is assigned to Judge Michael G.
Williamson.

The 230-acre resort operates as a Marriott Autograph Collection
property.  It has 52 rooms and suites, a spa and a 55-slip marina.

Scrub Island Development Group scheduled $125,569,235 in total
assets and $130,695,731 in total liabilities.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the Debtor's prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Official Committee of Unsecured Creditors appointed in Scrub
Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice,
Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A.,
as general counsel.


SEARS HOLDINGS: Sears Canada Rights Offering Fully Subscribed
-------------------------------------------------------------
Sears Holdings Corporation announced that its rights offering of
40,000,000 common shares of Sears Canada Inc., which closed on
Nov. 7, 2014, has been oversubscribed.  Accordingly, Sears
Holdings will receive aggregate gross proceeds of $380 million.
Sears Holdings has received approximately $270 million in gross
proceeds to date and expects to receive the remaining $110 million
by Nov. 13, 2014.

Sears Holdings will distribute a total of 40,000,000 shares of
Sears Canada to the holders of subscription rights who validly
exercised their basic subscription rights (and over-subscription
privilege, if applicable) and paid the subscription price in full.
Sears Holdings expects Computershare to finish tabulating the
results of the rights offering on Nov. 13, 2014, including
proration in respect of the over-subscription privilege.  The
common shares of Sears Canada are being distributed by way of
direct registration in book-entry form.  No physical share
certificates will be issued.

If you have questions about the rights offering of Sears Canada
common shares, please contact Georgeson Inc., Sears Holdings'
information agent, by calling (866) 741-9588 (toll-free) or
emailing SearsCanadaOffer@georgeson.com.  If you held and
exercised your subscription rights through a broker, dealer,
custodian bank or other nominee, please contact your broker,
dealer, custodian bank or other nominee.

                             About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.36 billion in 2013, a net
loss of $930 million in 2012 and a net loss of $3.14 billion in
2011.  As of Aug. 2, 2014, Sears Holdings had $16.43 billion in
total assets, $15.51 billion in total liabilities and $919 million
in total equity.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to Caa1 from B3.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period. For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year. Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014. "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: S&P Rates $625MM 8% Unsecured Notes 'CCC-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC-' issue-level
and '6' recovery ratings to Hoffman Estates, Ill.-based Sears
Holdings Corp.'s $625 million 8% senior unsecured notes due 2019.
The '6' recovery rating indicates S&P's expectation for negligible
(0% to 10%) recovery in the event of payment default.  The company
will use net proceeds for general corporate purposes.  The 8%
notes will be registered under the company's shelf registration
statement.  At the same time, S&P lowered its preliminary rating
on Sears Holdings' senior unsecured shelf registration to 'CCC-'
from 'CCC+'.  S&P's 'CCC+' corporate credit rating and negative
outlook on the company remain unchanged.

Parent company Sears Holdings Corp. will issue the new notes.  The
notes will not be guaranteed by any subsidiaries and as a result,
are structurally subordinated to the company's other obligations
and sit at the bottom of S&P's recovery waterfall.

S&P also revised its recovery rating on Sears Roebuck Acceptance
Corp.'s (SRAC) senior unsecured notes to '4' (30% to 50% recovery)
from '3' (50% to 70% recovery).  The SRAC notes, which had a
principal balance of about $327 million as of Sept. 30, 2014,
benefit from a Sears Roebuck subsidiary guarantee but not from any
Kmart subsidiary guarantees.  As a result, the SRAC notes have
somewhat weaker recovery prospects under S&P's analysis than
unsecured claims that have recourse to subsidiaries on both the
Sears Roebuck and Kmart sides of the business.  In S&P's view, a
'4' recovery rating better reflects these structural dynamics.
The 'CCC+' issue-level rating on the SRAC notes remains unchanged
notwithstanding the lower recovery rating.

The issue-level and recovery ratings on Sears' first-lien
obligations, which include the $3.275 billion ABL credit facility
due 2016 and $1.0 billion term loan due 2018, remain unchanged at
'B' and '1'.  The issue-level and recovery ratings on Sears' $1.25
billion 6.625% second lien notes due 2018 also remain unchanged at
'B-' and '2'.

S&P does not rate the $400 million short-term secured loan that
Sears obtained from affiliates of its controlling shareholders in
Sept. 2014.

The potential raising of more cash is a positive for Sears'
liquidity prospects.  Based on completed and announced
transactions, S&P believes Sears could raise approximately $2
billion of liquidity in 2014.  However, S&P believes weak
operating performance will persist over at least the next several
quarters and a turnaround depends on the progress of its
integrated retail strategy to reverse the substantial decline in
profitability and cash use.  S&P's ratings on Sears Holdings Corp.
also reflect its participation in the highly competitive
department store sector, substantial negative cash flow per S&P's
forecast for 2014 to 2015, and significant debt burden albeit with
limited near-term maturities and a track record of asset sales.

RATINGS LIST

Sears Holdings Corp.
Corporate Credit Rating         CCC+/Negative/--

New Rating
Sears Holdings Corp.
$625M 8% snr unsecured notes    CCC-
  due 2019
   Recovery rating               6

Rating Lowered
                                 To                From
Sears Holdings Corp.
Snr Unsecured shelf
   registration                 (prelim ) CCC-   (prelim) CCC+

Recovery Rating Revised
Sears Roebuck Acceptance Corp.
Senior unsecured notes          CCC+            CCC+
   Recovery rating               4               3


SEQUENOM INC: Files Form 10-Q, Reports $6 Million Net Loss for Q3
-----------------------------------------------------------------
Sequenom, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $6.07 million on $37.93 million of net diagnostic services
revenue for the three months ended Sept. 30, 2014, compared to a
net loss of $28.14 million on $33.26 million of net diagnostic
services revenue for the same period last year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $17.29 million on $114.78 million of net diagnostic
services revenue compared to a net loss of $88.53 million on
$86.87 million of net diagnostic services revenue for the same
period in 2013.

As of Sept. 30, 2014, the Company had $134.55 million in total
assets, $186.45 million in total liabilities and a $51.89 million
total stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company stated in the Report.

The Company's cash, cash equivalents, and marketable securities
were $71 million as of Sept. 30, 2014.

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

                       http://is.gd/PVMMfF

                         About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

Sequenom incurred a net loss of $107.40 million in 2013, a net
loss of $117.02 million in 2012 and a net loss of $74.13
million in 2011.


SIMON WORLDWIDE: Posts $4.6 Million Net Loss for Third Quarter
--------------------------------------------------------------
Simon Worldwide, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $4.64 million on $0 of revenue for the three months ended
Sept. 30, 2014, compared to a net loss of $932,000 on $0 of
revenue for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $6.74 million on $0 of revenue compared to a net loss
of $2.35 million on $0 of revenue for the same period last year.

As of Sept. 30, 2014, the Company had $1.67 million in total
assets, $256,000 in total liabilities, all current, and $1.42
million in total stockholders' equity.

Working capital was $1.2 million and $1.9 million at Sept. 30,
2014, and Dec. 31, 2013, respectively.

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

                        http://is.gd/HouAgM

                       About Simon Worldwide

Based in Los Angeles, Simon Worldwide, Inc. (OTC: SWWI) no longer
has any operating business.  Prior to August 2001, the Company
operated as a multi-national full-service promotional marketing
company, specializing in the design and development of high-impact
promotional products and sales promotions.  At Dec. 31, 2009,
the Company held an investment in Yucaipa AEC Associates, LLC, a
limited liability company that is controlled by the Yucaipa
Companies, a Los Angeles, California based investment firm.
Yucaipa AEC in turn principally held an investment in the common
stock of Source Interlink Companies, a direct-to-retail magazine
distribution and fulfillment company in North America, and a
provider of magazine information and front-end management services
for retailers and a publisher of approximately 75 magazine titles.
Yucaipa AEC held this investment in Source until April 28, 2009,
when Source filed a pre-packaged plan of reorganization under
Chapter 11 of the U.S. Bankruptcy Code.

Simon Worldwide reported a net loss of $3.63 million on $0 of
revenue for the year ended Dec. 31, 2013, as compared with a net
loss of $1.52 million on $0 of revenue for the year ended Dec. 31,
2012.  The Company incurred a net loss of $1.97 million on $0
revenue in 2011.


SIMPLEXITY LLC: Court Denies Fifth Third Motion to Convert Case
---------------------------------------------------------------
Bankruptcy Judge Kevin Gross, in a memorandum order, denied First
Third Bank's motion to convert the Chapter 11 cases of Simplexity
LLC, et al., to those under Chapter 7 of the Bankruptcy Code.

The Court has concluded that there exists a reasonable likelihood
of a plan being confirmed and the unusual circumstance id on-going
discussions which would lead to a confirmable plan.

The Court also said that if the Debtor and the Official Committee
of Unsecured Creditors do not reach a resolution by Dec. 1, 2014,
it will submit a certification of counsel accompanied by an order
converting the cases.

Further, under the circumstances, the Court will defer the ruling
on the Committee's motion for standing to commence an adversary
proceeding against FTB.

As reported in the Troubled Company Reporter on Oct. 24, 2014,
Law360 reported that Fifth Third Bank defended its second motion
seeking a conversion of the case of the Debtors to one under
Chapter 7, saying the estate can't foot the bill for a Chapter 11
plan.  According to the report, Fifth Third, a senior lender,
which lost its first conversion bid in June, contended its new
motion should succeed since the estate cannot afford to stay
in Chapter 11, while the official committee of unsecured creditors
countered that a switch to Chapter 7 would let the bank duck
claims uncovered during the investigation period.

                         About Simplexity

Simplexity, LLC, a defunct cellphone activator, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
14-10569) on March 16, 2014.  The case is before Judge Kevin
Gross.  The Debtors' counsel is Kenneth J. Enos, Esq., and Robert
S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in
Wilmington, Delaware.  Prime Clerk LLC serves as claims and
noticing agent.  Simplexity hired Rutberg & Co. as investment
banker.

Simplexity LLC and Simplexity Services LLC both estimated
$10 million to $50 million in assets, and $50 million to $100
million in liabilities.

The U.S. Trustee for Region 3 appointed five members to an
official committee of unsecured creditors.  Peter S. Partee, Sr.,
Esq., and Michael P. Richman, Esq., at Hunton & Williams LLP, in
New York; and Christopher A. Ward, Esq., and Shanti M. Katona,
Esq., at Polsinelli PC, in Wilmington, Delaware, represent the
Committee.


SMART & FINAL: S&P Raises Corp. Credit Rating to 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Commerce, Calif.-based discount food retailer, Smart &
Final Stores Inc. to 'B+' from 'B'.  The outlook is stable.

At the same time, S&P raised the issue-level rating on the
company's $150 million asset-based lending (ABL) revolving credit
facility to 'BB' from 'BB-'.  The recovery rating on the ABL
revolver remains unchanged at New York (Standard & Poor's)
Nov. 17, 2014-- '1', indicating very high (90-100%) expectations
of recovery for lenders in the event of default.

S&P also raised the issue-level rating on the $716 million first-
lien term loan ($585.8 million outstanding as of Oct. 5, 2014) to
'B+' from 'B', and revised its recovery rating on the debt to '3'
from '4'.  The '3' recovery rating indicates S&P's expectation for
a meaningful (50%-70%) recovery for lenders in the event of
default.

"The upgrade reflects improved credit protection measures as a
result of higher-than-anticipated debt reduction of $115.5 million
from IPO net proceeds and better-than-expected operating
performance along with an improved view of the company's business
risk," said credit analyst Samantha Stone.  "The upgrade
incorporates our belief that the risk of releveraging is low and
that forecast debt leverage will decline to below 5x over the next
12 months."

The stable outlook reflects S&P's expectation for continued
positive operating trends and credit metrics will strengthen over
the next 12 months as the company accelerates new store growth.
It also incorporates S&P's expectation that the company will not
relever over the near to intermediate term.

Downside scenario

S&P could consider a downgrade if meaningful operating performance
erosion (i.e. negative comparable-store sales) from heightened
competitive pressures or poor execution of store growth
initiatives leads to EBITDA declines that results in leverage
staying above 5x.  S&P could also lower the ratings if the company
undertakes debt-funded shareholder remuneration that could be
influenced by the controlling owner.

Upside scenario

Longer term, S&P could consider an upgrade if the company
successfully executes its growth strategy and reduces debt, such
that leverage is approaching 4x and FFO to debt increases to about
20% on a sustained basis.  Based on S&P's 2014 assumptions, the
company would need to reduce debt by about $200 million or grow
EBITDA by roughly 30%.

Other Modifiers

S&P applied a positive comparable rating analysis modifier to
reflect its view that the company's credit metrics are relatively
stronger than 'B'-rated peers.


SUNRISE REAL ESTATE: Inks $1.7-Mil. Share Purchase Pact With Ace
----------------------------------------------------------------
Sunrise Real Estate Group, Inc., announced that effective on
Nov. 10, 2014, the Company had entered into a share purchase
agreement with Ace Develop Properties Limited to issue 20 million
shares to Ace for RMB 10,460,000 (US $1,700,000 equivalent).  This
agreement, subject to standard closing terms and conditions, is
scheduled to close on or before Nov. 28, 2014.

A full-text copy of the Stock Purchase Agreement is available for
free at http://is.gd/tzFGBQ

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

Sunrise Real Estate incurred a net loss of US$3.47 million on
US$8.52 million of net revenues for the year ended Dec. 31, 2012,
as compared with a net loss of US$1.15 million on US$8.97 million
of net revenues for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed $60.33
million in total assets, $55.82 million in total liabilities and
$4.50 million in total shareholders' equity.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has a working capital deficiency, accumulated deficit
from recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


SUPER BUY: Taps Irizarry Rodriguez to Prepare Tax Returns
---------------------------------------------------------
Super Buy Furniture, Inc., asks the Bankruptcy Court to appoint
Irizarry, Rodriguez & Co., PSC as auditor.

IRC will prepare the Debtor's annual tax returns in order to meet
governmental deadlines and avoid interest and penalties and
provide auditing services for the year ended March 31, 2014,
including the completion of planing and evaluation, field work
procedures, preparation of reports and performance of tests and
review of the Debtor's accounting procedures to assure that the
Debtor is operating in an efficient manner.

The Debtor wishes to retain IRC on the basis of a $32,200
estimated fee less a 10% discount for a net estimated fee, of
which $13,000 were paid by the Debtor prior to the filing of the
Debtor's Chapter 11 petition.


                    About Super Buy Furniture

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed, in its amended schedules, $18.2 million and
$26.6 million.  In it original schedules, the Debtor disclosed
$18.2 million in assets and $26.8 million in debt.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.

The U.S. Trustee for Region 21 appointed seven creditors to serve
in the official committee of unsecured creditors in the case.
Javier Vilarino and Ferraiuoli, LLC, serve as legal counsel to the
Creditors Committee.


SYNOVUS FINANCIAL: Fitch Hikes LT Issuer Default Rating to BB+
--------------------------------------------------------------
Fitch Ratings has upgraded the long-term Issuer Default Rating
(IDR) and Viability Rating (VR) of Synovus Financial Corp (SNV)
and its primary bank subsidiary, Synovus Bank to 'BB+' from 'BB'.
The Rating Outlook remains Positive.

Key Rating Drivers -- IDRS, VRs and Senior Debt

The upgrade reflects Fitch's view that SNV's financial condition
continues to improve and converge with higher rated banks. The
Outlook Positive reflects Fitch's expectation that management will
continue to execute on its strategies to improve SNV's financial
condition. Fitch expects earnings to marginally improve along with
asset quality while the bank maintains a reasonable risk appetite
and a solid risk management framework. SNV's ratings remain
relatively low as compared to its peer group despite the upgrade.
However, Fitch believes that SNVs have further upside over time as
reflected in the Outlook Positive.

Fitch views SNV's weak asset quality and core earnings performance
as key constraints to SNV's rating in the near term. However, both
have significantly improved since Fitch's last rating action and
are expected to remain on a positive trajectory going forward
while the company maintains reasonable capital levels.

Fitch calculates SNV's NPAs at 3.6% at 3Q'14, an improvement of
over 200bps year-over-year but still well-above those levels of
higher rated banks. Over the same time period, the dollar volume
of NPAs has dropped nearly 40% as management has remained
successful in working out of problem loans and disbursing
foreclosed property. Fitch notes that the reduction in NPAs has
not come at the cost of significantly higher credit costs
evidenced by year-to-date (YTD) net charge-offs (NCOs) of 41bps.

Improving trends in NPL inflows have also support overall
declining balances of problem assets. When Fitch took positive
rating action last year, NPL inflows were anticipated to remain
between $50 and $75 million per quarter. Over the last five
quarters, NPL inflows have averaged $38 million and have not
exceeded $50 million at all; showing a stabilized and more
granular loan portfolio, characteristics that are reflected into
today's rating action.

The upgrade of SNV's ratings also reflects the bank's strong
capital profile. SNV reports the highest tangible common equity
ratio among its peer group and a strong estimated, fully phased-in
Basel III CET1 ratio of 10.5% well above the 7% requirement. The
bank recently announced an increase in its quarterly dividend and
the initiation of a share buyback program. These actions are in
line with Fitch's expectations given SNV's continued improvement
in its financial condition. Fitch expects that SNV will continue
to distribute some of this excess capital to shareholders;
however, these distributions will be constrained by regulatory and
internal stress testing, and as such, SNV's capital ratios will
likely stay elevated over the near term. Fitch also observes that
SNV has over $500 million in a disallowed deferred tax asset (DTA)
that will continue to accrete into Tier 1 capital going forward,
providing additional support to regulatory capital ratios and
capital distributions.

After experiencing net losses from 2009 to 2011 due to poor asset
quality, SNV has been able to generate more reasonable returns
over recent periods, primarily due to lower credit-related costs
(provisions, litigations costs, OREO expenses and, etc.). Through
3Q'14, the company generated a ROA of 72bps, a reasonable
improvement over SNV's YTD ROA of 61bps but a level that remains
below higher rated peer averages.

SNV, similar to the industry as a whole, continues to benefit from
reserve releases. Fitch observes that reserve releases have
accounted for 18% of pre-tax earnings on average over the last 5
quarters. Fitch observes that while this level is above current
industry and peer levels, SNV also emerged from the crisis later
than most and thus would be expected to have reserve releases
start/end later than industry. That said, Fitch sees reserve
releases diminishing going forward given continued loan growth and
as allowance levels approach more normalized levels. Furthermore,
Fitch expects SNV's ROA to remain below industry and peer averages
as well as those long-term historical returns of investment grade
banks over the next four to six quarters. Fitch views this
relatively lower level of earnings as a constraint on SNV's
current ratings.

Also reflected in today's rating action is Fitch's view that SNV's
risk management practices are relatively solid compared to those
banks of similar size. Fitch recognizes the level of investment in
risk management systems the bank has needed to make over recent
years as it has been rehabilitated. Fitch views these systems as
an integral part of management's ability to execute on its
strategic plan of reducing problem assets, managing capital,
maintaining SNV's strong franchise and underwriting of new loans
as the company now seeks to grow its loan portfolio after a long
period of shrinking it.

Rating Sensitivities -- IDRS, VRs and Senior Debt

The Rating Outlook for SNV remains Positive. Fitch anticipates
that over the near to mid term, SNV's financial and credit profile
will continue to improve and converge with that of higher rated
banks. To the extent that Fitch observes continued asset quality
improvement that brings asset quality metrics such as NPAs, NCOs,
NPL inflows, etc. in line with higher rated peers, additional
positive rating action is likely.

As noted above, Fitch expects SNV's core earnings power to be weak
relative to higher rated peers over the next four to six quarters.
Once Fitch observes earnings performance consistently in line with
those banks in higher rating categories, Fitch would likely take
positive rating action. Although unexpected, to the extent that
earnings remain depressed and Fitch foresees little uplift over
the long term, SNV's Outlook could be revised to Stable from
Positive. In general, Fitch views further upward momentum in SNV's
ratings over the long-term given the strength of its franchise in
its operating market, de-risking of balance sheet since the
financial crisis, and various improvements made in its risk
management program.

Finally, although not expected, negative rating pressures could
result if SNV were to manage capital more aggressively in payout
levels or through or growth. Moreover, should wholesale funding
revert back to the level it was leading up to the 2007-2009
financial crisis, negative rating action is possible.

Key Rating Drivers -- Long- And Short-Term Deposit Ratings

SNV's uninsured deposit ratings at the subsidiary bank are rated
one notch higher than the company's IDR and senior unsecured debt
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

Key Rating Sensitivities -- Long- And Short-Term Deposit Ratings

The ratings of long- and short-term deposits issued by SNV's bank
subsidiary are primarily sensitive to any change in the company's
IDR. This means that should a long-term IDR be downgraded, deposit
ratings could be similarly affected.

Key Rating Drivers -- Subordinated Debt and Other Hybrid
Securities

SNV's subordinated debt and other hybrid securities ratings are
notched below its VR of 'bb+' in accordance with Fitch's
assessment of the instruments non-performance and loss severity
risk profiles.

Key Rating Sensitivities -- Subordinated Debt and Other Hybrid
Securities

The ratings of other hybrid securities are sensitive to any change
in the company's VR.

Key Rating Drivers -- Support Rating and Support Rating Floor

SNV has a Support Rating of '5' and Support Rating Floor of 'NF'.
In Fitch's view, SNV is not systemically important and therefore,
the probability of support is unlikely. The IDRs and VRs do not
incorporate any support.

Rating Sensitvities -- Support Rating and Support Rating Floor

SNV's Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary
support in case of need.

Key Rating Drivers -- Holding Company

The IDR and VR of SNV is equalized with its operating company,
Synovus Bank, reflecting its role as the bank holding company,
which is mandated in the U.S. to act as a source of strength for
its bank subsidiaries.

Key Rating Sensitivities -- Holding Company

If SNV became undercapitalized or increased double leverage
significantly there is the potential that Fitch could notch the
holding company IDR and VR from the ratings of the operating
companies.

Fitch has upgraded the following ratings with a Positive Outlook:

Synovus Financial Corp.

-- Long-term IDR to 'BB+' from 'BB';
-- Viability Rating to 'bb+' from 'bb';
-- Senior unsecured to 'BB+' from 'BB';
-- Subordinated debt at to 'BB' from 'BB-';
-- Preferred stock to 'B' from 'B-';

Synovus Bank

-- Long-term IDR to 'BB+' from 'BB';
-- Viability Rating to 'bb+' from 'bb';
-- Long-term deposits to 'BBB-' from 'BB+';

The following ratings have been affirmed:

Synovus Financial Corp.

-- Short-term IDR at 'B'.
-- Support '5';
-- Support Floor 'NF'.

Synovus Bank

-- Short-term IDR at 'B'.
-- Support '5';
-- Support Floor 'NF'.

The following ratings have been assigned:

Synovus Bank

-- Short-term deposits at 'F3'.


TARGETED MEDICAL: Reports $1 Million Net Loss for Third Quarter
---------------------------------------------------------------
Targeted Medical Pharma, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $1.01 million on $1.67 million of total revenue for
the three months ended Sept. 30, 2014, compared to a net loss of
$1.72 million on $2.19 million of total revenue for the same
period last year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $2.41 million on $5.69 million of total revenue
compared to a net loss of $9.83 million on $6.92 million of total
revenue for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $3.22
million in total assets, $11.92 million in total liabilities and a
$8.70 million total stockholders' deficit.

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

                        http://is.gd/sK7qux

                      About Targeted Medical

Los Angeles, Calif.-based Targeted Medical Pharma, Inc., is a
specialty pharmaceutical company that develops and commercializes
nutrient- and pharmaceutical-based therapeutic systems.

Targeted Medical reported a net loss of $9.33 million on $9.55
million of total revenue for the year ended Dec. 31, 2013, as
compared with a net loss of $9.58 million on $7.29 million of
total revenue in 2012.

Marcum LLP, in Irvine, CA, 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 net losses since its inception, and has
an accumulated deficit of $23,022,407 as of Dec. 31, 2013, and
incurred a net loss of $9,337,618 and negative cash flows from
operations of $2,046,586 for the year ended Dec. 31, 2013.


TELKONET INC: Posts $347,000 Net Income in Third Quarter
--------------------------------------------------------
Telkonet, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
attributable to common stockholders of $346,584 on $4.08 million
of total net revenue for the three months ended Sept. 30, 2014,
compared to a net loss attributable to common stockholders of
$1.03 million on $3.50 million of total net revenue for the same
period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss attributable to common stock of $284,263 on $11.06
million of total net revenue compared to a net loss attributable
to common stockholders of $2.37 million on $10.23 million of total
net revenue for the same period during the prior year.

As of Sept. 30, 2014, the Company had $10.45 million in total
assets, $4.91 million in total liabilities, $1.27 million in
redeemable preferred stock, and $4.26 million in total
stockholders' equity.

"Our ability to continue as a going concern is subject to our
ability to consistently generate profits and positive operating
cash flows and/or obtain necessary funding from outside sources,
including by the sale of our securities or assets, or obtaining
loans from financial institutions, where possible.  We may also
experience net operating losses in the future and the uncertainty
regarding contingent liabilities cast doubt on our ability to
satisfy such liabilities and the Company cannot make any
representations for the remainder of fiscal 2014 and beyond.  The
accompanying condensed consolidated financial statements do not
include any adjustments that might result from the outcome of
these uncertainties," the Company stated in the Report.

Commenting on the third quarter 2014 financial results, Jason
Tienor, Telkonet's CEO stated, "We're pleased to report a second
consecutive quarter of increasing profitability as the result of
our successful strategy execution and are excited by the growth
trajectory it has created.  The primary drivers of our progress to
date and the promise for our future are the continued adoption of
our unique EcoSmart energy management platform and our effective
expense management activities.

"While reporting solid net income in the third quarter as compared
to a loss in the same period last year, our profitability grew by
nearly 75% sequentially from the second quarter even though our
revenue was slightly lower due to seasonality as compared to that
quarter.  At the same time, we've continued to manage our overhead
expenses while increasing investments in sales and marketing to
broaden our deal flow and research and development to advance our
technological leadership.  These initiatives position us for
continued profitable growth moving forward."

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

                         http://is.gd/5PXnNd

                           About Telkonet

Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology
company that develops and manufactures proprietary energy
efficiency and smart grid networking technology.

Telkonet reported a net loss attributable to common stockholders
of $4.90 million on $13.88 million of total net revenues for the
year ended Dec. 31, 2013, as compared with a net loss attributable
to common stockholders of $507,558 on $12.75 million of total net
revenues in 2012.

BDO USA, LLP, in Milwaukee, Wisconsin, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has a history of losses from operations, a working
capital deficiency, and an accumulated deficit of $121,948,847
that raise substantial doubt about its ability to continue as a
going concern.


TEMPLAR ENERGY: S&P Affirms 'B' CCR & Revises Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Oklahoma City-based exploration and
production company Templar Energy LLC and revised the rating
outlook to stable from positive.

S&P affirmed its 'B-' issue rating (one notch lower than the
corporate credit rating) on the company's second-lien term loan,
with a recovery rating of '5', indicating S&P's expectation of
modest (10% to 30%) recovery in the event of a payment default.
The recovery expectation is in the upper half of the 10% to 30%
range.  The recovery ratings incorporate the company's proven
reserves, using a company-provided midyear 2014 (pro forma for
recent asset acquisitions) PV10 report, which is computed using
our recovery price deck assumptions.

The outlook revision reflects S&P's expectation that debt leverage
will not decrease below 4x and FFO to debt will not increase to
more than 20% over the next 12 months, based on S&P's price
assumptions of $80/bbl for WTI and $3.75/mmBtu for natural gas.

The ratings on Templar reflect the company's small asset base,
lack of geographical diversification, and spending levels in
excess of projected cash flows.  S&P assess the company's business
risk as "weak," and financial risk as "highly leveraged," with
"adequate" liquidity.

"The stable outlook reflects our expectation that Templar will
maintain adequate liquidity and that debt leverage will remain
less than 5x over the next 12 months," said Standard & Poor's
credit analyst Michael Tsai.

S&P could lower the rating if it expects debt leverage to exceed
5x for a sustained period or if S&P assess liquidity as less than
adequate, most likely as the consequence of weaker-than-
anticipated drilling results.

S&P could consider an upgrade if Templar is able to successfully
execute its growth strategy, both production and reserves, while
at the same time lowering debt leverage to less than 4x and
increasing FFO to debt to above 20% and maintaining adequate
liquidity.


TLC HEALTH: Challenge Period for Committee Extended Indefinitely
----------------------------------------------------------------
Bankruptcy Judge Carl L. Bucki signed of a stipulation between TLC
Health Network, the Official Committee of Unsecured Creditors, and
secured lenders, relating to the interim tolling and reservation
of rights.

According to the parties, on June 20, 2014, the Committee
requested that the Court (a) authorize the Committee to commence
discovery regarding the relationship between the Debtor and Brooks
Memorial Hospital, Lake Erie Regional Health System of New York,
and University of Pittsburgh Medical Center; and (B) further
extending the time for the Committee to file an action challenging
the liens of UPMC and Brooks.

On July 7, the Court approved a stipulation resolving the
Committee motion by extending until Oct. 27, 2014, the
investigation period.

In this connection, the parties agreed to a further extension of
the investigation period to allow the Debtor's case to proceeds
without incurring substantial litigation costs without knowing
what funds will be available for payment of creditors.  The
stipulation provides that, among other things:

   1. the secured lenders, the Committee and the Debtor agree that
the investigation period will be extended indefinitely, subject to
the right of any party (or their counsel) to terminate the
agreement on 30 days' written notice to counsel for all other
parties;

   2. the Debtor will make interim adequate protection payments to
the secured lenders as (i) not less than $50,000, and subject to
the availability of sufficient operating funds, up to $10,000 per
month to UPMC and (iii) not less than $50,000, and subject to the
availability of sufficient operating funds, up to $10,000 per
month to Brooks, provides that the payments to Brooks and UPMC
will be in the same amounts.

                   About TLC Health Network

TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 13-13294) on Dec. 16, 2013.  The petition was signed by
Timothy Cooper as Chairman of the Board.  The Debtor estimated
assets of at least $10 million and debts of at least $1 million.
Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C.,
serves as the Debtor's counsel.  Damon & Morey LLP is the Debtor's
Special Health Care Law and Corporate Counsel.  The Bonadio Group
is the Debtor's accountants.  Howard P. Schultz & Associates, LLC
is the Debtor's appraiser.

The case is assigned to the Hon. Carl L. Bucki.

A three-member panel composed of Cannon Design, Chautauqua
Opportunities, Inc., and Jamestown Rehab Services has been
appointed as the official unsecured creditors committee.  Bond,
Schoeneck & King, PLLC is the counsel to the Committee.  The
Committee has tapped NextPoint LLC as financial advisor.

Gleichenhaus, Marchese & Weishaar, PC is the general counsel for
Linda Scharf, the Patient Care Ombudsman of TLC Health.


TODD HERTZBERG: Court Enters Show Cause Order for Ch.7 Trustee
--------------------------------------------------------------
In a Nov. 4, 2014 Memorandum Opinion, Bankruptcy Judge Jeffery A.
Deller held that (a) Rosemary C. Crawford, the duly appointed
chapter 7 trustee for the bankruptcy estate of Susan Hertzberg,
has stated a claim against Susan's husband Todd Hertzberg, a
Chapter 11 debtor, for turnover of $145,000 of retirement funds,
and (b) the chapter 7 trustee has not stated a claim for relief as
to causes of action sounding in fraudulent transfer (whether under
the Bankruptcy Code or applicable state law). As a result, Judge
Deller denied Todd's Motion to Dismiss the chapter 7 trustee's
adversary proceeding as to the chapter 7 trustee's cause of action
for turnover pursuant to 11 U.S.C. Sections 541 and 542.  Todd's
Motion to Dismiss, however, is granted (without prejudice to the
chapter 7 trustee's ability to re-plead) with respect to the
trustee's fraudulent transfer causes of action. In addition, the
automatic stay is annulled for purposes of the commencement,
litigation, trial, and appeal (if any) of this adversary
proceeding.

Susan is not a party to the adversary proceeding.

In a Nov. 13 Memorandum Opinion, Judge Deller said denying the
Motion to Dismiss, however, does not necessarily translate into a
conclusion that the chapter 7 trustee's complaint should proceed
past the pleading stage.  "The continuation of this adversary
proceeding beyond the pleading stage is dependent upon the chapter
7 trustee demonstrating to the Court sufficient standing to
prosecute this action," the judge said.

Accordingly, Judge Deller ruled that a rule to show cause shall be
issued whereby the chapter 7 trustee must demonstrate to the Court
the basis for federal subject-matter jurisdiction over these
proceedings.

"If [Susan's] interest in the $145,000 of Retirement Funds is
superior to the interest of the chapter 7 trustee, then the
chapter 7 trustee lacks either an 'injury in fact' or a sufficient
'personal stake' in the outcome of this proceeding to warrant the
invocation of federal jurisdiction. The chapter 7 trustee is
therefore required to demonstrate to the Court that her interests
have somehow cut-off or superceded the interests of Mrs. Hertzberg
in the $145,000 of Retirement Funds," Judge Deller said.

A copy of Judge Deller's Memorandum Opinion is available at
http://bit.ly/1xK3kiWfrom Leagle.com.

David Fuchs, Esq., serves as counsel to Todd Hertzberg.

Rosemary Crawford, Esq., represents Chapter 7 Trustee for the
Bankruptcy Estate of Susan Hertzberg.

Todd Hertzberg and his former wife, Susan M. Hertzberg, are
debtors in separate bankruptcy proceedings.  Todd is a debtor-in-
possession in his Chapter 11 reorganization case (Bankr. W.D. Pa.
13-23753-JAD) commenced on Sept. 3, 2013.  Susan filed her
Chapter 7 liquidation case (Bankr. W.D. Pa. Case No. 12-20888-GLT)
19 months earlier, on Feb. 27, 2012.


TRISTAR WELLNESS: Delays Third Quarter Form 10-Q
------------------------------------------------
TriStar Wellness Solutions, Inc., filed with the U.S. Securities
and Exchange Commission a Notification of Late Filing on Form 12b-
25 with respect to its quarterly report on Form 10-Q for the
quarter ended Sept. 30, 2014.  The Company said data and other
information regarding certain material operations of the Company,
as well as its financial statements required for the filing, are
not currently available and could not be made available without
unreasonable effort and expense.

The Company anticipates its financial results for the nine months
ended Sept. 30, 2014, will differ significantly from the same
period of the prior year due to:

   (i) the Asset Purchase Agreement with NorthStar Consumer
       Products, LLC, a Connecticut limited liability company,
       that closed on Feb. 12, 2013; and

  (ii) the Company's acquisition of HemCon Medical Technologies
       Inc., an Oregon corporation, that closed on May 6, 2013.

Unlike the nine months ended Sept. 30, 2013, the Company's
financial statements for the nine months ended Sept. 30, 2014,
will reflect the operations of HemCon for the entire period, which
relate to the development, manufacturing and marketing of
innovative wound care/infection control medical devices.  The
operations the Company acquired as a result of the Company's
acquisition of HemCon will significantly impact its revenue and
cost of goods sold, operating expenses, as well as change the
Company's net profit/loss for the nine months ended Sept. 30,
2014, when compared to the same period a year ago.  The exact
impact will not be known until the Company's financial statements
for the nine months ended Sept. 30, 2014, are completed.

                       About TriStar Wellness

TriStar Wellness Solutions, Inc., offers products and technologies
in the areas of wound care, women's health and therapeutic skin
care.  The Company is based in Westport, Connecticut.

The Company's balance sheet at March 31, 2014, showed $5.27
million in total assets, $12.1 million in total liabilities, and
stockholders' deficit of $6.83 million.


ULTIMATE ESCAPES: Court Clears Directors of Liability
-----------------------------------------------------
Edward T. Gavin, Trustee of the UE Liquidating Trust, on behalf of
the Estates of Ultimate Escapes Holdings, LLC, sued the Company's
former officer and director James M. Tousignant and former
director Richard Keith for breach of their fiduciary duties of
loyalty and care when they entered into an agreement between
Ultimate Escapes and Club Holdings, LLC dated August 6, 2010,
that, as the Trustee argues, essentially transferred Ultimate
Escapes' member list, a multi-million dollar asset and the
putative "crown jewel" of the company, to Club Holdings for a mere
$115,000.

Following a trial, the Court concludes that the August 6th
Agreement only intended for the transfer of member information for
the limited purpose of converting approximately 30 Ultimate
Escapes' members to Club Holdings.  Furthermore, the Court holds
that the Mr. Tousignant's actions in negotiating and executing the
August 6th Agreement are protected by the business judgment rule,
and that there is no evidence that Mr. Keith participated in or
was aware of the specifics of the August 6th Agreement.  The Court
also finds that the Trustee has neither articulated nor proven any
breach of the Defendants' duty of loyalty.  Judgment is entered in
favor of the Defendants and against the Trustee.

The case is, Edward T. Gavin, Trustee of the UE Liquidating Trust,
on behalf of the Estates of Ultimate Escapes Holdings, LLC, et
al., Plaintiff, v. James M. Tousignant and Richard Keith,
Defendants, Adv. No. 12-50849 (BLS) (Bankr. D. Del.).  A copy of
the Court's Opinion dated Nov. 12, 2014, is available at
http://bit.ly/1vk1nvNfrom Leagle.com.

Counsel for Edward T. Gavin, Trustee of the UE Liquidating Trust,
on behalf of the Estates of Ultimate Escapes Holdings, LLC, et
al.:

     Todd H. Bartels, Esq.
     Shanti M. Katona, Esq.
     Christopher A. Ward, Esq.
     Polsinelli, PC
     222 Delaware Avenue, Suite 1101
     Wilmington, DE 19801
     Tel: 302-252-0920
     Fax: 302-252-0921
     E-mail: tbartels@polsinelli.com
             skatona@polsinelli.com
             cward@polsinelli.com

Counsel for James M. Tousignant are:


     Marc S. Casarino, Esq.
     Michael N. Onufrak, Esq.
     WHITE AND WILLIAMS, LLP
     824 N. Market Street, Suite 902
     P.O. Box 709
     Wilmington, DE 19899-0709
     Tel: 302-654-0424
     Fax: 302-654-0245
     E-mail: casarinom@whiteandwilliams.com
             onufrakm@whiteandwilliams.com

Counsel for Richard Keith are:

     John J. Barrett, Jr.
     Arthur D. Kuhl, Esq.
     Louis J. Rizzo, Jr., Esq.
     REGER, RIZZO, & DARNALL, LLP
     Cira Centre, 13th Floor
     2929 Arch Street
     Philadelphia, PA 19104
     Tel: 215-495-6548
     Fax: 215-495-6600
     E-mail: jbarrett@regerlaw.com
             akuhl@regerlaw.com
             lrizzo@regerlaw.com

                      About Ultimate Escapes

Ultimate Escapes, Inc. -- http://www.ultimateescapes.com/-- was a
luxury destination club that sold club memberships offering
members reservation rights to use its vacation properties, subject
to the rules of the club member's Club Membership Agreement.  The
Company's properties are located in various resort locations
throughout the world.

Kissimmee, Florida-based Ultimate Escapes Holdings, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. D. Del. Case No.
10-12915) on Sept. 20, 2010.  Affiliates Ultimate Resort, LLC;
Ultimate Operations, LLC; Ultimate Resort Holdings, LLC; Ultimate
Escapes, Inc. (fka Secure America Acquisition Corporation); P & J
Partners, LLC; UE Holdco, LLC; UE Member, LLC, et al., filed
separate Chapter 11 petitions.

Scott D. Cousins, Esq., Sandra G. M. Selzer, Esq., and Nancy A.
Mitchell, Esq., at Greenberg Traurig LLP, served as bankruptcy
counsel to the Debtor.  CRG Partners Group LLC was the
Debtors' chief restructuring officer.  BMC Group Inc. was the
Company's claims and notice agent.

Christopher A. Ward, Esq., Shanti M. Katona, Esq., and Peter W.
Ito, Esq., at Polsinelli Shughart PC, represented the Creditors
Committee.

Ultimate Escapes estimated assets at $10 million to $50 million
and debts at $100 million to $500 million as of the Petition Date.

As reported in the TCR on Feb. 1, 2012, the Effective Date of the
Second Amended Chapter 11 Liquidating Plan proposed by Ultimate
Escapes Holdings, LLC, et al., occurred on Jan. 3, 2012.


UNI-PIXEL INC: Agrees to Settle Shareholder Litigations
-------------------------------------------------------
Uni-Pixel, Inc., has entered memorandums of understanding to
settle the following previously disclosed lawsuits:

   * the securities class action lawsuit pending in the U.S.
     District Court for the Southern District of Texas, captioned
     Fitzpatrick, Charles J. v. Uni-Pixel, Inc., et. al. (Cause
     No. 4:13-cv-01649); and

   * the consolidated shareholder derivative lawsuit pending in
     the District Court of Harris County, Texas, captioned In re
     Uni-Pixel, Inc., Shareholder Derivative Litigation (Cause No.
     2014-08251).

The proposed settlements would resolve for all defendants all of
the issues that are pending in the class action and in the
consolidated derivative action relating to Uni-Pixel's public
statements regarding its licensing agreements and product
development.  Uni-Pixel determined to settle these matters to
eliminate the burden, distraction, and expense of further
litigation.

If completed, the class action settlement would result in a
payment of $2.35 million in cash to the settlement class,
inclusive of fees and expenses.  In addition, Uni-Pixel would
issue $2.15 million in common stock to the settlement class.  The
proposed consolidated derivative settlement would result in a
payment of $150,000 in cash, the issuance of $125,000 of Uni-Pixel
common stock, and certain governance improvements.  Uni-Pixel
anticipates that the cash payment portions of both settlements,
totaling $2.5 million, would be paid from insurance proceeds.

"With these memorandums of understanding in place, we believe we
are one step closer to resolving these suits," said Jeff
Hawthorne, president and CEO of Uni-Pixel.  "We are hopeful the
courts will give final approval to the settlements."

The settlements are not yet consummated and are subject to a
number of conditions.  The terms outlined in the memorandums of
understanding Uni-Pixel has entered into are subject to the
parties concluding definitive settlement agreements.  The proposed
settlements are also subject to final approval by Uni-Pixel's
insurance carrier and by the courts following completion of a
fairness hearing.  Hearing dates have not yet been set on final
approval of the proposed settlements.

                         About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

Uni-Pixel reported a net loss of $15.18 million in 2013, a net
loss of $9.01 million in 2012 and a net loss of $8.56 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $39.44
million in total assets, $5.25 million in total liabilities and
$34.18 million in total shareholders' equity.


UNITEK GLOBAL: Has Interim OK to Assume Plan Support Agreement
--------------------------------------------------------------
Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware gave Unitek Global Services, Inc., et al., interim
authority to assume the plan support agreement they entered into
prior to the Petition Date, and scheduled a Dec. 3 hearing to
consider final approval of the PSA.

The hearing on the PSA will be in advance of the Dec. 12 hearing
to consider the adequacy of the disclosure statement and the
confirmation of the Debtors' prepackaged plan of reorganization,
which will achieve the Debtors' restructuring goals by:

   (a) reducing the Debtors' total operating company funded debt
       by approximately $90 million, excluding original issue
       discount costs;

   (b) providing the Debtors with reasonable, long term financing
       and access to incremental commitments that will enable the
       Debtors to support their future business needs; and

   (c) continuing the Debtors' relationship with DIRECTV, one of
       the Debtors' largest customers.

The PSA, which was entered into among Unitek Global and (i) its
U.S. subsidiaries, including DirectSAT USA, Inc.; (ii) Apollo
Investment Corporation, as agent for the lenders under the ABL
Credit Agreement; (iii) certain lenders under the ABL Credit
Agreement; (iv) certain lenders under the Term Loan Credit
Agreement; and (v) DIRECTV, LLC.  Under the PSA, Unitek agreed to
the terms of a restructuring of its more than $90 million debt
with its lenders, including affiliates of Littlejohn & Co. and New
Mountain Capital, and a voluntary pre-packaged Chapter 11 filing.

The Debtors are required by the PSA to abide by certain
milestones.  The PSA may be terminated if:

  (a) The Debtors shall not have commenced solicitation of votes
on the Plan on or before October 21, 2014;

  (b) The Debtors shall not have commenced the Chapter 11 Cases on
or before November 11, 2014;

  (c) The Bankruptcy Court shall not have entered the Confirmation
Order on or before the date that is 66 days from the Petition
Date;

  (d) The Bankruptcy Court otherwise grants relief that would have
a material adverse effect on the Restructuring Transactions;

   (e) The Effective Date of the Plan shall not have occurred on
or before January 21, 2015.

A copy of the PSA motion, along with the PSA, is available for
free at http://bankrupt.com/misc/Unitek_PSA_Motion.pdf

According to Bill Rochelle and Sherri Toub, bankruptcy columnists
for Bloomberg News, the prepackaged plan entails a 65.4% recovery
for term loan lenders owed $143.3 million, while trade suppliers
and other unsecured creditors with $23 million in claims will be
paid in full.

Any objection to the approval of the Disclosure Statement and the
confirmation of the Plan must be submitted on or before Dec. 5,
while any objection to the final approval of the Debtors' motion
for authority to assume the PSA must be filed on or before
Nov. 26.

                  About UniTek Global Services

UniTek Global Services, Inc., based in Blue Bell, Pennsylvania,
provides fulfillment and infrastructure services to media and
telecommunication companies in the United States and Canada.

On Nov. 3, 2014 UniTek Global and nine subsidiary companies filed
petitions in the United States Bankruptcy Court for the District
of Delaware seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases have been assigned to Judge
Judge Peter J. Walsh. The Debtors are seeking to have their cases
jointly administered for procedural purposes, with pleadings to be
maintained on the case docket for UniTek Global Services, Inc.,
Case No. 14-12471.

The Debtors have tapped Morgan, Lewis & Bockius LLP as counsel;
Young, Conaway, Stargatt & Taylor, LLP, as co-counsel; Miller
Buckfire & Co. LLC, as financial advisor; Protiviti Inc., and Epiq
Bankruptcy Solutions, LLC, as claims and noticing agent.

As of Sept. 30, 2014, the Debtors have 2,500 employees,
substantially all of whom are full-time.

UniTek Global reported a net loss of $52.07 million on $471.93
million of revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $77.73 million on $437.59 million of revenues
in 2012.

The Company's balance sheet at March 29, 2014, showed $250 million
in total assets against $257 million in total liabilities.


UNITEK GLOBAL: Has Interim Authority to Tap $29.2MM in DIP Loans
----------------------------------------------------------------
Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware gave Unitek Global Services, Inc., et al., interim
authority to obtain postpetition financing up to an aggregate
amount not to exceed $29,200,000 from Wilmington Trust, National
Association, as agent for a consortium of lenders.

The proposed DIP Facility consists of:

   -- commitments to lend an aggregate principal amount of up to
      $43,000,000 as term advances;

   -- revolving credit commitments of $10,000,000 to provide
      liquidity for working capital and general corporate purposes
      of the DirectSAT Business;

   -- commitments to purchase participations in, and reimburse the
      ABL Facility Agent for any amount draw under, the
      $3.7 million letter of credit issued to secure certain
      obligations of the Other Business under the ABL Facility
      Credit Agreement; and

   -- a roll up of all outstanding letters of credit under the ABL
      Facility existing as of the Petition Date.

The interest rates under the DIP Facility will be the Eurodollar
Rate + 8.50% per annum, with 1.0% per annum of the amount payable
in king, or, at the Debtors' election, the Alternate Base Rate +
7.50% per annum, with 1.0% per annum of the amount payable in
kind, payable monthly in arrears.  The interest rates will
increase by 2.0% per annum during the existence of an event of
default.

The Debtors are also given interim authority to use the cash
collateral securing their prepetition indebtedness.  As of the
Petition Date, the substantial majority of the Debtors'
liabilities consisted of funded debt comprised of: (i) revolving
credit facility provided by Apollo Investment Corporation, as
agent for a group of lenders, and (ii) a term loan provided by
Cerberus Business Finance, LLC, as agent for a group of lenders.
As of the Petition Date, approximately $47.6 million is
outstanding under the ABL Facility, while approximately $143.3
million is outstanding under the Term Loan Facility.

The DIP facility matures Jan. 21, 2015, provided that this date
may be extended (a) for an additional 30 days upon delivery of a
notice and payment of the extension fee in each case on or after
Jan. 11, 2015 but before Jan. 15, 2015, and (b) for a further 30
days upon delivery of notice and the consent of ABL Facility Agent
and the Determining Lenders, in each case so long as no event of
default under the DIP Facility has then occurred and is
continuing.

A copy of the DIP Financing Motion is available for free at:

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

The final hearing to consider approval of the DIP facility is
scheduled for Dec. 3, 2014, at 11:00 a.m.  Objections are due Nov.
26, and must be served to:

   (a) Office of the U.S. Trustee
       844 King Street, Suite 2207
       Lockbox 35
       Wilmington, DE 19801
       Attn: Mark Kenney

   (b) proposed counsel for the Debtors:

       Neil E. Herman, Esq.
       James O. Moore, Esq.
       MORGAN, LEWIS & BOCKIUS LLP
       101 Park Avenue
       New York, NY 10178-0060

          -- and --

       Michael J. Pedrick, Esq.
       Justin W. Chairman, Esq.
       MORGAN, LEWIS & BOCKIUS LLP
       1701 Market Street
       Philadelphia, PA 19103-2921

          -- and --

       Robert S. Brady, Esq.
       M. Blake Cleare, Esq.
       YOUNG CONAWAY STARGATT & TAYLOR LLP
       100 North King Street
       Wilmington, DE 19801

(c) counsel to certain DIP Lenders:

       Joshua A. Sussberg, Esq.
       Yongjin Im, Esq.
       KIRKLAND & ELLIS LLP
       601 Lexington Avenue
       New York, NY 10022
       E-mail: joshua.sussberg@kirkland.com
              yongjin.im@kirkland.com

          -- and --

       Steven N. Serajeddini, Esq.
       KIRKLAND & ELLIS LLP
       300 North LaSalle
       Chicago, IL 60654
       E-mail: steven.serajeddini@kirkland.com

(d) counsel to certain of the DIP Lenders:

       Richard A. Levy, Esq.
       Matthew L. Warren, Esq.
       LATHAM & WATKINS LLP
       330 North Wabash Avenue, Suite 2800
       Chicago, IL 60611
       E-mail: richard.levy@lw.com
              matthew.warren@lw.com

(e) counsel to the Prepetition Term Loan Agent:

       David A. Fidler, Esq.
       KLEE, TUCHIN, BOGDANOFF & STERN LLP
       1999 Avenue of the Stars, 19th Floor
       Los Angeles, CA 90067-6049
       E-mail: dfidler@ktbslaw.com

(f) counsel to the DIP Agent:

       Jason J. Solomon, Esq.
       ALSTON & BIRD LLP
       101 South Tryon Street, Suite 4000
       Charlotte, NC 28280-4000
       E-mail: jason.solomon@alston.com

                   Prepetition Capital Structure

As of the Petition Date, the substantial majority of the Debtors'
liabilities consisted of funded debt comprised of:

     (i) the revolving credit facility (the "ABL Facility")
provided under that certain Revolving Credit and Security
Agreement dated as of July 10, 2013, by and among UniTek and
certain other Debtors, the lender parties thereto, and Apollo
Investment Corporation, as agent.  As of the Petition Date, the
aggregate principal amount of loans outstanding under the ABL
Facility was $47,605,729, which consists of $38,792,875 on account
of Senior ABL Facility Loans and $8,812,453 on account of the
Junior ABL Facility Loans, and the undrawn amount of all
outstanding letters of credit issued under the ABL Facility was
$21,646,300.

    (ii) the term loan (the "Term Loan Facility") provided under
that certain Credit Agreement dated as of April 15, 2011, among
UniTek and certain other Debtors, the lender parties thereto, and
Cerberus Business Finance, LLC, in its capacity as successor
administrative agent.  As of the Petition Date, $143,252,713.27
(including accrued and unpaid interest) is outstanding under the
Term Loan Facility.

                  About UniTek Global Services

UniTek Global Services, Inc., based in Blue Bell, Pennsylvania,
provides fulfillment and infrastructure services to media and
telecommunication companies in the United States and Canada.

On Nov. 3, 2014 UniTek Global and nine subsidiary companies filed
petitions in the United States Bankruptcy Court for the District
of Delaware seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases have been assigned to Judge
Judge Peter J. Walsh. The Debtors are seeking to have their cases
jointly administered for procedural purposes, with pleadings to be
maintained on the case docket for UniTek Global Services, Inc.,
Case No. 14-12471.

The Debtors have tapped Morgan, Lewis & Bockius LLP as counsel;
Young, Conaway, Stargatt & Taylor, LLP, as co-counsel; Miller
Buckfire & Co. LLC, as financial advisor; Protiviti Inc., and Epiq
Bankruptcy Solutions, LLC, as claims and noticing agent.

As of Sept. 30, 2014, the Debtors have 2,500 employees,
substantially all of whom are full-time.

UniTek Global reported a net loss of $52.07 million on $471.93
million of revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $77.73 million on $437.59 million of revenues
in 2012.

The Company's balance sheet at March 29, 2014, showed $250 million
in total assets against $257 million in total liabilities.


UNIVERSAL COOPERATIVES: Seeks to Tap KGSR as Pension Advisor
------------------------------------------------------------
Universal Cooperatives, Inc., and its debtor affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Kelly Garfinkle Strategic Restructuring LLC as
their pension advisor nunc pro tunc to the Petition Date.

As pension advisor, Kelly Garfinkle is expected to provide these
services:

   a. Develop a proposal for resolution of all of the Pension
      Benefit Guaranty Corp's asserted claims within the context
      of the Plan of Liquidation that settles claims against all
      controlled group members;

   b. Work with the various current Universal Cooperatives
      stakeholders, including the Official Committee of Unsecured
      Creditors, to explain PBGC's claims; controlled group
      issues; and develop an appropriate settlement framework; and

   c. Support Universal Cooperatives in responding to and
      negotiating a settlement with the PBGC, including strategy
      development, preparing responses, leading meetings and
      negotiations, and following up with staff to move the
      process.

The Debtors seek to pay for KGSR's services in accordance with
this Fee Structure:

   1. A flat fee of $80,000:

      * Monthly Retainer: $10,000 per month, commencing Nov. 1,
        2014, for five months. Should the engagement end in less
        than five months, the remaining monthly fees will be added
        to the Completion fee.

      * Completion Fee: Upon an unappealable Bankruptcy Court
        order approving the settlement between Universal
        Cooperatives PBGC, KGSR will receive a Completion Fee in
        the amount of $30,000 plus any additional monthly fees
        that were unpaid.

   2. The Debtors will also reimburse KGSR for all (i) reasonable
      out-of-pocket expenses incurred from time to time in
      connection with its services.

   3. To the extent the Engagement Agreement is terminated by
      the Debtors, KGSR will be entitled to accrued fees and
      expenses incurred to such date, except as otherwise set
      forth in the Engagement Agreement.

Morris Garfinkle, co-founder and principal of Kelly Garfinkle,
assures the Court that the Firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

                    About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its
members to procure, and/or manufacture, and distribute high
quality products at competitive prices. Universal has 14 voting
members and over 50 associate members.

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-
11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop
Protection Alliance, LLC; Agrilon International, LLC; and Pavalon,
Inc.  UCI do Brasil, a majority-owned subsidiary located in
Brazil, is not a debtor in the Chapter 11 cases

The cases are assigned to Judge Mary F. Walrath.

Universal estimated $1 million to $10 million in assets and $10
million to $50 million in debt.  Heritage estimated less than $10
million in assets and debt.

The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.

Bank of America, N.A., as agent for the DIP Lenders, is
represented by Daniel J. McGuire, Edward Kosmowski, Esq., and
Gregory M. Gartland, Esq., at Winston & Strawn, LLP.

The United States Trustee for Region 3 has appointed seven members
to the Official Committee of Unsecured Creditors, which is
represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and
Timothy R. Wheeler, Esq., at LOWENSTEIN SANDLER LLP, in Roseland,
New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at VENABLE LLP, in Wilmington, Delaware.


UNIVERSAL HEALTH: J&B to Pursue Fraudulent Transfer Claims
----------------------------------------------------------
The Bankruptcy Court authorized Soneet R. Kapila, as Chapter 11
trustee for the estate of Universal Health Care Group, Inc., et
al., to expand the scope of employment of the Law Firm of Jennis &
Bowen, P.L. and David S. Jennis.

J&B's employment as special conflicts counsel is expanded to
investigate and pursue preference and fraudulent transfer claims
nunc pro tunc to April 2, 2014.

J&B will will also handle these additional conflict entities: The
Dali Museum, University of South Florida, Healthport Technologies,
LLC, Jeff Brandes a/k/a Jeff P. Brandes, University of Florida
Foundation, Marriott International, Publix Super Markets, and The
Capital Grille.

As reported in the Troubled Company Reporter on Oct. 11, 2013, the
Court authorized the trustee to employ Mr. Jennis and J&B, as
special conflicts counsel, nunc pro tunc to June 10, 2013.  The
firm will be paid $120 to $150 per hour for paraprofessionals and
$175 to $425 per hour for attorneys.

                About Universal Health Care Group

Universal Health Care Group, Inc., owns an insurance company and
three health-maintenance organizations that provide managed care
services for government sponsored health care programs, focusing
on Medicare and Medicaid.

Universal Health was founded in 2002 by Dr. A.K. Desai and grew
its operations of offering Medicare plans to more than 37,000
members to over 20 states.

Universal Health filed a Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 13-01520) on Feb. 6, 2013, after Florida
regulators moved to put two of the company's subsidiaries in
receivership.  Universal Health Care estimated assets of up to
$100 million and debt of less than $50 million in court filings in
Tampa, Florida.

Harley E. Riedel, Esq., at Stichter Riedel Blain & Prosser, in
Tampa, serves as counsel to the Debtor.

Soneet R. Kapila has been appointed the Chapter 11 Trustee in the
Debtor's case.  He is represented by Roberta A. Colton, Esq., at
Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, PA.
Dennis S. Jennis, Esq., and Jennis & Bowen, P.L., serve as special
conflicts counsel and E-Hounds, Inc., serves as a forensic imaging
consultant to the Chapter 11 trustee.


UNIVERSITY GENERAL: Appoints Chief Revenue Officer
--------------------------------------------------
University General Health System, Inc., has appointed Kenneth
Efird, D.C. as its new chief revenue officer.

Dr. Efird is an entrepreneur and experienced healthcare
professional, licensed to practice Chiropractic Medicine in the
State of Texas.  He previously served as chief business
development officer of a regional healthcare organization, founder
and chief executive officer of a diagnostic and interventional
spine center, and chief operating officer of a publicly-traded
company that owns and manages ambulatory surgical centers and a
general acute care hospital.  His accomplishments with regards to
increasing revenue, leading organizational change, and developing
marketing processes have positioned Dr. Efird as an expert in
planning and executing long-term solutions to improve results.  He
will be responsible for enhancing revenue at University General's
flagship hospital, hospital outpatient departments (HOPDs), and
ambulatory surgical centers in the Houston metropolitan area.  He
will also supervise Autimis, University General's revenue cycle
management company, working closely with existing management and
the Company's board of directors.

The Company also announced the resignation of several officers at
UGHS Autimis Billing, Inc. and UGHS Autimis Coding, Inc.,
including Brandon Griffin (CEO), Ryan Griffin (COO), Jordan
Griffin (CIO), and Samantha Griffin (Controller).  At the same
time, Bassam Nebulsi, an experienced revenue cycle management
professional, was appointed president of Autimis.  Mr. Nebulsi
will work closely with University General's interim chief
financial officer, Kris Trent, and Dr. Efird as the Company
continues to improve its revenue cycle management processes.

"We are very pleased to welcome Dr. Efird to our management team,"
stated Hassan Chahadeh, M.D., chairman and chief executive officer
of University General Health System, Inc.  "Ken will be a great
asset as we restructure and streamline our Company's operations
and focus on producing meaningful returns to our shareholders.
His knowledge of healthcare, experience with ancillary services,
and networking with quality physicians and employees will be
essential to our success as we continue to grow our regional
health care delivery system."

                     About University General

University General Health System, Inc., located in Houston, Texas,
is a diversified, integrated multi-specialty health care provider
that delivers concierge physician- and patient-oriented services.
UGHS currently operates one hospital and two ambulatory surgical
centers in the Houston area.  It also owns a revenue management
company, a hospitality service provider and facility management
company, three senior living facilities and manages six senior
living facilities.

University General reported a net loss attributable to common
shareholders of $35.70 million on $163.98 million of total
revenues for the year ended Dec. 31, 2013, as compared with a net
loss attributable to common shareholders of $3.97 million on
$113.22 million of total revenues for the year ended Dec. 31,
2012.

As of Dec. 31, 2013, the Company had $183.26 million in total
assets, $186.91 million in total liabilities, $2.97 million in
series C convertible preferred stock, and a $6.61 million total
deficit.

Moss, Krusick & Associates, LLC, in Winter Park, 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 negative working capital and
relative low levels of cash and cash equivalents.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern, the auditors said.


VARIANT HOLDING: Wants to Incur $10MM Loan from Secured Lenders
---------------------------------------------------------------
Variant Holding Company, LLC, asks the Bankruptcy Court for
authorization to:

   i) obtain postpetition financing in the form of a senior
secured superpriority term loan in an aggregate principal amount
of $10,000,000, with $3,000,000 available on an interim basis for
a period through and including the date of the final hearing from
BPC VHI, L.P., Beach Point Total Return Master Fund, L.P. and
Beach Point Distressed Master fund, L.P., through Cortland Capital
Market Services LLC as administrative agent for the Beach Point
Funds, and grant security interests and superpriority
administrative expense claim status; and

  ii) use cash collateral.

A final hearing on the matter is scheduled for Nov. 26, 2014.

A summary of the principal terms of the proposed DIP loan
agreement and DIP orders include:

   Borrower:                  the Debtor
   DIP Lender:                BPC VHI, L.P., Beach Point Total
                              Return Master Fund, L.P., and Beach
                              Point Distressed Master Fund, L.P.
                              The administrative agent for the
                              Beach Point Funds is Cortland
                              Capital Market Services LLC.

   Adequate Protection:       the existing lenders will receive
                              superpriority claims and replacement
                              liens on the DIP collateral, subject
                              only to the DIP liens and the carve
                              out.

   Facility Fees:             the administrative agent will be
                              paid an annual fee for its services
                              as administrative agent under the
                              DIP loan in an amount of $55,000 for
                              the first year, and $15,000 for
                              each year thereafter.

   Interest Rate:             14.2% per annum, the same rate as
                              the existing loan agreement

   Maturity:                  the DIP Loan will mature on Nov. 1,
                              2015, or the earlier termination
                              thereof in accordance with the terms
                              of the DIP loan agreement

                      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, without stating a reason.

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.


VUZIX CORP: Incurs $3.3 Million Net Loss in Third Quarter
---------------------------------------------------------
Vuzix Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $3.30 million on $664,586 of total sales for the three months
ended Sept. 30, 2014, compared to a net loss of $1.85 million on
$338,816 of total sales for the same period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $1.55 million on $2.18 million of total sales compared
to a net loss of $4.44 million on $1.77 million of total sales for
the same period during the prior year.

As of Sept. 30, 2014, the Company had $3.94 million in total
assets, $13.91 million in total liabilities and a $9.97 million
total stockholders' deficit.

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

                        http://is.gd/nAIfwe

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

"The Company's independent registered public accounting firm's
report issued on our consolidated financial statements for the
years ended December 31, 2013 and 2012 included an explanatory
paragraph describing the existence of conditions that raise
substantial doubt about the Company's ability to continue as a
going concern, including continued operating losses and the
potential inability to pay currently due debts.  The net operating
loss for the first quarter of 2014 was $993,150.  The Company has
incurred a net loss from continuing operations consistently over
the last 2 years.  The Company incurred annual net losses from its
continuing operations of $10,146,228 in 2013 and $4,747,387 in
2012, and has an accumulated deficit of $34,780,626 as of
March 31, 2014.  The Company's ongoing losses have had a
significant negative impact on the Company's financial position
and liquidity. As at March 31, 2014 the Company had a working
capital deficit of $1,836,319," the Company said in its quarterly
report for the period ended March 31, 2014.


VISUALANT INC: Chief Technology Officer Resigns
-----------------------------------------------
Visualant, Inc., accepted the resignation of Dr. Richard Mander as
chief technology officer on Nov. 7, 2014, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.  The Company expects to utilize Mr. Mander on a
consulting basis.  Mr. Mander had no disagreement with the Company
on any matter relating to the Company's operations, policies or
practices, the filing stated.

The Company is utilizing Dr. Tom Furness, the inventor of the
Company's ChromaID technology and its existing supplier base, to
develop the Company's products.

                        About Visualant Inc.

Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998.  The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.

Visualant incurred a net loss of $6.60 million for the year ended
Sept. 30, 2013, as compared with a net loss of $2.72 million for
the year ended Sept. 30, 2012.

As of June 30, 2014, the Company had $3.46 million in total
assets, $7.09 million in total liabilities, all current, $72,713
in non-controlling interest, and a $3.70 million total
stockholders' deficit.

PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2013.  The independent auditors noted
that the Company has sustained a net loss from operations and has
an accumulated deficit since inception.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


WAVE SYSTEMS: Incurs $2.1 Million Net Loss in Third Quarter
-----------------------------------------------------------
Wave Systems Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $2.10 million on $4.33 million of total net revenues for the
three months ended Sept. 30, 2014, compared to a net loss of $2.94
million on $6.25 million of total net revenues for the same period
a year ago.

The Company also reported a net loss of $9.19 million on $14.10
million of total net revenues for the nine months ende Sept. 30,
2014, compared to a net loss of $16.64 million on $18.78 million
of total net revenues for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $10.95
million in total assets, $14.14 million in total liabilities and a
$3.19 million total stockholders' deficit.

"Due to our current cash position, our forecasted capital needs
over the next twelve months and beyond, uncertainty as to whether
we will achieve our business plan and the fact that we may require
additional financing, and uncertainty as to whether we will
achieve our sales forecast for our products and services,
substantial doubt exists with respect to our ability to continue
as a going concern," the Company said in the filing.

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

                        http://is.gd/ZdgMDa

                         About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --
http://www.wave.com/-- develops, produces and markets products
for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

Wave Systems reported a net loss of $20.32 million in 2013, a net
loss of $33.96 million in 2012 and a net loss of $10.79 million in
2011.

KPMG LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
Wave Systems Corp. has suffered recurring losses from operations
and has an accumulated deficit that raise substantial doubt about
its ability to continue as a going concern.


WORLD SURVEILLANCE: Reports $405,000 Net Loss for Third Quarter
---------------------------------------------------------------
World Surveillance Group Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $405,061 on $370,063 of net sales for the three
months ended Sept. 30, 2014, compared to a net loss of $1.04
million on $333,027 of net sales for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $2.41 million on $968,325 of net sales compared to a
net loss of $2.40 million on $800,504 of net sales for the same
period during the prior year.

As of Sept. 30, 2014, the Company had $6.14 million in total
assets, $17.29 million in total liabilities, all current, and a
$11.14 million total stockholders' deficit.

                         Bankruptcy Warning

"We have incurred substantial indebtedness and may be unable to
service our debt.

"Our total indebtedness at September 30, 2014 was $17,292,275.  A
portion of such indebtedness reflects judicial judgments against
us that could result in liens being placed on our bank accounts or
assets.  We are continuing to review our ability to reduce this
debt level due to the age and/or settlement of certain payables
but we may not be able to do so.  This level of indebtedness
could, among other things:

   * make it difficult for us to make payments on this debt and
     other obligations;

   * make it difficult for us to obtain future financing;

   * require us to redirect significant amounts of cash from
     operations to servicing the debt;

   * require us to take measures such as the reduction in scale of
     our operations that might hurt our future performance in
     order to satisfy our debt obligations; and

   * make us more vulnerable to bankruptcy or an unwanted
     acquisition on terms unsatisfactory to us."

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

                        http://is.gd/SGvxV5

                     About World Surveillance

World Surveillance Group Inc. designs, develops, markets and sells
autonomous lighter-than-air (LTA) unmanned aerial vehicles (UAVs)
capable of carrying payloads that provide persistent security
and/or wireless communication from air to ground solutions at low,
mid and high altitudes.  The Company's airships, when integrated
with electronics systems and other high technology payloads, are
designed for use by government-related and commercial entities
that require real-time intelligence, surveillance and
reconnaissance or communications support for military, homeland
defense, border control, drug interdiction, natural disaster
relief and maritime missions.  The Company is headquartered at the
Kennedy Space Center, in Florida.

World Surveillance reported a net loss of $3.41 million on
$558,574 of net revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $3.36 million on $272,201 of net
revenues for the year ended Dec. 31, 2012.

Rosen Seymour Shapss Martin & Company LLP, in New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has experienced significant losses
and negative cash flows, resulting in decreased capital and
increased accumulated deficits.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


Z TRIM HOLDINGS: Reports $1.4 Million Net Loss for Third Quarter
----------------------------------------------------------------
Z Trim Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.41 million on $360,710 of total revenues for the three
months ended Sept. 30, 2014, compared to a net loss of $2.50
million on $296,286 of total revenues for the same period a year
ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $4.42 million on $889,334 of total revenues compared
to a net loss of $10.76 million on $1.04 million of total revenues
for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed $3.17
million in total assets, $3.28 million in total liabilities and a
$104,614 total stockholders' deficit.

As of Sept. 30, 2014, the Company had a cash balance of $69,994, a
decrease from a balance of $443,472 at Dec. 31, 2013.  At
Sept. 30, 2014, the Company had a working capital deficit of
$1,232,731, as compared to working capital of $805,195 as of
Dec. 31, 2013.  The decrease in working capital primarily resulted
from the increases in inventory, accounts payable and short-term
borrowings as a result of an unanticipated change in the ordering
pattern of several customers that resulted in a decrease in orders
during the first nine months of 2014.

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

                        http://is.gd/rLsP1X

                           About Z Trim

Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food
ingredient company which provides custom product solutions that
help answer the food industry's problems.  Z Trim's revolutionary
technology provides value-added ingredients across virtually all
food industry categories.  Z Trim's all-natural products, among
other things, help to reduce fat and calories, add fiber, provide
shelf-stability, prevent oil migration, and add binding capacity
-- all without degrading the taste and texture of the final food
products.

Z Trim Holdings reported a net loss of $13.43 million in 2013, a
net loss of $9.58 million in 2012 and a net loss of $6.94 million
in 2011.

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company does not have enough cash on hand to meet its current
liabilities and has had reoccurring losses as of Dec. 31, 2013.
These conditions raise substantial doubt about its ability to
continue as a going concern.



                             *********

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.

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related conferences are encouraged.  Send announcements to
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On Thursdays, the TCR delivers a list of recently filed
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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
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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
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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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