TCR_Public/141127.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Thursday, November 27, 2014, Vol. 18, No. 330

                            Headlines

ABERDEEN LAND: Case Dismissal Hearing Slated for January 26
ALETHEIA RESEARCH: O'Melveny Hit With $14M Legal Malpractice Suit
ALCO STORES: Seeks Approval of Incentive Plan for Key Employees
ALLIED NEVADA: S&P Lowers CCR to 'CCC' on Weak Liquidity
ALLIED SYSTEMS: Demands $459,000 Payment from Buyer Jack Cooper

ARMSTRONG WORLD: S&P Revises Outlook to Stable & Affirms 'BB' CCR
AS SEEN ON TV: Mary Mather Quits From Board, Other Positions
ASSOCIATED WHOLESALERS: UCC Drops Bid to Revisit DIP Loan Ruling
BAY AREA: Approved to Sell Oxnard, California Property
BEAZER HOMES: To Issue 2 Million Shares Under 2014 LTIP

BERRY PLASTICS: Files Form 10-K, Posts $62MM Net Income in 2014
BPP TEXAS: Pennsylvania Court Reinstates Guaranty Lawsuit
BROWN SHOE: S&P Ups Corp. Credit Rating to BB-; Outlook Stable
BUDD CO: Thyssen Agrees Not to Upset Tax Loss Carryforwards
CAESARS ENTERTAINMENT: Receives Default Notice From UMB Bank

CANAM PROPERTIES: Involuntary Chapter 11 Case Summary
CAPARRA HILLS: Fitch Lowers IDR to B+ & Revises Outlook to Stable
CASH STORE: Obtains CCAA Stay Extension Until February 2015
CDW LLC: Moody's Assigns B3 Rating on $575MM Sr. Unsecured Notes
CENTRAL OKLAHOMA: Wants Plan Filing Exclusivity Until Feb. 16

COMMUNITY HOME: Wells Fargo Wants Relief from Automatic Stay
CRS HOLDING: Court OKs Regions Bank to Foreclose on Collateral
CRUMBS BAKE SHOP: Case Conversion Hearing Set for Dec. 1
CRUMBS BAKE SHOP: Settlement Hearing Set for Dec. 1
CRUNCHIES FOOD: Court OKs Silver Law Grp Retention as Sale Advisor

CRUNCHIES FOOD: Panel Can Retain Sheppard Mullin as Counsel
DETROIT, MI: FGIC Could Go After Banks Under $1-Bil. Debt Deal
DEWEY & LEBOUEF: NY DA Wins Stay Of Securities Suit v. Ex-Exec
DIALOGIC INC: Completely Acquired by NOVACAP
DIAMOND MIDCO: S&P Assigns B CCR & Rates $385MM 1st Lien Debt B+

DIGITAL DOMAIN: Panel Inks Compromise with Siemens Industry
EDELMIRO TOLEDO-CARDONA: High Ct. To Rule on Lien-Stripping Suits
ELEPHANT TALK: Regains NYSE MKT LLC Compliance
ELEPHANT TALK: Signs $12 Million Loan Facility
ENDEAVOUR INT'L: Schedules and Statements Due Dec. 15

ENDEAVOUR INT'L: Court Okays Protection for Noteholders
ENDEAVOUR INT'L: Court Okays Adeq. Protection for Lenders
ENDEAVOUR INT'L: Royalty Interest Payments Get Final Approval
ENDEAVOUR INT'L: S&P Withdraws 'D' Corporate Credit Rating
ENVISION HEALTHCARE: S&P Affirms Then Withdraws 'BB-' CCR

EPAZZ INC: Incurs $223,000 Net Loss in Third Quarter
ERF WIRELESS: Amends Third Quarter Form 10-Q
EVANGELICAL HOMES: Fitch Affirms 'BB+' Rating on $23.91MM Bonds
EVERYWARE GLOBAL: Fails to Comply with NASDAQ Equity Rule
FISKER AUTOMOTIVE: Law Firms' Extra Fees Bid May Go to Trial

FL 6801: Has Until Jan. 15 to File Notices to Remove Actions
FLORIDA GAMING: Leon Cosgrove Okayed as Insurance Counsel
FLORIDA GAMING: Trustee Makes 2nd Distribution to Class 3
GGW BRANDS: Trustee Files Liquidating Chapter 11 Plan
GLOBAL COMPUTER: Panel Wants Court to Terminate Exclusive Periods

GLOBAL COMPUTER: Court Approves McGuirewoods LLP as Counsel
GREAT NORTHERN: Trustee Gets $2.6-Mil. Bid for Paper Mill Assets
GREAT PLAINS: Court Orders Appointment of Chapter 11 Trustee
GREEN MOUNTAIN: Dec. 17 Hearing to Approve GlassRatner Hiring
GREEN MOUNTAIN: UMB Bank's Bid to Appoint Case Trustee Resolved

GT ADVANCED: Gets Court Approval to Hire Nixon Peabody as Counsel
HEADLEE MGT: Attys Not Required to Repay Fees When Ch. 11 Aborts
HEDWIN CORP: Taps Bolton Partners as Plan Termination Actuaries
HILCORP ENERGY: S&P Raises CCR & Debt Ratings to 'BB+'
HUDSON'S BAY: S&P Affirms 'B+' CCR on $1.25-Bil. Saks Mortgage

I2A TECHNOLOGIES: Amends List of 20 Largest Unsecured Creditors
I2A TECHNOLOGIES: Can Hire Kornfield Nyberg as Attorney
INVERSIONES ALSACIA: Cash Collateral Use Gets Final Approval
INVERSIONES ALSACIA: Gets Final Nod to Pay Critical Vendors
IRACORE INTERNATIONAL: S&P Lowers CCR & Debt Ratings to 'CCC+'

JOE'S JEANS: Receives Nasdaq Listing Non-Compliance Notice
JOHN ALTORELLI: Ex-Dewey Partner Files for Bankruptcy
KEY ENERGY: S&P Lowers CCR & Debt Ratings to 'B+', Outlook Neg.
KID BRANDS: Has Until Jan. 14 to Propose Chapter 11 Plan
LAKSHMI HOSPITALITY: US Trustee Unable to Appoint Committee

LATEX FOAM: Can Use Wells Fargo's Cash Collateral Until Nov. 30
LBI MEDIA: S&P Cuts Corp. Credit Rating to CC, Outlook Negative
LDK SOLAR: US Trustee Unable to Appoint Creditors' Committee
LERNOUT & HAUSPIE: Goldman Slays Dragon Failed-Buyout Suit Again
LIGHTSQUARED INC: Falcone to Leave Harbinger, Focus on Telecom Bid

LOUDOUN HEIGHTS: Court Approves Agreement Dismissing LPR Appeal
MARGAUX CITY LIGHTS: Court Defers Approval of Malouf Settlement
MARGAUX CITY LIGHTS: Court Rules on Objection to MTV Claims
MARION ENERGY: Meeting of Creditors Scheduled for Dec. 4
MATAGORDA ISLAND: UST Continues Creditors Meeting to Dec. 16

MF GLOBAL: $27MM Metals Market Settlement Gets Initial OK
MIDTOWN SCOUTS: Mazelle S. Krasoff Withdrawal Approved
MISSISSIPPI PHOSPHATES: Seeks Approval to Hire Butler as Counsel
MJC AMERICA: Dec. 4 Hearing on Continued Use of Cash Collateral
MMRGLOBAL INC: Projects Record-Breaking Revenue

MOBIVITY HOLDINGS: T. Tolbert to Serve SVP Business Development
MTGOX: Kraken Selected to Aid Missing Bitcoin Investigation
MVB HOLDING: Amends Schedules of Assets and Liabilities
NATROL INC: May Change Case Caption to "Leaf123 Inc."
NBTY INC: S&P Keeps 'B+' Revolver Rating Over Maturity Extension

NCL CORP: S&P Reinstates 'BB+' Rating on $350MM Term Loan
NII HOLDINGS: Can Hire TSS as Parent Debtor's Conflict Counsel
NORD RESOURCES: Christopher Linscott Appointed as Receiver
PHOENIX PAYMENT: Can Access Bancorp Cash Collateral Until February
PORTER BANCORP: Treasury To Sell 35,000 Pref. Shares at Auction

PRM FAMILY: Balks at Bro-Pack Enterprises' Bid for Case Conversion
RADIOSHACK CORP: Standard General to Trade Shares for Board Seats
RECYCLE SOLUTIONS: US Trustee Appoints Creditors' Committee
RELIANCE INTERMEDIATE: Moody's Assigns Ba1 Corp. Family Rating
RESEARCH SOLUTIONS: Stockholders Elected Six Directors

REYNOLDS GROUP: Moody's Puts B3 CFR on Review for Downgrade
S.B. RESTAURANT: No Longer Needs Rust Consulting's Services
SAMUEL WYLY: Formation of Creditors' Committee Remains Undecided
SCHWAB INDUSTRIES: Deadline to Respond to Dismissal Bid Extended
SCIENTIFIC GAMES: Moody's Lowers Corporate Family Rating to B2

SCIENTIFIC GAMES: To Issue 4.8MM Shares Under 2003 Incentive Plan
SEGA BIOFUELS: Court Delays Chapter 11 Closing Until Dec. 16
SHASTA ENTERPRISES: Taps Cowan & Brady as Bankruptcy Co-Counsel
SHASTA ENTERPRISES: Taps Jacobs Anderson as Bankruptcy Counsel
SIGA TECHNOLOGIES: Proposes Analysis Group as Litigation Advisor

SIGA TECHNOLOGIES: Committee Taps Proskauer Rose as Attorneys
SOURCE HOME: Can Use Cash Collateral Until December 8
SPRINGLEAF FINANCE: Fitch Expects to Rate $500MM Sr. Notes 'B'
SPRINGLEAF FINANCE: Moody's Rates $500MM Sr. Unsecured Notes 'B2'
SPRINGLEAF FINANCE: S&P Rates New Unsecured Notes Due 2019 'B-'

STG-FAIRWAY ACQUISITIONS: Moody's Assigns B3 Corp. Family Rating
STRATA TITLE: Strojnik Dismissed as Defendant in SAM REI Suit
STRATA TITLE: Ellett Dismissed as Defendant From SAM REI Suit
SUPER BUY: Irizarry Rodriguez Okayed to Prepare Tax Returns
SUPER BUY: Schedules and Statement Due Nov. 30

SURTRONICS INC: Amended Chapter 11 Plan Declared Effective
TIBCO SOFTWARE: S&P Keeps Prelim. B- CCR on Financing Changes
TMT PROCUREMENT: Hsin Chi Su Opposes Replacement DIP Loan Order
TREETOPS ACQUISITION: Case Summary & 20 Top Unsecured Creditors
TRI-VALLEY CORP: Defense Atty Has No Stake in Insurance Proceeds

TRUMP ENTERTAINMENT: Firm Defends Lien on $1.3M Contingency Award
TRUMP ENTERTAINMENT: Asks Court to Approve Severance Payments
TRUMP ENTERTAINMENT: Carl Icahn Offers $5M Bankruptcy Loan
TRUMP ENTERTAINMENT: Icahn Says Levine Motion Inappropriate
UNIVERSITY GENERAL: Kris Trent Promoted to CFO

US COAL: Court Set Jan. 2015 as Claim Bar Date for Harlan et al.
US JESCO INT'L: Case Summary & 20 Largest Unsecured Creditors
VARSITY BRANDS: Moody's Assigns B2 Corporate Family Rating
VAUGHAN COMPANY: Mandatory Settlement Conference on Dec. 4
WATERSCAPE RESORT: Pavarini May Amend Complaint

WESTERN CAPITAL: Ridgeland Dispute Held in Abeyance Pending Appeal
WESTMORELAND COAL: Plans to Raise $400MM From Notes Offering

* Recent Small-Dollar & Individual Chapter 11 Filings

                             *********

ABERDEEN LAND: Case Dismissal Hearing Slated for January 26
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida will
continue the hearing on Jan. 26, 2015, at 2:30 p.m., at 300 North
Hogan St., 4th Floor Courtroom 4D in Jacksonville, Florida, to
consider whether to voluntary dismiss the Chapter 11 case of
Aberdeen Land II LLC, or convert the case to Chapter 7.

As reported in the Troubled Company Reporter on Oct. 2, 2014,
Aberdeen Community Development District and U.S. Bank National
Association filed a joinder in Aberdeen Land II, LLC's motion for
voluntary dismissal of the Chapter 11 case and the Debtor's
objection to the motion by BBX Capital Asset Management, LLC for
an order converting the Chapter 11 case to a case under Chapter 7
of the Bankruptcy Code.

U.S. Bank is the trustee under the Master Trust Indenture dated as
of October 1, 2005, by and between U.S. Bank and CDD.  The Movants
have a pending joint motion for relief from automatic stay.

Eric S. Golden, Esq., at Burr & Forman LLP, in Orlando, Florida --
eric.golden@burr.com -- related that without waiving any argument
or position made by the Movants in their previous motions filed in
this case, they join in the Debtor's request for dismissal of the
case.  Mr. Golden asserts that only in the event that the Court
denies the Motion to Dismiss, the Movants request relief from the
automatic stay to continue the CDD's foreclosure actions against
the Debtor's property, as requested in the Stay Relief Motion.

Mr. Golden argued that it is apparent that cause exists for the
Court to dismiss the case because of, among other things,
substantial or continuing loss to or diminution of the estate and
the absence of a reasonable likelihood of rehabilitation.  He also
contends that in its Motion to Convert, BBX asserts that
conversion would be in the best interests of the creditors and the
estate, based on nothing more than the Debtor's previous, self-
serving statement that "there are 'millions in equity' in this
case, which creditors, like BBX, will not be able to realize on
account of their claims if the case is dismissed and a foreclosure
sale is permitted to proceed.

                     About Aberdeen Land II

Aberdeen Land II, LLC, doing business as Aberdeen, owns a 1,316-
acre master- planned community near Jacksonville, Florida.  The
project is designed for 1,623 single-family homes and 395 multi-
family units.  More than 1,000 units have been sold, leaving
Aberdeen with 856 undeveloped lots and 28.1 acres zoned for
commercial or residential use.

Aberdeen filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
13-04103) on July 1, 2013, in Jacksonville, Florida.  The Debtor
has tapped Genovese Joblove & Battista, P.A., as counsel, Kapila &
Company as accountant, Kellerhals Ferguson Fletcher Kroblin, PLLC,
as special counsel, and Fishkind & Associates as expert
consultants.

Aberdeen owes $24 million in bonds that financed the project and
more than $20 million to secured lenders with mortgages on the
property.

In its amended schedules, the Debtor disclosed $41,165,861 in
assets and $31,189,704 in liabilities as of the petition date.

No creditors' committee was appointed in the case.

The Debtor filed a motion for voluntary dismissal of its Chapter
11 case on September 3, 2014.


ALETHEIA RESEARCH: O'Melveny Hit With $14M Legal Malpractice Suit
-----------------------------------------------------------------
Law360 reported that the trustee for bankrupt investment advisory
firm Aletheia Research and Management Inc. hit O'Melveny & Myers
LLP with a $13.7 million malpractice suit, alleging the firm
ignored a conflict of interest to keep racking up fees in a
contract dispute.  According to the report, the suit alleges
O'Melveny was aware of, and ignored, its conflict of interest in
representing both Aletheia and its CEO and founder Peter J.
Eichler Jr., in a contract dispute with Proctor Investment
Managers LLC, seeking $4 million in damages for legal malpractice
and the recovery of $9.7 million paid to the firm from 2009
through 2012.

                     About Aletheia Research

Aletheia Research and Management, Inc., filed a bare-bones
Chapter 11 petition (Bankr. C.D. Cal. Case No. 12-47718) on
Nov. 11, 2012.  Attorneys at Greenberg Glusker represent the
Debtor.  Avant Advisory Group, LLC, is the financial advisor.  The
board voted in favor of a bankruptcy filing due to the Company's
financial situation and ongoing litigation.

According to the list of top largest unsecured creditors, Proctor
Investments has unliquidated and disputed claims of $16 million on
account of pending litigation.   The Debtor disclosed $6,492,105
in assets and $17,457,458 in liabilities as of the Chapter 11
filing.

An official committee of unsecured creditors was appointed in
December 2012.  The Committee is represented by Pachulski Stang
Ziehl & Jones LLP while Brandlin & Associates provides financial
advisory services.

Jeffrey I. Golden was appointed as Chapter 11 Trustee in January
2013.  Baker & Hostetler LLP is the Trustee's special counsel and
Ernst & Young LLP is his advisory services provider.

As previously reported by The Troubled Company Reporter, on
April 5, 2013, citing Bill Rochelle, the bankruptcy columnist for
Bloomberg News, reported that the U.S. Bankruptcy Judge in Los
Angeles granted the request of the Chapter 11 trustee and
converted Altheia's case to liquidation in Chapter 7.


ALCO STORES: Seeks Approval of Incentive Plan for Key Employees
---------------------------------------------------------------
Alco Stores Inc. has filed a motion seeking court approval to
implement what it calls a key employee incentive plan.

The incentive plan proposes to pay Alco's management and employees
who would help the company conduct sales in each of its stores
while it operates its business.

Earlier, U.S. Bankruptcy Judge Stacey Jernigan authorized a joint
venture among Tiger Capital Group LLC, SB Capital Group LLC and
Great American Group LLC as liquidation agent for Alco in
conducting the sales.  More than $260 million of inventory,
fixtures and equipment will be liquidated during the sales, which
began on Nov. 21.

Under the proposed plan, incentives will be provided to employees
and those part of the company's management, including Chief
Executive Officer Stan Latacha.   They are entitled to share in a
pool of funds equal to $220,500 upon consummation of all "store
closing" sales.

Meanwhile, the participants are entitled to share in a pool of
funds equal to $700,000 once a "going concern" sale is
consummated.  Mr. Latacha will receive $293,450, according to
court filings.

To receive payments under the incentive plan, the participants are
required to execute a general release of claims in favor of the
company.

The motion is on Judge Jernigan's calendar for Dec. 10.

                        About ALCO Stores

ALCO Stores, Inc., operates 198 stores in 23 states throughout the
central United States.  Alco offers 35,000 items at its stores,
which are located at smaller markets usually not served by other
regional or national broad line retail chains.  The company was
founded in 1901 as a general merchandising operation in Abilene,
Kansas.

ALCO is a public company, and its common stock is quoted on the
NASDAQ National Market tier of the NASDAQ Stock Market under the
ticker symbol "ALCS."

ALCO Stores and ALCO Holdings LLC sought Chapter 11 bankruptcy
protection (Bankr. N.D. Tex. Lead Case No. 14-34941) in Dallas,
Texas, on Oct. 12, 2014, with plans to let liquidators conduct
store closing sales or sell the business to a going-concern buyer.

Judge Stacey G. Jernigan presides over the Chapter 11 cases.

The Debtors have DLA Piper LLP (US) as counsel, Houlihan Lokey
Capital, Inc., as financial advisor, and Prime Clerk LLC as claims
and noticing agent.  Michael Moore has been named consultant to
the Debtors.

As of July 2014, ALCO Stores had assets totaling $222 million and
liabilities totaling $162 million.  The bulk of the liabilities
was total debt outstanding under a credit facility with Wells
Fargo Bank, National Association, of which the aggregate
outstanding was $104.2 million as of the Petition Date.

The U.S. Trustee for Region 6 appointed seven creditors to serve
in the official committee of unsecured creditors of ALCO Stores,
Inc.  The Law Office of Judith W. Ross serves as local counsel to
the Committee.


ALLIED NEVADA: S&P Lowers CCR to 'CCC' on Weak Liquidity
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Reno, Nevada-based Allied Nevada Gold Corp. to
'CCC' from 'CCC+'.  The outlook is stable.  At the same time, S&P
owered the rating on the company's senior unsecured notes to 'CCC'
from 'CCC+'.  The recovery rating remains '4', indicating S&P's
expectation of average (30% to 50%) recovery in the event of a
default.

"The 'CCC' corporate credit rating reflects our view that there is
heightened probability that Allied Nevada could face a liquidity
crisis within the next 12 months unless metals prices improve or
the company takes actions to increase liquidity in the interim,"
said Standard & Poor's credit analyst Chiza Vitta.

The company has already taken some steps, including selling $20
million worth of assets, upsizing its revolving credit facility by
$35 million, and reducing 2015 capital spending by delaying
expansion projects.  Nevertheless, at current production levels
the company faces an unsustainable cost structure which, S&P
believes, will continue to deplete sources of liquidity,
particularly in a deflationary metals price environment.

The stable outlook reflects S&P's belief that Allied Nevada has
various options to bridge a potential liquidity shortfall even
taking into account S&P's assumption of gold prices remaining near
$1,200 in 2015 and beyond.

S&P could downgrade the company if working capital, capital
spending, or declining metal prices result in a breach of
covenants or reduction in liquidity such that, in S&P's view, the
company could not sustain operations for at least two more
quarters.

S&P could raise the rating if the company is able to shore up
liquidity and meet reduced capital expenditure goals such that the
company could sustain operations over the next 12 months.


ALLIED SYSTEMS: Demands $459,000 Payment from Buyer Jack Cooper
---------------------------------------------------------------
The Bankruptcy Court will convene a hearing on Dec. 2, 2014, at
10:00 a.m., to consider ASHINC Corporation, et al.'s motion to
enforce the sale order and the asset purchase agreement by
compelling Jack Cooper Holdings Corp. and certain of its
affiliates to pay the Debtors (i) $458,990 in respect of the
relevant payables; and (ii) $112,570 in respect of the removal
costs and any other removal costs for which the Debtors would be
entitled to reimbursement.

On Sept. 17, 2013, the Court entered an order (A) approving the
APA and authorizing the sale of assets of the Debtors outside the
ordinary course of business to Jack Cooper Holdings.   On Dec. 27,
2013, the Debtors closed and consummated the sale contemplated in
the APA.

On Oct. 9, 2014, the Debtors submitted an invoice to Jack Cooper
for $458,990 in respect of certain liabilities that constitute
assumed account payables that were initially paid out of the
Debtors' funds.

The Debtors' attorneys can be reached at:

         Mark D. Collins, Esq.
         Robert J. Stearn, Jr., Esq.
         Marisa A. Terranova, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         One Rodney Square
         920 North King Street
         Wilmington, DE 19801
         Tel: (302) 651-7700
         Fax: (302) 651-7701
         E-mail: collins@rlf.com
                 stearn@rlf.com
                 terranova@rlf.com

                - and -

         Jeffrey W. Kelley, Esq.
         Ezra H. Cohen, Esq.
         Matthew R. Brooks, Esq.
         TROUTMAN SANDERS LLP
         Bank of America Plaza
         600 Peachtree Street, Suite 5200
         Atlanta, GA 30308-2216
         Tel: (404) 885-3000
         Fax: (404) 885-3900
         E-mail: jeffrey.kelley@troutmansanders.com
                 ezra.cohen@troutmansanders.com
                 matthew.brooks@troutmansanders.com

                 About Allied Systems Holdings, Inc.

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007
with $265 million in first-lien debt and $50 million in second-
lien debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,
Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at
Troutman Sanders, Gowling Lafleur Henderson.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and
General Motors LLC.  The Committee is represented by Sidley Austin
LLP.

In January 2014, the U.S. Trustee for Region 3 appointed a three-
member Official Committee of Retirees.

Yucaipa Cos. has 55% of the senior debt and took the position it
had the right to control actions the indenture trustee would take
on behalf of debt holders.  The state court ruled in March 2013
that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court also gave the official
creditors' committee authority to sue Yucaipa.  The suit includes
claims that the debt held by Yucaipa should be treated as equity
or subordinated so everyone else is paid before the Los Angeles-
based owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.


ARMSTRONG WORLD: S&P Revises Outlook to Stable & Affirms 'BB' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Lancaster, Pa.-based Armstrong World Industries Inc. to
stable from positive.  At the same time, S&P affirmed its 'BB'
corporate credit rating on the company and its 'BB' issue ratings
on the company's senior secured debt.

The outlook revision to stable from positive reflects lower
projected sales and EBITDA in 2014 and 2015 than previously
expected.  As a result, leverage metrics are unlikely to improve
in line with S&P's prior expectations.  S&P now expects debt
leverage for 2014 to remain in the "significant" category at about
3.2x, compared to S&P's prior estimate of less than 3x, which
represents an "intermediate" financial risk.  S&P therefore
continues to maintain its "satisfactory" business risk profile and
"significant" financial risk profile on Armstrong.

"Our stable outlook reflects our expectation that Armstrong's
credit measures will improve slightly, despite the effects of
recent pricing pressures in some of its businesses," said Standard
& Poor's credit analyst Pablo Garces.  "The outlook also reflects
our view that U.S. and global construction markets will grow
moderately and that the company's leverage will be 3.2x in 2014
and about 3x in 2015.  We also expect Armstrong to keep total
liquidity, including cash and revolving credit facility
availability, in excess of $600 million."

"Given our view of construction markets improving, we expect a
downgrade to be unlikely.  However, we would consider lowering our
rating on Armstrong if it pursues a more aggressive dividend
policy than we expect or if the factors contributing to the
company's revised full year guidance prove to be sustained and
ongoing.  These would include sustained pricing pressure in the
European flooring and wood businesses and an unaddressed consumer
shift to luxury vinyl tile (LVT) and away from traditional
resilient flooring in North America.  A combination of these
factors has the potential to raise leverage levels to more than
4x, a level more indicative of an "aggressive" financial risk
profile," S&P noted.

S&P would upgrade Armstrong if debt to EBITDA fell and remained
below 3x, and if other credit measures such as FFO to debt improve
to levels consistent with an intermediate financial risk profile.
This could occur if the company were able to maintain or improve
margins in its building products segment and if margins in the
resilient flooring and wood flooring segments improved.


AS SEEN ON TV: Mary Mather Quits From Board, Other Positions
------------------------------------------------------------
Mary Mather resigned from the board of directors of As Seen On TV,
Inc., and its subsidiaries effective Nov. 18, 2014, and resigned
as an employee (and as an officer) of the Company and its
subsidiaries effective Nov. 30, 2014.  Pursuant to Ms. Mather's
resignation, the Company agreed to waive her non-competition and
non-solicitation covenants.

                         About As Seen on TV

Clearwater, Fla.-based As Seen On TV, Inc., is a direct response
marketing company.  It identifies, develops, and markets consumer
products.

As reported by the TCR on Nov. 6, 2012, As Seen On TV entered into
an Agreement and Plan of Merger with eDiets Acquisition Company
("Merger Sub"), eDiets.com, Inc., and certain other individuals.
Pursuant to the Merger Agreement, Merger Sub will merge with and
into eDiets.com, and eDiets.com will continue as the surviving
corporation and a wholly-owned subsidiary of the Company.  The
Merger Agreement was completed on April 2, 2014.

The Company incurred a net loss of $9.32 million on $1.98 million
of revenues for the year ended March 31, 2014, as compared with
net income of $3.69 million on $9.40 million of revenues for the
year ended March 31, 2013.

The Company's balance sheet at June 30, 2014, showed $39.83
million in total assets, $46.31 million in total liabilities,
$2.70 million in redeemable preferred stock, and a $9.18 million
total stockholders' deficiency.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
year ended March 31, 2014.  The independent auditors noted that
the Company's recurring losses from operations and negative cash
flows from operations raise substantial doubt about its ability to
continue as a going concern.

                         Bankruptcy Warning

The Company stated the following statements in its quarterly
report for the period ended June 30, 2014:

"We have experienced losses from operations since our inception
and cannot predict how long we will continue to incur losses or
whether we ever become profitable.  We have relied on a series of
private placements of secured and unsecured promissory notes; the
most recent promissory note sale was a senior secured promissory
note on April 3, 2014 in the amount of $10,180,000 whereby the
Company received net proceeds of approximately $8,400,000 after
debt issuance costs and original issuance discount.

"The Ronco is currently in default on $1,545,000 of its
outstanding 18% promissory notes.  Ronco is also in default on its
1.5% Secured Promissory Note with a current outstanding balance of
$8,620,000; however, on March 7, 2014, Ronco and certain creditors
entered into a forbearance agreement whereby each creditor will
forbear from exercising its rights and remedies under the 1.5%
Secured Promissory Note for up to 1 year provided Ronco does not
default on the forbearance agreement.

"Currently, the Company does not have a line of credit to draw
upon.  The Company's commitments and contingencies will either
utilize future operating cash flow or require the sale of debt or
equity securities to fulfill the commitments.

We have undertaken, and will continue to implement, various
measures to address our financial condition, including:

   * Significantly curtailing costs and consolidating operations,
     where feasible.

   * Seeking debt, equity and other forms of financing, including
     funding through strategic partnerships.

   * Reducing operations to conserve cash.

   * Deferring certain marketing activities.

   * Investigating and pursuing transactions with third parties,
     including strategic transactions and relationships.

There can be no assurance that we will be able to secure the
additional funding we need.  If our efforts to do so are
unsuccessful, we will be required to further reduce or eliminate
our operations and/or seek relief through a filing under the U.S.
Bankruptcy Code.  These factors, among others, raise substantial
doubt about our ability to continue as a going concern.  The
accompanying condensed consolidated financial statements do not
include any adjustments to the recoverability and classification
of asset carrying amounts or the amount and classification of
liabilities that might result from the outcome of these
uncertainties."


ASSOCIATED WHOLESALERS: UCC Drops Bid to Revisit DIP Loan Ruling
----------------------------------------------------------------
Associated Wholesalers Inc.'s official committee of unsecured
creditors withdrew its request to revisit a federal judge's ruling
that allowed the company to get bankruptcy loan.

U.S. Bankruptcy Judge Kevin Carey on Oct. 6 approved a
$193 million financing from banks to get Associated Wholesalers
through bankruptcy.

On Oct. 20, the unsecured creditors' committee filed a motion to
reconsider the judge's decision, arguing that the budget that was
approved did not provide for a $6 million discretionary over-
advance that would allow payment of certain expenses incurred
through the closing of the sale of the company's assets.

                   About Associated Wholesalers

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

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

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

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

As of the Petition Date, the Debtors owe the Bank Group
(consisting of lenders, Bank of America, N.A., Bank of American
Securities LLC as sole lead arranger and joint book runner, Wells
Fargo Capital Finance, LLC as joint book runner and syndication
agent, and RBS Capita, as documentation agent) an aggregate
principal amount of not less than $131,857,966 (inclusive of
outstanding letters of credit), plus accrued interest.  The
Debtors estimate trade debt of $72 million.  AWI Delaware
disclosed $11,440 in assets and $125,112,386 in liabilities as of
the Chapter 11 filing.

Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal
advisors to the Debtors, Lazard Middle Market is serving as
financial advisor, and Carl Marks Advisors is serving as
restructuring advisor to AWI.  Carl Marks' Douglas A. Booth has
been tapped as chief restructuring officer.  Epiq Systems serves
as the claims agent.

The Official Committee of Unsecured Creditors tapped to retain
Hahn & Hessen LLP as its lead counsel; Pepper Hamilton LLP as its
co-counsel; and Capstone Advisory Group, LLC, together with its
wholly-owned subsidiary Capstone Valuation Services, LLC, as its
financial advisors.


BAY AREA: Approved to Sell Oxnard, California Property
------------------------------------------------------
The Bankruptcy Court authorized Bay Area Financial Corporation to
sell its real property located in 4145 Ocean, Oxnard, California.

The Court also ordered that that the proceeds from the escrow are
to be paid to the Debtor and the Debtor is authorized to pay
compensation to the real estate brokers employed by the Debtor and
to the purchaser's real estate broker.

As reported in the Troubled Company Reporter on Oct. 15, 2014, the
Debtor entered into a purchase agreement for the sale of the
property with Fair Home Buyers, LLC for $1,700,000.  The agreement
provides that upon close of the escrow, real estate brokerage
commissions in the amount of $85,000 or five percent of the
purchase price will be paid in full to the agent for the Debtor,
RE/Max Gold Coast Beach Office.

                   About Bay Area Financial

Bay Area Financial Corp., a consumer finance company, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 13-38974) on Dec. 9, 2013.  The case is assigned to
Judge Thomas B. Donovan.

The Debtor is represented by Sandford L. Frey, Esq., and Stuart I.
Koenig, Esq., at Creim Macias Koenig & Frey LLP.

The Debtor disclosed $15,248,851 in assets and $21,239,663 in
liabilities as of the Chapter 11 filing.  There is no secured
debt, although $141,000 is owing on a priority tax claim.

Peter C. Anderson, the U.S. Trustee for Region 16, appointed five
members to the Official Committee of Unsecured Creditors.  The
Committee is represented by James C. Bastian, Jr., Esq., and
Melissa Davis Lowe, Esq., at Shulman Hodges & Bastian LLP.


BEAZER HOMES: To Issue 2 Million Shares Under 2014 LTIP
-------------------------------------------------------
Beazer Homes USA, Inc., filed with the U.S. Securities and
Exchange Commission a registration statement on Form S-8 to
register 2 million shares of common stock issuable under the
Company's 2014 Long-Term Incentive Plan for a proposed maximum
aggregate offering price of $38.4 million.  A full-text copy of
the prospectus is available at http://is.gd/dc1RqS

                        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."

The Company's balance sheet at Sept. 30, 2014, showed $2.06
billion in total assets, $1.78 billion in total liabilities and
$279.11 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.


BERRY PLASTICS: Files Form 10-K, Posts $62MM Net Income in 2014
---------------------------------------------------------------
Berry Plastics Group, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing
net income attributable to the Company of $62 million on $4.95
billion of net sales for the year ended Sept. 27, 2014, compared
to net income attributable to the Company of $57 million on $4.64
billion of net sales for the year ended Sept. 28, 2013.

As of Sept. 27, 2014, the Company had $5.26 billion in total
assets, $5.36 billion in total liabilities, $13 million in
redeemable noncontrolling interest and a $114 million total
stockholders' deficit.

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

                        http://is.gd/7mD3og

                        About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a leading
manufacturer of value-added films and flexible packaging for food,
personal care, medical, agricultural and industrial applications.
The acquired business is primarily operated in Berry's Specialty
Films reporting segment.

                           *     *     *

As reported by the TCR on Feb. 1, 2013, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics to B2 from
B3 and the probability of default rating to B2-PD from B3-PD.  The
upgrade of the corporate family rating to B2 from B3 reflects
the improvement in pro-forma credit metrics and management's
publicly stated goal to pursue a less aggressive, more balanced
financial profile.

In November 2011, Standard & Poor's Ratings Services affirmed the
'B-' corporate credit rating on Berry and its holding company
parent, Berry Plastics Group Inc.  "The ratings on Berry reflect
the risks associated with the company's highly leveraged financial
profile and acquisition- driven growth strategy as well as its
fair business risk profile," said Standard & Poor's credit analyst
Cynthia Werneth.


BPP TEXAS: Pennsylvania Court Reinstates Guaranty Lawsuit
---------------------------------------------------------
The Superior Court of Pennsylvania vacated a trial court's order,
in part, and remanded the guaranty lawsuit filed by Citizens Bank
of Pennsylvania against (i) BPP Illinois, LLC, BPP Iowa, LLC, BPP
Michigan, LLC, BPP Minnesota, LLC, BPP Texas, LLC, and BPP
Wisconsin, LLC; and (ii) Fine Capital Associates, L.P. and FFC
Partnership, L.P., as guarantors.

Citizens agreed to loan the Debtors $66,000,000 so that the
Debtors could renovate, reflag, purchase real property for, and
operate the 22 hotels that the Debtors owned.  The Guarantors
promised to be the Debtors' surety on the loan obligations. The
promises and obligations of the parties were memorialized in a
credit facility and in a Guaranty and Suretyship Agreement.

Citizens claimed that the Debtors and the Guarantors defaulted
under the respective agreements; and, as a result of the default,
Citizens accelerated the loan. When neither the Debtors nor the
Guarantors paid Citizens' demand, Citizens on October 4, 2010,
filed suit against the Debtors and Guarantors in the Court of
Common Pleas of Allegheny County, claiming breach of contract.
While the lawsuit was pending in the trial court, the Debtors on
December 21, 2010, fil0ed for Chapter 11 bankruptcy protection.
The trial court then stayed the entire underlying lawsuit pending
the bankruptcy proceedings.

On September 27, 2011, the Debtors executed their Second Amended
Modified Joint Consolidated Plan of Reorganization in the United
States Bankruptcy Court for the Eastern District of Texas.  On
October 4, 2011, the Bankruptcy Court entered an order confirming
the Plan.

The Plan declared that Citizens was allowed a secured claim in the
amount of $67,400,835.  The Confirmed Plan declared that, "in full
and final satisfaction" of Citizens' claim, the Debtors were
required to sell all of their hotel properties and provide
Citizens with the proceeds from the sales. The Confirmed Plan also
required that the Debtors execute and provide Citizens with
amended loan documents, which restructured the loan. The Confirmed
Plan then incorporated, into the Plan, the obligations contained
in the restructured loan documents.

Following the discharge of the Debtors, Citizens' litigation
against the Guarantors continued in the trial court. There, the
Guarantors promptly filed a motion for summary judgment, claiming
that the restructured loan documents -- that Citizens and the
Debtors had executed in the Bankruptcy Court and in accordance
with the Confirmed Plan -- had "cured" the Guarantors' earlier
default under the Guaranty and Suretyship Agreement.  The
Guarantors also claimed that the restructured loan documents had
materially modified their obligations as a surety, and that the
Guarantors were thus relieved of any liability under the Guaranty
and Suretyship Agreement.

The trial court granted the Guarantors' summary judgment motion
and dismissed Citizens' complaint against the Guarantors.
Citizens filed a notice of appeal.

The Pennsylvania Superior Court held that even though Citizens and
the Debtors restructured their Loan in the bankruptcy proceedings,
the restructured loan documents neither released the Guarantors
from their already-established liability nor cured the Guarantor's
default under the Guaranty and Suretyship Agreement.  Indeed, both
the Plan and the Confirmation Order declared that the Guarantors
were not released as a result of the Debtors' discharge.

The case is, CITIZENS BANK OF PENNSYLVANIA v. FINE CAPITAL
ASSOCIATES, L.P, NO. 1367 WDA 2013 (Pa. Super.).

A copy of the Court's November 25, 2014 Memorandum is available at
http://bit.ly/1vlplDLfrom Leagle.com.

                        About BPP Texas

Pittsburgh, Pennsylvania-based BPP Texas, LLC, along with BPP
Illinois, LLC, BPP Iowa, LLC, BPP Michigan, LLC, BPP Minnesota,
LLC, and BPP Wisconsin, LLC, own and operate 22 hotels located in
Texas, Illinois, Iowa, Michigan, Minnesota, and Wisconsin.

BPP Texas and several affiliates filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Tex. Lead Case No. 10-44378) on Dec. 21,
2010.  Davor Rukavina, Esq., and Jonathan Lindley Howell, Esq., at
Munsch Hardt Kopf & Harr, P.C., serve as the Debtors' bankruptcy
counsel.  In its schedules, BPP Texas disclosed $3.73 million in
assets and $65.9 million in liabilities as of the petition date.

Affiliates BPP Illinois, BPP Iowa, BPP Michigan, BPP Minnesota,
and BPP Wisconsin filed separate Chapter 11 bankruptcy petitions.
BPP Wisconsin estimated its assets at $10 million to $50 million
and debts at $50 million to $100 million.


BROWN SHOE: S&P Ups Corp. Credit Rating to BB-; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on St. Louis, Mo.-based Brown Shoe Co. Inc. to 'BB-' from
'B+'.  The outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior unsecured notes to 'BB-' from 'B+'.  The '3'
recovery rating is unchanged, indicating S&P's expectation for
meaningful (50% to 70%) recovery in the event of a payment
default.

"The upgrade reflects our view that Brown Shoe continues to
benefit from strategic changes in recent years, including shedding
non-core unprofitable wholesale brands, exiting certain women's
and private label brands and children's lines, and streamlining
U.S. distribution centers and overseas operations," said credit
analyst Diya Iyer.  "Overall, we believe improved inventory levels
and store efficiency will continue to produce sustained EBITDA
growth and stable cash flow generation in the coming year, after
more volatile cash flow results in past years."

The outlook is stable, reflecting S&P's expectation that credit
protection measures will continue to improve in the coming year as
the company continues to benefit from a more productive store base
and reduced promotions.  As a result, S&P forecasts Brown Shoe
will modestly strengthen its credit protection profile, with
leverage remaining in the low-2.0x range, interest coverage in the
6.0x area, and FFO to total debt in the mid-30% area.

Downside Scenario

S&P could lower the rating if merchandise missteps or meaningful
performance erosion lead to weaker credit protection measures.
Under this scenario, S&P could reassess the financial risk profile
as "aggressive" if performance declines such that leverage reaches
the mid-3x area.  Additionally, any meaningful debt-financed
acquisitions that increases leverage to this point could also have
a negative impact on the rating.

Upside Scenario

Although unlikely, S&P could raise the rating on Brown Shoe if the
company is able to demonstrate strong operational growth over the
next year, which could improve S&P's assessment of the company's
volatility of profitability.  Under this scenario, revenue growth
would be in the high-single digits and EBITDA margins would be in
the mid-teens area, with leverage below 2.0x and coverage above
6.0x. Our assessment of financial risk would improve to
"intermediate" under this scenario.


BUDD CO: Thyssen Agrees Not to Upset Tax Loss Carryforwards
-----------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Budd Co. won an interim victory over parent
ThyssenKrupp AG after the parent agreed it won't sell any Budd
stock or change their tax-sharing agreement unless the courts
permit.  According to the report, if Thyssen wants to sell stock,
for instance, it must file a motion not less than four weeks
before a court hearing.

As previously reported by The Troubled Company Reporter, citing
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, Budd sued to prevent ThyssenKrupp from doing anything to
destroy or diminish the value of its tax losses after its chief
restructuring officer learned about a tax-sharing agreement with
the parent and the agreement requires ThyssenKrupp to pay Budd to
the extent the parent uses Budd's losses to offset tax liabilities
incurred by affiliates covered by the consolidated tax return.
The bankrupt company asked the judge to block ThyssenKrupp from
selling any of its ownership interest in Budd or modifying the
tax-sharing agreement.

The lawsuit is Budd Co. v. ThyssenKrupp AG (In re Budd Co.), 14-
ap-00684, U.S. Bankruptcy Court, Northern District of Illinois
(Chicago).

                     About The Budd Company

The Budd Company, Inc., a former supplier to the automotive
industry, filed for chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Case No. 14-11873) on March 31, 2014, with a deal to settle
potential claims against its parent, ThyssenKrupp AG.

The company -- which ceased manufacturing operations in 2006 and
does not have any current employees, facilities or customers --
has obligations consisting largely of medical and other benefits
to approximately 10,000 former employees.

Liabilities amount to approximately $1 billion with assets of
approximately $400 million.  Most of the debt consists largely of
medical and other benefits to approximately 10,000 former
employees.

The Debtor disclosed $387,555,681 in assets and $1,107,350,034 in
liabilities as of the Chapter 11 filing.

The Hon. Jack B. Schmetterer oversees the case.  The Debtor has
tapped Proskauer Rose LLP as Chapter 11 counsel, Dickinson Wright
PLLC as special counsel, Epiq Bankruptcy Solutions, LLC as
noticing, claims and balloting agent, and Conway MacKenzie
Management Services, LLC's Charles M. Moore as CRO.

The U.S. Trustee appointed five individuals to serve on the
Committee of Executive & Administrative Retirees.  The Segal
Company (Eastern States), Inc. serves as the Committee's actuarial
consultant.  The Committee retained Solic Capital Advisors, LLC as
its financial advisor.

Reed Heiligman, Esq., at FrankGecker LLP, in Chicago, Illinois,
represents the ad hoc committee of asbestos personal injury
claimants.


CAESARS ENTERTAINMENT: Receives Default Notice From UMB Bank
------------------------------------------------------------
Caesars Entertainment Operating Company, Inc., received a Notice
of Default from UMB Bank, National Association, as successor
trustee to U.S. Bank National Association, under the Indenture,
dated as of Feb. 14, 2012, by and among CEOC, CEC and the Trustee,
relating to CEOC's outstanding first-priority senior secured notes
issued under the First Lien Notes Indenture.  CEOC is party to an
amended and restated collateral agreement, dated as of June 10,
2009, by and among CEOC, the subsidiaries of CEOC party thereto
and Credit Suisse AG, Cayman Islands Branch, as successor
collateral agent to Bank of America, N.A.

The Trustee's claims in the Notice are substantially similar to
the claims made by the noteholders and the trustee of CEOC's
second-priority senior secured notes issued under the Indenture,
dated April 15, 2009, by and among CEOC, CEC and Wilmington
Savings Fund Society, FSB, as successor trustee, and under the
Indenture, dated Dec. 24, 2008, among CEOC, CEC and Delaware Trust
Company, as successor trustee, as previously disclosed in CEC's
and CEOC's Current Reports on Form 8-K dated June 6, 2014, and
Oct. 17, 2014.

The Notice alleges that, among other things, the transactions
consummated by CEOC and certain of its subsidiaries pursuant to
the Transaction Agreement, dated as of March 1, 2014, among CEC,
CEOC, certain of CEOC's subsidiaries, Caesars Acquisition Company
and Caesars Growth Partners LLC and the transactions consummated
pursuant to the Omnibus License and Enterprise Services Agreement,
dated as of May 20, 2014, by and among Caesars Enterprise
Services, LLC, CEOC, Caesars Entertainment Resort Properties LLC,
Caesars Growth Partners, Caesars Licensing Company, LLC and
Caesars World, Inc., in each case, violated the asset sales and
affiliate transactions covenants under the First Lien Notes
Indenture because, among other things:

   (a) the consideration received by CEOC and its subsidiaries was
       not at least equal to the fair market value of the assets
       transferred and CEOC could not in good faith have
       determined otherwise;

   (b) in the case of the May Transactions, any transfers of
       assets by restricted subsidiaries to unrestricted
       subsidiaries did not constitute permitted investments under
       the First Lien Notes Indenture.

There is approximately $1.25 billion of Notes outstanding under
the First Lien Notes Indenture.  Under certain circumstances, the
holders of at least 30% in principal amount of outstanding Notes
may accelerate CEOC's obligations under the Notes upon an actual
event of default under the First Lien Notes Indenture and may,
after providing the Trustee reasonable security or indemnity
satisfactory to the Trustee against any loss, liability or
expense, request the Trustee to pursue remedies, which are subject
to the terms of the agreements governing the Notes, including
applicable intercreditor agreements.

If there were an actual event of default under the First Lien
Notes Indenture, it would constitute an event of default under
CEOC's senior secured credit facilities.  In addition, if CEOC's
obligations with respect to the Notes are accelerated, it could
trigger events of default under CEOC's other secured and unsecured
notes.  These consequences could have a material adverse effect on
CEC's and CEOC's business, financial condition, results of
operations and prospects.

With respect to the Alleged Transaction Defaults, as is the case
with respect to the Prior Second Lien Claims, CEOC does not
believe that a default or an event of default has occurred under
the First Lien Notes Indenture and, furthermore, CEOC believes
that those claims are meritless.

           Wilmington Savings Resigns as Notes Trustee

Caesars Entertainment Operating Company, Inc., a subsidiary of
Caesars Entertainment Corporation, entered into an Instrument of
Resignation, Appointment and Acceptance with Wilmington Savings
Fund Society, FSB, as resigning trustee, and Delaware Trust
Company, as successor trustee, for CEOC's 10.00% Second-Priority
Senior Secured Notes due 2018 and 10.00% Second-Priority Senior
Secured Notes due 2015 issued under the Indenture dated Dec. 24,
2008.

The Instrument provides, among other things, that (i) the
Resigning Trustee assigns, transfers, delivers, and confirms to
the Successor Trustee all right, title, and interest of the
Resigning Trustee in and to the trust created by the Second Lien
Notes Indenture, and the Resigning Trustee resigns as Trustee,
Registrar, Paying Agent, Notes Custodian under the Second Lien
Notes Indenture and as Collateral Agent under the Second Lien
Notes Indenture and the related security documents, (ii) CEOC
accepts the resignation of the Resigning Trustee and appoints the
Successor Trustee as Trustee, Registrar, Paying Agent and Notes
Custodian under the Second Lien Notes Indenture and as Collateral
Agent under the Second Lien Notes Indenture and the related
security documents, and (iii) the Successor Trustee accepts its
appointment as Trustee under the Second Lien Notes Indenture and
assumes all the rights, powers, and trusts of the Trustee under
the Second Lien Notes Indenture, and accepts its appointment as
Registrar, Paying Agent, Collateral Agent and Notes Custodian
under the Second Lien Notes Indenture and the applicable security
documents.

                    About Caesars Entertainment

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

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

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  The
Company's balance sheet at Sept. 30, 2014, showed $24.49
billion in total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.

                           *     *     *

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

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

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

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


CANAM PROPERTIES: Involuntary Chapter 11 Case Summary
-----------------------------------------------------
Alleged Debtor: Canam Properties, LLC
                475 W 12th Avenue Unit 8D
                Denver, CO 80204

Case Number: 14-17529

Involuntary Chapter 11 Petition Date: November 25, 2014

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Eddward P. Ballinger Jr.

Alleged Debtor's petitioners:

  Petitioners                  Nature of Claim  Claim Amount
  -----------                  ---------------  ------------
  Chris Preisel
  10105 E Via Linda Suite #105-328
  Scottsdale, AZ 85258

  Peter Workum
  5728 N Harding DR
  Paradise Valley, AZ 85253

  Michael Oboley
  385 Sheridan Blvd
  Lakewood, AZ 80226


CAPARRA HILLS: Fitch Lowers IDR to B+ & Revises Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Caparra Hills, Inc.'s Issuer Default
Rating (IDR) to 'B+' from 'BB-'.  Fitch has also downgraded the
company's USD59.3 million secured debt bond rating to 'BB' from
'BB+'.

The Rating Outlook has been revised to Stable from Negative.

The 'BB' rating for the secured bond reflects Caparra Hill's
limited property diversification, loan to value of 77% based on a
property value of USD73.5 million (66% based on net debt), and
Fitch's expectation that debt service coverage measured as EBITDA
over interest and principal will be at about 1.1x-1.2x over the
next 18 months.  Fitch expects Caparra Hills leverage to increase
over the next 18 months due to lower revenues, higher vacancy
rates and investments as the company is progressively replacing
two major tenants in a more price competitive environment.

Caparra Hills' Stable Outlook reflects the company's comfortable
liquidity and manageable debt repayment schedule.  The rating also
incorporates Caparra Hills' revenue stream from its lease
portfolio.  The lease revenues are predominately fixed in nature
and also provide for the pass-through of ongoing maintenance and
operating expenses for Caparra Hills' properties.

The 'BB' rating for the secured bonds positively incorporates the
collateral support included in the transaction structure.  The
payments of the bonds are secured by a first mortgage on the
company's real estate properties and the assignment of leases.
The transaction structure includes a debt-service reserve fund,
estimated at USD7 million, which covers the equivalent of 18-month
debt service for the secured bonds.

The secured bonds are payable solely from payments made to the
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority (AFICA) by
Caparra Hills.  AFICA serves solely as an issuing conduit for
local qualified borrowers for the purpose of issuing bonds
pursuant to a trust agreement between AFICA and the trustee.  The
secured bonds are not guaranteed by AFICA, do not constitute a
charge against the general credit of AFICA, and do not constitute
an indebtedness of the Commonwealth of Puerto Rico or any of its
political subdivisions.

Rising Vacancy Rates Hurt Cash Flow:

Fitch expects Caparra Hills, Inc.'s vacancy rates to increase at
about 32% as of June 2015 (11.4% in June 2014), which will reduce
the company's cash flow generation.  However, Fitch anticipates
that vacancy will then gradually decline as the company is
negotiating new rents for the available space at Santander Tower.
The company will have to increase tenant improvement allowances
and pay commissions in order to attract new tenants because of the
price competitive and difficult market environment in Puerto Rico.

Concentration and Contracts Risk:

The ratings factor in the concentration risk in Caparra Hills'
operations related to its three contiguous properties, which
limits the company's diversification and growth strategies.
Further risks include Caparra Hills' high counterparty risk with
three tenants representing approximately 49% of the company's
total revenues as of Sept. 2014.  The contract maturity profile of
the company's lease portfolio remains high over the next 18
months.  As of Sept. 2014, 59.4% of the contract matured over the
next 12 months.  Fitch expects the counterparty and contract
maturity risk to decline due to the gradual replacement of its
main tenants

Secured Bond Enhances Recovery Prospects:

The 'BB' rating for the secured bonds positively incorporates the
collateral support included in the transaction structure.  The
payments on the bonds are secured by a first mortgage on the
company's real estate properties and the assignment of leases.
The transaction structure includes a debt service reserve fund,
estimated at about USD7 million, which covers the equivalent of 18
months' debt service for the secured bonds.  Caparra Hills
conducts its operations in Puerto Rico, which Fitch views as a
positive in terms of enforceability of the company's secured debt
in the event of default.  The relationship between the United
States and Puerto Rico is referred to as commonwealth status.
Puerto Rico's constitutional status is that of a territory of the
United States, and, pursuant to the territorial clause of the U.S.
Constitution, the ultimate source of power over Puerto Rico is the
U.S. Congress.

Rising Leverage:

Caparra Hills had USD56.7 million of total debt as of Sept. 30,
2014, which was composed entirely of the secured bonds.  Fitch
expects Caparra Hills' leverage, as measured by debt/EBITDA to
increase to about 10x FYE15 from 8.7x as of June 14 due to the
increase of vacancy rates.  The secured debt requires
approximately USD4.7 million of annual debt service.

Strong Liquidity:

Caparra Hills' ability to generate positive cash flow from
operations (CFFO) in combination with its high cash position
relative to its short-term debt makes its debt payment schedule
manageable.  During the last three years, Caparra Hills' CFFO
averaged about USD3 million annually. As of Sept. 30, 2014,
Caparra Hills' cash position was USD8.5 million.  In addition, the
company maintains a debt service reserve fund of approximately
USD8.5 million, covering 18 months of debt service.

RATING SENSITIVITIES

A downgrade could be triggered due to a lack of a rapid
improvement of the company's vacancy rates, contract maturity
schedule coupled with declining cash flow generation, measured as
EBITDA, resulting in weaker credit metrics.  Higher LTV and weaken
debt service coverage ratio could impact negatively the rating

Conversely, lower business risks in terms of contract maturity
schedule, concentration risk while improving cash flow generation
resulting in lower gross leverage, LTV and improved debt service
coverage could trigger a positive rating action.


CASH STORE: Obtains CCAA Stay Extension Until February 2015
-----------------------------------------------------------
The Cash Store Financial Services Inc. had obtained an order from
the Ontario Superior Court of Justice (Commercial List) granting a
stay extension under its current Companies' Creditors Arrangement
Act proceedings to February 27, 2015.

The Court also authorized the Company and its subsidiaries to
enter into the Third Amending Agreement to the Amended and
Restated Debtor-in-Possession Term Sheet pursuant to which an
additional loan in the aggregate amount of $7 million will be
available to the Company.  The amounts made available under the
Third Amended DIP Facility are required to provide urgent and
necessary liquidity in order to continue going concern operations
and continue the sale process in an effort to maximize value for
stakeholders.

On Oct. 9, 2014, the Company announced that it had entered into a
binding agreement to sell a portion of its business and assets to
National Money Mart Company.  The Agreement and the completion of
the Transaction remain subject to Court approval in Canada,
certain regulatory approvals and the satisfaction of certain
closing conditions customary to transactions of this nature.  The
current expectation is that the transaction will be completed in
early 2015, following Court and regulatory approval.

The Court also approved the Eleventh Report of the Monitor, FTI
Consulting Canada Inc., dated Oct. 10, 2014.  A copy of this
report, as well as other orders of the Court, including details on
the sales process, as well as other details regarding the
Company's CCAA proceedings is available on the Monitor's Web site
at http://cfcanada.fticonsulting.com/cashstorefinancial.

Cash Store Financial remains open for business and will continue
to provide updates on its restructuring and the Cash Store Sale
Process as matters advance.

                     About Cash Store Financial

Cash Store Financial and Instaloans primarily act as lenders to
facilitate short-term advances and provide other financial
services to income-earning consumers who may not be able to obtain
them from traditional banks.  Cash Store Financial also provides
private-label debit cards.

Cash Store Financial is not affiliated with Cottonwood Financial
Ltd. or the outlets Cottonwood Financial Ltd. operates in the
United States under the name "Cash Store".  Cash Store Financial
does not do business under the name "Cash Store" in the United
States and does not own or provide any consumer lending services
in the United States.

Cash Store Financial reported a net loss and comprehensive loss of
C$35.53 million for the year ended Sept. 30, 2013, as compared
with a net loss and comprehensive loss of C$43.52 million for the
year ended Sept. 30, 2012.  As of Sept. 30, 2013, the Company had
C$164.58 million in total assets, C$165.90 million in total
liabilities and a C$1.32 million shareholders' deficit.


CDW LLC: Moody's Assigns B3 Rating on $575MM Sr. Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
$575 million 10-year senior unsecured notes to be issued by CDW
LLC, a wholly-owned subsidiary of CDW Corporation ("CDW"). CDW's
other wholly-owned subsidiary, CDW Finance Corporation, will be a
co-borrower. The proceeds of the new notes will be used for
general corporate purposes, including refinancing a portion of the
existing $1.045 billion of senior notes due 2019.

Ratings Rationale

CDW's latest refinancing is the most recent step the company has
taken to reduce leverage and interest expense over the past three
years, resulting, in aggregate, in about $100 million of interest
expense savings. In addition, CDW has deleveraged steadily since
its 2007 leveraged buyout, and Moody's expects the company to
reach an adjusted debt to EBITDA level of 3.5x to 4.0x over the
next twelve to eighteen months. Although private equity owners
(Madison Dearborn and Providence Equity) still hold around 40% of
the company shares, CDW has not provided support to aid the equity
return to these holders since the IPO in June 2013 and Moody's
does not expect this behavior to change going forward. CDW's
credit profile is supported by relative earnings stability and
healthy free cash flow generation because of CDW's prominent
position as a value added reseller of technology products and
solutions with a focus on the small and medium sized business
(SMB) segment. CDW has reduced its working capital utilization and
Moody's anticipates the company's adjusted cash conversion cycle
will remain around 20 to 26 days, limiting the use of cash.
Moody's also believes CDW has favorable prospects for continued
market share gains due to its scale, extensive product offering
and broad market access relative to peers with less scale and
market coverage.

CDW's B1 Corporate Family Rating (CFR) incorporates high financial
leverage, modest (albeit improving) interest coverage ratios as
well as limited financial covenants. Significant vendor
concentration to Hewlett-Packard and exposure to the volatile
small and medium-sized business segments, as well as budgetary
risks associated with the company's exposure to the public sector,
constrain the rating.

The following summarizes the rating actions:

Issuer: CDW LLC

Senior Unsecured Notes November, 2024, assigned B3 (LGD5)

Rating Outlook

The positive rating outlook reflects CDW's decreasing interest
expense and leverage, and anticipated increases in annual free
cash flow. The outlook also reflects the company's consistent
revenue stream from the public sector, which counteracts greater
fluctuations in corporate sector revenue, as well as Moody's
expectation for continued execution of its business strategy,
stable vendor/customer relationships and market share gains.

What Could Change the Rating -- UP

Ratings could be upgraded if CDW demonstrates a clear increase in
annual free cash flow generation, and improvement in revenue and
operating margins to a higher sustainable range (operating margins
in upper single digits) implying increased market share, continued
favorable shift in product mix and/or a lower cost structure. An
upgrade could also occur upon debt reduction, such that total
adjusted debt to EBITDA leverage is expected to be sustained below
3.5x.

What Could Change the Rating -- DOWN

Ratings could be downgraded if CDW experiences loss of
customers/market share or pricing pressures due to increasing
competition or a weak economic environment such that margins,
interest coverage or free cash flow generation erodes. Financial
leverage sustained above 4.5x total adjusted debt to EBITDA could
also lead to a downgrade. A sustained rise in working capital
could also pressure the ratings down.

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


CENTRAL OKLAHOMA: Wants Plan Filing Exclusivity Until Feb. 16
-------------------------------------------------------------
Central Oklahoma United Methodist Retirement Facility, Inc., doing
business as Epworth Villa, asks the Bankruptcy Court to extend its
exclusive periods to propose a chapter 11 plan through and
including Feb. 16, 2015, and solicit acceptances for that plan
until April 14.

             About Central Oklahoma United Methodist

Central Oklahoma United Methodist Retirement Facility, Inc., dba
Epworth Villa, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 14-12995) on July 18,
2014.  The case is before Judge Sarah A. Hall.

The Debtor's counsel is Brandon Craig Bickle, Esq., Sidney K.
Swinson, Esq., and Mark D.G. Sanders, Esq., at Gable & Gotwals,
P.C., in Tulsa, Oklahoma; and G. Blaine Schwabe, III, Esq., at
Gable & Gotwals, P.C., in Oklahoma City, Oklahoma.

The Debtor reported $117,659,919 in total assets, and $107,972,621
in total liabilities.


COMMUNITY HOME: Wells Fargo Wants Relief from Automatic Stay
------------------------------------------------------------
Wells Fargo Bank, N.A., asked the U.S. Bankruptcy Court for the
Southern District of Mississippi to lift the automatic stay in the
Chapter 11 case of Community Home Financial Services Inc.

The property located in Cleveland, Ohio, is covered by a deed of
trust securing a promissory noted executed by a certain Vincent
Flores, Jr.  In May last year, Wells Fargo was assigned the
beneficial interest in the deed of trust.

Meanwhile, Community Home is a junior lien holder on the property,
court filings show.

Charles Frank Fair Barbour, Esq., at Bennett Lotterhos Sulser &
Wilson, P.A., in Jackson, Mississippi, said Wells Fargo "is not
adequately protected" and that the stay should be lifted so that
the bank can finally pursue a foreclosure sale of the property.

Mr. Barbour can be reached at:

     Charles Frank Fair Barbour, Esq.
     BENNETT LOTTERHOS SULSER & WILSON P.A.
     190 East Capitol Street, Suite 650 (39201)
     Post Office Box 98
     Jackson, Mississippi 39205-0098
     Phone: (601) 944-0466
     Fax: (601) 944-0467
     E-mail: cbarbour@blswlaw.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.


CRS HOLDING: Court OKs Regions Bank to Foreclose on Collateral
--------------------------------------------------------------
The Bankruptcy Court granted Regions Bank and Regions Equipment
Finance Corporation's motion filed in the bankruptcy case of CRS
Holding of America, LLC, for relief from the automatic stay
imposed by Section 362 of the Bankruptcy Code.

Regions is authorized to exercise its rights as a secured
creditor, to take possession of and to sell its collateral, or to
proceed in a court of competent jurisdiction to foreclosure or
otherwise enforce its liens on substantially all the Debtors'
assets; provided, however, all cash in the Debtors' bank accounts
at Regions will remain frozen and will not be subject to
withdrawal by any party pending further order of the Court or
agreement with the Trustee.

As reported in the TCR on Oct. 28, 2014, Regions asserted that the
Debtors are not making payments in accordance with the loan
documents to protect against the erosion of value of Regions'
collateral; and Regions is not adequately protected.

Regions is the owner and holder of various promissory notes,
master agreements, security agreements and equipment schedules
well as UCC-1 financing statements.

As of the Petition Date, the Debtors are indebted to Regions in
the aggregate principal amount of $12,971,464 plus interest and
attorneys' fees.

                   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.


CRUMBS BAKE SHOP: Case Conversion Hearing Set for Dec. 1
--------------------------------------------------------
The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey will hold a hearing on Dec. 1, 2014, at
11:00 a.m. (ET) in Courtroom #8, 402 East State Street in Trenton,
New Jersey, to consider the motion of Crumbs Bake Shop Inc. and
its debtor-affiliates to convert their Chapter 11 bankruptcy cases
to Chapter 7 proceedings.

Brand2 Squared Licensing tells the Court that it joins in the
Debtors' motion for Chapter 7 conversion.

As reported in the Troubled Company Reporter on Oct. 16, 2014,
the Debtors told the Court that they have sold substantially all
of their assets, have no operating business to save and cannot
propose a feasible plan of reorganization.  Accordingly, the
Debtors note they have no alternative but to convert their Chapter
11 proceedings to Chapter 7 pursuant to Section 1112(a) of the
Bankruptcy Code.

The Debtors said that they do not have sufficient funds available
to formulate and seek confirmation of a Chapter 11 plan, and the
potential causes of action, while believed to have value, will
take a long time to liquidate.  It is the Debtors' judgment that
in the particular circumstances of these Chapter 11 cases, the
goal of maximizing the net recoveries to creditors will best be
achieved through an orderly process that may be administered by a
Chapter 7 trustee.  The Official Committee of Unsecured Creditors
agrees with the Debtors' decision to convert the Debtors' Chapter
11 cases to Chapter 7.

Brand2 Squared retained as counsel:

  Douglas T. Tabachnik, Esq.
  LAW OFFICES OF DOUGLAS T. TABACHNIK P.C.
  63 West Main Street, Suite C
  Woodhull House
  Freehold, NJ 07728
  Tel: (732) 780-2760
  E-mail: dtabachnik@dttlaw.com

                      About Crumbs Bake Shop

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

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

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

                           *     *     *

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

On the petition date, Crumbs entered into an Asset Purchase
Agreement through which Lemonis Fischer Acquisition Company, LLC,
a joint venture created by Marcus Lemonis LLC and Fischer
Enterprises, L.L.C., will acquire the Crumbs' business as part of
the Company's Chapter 11 filing.  Lemonis Fischer Acquisition is
represented by Louis Price, Esq., at McAfee & Taft PC.

On Aug. 29, 2014, Crumbs Bake Shops completed the sale of its
assets for a credit bid of $7,140,000 and the assumption of
various liabilities.  There are no cash proceeds and the credit
bid resulted in the repayment of all indebtedness to Lemonis
Fischer Acquisition, which held a first priority security interest
in the assets of the Company. The Company's remaining assets will
be liquidated and the proceeds thereof will be utilized to pay
unsecured liabilities in accordance with applicable law and
certain advisors' fees and expenses. The Company does not expect
that there will be any proceeds available for distribution to
shareholders.


CRUMBS BAKE SHOP: Settlement Hearing Set for Dec. 1
---------------------------------------------------
The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey will hold a hearing on Dec. 1, 2014, at
11:00 a.m. (ET) in Courtroom #8, 402 East State Street in Trenton,
New Jersey, to consider the motion of the Official Committee of
Unsecured Creditors of Crumbs Bake Shop Inc. and its debtor-
affiliates for authority to settle certain liability claims on
behalf of the Debtors.

                      About Crumbs Bake Shop

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

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

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

                           *     *     *

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

On the petition date, Crumbs entered into an Asset Purchase
Agreement through which Lemonis Fischer Acquisition Company, LLC,
a joint venture created by Marcus Lemonis LLC and Fischer
Enterprises, L.L.C., will acquire the Crumbs' business as part of
the Company's Chapter 11 filing.  Lemonis Fischer Acquisition is
represented by Louis Price, Esq., at McAfee & Taft PC.

On Aug. 29, 2014, Crumbs Bake Shops completed the sale of its
assets for a credit bid of $7,140,000 and the assumption of
various liabilities.  There are no cash proceeds and the credit
bid resulted in the repayment of all indebtedness to Lemonis
Fischer Acquisition, which held a first priority security interest
in the assets of the Company. The Company's remaining assets will
be liquidated and the proceeds thereof will be utilized to pay
unsecured liabilities in accordance with applicable law and
certain advisors' fees and expenses. The Company does not expect
that there will be any proceeds available for distribution to
shareholders.


CRUNCHIES FOOD: Court OKs Silver Law Grp Retention as Sale Advisor
------------------------------------------------------------------
Crunchies Food Company, LLC, won Bankruptcy Court approval to
employ Silver Law Group, P.C. as its special corporate counsel
nunc pro tunc to Aug. 15, 2014.

As previously reported by The Troubled Company Reporter, 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.

SLG's personnel expected to have primary responsibilities in the
Debtor's 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

                      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: Panel Can Retain Sheppard Mullin as Counsel
-----------------------------------------------------------
The Bankruptcy Court authorizes the Official Committee of
Unsecured Creditors in the Chapter 11 case of Crunchies Food
Company, LLC, to retain Sheppard, Mullin, Richter & Hampton LLP as
its counsel.

As previously reported by The Troubled Company Reporter, the
hourly rates of the firm's personnel with primary responsibilities
in the Debtor's 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.

                      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.


DETROIT, MI: FGIC Could Go After Banks Under $1-Bil. Debt Deal
--------------------------------------------------------------
Law360 reported that Financial Guaranty Insurance Co., the insurer
of $1.1 billion in Detroit's pension-related debt, has reached an
agreement to pay off underlying bondholders for the right to sue
UBS AG and Bank of America Corp. over troublesome swaps connected
to that debt, FGIC said.  According to the report, FGIC stood as
Detroit's last major opponent until reaching a settlement in
October that allowed the city to offer a virtually uncontested
Chapter 9 exit plan.

                   About the City of Detroit

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

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

The Troubled Company Reporter, on Nov. 10, 2014, citing The New
York Times' DealBook, reported that U.S. Bankruptcy Judge Steven
Rhodes in Michigan approved the city of Detroit's plan of debt
adjustment.

                           *     *     *

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

The Troubled Company Reporter, on Oct. 10, 2014, reported that
Moody's Investors Service has placed the City of Detroit's (MI)
Certificates of Participation (COPs) Ca rating on review for
possible downgrade. This action follows the recent settlement
announcement between the city and Syncora, which insures a portion
of the city's outstanding COPs. The settlement includes a cash
payment, as well as extended and optional stakes in city owned
assets. Moody's said it is likely that the recovery for creditors
will be below 35% and as a result consistent with a C rating. The
review will be resolved if and when a settlement with FGIC, the
other main insurer of the city's COPs liabilities, is made public.


DEWEY & LEBOUEF: NY DA Wins Stay Of Securities Suit v. Ex-Exec
--------------------------------------------------------------
Law360 reported that an Iowa federal judge stayed Aviva Life and
Annuity Co.'s securities suit alleging a former Dewey & LeBoeuf
LLP executive lied about the state of the now-bankrupt firm's
finances, pending the conclusion of criminal proceedings in New
York.

According to the report, U.S. District Judge James E. Gritzner's
order says the parties in the case stipulated to allow New York
County District Attorney Cyrus R. Vance Jr. to intervene, and to
stay the civil proceedings in August.  The stay will remain in
place until the parties agree to lift it, the court orders it or
the criminal trial concludes, the report related.

The stayed lawsuit was filed in March by Aviva alleging former
Dewey Finance Director Francis Canellas misled lenders when the
firm issued $35 million in secured notes, the report added.

The case is Aviva Life and Annuity Co. et al. v. Canellas, case
number 4:14-cv-00117, in the U.S. District Court for the Southern
District of Iowa.

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DIALOGIC INC: Completely Acquired by NOVACAP
--------------------------------------------
Dialogic Inc. announced that entities affiliated with Novacap TMT
IV, L.P., have successfully completed the tender offer and closed
the acquisition of the Company.

"Today marks the beginning of an exciting new era for Dialogic.
NOVACAP recognizes the potential of Dialogic and is committed to
enhancing our ability to better serve our customers, grow our
business and provide long-term opportunities for our employees,"
said Kevin Cook, president and CEO, Dialogic.  Novacap's
investment will provide momentum for our salesforce and long-term
sustainability for our business development."

"Dialogic is clearly positioned as a leader in rich media
communications and intelligent call control solutions.  We believe
in what Dialogic has accomplished and intend to further invest to
accelerate Dialogic's development strategy and to serve its
customers with even greater innovation and responsiveness," said
Stephane Tremblay, senior partner, NOVACAP TMT.

An affiliate of NOVACAP, as the holder of more than 90% of the
Company's issued and outstanding common stock following completion
of the previously announced tender offer and other related
transactions, effected a "short-form" merger with the Company
pursuant to Section 253 of the Delaware General Corporation Law.
As a result of the Merger, the remaining Company stockholders will
be entitled to receive $0.15 per share in cash for their shares,
the same consideration per share paid to all other stockholders in
connection with the tender offer, to the extent those stockholders
do not exercise appraisal rights in accordance with Delaware law.
The funds to make those payments have been deposited with
Computershare, which will act as Paying Agent.  Stockholders will
receive instructions on how to surrender their shares of Dialogic
common stock in order to receive the Merger consideration within
the next few days.

In addition, funds managed by Tennenbaum Capital Partners, L.P.,
have agreed to receive $24.1 million from NOVACAP in exchange for
approximately $78.3 million of term loan debt that will
subsequently be canceled and eliminated from the company's capital
structure.

Meanwhile, the Company filed with the SEC a Form 15 to terminate
the registration of its securities under Section 12(g) of the
Securities Exchange Act of 1934.  A a result of the Form 15
filing, the Company's obligation to file reports with the SEC,
including Forms 10-K, 10-Q, and 8K, has been suspended and its
shares will no longer trade on the OTCQB exchange.

The Merger was effected under the terms of an Agreement and Plan
of Merger between Dialogic Group, an affiliate of NOVACAP, and the
Company that was entered into as of Oct. 10, 2014.  The Merger was
approved by the Company's Board of Directors based upon the
recommendation of a Special Committee of independent directors
that negotiated the terms of the Merger with Dialogic Group on the
Company's behalf.

In connection with the Merger, the Company filed a
Solicitation/Recommendation Statement on Schedule 14D-9 with the
SEC that was delivered to the Company's stockholders of record on
Oct. 24, 2014, along with NOVACAP's Schedule TO, offer to
purchase, and other related tender offer documents also filed with
the SEC.

Dialogic has terminated all offerings of its securities under
these Registration Statements:

   (1) Registration Statement No. 333-190799, filed with the
       Securities and Exchange Commission on Aug. 23, 2013,
       registering 144,156 shares of the Company's Common Stock,
       par value $0.001 per share, issuable under the 2006
       Employee Stock Purchase Plan and 1,576,625 Shares issuable
       under the 2006 Equity Incentive Plan;

   (2) Registration Statement No. 333-185506, filed with the SEC
       on Dec. 14, 2012, registering 30,000 Shares issuable under
       the 2006 Employee Stock Purchase Plan and 571,809 Shares
       issuable under the 2006 Equity Incentive Plan;

   (3) Registration Statement No. 333-174215, filed with the SEC
       on May 13, 2011, registering 480,281 Shares issuable under
       the 2006 Employee Stock Purchase Plan and 934,891 Shares
       issuable under the 2006 Equity Incentive Plan;

   (4) Registration Statement No. 333-170005, filed with the SEC
       on Oct. 18, 2010, registering 1,502,036 Shares issuable
       under the 2006 Equity Incentive Plan;

   (5) Registration Statement No. 333-163909, filed with the SEC
       on Dec. 22, 2009, registering 1,285,651 Shares issuable
       under the 2006 Equity Incentive Plan;

   (6) Registration Statement No. 333-156273, filed with the SEC
       on Dec. 18, 2008, registering 2,168,870 Shares issuable
       under the 2006 Equity Incentive Plan; and

   (7) Registration Statement No. 333-142117, filed with the SEC
       on April 13, 2007, registering 7,522,894 Shares issuable
       under the 2001 Equity Incentive Plan and the 2003 Israeli
       Share Option Plan, 488,489 Shares issuable under the 2006
       Equity Incentive Plan and 60,000 Shares issuable upon the
       exercise of stock options granted outside the plans.

                       Amends Current Report

Dialogic filed a current report on Form 8-K on June 3, 2013, to
report, among other things, the final results for each of the
matters submitted to a vote of stockholders at its 2013 Annual
Meeting of Stockholders.  The Company filed an amendment to that
Report to disclose that, consistent with the voting results at the
Annual Meeting, the Company's Board of Directors determined that
the Company would hold an advisory vote on the compensation of its
named executive officers once every three years until the next
stockholder vote on the frequency of say-on-pay votes under
Section 14A of the Securities Exchange Act of 1934, as amended, or
until the Board of Directors otherwise determined that a different
frequency for those votes would be in the best interests of the
Company's stockholders.

                          About Dialogic

Milpitas, Cal.-based Dialogic Inc. provides communications
platforms and technology that enable developers and service
providers to build and deploy innovative applications without
concern for the complexities of the communication medium or
network.

Dialogic reported a net loss of $53.93 million in 2013 following
a net loss of $37.61 million in 2012.  The Company's balance sheet
at June 30, 2014, showed $60.57 million in total assets, $134.74
million in total liabilities, and a $74.17 million total
stockholders' deficit.

The Company said in its quarterly report for the period ended
June 30, 2014, that it would likely need to seek protection
under the provisions of the U.S. Bankruptcy Code or its affiliates
might be required to seek protection under the provisions of
applicable bankruptcy codes in other jurisdictions the event of an
acceleration of the Company's obligations under the Revolving
Credit Agreement or Term Loan Agreement prior to their maturity or
if the agreements are not extended or otherwise restructured as of
March 31, 2015, and the Company fails to pay the amounts that
would then become due.


DIAMOND MIDCO: S&P Assigns B CCR & Rates $385MM 1st Lien Debt B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to New York City-based Diamond Midco Ltd. The
outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating (one
notch higher than the corporate credit rating) to the company's
$385 million first-lien credit facility, which consists of a $335
million first-lien term loan and a $50 million revolving credit
facility, with a recovery rating of '2', indicating S&P's
expectation for substantial recovery (70% to 90%) in the event of
a payment default.  Diamond US Holding LLC, a subsidiary of
Diamond Midco Ltd., is the issuer of the debt.

On Nov. 5, 2014, Dealogic (Holdings) Ltd. announced that it had
entered into a definitive merger agreement with a group led by the
Carlyle Group to acquire the company for aggregate consideration
of approximately $700 million.

"The 'B' corporate credit rating on Diamond Midco Ltd. reflects
our assessment of Dealogic's high market share within the niche
market of data and analytics providers to investment banks, as
well as our expectation that leverage will remain high at about 5x
over the next year," said Standard & Poor's credit analyst Peter
Bourdan.

The stable outlook reflects S&P's expectation that Dealogic will
achieve low-single-digit percent growth in 2015 with a stable
EBITDA margin in the mid-40% area, which S&P expects will result
in leverage of roughly 5x over the next year.

While unlikely in the next year, S&P could raise the rating if it
become convinced that the company's financial policy is revised
and committed to leverage sustained below 5x.

S&P could lower the rating if leverage increases to over 8x or if
operational pressure results in a covenant cushion below 15%.


DIGITAL DOMAIN: Panel Inks Compromise with Siemens Industry
-----------------------------------------------------------
BankruptcyData reported that the Official Committee of Unsecured
Creditors appointed in the Chapter 11 case of Digital Domain Media
Group asked bankruptcy court approval of a settlement agreement
with Siemens Industry, Inc. and Premium Assignment Corporation II
(PAC), both defendants in adversary proceedings.

According to the report, the Committee seeks to avoid and recover
from Siemens Industry a preferential transfer in the aggregate
amount of not less than $15,150 and from PAC certain preferential
transfers in the aggregate amount of not less than $29,653.

                     About Digital Domain

Port St. Lucie, Florida-based Digital Domain Media Group, Inc. --
http://www.digitaldomain.com/-- engaged in the creation of
original content animation feature films, and development of
computer-generated imagery for feature films and trans-media
advertising primarily in the United States.

Digital Domain Media Group, Inc. and 13 affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12568) on
Sept. 11, 2012, to sell its business for $15 million to
Searchlight Capital Partners LP, subject to higher and better
offers.  The Company disclosed assets of $205 million and
liabilities totaling $214 million.

The Debtors also have sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court
of British Columbia, Vancouver Registry.

Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors.  FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer.  Kurtzman Carson Consultants LLC is the
claims and notice agent.  An official committee of unsecured
creditors appointed in the case is represented by lawyers at
Sullivan Hazeltine Allinson LLC and Brown Rudnick LLP.

At a bankruptcy auction, the principal part of the business was
purchased by a joint venture between Galloping Horse America LLC,
an affiliate of Beijing Galloping Horse Co., and an affiliate of
Reliance Capital Ltd., based in Mumbai.  The $36.7 million total
value of the contact includes $3.6 million to cure defaults on
contracts and $2.9 million in reimbursement of payroll costs. As
the result of a settlement negotiated by the unsecured creditors'
committee with secured lenders, there will be some recovery for
the committee's constituency.


EDELMIRO TOLEDO-CARDONA: High Ct. To Rule on Lien-Stripping Suits
-----------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the U.S. Supreme Court agreed to resolve a
split among federal appeals courts over the practice of "stripping
off" subordinate mortgages in Chapter 7 bankruptcy, where all
nonexempt assets are sold and the bankrupt immediately gets
complete relief from unsecured debt.

According to the Bloomberg report, the outcome of the appeal will
benefit either banks or bankrupt homeowners.  If the high court
sides with homeowners, many will have an increased ability to keep
their homes by having second and third mortgages wiped off the
record when the property is worth less than the first-mortgage
debt, the report said.  If the ruling favors the lenders, a
bankrupt individual in Chapter 7, in effect, is stuck with all the
mortgages on the property, regardless of the home's value, the
report related.

The lien-stripping cases are Bank of America v. Toledo-Cardona,
14-163, and Bank of America v. Caulkett, 13-1421, both in the U.S.
Supreme Court (Washington).


ELEPHANT TALK: Regains NYSE MKT LLC Compliance
----------------------------------------------
Elephant Talk Communications Corp. announced that it has received
official notification from NYSE Regulation, Inc., dated Nov. 20,
2014, that the Company is now in compliance with the listing
requirements of Part 10 of the NYSE MKT LLC Company Guide.

As a result of meeting the Exchange's listing standards, the
Company will be removed from the list of noncompliant issuers
posted on the Exchange's Web site.

Mr. Steven van der Velden, chairman and chief executive officer of
Elephant Talk commented, "I am pleased to report that we have
regained full compliance with the NYSE MKT LLC's listing
requirements.  Supported by improving operating performance and a
strengthened balance sheet, our team can now focus its full
efforts on growing Elephant Talk's mobile core network management
platform and capitalizing on the potential of our cyber security
product portfolio to deliver long-term value to our stockholders."

                         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.

"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.

As of Sept. 30, 2014, the Company had $40.60 million in total
assets, $18.38 million in total liabilities and $22.22 million in
total stockholders' equity.


ELEPHANT TALK: Signs $12 Million Loan Facility
----------------------------------------------
Elephant Talk Europe Holding B.V., a wholly owned subsidiary of
Elephant Talk Communications Corp., on Nov. 17, 2014, entered into
a term loan credit agreement among ET Europe, as borrower, the
Company, any subsidiaries of the Company party thereto that are
guarantors or become guarantors thereunder pursuant to the terms
and provisions of the Credit Agreement, the lenders from time to
time party thereto and Atalaya Administrative LLC, a New York
limited liability company, as administrative agent for the Lenders
and collateral agent for the secured parties.

The Credit Agreement provides for a $12 million term loan facility
with advances made on the Closing Date.  Borrowings under the Term
Loan Facility will bear interest at the LIBOR rate plus an
applicable margin per annum equal to ten percent (10.00%), such
margin currently increased by an additional two percent (2.00%)
pending the satisfaction of certain post-closing conditions. The
Term Loan Facility will mature on Dec. 31, 2017.

The Credit Agreement contains customary affirmative covenants,
negative covenants, including financial covenants, and events of
default.  Pursuant to the terms and provisions of the Security
Agreement by and among ET Europe, the Company, Elephant Talk North
America Corp. and Atalaya, and the Trademark Security Agreement
between ET Europe and Atalaya, the Term Loan Facility is secured
by a pledge of all present and future property and assets of the
Company and certain other parties to the Credit Agreement and
Security Agreement.

The Term Loan Facility is guaranteed by the Company, certain of
its subsidiaries, including ETNA, and any other direct or indirect
subsidiary formed or organized in the United States or direct or
indirect subsidiary organized under the laws of the Netherlands or
Mexico formed or otherwise purchased or acquired after the Closing
Date.

On Nov. 17, 2014, pursuant to the terms of the Credit Agreement,
the Company issued a warrant to Corbin Mezzanine Fund I, L.P., a
Lender, to purchase 1,157,895 shares of the Company's common
stock, par value $0.00001, exercisable upon issuance, at a price
of $0.95 per share.  The term of the Corbin Warrant expires on
Nov. 17, 2016.

On Aug. 28, 2013, the Company issued a Convertible Note to
Saffelberg Investments NV, due Aug. 28, 2015, pursuant to which
the Company borrowed a principal amount of EUR4,000,000 at an
interest rate of 10% per annum.  The Convertible Note permits
conversion, in whole or in part, at the option of Saffelberg, into
a number of shares of Common Stock, equal to the quotient of the
Outstanding Balance under the Convertible Note by $0.887.  In
conjunction with the issuance of the Convertible Note, on Aug. 28,
2013, the Company issued a warrant to Saffelberg to purchase
2,000,000 shares of restricted Common Stock.  The 2013 Saffelberg
Warrant became exercisable at any time on or after Feb. 28, 2014,
at a price of $0.887 per share.  The term of the 2013 Saffelberg
Warrant expires on Aug. 28, 2018.

On Nov. 17, 2014, in connection with the Term Loan Facility, the
Company entered into a Note Conversion Letter Agreement with
Saffelberg to, among other things,

  * repay 50% of the Convertible Note principal amount and accrued
    interest, totaling EUR2,498,849.32 (approximately $3,123,011);

  * convert the remaining 50% of the Convertible Note into
    2,817,993 shares of Common Stock; and

  * issue a three year warrant to Saffelberg to purchase 1,000,000
    shares of Common Stock).

The 2014 Saffelberg Warrant is exercisable any time after May 17,
2015, at an exercise price of $0.93 per share.  The term of the
2014 Saffelberg Warrant expires on Nov. 17, 2017.  The 2013
Saffelberg Warrant remains outstanding, the terms of which remain
unchanged.

                         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 Sept. 30, 2014, the Company had $40.60 million in
total assets, $18.38 million in total liabilities and $22.22
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.


ENDEAVOUR INT'L: Schedules and Statements Due Dec. 15
-----------------------------------------------------
The Bankruptcy Court extended until Dec. 15, 2014, Endeavour
International Corporation, et al.'s time to file their:

   i) schedules of assets and liabilities;

  ii) schedules of current income and expenditures;

iii) schedules of executory contracts and unexpired leases; and

  iv) statements of financial affairs.

                  About Endeavour International

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

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

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

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.


ENDEAVOUR INT'L: Court Okays Protection for Noteholders
-------------------------------------------------------
Judge Kevin J. Carey entered a stipulated order authorizing
Endeavour Operating Corporation, et al., to grant adequate
protection to prepetition noteholders for any diminution in value
of their respective interests in certain assets of the Debtors.

The noteholders consist of: (i) holders of the 12% notes due March
2018; (ii) the holders of the 12% notes due June 2018; (iii) Wells
Fargo Bank, National Association, in its capacities as trustee
under the March 2018 notes and collateral agent with respect to
the prepetition notes and (iv) Wilmington Trust, N.A., in its
capacity as trustee under the June 2018 notes.

A copy of the Stipulated Order is available for free at:

  http://bankrupt.com/misc/Endeavour_166_noteholdersprotection.pdf

As reported in the Troubled Company Reporter on Oct. 20, 2014,
pursuant to pledged and security agreements signed May 31, 2012,
Endeavour Operating Corporation ("EOC") granted to the Collateral
Agent a security interest in its right, title and interest in
certain property, inter alia, 65% of the equity of non-debtor
affiliate Endeavour International Holding B.V. ("EIHBV"), all
indebtedness from time to time owed to EOC by a Foreign Subsidiary
and any instruments or agreements evidencing such indebtedness
(collectively, the "Prepetition Assigned Property").

The Debtors have agreed that the Noteholders and the Trustees are
entitled to receive the adequate protection for their respective
interests in the Prepetition Assigned Property.

Accordingly, the Debtors ask the Bankruptcy Court to enter a
stipulated order that provides:

   a. The Debtors will grant to the Collateral Agent (1) valid and
perfected replacement security interests in, and senior liens on,
the Prepetition Assigned Property, (2) valid and perfected
security interests in, and junior liens on all collateral pledged
to the Term Loan Lenders, and (3) valid and perfected security
interests in, and pari passu liens on, all of the interests of IEC
and END Management Company and Endeavour Energy New Ventures Inc.

   b. The Prepetition Noteholders and the Prepetition Notes
Trustees are each granted an allowed super-priority administrative
claim against the Debtors' estates under Section 507(b) of the
Bankruptcy Code to the extent that the Senior Replacement Liens,
Junior Adequate Protections Liens and the Pari Passu Adequate
Protection Liens do not adequately protect the diminution in the
value of the Prepetition Noteholders' interest in the Prepetition
Assigned Property.

   c. The Debtors have agreed to pay Wells Fargo, for itself and
its professionals, ongoing payments in cash on a current basis, no
less than monthly, in an amount equal to its reasonable and
documented fees, costs, and expenses incurred in connection with
the Debtors' chapter 11 cases; provided, however, the amount of
fees, costs, and expenses payable by the Debtors on a current
basis will not exceed $200,000 for the first month following the
Petition Date and $100,000 for each month thereafter.

   d. The Debtors are authorized and directed to pay Wilmington
Trust, for itself and its professionals, ongoing payments in cash
on a current basis, no less than monthly, in an amount equal to
its reasonable and documented fees, costs, and expenses incurred
in connection with the Debtors' chapter 11 cases; provided,
however, the amount of fees, costs, and expenses payable by the
Debtors on a current basis under this paragraph will not exceed
$150,000 for the first month following the Petition Date and
$75,000 for each month thereafter.

   e. The Adequate Protection Liens will be automatically released
upon the effective date of any chapter 11 plan of the Debtors.

A copy of the Debtors' motion and the proposed stipulated order is
available for free at

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

                 Prepetition Capital Structure

As of the Petition Date, Endeavour has $1.2 billion in debt
outstanding.  This amount excludes accrued interest, fees and
other amounts through the Petition Date that may be triggered as a
result of these filings, as well as open but undrawn letters of
credit and hedging obligations.

Debt to bondholders is on account of these transactions:

   -- On Feb. 23, 2012, EIC closed on the private placement of
$350 million in aggregate principal amount of 12% notes due March
2018 (the "March 2018 Notes"), governed by an indenture, under
which Wells Fargo Bank, N.A., serves as trustee on behalf of the
bondholders.  On Oct. 15, 2012, Endeavour completed the private
placement of an additional $54 million aggregate principle amount
of March 2018 Notes.  As of the Petition Date, $404.0 million in
principal was outstanding under the March 2018 Notes, plus accrued
interest of $29.2 million.

   -- On Feb. 23, 2012, EIC closed on the private placement of
$150 million in aggregate principal amount of 12% notes due June
2018 (the "June 2018 Notes,"), governed by an indenture with
Wilmington Trust, N.A., as trustee.  Approximately $150.0 million
in principal is outstanding under the June 2018 Notes, plus
accrued interest of $10.8 million.

   -- On July 22, 2011, EIC issued $135 million of unsecured 5.5%
Convertible Senior Notes due July 15, 2016, governed by an
indenture under which Wilmington Savings Fund Society, FSB, is
successor trustee.  As of the Petition Date, $135.0 million in
principal is outstanding under the 5.5% Convertible Notes, plus
accrued interest of $1.7 million.

   -- On March 3, 2014, EIC issued $17.5 million in aggregate
principal amount of unsecured 6.5% Convertible Notes due Dec. 1,
2017, governed by an indenture under which Wilmington Savings Fund
Society, FSB, is trustee.  As of the Petition Date, $17.5 million
in principal is outstanding under the 6.5% Convertible Notes, plus
accrued interest of $0.4 million.

   -- On Jan. 25, 2008, END LuxCo issued $40.0 million in
aggregate principal amount of unsecured convertible bonds due
March 31, 2014 (the "7.5% Convertible Bonds"), governed by a trust
deed under which END LuxCo is primary obligor, BNY Corporate
Trustee Services Limited is trustee.  As of the Petition Date,
approximately $83.7 million in principal is outstanding under the
7.5% Convertible Bonds.

On Jan. 24, 2014, the Company entered into a $125 million Term
Loan Facility the "Old EEUK Term Loan"), with Credit Suisse, as
collateral agent on behalf of certain lenders.  On that same date,
non-debtor affiliate Endeavour Energy UK Limited ("EEUK"), an
unaffiliated third party, LC Finco S.... r.l., and Credit Suisse
AG
entered into an LC Procurement Agreement whereby the Company
secured letters of credit of approximately $130 million (later
reduced to $90 million) and agreed to reimburse the unaffiliated
third party any expense incurred with posted cash collateral.

In 2013, EEUK entered into various monetary production payment
arrangements, whereby EEUK sold the proceeds of its entitlements
to production from its interests in certain U.K. Producing Fields
to Cidoval S.... r.l. ("Cidoval") on March 5, 2013 (the "Cidoval
MPP") and to Sand Waves, S.A. ("Sand Waves") on December 12, 2013
(the "Sand Waves MPP").

On Sept. 30, 2014, EIC, EIHBV and End Finco LLC entered into that
certain amended and restated credit agreement (the "New EEUK Term
Loan") providing for a senior secured term loan facility for the
benefit of EEUK, with Credit Suisse as Administrative Agent on
behalf of certain lenders thereto.  Under the terms of the New
EEUK Term Loan, the New EEUK Secured Lenders provided
$440.0 million in proceeds (i) to repay in full the Old EEUK Term
Loan, the MPP's and all reimbursement obligations outstanding
relating to the LC Procurement Agreement, (ii) to provide cash
collateral to support a new letter of credit issuance agreement
and pay related fees and expenses, and (iii) for general corporate
purposes (the "Refinancing Transaction").  As of the Petition
Date, $440.0 million in principal is outstanding under the EEUK
Term Loan.

           About Endeavour International Corporation

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

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

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

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.


ENDEAVOUR INT'L: Court Okays Adeq. Protection for Lenders
---------------------------------------------------------
Judge Kevin J. Carey entered a stipulated order authorizing
Endeavour Operating Corporation, et al., to grant adequate
protection to certain of their prepetition secured lenders.

The Debtors' secured lenders consist of Credit Suisse AG, Cayman
Islands Branch, as administrative agent and collateral agent for
the Term Loan secured lenders.

The stipulation provides that, among other things:

   1. As of the Petition Date, the borrowers and the term loan
guarantors were unconditionally indebted and liable to the
prepetition loan documents in the aggregate principal amount of
not less than $440 million, plus all accrued interest, and any
additional fees costs and expenses.

   2. The term loan liens and term loan secured parties' claims
against the Debtor guarantors are not and will not be subject to
any avoidance, reduction, set off, offset, recharacterization,
subordination claims, counterclaims, cross-claims, recoupment,
defenses, disallowance, impairment, or any other challenges under
the Bankruptcy Code or any other applicable domestic or foreign
law or regulation by any person or entity.

   3. The automatic stay is modified as necessary to effectuate
all of the terms and provisions of the stipulated order

A copy of the Stipulated Order is available for free at:

    http://bankrupt.com/misc/Endeavour_167_lendersprotection.pdf

           About Endeavour International Corporation

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

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

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

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.


ENDEAVOUR INT'L: Royalty Interest Payments Get Final Approval
-------------------------------------------------------------
The Bankruptcy Court, in a final order, authorized Endeavour
Operating Corporation, et al., to make payments of funds
attributable to Royalty Interests in the ordinary course of
business.

The Court also directed financial institutions to honor and
process checks and transfers related to the royalty interests.

As reported in the Troubled Company Reporter on Oct. 21, 2014,
Judge Kevin J. Carey gave the Debtors interim authority to pay
royalty interest holders on account of their royalty interests in
the ordinary course of business in an amount not to exceed
$100,000.

           About Endeavour International Corporation

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

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

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

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.


ENDEAVOUR INT'L: S&P Withdraws 'D' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew the ratings, on
Houston-based Endeavour International Corp., including the 'D'
corporate credit and debt ratings.

S&P lowered the ratings on Endeavour International Corp. to 'D' on
Sept. 5, 2014, after the company missed its interest payments on
its 12% first-priority notes due March 2018, 12% second-priority
notes due June 2018, and 6.5% convertible senior notes due Nov.
2017.  Standard & Poor's does not rate the convertible senior
notes.  The company is currently in Chapter 11 proceedings.


ENVISION HEALTHCARE: S&P Affirms Then Withdraws 'BB-' CCR
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed all ratings, including
the 'BB-' corporate credit rating, on Envision Healthcare Corp.
In addition, S&P assigned its 'BB-' corporate credit rating to
Envision Healthcare Holdings Inc., the parent of Envision
Healthcare Corp.  The outlook is stable.  S&P subsequently
withdrew its 'BB-' corporate credit rating on Envision Healthcare
Corp.

"The ratings reflect Envision Healthcare's concentration in
emergency medicine staffing and its participation in highly
competitive markets," said Standard & Poor's credit analyst Tulip
Lim.  These risks are moderated by the company's operations in
medical transport, its scale compared with its competitors and
S&P's expectation that the company will continue to grow at a
solid rate, in part, by taking share in a very fragmented
marketplace.  For these reasons, S&P considers the business
profile to be "fair".  The ratings also reflect the company's
growth strategy, which we believe will likely prevent sustained
deleveraging below 4x.

Envision Healthcare has a high concentration in emergency
department staffing, which S&P estimates represents more than 40%
of the company's revenue.  It also operates in highly competitive
markets and has relatively low EBITDA margins.  These risks are
partially offset by greater diversity and scale from operating a
medical transport business (AMR) as well as S&P's expectation of
solid organic growth.  AMR (36% of revenues) and EmCare (64%) are
the largest providers in their respective businesses, but they
operate in highly fragmented and competitive industries, in which
each holds less than 15% market share.  The company's size and
scale is a competitive advantage because the company has the
resources to invest in data collection and focus on recruiting.
Although these considerations propel sector consolidation, many
small physician and transport groups continue to compete for
hospital outsourcing contracts locally and urgent care clinics and
free-standing emergency care facilities compete for patient
volume.  This environment, the risk of in-sourcing, and the
shortage of physicians puts pressure on the company's margins.
High levels of uncompensated care (self-pay was roughly 16% of
volume for the nine months ended Sept. 30, 2014) also contribute
to relatively thin margins.  Reimbursement is an on-going risk,
however, S&P do not expect meaningful rate decreases, particularly
since subsidies are often provided for the company's services.

The outlook is stable.  S&P expects growth will remain robust,
however, it expects acquisition activity will prevent sustained
deleveraging below 4x.

S&P could raise the rating if it becomes convinced that the pace
of acquisition activity would moderate and that leverage would be
sustained below 4x.  In S&P's opinion, this could occur if the
company established a track record of maintaining acquisition
activity below $500 million.

S&P believes a downgrade is unlikely because the company has
meaningful debt capacity at the current rating level, but it could
consider lowering the ratings if it expects the company's leverage
would rise and remain above 5x.  This could occur if the company
funded more than $2 billion of acquisitions with debt.


EPAZZ INC: Incurs $223,000 Net Loss in Third Quarter
----------------------------------------------------
Epazz, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $223,126 on $361,150 of revenue for the three months ended
Sept. 30, 2014, compared to a net loss of $585,465 on $156,750 of
revenue for the same period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $4.71 million on $941,227 of revenue compared to a net
loss of $2.65 million on $643,879 of revenue for the same period
last year.

As of Sept. 30, 2014, the Company had $2.38 million in total
assets, $4.29 million in total liabilities and a $1.91 million
total stockholders' deficit.

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

                       http://is.gd/F5egYT

                          About EPAZZ Inc.

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

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

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has an accumulated deficit of $(7,501,994) and a
working capital deficit of $(1,283,338), which raises substantial
doubt about its ability to continue as a going concern.

                        Bankruptcy Warning

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

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


ERF WIRELESS: Amends Third Quarter Form 10-Q
--------------------------------------------
ERF Wireless, Inc., filed an amendment to its quarterly report on
Form 10-Q for the period ended Sept. 30, 2014, as originally filed
with the U.S. Securities and Exchange Commission on Nov. 19, 2014,
to amend: (i) Item 1 of Part I "Financial Information," (ii) Item
2 of Part I, "Management's Discussion and Analysis of Financial
Condition and Results of Operations," and (iii) Item 6 of Part II,
"Exhibits".

The Company has determined that its previously reported results
for the quarter ended Sept. 30, 2014, overstated loss per share
for the three and nine months ended Sept. 30, 2014, and contained
incorrect calculations of the effects of various equity
transactions in the consolidated statement of cash flows.  The
Company's results understated the effects both of stock issued for
services rendered, interest and compensation, and of derivatives,
and misstated various the cash flow related to various debt
transactions.  The adjustments do not affect reported balances for
debt, derivatives, interest expense or equity.  The Company has
made necessary conforming changes in "Management's Discussion and
Analysis of Financial Condition and Results of Operations"
resulting from the correction of this error.

ERF Wireless disclosed net income attributable to the Company of
$655,000 on $1.36 million of total sales for the three months
ended Sept. 30, 2014, compared to a net loss attributable to the
Company of $2.62 million on $1.80 million of total sales for the
same period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss attributable to the Company $1.38 million on $4.58
million of total sales compared to a net loss attributable to the
Company of $6.53 million on $5.27 million of total sales for the
same peiod in 2013.

As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.43 million in total liabilities and a $6.84 million
total shareholders' deficit.

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

                        http://is.gd/d0o0x5

                         About ERF Wireless

Based in League City, Texas, ERF Wireless, Inc., provides secure,
high-capacity wireless products and services to a broad spectrum
of customers in primarily underserved, rural and suburban parts of
the United States.

ERF Wireless reported a net loss attributable to the Company of
$7.26 million in 2013, a net loss attributable to the Company of
$4.81 million in 2012 and a net loss attributable to the Company
of $3.37 million in 2011.


EVANGELICAL HOMES: Fitch Affirms 'BB+' Rating on $23.91MM Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued on behalf of Evangelical Homes of Michigan (EHM).

   -- $23,910,000 Michigan Strategic Fund series 2013;
   -- $10,470,000 Economic Development Corporation of the City of
      Saline (MI) series 2013.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a pledge of unrestricted receivables of
the Obligated Group, a mortgage on the revenue-generating property
and structures on the three campuses, and two separate debt
service reserve funds.

KEY RATING DRIVERS

IMPROVING OPERATING PROFITABILITY: Operating performance has
consistently improved since 2010 due to effective strategic
planning, revenue maximization and expense management.  Net
operating margin improved to 6% in fiscal year ended April 30,
2014 from 5.4% in fiscal 2013.

LIGHT DEBT BURDEN: EHM's debt burden remains light with maximum
annual debt service (MADS) equal to 4.8% of fiscal 2014 operating
revenue relative to Fitch's 'BBB' category median of 12.3%.  The
light debt burden allowed for solid MADS coverage of 1.5x in
fiscal 2014.

ADEQUATE LIQUIDITY: Unrestricted cash and investments increased
12.4% since July 31, 2013 to $14 million at July 31, 2014 due to
decreased capital spending and improved profitability.  Liquidity
metrics remain mixed relative to 'BB+' peers with a solid 5.6x
cushion ratio and a light 37.2% cash to debt.

CONSISTENTLY STRONG OCCUPANCY: Strong and consistent occupancy is
a key credit strength.  EHM has maintained solid occupancy levels,
with independent living unit (ILU), assisted living unit (ALU),
and skilled nursing facilities (SNF) occupancy averaging 90.9%,
91.9%, and 94.5%, respectively, since fiscal 2010.

HIGH EXPOSURE TO SKILLED NURSING: With over 70% of total
consolidated revenues generated from SNF, Fitch believes EHM is
more vulnerable to reimbursement changes and to relatively higher
rates of attrition than communities with higher proportions of
assisted and independent living units.

RATING SENSITIVITIES

SUSTAINED OPERATING PERFORMANCE: Fitch expects that occupancy
levels will be maintained and that operating performance will
continue at current levels, providing consistent cash flow to
maintain strong debt service coverage and to support capital
projects without materially impacting unrestricted liquidity.

CREDIT PROFILE

Headquartered in Farmington, MI, EHM provides home care and home
support, senior housing, skilled healthcare, rehabilitation,
hospice care and memory support services in southeastern Michigan
with primary operations located in Saline, Sterling Heights, Ann
Arbor and Farmington, MI.  Total operating revenues equaled $52
million in fiscal 2014.  Fitch's analysis is based upon
consolidated financial statements.  The obligated group accounted
for 100% of total assets and 98% of total operating revenues in
fiscal 2014.

IMPROVING OPERATING PROFITABILITY

EHM's operating performance has continued to improve since 2010
due to effective strategic planning, expense management and
consistently strong occupancy rates.  Operating ratio improved to
97.3% in fiscal 2014 from 97.9% in fiscal 2012 while net operating
margin increased to 6% from 5.5%.  Management expects consolidated
operating performance in fiscal 2015 to equal or exceed levels
achieved in fiscal 2014.

LIGHT DEBT BURDEN

EHM's light debt burden, with MADS equal to 4.8% of fiscal 2014
operating revenues, allows for solid MADS coverage of debt
service.  Revenue-only MADS coverage of 1.5x and 1.3x in fiscal
2014 and 2013, respectively, compare favorably to Fitch's 'BBB'
category median of 0.9x and is strong relative to 'BB+' category
peers.  Management does not currently expect to issue additional
debt in the next 12 to 24 months.

ADEQUATE LIQUIDITY METRICS

Unrestricted cash and investments increased 12.4% since July 31,
2013 to $14 million at July 31, 2014.  The increase is due to
decreased capital spending in fiscal 2014 and the improving
operating profitability.  Cushion ratio is solid for the rating
category at 5.6x while both cash to debt and days cash on hand of
37.2% and 102.7 days, respectively, are weak for the rating
category.  Management is currently updating EHM's capital plans;
however, capital projects are not expected to materially impact
unrestricted liquidity.

CONSISTENTLY STRONG OCCUPANCY

EHM has maintained consistently strong occupancy levels. ILU, ALU
(including memory care) and SNF occupancy averaged 90.9%, 91.9%
and 94.5% since fiscal 2010, respectively and equaled 96.5%, 97.4%
and 94.8% at July 31, 2014.  ALU occupancy decreased to 77% at
April 30, 2011 due to the addition of 34 memory care units.  ALU
occupancy rebounded to 95.2% at April 30, 2012 reflecting the
successful execution and fill up of the memory care units. The
memory care units were 99.5% occupied at July 31, 2014.  The fill
up of the ALU expansion and the consistently strong occupancy
reflects EHM's solid reputation and the benefits derived from
being the only rental community in its service area which is
beneficial given the service area's demographics.

HIGH EXPOSURE TO SKILLED NURSING

Fitch's primary credit concern continues to be EHM's reliance on
skilled nursing services which accounted for approximately 76% of
total consolidated revenues in fiscal 2014.  Fitch believes EHM's
relatively high proportion of skilled nursing units to total units
(342 units out of a total of 488 units) make it inherently more
vulnerable to Medicare and Medicaid reimbursement changes, and to
relatively higher rates of attrition.

DEBT PROFILE

EHM has approximately $37.8 million of total debt outstanding at
July 31, 2014, including the series 2013 bonds and a term loan.
The debt is 100% fixed rate and EHM is not counterparty to any
swaps.  MADS is level and equal to approximately $2.5 million.
Additionally, EHM maintains a $2.8 million line of credit of which
$825,000 was drawn at Sept. 30, 2014.


EVERYWARE GLOBAL: Fails to Comply with NASDAQ Equity Rule
---------------------------------------------------------
EveryWare Global, Inc., received a deficiency notice from the
NASDAQ Stock Market stating that for the last 30 consecutive
business days, the Company had not met the $15 million minimum
market value of publicly held shares continued listing standard as
required by Rule 5450(b)(3)(C), according to a regulatory filing
with the U.S. Securities and Exchange Commission.  As provided in
the NASDAQ rules, the Company has 180 calendar days, or until
May 18, 2015, to regain compliance.  To regain compliance, the
market value of the Company's publicly held shares must be $15
million or more for a minimum of ten consecutive business days at
any time prior to May 18, 2015.

If the Company has not regained compliance prior to May 18, 2015,
the Company will consider whether to apply to transfer its common
stock to the NASDAQ Capital Market.  The ability to transfer to
the NASDAQ Capital Market would be dependent upon the Company
meeting the applicable listing requirements for that exchange.  If
the Company is eligible to, and decides to, transition to the
NASDAQ Capital Market, the transition would not impact the
Company's obligation to file periodic reports and other reports
with the Securities and Exchange Commission under applicable
federal securities laws.  If the Company does not transfer its
securities to the NASDAQ Capital Market or regain compliance with
Rule 5450(b)(3)(C) by May 18, 2015, the NASDAQ staff will issue a
notice that its securities are subject to delisting.  The Company
then has the right to appeal the decision to a NASDAQ Listing
Qualifications Panel.

                          About EveryWare

EveryWare Global, Inc. is a global marketer of tabletop and food
preparation products for the consumer and foodservice markets,
with operations in the United States, Canada, Mexico, Latin
America, Europe and Asia.  Its global platform allows it to market
and distribute internationally its total portfolio of products,
including bakeware, beverageware, serveware, storageware,
flatware, dinnerware, crystal, buffetware and hollowware; premium
spirit bottles; cookware; gadgets; candle and floral glass
containers; and other kitchen products, all under a broad
collection of widely-recognized brands.

For the six months ended June 30, 2014, the Company reported a net
loss of $65.29 million on $194.63 millin of total revenues
compared to a net loss of $2 million on $200.18 million of total
revenues for the same period during the prior year.

As of June 30, 2014, the Company had $274.33 million in total
assets, $400.64 million in total liabilities and a $126.30 million
total stockholders' deficit.

                            *    *    *

As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings
Services raised its corporate credit rating on EveryWare Global
Inc. to 'CCC+' from 'CCC-'.  "The upgrade reflects our view that a
default scenario is less likely as a result of a $20 million
investment from majority owner, Monomoy Capital Partners, in
addition to a waiver received for the covenant default in the
quarter ended March 2014 and the expected covenant default in the
quarter ended June 2014.


FISKER AUTOMOTIVE: Law Firms' Extra Fees Bid May Go to Trial
------------------------------------------------------------
Law360 reported that U.S. Bankruptcy Judge Kevin Gross in Delaware
said that a bid for roughly $2.5 million in extra fees by firms
that advised electric carmaker Fisker Automotive Holdings Inc.'s
unsecured creditors committee -- including Brown Rudnick LLP and
Saul Ewing LLP -- may have to go to trial.  According to the
Law360 report, Judge Gross said that the law firms may have to put
live evidence before him before he can make a decision on their
application for a so-called substantial contribution fee
enhancement.

As previously reported by The Troubled Company Reporter, citing
Bill Rochelle, a bankruptcy columnist for Bloomberg News,
professionals representing the Official Committee of Unsecured
Creditors are seeking bonuses of 53.7% for opposing a quick sale
and ultimately arranging a recovery up to 100 times more than the
company's initial offer of $500,000.

Law firms Brown Rudnick LLP and Saul Ewing LLP and financial
adviser Emerald Capital Advisors Corp., who said they overcame
considerable odds and bore a constant risk of nonpayment to
achieve "spectacular" results, want bonuses aggregating about $2.5
million on top of about $4.6 million of fees they earned based on
hourly charges and some $45,500 for fees and expenses incurred
before their retentions because of their "substantial
contribution" during that time.

                      About Fisker Automotive

Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.

Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition.  The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated.  The cars were assembled in Finland.

Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets.  The
company defaulted on its loan in April 2013.

Bankruptcy Judge Kevin Gross presides over the case.  The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.

On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP.  Emerald Capital Advisors Corp. is the
financial advisors for the Committee.

Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC.  The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.

Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing.  Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate.  Hybrid also offered to pay real
estate taxes on the Delaware plant.  Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.

Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash.  However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.

After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.

In response, Hybrid raised its offer to $55 million.

Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.

Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.

On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation.  The sale closed
on March 24.  The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.

On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.

FA Liquidating Corp. (F/K/A Fisker Automotive, Inc.) and FAH
Liquidating Corp. (F/K/A Fisker Automotive Holdings, Inc.)
notified the U.S. Bankruptcy Court for the District of Delaware
that their Second Amended Chapter 11 Plan of Liquidation became
effective as of Aug. 13, 2014.


FL 6801: Has Until Jan. 15 to File Notices to Remove Actions
------------------------------------------------------------
The Bankruptcy Court extended until Jan. 15, 2015, FL 6801 Spirits
LLC, et al.'s time to file notices removal of related proceedings
under Rules 9006 and 9027(a)(2) of the Federal Rules of Bankruptcy
Procedure.

                       About FL 6801 Spirits

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

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

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

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

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


FLORIDA GAMING: Leon Cosgrove Okayed as Insurance Counsel
---------------------------------------------------------
Bankruptcy Judge Robert A. Mark authorized Soneet R. Kapila, the
Creditor Trustee of the Florida Gaming Creditor Trust, to employ
Derek E. Leon, Esq., and Leon Cosgrove, LLC, as his special
litigation insurance counsel.

As reported in the Troubled Company Reporter on Oct. 28, 2014,
LCL will serve as co-special litigation insurance counsel on a 30%
contingency fee basis to jointly prosecute with the law firm of
Genovese Joblove & Battista, P.A., certain third party claims
involving the Debtors' former officers and directors.

LCL is expected to, among other things:

   -- advise and assist the Creditor Trustee with regard to
available insurance coverage under the policies;

   -- negotiate with the insurers and their counsel on behalf of
the Creditor Trustee;

   -- advise and assist the Creditor Trustee with respect to
settlement negotiations with the insurance carriers and, if
necessary, mediate claims;

   -- represent the Creditor Trustee at hearings and other
proceedings concerning insurance related issues; and

   -- generally advise the Creditor Trustee and GJB with respect
to insurance related matters.

LCL's services will not duplicate those of the Creditor Trustee's
general counsel, Salazar Jackson, LLP.

Pursuant to the fee agreement proposed, the 30% contingency fee
will be allocated as: (i) LCL will be paid 5% (as insurance co-
counsel) of gross recoveries in respect of the D&O Claims; and
(ii) the law firm of GJB will be paid 25% (as lead litigation
counsel) of gross recoveries in respect of the D&O Claims.

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

                   About Florida Gaming Centers

Florida Gaming Centers Inc. filed for Chapter 11 bankruptcy
(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.
Florida Gaming Centers operates a casino and jai-alai frontons in
Miami.  The Company disclosed debt of $138.3 million and assets of
$180 million in its petition.  Its parent, Florida Gaming Corp.
(FGMG:US), and two other affiliates also sought court protection.

Bankruptcy Judge Robert A. Mark oversees the case.  The Debtors
are represented by Luis Salazar, Esq. and Jesse R. Cloyd, Esq. at
Salazar Jackson, LLP of Miami, Florida.

ABC Funding, LLC, as Administrative Agent for a consortium of
prepetition lenders, and the prepetition lenders are represented
by Dennis Twomey, Esq., and Andrew F. O'Neill, Esq., at SIDLEY
AUSTIN LLP, in Chicago, Illinois; and Drew M. Dillworth, Esq., and
Marissa D. Kelley, Esq., at Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A., in Miami, Florida.  The Prepetition
Lenders are Summit Partners Subordinated Debt Fund IV-A, L.P.,
Summit Partners Subordinated Debt Fund IV-B, L.P., JPMorgan Chase
Bank, N.A., Locust Street Funding LLC, Canyon Value Realization
Fund, L.P., Canyon Value Realization Master Fund, L.P., Canyon
Distressed Opportunity Master Fund, L.P., and Canyon-GRF Master
Fund II, L.P.

Counsel to the Official Joint Committee of Unsecured Creditors are
Glenn D. Moses, Esq., and Paul J. Battista, Esq., at Genovese
Joblove & Battista, P.A., in Miami, Florida.

                          *     *     *

The Debtors have sold their assets to Fronton Holdings, LLC, an
entity established by ABC Funding.  The $140,000,000 purchase
price consisted of a credit bid of $99,907,336 on account
of the Loan Claim and cash in the amount of $40,092,664.  The
Bankruptcy Court approved the sale on April 7, 2014.  The parties
consummated the 363 Sale on April 30.

The Debtors have submitted to the Bankruptcy Court a Disclosure
Statement explaining their Second Amended Joint Plan of
Liquidation dated June 16, 2014.  The Plan serves as a separate
plan of liquidation for each of the Debtors.  The Plan does not
seek to effect a substantive consolidation or other combination of
the separate estates of each Debtor but instead provides that
creditors of each Debtor will be permitted to assert their claims
only against the Debtor(s) which they hold Allowed Claims.

The Bankruptcy Court on July 23, 2014, entered an order confirming
Florida Gaming Corporation and its subsidiary, Florida Gaming
Centers, Inc.'s Second Amended Joint Chapter 11 Plan of
Liquidation dated July 16, 2014.


FLORIDA GAMING: Trustee Makes 2nd Distribution to Class 3
---------------------------------------------------------
Soneet R. Kapila, the Creditor Trustee of the Florida Gaming
Creditor Trust, notified the Bankruptcy Court that on Oct. 27,
2014, he made the second distribution to Class 3 pursuant to the
Second Amended Joint Plan of Liquidation of Florida Gaming
Centers, Inc. and Florida Gaming Corporation.

The Plan provided for the appointment of a Creditor Trustee to
administer the Plan and the Creditor Trust.  The Plan generally
provides for payment in full, in cash, to holders of Allowed Class
1 Centers Claims and partial payment, in cash, to holders of
Allowed Class 2 Lenders Holding Claims and Class 3 Non-
Subordinated Holdings Claims, as provided in the Settlement
Agreement. Holders of Class 4 Subordinated Holdings Claims are
entitled to distributions of their pro rata share of the
Subordinated Holdings Claim Remainder, if any.  Holders of Allowed
Class 5 Centers Equity Interests are entitled to receive
distributions on account of such interests from the net proceeds
of any Causes of Action, if any, after payment in full of all
Class 1 Allowed Claims, as provided in the Plan.  Holders of Class
6 Holdings Preferred Equity Interests and Class 7 Holdings Equity
Interests will not receive or retain any property under the Plan
on account of such claims.  A copy of the Second Amended Chapter
11 Joint Plan of Liquidation of the Company and Centers is
available at http://is.gd/G0q0Pa

                       About Florida Gaming

Florida Gaming Centers Inc. filed for Chapter 11 bankruptcy
(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.
Florida Gaming Centers operates a casino and jai-alai frontons in
Miami.  The Company disclosed debt of $138.3 million and assets of
$180 million in its petition.  Its parent, Florida Gaming Corp.
(FGMG:US), and two other affiliates also sought court protection.

Bankruptcy Judge Robert A. Mark oversees the case.  The Debtors
are represented by Luis Salazar, Esq. and Jesse R. Cloyd, Esq. at
Salazar Jackson, LLP of Miami, Florida.

ABC Funding, LLC, as Administrative Agent for a consortium of
prepetition lenders, and the prepetition lenders are represented
by Dennis Twomey, Esq., and Andrew F. O'Neill, Esq., at SIDLEY
AUSTIN LLP, in Chicago, Illinois; and Drew M. Dillworth, Esq., and
Marissa D. Kelley, Esq., at Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A., in Miami, Florida.  The Prepetition
Lenders are Summit Partners Subordinated Debt Fund IV-A, L.P.,
Summit Partners Subordinated Debt Fund IV-B, L.P., JPMorgan Chase
Bank, N.A., Locust Street Funding LLC, Canyon Value Realization
Fund, L.P., Canyon Value Realization Master Fund, L.P., Canyon
Distressed Opportunity Master Fund, L.P., and Canyon-GRF Master
Fund II, L.P.

Counsel to the Official Joint Committee of Unsecured Creditors are
Glenn D. Moses, Esq., and Paul J. Battista, Esq., at Genovese
Joblove & Battista, P.A., in Miami, Florida.

                           *     *     *

The Debtors have sold their assets to Fronton Holdings, LLC, an
entity established by ABC Funding.  The $140,000,000 purchase
price consisted of a credit bid of $99,907,336 on account
of the Loan Claim and cash in the amount of $40,092,664.  The
Bankruptcy Court approved the sale on April 7, 2014.  The parties
consummated the 363 Sale on April 30.

The Debtors have submitted to the Bankruptcy Court a Disclosure
Statement explaining their Second Amended Joint Plan of
Liquidation dated June 16, 2014.  The Plan serves as a separate
plan of liquidation for each of the Debtors.  The Plan does not
seek to effect a substantive consolidation or other combination of
the separate estates of each Debtor but instead provides that
creditors of each Debtor will be permitted to assert their claims
only against the Debtor(s) which they hold Allowed Claims.

The Bankruptcy Court on July 23, 2014, entered an order confirming
Florida Gaming Corporation and its subsidiary, Florida Gaming
Centers, Inc.'s Second Amended Joint Chapter 11 Plan of
Liquidation dated July 16, 2014.


GGW BRANDS: Trustee Files Liquidating Chapter 11 Plan
-----------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that trustee R. Todd Neilson, who sold the "Girls
Gone Wild" franchise founded by Joe Francis in April for $1.825
million, filed a Chapter 11 liquidating plan that initially
provides about $435,000 to cover more than $34.2 million of
general unsecured claims.

According to the report, a hearing to consider approval of plan
disclosures is scheduled for Dec. 18 and the trustee has requested
a Feb. 19 confirmation hearing to approve the plan.

                         About GGW Brands

Santa Monica, California-based GGW Brands, LLC, the company behind
the "Gils Gone Wild" video, filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 13-15130) on Feb. 27, 2013.  Judge Sandra R.
Klein oversees the case.  The company is represented by the Law
Offices of Robert M. Yaspan.  The company disclosed $0 to $50,000
in estimated assets and $10 million to $50 million in estimated
liabilities in its petition.

Affiliates GGW Events LLC, GGW Direct LLC and GGW Magazine LLC
also sought Chapter 11 protection.

GGW Marketing, LLC, another affiliate, filed a voluntary Chapter
11 petition on May 22, 2013, before the Bankruptcy Court for the
Central District of California (Los Angeles). The case is assigned
Case No. 13-23452.  Martin R. Barash, Esq., and Matthew Heyn,
Esq., at Klee, Tuchin, Bogdanoff and Stern, LLP, in Los Angeles,
California, represent GGW Marketing.

In April 2013, R. Todd Neilson, an ex-FBI agent, was appointed as
Chapter 11 Trustee to take over the companies.  Mr. Neilson has
investigated failed solar-power company Solyndra and was involved
in the Mike Tyson and Death Row Records bankruptcy cases.  He is
represented by David M Stern, Esq., Jonathan Mark Weiss, Esq., and
Robert J Pfister, Esq., at Klee Tuchin Bogdonaff and Stern LLP.

In April 2014, the Chapter 11 Trustee sold the "Girls Gone Wild"
video franchise and its assets for $1.83 million.  An auction set
earlier that month was canceled because there were no bids to
compete with the so-called stalking horse, who isn't affiliated
with founder Joe Francis.


GLOBAL COMPUTER: Panel Wants Court to Terminate Exclusive Periods
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Global Computer
Enterprises Inc. asks the U.S. Bankruptcy Court for the Eastern
District of Virginia to terminate the Debtor's exclusive periods
to file a plan and solicit acceptances of that plan from
creditors.

According to the Committee, the Debtor's exclusive period to file
a chapter 11 plan, absent extension, will expire on Jan. 2, 2015.
If the Debtor files a plan within that time, absent extension, the
Debtor's exclusive period to solicit votes to accept the plan will
expire on March 3, 2015, the Committee notes.

The Committee says it made this request to enable it to file a
Chapter 11 plan of liquidation.  The Committee says it has
conferred with the Debtor regarding the motion, and the Debtor has
consented to termination of the exclusive periods with respect to
the Committee only.

The Committee retained as co-counsels:

   Richard W. Engel, Jr., Esq.
   David L. Going, Esq.
   Susan K. Ehlers, Esq.
   ARMSTRONG TEASDALE LLP
   7700 Forsyth, Suite 1800
   St. Louis, MO 63105
   Tel: (314) 621-5070
   Fax: (314) 621-5065
   E-mail: rengel@armstrongteasdale.com
          dgoing@armstrongteasdale.com
          sehlers@armstrongteasdale.com

        - and -

   Kristen E. Burgers, Esq.
   Lawrence A. Katz, Esq.
   LEACH TRAVELL BRITT PC
   8270 Greensboro Drive, Suite 700
   Tysons Corner, VA 22102
   Tel: (703) 584-8362
   Fax: (703) 584-8901
   E-mail: lkatz@ltblaw.com
          kburgers@ltblaw.com

                   About Global Computer

Global Computer Enterprises, Inc., dba GCE, is a cloud-based
"software as a service" provider, commonly referred to as a
"SAAS," offering financial management solutions primarily to
executive departments of the federal government and independent
federal government agencies.  GCE sought protection under Chapter
11 of the Bankruptcy Code (Case No. 14-13290, Bankr. E.D. Va.) on
Sept. 4, 2014.  The case is assigned to Judge Robert G. Mayer.

The Debtor's counsel is David I. Swan, Esq., at McGuirewoods LLP,
in McLean, Virginia.  The Debtor's financial advisor is Weinsweig
Advisors.  The petition was signed by Mike Freeman, interim chief
operating officer.

Judge Mayer designated Mike Freeman to perform duties imposed upon
GCE by the Bankruptcy Code.

The U.S. Trustee for Region 4 appointed three creditors of Global
Computer Enterprises, Inc. to serve on the official committee of
unsecured creditors.


GLOBAL COMPUTER: Court Approves McGuirewoods LLP as Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
authorized Global Computer Enterprises, Inc., dba GCE to employ
McGuireWoods LLP as counsel, effective as of the Sept. 4, 2014
petition date.

As reported in the Troubled Company Reporter on Sept. 29, 2014,
the Debtor requires McGuireWoods LLP to:

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

   (b) advise and consult the conduct of the case, including all
       of the legal and administrative requirements of operating
       in chapter 11;

   (c) advise the Debtor in connection with its proposed sale of
       assets, and in connection with the transition and closing
       of such sale;

   (d) prepare on behalf of the Debtor motions, applications,
       answers, orders, reports, and papers necessary to the
       administration of the estate;

   (e) negotiate and prepare on the Debtor's behalf a plan of
       liquidation, a disclosure statement and all related
       agreements and documents, and taking any necessary action
       on behalf of the Debtor to obtain confirmation of such
       plan;

   (f) attend meetings with third parties and participate in
       negotiations;

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

   (h) appear before this Court, other courts, and the U.S.
       Trustee, and protecting the interests of the Debtor's
       estate before such courts and the U.S. Trustee;

   (i) represent the Debtor in respect of an investigation
       initiated by United States Department of Justice; and

   (j) performing all other necessary legal services and providing
       all other necessary legal advice to the Debtor in
       connection with this chapter 11 case.

McGuireWoods LLP will be paid at these hourly rates:

       David Swan, Partner           $690
       Charles McIntyre, Partner     $840
       Kathryn Keane, Associate      $430
       Lauren Ford, Associate        $350

The hourly rates set forth above represent a discount of
approximately 5% from McGuireWoods LLP's standard hourly rates for
such attorneys.  Any other timekeepers who may work in this case
likewise will charge a discounted rate of at least 5%.

McGuireWoods LLP will also be reimbursed for reasonable out-of-
pocket expenses incurred.

McGuireWoods LLP currently holds a retainer in the amount of
$200,054 for post-petition services.

David I. Swan, partner of McGuireWoods LLP, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

                   About Global Computer

Global Computer Enterprises, Inc., dba GCE, is a cloud-based
"software as a service" provider, commonly referred to as a
"SAAS," offering financial management solutions primarily to
executive departments of the federal government and independent
federal government agencies.  GCE sought protection under Chapter
11 of the Bankruptcy Code (Case No. 14-13290, Bankr. E.D. Va.) on
Sept. 4, 2014.  The case is assigned to Judge Robert G. Mayer.

The Debtor's counsel is David I. Swan, Esq., at McGuirewoods LLP,
in McLean, Virginia.  The Debtor's financial advisor is Weinsweig
Advisors.  The petition was signed by Mike Freeman, interim chief
operating officer.

Judge Mayer designated Mike Freeman to perform duties imposed upon
GCE by the Bankruptcy Code.

The U.S. Trustee for Region 4 appointed three creditors of Global
Computer Enterprises, Inc. to serve on the official committee of
unsecured creditors.


GREAT NORTHERN: Trustee Gets $2.6-Mil. Bid for Paper Mill Assets
----------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the trustee overseeing the Chapter 7
liquidation of GNP Maine Holdings LLC, a paper producer known as
Great Northern Paper Co., found a buyer willing to pay $2.6
million for assets.

According to the report, absent a better offer, GNP Acquisition
LLC will acquire machinery, equipment, trucks and other assets
associated with the company's paper mill in northern Maine, but
not the real estate, although the so-called stalking horse has the
option of purchasing the real estate for $350,000 or can pay a
monthly fee to access the property.

                  About Great Northern Paper

Headquartered in Millinocket, Maine, Great Northern Paper, Inc.,
one of the largest producers of groundwood specialty papers in
North America, filed for chapter 11 protection on January 9, 2003
(Bankr. Maine, Case No. 03-10048).  Alex M. Rodolakis, Esq., and
Harold B. Murphy, Esq., at Hanify & King, P.C., represented the
Debtor.  When the Company filed for chapter 11 protection, it
listed debts and assets of more than $100 million each.  In early
2003, Belgravia purchased substantially all of the Debtor's assets
for approximately $75 million.  The Maine Bankruptcy Court
converted the Debtor's case to a chapter 7 liquidation proceeding
on May 22, 2003.  Gary M. Growe was the chapter 7 Trustee for the
Debtor's estate.  Jeffrey T. Piampiano, Esq., at Drummond Woodsum
& MacMahon represented the chapter 7 Trustee.

GNP Maine Holdings LLC, dba Great Northern Paper Company, filed a
voluntary petition for Chapter 7 bankruptcy on Sept. 22 (Bankr. D.
Del. Case No. 14-12179) in Wilmington, Delaware.  The next day,
three of Great Northern's trade creditors filed an involuntary
Chapter 7 petition (Bankr. D. Maine Case No. 14-10756).


GREAT PLAINS: Court Orders Appointment of Chapter 11 Trustee
------------------------------------------------------------
Bankruptcy Judge Thomas P. Agresti directed the U.S. Trustee to
file a motion seeking approval of her choice of Chapter 11 trustee
for the Chapter 11 cases of Great Plains Exploration, LLC and John
D. Oil & Gas Co.

At the hearing held Nov. 13, 2014, Judge Agresti stated that
efforts to reach an agreement that would have delayed the
appointment of a trustee failed.

                  About 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 U.S. 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.


GREEN MOUNTAIN: Dec. 17 Hearing to Approve GlassRatner Hiring
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
will hold a hearing on Dec. 17, 2014, at 11:00 a.m. (Eastern Time)
in Courtroom 1402, United States Courthouse, 75 Spring Street SW
in Atlanta, Georgia, to consider approval of the motion of Green
Mountain Management, LLC and its debtor-affiliates to employ
GlassRatner Advisory & Capital Group, LLC as financial advisor,
nunc pro tunc to Aug. 26, 2014.

As reported in the Troubled Company Reporter on Oct. 1, 2014,
the Debtors require GlassRatner to provide the following financial
advisory services:

   (a) assist the Debtors in fulfilling statutory reporting
       requirements, cash flow projections associated with post-
       petition financing or cash collateral budgets, cash flow
       variance reports, and other reporting as required;

   (b) assist the Debtors with the preparation of reports for,
       and communications with, creditors and possible creditors'
       committee;

   (c) as needed, assist the Debtors in preparing and filing
       their tax returns, and monitor and report upon tax
       issues, including IRS' Claim against the Estates and any
       pending tax refund for the Debtors;

   (d) monitor litigation matters as needed;

   (e) analyze pending claims and assist the Debtors' counsel
       in the preparation of objections;

   (f) assist the Debtors in the development, evaluation,
       negotiation, and execution of any potential plans of
       reorganization and associated disclosure statements;

   (g) provide testimony at any hearings related to the chapter 11
       process, including financial matters relating to a plan or
       plans of reorganization, the feasibility of such
       reorganization plans, and any valuation opinions rendered;

   (h) oversee the Debtors' accounting functions, including
       managing bookkeeping duties including review and payment
       of vendor invoices, making deposits, and reconciling the
       Debtors' bank statements;

   (i) assist management in presenting updated business plan and
       financial projections;

   (j) provide recommendations for revenue enhancement, cost
       reduction, or working capital management improvement; and

   (k) work with the Debtors and their management to develop an
       implementation plan.

As set forth in the GlassRatner Agreement and pursuant to its
terms, upon written request by the Debtors, GlassRatner may also
provide investment banking services to the Debtors, including, but
not limited to:

   (a) evaluating prospects for a restructuring transaction,
       including a Section 363 asset sale;

   (b) manage any restructuring transaction, including a Section
       363 asset sale process, that the Debtors decide to pursue;

   (c) assist the Debtors in obtaining any required exit
       financing;

   (d) assist the Debtors, and other advisors, in preparing a
       Confidential Offering Memorandum;

   (e) assist in soliciting and evaluating potential parties to
       one or more transactions;

   (f) assist in assembling due diligence materials and managing
       the review and evaluation of such materials by parties to a
       potential transaction; and

   (g) assist in structuring and negotiating the terms of a
       potential transaction.

GlassRatner will be paid at these hourly rates:

       Principal                    $495
       Managing Director            $375
       Directors                    $325-$395
       Associates                   $200-$325

GlassRatner will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In addition to the above fees, if GlassRatner provides the
Potential Investment Banking Services at Debtors' request and
assists in the facilitation of a transaction including but not
limited to, the sale of asset(s) under 11 U.S.C. section 363,
restructuring of debt, and equity recapitalization, GlassRatner
will be entitled to a success fee equal to (i) 1% of any
transaction up to $17MM and (ii) for any amount over $17MM, 2% of
the overage, provided, however, GlassRatner shall not be entitled
to such fee if the transaction is the direct result of an equity
investment by Dan Cowart of funds not obtained from a third party.

Lee N. Katz, principal with GlassRatner, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

                       About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014.
The petition was signed by Daniel B. Cowart, sole member of
Georgia Flattop Partners, LLC, and chairman of Green Mountain
Management, LLC.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Nov. 24, 2014.

The Debtor estimated $10 million to $50 million in assets and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

The Debtor is represented by Sage M. Sigler, Esq., at Alston &
Bird, LLP, in Atlanta.


GREEN MOUNTAIN: UMB Bank's Bid to Appoint Case Trustee Resolved
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
denied the motion of UMB Bank, National Association, as Indenture
Trustee, for the appoint of a Chapter 11 trustee in the bankruptcy
cases of Green Mountain Management LLC and its debtor-affiliates,
and resolved by virtue pursuant to the term sheet, which is
available for free at http://is.gd/1ey9Dy.

According to court documents, the Debtors and the Indenture
Trustee reached an agreement, memorialized in a fully executed
term sheet dated Nov. 14, 2014.  The term sheet is in the best
interests of the Debtors, their estates, creditors, and other
parties in interest.

Under the term sheet, among other things, Lee Katz will replace
Dan Cowart as the "GMM Manager" with full decision making and
operational authority over the Debtors.  The Debtors are hereby
authorized and directed to execute any documents or make any
filings necessary to effectuate Mr. Katz's role as the GMM
Manager.

As reported in the Troubled Company Reporter on Nov. 17, 2014,
UMB Bank N.A. sought the appointment of a bankruptcy trustee
for Green Mountain Management, LLC to replace its management.

In a filing with the U.S. Bankruptcy Court for the Northern
District of Georgia, UMB Bank accused Daniel Cowart, chairman of
Green Mountain, of using his control over the company and its
affiliate Georgia Flattop Partners LLC "for his personal benefit"
at the expense of the companies and their creditors.

Mr. Cowart "has engaged in numerous acts amounting to dishonesty,
fraud, gross mismanagement and self-dealing that mandate the
appointment of a Chapter 11 trustee," according to the bank's
lawyer, Eric Anderson, Esq., at Parker, Hudson, Rainer & Dobbs
LLP, in Atlanta, Georgia.

Prior to Green Mountain's bankruptcy filing, Mr. Cowart allegedly
transferred the company's rights to mine rock located at a
landfill it leases from the City of Adamsville to another firm
that he and his children own.  Such rights are reportedly more
valuable than the landfill, which is considered a primary asset of
the company.

Mr. Cowart also allegedly breached his fiduciary duties to
creditors "by failing to negotiate in good faith" with UMB Bank a
plan for Green Mountain to exit bankruptcy, Mr. Anderson said in
court filings.

Aside from being the chairman, Mr. Cowart is also the sole member
and 100% owner of Georgia Flattop, which is the managing member of
Green Mountain.  Georgia Flattop owns 93.15% of the equity
interests of the company.

UMB Bank retained as counsel:

   Kevin J. Walsh, Esq.
   Colleen A. Murphy, Esq.
   MINTZ, LEVIN, COHN, FERRIS, GLOVSKY & POPEO, P.C.
   One Financial Center
   Boston, MA 02111
   Tel: 617 348 1622
   Fax: 617 542 2241
   E-mail: KWalsh@mintz.com
          CAMurphy@mintz.com

Daniel B. Cowart retained as counsel:

   Jimmy C. Luke II
   MARTIN BAGWELL LUKE, P.C.
   400 Northridge Road, Suite 1225
   Atlanta, GA 30350
   Tel: (404) 467-5867
   Fax: (678) 218-0396
   E-mail: jluke@mbllawfirm.com

                       About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014.
The petition was signed by Daniel B. Cowart, sole member of
Georgia Flattop Partners, LLC, and chairman of Green Mountain
Management, LLC.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Nov. 24, 2014.

The Debtor estimated $10 million to $50 million in assets and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

The Debtor is represented by Sage M. Sigler, Esq., at Alston &
Bird, LLP, in Atlanta.


GT ADVANCED: Gets Court Approval to Hire Nixon Peabody as Counsel
-----------------------------------------------------------------
GT Advanced Technologies Inc. received court approval to hire
Nixon Peabody LLP as its bankruptcy counsel.

The court order signed by U.S. Bankruptcy Judge Henry Boroff
contains a provision addressing an issue raised by the U.S.
trustee concerning the law firm's hourly rates.

The U.S. trustee, the Justice Department's bankruptcy watchdog,
previously asked Nixon to make a clarification after the firm
disclosed in a court filing that it varied its billing
arrangements for GT Advanced.

The agency pointed out that the rates sought by Nixon "have not
been entirely consistent with the firm's rates used in other
cases."

To address this matter, the court order allows the U.S. trustee to
challenge Nixon's hourly rates when the firm applies later for
compensation for its services.

                About GT Advanced Technologies

GT Advanced Technologies Inc. -- http://www.gtat.com/-- is a
diversified technology company producing advanced materials and
innovative crystal growth equipment for the global consumer
electronics, power electronics, solar and LED industries.
Headquartered in Merrimack, New Hampshire, GT is a publicly held
corporation whose stock is traded on NASDAQ under the ticker
symbol "GTAT."

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and 8 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. N.H. Lead Case No. 14-11916).
GT says that it has sought bankruptcy protection due to a "severe
liquidity crisis."

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.


HEADLEE MGT: Attys Not Required to Repay Fees When Ch. 11 Aborts
----------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Chief U.S. Bankruptcy Judge Cecelia Morris in
New York ruled in the bankruptcy case involving a restaurant chain
that lawyers paid fees while a company is in Chapter 11 can't be
required to pay back what they got if the reorganization is a bust
and the ensuing liquidation doesn't have enough cash to pay
expenses of the bankruptcy effort.

According to the report, Judge Morris said Sections 726(a) and
105(a) of the Bankruptcy Code gave her "no authority" to order
disgorgement from the Chapter 11 professionals.

Headlee Management Corp. operated 11 KFC restaurants and owned
interest in Buffalo Wild Wings restaurants in Kingston, Alabama,
and Mississippi.  The Company filed for Chapter 11 protection on
Dec. 8, 2009 (Bankr. S.D.N.Y. Case No. 09-38420).  Judge Cecelia
G. Morris presides over the case.  Scott S. Markowitz, Esq., at
Tarter Krinsky & Drogin LLP, represents the Debtor.  The Debtor
estimated both assets and debts of between $1 million and
$10 million.


HEDWIN CORP: Taps Bolton Partners as Plan Termination Actuaries
---------------------------------------------------------------
Hedwin Corporation seeks permission from U.S. Bankruptcy Court for
the District of Maryland to employ Bolton Partners, Inc. as
pension plan termination actuaries nunc pro tunc to September 1,
2014.

As pension plan termination actuaries, Bolton Partners is expected
to provide these services:

   (a) Collection of Plan Information -- provide information
       including copies of plan documents, amendments, government
       filings, actuarial reports, AFTAP certifications, and other
       miscellaneous Pension Plan documents.

   (b) Review of Draft Legal Documents -- review draft versions of
       any or all legal documents to complete the Plan
       termination.  These documents include, but are not limited
       to, Board Resolutions, Plan Amendments/Restatements,
       Sufficiency Commitment Summary Plan Descriptions, and
       Summary of Material Modifications.

   (c) Preparation and Review of Participant Notices and
       Calculation of Individual Plan Benefits -- work together
       with the Debtor's professionals to prepare all necessary
       Pension Plan participant notices. These notices include,
       but are not limited to, the Notice of Intent to Terminate
       (both Standard and Distress), Notice to Interested Parties,
       Notice of Plan Benefits, Participant Election Forms, and
       Notice of Annuity Information.

Stephen King, Senior Actuary at Bolton Partners, assures the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.

Bolton Partners will be compensated on an hourly basis, along with
reimbursement of actual out-of-pocket charges incurred.  The
typical hourly billing rates for Bolton Partners professionals
currently range from $125 to $425.

Bolton Partners has estimated that the total actual fee could
range from approximately $75,000 to $125,000 depending on the
manner and complexity of the termination that the Debtor elects
and/or agrees upon with the Pension Benefit Guaranty Corp.

                     About Hedwin Corporation

Founded in 1946, Hedwin Corporation is a manufacturer of
customized industrial plastic packaging, which it sells to
wholesalers and distributors throughout the United States, Canada
and Europe.  Its manufacturing facility is located at 1600 Roland
Heights Avenue, Baltimore, Maryland.  It has a warehouse facility
at 1700 West 41st Street, Baltimore, Maryland and a warehouse and
assembly facility at 9175 Moya Blvd. (Unit D), Reno, Nevada.  All
of the facilities are leased.

As of the fiscal year end December 31, 2013, the Debtor had total
assets of approximately $15 million.

Hedwin filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case
No. 14-151940) in Maryland on April 2, 2014, to sell its assets to
Fujimori Kogyo Co., Ltd., absent higher and better offers.

The Debtor is represented by Alan M. Grochal, Esq., Stephen M.
Goldberg, Esq., and Catherine K. Hopkin, Esq., at Tydings &
Rosenberg, LLP, in Baltimore, Maryland.  Shared Management
Resources, Ltd.'s Charles S. Deutchman serves as chief
restructuring officer.

The U.S. Trustee for Region 4 appointed seven creditors to serve
on the official committee of unsecured creditors.  Saul Ewing LLP
serves as the Creditors' Committee's Maryland counsel while
Lowenstein Sandler serves also serves as counsel.  EisnerAmper LLP
serves accountant and financial advisor.

                           *     *     *

At an auction held in May 2014, Fujimori Kogyo Co. ended up the
successful bidder for Hedwin Corp., although an auction forced it
to pay 36% more for the Baltimore maker of industrial packaging.
In a deal reached before the bankruptcy filing, Fujimori agreed to
pay $16.5 million and to retain all workers.  During the auction,
Interplast Group Inc. offered $22 million, but Fujimori won with a
$22.2 million bid that included its $600,000 breakup fee and
$250,000 in expense reimbursement.  Judge Nancy Alquist on May 12,
2014 approved the sale to Fujimori.

On Oct. , 2014, Judge Alquist entered an order confirming the
Joint Plan of Liquidation proposed by Hedwin Corporation and the
Official Committee of Unsecured Creditors.  The judge also
approved the explanatory Disclosure Statement.  The liquidation
plan will be funded from cash on hand, plus release of any funds
to the company pursuant to an escrow agreement, and the receipt of
insurance proceeds.


HILCORP ENERGY: S&P Raises CCR & Debt Ratings to 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services raised the corporate credit
rating on Houston-based Hilcorp Energy I L.P. to 'BB+' from 'BB'.
The outlook is stable.

S&P also raised the issue-level rating on the partnership's senior
unsecured debt to 'BB+' (the same level as the corporate credit
rating) from 'BB'.  The recovery rating on this debt remains '3',
indicating S&P's expectation for meaningful (50% to 70%) recovery
in the event of a payment default.

"The rating action reflects our expectation that Hilcorp's
reserves and production will be in line with 'BB+' rated peers at
year-end 2014, pro forma for the partnership's 2014 acquisitions,"
said Standard & Poor's credit analyst Christine Besset.

Although these acquisitions have been primarily debt-financed, S&P
expects the partnership to keep debt to EBITDA below 2x and funds
from operations (FFO) to debt above 45% on average over the next
three years due to the added production and cash flows, which is
adequate at the current rating.

Standard & Poor's views Hilcorp's business risk as "fair."  S&P
assess Hilcorp's financial risk as "intermediate."  S&P assess
Hilcorp's liquidity position as "adequate" because S&P projects
that liquidity sources will exceed uses by more than 1.2x over the
next 18 months.

The stable outlook on Hilcorp Energy I L.P. reflects Standard &
Poor's expectation that the partnership will maintain steady
operating performance in its core regions while maintaining debt
leverage of 2x or less and FFO to debt in excess of 45%.

S&P could lower ratings if Hilcorp's debt leverage exceeded 3x
with no near-term remedy.  This could occur if commodity prices
fell substantially below current market prices or the partnership
made large debt-financed acquisitions.

S&P's ratings on Hilcorp are currently constrained by the
partnership's moderate reserve size, its exposure to natural gas,
and the partnership's acquisitive strategy.  S&P would consider
upgrading Hilcorp if the partnership is able to meaningfully
increase its reserve and production base while maintaining debt
leverage at less than 2x.


HUDSON'S BAY: S&P Affirms 'B+' CCR on $1.25-Bil. Saks Mortgage
--------------------------------------------------------------
Standard & Poor's Ratings Services said affirmed its 'B+' long-
term corporate credit rating on Hudson's Bay Co. (HBC) after the
company announced its intention to refinance its bank debt with a
US$1.25 billion mortgage on the ground portion of its Saks Inc.
Fifth Avenue flagship store in New York City.  The company will
use the net proceeds to reduce its US$1.825 billion term loan,
maintaining fairly static pro forma leverage measures but reducing
cash interest by US$5 million per year.

At the same time, Standard & Poor's affirmed its 'BB' issue-level
rating with a recovery rating of '1' on the company's US$1.825
billion term loan, which the company plans to amend and reduce to
US$650 million.  The '1' recovery rating indicates S&P's
expectation of very high (90%-100%) recovery (at the high end of
the range) in the event of a default.

"We view HBC's business risk profile as weak, characterized by
competitive conditions for department stores in North America that
have contributed to weak and volatile profitability," said
Standard & Poor's credit analyst Donald Marleau.  "On the other
hand, HBC benefits from good diversity in Canada and the U.S., as
well as attractive market positions for its key banners,"
Mr. Marleau added.

HBC has good geographic diversity, with almost 300 stores across
Canada and the U.S.  This breadth should support the volatility of
the company's earnings, offsetting the most severe effects of
regional economic factors.  Moreover, the company is modestly
diversified by market segment, aiming its HBC and Lord & Taylor
offerings at moderately high-end consumers and its Saks offering
to the narrower and less competitive luxury segment.  Given that
intense competition has compelled department stores to consolidate
and downsize over the past decade, S&P believes the profitability
of the combined entity will be unstable, reflecting limited growth
prospects and expense leveraging, persistent competition, and
potential integration risks.  The stable outlook on HBC reflects
Standard & Poor's expectation that the company's fully adjusted
debt leverage will remain at about 6x after incorporating modestly
lower debt from refinancing and weaker earnings expectations for
2014 and 2015.  Notwithstanding S&P's higher leverage
expectations, it views the company's large real estate holdings as
an important support for its financial risk profile, mitigating
somewhat the effects of intense competition, the Saks Inc.
integration, and the company's large debt burden.

S&P could lower the rating if HBC's adjusted EBITDA interest
coverage drops below 2x, weakening the key support for the
company's financial risk profile.  S&P estimates this could occur
if EBITDA margins contract more than 100 basis points to below 6%
amid flat comparable sales growth.

S&P could raise the rating on HBC if the company achieves its
synergy and debt reduction targets, potentially boosting EBITDA
margins to about 9% and lowering fully adjusted leverage to below
4x, which S&P estimates would coincide with solid EBITDA interest
coverage of about 4x.


I2A TECHNOLOGIES: Amends List of 20 Largest Unsecured Creditors
---------------------------------------------------------------
i2a Technologies Inc. filed with the U.S. Bankruptcy Court for the
Northern District of California an amended list of creditors
holding the 20 largest unsecured claims.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Dolce Farr Niente, LLC             Landlord          $438,000
3399 West Warren B
Fremont, CA 94538

Sandra Conley                      Commissions       $105,267
3 Vista Dr.
Danvers, MA 01923

D. Brad Jones                      Attorney's fees   $65,000
440 North First Street, Suite 100
San Jose, CA 95112

MK Electronics                     Supplier Disputed $64,683

Genesem Inc.                       Supplier          $45,230

Neu Dynamics/W.T. MacMinn          Supplier Disputed $40,000

Pacific Gas & Electric             Utilities         $22,000

Fredrik Solomon                    Wages             $14,768

Paulinus Nlemigbo                  Wages             $12,320

Elle Technology Corporation        Commissions and   $12,000
                                   supplies

Tri Bui                            Wages             $8,772

Steven Cheung                      Wages             $6,449

Frank Torres                       Wages             $5,582

Armando Santos                     Wages             $5,385

Joe Trinh                          Wages             $5,304

James Ho                           Wages             $5,128

Gurmeet Sangha                     Wages             $4,414

Laila Packer                       Wages             $4,313

Vincent Mo                         Wages             $4,249

Frank Scanlon                      Wages             $4,153

A full-text copy of the amended list of 20 largest unsecured
creditors is available for free at http://is.gd/84m2D0

                      About i2a Technologies

Based in Fremont, California, i2a Technologies, Inc. --
http://www.ipac.com/-- provides manufacturing services to
semiconductor and electronics industries including integrated
circuit packaging, system and module assembly, wafer bumping, and
related services.

The Company filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Cal. Case No. 14-44239) on Oct. 20, 2014.  The case is assigned
to Judge Charles Novack.  The petition was signed by Victor
Batinovich, the CEO.  The Debtor estimated assets and liabilities
of $10 million to $50 million.  The Debtor is represented by Eric
A. Nyberg, Esq., at Kornfield, Nyberg, Bendes & Kuhner, P.C.

The Debtor listed $6,788,961 in total assets and $3,263,172 in
total liabilities.


I2A TECHNOLOGIES: Can Hire Kornfield Nyberg as Attorney
-------------------------------------------------------
The Hon. Charles Novack of the U.S. Bankruptcy Court for the
Northern District of California authorized i2a Technologies, Inc.,
to employ the firm of Kornfield, Nyberg, Bendes & Kuhner, P.C., as
its attorneys to perform services necessary and desirable in the
administration of its estate.

As reported in the Troubled Company Reporter Nov. 3, 2014, the
firm will charge the Debtor at these hourly rates:

        Name                Category               Hourly Rate
        ----                --------               -----------
     Eric A. Nyberg         Attorney                  $425
     Charles N. Bendes      Attorney                  $390
     Chris D. Kuhner        Attorney                  $385
     Nancy Nyberg           Bookkeeping & Accounting   $80
     Jessica Mangaccat      Paralegal Assistant        $80

The Debtor has paid the firm an original retainer of $25,000 of
which $22,951 remains as of the petition date against which costs
and services will be credited.

To the best of Debtor's knowledge, the firm does not have any
connection with the creditors or any other party in interest in
this matter, or their respective attorneys or accountants, or the
United States Trustee, or any person employed in the office of the
United States Trustee, and represent no interest adverse to the
estate in the matters upon which it is to be retained.

The firm can be reached at:

    Eric A. Nyberg, Esq.
    Charles N. Bendes, Esq.
    Chris D. Kuhner, Esq.
    KORNFIELD, NYBERG, BENDES & KUHNER, P.C.
    1970 Broadway, Suite 225
    Oakland, California 94612
    Tel: (510) 763-1000
    Fax: (510) 273-8669
    E-mail: e.nyberg@kornfieldlaw.com
           c.kuhner@kornfieldlaw.com
           c.bendes@kornfieldlaw.com

                      About i2a Technologies

Based in Fremont, California, i2a Technologies, Inc. --
http://www.ipac.com/-- provides manufacturing services to
semiconductor and electronics industries including integrated
circuit packaging, system and module assembly, wafer bumping, and
related services.

The Company filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Cal. Case No. 14-44239) on Oct. 20, 2014.  The case is assigned
to Judge Charles Novack.  The petition was signed by Victor
Batinovich, the CEO.  The Debtor estimated assets and liabilities
of $10 million to $50 million.  The Debtor is represented by Eric
A. Nyberg, Esq., at Kornfield, Nyberg, Bendes & Kuhner, P.C.

The Debtor listed $6,788,961 in total assets and $3,263,172 in
total liabilities.


INVERSIONES ALSACIA: Cash Collateral Use Gets Final Approval
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New YOrk,
in a final order, authorized Inversiones Alsacia S.A., et al., to
use cash collateral.

Any objections to the motion that have not been withdrawn, waived
or settled were denied and overruled.

Consenting to the use of cash collateral are (i) The Bank of New
York Mellon, as trustee, principal paying agent, transfer agent
and registrar under the Senior Secured Notes Indenture; (ii) The
Bank of New York Mellon, as U.S. collateral trustee Banco
Santander Chile, as Chilean collateral trustee; and (iii) an ad
hoc group of certain holders, or investment managers for holders,
of the Senior Secured Notes that are a signatory to the
Restructuring and Plan Support Agreement (RPSA).

The Debtor has failed to make the principal payment due on the
Senior Secured Notes, and that failure constituted an event of
default under the Senior Secured Notes Indenture, and which
default is continuing.  Based on the existing default, as of the
Petition Date, the aggregate amount of the Prepetition Obligations
outstanding, amounted at least $365,668,311.

The Debtors will use the cash collateral to operate their
businesses and effectuate a reorganization of their businesses.

As adequate protection from any diminution in value of the
lenders' collateral, the Debtors will grant the lenders adequate
protection liens, subject to carve out on certain expenses.

                          About Alsacia

Inversiones Alsacia, together with its affiliate, Express de
Santiago Uno S.A., are collectively the largest operator in the
Transantiago Transportation System, transporting approximately
800,000 passengers every day, throughout 35 communities in
Santiago, Chile, which accounts for more than 30% of the
passengers in Transantiago.  Alsacia and Express have the right to
provide the transportation services pursuant to concession
agreements with Chile's Ministry of Transportation and
Telecommunications, which agreements expire October 2018.

Alsacia and Express belong to non-debtor Global Public Services
S.A. ("GPS Group"), an international holding company with
interests in public passenger transportation, environmental
solutions, outsourcing services and real estate development in
Chile, Colombia, Panama, Peru and the United States of America.
The GPS Group is controlled by Carlos Mario Rios Velilla and
Francisco Javier Rios Velilla and several of their affiliates.

Alsacia and Express and three affiliates sought bankruptcy
protection under Chapter 11 of the U.S. Bankruptcy Code in
Manhattan, New York (Bankr. S.D.N.Y.) on Oct. 16, 2014, with a
prepackaged plan that would restructure $347.3 million in senior
secured notes but leave other creditors and the owners unimpaired.
The cases are pending before the Honorable Martin Glenn and the
Debtors have requested that their cases be jointly administered
under Case No. 14-12896.

The Debtors have tapped Cleary Gottlieb Steen & Hamilton, LLP, as
bankruptcy counsel, FTI Consulting as financial advisor, and Prime
Clerk LLC as claims and balloting agent.

The Court will consider adequacy of disclosure materials and
approval of the prepackaged Chapter 11 plan at a hearing schedules
for Dec. 4.  The Plan contemplates that the companies can
implement a planned exchange offer with holders of $347.3 million
in senior secured notes.


INVERSIONES ALSACIA: Gets Final Nod to Pay Critical Vendors
-----------------------------------------------------------
Bankruptcy Judge Martin Glenn, in a final order, authorized:

   i) Inversiones Alsacia S.A., et al., to pay all or a portion of
the prepetition claims of certain critical vendors and foreign
creditors; and

  ii) financial institutions to honor and process checks and
transfers related to the claims.

The Court also ordered that payments on account of critical
vendor and foreign creditor claims will not exceed $36.8 million
in the aggregate without further order of the Court.

                          About Alsacia

Inversiones Alsacia, together with its affiliate, Express de
Santiago Uno S.A., are collectively the largest operator in the
Transantiago Transportation System, transporting approximately
800,000 passengers every day, throughout 35 communities in
Santiago, Chile, which accounts for more than 30% of the
passengers in Transantiago.  Alsacia and Express have the right to
provide the transportation services pursuant to concession
agreements with Chile's Ministry of Transportation and
Telecommunications, which agreements expire October 2018.

Alsacia and Express belong to non-debtor Global Public Services
S.A. ("GPS Group"), an international holding company with
interests in public passenger transportation, environmental
solutions, outsourcing services and real estate development in
Chile, Colombia, Panama, Peru and the United States of America.
The GPS Group is controlled by Carlos Mario Rios Velilla and
Francisco Javier Rios Velilla and several of their affiliates.

Alsacia and Express and three affiliates sought bankruptcy
protection under Chapter 11 of the U.S. Bankruptcy Code in
Manhattan, New York (Bankr. S.D.N.Y.) on Oct. 16, 2014, with a
prepackaged plan that would restructure $347.3 million in senior
secured notes but leave other creditors and the owners unimpaired.
The cases are pending before the Honorable Martin Glenn and the
Debtors have requested that their cases be jointly administered
under Case No. 14-12896.

The Debtors have tapped Cleary Gottlieb Steen & Hamilton, LLP, as
bankruptcy counsel, FTI Consulting as financial advisor, and Prime
Clerk LLC as claims and balloting agent.

The Court will consider adequacy of disclosure materials and
approval of the prepackaged Chapter 11 plan at a hearing schedules
for Dec. 4.  The Plan contemplates that the companies can
implement a planned exchange offer with holders of $347.3 million
in senior secured notes.


IRACORE INTERNATIONAL: S&P Lowers CCR & Debt Ratings to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Iracore International Holdings Inc. to 'CCC+' from 'B-'.
The outlook is negative.  At the same time, S&P lowered the issue-
level rating on the company's outstanding second-lien notes to
'CCC+' from 'B'.  S&P revised the recovery rating on the notes to
'4' from '2', reflecting its expectation of average (30% to 50%)
recovery to creditors in the event of a payment default.

"The downgrade reflects our expectation that the company will
likely continue to face weak market conditions in 2015 as a result
of the drop in oil and natural gas prices and our expectation that
Canadian oil sands companies will hold back expansion projects
given the uncertainty in commodity prices," said Standard & Poor's
credit analyst Christine Besset.

Although Iracore's oil sand customers seem to recognize the value
proposition of the company's lined pipes, S&P believes they are
likely to delay projects or use alternative, cheaper steel pipes
to contain costs given the lower oil price environment.  As a
result, S&P has lowered its expectation for revenues and EBITDA
for this year and next year for Iracore, and S&P believes that the
company's internal cash flow generation will not be sufficient to
cover interest expenses and maintenance capital spending.

S&P views Iracore's business risk profile as "vulnerable," based
on its participation in the volatile and cyclical oilfield
services industry, its small size and scale of operations, and
limited diversity of its customers and suppliers.  The business
risk assessment also incorporates the higher potential volatility
of profitability and earnings given the company's limited product
and geographical diversification.

S&P views Iracore's financial risk as "highly leveraged."  S&P
considers Iracore's liquidity "adequate," reflecting its
expectation that liquidity sources will exceed uses by more than
1.2x in the next twelve months.

The negative outlook reflects S&P's view of the uncertainty
related to the company's ability to improve operating results
based on S&P's lower oil and natural gas price assumptions and its
expectation that E&P capital spending will contract.

S&P could lower the rating if liquidity deteriorated, most likely
due to worsening market conditions, and S&P believed that the
company could default in the next 12 months.

S&P could stabilize the ratings if the company's operating
performance improves such that EBITDA comfortably covers interest
expenses and maintenance capital spending.


JOE'S JEANS: Receives Nasdaq Listing Non-Compliance Notice
-----------------------------------------------------------
Joe's Jeans Inc. on Nov. 26 disclosed that the Company received a
letter on November 24, 2014 from The Nasdaq Stock Market
indicating that the Company is not in compliance with Nasdaq
Listing Rule 5550(a)(2) because the closing bid price per share of
its common stock has been below $1.00 per share for 30 consecutive
trading days.  The Nasdaq letter was issued in accordance with
standard Nasdaq procedures.  In accordance with Nasdaq Listing
Rule 5810(c)(3)(A), the Company will be provided with 180 calendar
days, or until May 26, 2015, to regain compliance with the Bid
Price Rule.

To regain compliance with the Bid Price Rule, the closing bid
price of the Company's common stock must remain at $1.00 per share
or more for a minimum of 10 consecutive trading days.  If the
Company does not regain compliance within this period, the Company
may be eligible for additional time to regain compliance by
satisfying certain requirements.  If the Company is not eligible
for an additional compliance period, Nasdaq will provide the
Company with written notification that its common stock will be
delisted.  At that time, the Company may appeal Nasdaq's
determination to delist its common stock to the Nasdaq Hearings
Panel.

This notification has no immediate effect on the listing of its
common stock at this time and the shares will continue to trade on
the Nasdaq Capital Market under the ticker ?JOEZ?.  The Company
intends to monitor the bid price of its common stock and consider
available options if its common stock does not trade at a level
likely to result in the Company regaining compliance with the Bid
Price Rule by May 26, 2015.

                   About Joe's Jeans Inc.

Joe's Jeans Inc. -- http://www.joesjeans.com-- designs, produces
and sells apparel and apparel-related products to the retail and
premium markets under the Joe's(R) brand and related trademarks.


JOHN ALTORELLI: Ex-Dewey Partner Files for Bankruptcy
-----------------------------------------------------
Sara Randazzo, writing for The Wall Street Journal, reported that
John Altorelli, an outspoken former Dewey & LeBoeuf LLP partner
sued for $12.9 million in the wake of the law firm's collapse,
filed for personal bankruptcy to halt the collection efforts.
According to the report, in a lengthy statement announcing his
decision, an attorney for Mr. Altorelli said he has been unable to
reach a settlement of the lawsuit "after weeks of negotiations."

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


KEY ENERGY: S&P Lowers CCR & Debt Ratings to 'B+', Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based Key Energy Services Inc. to 'B+' from
'BB-'.  The rating outlook is negative.

S&P also lowered the issue rating on Key Energy Services Inc.'s
existing senior unsecured notes due 2021 to 'B+' from 'BB-'.  The
recovery rating on this debt remains '4', indicating S&P's
expectation for average (30% to 50%) recovery in the event of a
payment default.

"The downgrade reflects our more pessimistic base case forecast
attributed to expected lower services demand tied to weaker crude
oil prices, that we believe will extend the timetable for Key
Energy Services Inc. to restore profitability," said Standard &
Poor's credit analyst Mark Salierno.

The company has experienced a sharp decline in operating margins
over the past year resulting from lower levels of customer
activity and scheduling disruptions that resulted in reduced asset
utilization.  At the same time, costs incurred related to the
ongoing FCPA investigations have been higher than previously
expected.  S&P views Key Energy's business risk profile as "weak."
S&P considers Key Energy's financial risk profile to be "highly
leveraged," reflecting the company's elevated debt levels relative
to its size, and S&P's expectation that cash flow and leverage
measures will remain highly volatile largely because of the high
cyclicality of the oilfield services industry.  S&P expects Key
Energy's liquidity to remain "adequate."

The negative outlook reflects S&P's expectation that profitability
will continue to be hurt by increasingly difficult market
conditions, in addition to continued uncertainty and the high
costs pertaining to the ongoing FCPA investigation.  S&P expects
Key Energy's credit measures will continue to deteriorate through
the end of 2014 and remain weak in 2015.

S&P could consider a downgrade within the next year if Key Energy
is not able to stabilize its earnings or if liquidity tightens,
which S&P believes could occur if the company is unable to restore
operating margins and if costs (including possible monetary
damages) related to the ongoing FCPA investigation are higher than
currently anticipated.  S&P believes such a cenario would lead to
further erosion in credit measures, including FFO to total debt
below 10% and total debt to EBITDA remaining in excess of 5x for
an extended period.

S&P could revise the outlook to stable if Key Energy can stem the
recent declines in its main business segments through increased
utilization, which S&P believes could occur if the company
successfully broadens its customer base and if business activity
with its main customers increases, particularly in California and
Mexico.  Under such a scenario, S&P would also expect Key would be
on track to restore credit measures from current levels, which
would include maintaining FFO to total debt closer to 20% and
total debt to EBITDA approaching the 4x area.


KID BRANDS: Has Until Jan. 14 to Propose Chapter 11 Plan
--------------------------------------------------------
The Bankruptcy Court extended Kid Brands, Inc., et al.'s exclusive
periods to file a chapter 11 plan until Jan. 14, 2015; and solicit
acceptances for that plan until March 16.

As reported in the TCR on Oct. 7, 2014, according to
BankruptcyData, the Debtors said it is premature to file a plan at
this juncture and they need time to complete an orderly
liquidation of their businesses to ensure an efficient wind-down
of their affairs that will maximize the value realized by their
estates.

Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Kid Brands said the sale of almost all assets
of the Sassy unit is complete, and the divestiture of most of the
assets of Kids Line, CoCaLo and LaJobi was finished in September.
The company said an extension of so-called exclusivity will
increase the likelihood of a greater distribution to creditors by
aiding an orderly, efficient and cost-effective plan process, the
report related.

The Debtor is represented by:

         Kenneth A. Rosen, Esq.
         Steven M. Skolnick, Esq.
         S. Jason Teele, Esq.
         Nicole Stefanelli, Esq.
         Anthony De Leo, Esq.
         LOWENSTEIN SANDLER LLP
         65 Livingston Avenue
         Roseland, NJ 07068
         Tel: (973) 597-2500
         Fax: (973) 597-2400

                        About Kid Brands

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

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

The Debtor disclosed $921,358 in assets and $47,947,589 in
liabilities as of the Chapter 11 filing.

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

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

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


LAKSHMI HOSPITALITY: US Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. trustee, the Justice Department's bankruptcy watchdog,
said in a court filing that it wasn't able to appoint a committee
of unsecured creditors in the Chapter 11 case of Lakshmi
Hospitality Group, LLC.

The agency said it has not received from unsecured creditors
"sufficient indications of willingness" to serve on the committee.

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

                 About 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.


LATEX FOAM: Can Use Wells Fargo's Cash Collateral Until Nov. 30
---------------------------------------------------------------
The Bankruptcy Court approved an agreement authorizing Latex Foam
International, LLC's use of cash collateral of Wells Fargo Bank
until Nov. 30, 2014.  A copy of the agreement is available for
free at http://is.gd/XSrcrh

                         About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions
as president.  The Debtors are seeking joint administration of
their cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its
counsel, and Reid and Reige, P.C. as its local counsel.


LBI MEDIA: S&P Cuts Corp. Credit Rating to CC, Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Burbank, Calif.-based LBI Media Holdings Inc. to 'CC'
from 'CCC-'.  The outlook is negative.

S&P expects to lower its corporate credit rating on LBI Media to
'SD' (selective default) after the exchange offer is completed and
lower S&P's issue-level rating on the company's second-priority
subordinated notes to 'D' from 'C'.

Thereafter, S&P expects to raise its corporate credit rating on
LBI Media to the 'CCC' rating category.  After the debt exchange,
S&P expects the company's debt balances to increase and its
liquidity profile to improve modestly following the proposed $20
million new-money investment in the new second-priority
subordinated notes due 2020 and the completed sale of the KHJ
radio station.

"The rating action follows the company's announcement on Nov. 20,
2014, that it has initiated an exchange transaction for its
second-priority secured subordinated notes due 2020 and 8.5%
senior subordinated notes due 2017," said Standard & Poor's credit
analyst Minesh Patel.  "Under our criteria, we consider debt
exchanges of distressed issuers where the timing of payments is
slowed as tantamount to a default."


LDK SOLAR: US Trustee Unable to Appoint Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Region 3 announced that a committee of
unsecured creditors in LDK Solar Systems, Inc.'s Chapter 11 case
has not yet been appointed as of Nov. 20.

The Justice Department's bankruptcy watchdog said it did not
receive any response from unsecured creditors eligible to serve on
the committee.

                       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 SOalr, 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.


LERNOUT & HAUSPIE: Goldman Slays Dragon Failed-Buyout Suit Again
----------------------------------------------------------------
Law360 reported that the U.S. Court of Appeals for the First
Circuit refused to revive a consolidated $580 million negligence
suit accusing Goldman Sachs & Co. of failing to assess the
stability of the company buying speech technology firm Dragon
Systems Inc., deciding Goldman's conduct wasn't unfair or
deceptive.

According to the report, affirming a lower court's dismissal of
the allegations, the appeals court said it found no error in U.S.
District Judge Patti B. Saris' holding that the financial
adviser's alleged failure to perform due diligence on Lernout &
Hauspie Speech Products NV's attempted buyout of Dragon in 2000
wasn't egregious enough to violate state law and warrant a finding
of liability.

The consolidated case is James and Janet Baker et al. v. Goldman
Sachs & Co. et al., case number 13-2173, in the U.S. Court of
Appeals for the First Circuit.


LIGHTSQUARED INC: Falcone to Leave Harbinger, Focus on Telecom Bid
------------------------------------------------------------------
Juliet Chung and Joseph Checkler, writing for The Wall Street
Journal, reported that Philip Falcone said he would be stepping
down from the Harbinger group to focus on building another and
work with two prominent investment firms on a potential
restructuring bid for LightSquared Inc., the wireless
telecommunications venture on which he staked much of his
reputation and fortune.

According to the report, citing people familiar with the matter,
Mr. Falcone has been in talks with Cerberus Capital Management LP
and Fortress Investment Group LLC to offer an alternative
restructuring proposal -- one in which Mr. Falcone would own part
of LightSquared.

                     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.


LOUDOUN HEIGHTS: Court Approves Agreement Dismissing LPR Appeal
---------------------------------------------------------------
The U.S. District Court for the Eastern District of Virginia
approved an agreement to dismiss an appeal by Little Piney Run
Estates LLC of a bankruptcy judge's order denying its bid to
dismiss the bankruptcy case of Loudoun Heights LLC.

The agreement was signed by the lawyers representing Little Piney,
Loudoun Heights and M&T Bank.

Little Piney in September appealed the June 27 decision issued by
U.S. Bankruptcy Judge Brian Kenney that denied its motion to
dismiss the case, and approved a settlement between Loudoun
Heights and M&T Bank.

The company had argued that Joseph Bane, Jr. has no authority to
file the bankruptcy petition since he wasn't the manager of
Loudoun Heights at the time of the petition.

Little Piney owns a 93% membership interest in Loudoun Heights,
court filings show.

                      About Loudoun Heights

Loudoun Heights, LLC, filed a Chapter 11 petition (Bankr. E.D. Va.
Case No. 13-15588) on Dec. 16, 2013.  The Debtor disclosed total
assets of $13.10 million and total debts of $4.84 million.  The
petition was signed by Joe Bane as sole manager.  Frank Bredimus,
Esq., at Law Office of Frank Bredimus, serves as the Debtor's
counsel.  Judge Brian F. Kenney presides over the case.

As reported in the Troubled Company Reporter on April 22, 2014,
the Debtor in early April filed an amended disclosure statement
explaining its proposed plan of reorganization.  According to the
disclosure statement, all classes of creditors will be paid in
full.  The proceeds from the sale of the Debtor's assets will be
sufficient to pay the Claims of all secured, priority unsecured
and general unsecured creditors, and court-approved professionals.
The Debtor expects $4.37 million to $9.92 million in revenue from
the sale of all assets.


MARGAUX CITY LIGHTS: Court Defers Approval of Malouf Settlement
---------------------------------------------------------------
Bankruptcy Judge Barbara Houser deferred approval of a compromise
and settlement reached by Frances Smith, the liquidating plan
agent for Margaux City Lights Partners, Ltd., with Matthew Malouf,
Malouf Interests, Inc., and Minerva Partners, Ltd.

The terms of the proposed settlement are relatively straight-
forward: subject to final documentation, proof of escrowed funds
and Court approval, Malouf et al. -- defendants in the case styled
Spitzberg v. Malouf, et al., Case No. DC-2011-14800-M, currently
pending in the district court of the 192nd Judicial District,
Dallas County, Texas -- will make a one-time payment of $100,000
to the Plan Agent for the benefit of MCL, and the Plan Agent, on
behalf of MCL, will release its claims against the Defendants and
seek dismissal of the Prepetition Lawsuit.  The sole objection to
the settlement was filed by the Elana Spitzberg Trust and JRR
Ventures, Ltd., two limited partners of MCL.

The Court held a hearing on the Motion on Nov. 4, 2014, at which
time it announced its preliminary findings with respect to the
Plan Agent's motion to approve the settlement.  Specifically, the
Court found that, in light of the evidence presented at the
Hearing, entry into the Settlement would be an exercise of the
Plan Agent's sound business judgment and in the best interests of
MCL and its creditors. The Court, however, took under advisement
the issue of whether the claims proposed to be released pursuant
to the Settlement are derivative claims, which were property of
the MCL estate that transferred to the liquidating debtor to be
litigated or settled by the Plan Agent, or individual claims held
by the Objecting LPs.

Accordingly, the Court finds that, with the exception of any
claims arising from (1) the Defendants' alleged failure to timely
provide tax returns and tax-related information to the Objecting
LPs and MDC Private Retail Investors, Ltd., as Plaintiffs, and (2)
the alleged fraudulent inducement of the Plaintiffs to enter into
the Amended and Restated Agreement of Limited Partnership of
Margaux City Lights Partners, Ltd. -- LP Agreement -- the causes
of action asserted in the Second Amended Petition are derivative
claims that were property of the MCL estate, which the Plan Agent
now has authority to compromise and release pursuant to the terms
of the liquidating plan confirmed in MCL's bankruptcy case.

The Plan Agent and the Defendants are directed to confer with each
other immediately to see if an agreement can be reached to modify
the Settlement consistent with the Court's Memorandum Opinion.  If
the Defendants agree to exclude the Plaintiffs' direct claims (as
found by the Court) from the Settlement, the Settlement will be
approved.

The general allegations underlying the Second Amended Petition are
that the Defendants took various actions, and made various
misrepresentations, in breach of the LP Agreement and their
fiduciary duties owed to the Plaintiffs, including usurping MCL's
business opportunities, selling and/or transferring MCL's assets
without consideration or necessary approvals, taking steps to
place the Defendants' debts and interests ahead of those held by
the Plaintiffs, failing to provide to the Plaintiffs required
information regarding MCL's operations, and fraudulently inducing
the Plaintiffs to enter into the LP Agreement and the Withdrawal
of General Partner.

A copy of the Court's Nov. 24, 2014 Memorandum Opinion is
available at http://bit.ly/1HFutsYfrom Leagle.com.

Margaux City Lights Partners, Ltd. filed for Chapter 11 bankruptcy
(Bankr. N.D. Tex. Case No. 12-35828-bjh-11) in September 2012.
The Bankruptcy Court on Jan. 15, 2014, confirmed a Chapter 11
Plan of Liquidation for the Debtor.  The Effective Date under the
Plan occurred on Jan. 30, 2014.

Margaux City Lights Partners Ltd., owns the City Lights project, a
four-block tract just east of downtown Dallas, Texas.  It sought
bankruptcy court approval to sell the property, according to a
report by The Dallas Morning News.  The report said Greystar, a
South Carolina company that builds and manages apartments, has
contracted to buy the 6-acre mixed-use site.


MARGAUX CITY LIGHTS: Court Rules on Objection to MTV Claims
-----------------------------------------------------------
Bankruptcy Judge Barbara J. Houser ruled on the Amended Joint
Objection of Matthew E. Malouf, Malouf Interests, Inc., and
Minerva Partners, Ltd to proofs of claim 4-3 and 4-4 filed by
Margaux Texas Ventures, Inc. in the bankruptcy case of Margeaux
City Lights Partners, Ltd.

The Plan Agent under the confirmed plan of liquidation for
Margeaux City Lights Partners, also objected to the Claim.

The Claim, in the amount of $1,401,337.20, was filed in the MCL
bankruptcy case by the chapter 7 Trustee of MTV, John H. Litzler.

According to Judge Houser, the Claim shall be allowed in the
principal amount of $124,700, together with interest on that
amount in accordance with the terms of the Notes. While the
Objectors suggest that interest through the date of MCL's
bankruptcy filing is approximately $124,700, neither the Objectors
nor the Chapter 7 Trustee has calculated the precise amount of
interest owing to MTV on a principal claim of $124,700. Thus, the
Court directed the parties to make such a calculation and submit
an agreed form of Order to the Court, allowing the Claim in the
amount of $124,700 plus interest from the date of each "loan" to
the date of MCL's bankruptcy filing. If a dispute arises as to the
correct calculation of interest owing to MTV, the parties are
directed to submit their respective calculations to the Court, who
will then determine the amount of interest owed.

A copy of Judge Houser's Nov. 19, 2014 Memorandum Opinion is
available at http://bit.ly/1vMyYi9from Leagle.com.

Margaux City Lights Partners, Ltd. filed for Chapter 11 bankruptcy
(Bankr. N.D. Tex. Case No. 12-35828-bjh-11) in September 2012.
The Bankruptcy Court on Jan. 15, 2014, confirmed a Chapter 11
Plan of Liquidation for the Debtor.  The Effective Date under the
Plan occurred on Jan. 30, 2014.

Margaux City Lights Partners Ltd., owns the City Lights project, a
four-block tract just east of downtown Dallas, Texas.  It sought
bankruptcy court approval to sell the property, according to a
report by The Dallas Morning News.  The report said Greystar, a
South Carolina company that builds and manages apartments, has
contracted to buy the 6-acre mixed-use site.


MARION ENERGY: Meeting of Creditors Scheduled for Dec. 4
--------------------------------------------------------
The U.S. Trustee will convene a meeting of creditors in the
Chapter 11 case of Marion Energy Inc., on Dec. 4, 2014, at
2:00 p.m.  The meeting will be held at 405 South Main Street,
Suite 250, Salt Lake City, Utah.

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

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

The Court also established March 4, 2015, as the deadline for any
individual or entity to file proofs of claim against the Debtor.
For governmental units, the Court set an April 29, 2015, deadline.

The Debtor's counsel can be reached at:

         J. Thomas Beckett, Esq.
         PARSONS BEHLE & LATIMER
         201 South Main Street, Suite 1800
         P.O. Box 45898
         Salt Lake City, UT 84145?0898
         Tel: (801) 532?1234

                       About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah.  Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field").  The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").

Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014.  The Debtor estimated assets and debt of $100 million to
$500 million.  The Debtor has tapped Parsons Behle & Latimer as
attorneys.


MATAGORDA ISLAND: UST Continues Creditors Meeting to Dec. 16
------------------------------------------------------------
The U.S. trustee, the Justice Department's bankruptcy watchdog,
will continue the meeting of creditors of Matagorda Island Gas
Operations LLC on Dec. 16, according to a filing made in U.S.
Bankruptcy Court in the Western District of Louisiana.

                     About Matagorda Island

Matagorda Island Gas Operations, LLC, filed a Chapter 11
bankruptcy petition (Bankr. W.D. La. Case No. 14-51099) in
Lafayette, Louisiana, on Sept. 3, 2014.  The Morgan City,
Louisiana-based company estimated $10 million to $50 million in
assets and $100 million to $500 million in debt.  The case is
assigned to Judge Robert Summerhays.  The Debtor has tapped
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel.


MF GLOBAL: $27MM Metals Market Settlement Gets Initial OK
---------------------------------------------------------
Law360 reported that a New York judge gave the preliminary green
light to class action settlements over alleged price manipulation
in metal markets that will allow plaintiffs to file $21.1 million
in claims in MF Global Inc.'s bankruptcy and receive over
$6 million in cash.

According to the report, at a Manhattan hearing on unopposed
motions for preliminary approval, U.S. District Judge William H.
Pauley said he was ready to sign off on an order directing notices
of the proposed deal to be sent to class members and instructed
attorneys to present him with the necessary documents without
delay.  The combined deal would resolve separate class actions
alleging manipulation in palladium and platinum futures as well as
in the physical settlements of the precious metals, the report
related.

The case is In re: Platinum and Palladium Commodities Litigation,
case number 1:10-cv-03617, in the U.S. District Court for the
Southern District of New York.

                         About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one of
the world's leading brokers of commodities and listed derivatives.
MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.

On Nov. 7, 2011, the United States Trustee appointed the statutory
creditors' committee in the Debtors' cases.  At the behest of the
Statutory Creditor's Committee, the Court directed the U.S.
Trustee to appoint a chapter 11 trustee.  On Nov. 28, 2011, the
Bankruptcy Court entered an order approving the appointment of
Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC,
as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services
LLC and MF Global FX Clear LLC filed voluntary Chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of MF
Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers at
Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told
creditors with $1.134 billion in unsecured claims against the
parent holding company why they could expect a recovery of 13.4%
to 39.1% from the plan.  As a consequence of a settlement with
JPMorgan, supplemental materials informed unsecured creditors
their recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary,
one of the companies under the umbrella of the holding company
trustee.  Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MIDTOWN SCOUTS: Mazelle S. Krasoff Withdrawal Approved
------------------------------------------------------
The Bankruptcy Court granted Mazelle S. Krasoff's request to
withdraw as counsel of record for Midtown Scouts Square Property,
LP and Midtown Scouts Square LLC.

Midtown Scouts Square Property, LP, and affiliate Midtown Scouts
Square, LLC, own two commercial properties located in Midtown
Houston, Texas.  The first property is a mixed use 36,000-square-
foot two-storey office/restaurant building originally constructed
in 1975, while the second property is a 104,000-square foot eight-
storey parking garage with ground floor retail space, both in
Bagby Street, in Houston.

The two entities sought Chapter 11 protection (Bankr. S.D. Tex.
Lead Case No. 13-32920) on May 9, 2013.  The petitions were signed
by Erich Mundinger as president of general partner.  Judge Karen
K. Brown presides over the case.  In its schedules, MSS Property
disclosed $17,408,328 in assets and $16,666,325 in liabilities.
Edward L. Rothberg, Esq. at Hoover Slovacek, LLP, serves as the
Debtor's counsel.  Hawash Meade Gaston Neese & Cicack, LLP, serves
as special litigation counsel.

The U.S. Trustee has not appointed an official committee of
unsecured creditors in the Debtors' bankruptcy cases.


MISSISSIPPI PHOSPHATES: Seeks Approval to Hire Butler as Counsel
----------------------------------------------------------------
Mississippi Phosphates Corp. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to hire
Butler Snow LLP as its bankruptcy counsel.

Butler Snow is tasked to provide these legal services:

     (a) Prepare and file schedules of assets and liabilities,
         and statement of financial affairs;

     (b) Advise the company with respect to its powers and duties
         as debtor-in-possession in the continued management and
         operation of its businesses;

     (c) Attend meetings and negotiate with representatives of
         creditors and other parties, and advise and consult on
         the conduct of the case;

     (d) Take all necessary action to protect and preserve the
         company's estate, including the prosecution of actions on
         its behalf and evaluation of claims;

     (e) Prepare court documents and papers necessary to the
         administration of the estate; and

     (f) Advise and consult with the company and its professionals
         in connection with any sale of its assets and formulation
         of a plan of reorganization.

The firm will be paid on an hourly basis and will receive
reimbursement for work-related expenses.  The persons most likely
to represent the company are:

     A. Bankruptcy

     Name                         Position      Hourly Rate
     ----                         --------      -----------
     Stephen W. Rosenblatt        Partner          $440
     S. Ault Hootsell III         Partner          $360
     James E. Bailey III          Partner          $350
     Christopher R. Maddux        Partner          $330
     Paul S. Murphy               Partner          $280
     Adam Langley                 Associate        $185
     J. Mitchell Carrington II    Associate        $175
     Thomas Hewitt                Associate        $175
     Velvet Johnson               Paralegal        $150

     B. Non-Bankruptcy

     Name                         Position      Hourly Rate
     ----                         --------      -----------
     Don B. Cannada               Partner          $485
     Michael Caples               Partner          $350
     Marcie Davant                Paralegal        $175

Butler Snow on Oct. 23 received $355,151 from the company, of
which $30,055 is for the firm's services in connection with the
filing of Mississippi Phosphates' bankruptcy case.  The firm is
holding its post-petition retainer of $319,945 in its trust
account.

The firm does not hold nor represent interest adverse to the
company's estate and is disinterested, according to the affidavit
filed by Stephen Rosenblatt, Esq., a partner at Butler Snow.

                  About Mississippi Phosphates

Mississippi Phosphates Corporation is a major United States
producer and marketer of diammonium phosphate ("DAP"), one of the
most common types of phosphate fertilizer.  MPC, which was formed
as a Delaware corporation in October 1990, owns a DAP facility in
Pascagoula, Mississippi, which was acquired from Nu-South, Inc. in
its 1990 bankruptcy.  Phosphate rock, the primary raw material
used in the production of DAP, is being supplied by OCP S.A., a
corporation owned by the Kingdom of Morocco.

The parent, Phosphate Holdings, Inc., was formed in December 2004
in connection with the bankruptcy reorganization of MPC and its
then-parent Mississippi Chemical Corporation, the first fertilizer
cooperative in the United States.

As of Oct. 27, 2014, MPC has a work force of 250 employees, broken
into 224 regular employees and 26 "nested" third-party contract
employees.

MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc.,
and Sulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11
bankruptcy protection (Bankr. S.D. Miss. Lead Case No. 14-51667)
on Oct. 27, 2014.  Judge Katharine M. Samson is assigned to the
cases.

Mississippi Phosphates estimated $100 million to $500 million in
both assets and liabilities.  Affiliates Ammonia Tank and Sulfuric
Acid Tanks each estimated $1 million to $10 million in both assets
and liabilities.

The Debtors have tapped Stephen W. Rosenblatt, Esq., at Butler
Snow LLP as counsel.

The U.S. Trustee for Region 5 has appointed seven creditors to
serve in the official unsecured creditors committee in the
Debtors' cases.

                           *     *     *

The meeting of creditors pursuant to Sec. 341(a) in the Debtors'
cases is currently scheduled for Dec. 17, 2014, at 10:30 a.m., in
Gulfport, Mississippi.


MJC AMERICA: Dec. 4 Hearing on Continued Use of Cash Collateral
---------------------------------------------------------------
The Hon. Sandra R. Klein of the U.S. Bankruptcy Court for the
Central District of California extended the operative period of
MJC America Ltd. to use cash collateral of East West Bank until
Dec. 4, 2014.  Judge Klein scheduled a hearing on that date
whether to allow the Debtor's continued use of cash collateral.

                        About MJC America

MJC America, Ltd., doing business as Soleus Air System --
http://www.soleusair.com/-- which sells Soleus-branded air
conditioners and heaters in the U.S., filed for Chapter 11
bankruptcy protection (Bankr. C.D. Cal. Case No. 13-39097) in Los
Angeles on Dec. 10, 2013.

The Debtor selected Law Offices of David A. Tilem ("TILEM") as its
general bankruptcy counsel.  Winston & Strawn LLP serves as
special litigation counsel.

MJC disclosed $14.0 million in total assets and $15.9 million
in liabilities in its schedules.  Accounts receivable of
$9.22 million and inventory of $4.12 million comprise most of
the assets.  East West Bank has a scheduled secured claim of
$2.1 million on a line of credit, and Hong Kong Gree Electric
Appliances Sales, Ltd., is owed $4.07 million, but only $288,000
is secured.


MMRGLOBAL INC: Projects Record-Breaking Revenue
-----------------------------------------------
MMRGlobal, Inc., through its patented MyMedicalRecords product and
service offerings, is calling attention to the value of having a
Personal Health Record as employees enter open enrollment season
and consumers sign up at Healthcare.gov and other statewide
exchanges now through February 15th.  With hundreds of millions of
dollars being spent in advertising by insurers and the government
to drive consumers to sign up for health insurance, the Company is
joining the media foray with the launch of its own advertising and
sales promotion campaign entitled "Your Family's Health Connected"
on nationally syndicated television and major national retailer
websites.  The campaign calls consumers to "Be Prepared for Open
Enrollment & Healthcare.gov with a Personal Health Record Kit from
MyMedicalRecords."

MyMedicalRecords, available online at MyMedicalRecords.com and
through major retailers everywhere, is an interoperable, turnkey
solution for patients and their families to securely access all
their protected medical information, regardless of the originating
provider, wherever and whenever it is needed, especially in
emergencies.  Moreover, as patients take greater responsibility
for their health and healthcare costs, having access to their
complete medical history from any doctor, hospital or pharmacy is
invaluable to help avoid unnecessary co-pays and duplicate testing
and other costs of care.  A Personal Health Record such as
MyMedicalRecords can also enable families to be better prepared in
the event of a medical emergency or disaster by having potentially
lifesaving information immediately available to first responders
and emergency room personnel anywhere in the world.

According to Robert H. Lorsch, MMRGlobal CEO, "In an April 2014
letter to shareholders, the Company predicted 2014 would be `our
year' and it appears to be the first of many.  Unlike competitive
PHRs and other patient portals directly connected to a particular
doctor or hospital, MyMedicalRecords offers patients an
interoperable solution by using technology to connect all their
medical records in one secure, consolidated place regardless of
the originating system.  As a result, the need for multiple logins
and passwords to follow all a patient's providers is eliminated."

On November 13, the Company reported the best quarter in its
history, with revenue up over 1,500%, projecting that it will
close out 2014 with the highest revenue since the Company's
inception.  The same day, Robert Lorsch was spotlighted as a
speaker in a Silicon Valley Conference entitled "Digital Health:
The Path Forward," which covered issues surrounding Healthcare in
the Cloud.  Following keynote speaker Donald Jones of Scripps
Translational Science Institute, and panelists from Pfizer, Google
Glass, Stanford University and Qualcomm Life, Lorsch underscored
how, despite billions of dollars being spent on HIT technologies,
patients need to control access to and manage their own medical
records through a PHR such as MyMedicalRecords.

"With the growing emphasis on patient empowerment and maintaining
a Personal Health Record like MyMedicalRecords, millions of newly
insured patients will require a PHR to help better coordinate care
and control costs.  The importance of having a PHR is being
underscored as a result of government initiatives and requirements
that healthcare providers offer PHRs to patients, insurer patient
education programs, retail pharmacy and clinic education program,
and worksite wellness campaigns.  The Company's primary business
is to offer and sell its patented solutions to help consumers
better manage their care and control high costs through health
information technology."

                          About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

MMRGlobal reported a net loss of $7.63 million in 2013, as
compared with a net loss of $5.90 million in 2012.

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 years ended
December 31, 2013 and 2012.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


MOBIVITY HOLDINGS: T. Tolbert to Serve SVP Business Development
---------------------------------------------------------------
Mobivity Holdings Corp. and Thomas Tolbert entered into an
amendment to Mr. Tolbert's employment agreement dated May 20,
2013, with the Company.  Pursuant to the amendment, Mr. Tolbert
will, from the date of the amendment forward, serve as the
Company's senior vice president Business Development, with
responsibility for large account lead generation and sales and the
executive management of certain national accounts.

Pursuant to the amendment, Mr. Tolbert's base salary will be
$120,000 per year.  Mr. Tolbert's quarterly bonus going forward
will be (i) fifteen percent (15%) of collected revenues on all new
accounts acquired primarily through the efforts of Mr. Tolbert,
provided that this bonus will only be paid on collected revenue
during the initial term of the customer agreement with the
Company, and (ii) five percent (5%) of all collected revenue on
all customer accounts that are renewed by the customer primarily
through the efforts of Mr. Tolbert, provided that this bonus will
only be paid on collected revenue during periods of renewal
subsequent to the current term of that account as of the date of
the amendment.

                      About Mobivity Holdings

Mobivity Holdings Corp. was incorporated as Ares Ventures
Corporation in Nevada in 2008.  On Nov. 2, 2010, the Company
acquired CommerceTel, Inc., which was wholly-owned by CommerceTel
Canada Corporation, in a reverse merger.  Pursuant to the Merger,
all of the issued and outstanding shares of CommerceTel, Inc.,
common stock were converted, at an exchange ratio of 0.7268-for-1,
into an aggregate of 10,000,000 shares of the Company's common
stock, and CommerceTel, Inc., became a wholly owned subsidiary of
the Company.  In connection with the Merger, the Company changed
its corporate name to CommerceTel Corporation on Oct. 5, 2010.
In connection with the Company's acquisition of assets from
Mobivity, LLC, the Company changed its corporate name to Mobivity
Holdings Corp. and its operating company to Mobivity, Inc, on
Aug. 23, 2012.

Mobivity Holdings reported a net loss of $16.75 million in 2013,
a net loss of $7.33 million in 2012 and a net loss of $16.31
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $11.43
million in total assets, $3.35 million in total liabilities and
$8.07 million in total stockholders' equity.


MTGOX: Kraken Selected to Aid Missing Bitcoin Investigation
-----------------------------------------------------------
Kraken, a San Francisco-based bitcoin exchange, on that it has
been selected to support the investigation of missing bitcoin and
the distribution of remaining assets to the creditors.  This
decision comes after an extensive evaluation process where
multiple companies were considered and thoroughly vetted.  Kraken
was chosen for reasons including its proven track record of stable
exchange operation and reliable customer support, and possesses
the skill and expertise required to properly carry out an
investigation of the lost bitcoin and the distribution of assets
to creditors.

Duties that Kraken may be asked to carry out include the
following:

   -- Aid in the investigation of possible lost or stolen Bitcoin
   -- Aid in the creation of a system to file and investigate
claims
   -- Help to distribute Bitcoin and/or fiat assets to creditors
Exchange Bitcoin to fiat currency when needed
   -- Provided the trustee decides to distribute bitcoin,
creditors may be asked to create a Kraken account, if they do not
already have one, to establish a secure, efficient and cost-
effective platform for the distribution of bitcoin.

Claimants wishing to open a Kraken account and possibly avoid any
delays caused by the large increase in new sign-ups and/or
verifications are encouraged to sign up now at
https://www.kraken.com/signup

"The outcome of the MtGox bankruptcy proceedings will deeply
affect the Bitcoin community as a whole," said Kraken CEO Jesse
Powell.  "We've decided to volunteer our resources and expertise
in an attempt to minimize damage to creditors, restore faith in
the Bitcoin community, and demonstrate trusted leadership in the
industry," Mr. Powell said.

Updates will be accessible at https://www.kraken.com/mt-gox-
updates as they become available.

                          About Kraken

Based in San Francisco, Kraken -- http://www.kraken.com-- is a
bitcoin exchange for euro trading, offers advanced trading tools,
a sophisticated user interface, robust technical security and full
regulatory compliance to traders and institutions.

                          About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014. It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to
$50 million and debts of $50 million to $100 million.


MVB HOLDING: Amends Schedules of Assets and Liabilities
-------------------------------------------------------
MVB Holding, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Mississippi filed amended schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $1,376,628
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $18,110,140
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $930,468
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $16,350,794
                                 -----------      -----------
        Total                     $1,376,628      $35,391,402

The Debtor disclosed $1,367,870 in assets and $25,381,127 in
liabilities in the prior iteration of the schedules.

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

     http://bankrupt.com/misc/MVBHOLDING_182_amendedsal.pdf

                        About MVB Holding

MVB Holding, LLC, in Biloxi, Mississippi, filed a Chapter 11
bankruptcy petition (Bankr. S.D. Miss. Case No. 14-51430) on
Sept. 16, 2014.  MVB owns the Margaritaville casino in Biloxi.

Judge Katharine M. Samson presides over the case.  Robert Alan
Byrd, Esq., at Byrd & Wiser, serves as the Debtor's counsel.  In
its petition, MVB estimated $10 million to $50 million in assets
and liabilities.  The petition was signed by Doug Shipley as
president/CEO.

The U.S. Trustee for Region 5 appointed three creditors of MVB
Holding, LLC to serve on the official committee of unsecured
creditors.


NATROL INC: May Change Case Caption to "Leaf123 Inc."
-----------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court for
the District of Delaware authorized Natrol Inc. and its debtor-
affiliates to amend, effective upon closing of asset sales, the
caption of their cases from:

   -- Natrol Inc. to Leaf123 Inc.;
   -- Natrol Holdings Inc. to Leaf123 Holdings Inc.;
   -- Natrol Products Inc. to Leaf123 Products Inc.;
   -- Natrol Direct Inc. to Leaf123 Direct Inc.;
   -- Natrol Acquisition Corp. to Leaf123 Acquisition Corp.;
   -- Prolab Nutrition Inc. to Leaf123 Nutrition Inc.; and
   -- Medical Research Institute to Leaf123 Medical Institute.

As reported in the Troubled Company Reporter on Nov. 13, 2014,
Judge Shannon authorized the Debtors to sell substantially all of
its assets to Aurobindo Pharma USA Inc.

According to Peg Brickley, writing for The Wall Street Journal,
Aurobindo offered $132.5 million for the vitamin and supplement
maker.  Bill Rochelle and Sherri Toub, bankruptcy columnists for
Bloomberg News, reported that Natrol held a robust auction on
Nov. 10, with an opening bid of $84 million from an affiliate of
ICV Partners LLC.  The price rose 58% during the auction with
Aurobindo's $132.5 million, the Bloomberg report said.

                        About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico
Pharmaceuticals Limited.  Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world.  Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life.  Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers.  Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.

Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.).  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
Epiq Systems Inc.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The U.S. Trustee for Region 3 on June 19 appointed five creditors
of Natrol, Inc. to serve on the official committee of unsecured
creditors.  The Committee tapped to retain Otterbourg P.C. as lead
counsel; (ii) Pepper Hamilton LLP as Delaware counsel; and (iii)
CMAG as financial advisors.

The Debtors reported total assets of $83,932,462 and total
liabilities of $87,174,387.


NBTY INC: S&P Keeps 'B+' Revolver Rating Over Maturity Extension
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' issue level
rating on Ronkonkoma, N.Y.-based NBTY Inc.'s revolving credit
facility is unchanged following the maturity date extension to
Sept. 1, 2017, from Oct. 1, 2015, and reduction in size to $175
million from $200 million.  The recovery rating on the revolving
credit facility remains '2', indicating that lenders could expect
substantial (70% to 90%) recovery in the event of a payment
default.

All of S&P's other ratings on the company, including the 'B'
corporate credit rating, are unchanged.  The outlook is stable.
Total debt outstanding as of Sept. 30, 2014, including holding
company notes, was about $3.2 billion.

S&P's ratings on NBTY reflect its significant debt burden and
aggressive financial policy.  The company's credit metrics are
weak with around 6.5x leverage and 6.5% ratio of funds from
operations (FFO) to total debt.  S&P forecasts credit metrics will
slowly improve over the next few years through EBITDA growth but
remain in line with indicative ratios for S&P's "highly leveraged"
financial risk descriptor, which include leverage above 5x and FFO
to total debt below 12%.

S&P's ratings also reflect the company's meaningful but not
dominant position in the fragmented and competitive wholesale
vitamins, minerals, herbs, and supplements (VMHS) industry;
favorable industry demographics associated with aging populations
and consumers' focus on health and well-being; and the strength of
the Holland & Barrett health food specialty retail business in the
U.K.  The ratings also incorporate tough competition in the highly
fragmented U.S. retail VMHS business, where NBTY subsidiary
Vitamin World is a distant number four player after GNC, Whole
Foods, and Vitamin Shoppe.  These factors support a "fair"
business risk profile.

RATING LIST

NBTY Inc.
Corporate Credit Rating               B/Stable/--
Senior Secured                        B+
  Recovery Rating                      2
Senior Unsecured                      B-
  Recovery Rating                      5

Alphabet Holding Company Inc.
Senior Unsecured                      CCC+
  Recovery Rating                      6


NCL CORP: S&P Reinstates 'BB+' Rating on $350MM Term Loan
---------------------------------------------------------
Standard & Poor's Ratings Services reinstated its ratings on NCL
Corp. Ltd.'s $350 million term loan B due 2021.  S&P withdrew the
rating on this instrument in error on Nov. 24, 2014.  S&P is
reassigning the same rating on the instrument.

RATINGS LIST

NCL Corp. Ltd.
Corporate Credit Rating          BB-/Stable/--

Rating Reinstated

NCL Corp. Ltd.
$350 mil. term loan B due 2021
Senior Secured                   BB+


NII HOLDINGS: Can Hire TSS as Parent Debtor's Conflict Counsel
--------------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York authorized NII Holdings Inc. and
its debtor-affiliates to employ Togut, Segal & Segal LLP as their
conflicts counsel to NII Holdings Inc. (Parent Debtor) effective
as of Oct. 23, 2014.

The Togut firm is expected to handle matters that the Parent
Debtor may encounter which are not appropriately handled by the
Debtors' attorney, Jones Day, due to a potential or actual
conflict of interest with certain creditors of the Parent Debtor,
including matters presently identified involving Qualcomm, Inc.,
and to perform such other discrete duties as are assigned by Jones
Day to the Togut Firm, which may include, without limitation,
preference and related actions under Chapter 5 of the Bankruptcy
Code; objections to claims; assumption and rejection of executory
contracts and unexpired leases; and such other routine matters as
may be assigned to the Togut Firm by Jones Day in consultation
with the Parent Debtor.

The Parent Debtor said it is very mindful of the need to avoid
duplication of services, and appropriate procedures will be
implemented to ensure that there is no unnecessary work done by
the Togut Firm.

The Togut Firm will have responsibility for rendering professional
services to the Parent Debtor delegated to them by the Parent
Debtor where Jones Day has an actual or potential conflict
including the following:

   a) addressing matters with regard to one or more executory
      contracts with Qualcomm, Inc.;

   b) addressing such other matters with regard to other Conflict
      Matters as may be assigned to the Togut Firm by the Parent
      Debtor and to perform such other discrete duties as assigned
      by Jones Day to the Togut Firm; and

   c) performing all necessary legal services relating to the
      foregoing, including:

         i) preparing motions, applications, answers, orders,
            appeals, reports and papers;

        ii) attending meetings and negotiating with
            representatives of creditors and other parties in
            interest;

       iii) advising the Parent Debtor; and

        iv) appearing before the Court, any appellate courts and
            the U.S. Trustee, and protecting the interests of the
            Parent Debtor's estate before those Courts and the
            U.S. Trustee.

The firm's professionals and their compensation rates:

   Professional            Position              Hourly Rates
   ------------            --------              ------------
   Albert Togut, Esq.,     Supervising Partner   $935
   Jeffrey R. Gleit, Esq.  Supervising Partner   $705
   Associates                                    $205-$585
   Counsels                                      $585-$645
   Paraprofessionals and                         $145-$295
    Law Clerks

Gary D. Begeman, executive vice president and general counsel
of the Parent Debtor, assured the Court that the firm is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.

                      U.S. Trustee Guidelines

Mr. Begeman said the Togut firm it intends to apply for
compensation for professional services rendered in connection with
the Chapter 11 Cases, subject to this Court's approval and in
compliance with applicable provisions of the Bankruptcy Code,
Bankruptcy Rules, the Local Rules, further Orders of this Court,
and the Appendix B Guidelines on an hourly basis, plus
reimbursement of actual and necessary expenses and other charges
that the Togut Firm incurs.  The Togut firm noted it will charge
the Debtor's estates hourly rates consistent with the rates it
charges in other matters of this type.

According to Mr. Begeman, it is the Togut Firm's policy to charge
its clients for all other expenses incurred in connection with the
client's case.  The expenses charged to clients include, among
other things, photocopying, witness fees, travel expenses, certain
necessary secretarial and other overtime expenses, filing and
recordation fees, long distance telephone calls, postage, express
mail and messenger charges, computerized legal research charges
and other computer services, expenses for "working meals" and
telecopier charges.  The Togut firm will charge the Parent
Debtor's estate for these expenses in a manner and at rates
consistent with those it generally charges its other clients and
in accordance with the Local Rules and Appendix B Guidelines, Mr.
Begeman added.

Mr. Begeman further says the Togut firm has not received a
retainer for its services in this case.

Mr Begeman added that no promises have been received by the
Togut firm nor by any partner, counsel or associate thereof as to
compensation in connection with these Chapter 11 Cases other than
in accordance with the provisions of the Bankruptcy Code.  The
Togut firm has no agreement with any other entity to share with
such entity any compensation received by the Togut firm in
connection with these Chapter 11 Cases.

Togut firm can be reached at:

   Albert Togut, Esq.
   Jeffrey R. Gleit, Esq.
   TOGUT, SEGAL & SEGAL LLP
   One Penn Plaza, Suite 3335
   New York, NY 10119
   Tel: 212-594-5000
   Fax: 212-967-4258
   TOGUT, SEGAL & SEGAL LLP
   E-mail: altogut@TeamTogut.com
          jgleit@teamtogut.com

The Debtors retained as counsel:

   David G. Heiman, Esq.
   Carl E. Black, Esq.
   JONES DAY
   North Point
   901 Lakeside Avenue
   Cleveland, OH 44114
   Tel: (216) 586-3939
   Fax: (216) 579-0212
   E-mail: dgheiman@jonesday.com
          ceblack@jonesday.com

                         About NII Holdings

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

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

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

The Debtors have tapped Jones Day as counsel and Prime Clerk LLC
as claims and noticing agent.  The U.S. Trustee for Region 2 on
Sept. 29 appointed five creditors of NII Holdings to serve on the
official committee of unsecured creditors.


NORD RESOURCES: Christopher Linscott Appointed as Receiver
----------------------------------------------------------
Nedbank Limited, the principal secured lender under the $52
million secured loan facility granted to Nord Resources
Corporation, has appointed Christopher G. Linscott of Keegan,
Linscott & Kenon, PC, as the receiver of all of Nord's real and
personal property, effective Nov. 18, 2014.

The appointment of Mr. Linscott follows the termination of
discussions between the Company and Nedbank.  The discussions, the
commencement of which was initially disclosed in September 2009,
were unsuccessfully concluded after the secured lenders rejected
the Company's proposal to provide additional liquidity and further
extend the time necessary to refinance the Company.

Wayne Morrison, the Company's chief executive officer, said, "the
recent deterioration of Nord's financial condition is primarily
attributable to two factors: a reduction in copper production due
to lack of operating solutions and a weakening in the copper
price.  As a result, the Company has been unable to generate
sufficient cash to service its working capital requirements.  The
Company's management and its principal shareholders have made
every effort to continue Nord's operation as a going concern
including searching for potential investors and attempting to come
to a rescheduling agreement with its secured lenders.
Regretfully, all these efforts have been unsuccessful; resulting
in the Company's secured lenders appointing a receiver."

                        About Nord Resources

Based in Tuczon, Arizona, Nord Resources Corporation
(TSX:NRD/OTCBB:NRDS.OB) -- http://www.nordresources.com/-- is a
copper mining company whose primary asset is the Johnson Camp
Mine, located approximately 65 miles east of Tucson, Arizona.
Nord commenced mining new ore in February 2009.

On June 2, 2010, Nord Resources appointed FTI Consulting to advise
on refinancing structures and strategic alternatives.

Nord Resources disclosed a net loss of $10.25 million on $8.14
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $10.31 million on $14.48 million of net sales
in 2011.  The Company's balance sheet at Sept. 30, 2013, showed
$49.02 million in total assets, $73.40 million in total
liabilities and a $24.38 million total stockholders' deficit.

Mayer Hoffman McCann P.C., in Denver, Colorado, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company reported net losses of ($10,254,344) and
($10,316,294) during the years ended Dec. 31, 2012, and 2011,
respectively.  In addition, as of Dec. 31, 2012 and 2011, the
Company reported a deficit in net working capital of ($57,999,677)
and ($51,783,180), respectively.  The Company's significant
historical operating losses, lack of liquidity, and inability to
make the requisite principal and interest payments due under the
terms of the Amended and Restated Credit Agreement with its senior
lender raise substantial doubt about its ability to continue as a
going concern.

                        Bankruptcy Warning

"The Company's continuation as a going concern is dependent upon
its ability to refinance the obligations under the Credit
Agreement with Nedbank, the Copper Hedge Agreement with Nedbank
Capital, and the note payable with Fisher, thereby curing the
current state of default under the respective agreements.  Any
actions by Nedbank, Nedbank Capital or Fisher Industries to
enforce their respective rights could force us into bankruptcy or
liquidation," according to the Company's annual report for the
year ended Dec. 31, 2012.


PHOENIX PAYMENT: Can Access Bancorp Cash Collateral Until February
------------------------------------------------------------------
The Bankruptcy Court approved a stipulation authorizing Phoenix
Payment Systems, Inc., to continue using the cash collateral until
Feb. 28, 2015.  The Court previously granted stipulations
authorizing the use of cash collateral.  Bancorp Bank consented to
the Debtor's use of the cash collateral.  A copy of the
stipulation is available for free at
http://bankrupt.com/misc/PhoenixPayment_CC.pdf

                      About Phoenix Payment

Founded in 2004, Phoenix Payment Systems, Inc., aka Electronic
Payment Systems, aka EPX, is an international payment processor
with corporate headquarters in Wilmington, Delaware, and
technology headquarters in Phoenix, Arizona.  It provides
acceptance, processing, support, authorization and settlement
services for credit card, debit card and e-check payments.

Providing processing services at more than 8,700 locations
worldwide, PPS processed, in multiple currencies, 280 million
transactions in 2013 and expects to process 400 million in 2014.

Phoenix Payment Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 14-11848) on Aug. 4,
2014, to quickly sell its assets.

As of the Petition Date, the Debtor had total outstanding
liabilities and other obligations of $16.6 million and 9.8 million
shares of outstanding preferred and common stock.  Debt to secured
creditor The Bancorp Bank is estimated at $6.2 million.  The
Debtor disclosed $7,230,399 in assets and $14,083,645 in
liabilities as of the Chapter 11 filing.

Judge Mary F. Walrath presides over the case.

The Debtor's attorneys are Richard J. Bernard, Esq., at Foley &
Lardner LLP, in New York; and Mark D. Collins, Esq., Russell
Siberglied, Esq., Zachary I Shapiro, Esq., and Marisa A.
Terranova, Esq., at Richards Layton & Finger, P.A., in Wilmington,
Delaware.  The Debtor's banker and financial advisor is Raymond
James & Associates, Inc., while Bederson, LLC, is the Debtor's
accountant.  PMCM, LLC, provides advisory services and executive
leadership to the Debtor.  The Debtor's claims and noticing agent
is Omni Management Group, LLC.

The U.S. Trustee for Region 3 has appointed three members to the
Official Committee of Unsecured Creditors.  The Committee tapped
to retain Lowenstein Sandler LLP, and White and Williams LLP as
its co-counsel; Alvarez & Marsal North America, LLC as its
financial consultant.


PORTER BANCORP: Treasury To Sell 35,000 Pref. Shares at Auction
---------------------------------------------------------------
The U.S. Treasury announced its intention to sell the Series A
Fixed Rate Cumulative Perpetual Preferred Stock issued to it by
Porter Bancorp, Inc., in an upcoming public auction.

On Nov. 21, 2014, the Treasury notified the Company that it had
accepted bids to purchase all 35,000 outstanding shares of Series
A Preferred from five bidders designated by the Company.  The
Designated Bidders include Glenn Hogan and Michael T. Levy, both
directors of the Company, and Patriot Financial Partners L.P. for
whom a third director of the Company, W. Kirk Wycoff, serves as a
general partner.  The sale of the Series A Preferred is expected
to close on Dec. 4, 2014.

The Company has entered into agreements with the Designated
Bidders and three other accredited investors to exchange the
35,000 shares of Series A Preferred, including the right to
receive approximately $7.4 million of accrued but unpaid
dividends, and other securities of the Company for newly issued
shares of the Company's common stock and shares of newly
designated series of the Company's preferred stock.  The exchange
with the Designated Bidders will become effective immediately
after the Designated Bidders complete the purchase of the Series A
Preferred from Treasury.

NASDAQ Rule 5635 requires shareholder approval when the total
number of shares of common stock or securities convertible into
common stock sold in a private placement would exceed 20% of the
Company's outstanding common stock.  In accordance with the NASDAQ
Rule, the Company's shareholders will be asked to approve
proposals to authorize the conversion of each newly designated
Series B Preferred Share into 100 common shares and the conversion
of each newly designated Series D Preferred Share into 100 non-
voting common shares (which are also convertible into common
shares).  The Company expects to submit the proposals for
shareholder approval during the first quarter of 2015.

Exchange Agreements

The Company entered into exchange agreements with the Designated
Bidders and three other investors, which became effective when
Treasury accepted the bids of the Designated Bidders on Nov. 21,
2014.  The shares of capital stock to be issued by the Company and
the securities to be tendered to the Company in the Exchange are
as follows:

Surrendered to the Company:

* 35,000 shares, Series A Preferred Stock, stated value $1,000
   per share, including rights to payment of approximately $7.4
   million of accrued and unpaid dividends thereon.

* 317,042 shares Non-Voting Mandatorily Convertible Preferred
   Stock, Series C.

* Warrants to purchase 760,871 non-voting common shares for
   $10.95 per share.

Issued by the Company:

* 1,821,428 common shares

* 40,536 shares of Convertible Perpetual Preferred Stock, Series
   B

* 64,580 shares of Convertible Perpetual Preferred Stock, Series
   D

* 6,198 shares of Non-Voting, Noncumulative, Non-Convertible
   Perpetual Preferred Stock, Series E

* 4,304 shares of Non-Voting, Noncumulative, Non-Convertible
   Perpetual Preferred Stock, Series F

A full-text copy of the Form 8-K filing is available at:

                        http://is.gd/oVDtvh

                        About Porter Bancorp

Porter Bancorp, Inc., is a bank holding company headquartered in
Louisville, Kentucky.  Through its wholly-owned subsidiary PBI
Bank, the Company operates 18 full-service banking offices in
12 counties in Kentucky.

Porter Bancorp incurred a net loss attributable to common
shareholders of $3.39 million in 2013, a net loss attributable to
common shareholders of $33.43 million in 2012 and a net loss
attributable to common shareholders of $105.15 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $1.03
billion in total assets, $1 billion in total liabilities and
$29.32 million in total stockholders' equity.

Crowe Horwath, LLP, in Louisville, Kentucky, 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 substantial losses in 2013, 2012 and
2011, largely as a result of asset impairments.  In addition, the
Company's bank subsidiary is not in compliance with a regulatory
enforcement order issued by its primary federal regulator
requiring, among other things, increased minimum regulatory
capital ratios.  Additional losses or the continued inability to
comply with the regulatory enforcement order may result in
additional adverse regulatory action.  These events raise
substantial doubt about the Company's ability to continue as a
going concern.


PRM FAMILY: Balks at Bro-Pack Enterprises' Bid for Case Conversion
------------------------------------------------------------------
Debtors PRM Family Holding Company, LLC, et al., objected to Bro-
Pack Enterprises' motion to convert the Debtors' bankruptcy cases
to Chapter 7 liquidation.

According to the Debtors, the conversion motion must be denied
because:

   1. It failed to present sufficient factual allegations to
establish a prima facia case that cause exists to convert;

   2. Even if the motion set forth sufficient factual allegations,
Bro-Pack would be unable to present sufficient evidence to
establish cause; and

   3. The Debtors can demonstrate that staying in Chapter 11 and
confirming the Joint Plan of Liquidation dated July 25, 2014, is
in the best interests of creditors.

Bro-Pack was a trade creditor of the Debtors' grocery stores
before they were sold.  It has allowed 11 U.S.C. Sec. 503(b)(9)
claims in the aggregate amount of $382,874.  The amount is
included in Bro-Pack's proofs of claim which seeks the aggregate
amount of $727,014.

                         About PRM Family

PRM Family Holding Company, L.L.C., operator of 11 Pro's Ranch
Markets grocery stores in Arizona and Texas and New Mexico,
sought Chapter 11 protection (Bankr. D. Ariz. Case No. 13-09026)
on May 28, 2013.

As of the bankruptcy filing, PRM Family Holding operates seven
grocery stores in Phoenix, two in El Paso, Texas, and two in New
Mexico.  Its corporate office is in California and it has
warehouses and distribution facilities in California and Phoenix.
Its Pro's Ranch Markets feature produce, baked goods, and other
general grocery items with a Hispanic flair and theme.  The
company has more than 2,200 employees.

PRM Family blamed its woes on, among other things, the adverse
effect of the perception in Arizona towards immigrants including
the passage of SB 1070 and an immigration audit to which no other
competitor was subjected.  It also blamed a decline in the U.S.
economy and an increase competition from other grocery store
chains.

Bank of America, the secured lender, declared a default in
February 2013.

PRM Family estimated liabilities in excess of $10 million.

Judge Sarah Sharer Curley oversees the case.  Michael McGrath,
Esq., Scott H. Gan, Esq., Frederick J. Petersen, Esq., Kasey C.
Nye, Esq., David J. Hindman, Esq., and Isaac D. Rothschild, Esq.,
at Mesch, Clark & Rothschild, P.C., serve as the Debtor's counsel.

HG Capital Partners' Jim Ameduri serves as financial advisor.

PRM Family submitted to the Bankruptcy Court on Sept. 23, 2013, a
Joint Disclosure Statement in support of Plan of Reorganization.
The Disclosure Statement says the Debtor will continue the
operation of a long-standing business, which currently employs
approximately 2,300 people. Continuing the business will allow the
Debtors to repay creditors and maintain trading relationships with
long-term trade vendors.

Attorneys at Freeborn & Peters LLP, in Chicago, Ill., represent
the Official Committee of Unsecured Creditors as lead counsel.
Attorneys at Schian Walker, P.L.C., in Phoenix, Arizona, represent
the Committee as local counsel.  O'Keefe & Associates Consulting,
LLC, serves as financial advisor to the Committee.

Robert J. Miller, Esq., Bryce A. Suzuki, Esq., and Justin A.
Sabin, Esq., at Bryan Cave LLP, in Phoenix, serve as counsel for
Bank of America, N.A., as administrative agent and a lender under
an amended and restated credit agreement dated July 1, 2011.


RADIOSHACK CORP: Standard General to Trade Shares for Board Seats
-----------------------------------------------------------------
Maria Armental, writing for The Wall Street Journal, reported that
Standard General LP has agreed to give up some of its potential
stake in a recapitalized RadioShack Corp. in exchange for four
board seats, a move that could help the struggling electronics
chain stave off a bankruptcy filing.

According to the report, under the amended refinancing agreement,
Standard General, which is RadioShack's largest shareholder with a
10.1 million, or 9.8% share stake, would give as much as 10% of
its preferred stockholdings in exchange for the seats and at least
two of the designees would be independent directors.

                   About Radioshack Corporation

RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com--
is a national retailer of innovative mobile technology products
and services, as well as products related to personal and home
technology and power supply needs.  RadioShack's retail network
includes more than 4,300 company-operated stores in the United
States, 270 company-operated stores in Mexico, and approximately
1,000 dealer and other outlets worldwide.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139.4 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.

                           *     *     *

As reported by the TCR on Sept. 15, 2014, Standard & Poor's
Ratings Services lowered its corporate credit rating on Fort
Worth, Texas-based RadioShack Corp. to 'CCC-' from 'CCC'.

"The downgrade comes as the company announced it will seek
capital, and that such a transaction could include a debt
restructuring in addition to store closures and other measures,"
said Standard & Poor's credit analyst Charles Pinson-Rose.

In the Sept. 16, 2014, edition of the TCR, the TCR reported that
Fitch Ratings had downgraded the Long-term Issuer Default Rating
(IDR) for RadioShack Corporation (RadioShack) to 'C' from 'CC'.
The downgrade reflects the high likelihood that RadioShack will
need to restructure its debt in the next couple of months.

The TCR reported on March 13, 2014, that Moody's Investors Service
downgraded RadioShack Corporation's corporate family rating to
Caa2 from Caa1.  "The continuing negative trend in RadioShack's
sales and margins has resulted in a precipitous drop in
profitability causing continued deterioration in credit metrics
and liquidity," Mickey Chadha, Senior Analyst at Moody's said.


RECYCLE SOLUTIONS: US Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 8 appointed three creditors of Recycle
Solutions Inc. to serve on the official committee of unsecured
creditors:

     (1) Marion Clark
         COMMITTEE CHAIRPERSON
         Dedicated Logistical Systems
         236 Gransteeple Dr.
         Collierville, TN 38017
         (901) 861-0600 ext. 311
         Jbecher@uwsllc.com

     (2) Keith Mallon
         GM Logistics
         18281 Edison Ave., Ste. 60
         Chesterfield, MO 63005-3714
         (636) 534-5020
         keith@gmlogisticslc.com

     (3) Jim Becher
         Unified Waste Systems
         630 Whitfield Drive
         Hernando, MS 38632
         (901) 828-3414
         mclark@dlslogistics.com

Marion Clark of Dedicated Logistical Systems was appointed as
chairperson of the committee, according to a filing made in U.S.
Bankruptcy Court for the Western District of Tennessee.

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

                      About Recycle Solutions

Recycle Solutions, Inc., a Tennessee-based company that makes $10
million a year from recycling plastic bottles, paper and cans in
the Southeast, sought Chapter 11 bankruptcy protection in its
home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on Nov.
4, 2014, disclosing assets of $11.5 million against liabilities of
$6.4 million.

The case is assigned to Judge George W. Emerson Jr.  The Debtor is
represented by Steven N. Douglass, Esq., at Harris Shelton Hanover
Walsh, PLLC, in Memphis.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due March 4, 2015.

Recycle Solutions, founded in 2002 in Memphis, TN, is in the
business of recycling and reusing plastic, wood and packaging for
film rolls.  The company claims to be a pioneer in helping leading
corporations develop and implement innovative programs to reduce
their environmental impact.  James Downing, of Arlington,
Tennessee, founder and president, owns 100% of the stock.


RELIANCE INTERMEDIATE: Moody's Assigns Ba1 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating
and a Ba1-PD probability of default rating to Reliance
Intermediate Holdings LP (Holdings) and confirmed the Ba2 senior
secured rating of Holdings and the Baa3 senior secured rating of
its subsidiary, Reliance LP (together Reliance). The ratings
outlook for both entities is stable. This action concludes a
review for downgrade initiated on May 5, 2014 following Reliance's
announcement that it had signed an agreement to sell its Reliance
Protectron Inc. business.

"The ratings confirmation recognizes that Reliance has used the
proceeds from the Protectron sale to fund the purchase of National
Home Services (NHS), a water heater and HVAC business, and has not
incurred additional debt to fund a dividend to its private owner",
says Peter Adu, Moody's lead analyst for Reliance.

Ratings Assigned

Issuer: Reliance Intermediate Holdings LP

Corporate Family Rating, Ba1

Probability of Default Rating, Ba1-PD

Ratings Confirmed

Issuer: Reliance Intermediate Holdings LP

US$350M 9.5% Senior Secured Notes due 2019, Ba2(LGD5)

Issuer: Reliance LP

C$30M 8.00% Senior Secured Notes due 2018, Baa3(LGD3)

US$185M 7.39% Senior Secured Notes due 2018, Baa3(LGD3)

Outlook Actions:

Issuers: Reliance Intermediate Holdings LP and Reliance LP

Changed to Stable From Under Review

Ratings Rationale

Reliance's Ba1 CFR is primarily influenced by its strong position
in a market segment with high entry barriers as well as a stable
business model with good revenue visibility, solid margins and
predictable operating cash flows. However, Reliance has weak key
credit metrics (Debt/EBITDA of 5.1x and EBITDA-Capex/Interest of
1.9x) and small scale. Reliance's rating is also constrained by
dividend payments to its owner which exceed available cash flow,
although Moody's believes that EBITDA growth will match debt
increases, thereby maintaining adjusted Debt/EBITDA leverage
around 5x.

Moody's considers Reliance's liquidity position to be adequate.
Moody's expects the company to consume over $100 million in cash
flow after dividends in the next year, which can be funded by
about $300 million of availability under its $450 million senior
secured credit facility due December 2016. Reliance is subject to
leverage and coverage covenants under its credit facility for
which cushion is expected to exceed 30%. Reliance's ability to
generate liquidity from asset sales is limited as its debts are
secured by liens on all its assets.

The stable outlook primarily reflects Moody's expectation that
Reliance will maintain its stable operating profile and manage
debt levels so that leverage is not sustained above 5x.

The rating could be upgraded if Reliance sustains Debt/EBITDA
below 3x and EBITDA-Capex/Interest above 4x. The rating could be
downgraded if Debt/EBITDA is sustained towards 5.5x and EBITDA-
Capex/Interest is maintained below 1.5x.

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

Reliance is the leader in water heater rentals in Ontario, Canada
with about 1.6 million rental units deployed (including NHS). The
company also provides heating, ventilation, and air-conditioning
services. Revenue for the twelve months ended September 30, 2014
was $566 million. Reliance is headquartered in Toronto, Ontario,
Canada and is owned by Alinda Capital Partners LLC.


RESEARCH SOLUTIONS: Stockholders Elected Six Directors
------------------------------------------------------
Research Solutions, Inc., held its annual meeting of stockholders
on Nov. 21, 2014, at which at which the stockholders:

  (1) elected Peter Derycz, Paul Kessler, Merrill McPeak, Scott
      Ogilvie, Janice Peterson and Gregory Suess to the Board of
      Directors;

  (2) ratified the appointment of Weinberg & Company, P.A., as the
      Company's independent accountants for the year ending
      June 30, 2015;

  (3) approved an amendment to the Research Solutions, Inc., 2007
      Equity Compensation Plan, as amended, to increase the
      maximum number of shares of common stock that may be issued
      pursuant to awards granted thereunder from 3,000,000 to
      5,000,000; and

  (4) approved a proposal to hold a non-binding advisory vote
      approving the following resolution endorsing the Company's
      executive compensation: "RESOLVED, that the stockholders
      approve the compensation of the Company's executives, as
      disclosed in the compensation tables and related narrative
      disclosure in the Company`s proxy statement for the Annual
      Meeting."

                     About Research Solutions

Research Solutions, Inc. provides research information services
and software to research-intensive industries in the Life Sciences
and other fields.  The Encino, California-based Company delivers
copyrighted copies of published content, including articles from
published journals, to content users in hard copy or electronic
form.

As of Sept. 30, 2014, the Company had $6.49 million in total
assets, $5.70 million in total liabilities and $795,772 in total
stockholders' equity.

The Company reported a net loss of $1.87 million for the fiscal
year ended June 30, 2014, compared with net income of $191,922 for
the year ended June 30, 2013.


REYNOLDS GROUP: Moody's Puts B3 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the B3 corporate family rating,
B3-PD probability of default rating, and B1 rating on the senior
secured facilities of Reynolds Group Holdings Limited under review
for downgrade. The review follows RGHL's announcement that it had
entered into a definitive agreement to sell its SIG Combibloc
business.

On November 24, 2014, Reynolds Group Holdings Limited announced
that it entered into an agreement to sell its SIG Combibloc
business to Onex Corporation for an aggregate amount of up to
EUR3.75 billion, subject to certain adjustments based upon closing
date cash and working capital. EUR3.575 billion will be paid to
Reynolds Group at the closing of the transaction, with an
additional amount up to the balance of EUR175 million payable
depending on the financial performance of the SIG Combibloc
business in 2015 and 2016.

The transaction is expected to close in the first quarter of 2015,
pending final regulatory approvals and the satisfaction of other
customary closing conditions.

Moody's placed the following ratings under review for downgrade:

Reynolds Group Holdings Limited

-- B3 corporate family rating

-- B3-PD probability of default rating

Reynolds Group Holdings Inc.

-- All senior secured facilities, B1 (LGD2)

Beverage Packaging Holdings (Luxembourg) II S.A., Beverage
Packaging Holdings II Issuer Inc. (USA)

-- All senior unsecured notes, Caa2 (LGD5)

-- All senior subordinated notes, Caa2 (LGD6)

Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds
Group Issuer (Luxembourg) S.A.

-- All senior secured notes, B1 (LGD2)

-- All senior unsecured notes, Caa2 (LGD5)

Pactiv Corporation

-- All senior unsecured notes, Caa2 (LGD6)

Ratings Rationale

The review for downgrade reflects the lack of disclosure regarding
the use of proceeds from the proposed sale of SIG. The company has
not disclosed if any proceeds will be reinvested, which debt
instruments will be repaid and if it intends to pay a dividend.
RGHL is required to make an offer to pay down its debt at par with
any funds that are not reinvested, but the response to that offer,
and the ultimate amount and mix of debt repaid, will depend upon
the trading levels of the various debt instruments. Additionally,
there is a significant difference in interest expense, call dates
and call premiums among the various debt instruments. Moody's
review will focus on the ultimate use of proceeds and its impact
on credit metrics, especially debt to EBITDA and free cash flow.

The B3 corporate family rating reflects Reynolds Group Holdings
Limited's (RGHL) weak credit metrics, concentration of sales
within certain segments and acquisitiveness/financial
aggressiveness. The rating also reflects the competitive and
fragmented market and the company's mixed contract and cost pass-
through position. RGHL has comparatively limited transparency, a
complex capital and organizational structure and is owned by a
single individual.

Strengths in the company's profile include its strong brands and
market positions in certain segments, scale and high percentage of
blue-chip customers. There are high switching costs for customers
in certain segments as well as a history of innovation. Many of
RGHL's businesses had a history of strong execution and innovation
prior to their acquisition and much of the existing management
teams were retained. Scale, as measured by revenue, is significant
for the industry and helps RGHL lower its raw material costs. The
company also has high exposure to food and beverage packaging.
RGHL currently has adequate liquidity with approximately $1.5
billion in cash on hand as of September 30, 2013.

The ratings could be downgraded if there is deterioration in
credit metrics, liquidity or the competitive and operating
environment. The ratings could also be downgraded if the company
undertakes any significant acquisition. Specifically, the ratings
could be downgraded if debt to EBITDA increases to above 7.0
times, EBIT to interest expense declined below 1.0 time, and free
cash flow to debt remained below 1.0%.

The rating could be upgraded if RGHL sustainably improves its
credit metrics within the context of a stable operating and
competitive environment while maintaining adequate liquidity
including ample cushion under financial covenants. Specifically,
RGHL would need to improve debt to EBITDA to below 6.3 times, EBIT
to interest expense to at least 1.4 times and free cash flow to
debt to above 3.5% while maintaining the EBIT margin in the high
single digits.

The principal methodology used in these ratings was Global
Packaging Manufactrers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.


S.B. RESTAURANT: No Longer Needs Rust Consulting's Services
-----------------------------------------------------------
S.B. Restaurant Co. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Central District of California for
permission to terminate the employment of Rust Consulting Omni
Bankruptcy as their noticing, claims, and balloting agent because
they no longer need the services of the firm in their bankruptcy
cases.

The Debtors relate that on Aug. 22, 2014, the Court approved the
sale of their assets and entered an order approving the same on
Oct. 26, 2014.  The sale closed on Aug. 29, 2014.

The Debtors note that the Court entered on Aug. 25, 2014, a
Chapter 11 Status Conference Order fixing the last date by which
proofs of claims and interests shall be filed as Oct. 29, 2014.
The Claims Bar Date Order was served on all creditors on or about
Aug. 29, 2014, as evidenced by the certificate of service.  The
date for filing claims has passed.  Approximately 357 claims have
been filed, according to the Debtors.

The Debtors say they recognize the need for a transition of the
documents currently maintained by Rust Omni in the event the
relief requested in this motion is approved.  Therefore,
within seven days of notice to Rust Omni of entry of an order
closing these cases, Rust Omni will provide to the Court the final
version of the claims register.  At the close of the cases, Rust
Omni will box and transport all original documents, in proper
format, as provided by the Clerk's Office, to (i) the United
States Bankruptcy Court for the Central District of California
(Los Angeles Division), or (ii) any other location requested by
the Clerk's Office.

                    About S.B. Restaurant Co.

S.B. Restaurant Co. dba Elephant Bar Global Grill/Wok Kitchen, now
a chain of 29 restaurants in seven states, filed a petition for
Chapter 11 protection (Bankr. C.D. Cal. Case No. 14-13778) on June
17, 2014, in Santa Ana, California.  The case is assigned to Judge
Erithe A. Smith.

The Debtors' counsel is Jeffrey N. Pomerantz, Esq., and John W.
Lucas, Esq., at Pachulski Stang Ziehl & Jones LLP, in Los Angeles,
California.  The Debtors' chief restructuring officers are from
Deloitte Transactions & Business Analytics LLP, while their
investment banker is Mastodon Ventures, Inc.  The Debtors'
noticing claims and balloting agent is Rust Consulting Omni
Bankruptcy.

An official committee of unsecured creditors was appointed in the
case of S.B. Restaurant Co. Debtors' cases.  The panel comprises
of (1) General Growth Properties Inc., c/o Julie Minnick Bowden of
Chicago, IL; (2) The Macerich Company, c/o Bill Palmer of
Pittsford, NY; and (3) Global Media Group c/o Mark Torres of
Rancho Santa Margarita, CA.  The Committee retained Cooley LP as
its counsel.


SAMUEL WYLY: Formation of Creditors' Committee Remains Undecided
----------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that U.S. Bankruptcy Judge Barbara Houser in Dallas
said she will announce her ruling on the issue of the formation of
a creditors' committee for Samuel Wyly after the U.S. Government
opposed the proposal from three creditors seeking seats in the
panel.

According to the report, Security Capital Ltd., a company that
made loans to Mr. Wyly, Third Church of Christ, and Scientist and
Thanks-Giving Foundation all seek to have seats in the committee,
but the government objected for several reasons, one being
Security Capital an alleged insider as anything it collects goes
back to Mr. Wyly.  Moreover, the report said the Securities and
Exchange Commission opposed the bid of the church and the
foundation, which told the court they are creditors because Mr.
Wyly promised them charitable gifts, saying a pledge in Texas
doesn't have that stature.

As previously reported by The Troubled Company Reporter, Security
Capital filed papers urging Judge Houser to compel the appointment
of a creditors' committee but the U.S. Trustee declined to form a
committee when it decided that the liquidators for Security
Capital were fiduciaries in their own liquidation and couldn't
take on competing fiduciary duties in Mr. Wyly's U.S. bankruptcy
by serving on the committee.

                        About Samuel Wyly

Samuel Wyly filed for Chapter 11 bankruptcy protection on Oct. 19,
2014, weeks after a judge ordered him to pay several hundred
million dollars in a civil fraud case.  In September, a federal
judge ordered Mr. Wyly and the estate of his deceased brother to
pay more than $300 million in sanctions after they were found
guilty of committing civil fraud to hide stock sales and nab
millions of dollars in profits.

The case is In re Samuel E. Wyly, 14-35043, U.S. Bankruptcy Court,
Northern District of Texas (Dallas).


SCHWAB INDUSTRIES: Deadline to Respond to Dismissal Bid Extended
----------------------------------------------------------------
Schwab Industries, Inc., filed a civil action against The
Huntington National Bank, Hahn Loeser & Parks LLP, Lawrence E.
Oscar and Andrew Krause in the Cuyahoga County Court of Common
Pleas on May 5, 2014.  The Defendants removed the case to the U.S.
Bankruptcy Court for the Northern District of Ohio, Eastern
Division, on June 3, 2014 and subsequently filed motions to
dismiss.  The Plaintiff contested removal, and sought remand to
state court, so the court tabled responses to the motions to
dismiss until 14 days after a decision on the motion to remand.

On October 24, 2014, the court denied the motion to remand.  The
Plaintiff's appeal of that decision is now pending in district
court.  The Plaintiff seeks leave to extend its response deadline
on the motions to dismiss until after the appeal is concluded.
The Defendants oppose the relief.

In a November 25, 2014 Memorandum of Opinion available at
http://bit.ly/1zYP7iAfrom Leagle.com, Bankruptcy Judge Russ
Kendig ruled that the Plaintiff's motion for leave will be granted
by separate order to be entered immediately.

The case is, SCHWAB INDUSTRIES, INC., Plaintiff, v. THE HUNTINGTON
NATIONAL BANK et al., Defendants, Adv. Proc. No. 14-6024 (Bankr.
N.D. Ohio).

                      About Schwab Industries

Dover, Ohio-based Schwab Industries, Inc., produced, supplied and
distributed ready-mix concrete, concrete block, cement and related
supplies to commercial, governmental and residential contractors
throughout Northeast Ohio and Southwest Florida.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ohio Case No. 10-60702) on Feb. 28, 2010.  Affiliates Medina
Cartage Co.; Medina Supply Company; Quality Block & Supply, Inc.;
O.I.S. Tire, Inc.; Twin Cities Concrete Company; Schwab Ready-Mix,
Inc.; Schwab Materials, Inc.; and Eastern Cement Corp. also sought
bankruptcy protection.  The Parkland Group, Inc., provided
restructuring services and designated Laurence V. Goddard as Chief
Restructuring Officer.  Hahn Loeser & Parks LLP served as
bankruptcy counsel.  Brouse McDowell, LPA, served as special
counsel.  Garden City Group, Inc., served as claims, noticing and
balloting agent.  The Company estimated its assets and liabilities
at $50 million to $100 million.

As part of the bankruptcy, substantially all of the Debtors'
assets via auction.  The Court entered a sale order on May 28,
2010.  Subsequently, the Court confirmed a liquidation plan.
Through the sale and plan, a creditor trust was established for
the benefit of the unsecured creditors and John B. Pidcock was
designated Creditor Trustee.  The Debtor was later renamed SII
Liquidation Company.


SCIENTIFIC GAMES: Moody's Lowers Corporate Family Rating to B2
--------------------------------------------------------------
Moody's Investors Service downgraded Scientific Games
Corporation's (SGMS together with Scientific Games International)
Corporate Family Rating to B2 from B1 following the announcement
that the company had completed its merger with Bally Technologies,
Inc. At the same time, Moody's downgraded SGMS' senior subordinate
debt ratings to Caa1 from B3, affirmed its senior secured bank
debt and senior secured notes ratings at Ba3 and its senior
unsecured notes rating at Caa1. The ratings on senior secured
revolver expiring in 2018 and senior secured term loan due 2020
were confirmed at Ba3. Moody's also assigned a Speculative Grade
Liquidity rating of SGL-2 and a stable rating outlook. This
concludes the review on ratings that were placed on review for
downgrade on August 1, 2014.

On November 21, 2014, SGMS announced the completion of the merger
with Bally. SGMS originally announced the planned merger -- valued
at $5.1 billion, including the refinancing of about $1.8 billion
of Bally net debt -- in August 2014. Moody's placed the ratings of
SGMS on review for downgrade at the time of the announcement and
stated that the Corporate Family Rating would be downgraded if the
transaction closes. Bally's debt was repaid in full at the time of
the transaction close and is now a subsidiary of Scientific Games
Corporation.

Ratings Rationale

The B2 Corporate Family Rating considers SGMS' significant pro
forma leverage, calculated both with and without management
estimated cost synergies. Moody's calculates SGMS' pro forma
debt/EBITDA at 6.7 times with estimated cost synergies and 8.0
times without estimated cost synergies. Despite Moody's
expectation that SGMS will apply its annual free cash flow of
between $400 million and $450 million over the next 24 months to
permanently reduce debt outstanding, debt/EBITDA will still remain
high at about 6.5 times. Incorporated into Moody's 6.5 times
debt/EBITDA estimate are the following assumptions for the next 24
month period: (1) the expectation of continued softness in the
gaming sector and only a modest level of consolidated EBITDA
growth; (2) 75% of the company's proposed $220 million of
estimated cost synergies are achieved; (3) and between $400
million to $450 million of absolute debt is repaid.

Notwithstanding these concerns, the acquisition of Bally makes
strategic sense, given the complementary nature of the two
companies' products, as well as the enhanced scale and business
and geographic diversity of the merged entity. The enhanced scale
will allow the company to compete more effectively in an
increasingly competitive market. Bally is a good strategic fit for
SGMS as it will improve SGMS' offerings in the gaming industry in
areas such as casino management systems and table products,
including automatic shufflers, proprietary table games and
electronic table games.

SGMS has a good liquidity profile. Over the next 12-18 months
Moody's expect the company will be able to cover its cash needs
through internally generated cash flows of between $200 million
and $250 million. Moody's expect the company will use this free
cash flow to permanently reduce debt. The company also has access
to a $568 million committed revolver that expires in 2018. Moody's
expect there will be about $200 million outstanding on the
revolver, in part due to borrowings to finance the merger with
Bally and approximately $40 million of issued and outstanding
letters of credit. SGMS is subject to a financial maintenance
covenant on its revolver (net first lien leverage initially set at
5.75x) that Moody's expect will have adequate cushion.

The stable rating outlook assumes SGMS' lottery segment (Instant
Products and Lottery Systems) -- which will account for about 30%
of 2014 pro forma revenue -- will continue to grow, albeit
moderately. This should partly or fully mitigate potential
volatility in SGMS' gaming business. The stable outlook also
assumes that the company will apply the majority of its free cash
flow to absolute debt reduction above and beyond any mandatory and
cash flow sweep amortization requirements.

The ratings could be lowered if it appears that the company will
not be able to reduce and maintain debt/EBITDA below 6.0 times by
the end of calendar year 2016 or if its liquidity weakens for any
reason. A higher rating would require SGMS to achieve and maintain
debt/EBITDA below 5.0 times and maintain its good liquidity
profile.

Ratings downgraded:

Scientific Games Corporation:

  Corporate Family Rating to B2 from B1

  Probability of Default Rating to B2-PD from B1-PD

  8.125% $250 million senior subordinated notes due 2018 to Caa1
  (LGD6) from B3 (LGD5)

Scientific Games International, Inc.:

  6.25% $300 million senior subordinated notes due 2020 to Caa1
  (LGD6) from B3 (LGD5)

  6.625% $350 million senior subordinated notes due 2021 to Caa1
  (LGD6) from B3 (LGD5)

Ratings affirmed and LGD assessments revised:

Scientific Games International, Inc.:

  $2.0 billion senior secured term loan due 2021 at Ba3 (LGD3
  from LGD2)

  7% $950 million senior secured notes due 2022 at Ba3 (LGD3 from
  LGD2)

  10% $2.2 billion senior unsecured notes due 2022 at Caa1 (LGD5)

Ratings confirmed and LGD assessments revised:

Scientific Games International, Inc.:

  $568 million senior secured revolving credit facility due 2018
  at Ba3 (LGD3)

  $2.3 billion senior secured term loan B due 2020 at Ba3 (LGD3)

Ratings withdrawn (debt was not issued):

Scientific Games International, Inc.:

  $500 million senior unsecured notes due 2024 at Caa1 (LGD5)

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

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets. The company's portfolio includes instant and
draw-based lottery games, electronic gaming machines and game
content, server-based lottery and gaming systems, sports betting
technology, loyalty and rewards programs and social, mobile and
interactive content and services. In November 2014 SGMS acquired
Bally Technologies, Inc. The company reported pro forma net
revenues of $3.0 billion for the trailing twelve months ended
September 30, 2014.


SCIENTIFIC GAMES: To Issue 4.8MM Shares Under 2003 Incentive Plan
-----------------------------------------------------------------
Scientific Games Corporation filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement to register
a total of 4.81 million shares of Class A common stock issuable
under the Company's 2003 Incentive Plan, as amended and restated.
The proposed maximum aggregate offering price is $66.25 million.
A copy of the prospectus is available at http://is.gd/fp84z3

                       About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  For more information, please
visit: www.scientificgames.com.

Scientific Games reported a net loss of $30.2 million in 2013, a
net loss of $62.6 million in 2012 and a net loss of $12.6 million
in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $4.03
billion in total assets, $3.93 billion in total liabilities and
$105.7 million in total stockholders' equity.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to B1.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SEGA BIOFUELS: Court Delays Chapter 11 Closing Until Dec. 16
------------------------------------------------------------
The Hon. John S. Dalis of the U.S. Bankruptcy Court for the
Southern District of Georgia granted Sega Biofuels LLC's request
to delay the closing of its Chapter 11 bankruptcy case until
Dec. 16, 2014.

The Debtor said it needs more time to determine whether and to
what extent a modification of its amended Chapter 11 plan -- which
was confirmed on July 18, 2014 -- will be necessary in order to
accommodate the need for substantial additional funding.  The need
for funding for capital improvements has become evident since the
amended plan was confirmed.

As reported in the Troubled Company Reporter on July 10, 2014, the
Amended Plan proposes to pay creditors in full.  The Debtor
estimates that claims will total $19,331,457, with secured claims
totaling $11,897,747 and general unsecured claims totaling
$1,804,710.  The Amended Plan also contains agreements with
certain parties-in-interest, including Logistec USA, Inc., which
provides storage and handling services to the Debtor; Ogle
Engineering; James Huntley; and United Forest Products.

The Debtor said it will be unable to make payments due under its
agreement with Logistec but that it is negotiating another
agreement with the service provider, which agreement is
anticipated to be in place by the time the of Plan confirmation.
The Debtor added that it will extend the proceedings related to
its objection to the claim of Ogle Engineering and James Huntley
to allow for the parties to determine which amounts in the claims
filed may be substantiated to the satisfaction of the Debtor.  It
is possible that some or all of the claims of these creditors will
be allowed and will become part of the group of general unsecured
claims.

United Forest filed a claim in an unspecified amount.  The Debtor
agreed that United Forest may file an amended proof of claim in
the amount of $73,722, and that the Debtor will not object to that
amended claim becoming part of the Class of General Unsecured
Claims.

The Debtor has obtained Court authority to enter into a premium
finance agreement with Premium Assignment Corporation, which
agreement provides for the financing of the insurance premiums to
be paid for the Debtor's insurance policies.  The policies will
bear a total premium of $156,000.  PAC is granted a first and only
priority security interest in (i) all unearned premiums and
dividends which may become payable under the financed insurance
policies for whatever reason; and (ii) loss payments which reduce
the unearned premiums, subject to any mortgage or loss payee
interests.  The Bankruptcy Court, separately, issued an order
granting the motion of Deere Credit, Inc., to reinstate the
consent order requiring the Debtor to cure default and to assume
or reject lease between the Debtor and Deere.

A full-text copy of the May 2 Amended Disclosure Statement is
available at http://bankrupt.com/misc/SEGAds0502.pdf

                       About Sega Biofuels

Sega Biofuels LLC, the owner of a wood-pellet plant in Nahunta,
Georgia, filed a petition for Chapter 11 protection (Bankr. S.D.
Ga. 13-50694) on Sept. 11 in Waycross, Georgia.  The Company
listed assets worth $10.6 million and debt totaling $13.7 million.

C. James McCallar, Jr., Esq., at McCallar Law Firm, in Savannah,
Georgia.

The U.S. Trustee has not appointed an official committee in the
Debtor's bankruptcy case.


SHASTA ENTERPRISES: Taps Cowan & Brady as Bankruptcy Co-Counsel
---------------------------------------------------------------
Shasta Enterprises asks the Bankruptcy Court for permission to
employ David M. Brady of Cowan & Brady as bankruptcy co-counsel.

Brady will work with Douglas B. Jacobs of Jacobs, Anderson, Potter
and Chaplin LLP to pursue the Chapter 11 matter.  The firms will
avoid any duplication in efforts.

The Debtor agreed that Brady will be paid its normal actual time
charges and disbursements, with all fees and costs.  Brady's
current hourly rate is $325.

Prior to the Petition Date, Brady received $30,000.  After
application of fees, the retainer has a balance of $23,000.

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

                     About Shasta Enterprises

Redding, California-based Shasta Enterprises, dba Vidal Vineyards,
dba Silverado Knolls, dba Villa Vidal Vineyards, sought bankruptcy
protection (Bankr. E.D. Cal. Case No. 14-30833) on Oct. 31, 2014.
The case is before Judge Michael S. McManus.  The Debtor's counsel
is David M. Brady, Esq., at Law Office of Cowan & Brady, in
Redding, California.

The Debtor lists total assets of $33.42 million and total debts of
$21.49 million.  The petition was signed by Antonio Rodriguez,
general partner.


SHASTA ENTERPRISES: Taps Jacobs Anderson as Bankruptcy Counsel
--------------------------------------------------------------
Shasta Enterprises asks the Bankruptcy Court for permission to
employ Douglas B. Jacobs of Jacobs, Anderson, Potter & Chaplin,
LLP, as bankruptcy counsel.

The Debtor has agreed to pay the firm's $325 hourly rate in
exchange for the services.  Prior to the Petition Date, the firm
received $5,557 for prepetition professional fees.  There remains
a $24,442 balance of the retainer after application of expenses.

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

                     About Shasta Enterprises

Redding, California-based Shasta Enterprises, dba Vidal Vineyards,
dba Silverado Knolls, dba Villa Vidal Vineyards, sought bankruptcy
protection (Bankr. E.D. Cal. Case No. 14-30833) on Oct. 31, 2014.
The case is before Judge Michael S. McManus.  The Debtor's counsel
is David M. Brady, Esq., at Law Office of Cowan & Brady, in
Redding, California.

The Debtor lists total assets of $33.42 million and total debts of
$21.49 million.  The petition was signed by Antonio Rodriguez,
general partner.


SIGA TECHNOLOGIES: Proposes Analysis Group as Litigation Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on Dec. 9, 2014
at 11:00 a.m., to consider Siga Technologies, Inc.'s motion to
employ Analysis Group, Inc. as litigation consultant nunc pro tunc
to Sept. 16, 2014.  Objections, if any, are due Dec. 2, at
4:00 p.m.

Analysis Group will provide independent, unbiased expert opinions
with respect to various issues raised in the PharmAthene Action.
The Debtor and Analysis Group intend that all services that
Analysis Group will provide to the Debtor will be (a) directed by
the Debtor so as to avoid duplicative efforts among the other
professionals retained by the Debtor.

In December 2006, PharmAthene, Inc. commenced an action against
SIGA alleging breach of contract and other claims, in the Delaware
Court of Chancery, styled PharmAthene, Inc. v. SIGA Technologies,
Inc.  In its amended complaint, PharmAthene requested that the
Court of Chancery (i) order SIGA to enter into a license agreement
with PharmAthene with respect to Tecovirimat, (ii) declare that
SIGA is obligated to execute such license agreement, and (iii)
award damages resulting from SIGA's alleged breach of such
obligation.

PharmAthene also alleged that SIGA breached an obligation to
negotiate such license agreement in good faith and sought damages
for promissory estoppel and for unjust enrichment based on
supposed information, capital, and assistance that PharmAthene
allegedly provided to SIGA during the negotiation process.  The
Court of Chancery tried the PharmAthene Action in January 2011.

The Debtor intends to appeal the ruling and judgment of the Court
of Chancery once a final order is entered and believes it has
meritorious grounds for an appeal that either will eliminate any
claim for expectation damages that PharmAthene may have or
substantially reduce the amount of such damages.

The continuation of the PharmAthene Action and any enforcement
action in connection therewith had been automatically stayed
pursuant to section 362(a) of the Bankruptcy Code.  On Oct. 8,
2014, the Bankruptcy Court approved a stipulation with PharmAthene
for a limited modification of the automatic stay.

The hourly rates of Analysis Group's personnel are:

         Keith Ugone                       $600
         Vice Presidents                $445 ? $515
         Managers                       $350 ? $405
         Associates                     $300 ? $340
         Research Analysts              $200 ? $280

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

The Debtor is represented by:

         Harvey R. Miller, Esq.
         Stephen Karotkin, Esq.
         WEIL, GOTSHAL & MANGES LLP
         767 Fifth Avenue
         New York, NY 10153
         Tel: (212) 310-8000
         Fax: (212) 310-8007

                    About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in
Madison Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due Jan.
14, 2015.  The initial case conference is due by Oct. 16, 2014.

The Debtor disclosed total assets of $131,669,746 and $7,954,645
in liabilities as of the Chapter 11 filing.


SIGA TECHNOLOGIES: Committee Taps Proskauer Rose as Attorneys
-------------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on Dec. 9, 2014
at 11:00 a.m., to consider the Official Committee of Unsecured
Creditors appointed in Siga Technologies Inc.'s case's retention
of Proskauer Rose LLP as its attorneys nunc pro tunc to Oct. 8,
2014.  Objections, if any, are due Dec. 2, at 4:00 p.m.

The statutory creditors' committee in the Chapter 11 case of Siga
Technologies, Inc., said that Martin J. Bienenstock and Scott K.
Rutsky, each members of Proskauer, will have primary
responsibilities in the engagement.

The Committee requested that Proskauer be compensated in
accordance with the firm's normal hourly rates, subject to a 10%
discount and reimbursement policies in effect when services are
rendered.

Effective as of Nov. 1, 2014, the standard hourly rates charged by
Proskauer are:

         Partners                         $715 - $1,400
         Senior Counsel                   $550 - $1,100
         Associates                       $345 -   $935
         Paraprofessionals                $195 -   $400

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

The following is provided in response to the request for
additional information set forth in Paragraph D.1 of the Revised
UST Guidelines:

   Question: Did you agree to any variations from, or alternatives
             to, your standard or customary billing arrangements
             for this engagement?

   Response: Yes. Proskauer has agreed to provide the Committee
             with a 10% discount off of its customary billing
             rates in effect from time to time.

   Question: Do any of the professionals included in the
             engagement vary their rate based on the geographic
             location of the bankruptcy case?

   Response: No.

   Question: If you represented the client in the 12 months
             prepetition, disclose your billing rates and material
             financial terms for the prepetition engagement,
             including any adjustments during the 12 months
             prepetition.  If your billing rates and material
             financial terms have changed postpetition, explain
             the difference and the reasons for the difference.

   Response: Proskauer did not represent the Committee or any
             member of the Committee in the last 12 months
             prepetition.

   Question: Has your client approved your prospective budget and
             staffing plan, and, if so, for what budget period?

   Response: Yes. The Committee has reviewed and approved
             Proskauer's budget and staffing plan for the period
             from Oct. 8, 2014, through Nov. 30, 2014.  Proskauer
             will develop and review with the Committee additional
             budget and staffing plans for fee periods beyond
             Nov. 30, 2014.

                    About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in
Madison Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due Jan.
14, 2015.  The initial case conference is due by Oct. 16, 2014.

The Debtor disclosed total assets of $131,669,746 and $7,954,645
in liabilities as of the Chapter 11 filing.

On Oct. 7, 2014, the U.S. Trustee for the Southern District of
New York (the ?U.S. Trustee?) appointed the Committee to represent
the interests of general
unsecured claimholders of the Debtor


SOURCE HOME: Can Use Cash Collateral Until December 8
-----------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approved the fourth agreement with Source
Home Entertainment LLC and its debtor-affiliates, the Official
Committee of Unsecured Creditors, and Cortland Capital Market
Services LLC, administrative agent and collateral agent for
the term loan lenders, extending the deadline in relation to the
Debtors' postpetition use of cash collateral.

Judge Gross allowed the Debtors to access cash collateral until
Dec. 8, 2014.

Cortland Capital retained as counsel:

   Mark I. Bane, Esq.
   Alyson Allen, Esq.
   Matthew Burrows, Esq.
   ROPES & GRAY LLP
   1211 Avenue of the Americas
   New York, NY 1003-8704
   Tel: 212-841-8808
   E-mail: mark.bane@ropesgray.com
          alyson.allen@ropegray.com
          matthew.burrows@ropesgray.com

                       About Source Interlink

Headquartered in Bonita Springs, Florida, Source Home
Entertainment, LLC, manufactures front-end retail checkout
displays and is a leading distributor of books, periodicals, and
other printed material.  Its distribution network spans over
32,500 retail locations in the U.S. and abroad.

In the twelve months ended April 30, 2014, Source Home generated
revenues totaling approximately $600 million on a consolidated
basis.  As of March 31, 2014, Source Home had assets (not
including goodwill or intangibles) of $205 million and liabilities
of approximately $290 million.  Source Interlink Distribution, LLC
disclosed $82,729,238 in assets and $104,521,951 in liabilities.

Source Home, Source Interlink Manufacturing, LLC, and other
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-11553) on June 23, 2014, to sell their front-end retail
display fixtures business to lenders, absent higher and better
offers.  The Debtors are winding down their books distribution
business.

The Debtors have tapped Kirkland & Ellis LLP as general bankruptcy
and corporate counsel; Young Conaway Stargatt & Taylor, LLP, as
co-counsel, FTI Consulting, Inc., as crisis and turnaround
advisor; and Kurtzman Carson Consultants, LLC, as claims agent.
Stephen Dube has been designated by the Debtors to act as chief
restructuring officer and Joshua Korsower to act as chief
financial officer.

The United States Trustee for Region 3 appointed seven creditors
to serve on the Official Committee of Unsecured Creditors.  The
Committee is represented by Lowenstein Sandler LLP, and Duane
Morris LLP.  The Committee tapped PricewaterhouseCoopers LLP as
its financial advisor.


SPRINGLEAF FINANCE: Fitch Expects to Rate $500MM Sr. Notes 'B'
--------------------------------------------------------------
Fitch Ratings expects to rate Springleaf Finance Corporation's
(Springleaf) $500 million senior unsecured notes maturing in 2019
'B/RR4'.  The notes are expected to rank equally with existing and
future senior unsecured debt issued by Springleaf.

The net proceeds from the issuances are expected to be used to
repurchase $192.2 million of principal from Springleaf's
outstanding 6.9% notes due 2017 in a privately negotiated
transaction.  The net proceeds will also be used for general
corporate purposes which may include further debt repurchases and
possible acquisitions.  Pro forma for the expected debt issuance
and repayment, Springleaf would have $2.2 billion remaining of
debt maturing in 2017, which is lower than prior levels but still
a meaningful debt maturity concentration.

KEY RATING DRIVERS -- SENIOR UNSECURED

The expected debt rating is equalized with Springleaf's Issuer
Default Rating (IDR) of 'B' reflecting that the notes are senior
unsecured obligations of the company that rank equally in payment
priority with existing senior unsecured debt.

Springleaf's IDR reflects progress made by Springleaf toward
repaying debt, improving its debt maturity profile and furthering
core profitability while growing its consumer lending business.
Fitch also believes that the sale of approximately $6.7 billion of
the $7.2 billion of legacy mortgage assets and related servicing,
announced in August 2014, for net cash proceeds of approximately
$3 billion, simplified the company's balance sheet and removed a
source of earnings volatility.

These strengths are offset by uncertainty regarding the use of
balance sheet cash, which could potentially include debt
repayment, acquisitions, and shareholder distributions.
Additional rating constraints include Springleaf's monoline
business model, material regulatory risk, above-average growth,
high reliance on the capital markets for funding, concentrated
ownership structure, and higher-risk core demographic, which may
be particularly sensitive in a rising interest rate environment.

Fitch recognizes that though Springleaf's expected $192.2 million
debt repurchase transaction would alleviate some pressure to meet
its remaining 2017 maturities, the company's ability to meet its
remaining 2017 maturities could come under pressure if a
significant portion of its unrestricted cash is deployed to make
acquisitions and/or fund shareholder distributions.

The issuance of the senior unsecured notes is expected to increase
balance sheet leverage, calculated by Fitch as adjusted by debt-
to-adjusted tangible equity, to 3.1x from 2.9x at Sept. 30, 2014.
The company's reported leverage is calculated on a push-down
accounting basis following the majority sale of Springleaf to
Fortress Investment Group LLC from American International Group,
Inc. in 2010.  Fitch also calculates leverage on a historical cost
basis, which adds back the asset and debt discounts recorded as
part of the application of push-down accounting.  On this basis,
Fitch estimates leverage would increase to 4.2x from 4.1x at
Sept. 30, 2014.

Despite the incremental net debt issuance, Springleaf has made
significant progress toward reducing its debt load.  Over the last
year the company prepaid $1.3 billion and terminated its secured
term loan while also making progress toward reducing its 2017
unsecured debt maturity wall.  As a result of this transaction,
2017 unsecured debt maturities are expected to be $2.2 billion,
down from $3.3 billion at June 30, 2013.  Fitch views these
actions favorably as they have only a modest impact on leverage
while improving the company's debt maturity profile.

RATING SENSITIVITIES -- SENIOR UNSECURED

The expected rating of the senior unsecured medium term notes is
equalized with Springleaf's long-term IDR, and therefore is
sensitive to any changes in Springleaf's IDR.

Longer-term positive rating momentum for Springleaf's IDR could be
driven by additional actions to improve the debt maturity profile,
sustained improvements in profitability and operating performance,
measured growth in core lending businesses, successfully executing
on new business opportunities, and reducing concentrated ownership
while maintaining leverage at levels in-line with similar nonprime
consumer finance companies.  However, potential upward momentum
would remain limited to below investment-grade level, given
Springleaf's monoline business model, core demographic, high
reliance on the capital markets for funding.  Furthermore, Fitch
views the elevated regulatory, legislative and litigation risks
that exist for Springleaf, as well as a lack of prudential
regulation as key rating constraints.

Negative ratings momentum for Springleaf's IDR could develop from
an inability to access the capital markets for funding at
reasonable costs, substantial credit quality deterioration,
potential new and more onerous rules and regulations, as well as
potential shareholder-friendly actions given the high private
equity ownership.  These factors could also potentially result in
notching the senior unsecured rating below the current IDR.

The Recovery Rating of 'RR4' assigned to Springleaf's senior
unsecured debt reflects Fitch's expectation that recovery
prospects for the notes are average, and could be approximately
between 31%-50% in a stress scenario.

The Stable Outlook reflects Fitch's view that Springleaf's
liquidity profile and leverage have improved and that operating
performance will continue to gradually improve, absent a market
stress.  These positive factors are counterbalanced by elevated
regulatory risk, Fitch's expectation that credit performance will
continue to normalize, as well as the incremental risk associated
with the company's expansion into direct auto lending.
Furthermore, Fitch will assess any potential changes to
Springleaf's business model and/or risk profile as the company
deploys the cash proceeds generated from the sale of its mortgage
assets.

Fitch expects to assign these rating:

Springleaf Finance Corporation:

   -- Senior unsecured 'B/RR4'.

Fitch currently rates Springleaf as:

Springleaf Finance Corporation

   -- Long-term IDR 'B';
   -- Senior unsecured 'B/RR4'.

AGFC Capital Trust I:

   -- Preferred stock 'CCC/RR6'.


SPRINGLEAF FINANCE: Moody's Rates $500MM Sr. Unsecured Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed
five-year senior unsecured notes in the amount of $500 million, to
be issued by Springleaf Finance Corporation, a subsidiary of
Springleaf Holdings, Inc. ("Springleaf"). The rating outlook is
stable.

Ratings Rationale

The B2 rating assigned to the notes is based upon terms and
conditions that are consistent with the issuer's existing senior
unsecured debt. New notes will rank pari passu with all existing
senior notes of Springleaf Finance Corporation and will mature in
2019. Springleaf intends to repurchase $192 million of $2.4
billion of the 2017 notes outstanding at a premium to principal
amount and use the remaining proceeds from the offering for
general corporate purposes, including further debt repurchases and
possible acquisitions.

Springleaf's ratings reflect its strong franchise in non-prime
consumer lending and solid fundamentals of its core branch-based
personal lending business. As a result of the recent sale of a
majority of its $8 billion non-core real estate portfolio,
Springleaf significantly reduced leverage and improved its
liquidity position. Pro-forma for the notes issuance, Springleaf's
leverage, measured as debt-to-equity, would be approximately 4x as
compared to 6.7x at March 31, 2014. At September 30, 2014, the
company's cash and investment securities totaled $3.7 billion,
having been boosted by the $3.6 billion of proceeds from the loan
sales.

Notwithstanding Springleaf's relatively strong track record in its
core consumer lending business, Moody's continue to anticipate
high earnings volatility in this business due to the performance
characteristics of non-prime and sub-prime consumer loan
portfolios. In addition, the recently launched auto lending
initiative entails execution risk and high growth objectives,
which are constraints on the firm's B2 rating.

Ratings could be upgraded if Springleaf demonstrates improved and
sustainable profitability, strong liquidity profile, and if growth
in auto lending is accompanied by stable and predictable asset
quality performance.

Ratings could be downgraded if Springleaf's leverage significantly
increases possibly as a result of a debt-financed acquisition or
shareholder distribution, its liquidity deteriorates, or if its
financial performance fails to materially strengthen.

In the same rating action, Moody's assigned the following
provisional ratings to Springleaf's shelf program filed on
November 20, 2014.

Springleaf Finance Corporation:

Senior Unsecured Shelf -- (P)B2

Subordinated Shelf -- (P)B3

Junior Subordinated Shelf -- (P)Caa1

Springleaf Holdings, Inc.:

The assigned provisional ratings for each debt class are shown as
non-backed (assuming no guarantee from Springleaf Finance
Corporation). Should the debt securities issued by Springleaf
Holdings, Inc. be guaranteed by Springleaf Finance Corporation,
the ratings would be equalized with those of Springleaf Finance
Corporation.

Senior Unsecured Shelf -- (P)Caa1

Subordinated Shelf -- (P)Caa2

Junior Subordinated Shelf-- (P)Caa3

Springleaf Holdings, Inc. (Springleaf) is a consumer finance
company serving primarily the non-prime and sub-prime market.

The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.


SPRINGLEAF FINANCE: S&P Rates New Unsecured Notes Due 2019 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-' issue
rating on Springleaf Holdings Inc.'s proposed senior unsecured
notes.  The notes are being issued by subsidiary Springleaf
Finance Corp. Springleaf will issue the notes under a single
tranche due in 2019 in an amount to be determined by market
conditions.  For the purposes of S&P's rating, it is assuming the
total amount will be no more than $1 billion and no less than $500
million.  The long-term issuer credit rating on Springleaf is 'B',
and the outlook is stable.

Management expects to use the net proceeds from the offering for
general corporate purposes, which may include debt repurchases and
possible acquisitions.  Springleaf's debt maturity profile over
the next four years includes $93.5 million for the remainder of
2014, $797 million in 2015, $375 million in 2016, and $2.36
billion in 2017.  S&P considers the 2017 debt tower to be a key
weakness to the credit rating on the company.  Nonetheless,
Springleaf could use the proceeds for inorganic growth.
Springleaf has been opportunistic with acquisitions in the past,
such as the 2013 joint acquisition of the SpringCastle portfolio
from HSBC Finance Corp.  Springleaf ended the third quarter of
2014 with close to $3.7 billion in cash and investment securities
and leverage of 3.1x debt to equity ($8.1 billion in debt and
$2.68 billion in equity).

Leverage, however, increased in Oct., after Springleaf refinanced
its joint investment in the SpringCastle portfolio with asset-
backed securities.  Equity from noncontrolling interests, which is
consolidated on Springleaf's balance sheet, was reduced by the
amount of cash withdrawn by Springleaf's partners during the
refinance.  Consequently, leverage may approach the 4.5x debt to
equity threshold S&P previously stated could lead to a downgrade,
depending on how much unsecured debt the offering raises.
However, S&P's current rating remains unchanged because it expects
Springleaf will use the additional cash proceeds to either pay
down debt or acquire assets that will be accretive to earnings and
reduce leverage.

S&P's ratings on Springleaf continue to also reflect the company's
relatively high leverage, dependence on wholesale funding,
financial-sponsor ownership, and onerous debt maturity profile
relating mostly to the large amount of debt due in 2017.  The
company's limited competition in the non-prime consumer lending
market and relatively stringent underwriting policies are
strengths to the rating.  S&P's stable outlook balances the firm's
improving earnings and liquidity against the company's dependence
on wholesale funding and onerous debt maturity ladder over the
next four years.

RATINGS LIST

Springleaf Holdings Inc.
Issuer credit rating          B/Stable/--

New Rating

Springleaf Finance Corp.
Senior unsecured
  Notes due 2019               B-


STG-FAIRWAY ACQUISITIONS: Moody's Assigns B3 Corp. Family Rating
----------------------------------------------------------------
Moody's Investor Services assigned a first-time B3 Corporate
Family Rating ("CFR") to employee-screening company STG-Fairway
Acquisitions, Inc. ("First Advantage" or "FADV"), a B2 rating to
the company's new first-lien revolving credit and term-loan
facilities, and a Caa2 rating to its new second-lien term loan.
FADV intends to use the $655 million in term loan proceeds to
refinance existing debt and to fund a $138 million dividend to its
private equity owners, Symphony Technology Group ("Symphony"). The
rating outlook is stable.

Moody's assigned the following ratings to:

STG-Fairway Acquisitions, Inc.:

  Corporate Family Rating, B3

  Probability of Default, B3-PD

  Senior secured facilities (first lien revolver and term loan),
  B2, LGD3

  Senior secured facilities (second lien term loan), Caa2, LGD5

  Outlook, stable

Ratings Rationale

The B3 CFR is constrained by the company's very high projected
financial leverage, its modest, albeit market-leading scale in a
fragmented and competitive industry, acquisition-integration
risks, and an aggressive financial policy. The company undertook
two acquisitions in 2013, including the transformational $337
million purchase of LexisNexis Screening Solutions. The
acquisitions, for which FADV has contributed sizable cash outlays,
more than doubled FADV's revenues (to, at the time, more than $450
million) and improved its technology platform, but also
concentrated the company's product offerings in cyclical
employment screening services. The rating also takes into
consideration moderate pricing pressure from a broad array of both
large national and small local competitors and seasonality
resulting from its large (approximately 25% of revenue) exposure
to the retail industry.

Moody's believes that FADV's leverage will need to moderate to
maintain the B3 rating by realizing most of its assumed synergies
as a net boost to EBITDA. The company projects that synergies and
elimination of cash restructuring costs will increase EBITDA by as
much as 50%, through three main areas of cost cuts: labor,
procurement, and facilities occupancy. Moody's anticipates that
competitive pressures will prevent projected cost savings from
adding fully to EBITDA. Debt-funded acquisitions and the proposed
dividend distribution elevate the company's debt to EBITDA
leverage to above 8.0x (LTM 9/30/14 on a Moody's-adjusted basis).
Moody's projects that realization of cost savings will reduce
leverage to a 6 to 7.0x range by 2016, a level consistent with a
B3 CFR given the company's operating profile.

Partially offsetting the high leverage is FADV's stable and
visible revenue base in recent years (pro-forma for acquisitions),
as supported by low customer concentration, good end-user industry
diversification, and strong customer-retention rates. Moody's
expects that, as acquisitions are integrated and cost savings
achieved, FADV will be able to generate positive, albeit modest,
free cash flow in 2015 that will slowly improve thereafter.
Expected growth rates for the global screening and verifications
market are modest, in the low single digits, but Moody's expects
steady growth will be driven by compliance regulations, data and
intellectual property security concerns, and employers' demands
for faster, more efficient recruiting. The ratings also benefit
from the company's global screening capabilities and integration
of certain of its product lines into clients' information
technology systems, which increases switching costs.

The company's adequate liquidity position is supported by an
approximately $25-30 million cash position upon completion of the
financing, positive projected free cash flow of $10-15 million in
2015, and an undrawn $50 million revolver expiring in 2019. There
are no term loan maintenance covenants, and Moody's does not
expect revolver usage that would trigger the springing maximum net
leverage covenant, although this is subject to a review of the
final covenant terms.

The stable rating outlook is based on Moody's expectations that
FADV's revenues will grow moderately, and that the benefits from
acquisition integration and cost cutting will evince themselves
late in 2014 and throughout 2015.

Ratings could be upgraded if revenues grow and diversify, and the
company is able to improve profitability -- most likely through
the realization of sizable assumed synergies. Moody's adjusted
debt-to-EBITDA would have to improve to below 6.0x, and free-cash-
flow-to-debt would have to improve to at least the mid-single-
digit percentages, both for a sustained period, in order for an
upgrade to be considered.

If the company's revenue stagnates or it fails to realize expected
operating expense reductions such that leverage remains above
7.0x, Moody's could lower the ratings. Liquidity deterioration
could also lead to a downgrade.

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

A portfolio company of Symphony Technology Group, First Advantage
provides screening and background-check services to a variety of
industries, including retail, industrial, professional services,
finance, staffing, and healthcare. Moody's expects the company to
generate revenues of approximately $490 million in 2014.


STRATA TITLE: Strojnik Dismissed as Defendant in SAM REI Suit
-------------------------------------------------------------
SAM REI, LLC, and SAM III, LLC filed a Complaint requesting the
Court to equitably subordinate the administrative claims of The
Continental Group, LLC, Strojnik, P.C., and Ellett Law Offices,
P.C. to the Plaintiffs' own asserted administrative claims in the
bankruptcy case of Strata Title, LLC, pursuant to 11 U.S.C. Sec.
510(c).

The Court has allowed the administrative claims of Strojnik, P.C.
in amounts totaling $56,677.  Strojnik filed a Motion to Dismiss
and Request for Sanctions.  The Continental Group, LLC joined in
the Motion, and the Plaintiffs responded.  Strojnik then filed an
Amended Motion to Dismiss and Request for Sanctions, which added a
new argument.  The Plaintiffs responded.

Strojnik filed a Reply, which incorporated by reference arguments
from co-defendant Ellett Law Offices, P.C.'s Amended Motion to
Dismiss.  The Court heard oral argument on the Amended Motion on
September 18, 2014, and took the matter under advisement.

In addition to the Motion's original arguments, the Amended Motion
asserts Strojnik is entitled to derived quasi-judicial immunity.

According to Chief Bankruptcy Judge Daniel P. Collins, because the
Court grants Strojnik relief on its immunity defense, the Court's
Order focuses its analysis on that issue. Finding that Strojnik is
entitled to such immunity, the Court now grants the Amended Motion
to Dismiss and dismisses the Complaint as to Strojnik.  However,
the Court is also setting an order to show cause as to why
Strojnik's claims previously allowed by the Court should not be
wholly or partially disallowed due to lack of candor and
disclosure in connection with the application to employ Strojnik
and in connection with its representation of the Debtor. The Court
denies the portion of the Amended Motion which requests sanctions
against Plaintiffs. The Court rejects Continental's arguments and
denies Continental's Motion.

SAM REI, LLC, an Arizona limited liability company, and SAM III,
LLC, an Arizona limited liability company, Plaintiffs, v. THE
CONTINENTAL GROUP, LLC, an Arizona limited liability company;
ELLETT LAW OFFICES, P.C., an Arizona professional corporation; and
STROJNIK, P.C., an Arizona professiional corporation, Defendants,
Adv. Proc. No. 2:14-AP-00319-DPC (D. Ariz.).  A copy of the
Court's November 25, 2014 Order is available at
http://bit.ly/1Fs2gE4from Leagle.com.

Strata Title LLC filed its chapter 11 petition (Bankr. D. Ariz.
Case No. 12-24242) on Nov. 6, 2012.  The Debtor is a single member
limited liability company with John Lupyciw as its sole member.
The Debtor did not list an interest in Tempe Tower, LLC (Tempe
Tower) on its original schedules (November 20, 2012, Dkt #17), but
later amended Schedule B, claiming a 70% interest in Tempe Tower.

Tempe, Arizona-based Strata Title is represented by Ronald J.
Ellett, Esq. -- rjellett@ellettlaw.phxcoxmail.com -- at Ellett Law
Offices, P.C., as counsel.  In its petition, the Debtor estimated
$1 million to $10 million in both assets and debts.  A list of the
two largest unsecured creditors is available for free at
http://bankrupt.com/misc/azb12-24242.pdf The petition was signed
by Mr. Lupypciw as managing member.


STRATA TITLE: Ellett Dismissed as Defendant From SAM REI Suit
-------------------------------------------------------------
SAM REI, LLC, and SAM III, LLC filed a Complaint seeking to
equitably subordinate the administrative claims of The Continental
Group, LLC, Strojnik, P.C., and Ellett Law Offices, P.C. to their
own asserted administrative claims.  Ellett Law Offices, P.C.
filed a Motion to Dismiss, in which The Continental Group, LLC
joined.  Plaintiffs responded to the Motion and to Continental's
joinder.  Ellett then filed an Amended Motion to Dismiss.
Plaintiffs responded to the Amended Motion.  Ellett subsequently
retained counsel, who filed a Supplement to the Amended Motion to
Dismiss.  Plaintiffs filed a response, and Ellett's counsel
replied.  The Motion, Amended Motion, Supplement, and Reply are
collectively referred to hereafter as the Amended Motion. The
Court heard oral argument on the Amended Motion to Dismiss on
September 18, 2014, and took the Amended Motion under advisement.

The Court has been informed that this Chapter 7 estate holds
approximately $248,000. After Chapter 7 administrative claims are
paid, the parties to this adversary proceeding (all of which
assert Chapter 11 administrative claims) will be competing for the
remainder of these funds. Plaintiffs assert a claim for $495,000,
Ellett for $223,415.60, Continental for $22,753, and Strojnik for
$56,677.50.

In a November 25, 2014 Order available at http://bit.ly/1xImhju
from Leagle.com, Chief Bankruptcy Judge Daniel P. Collins (1)
grants the Amended Motion, (2) dismisses the Complaint as to
Ellett, (3) sets an order to show cause as to why Ellett's claims
approved by the Court should not be reduced due to its lack of
full disclosure and candor to the Court and (4) denies
Continental's Motion to Dismiss.

The case is, SAM REI, LLC, an Arizona limited liability company,
and SAM III, LLC, an Arizona limited liability company,
Plaintiffs, v. THE CONTINENTAL GROUP, LLC, an Arizona limited
liability company; ELLETT LAW OFFICES, P.C., an Arizona
professional corporation; and STROJNIK, P.C., an Arizona
professional corporation, Defendants, Adv. Proc. No. 2:14-AP-
00319-DPC (Bankr. D. Ariz.).

Strata Title LLC filed its chapter 11 petition (Bankr. D. Ariz.
Case No. 12-24242) on Nov. 6, 2012.  The Debtor is a single member
limited liability company with John Lupyciw as its sole member.
The Debtor did not list an interest in Tempe Tower, LLC (Tempe
Tower) on its original schedules (November 20, 2012, Dkt #17), but
later amended Schedule B, claiming a 70% interest in Tempe Tower.

Tempe, Arizona-based Strata Title is represented by Ronald J.
Ellett, Esq. -- rjellett@ellettlaw.phxcoxmail.com -- at Ellett Law
Offices, P.C., as counsel.  In its petition, the Debtor estimated
$1 million to $10 million in both assets and debts.  A list of the
two largest unsecured creditors is available for free at
http://bankrupt.com/misc/azb12-24242.pdf The petition was signed
by Mr. Lupypciw as managing member.


SUPER BUY: Irizarry Rodriguez Okayed to Prepare Tax Returns
-----------------------------------------------------------
The Bankruptcy Court authorized Super Buy Furniture, Inc., to
employ Irizarry, Rodriguez & Co., PSC, as auditor.

As reported in the Troubled Company Reporter on Nov. 19, 2014,
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 will 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.

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

                    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.


SUPER BUY: Schedules and Statement Due Nov. 30
----------------------------------------------
The Bankruptcy Court extended until Nov. 30, 2014, Super Buy
Furniture, Inc.'s time to file its plan and disclosure statement.

The Debtor, in its motion, stated that it needed more time to (i)
discuss with the Official Committee of Creditors; and (ii)
complete a joint plan and disclosure statement which are in
advanced drafting stages.

                 About Super Buy Furniture, Inc.

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its original schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.

The U.S. Trustee for Region 21 appointed seven creditors to serve
in the official committee of unsecured creditors in the case.
Javier Vilarino and Ferraiuoli, LLC, serve as legal counsel to the
Creditors Committee.


SURTRONICS INC: Amended Chapter 11 Plan Declared Effective
----------------------------------------------------------
Surtronics Inc. together with Smith & Wade, North Carolina
Partnership, a Class 5 Creditor, informed the U.S. Bankruptcy
Court for the Eastern District of New York that the Second Amended
Chapter 11 Plan of Reorganization became effective as of Sept. 24,
2014.

The Court confirmed the amended plan on Aug. 20, 2014.

                     About Surtronics, Inc.

Raleigh, North Carolina-based Surtronics, Inc., filed a Chapter 11
bankruptcy petition in Wilson, North Carolina (Bankr. E.D.N.C.
Case No. 13-05672) on Sept. 9, 2013.  Founded in 1965, Surtronics
is in the business of providing electroplating and anodizing
services to base-metal alloys for use across various industries,
including but not limited to aerospace, defense, medical,
telecommunications, and automotive.  Surtronics' primary
production facility and corporate office are located in a series
of buildings at 4001 and 4025 Beryl Drive, and 508 Method Road,
Raleigh, North Carolina.

The Debtor is represented by David A. Matthews, Esq., at Shumaker,
Loop & Kendrick, LLP, in Charlotte, North Carolina.  Carr Riggs &
Ingram PLLC, serves as its accountants.

In its schedules, the Debtor disclosed $16,300,878 in total assets
and $3,507,088 in total liabilities.

The Bankruptcy Administrator has been unable to organize and
recommend to the Bankruptcy Court the appointment of a committee
of creditors holding unsecured claims against Surtronics Inc.


TIBCO SOFTWARE: S&P Keeps Prelim. B- CCR on Financing Changes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its preliminary
corporate credit rating on TIBCO Software Inc. (B- (prelim)
/Stable/--) remains unchanged following the changes to pricing and
principal amounts.  Also unchanged are S&P's preliminary 'B-'
issue-level rating and preliminary '3' recovery rating on the
senior secured facilities, and its preliminary 'CCC' issue-level
rating and preliminary '6' recovery rating on the unsecured notes.
Although the changes would require more than $50 million in
incremental interest expense above that implied by the preliminary
terms previously provided to S&P, it believes that the company's
free operating cash flow provides sufficient debt service coverage
for the ratings and that the $20 million upsizing to the company's
senior secured term loan and $50 million upsizing to its asset
sale facility do not materially affect S&P's view of the company's
capital structure.


TMT PROCUREMENT: Hsin Chi Su Opposes Replacement DIP Loan Order
---------------------------------------------------------------
Party-in-interest Hsin Chi Su asked the Bankruptcy Court to deny
TMT Procurement Corporation, et al.'s motion for a replacement
final order authorizing postpetition debtor-in-possession secured
financing.

Mr. Su said that the proposed replacement order attached to the
motion is 58 pages of significant redlined changes.  The form of
the order was not shared or discussed with any counsel for Mr. Su
in advance of its filing.  Mr. Su objected to the unreasonably and
unnecessarily short notice.

The Debtors, in their motion, stated that the proposed replacement
DIP order is necessary to effect the "proceedings consistent" with
the Fifth Circuit Decision by replacing the original DIP orders on
substantially the same terms but removing from the replacement DIP
order any findings made or decretal paragraphs entered with
respect to the F3-VTG Shares Provisions.

On Nov. 8, 2013, the Court entered the final order authorizing the
Debtors to: (i) obtain postpetition financing all in respect of
the obligations; (ii) grant mortgages, security interests, liens
and superpriority claims for the benefit of the DIP Lender in
respect of the DIP obligations; (iii) borrow on a final basis the
aggregate total principal amount of $20,000,000 under the DIP Term
Sheet, consisting of the draws; (iv) pursuant to the stipulation
and agreed order regarding (a) the final order (i) authorizing
postpetition secured financing and (ii) providing related relief
and (b) the DIP term sheet dated Feb. 28, 2014 (the forbearance
stipulation), increase the principal amount of the DIP Facility
from $20,000,000 to $20,200,000; and (v) obtain related relief.

Vantage Drilling Company filed appeals with respect to five orders
issued by the Court, including the original final DIP order and
the related interim postpetition financing order entered on
Oct. 8, 2013.

Macquarie Bank Limited, in its capacity as DIP Lender to the
debtors filed a joinder in the Debtors' emergency motion for
replacement final order.

The DIP lender said that the proposed replacement DIP order
provided for ease of the Court's and parties' review, simply
provides for the same protections for the DIP lender and benefits
for the Debtors as the original DIP orders, except that the
replacement final DIP order eliminates any relief with respect to
F3-VTG Shares over which the Fifth Circuit has ruled that the
Court does not have jurisdiction.

In this regard, the proposed order repeatedly expresses no view
and takes no position with respect to the F3-VTG Shares Provisions
and expresses that all parties' rights are reserved with respect
to the F3-VTG Shares Provisions.

Mr. Su is represented by:

         Annie E. Catmull, Esq.
         5051 Westheimer, Suite 1200
         Houston, TX 770576
         Tel: (713) 977-8686
         Fax: (713) 735-4135

                           About TMT Group

Known in the industry as TMT Group, TMT USA Shipmanagement LLC and
its affiliates own 17 vessels.  Vessels range in size from 27,000
dead weight tons (dwt) to 320,000 dwt.

TMT USA and 22 affiliates, including C. Ladybug Corporation,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 13-
33740) in Houston, Texas, on June 20, 2013 after lenders seized
seven vessels.

TMT filed a lawsuit in U.S. bankruptcy court aimed at forcing
creditors to release the vessels so they can return to generating
income.

TMT has tapped attorneys from Bracewell & Giuliani LLP as
bankruptcy counsel and AlixPartners as financial advisors.

On a consolidated basis, the Debtors have $1.52 billion in assets
and $1.46 billion in liabilities.


TREETOPS ACQUISITION: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Treetops Acquisition Company, LLC
           dba Treetops Land Company, LLC
           dba Treetops Enterprises, LLC
           dba Treetops
           dba Treetops South Village Property Management
               Association, INc.
           dba Treetops Sylvan Resort
           dba Treetops Jones Estates Property Owners Association,
               Inc.
           dba Treetops Resort
           dba Treetops Holding Company
           dba Treetops Realty, Inc.
           dba Treetops Land Development Company, LLC
           dba Treetops Tradition Condominium Association, Inc.
           dba Treetops North Estates Condominium Association,
               Inc.
           dba Sylvan Resort
        3962 Wilkinson Road
        Gaylord, MI 49735

Case No.: 14-22602

Chapter 11 Petition Date: November 25, 2014

Court: United States Bankruptcy Court
       Eastern District of Michigan (Bay City)

Judge: Hon. Daniel S. Opperman

Debtor's Counsel: Jason W. Bank, Esq.
                  KERR, RUSSELL AND WEBER, PLC
                  500 Woodward Avenue, Suite 2500
                  Detroit, MI 48226
                  Tel: (313) 961-0200
                  Fax: (313) 961-0388
                  E-mail: jbank@kerr-russell.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Richard B. Owens, general manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mieb14-22602.pdf


TRI-VALLEY CORP: Defense Atty Has No Stake in Insurance Proceeds
----------------------------------------------------------------
In the case, CHARTIS SPECIALTY INSURANCE COMPANY, Plaintiff, v.
TRI-VALLEY CORPORATION and LUNA & GLUSHON, Defendants, Adv. Proc.
No. 12-51243(MFW)(Bankr. D. Del.), Bankruptcy Judge Mary F.
Walrath ruled that the Debtor's defense counsel has no direct
claim to $284,102.18 in insurance proceeds and they are property
of the bankruptcy estate.  The Court grants the Chapter 7
Trustee's motion for summary judgment and denies defense counsel's
cross-motion for summary judgment.

A copy of the Court's November 25, 2014 Memorandum Opinion is
available at http://bit.ly/1yZEQlDfrom Leagle.com.

William F. Taylor, Jr., Esq., and Kate R. Buck, Esq., at McCarter
& English, LLP, Wilmington, DE, Counsel for the Chapter 7 Trustee.

Charles A. Stanziale, Jr., Esq., and Eduardo J. Glas, Esq.,
Newark, NJ, Counsel for the Chapter 7 Trustee.

Michael D. DeBaecke, Esq., and Stanley B. Tarr, Esq., Wilmington,
DE, Counsel for Luna & Glushon.

Jesse Silverman, Esq., at Dilworth Paxson, LLP, Philadelphia, PA,
Counsel for Chartis Specialty Insurance Company.  He may be
reached at:

     Jesse Silverman, Esq.
     DILWORTH PAXSON, LLP
     1500 Market St. 3500E
     Philadelphia, PA 19102
     Tel: (215) 575-7284
     Fax: (215) 575-7200
     E-mail: jsilverman@dilworthlaw.com

Susan N. K. Gummow, Esq., at Butler Pappas Weihmuller Katz Craig
LLP, Chicago, IL, Counsel for Chartis Specialty Insurance Company.
She may be reached at:

     Susan N. K. Gummow, Esq.
     BUTLER PAPPAS WEIHMULLER KATZ CRAIG LLP
     115 South LaSalle Street
     Chicago, IL 60603

                       About Tri-Valley Corp.

Bakersfield, California-based Tri-Valley Corporation (OTQCB: TVLY)
-- http://www.tri-valleycorp.com/-- explored for and produced oil
and natural gas in California and has two exploration-stage gold
properties in Alaska.  It has 21 wells in California and
exploration rights in Alaska.

Tri-Valley and three affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 12-12291) on Aug. 7, 2012,
with funding from lenders that require a prompt sale of the
business.  The affiliates are Tri-Valley Oil & Gas Co., TVC Opus I
Drilling Program, L.P., and Select Resources Corporation, Inc.

K&L Gates LLP serves as bankruptcy counsel.  Attorneys at Landis
Rath & Cobb LLP serve as Delaware and conflicts counsel.  The
Debtors have tapped Epiq Bankruptcy Solutions, LLC, as claims
agent.

The Debtor disclosed assets of $17.6 million and liabilities
totaling $14.1 million.  Former Chairman G. Thomas Gamble, who is
financing the bankruptcy case, is owed $7.2 million on several
secured notes.  There is an unsecured note for $528,000 and
$9.4 million in unsecured debt owing to suppliers.

An official committee of unsecured creditors has been appointed in
the case.

The Tri-Valley case was converted to Chapter 7 according to a
March 25, 2013 order.


TRUMP ENTERTAINMENT: Firm Defends Lien on $1.3M Contingency Award
-----------------------------------------------------------------
Law360 reported that Levine Staller Sklar Chan & Brown PA pressed
the judge overseeing Trump Entertainment Resorts Inc.'s Chapter 11
to safeguard a $1.25 million fee claim that the casino operator
and its top lender, Carl Icahn, want treated as unsecured debt.

According to the report, Levine Staller is locked in battle over
Trump's failure to pay out the entirety of a $7.25 million
contingency fee award that the firm was promised for winning a $50
million reduction on the debtor's property taxes.  Trump and Icahn
are challenging the so-called charging lien securing that award,
saying that the firm must wait to be paid out in bankruptcy
dollars with other unsecured creditors, the report related.

                About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

The U.S. Trustee for Region 3 on Sept. 23 appointed seven
creditors of Trump Entertainment Resorts, Inc., to serve on the
official committee of unsecured creditors.  The Committee tapped
Gibbons P.C. as its co-counsel, the Law Office of Nathan A.
Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as
its financial advisor.


TRUMP ENTERTAINMENT: Asks Court to Approve Severance Payments
-------------------------------------------------------------
Trump Entertainment Resorts, Inc., has filed a motion seeking
court approval to make severance payments to employees at the
Trump Plaza Hotel and Casino who are represented by Unite Here
Local 54.

In its motion, Trump proposed to pay the employees in accordance
with the terms of the union's collective bargaining agreement with
Trump Plaza Associates, LLC, an affiliate of the company which is
also going through bankruptcy.

Trump estimates that 354 employees are entitled to receive
severance payments, which would amount to $531,000 in the
aggregate.  Of these employees, 347 were laid off when business
operations ceased at the casino in September.  Meanwhile, seven
employees were laid off prior to Trump's bankruptcy filing.

The motion is on Judge Kevin Gross' calendar for Dec. 19.

                About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

The U.S. Trustee for Region 3 on Sept. 23 appointed seven
creditors of Trump Entertainment Resorts, Inc., to serve on the
official committee of unsecured creditors.  The Committee tapped
Gibbons P.C. as its co-counsel, the Law Office of Nathan A.
Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as
its financial advisor.


TRUMP ENTERTAINMENT: Carl Icahn Offers $5M Bankruptcy Loan
----------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that
investor Carl Icahn has agreed to provide $5 million in financing
to see casino operator Trump Entertainment Resorts Inc. through
the coming months as it tries to emerge from bankruptcy.

According to the Journal, money from the loan would help finance
operations at the Atlantic City, N.J., gambling company through
the end of January at the latest, as the casino operator hopes to
secure the court's approval for a bankruptcy-exit plan by mid-
January.

Kelsey Butler, writing for The Deal, reported that Mr. Icahn has
blasted a representative for a Trump Taj Mahal Casino Hotel
workers union, asserting he is willing to step in to save the
casino when no one else will.  According to The Deal, in an open
letter, Mr. Icahn said he is willing to restore healthcare to
Unite Here Local 54, which represents Taj Mahal workers, for two
years, and would create a new pension plan if Local 54 withdrew
its appeal to Trump Entertainment's rejection of an existing CBA
with the union.

               About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

The U.S. Trustee for Region 3 on Sept. 23 appointed seven
creditors of Trump Entertainment Resorts, Inc., to serve on the
official committee of unsecured creditors.  The Committee tapped
Gibbons P.C. as its co-counsel, the Law Office of Nathan A.
Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as
its financial advisor.


TRUMP ENTERTAINMENT: Icahn Says Levine Motion Inappropriate
-----------------------------------------------------------
Icahn Agency Services, LLC, et al., submitted a sur-reply to the
reply filed by the Levine Staller firm to the objections filed by
Trump Entertainment Resorts, Inc., et al., and the First Lien
Parties to the motion of Levine, Staller, Sklar, Chan & Brown,
P.A. for an order fixing the value and priority of, and allowing
its claim as secured in full.

Icahn Agency Services, LLC, serves as administrative agent and
collateral agent for the First Lien Lenders and Icahn Partners LP,
Icahn Partners Master Fund LP, and IEH Investments I LLC, in their
capacity as lenders.

According to Icahn Agency, the arguments made in the LS reply
failed to overcome the deficiency of the LS motion.  First, the
arguments concerning judicial and equitable estoppels fail on two
fronts: they fail to take into account (i) Section 545(2) of the
Bankruptcy Code, and (ii) the fact that Levine Staller does not
even attempt to brandish the estoppel shield against the First
Lien Parties (whose liens Levine Staller attempts to prime).

Second, Icahn Agency points out that Levine Staller failed to
comply with the procedural requirements for perfecting an
attorney's charging liens under New Jersey law, notwithstanding
its repeated assertions to the New Jersey court, well as this
court, that it did.

Third, according to Icahn Agency, the argument that its lien
primes the First Lien Parties' lien regardless of when their lien
arose, still failed under first principles, i.e., first in time,
first in right, well as the relevant cases cited by Levine Staller
itself.

As reported in the Troubled Company Reporter on Oct. 24, 2014,
Levine Staller holds a $1.25 million' first-priority, prior-
perfected statutory attorney's charging lien on certain judgments
in favor of the Debtors and the proceeds thereof in whosesoever
hands they may come.  The lien on the judgments and proceeds
relates back to 2008 at the start of certain tax litigation Levine
Staller brought on the Debtors' behalf, making it a first priority
lien.

Teresa K.D. Currier, Esq., at Saul Ewing LLP, in Wilmington,
Delaware related that the Charging Lien was created consensually,
with the Debtors' blessing, under New Jersey law, and reaffirmed
by the Debtors several times.

                About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

The U.S. Trustee for Region 3 on Sept. 23 appointed seven
creditors of Trump Entertainment Resorts, Inc., to serve on the
official committee of unsecured creditors.  The Committee tapped
Gibbons P.C. as its co-counsel, the Law Office of Nathan A.
Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as
its financial advisor.


UNIVERSITY GENERAL: Kris Trent Promoted to CFO
----------------------------------------------
University General Health System, Inc., announced that Kris Trent,
CPA, has been promoted from interim chief financial officer to
chief financial officer.

"We are pleased to announce the promotion of Ms. Kris Trent as
University General's Chief Financial Officer," commented Hassan
Chahadeh, M.D., the Company's Chairman and chief executive
officer.  "In her recent role as Interim CFO, Kris has proven her
capacity to excel in a public company environment, accepting and
executing complex tasks consistently and in a timely manner.  She
will expand her responsibilities to include the management of
outside auditor relationships, the establishment of comprehensive
accounting systems, revenue cycle management, accounting and
analysis of hospital outpatient departments, assisting with
representation to capital markets, and the development and
application of all internal controls necessary to assure
compliance with Sarbanes-Oxley ("SOX") requirements, as well as
other accounting management duties."

Ms. Trent joined the Company in May 2013, originally served as
chief accounting officer.  She was subsequently promoted to
interim chief financial officer and now to chief financial
officer.  Ms. Trent was previously a Partner with one of America's
"Big Four" audit, tax and advisory services firms, where she was
employed from January 1997 until May 2013.  She served as the
audit engagement partner on several publicly-traded multinational
corporations and as the lead audit partner on several private
companies with domestic and international operations.  Her
responsibilities not only included auditing and evaluating
accounting implications throughout all phases of the audits, but
also ensuring that the companies complied with SOX 404
requirements.

Prior to joining the "Big Four" auditing and advisory firm, Ms.
Trent was employed by DDB Needham, one of the largest advertising
firms in the world, as a finance associate.

A Certified Public Accountant, Ms. Trent earned a B.B.A. Degree in
Accounting from the University of Texas at Dallas.

                     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.


US COAL: Court Set Jan. 2015 as Claim Bar Date for Harlan et al.
----------------------------------------------------------------
The Hon. Tracey N. Wise of the U.S. Bankruptcy Court for the
Eastern District of Kentucky set bar dates for filing proofs of
claim against Harlan County Mining, LLC, Oak Hill Coal, Inc.,
Sandlick Coal Company, LLC, and U.S. Coal Marketing, LLC.  The
Court entered an order:

   (a) establishing Friday, Jan. 2, 2015 at 5:00 p.m. (ET) as the
       general bar date by which all entities (other than
       governmental units as defined in 11 U.S.C. Sec. 101(27))
       asserting claims against the Additional Debtors that arose
       or are deemed to have arisen prior to the commencement of
       the Additional Debtors' bankruptcy cases must file proofs
       of claim;

   (b) establishing Jan. 2, 2015 at 5:00 p.m. (ET), as the bar
       date by which all entities must file proofs of claim for
       the value of goods received by the Additional Debtors
       within 20 days before the commencement of the Additional
       Debtors' bankruptcy cases under 11 U.S.C. Sec. 503(b)(9)
       (the "503(b)(9) Bar Date");

   (c) establishing Monday, May 4, 2015 at 5:00 p.m. (ET) (the
       first business day after May 3, 2015), as the bar date by
       which all governmental units must file proofs of claim in
       the Additional Debtors' bankruptcy cases (the "Government
       Bar Date");

   (d) establishing the later of (a) the General Bar Date or the
       Government Bar Date, as applicable; or (b) 30 days after
       the entry of the rejection order, as the bar date by which
       entities must file proofs of claim relating to the
       Additional Debtors' rejection of executory contracts or
       unexpired leases in the Additional Debtors' bankruptcy
       cases (the "Rejection Bar Date"); and

   (e) establishing the later of: (a) the General Bar Date or the
       Government Bar Date, as applicable; or (b) 30 days after
       the date that notice of the applicable amendment or
       supplement to the Schedules is served on the Affected
       Claimholder, as the bar date by which entities must file
       proofs of claim as a result of any future amendment to the
       Additional Debtors' Schedules (the "Amended Schedule Bar
       Date").

All proofs of claim must be submitted at:

    (a) If by regular first class mail:

        Licking River Mining LLC Claims Processing Center
        c/o Epiq Bankruptcy Solutions, LLC
        FDR Station
        P.O. Box 5285
        New York, NY 10150-5285

    (b) If by overnight mail or hand delivery:

        Licking River Mining, LLC Claims Processing Center
        c/o Epiq Bankruptcy Solutions, LLC
        757 Third Avenue, Third Floor
        New York, NY 10017

                About U.S. Coal and Licking River

On May 22, 2014, an involuntary Chapter 11 petition was filed
against Licking River Mining, LLC, before the United States
Bankruptcy Court for the Eastern District of Kentucky.  On May 23,
2014, an involuntary Chapter 11 petition was filed against Licking
River Resources, Inc. and Fox Knob Coal., Inc.  On June 3, 2014,
an involuntary Chapter 11 petition was filed against S.M. & J.,
Inc. On June 4, 2014, an involuntary Chapter 11 petition was filed
against J.A.D. Coal Company, Inc.  On June 12, 2014, the Court
entered an order for relief in each of the bankruptcy cases.

On June 10, 2014, an involuntary Chapter 11 petition was filed
against U.S. Coal Corporation.  On June 27, 2014, the Court
entered an order for relief in U.S. Coal's bankruptcy case.

On Nov. 4, 2014, Harlan County Mining, LLC, Oak Hill Coal, Inc.,
Sandlick Coal Company, LLC, and U.S. Coal Marketing, LLC, filed
petitions in the United States Bankruptcy Court for the Eastern
District of Kentucky seeking relief under chapter 11 of the United
States Bankruptcy Code.  The Debtors' cases have been assigned to
Chief Judge Tracey N. Wise.  The Debtors are seeking to have their
cases jointly administered for procedural purposes, meaning that
upon entry of such an order all pleadings will be maintained on
the case docket for Licking River Mining, LLC, Case No. 14-10201.

U.S. Coal produces and sells thermal coal purchased primarily by
utilities and trading companies and specialty coal purchased by
various industrial customers and trading companies (known as
"stoker" coal).   U.S. Coal operates through two divisions: (1)
the Licking River Division that was formed through the acquisition
of LR Mining, LRR, and S.M. & J., and Oak Hill Coal, Inc. in
January 2007 for $33 million., and (2) the J.A.D. Division that
was formed through the acquisition of JAD and Fox Knob, and
Sandlick Coal Company, LLC and Harlan County Mining, LLC in April
2008 for $41 million.  Both the LRR Division and the JAD Division
are located in the Central Appalachia region of eastern Kentucky.
The LRR Division has approximately 26.3 million tons of surface
reserves under lease.  The JAD Division has 24.4 million tons of
surface reserves, both leased and owned real property.  At
present, U.S. Coal has three surface mines in operation between
the LRR Division and JAD Division.

The Official Committee of Unsecured Creditors has tapped Barber
Law PLLC and Foley & Lardner as attorneys.


US JESCO INT'L: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: US Jesco International Ltd., Inc.
        1421 Westway Circle
        Carrollton, TX 75006

Case No.: 14-35632

Chapter 11 Petition Date: November 25, 2014

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Hon. DeWayne Hale

Debtor's Counsel: Eric A. Liepins, Esq.
                  ERIC A. LIEPINS, P.C.
                  12770 Coit Rd., Suite 1100
                  Dallas, TX 75251
                  Tel: (972) 991-5591
                  E-mail: eric@ealpc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Leslie Eastwood, vice president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txnb14-35632.pdf


VARSITY BRANDS: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and a B2-PD Probability of Default Rating to Varsity Brands
Holding Co, Inc., and a B1 rating to the company's proposed $755
million first lien senior secured term loan facility due 2021.
Moody's also confirmed Herff-Jones, Inc.'s (Herff-Jones) existing
ratings including the B2 CFR, concluding the review for downgrade
initiated on November 5, 2014 in connection with the proposed
acquisition of the company by Charlesbank Capital Partners
(Charlesbank) and Partners Group. The rating outlook is stable.

The company is being acquired by Charlesbank and Partners Group in
a transaction valued at $1.52 billion. The acquisition will be
financed with the $755 million first lien term loan, an unrated
$330 million second lien term loan due 2022, an unrated $120
million ABL revolving credit facility expiring in 2019 (undrawn at
close), and $482 million of equity from the sponsors. As a result
of the transaction, the company's existing debt issued at Herff
Jones will be repaid and its current employee stock ownership plan
(ESOP) ownership structure will be terminated. Moody's assigned
ratings at Varsity Brands since it is the issuer for the proposed
debt, and expects to withdraw the existing ratings at Herff Jones
upon completion of the transaction. The confirmation of Herff
Jones' ratings reflect Moody's expectation that the company will
reduce and sustain debt-to-EBITDA leverage below 6.0x.

Moody's assigned the following ratings:

Issuer: Varsity Brands Holding Co. Inc.:

Corporate Family Rating, B2;

Probability of Default Rating, B2-PD;

Issuers: Varsity Brands Holding Co. Inc. and Hercules Achievement,
Inc., as joint and several co-borrowers:

Proposed $755 million first lien senior secured term loan
facility due 2021, B1, LGD3;

Rating outlook is stable.

Moody's confirmed and expects to withdraw the following ratings of
Herff Jones, Inc.:

Corporate Family Rating, at B2;

Probability of Default Rating, at B3-PD;

Senior secured (revolver and term loan), at B2, LGD3;

Rating outlook is stable.

Rating Rationale

Varsity Brands' B2 CFR reflects Moody's expectation that the
company's high initial pro forma Moody's-adjusted debt-to-EBITDA
leverage of mid 6 times will decline towards 5.5x over the next 12
to 18 months through a combination of earnings growth and debt
repayments funded with free cash flow. Leverage calculations
include adjustments to exclude compensation expenses associated
with the existing ESOP structure that will be terminated as part
of the transaction, and to exclude losses associated with the now
divested education operations. The rating also reflects the
company's acquisitive nature and the associated integration risks,
its modest operating margins, as well as weakness in Herff Jones'
legacy yearbook and achievement segments, which are vulnerable to
economic cycles and school budget constraints.

The rating is supported by Moody's expectation for continued solid
free cash flows, which would be fully available for debt reduction
upon the termination of high repurchase obligations associated
with the ESOP structure, as well as the flexibility the company
will have to pursue cost savings initiatives. The rating also
positively reflects the company's solid position within its niche
markets, and diverse product offerings with the acquisitions of
the BSN team sports apparel and equipment and Varsity cheerleading
dance uniform and camp businesses in recent years. This provides
much better operational diversity than primary competitors, which
are focused primarily on the more pressured yearbook and
achievement businesses. Moody's also believes the business profile
creates better relative stability of revenues, as well as a
platform for continued organic growth supported by increased
participation in athletic and cheerleading activities.

The stable outlook reflects Moody's expectations that the
company's cost savings initiatives, organic growth and elimination
of ESOP-related compensation and purchase obligations will result
in improved EBITDA and continued solid free cash flow, allowing
leverage to decline towards 5.5x over the next 12 to 18 months.
The outlook also incorporates Moody's expectation that the company
will maintain good liquidity and a disciplined approach to
acquisitions.

Varsity Brands' liquidity profile is good. The liquidity is
supported by Moody's expectation of solid free cash flow in a $90-
$100 million range in 2015, the availability under the new $120
million ABL revolving credit facility expiring in 2019,
comfortable cushion under the springing fixed charge coverage
covenant, and the extended debt maturity profile. The company's
liquidity is somewhat constrained by the seasonality of its cash
flows and working capital needs, and typically low cash balances,
although Moody's does not believe that the company will be reliant
on the revolver to fund seasonal needs unless cash is utilized to
fund acquisitions.

The ratings could be downgraded if the company fails to reduce its
adjusted debt-to-EBITDA comfortably below 6.0x in the next 12 to
18 months, if operating performance deteriorates for any reason,
or if free cash flow generation or liquidity materially weakens.
An aggressive acquisition strategy could also pressure the
ratings.

Given the significant increase in leverage, an upgrade is unlikely
in the intermediate term. Over a longer time horizon, however,
ratings could be considered for an upgrade if the company reduces
its adjusted debt-to-EBITDA sustainably below 4.0x through
earnings growth and debt reduction, while maintaining a
conservative approach to acquisitions and good liquidity.

The principal methodology used in these ratings was Consumer
Durables Industry published in September 2014. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Varsity Brands is a provider of sports, cheerleading and
achievement-related products to schools, colleges and youth
organizations in the U.S. The company operates through its three
complementary businesses: BSN Sports (acquired in 2013) provides
sports apparel and equipment to schools and consumers; Herff Jones
supplies graduation-related items and recognition rewards through
its Yearbooks and Achievement divisions; and Varsity Spirit
(acquired in 2011), which offers cheerleading uniforms and apparel
and hosts cheerleading camps and competitions. In the LTM period
ending September 30, 2014, the company generated approximately
$1.2 billion in revenues.


VAUGHAN COMPANY: Mandatory Settlement Conference on Dec. 4
----------------------------------------------------------
To facilitate a final disposition of the case, JUDITH A. WAGNER,
Plaintiff, v. DONALD LACY and DEANNA LACY, Defendants, MASTER CASE
NO. 12-CV-0817 WJ/SMV, CASE NO. 12-CV-0547 WJ/SMV (D. N.M.), a
mandatory Settlement Conference will be conducted in accordance
with Rule 16(a)(5) of the Federal Rules of Civil Procedure to be
held on Dec. 4, 2014, at 8:30 a.m. in the Gila Courtroom, 5th
Floor, Pete V. Domenici United States Courthouse at 333 Lomas
Boulevard Northwest in Albuquerque, New Mexico.

The parties or a designated representative, other than counsel of
record, with full authority to resolve the case, must attend in
person. Counsel who will try the case must also attend in person.
Counsel are encouraged to read "Keys to a Successful Mediation" by
Judge James A. Hall prior to the settlement conference.  Those
attending the settlement conference must treat as confidential the
information discussed, positions taken, and offers made by other
participants in preparation for and during the conference.

No later than 5:00 p.m. on Dec. 2, 2014, each party must provide
the Court, in confidence, a concise position statement (typically
no more than ten pages) containing an analysis of the strengths
and weaknesses of its case and the names of the individuals who
will be attending the conference and in what capacity. Position
statements must be submitted to the Court by
e-mail at VidmarChambers@nmcourt.fed.us

A copy of Magistrate Judge Stephan M. Vidmar's Amended Order
Setting Settlement Conference dated Nov. 20 is available at
http://bit.ly/11tU2fEfrom Leagle.com.

                About The Vaughan Company Realtors

The Vaughan Company Realtors filed for Chapter 11 protection
(Bankr. N.M. Case No. 10-10759) on Feb. 22, 2010.  George D.
Giddens, Jr., Esq., represents the Debtor in its restructuring
efforts.  The Company estimated both assets and debts of between
$1 million and $10 million.  Judith A. Wagner was appointed as
Chapter 11 Trustee.

Mr. Vaughan filed a separate Chapter 11 petition (Bankr. D. N.M.
Case No. 10-10763) on Feb. 22, 2010.  The case was converted to a
chapter 7 proceeding on May 20, 2010.  Yvette Gonzales is the duly
appointed trustee of the Chapter 7 estate.


WATERSCAPE RESORT: Pavarini May Amend Complaint
-----------------------------------------------
Bankruptcy Judge Stuart M. Bernstein granted Pavarini McGovern,
LLC to amend its complaint against Waterscape Resort LLC to assert
a claim for punitive damages against the Waterscape Defendants,
and a separate claim against defendant Salim Assa, the debtor's
principal, for punitive damages and other relief.  The gravamen of
the proposed amendments is that Assa diverted to himself certain
funds that the defendant Waterscape Resort held in trust for
Pavarini under the New York Lien Law.  Waterscape opposes the
motion, and Assa joins in the opposition. The other Waterscape
Defendants have remained silent.

The Court, meanwhile, granted Waterscape leave to assert a
counterclaim against Pavarini for fraud.

A copy of the Court's November 24, 2014 Memorandum Decision is
available at http://bit.ly/1rw4YA1from Leagle.com.

The case is, PAVARINI McGOVERN, LLC, Plaintiff, v. WATERSCAPE
RESORT LLC, et al. Defendants, Adv. Proc. No. 11-02248 (Bankr.
S.D.N.Y.).

BARTON BARTON & PLOTKIN LLP, Eric W. Sleeper, Esq., Of Counsel New
York, NY, Attorneys for Plaintiff.

MEDINA LAW FIRM LLC, Eric S. Medina, Esq. John Carlson, Esq., Of
Counsel New York, NY, Attorneys Defendant Waterscape Resort LLC

LAZARUS & LAZARUS, P.C., Harlan M. Lazarus, Esq., Of Counsel, New
York, New York, Attorney for Defendants Salim Assa a/k/a Solly
Assa and Ezak Assa.

                    About Waterscape Resort

Waterscape Resort LLC, aka Cassa NY Hotel and Residences, filed
for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No.
11-11593) on April 5, 2011.  Waterscape acquired property
consisting of three contiguous buildings at 66, 68 and 70 West
45th Street in Manhattan, for the sum of $20 million, and
developed the property into a 45-storey condominium project
including a luxury hotel, a restaurant and luxury residential
apartments.  The purchase was financed with a $17 million
acquisition loan and mortgage from U.S. Bank Association.  The
Cassa NY Hotel and Residences features 165 hotel rooms, and above
the hotel units, 57 residences.

Brett D. Goodman, Esq., and Lee William Stremba, Esq., at Troutman
Sanders LLP, represented the Debtor as bankruptcy counsel.
Holland & Knight LLP served as its special litigation counsel.
The Debtor disclosed $214,285,027 in assets and $158,756,481 in
liabilities as of the Chapter 11 filing.

Schiff Hardin LLP served as counsel to a 3-member Official
Committee of Unsecured Creditors.

U.S. Bankruptcy Judge Stuart Bernstein confirmed Waterscape's
reorganization plan in July 2011, which calls for repaying much of
the company's debt with proceeds from the $128 million sale of the
hotel section of the development.  The Plan was filed May 6, 2011.


WESTERN CAPITAL: Ridgeland Dispute Held in Abeyance Pending Appeal
------------------------------------------------------------------
WESTERN CAPITAL PARTNERS LLC, Plaintiff, v. RUFUS COOK, BARBARA
REVAK, THE RIDGELAND CORPORATION, RIDGELAND EAST END, LLC, UNITED
LEGAL FOUNDATION, JACKSON PARK PINNACLE PLAZA, LLC, and COOK REVAK
& ASSOCIATES, LLC, Defendants, Adv. Proc. No. 14-1119 (Bankr. D.
Colo.), is held in abeyance pending the final adjudication of
appeals related to a foreclosure action and the Ridgeland action,
Colorado Bankruptcy Judge Michael E. Romero ruled.  The parties
are directed to file a status report with the Bankruptcy Court
upon a decision being rendered on either or both appeals, or June
1, 2015, whichever comes first.

The case was before the Court on two motions for summary judgment,
one filed by Western Capital and one filed by defendants Rufus
Cook, Barbara Revak, The Ridgeland Corporation, Ridgeland East
End, LLC, United Legal Foundation, Jackson Park Pinnacle Plaza,
LLC, and Cook Revak & Associates, LLC.  The issue presented by
both motions is whether rulings of the Circuit Court of Cook
County, Illinois, although on appeal, warrant the application of
res judicata or other preclusion doctrines for either WCP or the
Defendants for purposes of summary judgment.

Judge Romero denied motions for summary judgment filed by each of
WCP and the Defendants.

A copy of Judge Romero's November 24, 2014 Order is available at
http://bit.ly/1HGWnEYfrom Leagle.com.

                     About Western Capital

Western Capital Partners LLC filed a Chapter 11 petition (Bankr.
D. Col. Case No. 13-15760) in Denver on April 10, 2013.  The
Englewood-based company estimated assets and debt of $10 million
to $50 million.  Judge Michael E. Romero presides over the case.

The Debtor is represented by Jeffrey A. Weinman, Esq., at Weinman
& Associates, P.C.  Eason Rohde, LLC, is litigation counsel to the
Debtor.  Strauss & Malk, LLP, is also litigation counsel to the
Debtor pertaining to a foreclosure case in the Circuit Court of
Cook County, Illinois.

The court confirmed the Amended Plan of Reorganization filed by
Western Capital Partners LLC nunc pro tunc to May 15, 2014.


WESTMORELAND COAL: Plans to Raise $400MM From Notes Offering
------------------------------------------------------------
Westmoreland Coal Company said it intends to offer, subject to
market conditions, approximately $400 million in principal amount
of senior secured notes expected to mature in 2021.  Westmoreland
made the announcement in connection with its marketing efforts for
a Senior Secured Term Loan due 2020.  The Notes will be offered in
a private placement to eligible purchasers.  Westmoreland intends
to use the proceeds from that offering, together with proceeds
from the contemplated Term Loan and cash on hand to fund the
consideration payable in connection with Westmoreland's previously
announced tender offer and consent solicitation for its
outstanding 10.75% Senior Secured Notes due 2018.  The
consummation of the private placement of the Notes will be subject
to market and other conditions.

Westmoreland does not intend to register the Notes under the
Securities Act of 1933, as amended, or applicable state securities
laws, and may not offer or sell the Notes in the United States
absent registration under, or an applicable exemption from the
registration requirements of, the Securities Act and applicable
state securities laws.  Westmoreland expects that the initial
purchasers of the Notes may resell the Notes pursuant to Rule 144A
and Regulation S under the Securities Act.

Meanwhile, effective Nov. 20, 2014, Jennifer S. Grafton, currently
the general counsel and secretary of Westmoreland Coal Company,
was promoted to the position of senior vice president, chief
administrative officer and secretary.

                       About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal incurred a net loss applicable to common
shareholders of $6.05 million in 2013, a net loss
applicable to common shareholders of $8.58 million in 2012 and a
net loss applicable to common shareholders of $34.46 million in
2011.

                           *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to B3 from Caa1, and assigned Caa1 rating to the
company's proposed new $300 million First Lien Term Loan, the TCR
reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/
EBITDA will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In re Jenny McKean Neese
   Bankr. S.D. Ala. Case No. 14-03771
      Chapter 11 Petition filed November 17, 2014

In re Scottsdale Canvas, LLC
   Bankr. D. Ariz. Case No. 14-17116
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/azb14-17116.pdf
         represented by: Bert L. Roos, Esq.
                         BERT L. ROOS, P.C.
                         E-mail: blrpc85015@msn.com

In re Homayoon Joudathasselghobi and Iran Haddadi
   Bankr. C.D. Cal. Case No. 14-16758
      Chapter 11 Petition filed November 17, 2014

In re Merit Diesel Services, Inc.
   Bankr. E.D. Cal. Case No. 14-15550
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/caeb14-15550.pdf
         represented by: Wiley P. Ramey, Esq.

In re LNB-001-13, LLC
   Bankr. S.D. Fla. Case No. 14-35382
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/flsb14-35382.pdf
         represented by: Joel M. Aresty, Esq.
                         JOEL M. ARESTY P.A.
                         E-mail: aresty@mac.com

In re Melissa A. Opao
   Bankr. D. N.J. Case No. 14-33361
      Chapter 11 Petition filed November 17, 2014

In re Michael P. Minton and Marsha D. Minton
   Bankr. E.D. Tex. Case No. 14-50193
      Chapter 11 Petition filed November 17, 2014

In re The View at 101 Boardwalk LLC
   Bankr. S.D.N.Y. Case No. 14-13157
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/nysb14-13157.pdf
         represented by: David Carlebach, Esq.
                         LAW OFFICES OF DAVID CARLEBACH, ESQ.
                         E-mail: david@carlebachlaw.com

In re VRC Philadelphia, Inc.
   Bankr. E.D. Pa. Case No. 14-19105
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/paeb14-19105.pdf
         represented by: Raheem S. Watson, Esq.
                         WATSON DUNCAN, LLC
                         E-mail: rwatson@watsonduncan.com

In re JTB Fan, LLC
   Bankr. E.D. Va. Case No. 14-36184
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/vaeb14-36184.pdf
         represented by: Kevin A. Lake, Esq.
                         MCDONALD, SUTTON & DUVAL, PLC
                         E-mail: klake@mcdonaldsutton.com

In re Roman Investments Limited Liability Company
   Bankr. E.D. Va. Case No. 14-36185
     Chapter 11 Petition filed November 17, 2014
         See http://bankrupt.com/misc/vaeb14-36185.pdf
         represented by: Kevin A. Lake, Esq.
                         MCDONALD, SUTTON & DUVAL, PLC
                         E-mail: klake@mcdonaldsutton.com

In re Borgo Eatery LLC
        dba Zagara Italian Eatery
   Bankr. C.D. Cal. Case No. 14-24048
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/cacb14-24048.pdf
         represented by: Javier H. Castillom, Esq.
                         HERITAGE PACIFIC LAW GROUP, P.C.
                         E-mail: jhcecf@gmail.com

In re Itown Properties, LLC
   Bankr. N.D. Cal. Case No. 14-11608
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/canb14-11608.pdf
         represented by: David N. Chandler, Jr., Esq.
                         LAW OFFICES OF DAVID N. CHANDLER
                         E-mail: dchandler1747@yahoo.com

In re Robin June Covington
   Bankr. W.D. La. Case No. 14-12759
      Chapter 11 Petition filed November 18, 2014

In re River Properties, LLC
   Bankr. D. Md. Case No. 14-27687
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27687.pdf
         Filed as Pro Se

In re Chesapeake Row Homes, LLC
   Bankr. D. Md. Case No. 14-27752
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27752.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re Harbor Pier Homes, LLC
   Bankr. D. Md. Case No. 14-27753
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27753.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re Inbrook Homes, LLC
   Bankr. D. Md. Case No. 14-27754
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27754.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re MD Liberty Homes, LLC
   Bankr. D. Md. Case No. 14-27755
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27755.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re Nickys Row Homes LLC
   Bankr. D. Md. Case No. 14-27757
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27757.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re Port Homes, LLC
   Bankr. D. Md. Case No. 14-27758
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27758.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re Wiz Homes, LLC
   Bankr. D. Md. Case No. 14-27759
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/mdb14-27759.pdf
         represented by: Lawrence Joseph Yumkas, Esq.
                         YUMKAS, VIDMAR & SWEENEY, LLC
                         E-mail: lyumkas@yvslaw.com

In re Rorry, Inc.
   Bankr. D. N.J. Case No. 14-33490
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/njb14-33490.pdf
         represented by: Vincent Commisa, Esq.
                         E-mail: vcommisa@vdclaw.com

In re JCHS Corporation
   Bankr. W.D. Tenn. Case No. 14-31752
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/tnwb14-31752.pdf
         represented by: Toni Campbell Parker, Esq.
                         LAW OFFICE OF TONI CAMPBELL PARKER
                         E-mail: tparker002@att.net

In re Imaging Expansions, LLC
   Bankr. E.D. Tex. Case No. 14-42424
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/txeb14-42424.pdf
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS P.C.
                         E-mail: eric@ealpc.com

In re Cardinal Associates of VA, LLC
        aka Cardinal Associates LLC
   Bankr. E.D. Va. Case No. 14-14307
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/vaeb14-14307.pdf
         represented by: Steven B. Ramsdell, Esq.
                         TYLER, BARTL, RAMSDELL & COUNTS, P.L.C.
                         E-mail: sramsdell@tbrclaw.com

In re Morris Asset Management, LLC
   Bankr. W.D. Va. Case No. 14-62245
     Chapter 11 Petition filed November 18, 2014
         See http://bankrupt.com/misc/vawb14-62245.pdf
         represented by: Andrew S. Goldstein, Esq.
                         MAGEE GOLDSTEIN LASKY & SAYERS, P.C.
                         E-mail: agoldstein@mglspc.com
In re Green Go Transportation, LLC
   Bankr. D. Ariz. Case No. 14-17241
     Chapter 11 Petition filed November 19, 2014
         See http://bankrupt.com/misc/azb14-17241.pdf
         represented by: Eric Slocum Sparks, Esq.
                         ERIC SLOCUM SPARKS, P.C.
                         E-mail: law@ericslocumsparkspc.com

In re TKO Properties, LLC
   Bankr. D. Ariz. Case No. 14-17245
     Chapter 11 Petition filed November 19, 2014
         See http://bankrupt.com/misc/azb14-17245.pdf
         represented by: Thomas H. Allen, Esq.
                         ALLEN MAGUIRE & BARNES, PLC
                         E-mail: tallen@ambazlaw.com

In re Veronica Lazaro-Pimentel
   Bankr. C.D. Cal. Case No. 14-31691
      Chapter 11 Petition filed November 19, 2014

In re Thao Phuong Thi Tran
   Bankr. N.D. Cal. Case No. 14-54654
      Chapter 11 Petition filed November 19, 2014

In re Brian Scott Denny and Heidi Ximena Denny
   Bankr. D. Idaho Case No. 14-01899
      Chapter 11 Petition filed November 19, 2014

In re Richard Hank and Joan Hank
   Bankr. N.D. Ill. Case No. 14-41720
      Chapter 11 Petition filed November 19, 2014

In re Beutlers Lawn and Garden, Inc.
   Bankr. E.D. Mich. Case No. 14-33089
     Chapter 11 Petition filed November 19, 2014
         See http://bankrupt.com/misc/mieb14-33089.pdf
         represented by: Peter T. Mooney, Esq.
                         SIMEN, FIGURA & PARKER
                         E-mail: pmooney@sfplaw.com

In re Rosario Mendoza
   Bankr. S.D.N.Y. Case No. 14-17697
      Chapter 11 Petition filed November 19, 2014

In re Patricia Kaplan
   Bankr. S.D.N.Y. Case No. 14-23611
      Chapter 11 Petition filed November 19, 2014

In re Mohammed N. Ali and Nasra B. Ali
   Bankr. D. Ore. Case No. 14-64170
      Chapter 11 Petition filed November 19, 2014

In re Birt Adams
   Bankr. D. S.C. Case No. 14-06586
      Chapter 11 Petition filed November 19, 2014

In re Eiko T. Jones
   Bankr. S.D. Tex. Case No. 14-36405
      Chapter 11 Petition filed November 19, 2014

In re ECS Marketing
   Bankr. W.D. Wash. Case No. 14-18453
     Chapter 11 Petition filed November 19, 2014
         See http://bankrupt.com/misc/wawb14-18453.pdf
         represented by: Jason E. Anderson, Esq.
                         LAW OFFICE OF JASON E ANDERSON
                         E-mail: jason@jasonandersonlaw.com
In re North Alabama Science Center, Inc.
        dba Sci-Quest
   Bankr. N.D. Ala. Case No. 14-83200
     Chapter 11 Petition filed November 20, 2014
         See http://bankrupt.com/misc/alnb14-83200.pdf
         represented by: Tazewell Shepard, Esq.
                         TAZEWELL SHEPARD, P.C.
                         E-mail: taze@ssmattorneys.com

In re Ravinder Kumar Bhatia and Johanna Arias Bhatia
   Bankr. C.D. Cal. Case No. 14-31703
      Chapter 11 Petition filed November 20, 2014

In re Exo-Grey Corporation
   Bankr. C.D. Cal. Case No. 14-31769
     Chapter 11 Petition filed November 20, 2014
         See http://bankrupt.com/misc/cacb14-31769.pdf
         represented by: Evan L. Smith, Esq.
                         EVAN L SMITH ATTORNEY AT LAW
                         E-mail: els@elsmithlaw.com

In re Star City Development, LLC
   Bankr. S.D. Cal. Case No. 14-09115
     Chapter 11 Petition filed November 20, 2014
         See http://bankrupt.com/misc/casb14-09115.pdf
         represented by: Michael C. Abel, Esq.
                         MCNUTT LAW GROUP, LLP
                         E-mail: mcabel@ml-sf.com

In re Moriz, LLC
        dba Jake's Wayback Burger
   Bankr. D. Conn. Case No. 14-51766
     Chapter 11 Petition filed November 20, 2014
         See http://bankrupt.com/misc/ctb14-51766.pdf
         represented by: Ellery E. Plotkin
                         LAW OFFICES OF ELLERY E. PLOTKIN, LLC
                         E-mail: EPlotkinJD@aol.com

In re Allene Graves
   Bankr. D. Md. Case No. 14-27831
      Chapter 11 Petition filed November 20, 2014

In re Richalin Kamtchouang Digue
   Bankr. E.D. Mich. Case No. 14-58053
      Chapter 11 Petition filed November 20, 2014
In re Ocean View Medical Investors LLC
   Bankr. C.D. Cal. Case No. 14-16860
     Chapter 11 Petition filed November 21, 2014
         See http://bankrupt.com/misc/cacb14-16860.pdf
         represented by: James D. Hornbuckle, Esq.
                         CORNERSTONE LAW CORPORATION
                         E-mail: jdh@dixonlawcorporation.com

In re John A. Herrin and Sandra G. Herrin
   Bankr. S.D. Fla. Case No. 14-35712
      Chapter 11 Petition filed November 21, 2014

In re Jorge Rafael Rodriguez-Lugo and Mary E. Shaw-Rodriguez
   Bankr. S.D. Fla. Case No. 14-35765
      Chapter 11 Petition filed November 21, 2014

In re Black Suga Recycling The Paper Chasers, LLC
   Bankr. M.D. Fla. Case No. 14-13672
     Chapter 11 Petition filed November 21, 2014
         See http://bankrupt.com/misc/flmb14-13672.pdf
         Filed as Pro Se

In re Benjamin Encarnacion
   Bankr. D. Mass. Case No. 14-15435
      Chapter 11 Petition filed November 21, 2014

In re UASH, Inc.
   Bankr. D. N.J. Case No. 14-33706
     Chapter 11 Petition filed November 21, 2014
         See http://bankrupt.com/misc/njb14-33706.pdf
         represented by: Warren D. Levy, Esq.
                         LAW OFFICES OF KASURI & LEVY, LLC.
                         E-mail: lawfirm@kasurilevy.com

In re Polly A. Arehart
   Bankr. N.D.N.Y. Case No. 14-12558
      Chapter 11 Petition filed November 21, 2014

In re Katsura Construction Management Inc.
   Bankr. S.D.N.Y. Case No. 14-13205
     Chapter 11 Petition filed November 21, 2014
         See http://bankrupt.com/misc/nysb14-13205.pdf
         represented by: Arthur Goldstein, Esq.
                         SPIZZ COHEN & SERCHUK, P.C.
                         E-mail: agoldstein@scsnylaw.com

In re Thomas Andrew Burch
   Bankr. D. S.C. Case No. 14-06654
      Chapter 11 Petition filed November 21, 2014

In re Colegio El Arco Iris, Inc.
   Bankr. D. P.R. Case No. 14-09657
     Chapter 11 Petition filed November 22, 2014
         See http://bankrupt.com/misc/prb14-09657.pdf
         represented by: Jesus Enrique Batista Sanchez, Esq.
                         THE BATISTA LAW GROUP, PSC
                         E-mail: rosafblg@gmail.com

In re Los Arboles Apts. & Townhomes LLC
   Bankr. C.D. Cal. Case No. 14-31901
     Chapter 11 Petition filed November 23, 2014
         See http://bankrupt.com/misc/cacb14-31901.pdf
         represented by: Philip D. Dapeer, Esq.
                         PHILIP DAPEER, A LAW CORPORATION
                         E-mail: PhilipDapeer@AOL.com

In re Winslow H. Crocker, III
   Bankr. N.D. Ohio Case No. 14-17406
      Chapter 11 Petition filed November 23, 2014



                             *********

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

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

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

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

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

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

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

                           *********

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

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

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

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

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.


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