/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/141201.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, December 1, 2014, Vol. 18, No. 334 Headlines 22ND CENTURY: Conference Call Held to Discuss Business Updates ALEXANDRA TRUST: Taps Arthur Ungerman & Joyce Lindauer as Counsel ALEXANDRA TRUST: Names Jules Slim as Special Counsel ALEXANDRA TRUST: Hires Blake Teller of TH&H as Special Counsel ALSIP ACQUISITION: Taps $3-Mil. DIP Loan from Wells Fargo ALSIP ACQUISITION: Seeks to Sell Mill, Equipment to Resolute ALSIP ACQUISITION: Hires Epiq as Claims & Noticing Agent ALSIP ACQUISITION: Court Issues Joint Administration Order ALSIP ACQUISITION: Ill. Water District Wants Case Transferred ALSIP ACQUISITION: Section 341(a) Meeting Set for Dec. 15 ARIZONA LA CHOLLA: Brenda Moody Whinery Now Handles Case ARIZONA NEUROLOGICAL: Case Summary & 20 Top Unsecured Creditors ASPEN GROUP: Signs 3-Year Employment Pacts With CFO and COO ASR 2401: Preferred Income Wants Dismissal of Chapter 11 Case ASR 2401: Wants to Employ Stout Risius as Financial Advisors AUTOMOTIVE ELECTRIC: Case Summary & 20 Top Unsecured Creditors BG MEDICINE: Gets Additional Non-Compliance Notice From NASDAQ BELTWAY ONE: WF Bid to Reconsider Plan Order Denied C.P. MILLER: Public Auction Slated for Dec. 1 C.S. BIOSCIENCE: Case Summary & 20 Largest Unsecured Creditors C.W. WILLIAMS: Case Summary & 20 Largest Unsecured Creditors CAESARS ENTERTAINMENT: Agent Granted Interest to Alleged Claims CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 7% Off CASH STORE: Default Status Report Per National Policy 12-203 COLT DEFENSE: Incurs $7.8 Million Net Loss in Third Quarter COLUMBUS DOWNTOWN: S&P Puts 'B' Rating on CreditWatch Negative CONSOLIDATED SERVICES: Case Summary & 7 Top Unsecured Creditors CROSSFOOT ENERGY: Section 341(a) Meeting Set for Jan. 9 CTI BIOPHARMA: Reports $17.7MM Net Financial Standing at Oct. 31 DIALOGIC INC: Tennenbaum Capital No Longer a Shareholder ELBIT IMAGING: MHLW Approves MRgFUS for Treatment in Japan ELBIT IMAGING: Incurs NIS 32 Million Net Loss in Q3 ENERGY SERVICES: Projects $93.3-Mil. Revenue for Fiscal 2014 EQUINOX HOLDINGS: Moody's Lowers 1st Lien Bank Debt Rating to B1 FORTESCUE METALS: Bank Debt Trades at 6% Off FRED FULLER: Bankruptcy Judge Approves Sale FULLCIRCLE REGISTRY: Amends 21 Million Shares Resale Prospectus FUSION TELECOMMUNICATIONS: Stockholders Elected 9 Directors FV-CBA LLC: Case Summary & 5 Unsecured Creditors GLOBAL COMPUTER: Panel Hires Leach Travell as Local Counsel GLOBAL COMPUTER: Panel Hires Armstrong Teasdale as Counsel GT ADVANCED: Pomerantz Law Firm Files Securities Class Action HOLLINGER INC: Court Approves Black, Radler Settlement Agreements HORIZON LINES: TCM MPS Does Not Own Class A Shares HUTCHESON MEDICAL: Has Authority to Maintain Bank Accounts HUTCHESON MEDICAL: Court Issues Joint Administration Order HUTCHESON MEDICAL: Section 341(a) Meeting Scheduled for Dec. 16 IMH FINANCIAL: Incurs $23.4 Million Net Loss in Third Quarter JSR PROPERTIES: Case Summary & 3 Unsecured Creditors KAZI FOODS: Calif. Court Affirms $9.9MM Judgment Against Owners LA CANASTA: Case Summary & Unsecured Creditor LLRIG TWO: Court Okays Hiring of Teresa Mohr as Realtor LLRIG TWO: Court Approves Christopher Bennett as CPA LOAN EXCHANGE GROUP: Case Summary & 21 Top Unsecured Creditors LOCATION BASED TECHNOLOGIES: Incurs $5.1MM Loss in Fiscal 2014 MARRONE BIO: Delays Release of Quarterly Report MCCLATCHY COMPANY: Moody's Affirms Caa1 Corporate Family Rating MGM RESORTS: Issues $1.2 Billion Senior Notes Due 2023 MOBIVITY HOLDINGS: CFO Timothy Schatz to Resign in February NEWLEAD HOLDINGS: Annual Shareholders' Meeting Set for Dec. 23 OMNICOMM SYSTEMS: SEC OKs Waiver of Financial Stmt. Requirement OXYSURE SYSTEMS: Terminates Merger Agreement With Estill Medical PAINT ROCK: Ala. High Court Rules in Rift With First Jackson Bank PEOPLEWELL HR: Section 341(a) Meeting Scheduled for Dec. 17 PLASTIC2OIL INC: Issues Letter to Shareholders POSITIVEID CORP: Inks $4MM Financing Pact With Dominion Capital RAAM GLOBAL: Jerry Sheets No Longer Serving as Officer RADIOSHACK CORP: Amends Recapitalization Pact With General Retail RADIOSHACK CORP: Standard General Holds 9.8% Equity Stake REDPRAIRIE CORP: Bank Debt Trades at 6% Off REGENT PARK: Section 341(a) Meeting Set for Dec. 23 REICHHOLD HOLDINGS: Dec. 2 Hearing on Auction Procedures ROCKWELL MEDICAL: Closes $58.5MM Public Offering of Common Stock SCIENTIFIC GAMES: Completes Merger With Bally Technologies SEADRILL LTD: Bank Debt Trades at 9% Off SEAWORLD PARKS: Bank Debt Trades at 5% Off SHORE THING: Voluntary Chapter 11 Case Summary SPEEDY TOWING: Case Summary & 20 Largest Unsecured Creditors SPENDSMART NETWORKS: John Eyler Named to Board of Directors STOCKTON, CA: Dec. 10 Hearing on Bid to Stay Confirmation SUN BANCORP: Amends 1.1 Million Shares Resale Prospectus SYLVA CORPORATION: 8th Cir. Revives GE Capital Claim TERVITA CORP: Bank Debt Trades at 9% Off TRACKGROUP: Signs 2-Year Employment Agreement With CFO TRANSGENOMIC INC: AMH Reports 8.4% Stake as of Nov. 18 TRAVELPORT WORLDWIDE: Scott McCarty Quits From Board UD DISSOLUTION: Case Summary & 20 Largest Unsecured Creditors URANIUM ONE: Fitch Affirms 'BB-' LT FC Issuer Default Rating US SECURITY: Moody's Affirms B3 CFR & Changes Outlook to Stable VISUALANT INC: Creates Opportunity for "Invisible Bar Codes" WET SEAL: Struggling Retailer Hires Advisers to Review Options YRC WORLDWIDE: EVP and General Counsel Resigns * BOND PRICING: For The Week From November 24 to 28, 2014 ********* 22ND CENTURY: Conference Call Held to Discuss Business Updates -------------------------------------------------------------- 22nd Century Group, Inc., conducted a conference call on Nov. 25, 2014, hosted by Chardian Capital Markets and provided updates regarding the Company's business operations. "The company has made significant progress over the past 12 months, including the purchase of a manufacturing facility. And most notably it is now a signatory to the Master Settlement Agreement or MSA and will begin selling its own branded products in the U.S. and Europe next year," said Jim McIlree, senior research analyst at Chardan Capital. A copy of the conference call transcript is available for free at: http://is.gd/LjhOWE About 22nd Century Clarence, New York-based 22nd Century Group, Inc., through its wholly-owned subsidiary, 22nd Century Ltd, is a plant biotechnology company using technology that allows for the level of nicotine and other nicotinic alkaloids (e.g., nornicotine, anatabine and anabasine) in tobacco plants to be decreased or increased through genetic engineering and plant breeding. 22nd Century reported a net loss of $26.15 million in 2013, a net loss of $6.73 million in 2012 and a net loss of $1.34 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $26.68 million in total assets, $6.56 million in total liabilities and $20.12 million in total shareholders' equity. ALEXANDRA TRUST: Taps Arthur Ungerman & Joyce Lindauer as Counsel ----------------------------------------------------------------- Alexandra Trust seeks authorization from the U.S. Bankruptcy Court for the Northern District of Texas to employ Arthur I. Ungerman and Joyce W. Lindauer as counsel on behalf of the Debtor. Kerry S. Alleyne-Simmons is an associate working for Mr. Ungerman. Mr. Ungerman will be responsible for the general administration of the estate including, filing of the Schedules and Statement of Financial Affairs, advising the debtor on compliance issues for opening the Debtor in Possession Account, filing monthly operating reports and paying quarterly fees, attending the 341 Meeting, preparing Cash Collateral Motions and Orders, negotiating with creditors of the estate, preparation of the Plan of Reorganization and Disclosure Statement. Ms. Lindauer will be responsible for any litigation matters, including contested Motions to Lift the Automatic Stay, objections to Cash Collateral, Plan of Reorganization and Disclosure Statement, and Adversary Proceedings brought by or against the Debtor. The Attorneys will be paid at these hourly rates: Arthur I. Ungerman $275 Joyce W. Lindauer $375 Kerry S. Alleyne-Simmons $175 Paralegals and Legal Assistants $50-125 The Attorneys will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ungerman has been paid a retainer of $10,000 in connection with these proceedings. This retainer has been used to pay for the filing fee of $1,717 in connection with this case. Mr. Ungerman, Ms. Lindauer and Ms. Alleyne-Simmons, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Attorneys can be reached at: Arthur Ungerman, Esq. LAW OFFICE OF ARTHUR UNGERMAN 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 239-9055 Fax: (972) 239-9886 E-mail: arthur@ungerman.com - and - Joyce W. Lindauer, Esq. LAW OFFICE OF JOYCE LINDAUER 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 E-mail: joyce@joycelindauer.com About Alexandra Trust Garland, Texas-based Alexandra Trust sought protection under Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-35049, Bankr. N.D. Tex.). The case is assigned to Judge Barbara J. Houser. The Debtor's counsel is Arthur I. Ungerman, Esq., in Dallas, Texas. The Debtor has estimated assets ranging from $100 million to $500 million and estimated debts ranging from $500,000 to $1 million. The petition was signed by Richard Dale Sterritt, Jr., trustee. ALEXANDRA TRUST: Names Jules Slim as Special Counsel ---------------------------------------------------- Alexandra Trust asks for permission from the U.S. Bankruptcy Court for the Northern District of Texas to employ Jules P. Slim as special counsel. Mr. Slim will represent the Debtor in litigation matters concerning the recovery of assets of the Debtor located in Texas and Mississippi. The compensation to be paid to Mr. Slim shall be based upon the following hourly rates: Jules Slim $325 Paralegals $90 Mr. Slim will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Slim has been paid a retainer of $5,000 from Sarah Esther Sterritt co-trustee of the Alexandra Trust in connection with this proceeding. Jules P. Slim 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. Mr. Slim can be reached at: Jules P. Slim, Esq. P.O. Box 140307 Irving, TX 75014-0307 Tel: (214) 350-5183 About Alexandra Trust Garland, Texas-based Alexandra Trust sought protection under Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-35049, Bankr. N.D. Tex.). The case is assigned to Judge Barbara J. Houser. The Debtor's counsel is Arthur I. Ungerman, Esq., in Dallas, Texas. The Debtor has estimated assets ranging from $100 million to $500 million and estimated debts ranging from $500,000 to $1 million. The petition was signed by Richard Dale Sterritt, Jr., trustee. ALEXANDRA TRUST: Hires Blake Teller of TH&H as Special Counsel -------------------------------------------------------------- Alexandra Trust asks permission from the U.S. Bankruptcy Court for the Northern District of Texas to employ B. Blake Teller of Teller, Hassell & Hopson, LLP ("TH&H") as special counsel. Mr. Teller will represent the Debtor in litigation matters concerning property and other assets of the Debtor located in Vicksburg, Mississippi. The compensation to be paid to TH&H shall be based upon the following hourly rates: Blake Teller $225 G. Philip Schrader, IV. $175 Lauren Roberts Caepart $175 TH&H will also be reimbursed for reasonable out-of-pocket expenses incurred. TH&H has been paid a retainer of $5,000.00 in connection with this proceeding. B. Blake Teller 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. TH&H can be reached at: B. Blake Teller, Esq. TELLER, HASSELL & HOPSON, LLP 1201 Cherry St. Vicksburg, MS 39183 Tel: (601) 636-6565 About Alexandra Trust Garland, Texas-based Alexandra Trust sought protection under Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-35049, Bankr. N.D. Tex.). The case is assigned to Judge Barbara J. Houser. The Debtor's counsel is Arthur I. Ungerman, Esq., in Dallas, Texas. The Debtor has estimated assets ranging from $100 million to $500 million and estimated debts ranging from $500,000 to $1 million. The petition was signed by Richard Dale Sterritt, Jr., trustee. ALSIP ACQUISITION: Taps $3-Mil. DIP Loan from Wells Fargo --------------------------------------------------------- Alsip Acquisitions, LLC, et al., seek authority from the U.S. Bankruptcy Court for the District of Delaware to obtain postpetition secured financing in an amount not to exceed $3,000,000 from Wells Fargo Bank, National Association. The DIP financing accrues interest at Daily Three Month LIBOR plus the Applicable Margin, with a floor of 5.0 percent, plus an additional 4.0 percent upon default. The DIP financing matures on the earlier of (i) Dec. 31, 2014, and (ii) the closing of the sale of all or substantially all of the assets of the Debtors, with additional, customary termination events. The Debtors also seek authority to use cash collateral securing their prepetition indebtedness. As of the Petition Date, the Debtors had approximately $8,039,639 of funded indebtedness and related obligations outstanding. The Debtors propose to provide the Prepetition Lender with four primary forms of adequate protection to protect against the postpetition diminution in value of the Cash Collateral in respect of the Carve Out and the DIP Obligations, and resulting from the use, sale, or lease of the Prepetition Collateral by the Debtors and the imposition of the automatic stay. Metropolitan Water Reclamation District of Greater Chicago objects to the DIP motion, complaining that the Debtors have proposed no adequate protection to the MWRD as the holder of liens on the Debtors' mill. According to the MWRD, as of the Petition Date, Alsip owed the MWRD the approximate amount of $3,500,000 for unpaid user charges, penalties and interest and the MWRD holds a lien on the Debtors' mill to secure the payment of the amounts owed. The MWRD asserts that the Court may not authorize incurrence of debt secured by the priming lien sought in the DIP motion. The Lender is represented by: Steven E. Fox, Esq. RIEMER & BRAUNSTEIN LLP Times Square Tower Seven Times Square, Suite 2506 New York, NY 10036 E-mail: sfox@riemerlaw.com The MWRD is represented by: Adam G. Landis, Esq. LANDIS RATH & COBB LLP 919 Market Street, Suite 1800 Wilmington, DE 19801 Tel: (302) 467-4400 Fax: (302) 467-4450 E-mail: landis@lrclaw.com -- and -- Barry A. Chatz, Esq. David A. Golin, Esq. Kevin H. Morse, Esq. ARNSTEIN & LEHR LLP 120 S. Riverside Plaza, Suite 1200 Chicago, IL 60606 Tel: (312) 876-7100 Fax: (312) 876-6273 E-mail: bachatz@arnstein.com dagolin@arnstein.com khmorse@arnstein.com About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of the Oct. 31, 2014, the Debtors had approximately $7,742,972 of funded indebtedness and related obligations outstanding. The goal of the Debtors is to consummate the sale of the assets to Resolute FP Illinois LLC pursuant to an asset purchase agreement or another bidder pursuant to the bid procedures. In addition, the Debtors intend to vacate their leased locations in Connecticut and New Jersey, liquidate their other assets, and distribute any proceeds pursuant to the claims process established by the Bankruptcy Code. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Dec. 15, 2014 at 1:00 p.m. prevailing Eastern time. A copy of the affidavit in support of the first-day motions is available for free at: http://bankrupt.com/misc/Alsip_1st_Day_Affidavit.pdf ALSIP ACQUISITION: Seeks to Sell Mill, Equipment to Resolute ------------------------------------------------------------ Alsip Acquisition, LLC, et al., seek authority from the U.S. Bankruptcy Court for the District of Delaware to sell its mill and equipment and establish bidding procedures in connection with the sale. Resolute FP Illinois LLC, as the stalking horse bidder, proposes to purchase the real estate and equipment for $5,000,000. Resolute, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, is the new name of AbitibiBowater, which emerged from creditor protection in Canada and the U.S. in December 2010 and changed its name the following year. To obtain the highest or otherwise best offer for the assets, the Debtors propose that any competing bid must contain a cash component of the purchase price of not less than $5,320,000. The Debtors also propose to conduct an auction on Dec. 22. The Debtors are asking the Court to schedule the sale hearing for no later than Dec. 23, and that objections, if any, to the sale must be filed About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of the Oct. 31, 2014, the Debtors had approximately $7,742,972 of funded indebtedness and related obligations outstanding. The goal of the Debtors is to consummate the sale of the assets to Resolute FP Illinois LLC pursuant to an asset purchase agreement or another bidder pursuant to the bid procedures. In addition, the Debtors intend to vacate their leased locations in Connecticut and New Jersey, liquidate their other assets, and distribute any proceeds pursuant to the claims process established by the Bankruptcy Code. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Dec. 15, 2014 at 1:00 p.m. prevailing Eastern time. A copy of the affidavit in support of the first-day motions is available for free at: http://bankrupt.com/misc/Alsip_1st_Day_Affidavit.pdf ALSIP ACQUISITION: Hires Epiq as Claims & Noticing Agent -------------------------------------------------------- Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware authorized Alsip Acquisition, LLC, et al., to to employ Epiq Bankruptcy Solutions, LLC, as claims and noticing agent to, among other things, (i) distribute required notices to parties in interest, (ii) receive, maintain, docket and otherwise administer the proofs of claim and voting ballots filed in the Chapter 11 cases, and (iii) provide other administrative services that would fall within the purview of services to be provided by the Clerk's Office. Prior to the Petition Date, the Debtors provided Epiq a retainer in the amount of $25,000. About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of the Oct. 31, 2014, the Debtors had approximately $7,742,972 of funded indebtedness and related obligations outstanding. The goal of the Debtors is to consummate the sale of the assets to Resolute FP Illinois LLC pursuant to an asset purchase agreement or another bidder pursuant to the bid procedures. In addition, the Debtors intend to vacate their leased locations in Connecticut and New Jersey, liquidate their other assets, and distribute any proceeds pursuant to the claims process established by the Bankruptcy Code. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Dec. 15, 2014 at 1:00 p.m. prevailing Eastern time. A copy of the affidavit in support of the first-day motions is available for free at: http://bankrupt.com/misc/Alsip_1st_Day_Affidavit.pdf ALSIP ACQUISITION: Court Issues Joint Administration Order ---------------------------------------------------------- Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware issued an order directing the joint administration of the Chapter 11 cases of Alsip Acquisition, LLC, and APCA, LLC, under Case No. 14-12596. About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of the Oct. 31, 2014, the Debtors had approximately $7,742,972 of funded indebtedness and related obligations outstanding. The goal of the Debtors is to consummate the sale of the assets to Resolute FP Illinois LLC pursuant to an asset purchase agreement or another bidder pursuant to the bid procedures. In addition, the Debtors intend to vacate their leased locations in Connecticut and New Jersey, liquidate their other assets, and distribute any proceeds pursuant to the claims process established by the Bankruptcy Code. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Dec. 15, 2014 at 1:00 p.m. prevailing Eastern time. A copy of the affidavit in support of the first-day motions is available for free at: http://bankrupt.com/misc/Alsip_1st_Day_Affidavit.pdf ALSIP ACQUISITION: Ill. Water District Wants Case Transferred ------------------------------------------------------------- Metropolitan Water Reclamation District of Greater Chicago asks the U.S. Bankruptcy Court for the District of Delaware to transfer the Chapter 11 cases of Alsip Acquisition, LLC, et al., to the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, saying that, apart from the Debtors' status as Delaware limited liability companies, there is nothing supporting venue in Delaware. According to the MWRD, the Debtors have no assets or creditors in Delaware and their Chapter 11 cases is not a complex financial or operational restructuring of international or national import. To the contrary, the Debtors' Chapter 11 cases is a quick sale involving a local, Illinois non-operating enterprise, filed outside its most obvious forum for reasons known only to the Debtors, the MWRD asserts. About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of the Oct. 31, 2014, the Debtors had approximately $7,742,972 of funded indebtedness and related obligations outstanding. The goal of the Debtors is to consummate the sale of the assets to Resolute FP Illinois LLC pursuant to an asset purchase agreement or another bidder pursuant to the bid procedures. In addition, the Debtors intend to vacate their leased locations in Connecticut and New Jersey, liquidate their other assets, and distribute any proceeds pursuant to the claims process established by the Bankruptcy Code. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Dec. 15, 2014 at 1:00 p.m. prevailing Eastern time. A copy of the affidavit in support of the first-day motions is available for free at: http://bankrupt.com/misc/Alsip_1st_Day_Affidavit.pdf ALSIP ACQUISITION: Section 341(a) Meeting Set for Dec. 15 --------------------------------------------------------- A meeting of creditors in the bankruptcy case of Alsip Acquisition, LLC, will be held on Dec. 15, 2014, at 1:00 p.m. at J. Caleb Boggs Federal Building, 844 King St., Room 2112, Wilmington, Delaware. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Alsip Acquisition Alsip Acquisition, LLC and APCA, LLC were the leading North American provider of responsibly made recycled paper for books and magazines, as well as for commercial printing and packaging applications. The operational and manufacturing headquarters are located in Alsip, Illinois, and consist of a 40-year-old mill and a leased warehouse in Alsip, Illinois. The mill and warehouse were idled in September 2014 following cash losses. Most of Alsip's stock is owned by FutureMark Holdings, LLC. On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Kevin J. Carey (KJC). The cases have been jointly administered, with pleadings maintained on the case docket for Case No. 14-12596. The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. As of the Oct. 31, 2014, the Debtors had approximately $7,742,972 of funded indebtedness and related obligations outstanding. The goal of the Debtors is to consummate the sale of the assets to Resolute FP Illinois LLC pursuant to an asset purchase agreement or another bidder pursuant to the bid procedures. In addition, the Debtors intend to vacate their leased locations in Connecticut and New Jersey, liquidate their other assets, and distribute any proceeds pursuant to the claims process established by the Bankruptcy Code. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Dec. 15, 2014 at 1:00 p.m. prevailing Eastern time. A copy of the affidavit in support of the first-day motions is available for free at: http://bankrupt.com/misc/Alsip_1st_Day_Affidavit.pdf ARIZONA LA CHOLLA: Brenda Moody Whinery Now Handles Case -------------------------------------------------------- Bankruptcy Judge Scott H. Gan entered an order transferring the Chapter 11 case of Arizona La Cholla, L.L.C., to the Hon. Brenda Moody Whinery. It is also ordered that all hearings set with the U.S. Bankruptcy Court for the District of Arizona Court are vacated. Arizona La Cholla, L.L.C., filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 14-10254) on July 2, 2014. Steven L. Nannini signed the petition as manager. The Debtor estimated assets and liabilities of at least $10 million. Altfeld & Battaile P.C. serves as the Debtor's counsel. ARIZONA NEUROLOGICAL: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Arizona Neurological Institute, P.C. 10474 W Thunderbird Blvd #200 Sun City, AZ 85351 Case No.: 14-17602 Nature of Business: Health Care Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Madeleine C. Wanslee Debtor's Counsel: Christopher C. Simpson, Esq. STINSON LEONARD STREET LLP 1850 N Central Ave. #2100 Phoenix, AZ 85004 Tel: 602-279-1600 Fax: 602-240-6925 Email: christopher.simpson@stinsonleonard.com anne.finch@stinsonleonard.com Total Assets: $449,035 Total Liabilities: $1.94 million The petition was signed by Eric Chappell, chief operating officer. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/azb14-17602.pdf ASPEN GROUP: Signs 3-Year Employment Pacts With CFO and COO ----------------------------------------------------------- Aspen Group, Inc., entered into three-year employment agreements with Janet Gill, the Company's executive vice president and interim chief financial officer and Gerard Wendolowski, the Company's chief operating officer. In accordance with her Employment Agreement, Ms. Gill will receive a base salary of $200,000 and was granted 300,000 stock options exercisable at $0.234 per share which vest in three equal increments over a three year period with the first vesting date being Nov. 24, 2015. Ms. Gill will also be entitled to a cash and equity bonus if certain EBITDA milestones are met. The cash portion of the Target Bonus will only be earned if the Company has a certain cash balance to pay the Target Bonus. In accordance with his Employment Agreement, Mr. Wendolowski will receive a base salary of $200,000. Mr. Wendolowski will also be entitled to the Target Bonus. Also on Nov. 24, 2014, the Company amended the Employment Agreements of Mr. Michael Mathews, the Company's chief executive officer, and Dr. Cheri St. Arnauld, the Company's chief academic officer, to provide them with the right to receive the Target Bonus. In the event that the cash balance threshold under the Target Bonus is not met, Mr. Mathews will be issued stock in lieu of a cash bonus. With the exception of Mr. Mathews being entitled to stock in lieu of cash, the Target Bonus for each of the executives is identical. Each of the executive officers may receive a discretionary bonus at the discretion of the Company's Compensation Committee. About Aspen Group Denver, Colo.-based Aspen Group, Inc., was founded in Colorado in 1987 as the International School of Information Management. On Sept. 30, 2004, it was acquired by Higher Education Management Group, Inc., and changed its name to Aspen University Inc. On May 13, 2011, the Company formed in Colorado a subsidiary, Aspen University Marketing, LLC, which is currently inactive. On March 13, 2012, the Company was recapitalized in a reverse merger. Aspen's mission is to become an institution of choice for adult learners by offering cost-effective, comprehensive, and relevant online education. Approximately 88 percent of the Company's degree-seeking students (as of June 30, 2012) were enrolled in graduate degree programs (Master or Doctorate degree program). Since 1993, the Company has been nationally accredited by the Distance Education and Training Council, a national accrediting agency recognized by the U.S. Department of Education. Aspen Group incurred a net loss of $5.35 million for the year ended April 30, 2014. The Company also reported a net loss of $1.40 million for the four months ended April 30, 2013. The Company reported a net loss of $6 million in 2012 as compared with a net loss of $2.13 million in 2011. The Company's balance sheet at July 31, 2014, showed $4.79 million in total assets, $5.63 million in total liabilities and a $845,460 total stockholders' deficiency. ASR 2401: Preferred Income Wants Dismissal of Chapter 11 Case ------------------------------------------------------------- Preferred Income Partners IV, LLC, asks the Bankruptcy Court to dismiss the Chapter 11 case of ASR Fountainview, LP, et al., for lack of authority to file their petitions. According Preferred Income, the partnership has not obtained the required consent of PIP IV, its Class A Limited partner. Preferred Income is represented by: Hap May Two Riverwat, 15th Floor Houston, TX 77056 Tel: (281) 407-5609 Fax: (932) 201-7574 E-mail: hapmay@outlook.com Bryan P. Stevens HALLET & PERRIN, P.C. 1445 Ross Avenue, Suite 2400 Dallas, TX 75202 Tel: (214) 953-0053 Fax: (214) 922-4142 E-mail: bstevens@halletperrin.com About ASR 2401 ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought Chapter 11 bankruptcy protection in Houston (Bankr. S.D. Tex. Case Nos. 14-35322) on Sept. 30, 2014, without stating a reason. Each debtor, a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B), estimated assets and debt of $10 million to $50 million. Each debtor claims to have its principal assets located at 2401 Fountain View, Houston, Texas. ASR LP's Chapter 11 case is assigned to Judge Letitia Z. Paul while ASR LLC's Chapter 11 case is assigned to Judge Marvin Isgur The Debtors have tapped Christopher Adams, Esq., at Okin Adams & Kilmer LLP, in Houston, as counsel. The Debtor disclosed $19,348,658 in assets and $20,715,225 in liabilities as of the Chapter 11 filing. The U.S. Trustee has not yet appointed a creditors committee. ASR 2401: Wants to Employ Stout Risius as Financial Advisors ------------------------------------------------------------ ASR 2401 Fountainview, LP, et al., ask the Bankruptcy Court for permission to employ Stout Risius Ross, Inc., as financial advisors. The professional services that SRR may be asked to provide to the Debtors include: a. financial advisory services. b. preparation of statements of financial affairs for each of the Debtors. c. preparation of schedules of assets and liabilities for each of the Debtors. d. assistance with preparation of monthly operating reports. e. review of and assistance with preparation of cash forecasts. SRR may also provide additional services including: 1. review of the Debtor's financial information, including, but not limited to, analyses of cash receipts and disbursements. 2. analysis of assumption and rejection issues regarding executory contracts and leases. 3. review and analysis of the Debtors' proposed business plan. 4. assistance in evaluating reorganization strategies and alternatives available to the creditors. 5. Assistance in preparing or reviewing documents necessary for confirmation. 6. Advise and assist the Debtors, management and counsel in negotiations and meetings with the lender, investors and other interested parties. The hourly rates for SRR personnel are: Level Rates Managing Directors $400 - $495 Directors and Vice Presidents $325 - $395 Associates $225 - $300 Analysts $150 - $200 SRR anticipates that the professionals primarily responsible for advising the Trustee in this case will be: Professional Rates ------------ ----- Loretta Cross, managing director $495 John D. Baumgartner, director $395 Robert Levine, senior associate $225 For work related to preparing the Debtors' statements of financial affairs and schedules of assets and liabilities, SRR will discount Mr. Baumgartner's fees to $300 per hour. To the best of the Debtors' knowledge, SRR is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The Debtors are represented by: Christopher Adams, Esq. 1113 Vine St. Suite 201 Houston, TX 77002 Tel: (713) 228-4100 Fax: (888) 865-2118 E-mail: cadams@okinadams.com About ASR 2401 ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought Chapter 11 bankruptcy protection in Houston (Bankr. S.D. Tex. Case Nos. 14-35322) on Sept. 30, 2014, without stating a reason. Each debtor, a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B), estimated assets and debt of $10 million to $50 million. Each debtor claims to have its principal assets located at 2401 Fountain View, Houston, Texas. ASR LP's Chapter 11 case is assigned to Judge Letitia Z. Paul while ASR LLC's Chapter 11 case is assigned to Judge Marvin Isgur The Debtors have tapped Christopher Adams, Esq., at Okin Adams & Kilmer LLP, in Houston, as counsel. The Debtor disclosed $19,348,658 in assets and $20,715,225 in liabilities as of the Chapter 11 filing. The U.S. Trustee has not yet appointed a creditors committee. AUTOMOTIVE ELECTRIC: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Automotive Electric Distributors, Inc. aka AED aka AXD dba Automotive Express Delivery PO Box 12377 Portland, OR 97212 Case No.: 14-46321 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court Western District of Washington (Tacoma) Judge: Hon. Paul B. Snyder Debtor's Counsel: Joseph A Field, Esq. FIELD JERGER LLP 621 SW Morrison St Ste 1225 Portland, OR 97205 Tel: 503-228-9115 Email: joe@fieldjerger.com Total Assets: $1.54 million Total Liabilities: $7.58 million The petition was signed by Lance "Pat" Blechschmidt, manager. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/wawb14-46321.pdf BG MEDICINE: Gets Additional Non-Compliance Notice From NASDAQ -------------------------------------------------------------- BG Medicine, Inc., received written notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC on Nov. 20, 2014, indicating that the Company did not meet the minimum $2.5 million in stockholders' equity, required by NASDAQ Listing Rule 5550(b)(1), which is one of the alternative tests for continued listing on The NASDAQ Capital Market. In the Company's Form 10-Q filed on Aug. 14, 2014, the Company reported stockholders' equity of $1,696,000 for the period ended Sept. 30, 2014. In addition, the notice indicates that the Company does not meet the other alternative tests of market value of listed securities or net income from continuing operations and therefore, no longer complies with the continued listing rule. The notice has no immediate effect on the listing or trading of the Company's common stock and the common stock will continue to trade on The NASDAQ Capital Market under the symbol "BGMD" at this time. The notice further provides that the Company has 45 calendar days, or until Jan. 4, 2015, to submit a plan to regain compliance with the continued listing rule. If NASDAQ accepts the Company's plan to regain compliance, the Company may be granted an extension of up to 180 calendar days from the notice, or until May 19, 2015, to evidence compliance with NASDAQ's continued listing rule. The Company is currently considering options to resolve this listing deficiency and the deficiency disclosed on Form 8-K filed Sept. 11, 2014, and to regain compliance. However, the Company said there can be no assurance that it will be able to regain compliance with The NASDAQ Capital Market listing requirements. Minimum Bid Price Deficiency As previously disclosed on a Current Report on Form 8-K filed on Sept. 11, 2014, the Company received a letter from NASDAQ notifying the Company that for the preceding 30 consecutive business days, the Company's common stock did not maintain a minimum closing bid price of $1.00 for continued listing on The NASDAQ Capital Market, as required by NASDAQ Listing Rule 5550(a)(2). The Minimum Bid Price Deficiency serves as an additional basis for delisting the Company's common stock from NASDAQ, in addition to the Stockholders' Equity Deficiency. About BG Medicine Waltham, Mass.-based BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostic tests to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company is currently commercializing two diagnostic tests, the first of which is the BGM Galectin-3 test, a novel assay for measuring galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of patients diagnosed with heart failure. The Company's second diagnostic test is the CardioSCORE test, which is designed to identify individuals at high risk for near-term, significant cardiovascular events, such as heart attack and stroke. BG Medicine reported a net loss of $15.84 million on $4.07 million of total revenues for the year ended Dec. 31, 2013, as compared with a net loss of $23.76 million on $2.81 million of total revenues during the prior year. The Company's balance sheet at June 30, 2014, showed $11.24 million in total assets, $7.25 million in total liabilities and $3.98 million in total stockholders' equity. Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company's recurring losses from operations, recurring cash used in operating cash flows and stockholders' deficit raise substantial doubt about its ability to continue as a going concern. BELTWAY ONE: WF Bid to Reconsider Plan Order Denied --------------------------------------------------- The Bankruptcy Court denied Wells Fargo Bank, N.A.'s motion to reconsider or amend memorandum decision and order confirming Beltway One Development Group LLC's Reorganization Plan dated March 25, 2014. In its reconsideration motion, Wells Fargo maintained that the Debtor's plan is not fair and equitable, and must not have been confirmed over its objection because Wells Fargo's oversecured claim had not been cured within the meaning of Section 1124(2)(A), and Wells Fargo therefore was entitled to be paid its default interest, late fees, and other costs. As reported in the Troubled Company Reporter on July 30, 2014, according to Wells Fargo, the Debtor filed a chapter 11 plan that proposed to "term out" Wells Fargo's claim for five years with a substantial balloon payment at the end of the plan term. The Debtor also maintained that Wells Fargo is oversecured and presented valuation testimony to that effect at the plan confirmation trial. The Court adopted the Debtor's value of $11.1 million for the real property securing Wells Fargo's claim of approximately $9.9 million (plus accrued and accruing interest, charges, fees, and expenses). The Debtor has also accrued approximately $2 million in cash on hand. Thus, unless the Memorandum Decision and Confirmation Order are reconsidered and/or amended, Wells Fargo would be deprived of its contractual and statutory rights to default interest, charges, fees, and expenses, while the Debtor's equity security owners receive an immediate windfall of approximately $3 million in equity. Wells Fargo objected to confirmation of the Plan for multiple reasons. Wells Fargo objected to the Plan's treatment of Wells Fargo's claim as oversecured while simultaneously purporting to eliminate default interest, charges, fees, and other expenses recoverable by an oversecured creditor under Section 506(b) of the Bankruptcy Code and applicable law. Wells Fargo also objected to the Plan's language purporting to accomplish a "cure," in light of the Plan's undisputed impairment of Wells Fargo's claim. The bankruptcy judge's memorandum decision concludes that "[m]odification of default interest and elimination of late fees and other costs is consistent with the Code and supported by the case cited by Wells Fargo." Mr. Suzuki contends that although this statement is arguably defensible with respect to certain kinds of plans (i.e., plans that pay a secured creditors' claim in full in cash on the plan effective date), it is not an accurate conclusion of law with respect to the Plan in this case. Wells Fargo's loan in this case fully matured prior to the Debtor's bankruptcy filing. The Plan impairs Wells Fargo's claim by seeking to term it out for five years at a non-default rate of interest. Such treatment is not a "cure" within the meaning of the Bankruptcy Code or arguably applicable caselaw. The Plan does not effect a cure under Entz-White nor section 1124(2)(A), and the Debtor may not override the protections afforded an oversecured creditor absent a true cure within the meaning of the Bankruptcy Code. Accordingly, Wells Fargo requests that the Court reconsider and/or amend its Memorandum Decision and Confirmation Order to clarify: (i) that the Plan in this case does not effect a cure within the meaning of the Bankruptcy Code, and (ii) if confirmation is still appropriate, that confirmation requires the inclusion of all pre- petition and post-petition/preconfirmation default interest, fees, and charges, as provided in the applicable loan documents. Debtor's Objection to WF Beltway One, which opposed Wells Fargo Bank's motion for reconsideration, pointed out that Wells Fargo Loan matured on May 16, 2011. Prior to the maturity, Reorganized Debtor never missed a payment. The Chapter 11 case was commenced on July 13, 2011, and every month since September 2011, the Reorganized Debtor has tendered monthly payments to Wells Fargo at the contract rate of interest, which total over $1,000,000 to date. Under the confirmed Plan, the Wells Fargo Claim is paid in full. Talitha Gray Kozlowski, Esq., of Gordon Silver, points out that the substantial profit Wells Fargo will receive from full repayment is apparently not enough. Wells Fargo continued to demand the Court award it prepetition and postpetition default interest, despite the fact that: (i) Reorganized Debtor never missed a payment prior to the Maturity Date; (ii) Reorganized Debtor has tendered a $30,000 per month adequate protection payment to Wells Fargo since September 2011; and (iii) Wells Fargo made the same cure argument at the time of Confirmation, which argument was rejected by the Court. Default interest will not provide any compensatory value to Wells Fargo, and, in fact Wells Fargo has not even argued that it will. Despite receiving full repayment of principal, prepetition contact interest, and its reasonable attorney's fees once authorized by a final order, Wells Fargo now requests that this Court reconsider and amend a correct and unambiguous conclusion of law that "[m]odification of default interest rates and elimination of late fees and other costs is consistent with the Code and supported by the case cited by Wells Fargo." It is irrefutable that the Court has the authority to modify default interest under the rule adopted by the Ninth Circuit in In re General Elec. Capital Corp. v. Future Media Prods., Inc. (In re Future Media Prods., Inc.), 536 F.3d 969 (9th Cir. 2008), as the Court stated in the Memorandum Decision. Wells Fargo nevertheless attempts to transform the Court's references to Future Media and Great Western Bank & Trust v. Entz-White Lumber and Supply, Inc. (In re Entz- White Lumber and Supply, Inc.), 850 F.2d 1338 (9th Cir. 1988) into a finding that the Reorganized Debtor's Plan effectuated an impermissible Entz-White cure of the Wells Fargo Loan Documents. However, Ms. Kozlowski submitted that the plain language of the Plan, Memorandum Decision, and Confirmation Order unequivocally provide that the Wells Fargo Loan will be amended by virtue of, among other things, an extended term and amended interest rate. No Entz-White cure was ever contemplated, and no such cure has or will be effectuated. The Court should therefore enter an order denying the Reconsideration Motion and affirm its Memorandum Decision and Confirmation Order. The order should expressly state that the Plan does not effectuate a cure of the Wells Fargo Loan Documents, and that the Court disallowed default interest pursuant to its equitable discretion and the authority granted it by Future Media. Wells Fargo Response Bryce A. Suzuki, Esq., of Bryan Cave LLP, representing Wells Fargo Bank, noted that the Debtor conceded in the opposition that (i) the Bankruptcy Code requires the payment of Wells Fargo's reasonable attorneys' fees and expenses; and (ii) the Plan does not, and will not ever, effect a cure of defaults. These admissions alone require amendment to the Memorandum Decision and Confirmation Order. The only remaining question is whether the Bankruptcy Code requires the payment of post-petition, pre- effective-date default interest. The Debtor contends that the elimination of default interest is permissible based on "equitable considerations," and that, therefore, no alteration or amendment to the Memorandum Decision and Confirmation Order is required. According to Mr. Suzuki, the Debtor's new arguments in this regard suffer from at least two fatal flaws. First, they are raised for the first time in the Opposition, and are contrary to the Debtor's arguments at Plan confirmation and in its Post-Trial Brief. The Debtor is precluded from making these arguments now. Second, the Memorandum Decision and, by extension, the Confirmation Order, do not articulate the Debtor's new arguments as the basis for decision. Indeed, the Memorandum Decision discusses the concept of "cure" at length but does not once mention "equitable considerations." To the extent the Court relied on equitable considerations, they must be set forth as findings of fact and conclusions of law pursuant to Federal Rule of Bankruptcy Procedure 7052 with sufficient particularity to facilitate informed appellate review. Finally, even if the Debtor could overcome all of the foregoing legal hurdles, there is nothing in the record to support a multi-million dollar windfall to the Debtor's equity holders while depriving Wells Fargo of its contractual default rate of interest. Accordingly, and in light of the Debtor's admissions in the Opposition and the arguments made in the Motion, Wells Fargo submits that the Confirmation Order must, at a minimum, be amended (i) to clarify that the concept of cure, under Entz-White and its progeny, is inapplicable under the circumstances of this case; and (ii) to require the payment of post-petition, pre-effective-date default interest, charges, fees, and expenses as part of Wells Fargo's claim pursuant to Section 506(b) of the Bankruptcy Code and applicable law. About Horizon Village Four related Las Vegas, Nevada-based entities sought Chapter 11 bankruptcy protection on July 13, 2011. The businesses are owned or managed by local business people and firms, including Todd Nigro, Nigro Development LLC, a Nigro family trust and other investors. Horizon Village Square LLC (Bankr. D. Nev. Case No. 11-21034) owns the Vons-anchored Horizon Village Square Shopping Center near I-515 and Horizon Drive in Henderson. The property includes five retail buildings with nearly 43,000 square feet of space. Ten Saints LLC (Bankr. D. Nev. Case No. 11-21028) owns the 134- room Hampton Inn & Suites at St. Rose Parkway and Seven Hills Drive in Henderson. The Hon. Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of Nevada on Nov. 18, 2011, entered a final decree closing the Chapter 11 case of Ten Saints LLC. Beltway One Development Group LLC (Bankr. D. Nev. Case No. 11- 21026) owns the Desert Canyon Business Park at Russell Road and the Las Vegas Beltway. It has two buildings and 15 acres. Nigro HQ LLC (Bankr. D. Nev. Case No. 11-21014) owns an office building at 9115 W. Russell Road occupied by Bank of George, Infinity Plus LLC and Nigro Construction Inc. Todd Nigro said the four bankruptcies were caused by threatened foreclosures -- typically related to Wells Fargo Bank demanding payments to keep loan-to-value ratios at specified levels. Judge Mike K. Nakagawa presides over the cases. Lawyers at Gordon Silver serve as the Debtors' bankruptcy counsel. The bankruptcy petitions estimated assets and debts from $1 million to $10 million each for Nigro HQ; and from $10 million to $50 million in both assets and debts for Horizon Village, Ten Saints and Beltway One. The cases are not jointly administered. A fifth related business, Russell Boulder LLC, filed for bankruptcy (Bankr. D. Nev. Case No. 10-29724) on Oct. 19, 2010. It owns the 600-suite Siena Suites extended stay property at Boulder Highway and Russell Road. Edward M. Zachary, Esq., at Bryan Cave LLP, in Bryan Cave LLP, in Phoenix, Ariz., and Robert M. Charles, Jr., Esq., at Lewis and Roca LLP, in Los Vegas, Nev., represent Wells Fargo Bank, N.A., as counsel. C.P. MILLER: Public Auction Slated for Dec. 1 --------------------------------------------- C.P. Miller Inc. will offer for sale at public auction to the highest bidder for cash at 3:30 p.m. on Dec. 1, 2014, at the Courthouse door in Asheboro, Randolph County, North Carolina, all of the debtor's right, title and interest in Lot No. 21 property located at 6953 Courtland Drive in Thomasville, North Carolina. In the event the debtor files a bankruptcy petition prior to the expiration of the 10-day period required by G.S. 45-21.27, an automatic stay of the foreclosure will be imposed in accordance to Section 362 of the Bankruptcy Code and the bidder must pursue relief through the bankruptcy court. Randolph County Registry may require the high bidder to deposit cash at the sale in an amount equal to the greater of 5% of the amount of the bid or $750. If no upset bid is filed, the balance of the purchase price, less deposit, must be made in cash upon tender of the deed. Third party purchasers at sale must pay the tax of $0.45 per $100 as required by NCGS 7A-308(a)(1). C.S. BIOSCIENCE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: C.S. Bioscience Inc. 521 Park Avenue New York, NY 10065 Case No.: 14-13274 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Debtor's Counsel: Nancy Lynne Kourland, Esq. ROSEN & ASSOCIATES, P.C. 747 Third Avenue New York, NY 10017 Tel: (212) 223-1100 Fax: (212) 223-1102 Email: nkourland@rosenpc.com Total Assets: $181,831 as of Oct. 31, 2014 Total Liabilities: $1.71 million as of Oct. 31, 2014 The petition was signed by Gerald Curatola, CEO. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nysb14-13274.pdf C.W. WILLIAMS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: C.W. Williams Community Health Center, Inc. P.O. Box 668093 Charlotte, NC 28266-8093 Case No.: 14-32010 Nature of Business: Health Care Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court Western District of North Carolina (Charlotte) Judge: Hon. Laura T. Beyer Debtor's Counsel: Robert Lewis, Jr., Esq. THE LEWIS LAW FIRM LLC 421 Fayetteville Street Suite 1507 Raleigh, NC 27601 Tel: 919-792-1920 Fax: 919-322-0341 Email: rlewis@thelewislawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Leon L. Burton, CEO. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/ncwb14-32010.pdf CAESARS ENTERTAINMENT: Agent Granted Interest to Alleged Claims --------------------------------------------------------------- Caesars Entertainment Operating Company, Inc., a subsidiary of Caesars Entertainment Corporation, is party to a collateral agreement dated as of Dec. 24, 2008, by and among CEOC, the subsidiary parties party thereto and Delaware Trust Company, as successor collateral agent for the secured parties covered by the Collateral Agreement. On Nov. 25, 2014, the Pledgors granted to the Second Lien Collateral Agent, for the benefit of holders of CEOC's second priority senior secured notes, a security interest in and lien on all such Pledgors' right, title and interest in and to, to the extent existing, the alleged Commercial Tort. On Sept. 25, 2014, the Pledgors had previously granted to Credit Suisse AG, Cayman Islands Branch, as collateral agent for CEOC's senior secured credit facilities and first priority senior secured notes, a security interest in and related liens on those alleged Commercial Tort Claims. In each case, the granting of the security interests and related liens is not an acknowledgement or admission by any Pledgor or any other person or entity that any of the alleged Commercial Tort Claims does in fact have any merit or value, or that any Pledgor has any right, title or interest therein or standing to bring any or all of the alleged claims. 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'. CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 7% Off ------------------------------------------------------ Participations in a syndicated loan under which Caesars Entertainment Inc. is a borrower traded in the secondary market at 93.16 cents-on-the-dollar during the week ended Friday, November 28, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.65 percentage points from the previous week, The Journal relates. Caesars Entertainment Inc. pays 525 basis points above LIBOR to borrow under the facility. The bank loan matures on April 2, 2021, and carries Moody's B2 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 205 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. CASH STORE: Default Status Report Per National Policy 12-203 ------------------------------------------------------------ The Cash Store Financial Services Inc. provided a default status report in accordance with the alternative information guidelines in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults. On May 16, 2014, the Company announced that it was not able to file an interim financial report and interim management's discussion and analysis for the period ended March 31, 2014, together with the related certifications of those interim filings by May 15, 2014, the deadline prescribed by securities legislation. Except as disclosed in previous press releases, there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed by National Policy 12-203. The Company still intends to file the Continuous Disclosure Documents as soon as is commercially reasonable, or as required by the Ontario Superior Court of Justice (Commercial List) pursuant to the Cash Store Financial's Companies' Creditors Arrangement Act proceedings. The Monitor has filed with the Court periodic reports which have included Cash Store Financial's cash flow projections and other financial information concerning the Company. The Company anticipates that the Monitor will continue to file reports with the Court (and post them on its website), updating relevant financial information concerning the Company. The Monitor's reports, Court records and other details regarding the Company's CCAA proceedings are available on the Monitor's Web site at http://cfcanada.fticonsulting.com/cashstorefinancial/. 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. COLT DEFENSE: Incurs $7.8 Million Net Loss in Third Quarter ----------------------------------------------------------- Colt Defense LLC filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $7.83 million on $51.11 million of net sales for the quarter ended Sept. 28, 2014, compared to net income of $10.85 million on $73.03 million of net sales for the three months ended Sept. 29, 2013. For the nine months ended Sept. 28, 2014, the Company reported a net loss of $28.4 million on $151 million of net sales compared to net income of $20.37 million on $201 million of net sales for the nine months ended Sept. 29, 2013. The Company's balance sheet at Sept. 28, 2014, showed $247 million in total assets, $417 million in total liabilities and a $170 million total deficit. "As it is probable that we may not have sufficient liquidity to be able to make our May 15, 2015 Senior Notes interest payment without meeting our internal projections (including addressing our Senior Notes), our long-term debt has been classified as current in the consolidated balance sheet. Currently we do not have sufficient funds to repay the debt upon an actual acceleration of maturity. In the event of an accelerated maturity, our lenders may take actions to secure their position as creditors and mitigate their potential risks. These events would adversely impact our liquidity. These factors raise substantial doubt about our ability to continue as a going concern," the Company stated in the Report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/74DXIK About Colt Defense Colt Defense LLC, headquartered in West Hartford, CT, manufactures small arms weapons systems for individual soldiers and law enforcement personnel for the U.S. military, U.S. law enforcement agencies, and foreign militaries. Post the July 2013 acquisition of New Colt Holding Corp., the parent company of Colt's MANUFACTURING COMPANY, the company also has direct access to the commercial end-market for rifles, carbines and handguns. Revenues for the last twelve months ended June 30, 2014 totaled $243 million. * * * As reported by the TCR on Nov. 17, 2014, Moody's Investors Service downgraded Colt Defense LLC's Corporate Family Rating ("CFR") to Caa3 from Caa2 and Probability of Default Rating ("PDR") to Caa3- PD from Caa2-PD. Concurrently, Moody's lowered the rating on the company's $250 million senior unsecured notes to Ca from Caa3. The downgrade was based on statements made by Colt Defense in its November 12, 2014 Form NT 10-Q filing. In the filing the company indicated that it expects to report a decline in net sales for the three month period ended September 28, 2014 versus the same period last year of approximately 25 percent together with a decline in operating income of approximately 50 percent. On Nov. 20, 2014, the TCR reported that Standard & Poor's Ratings Services raised its corporate credit rating on U.S.-based gun manufacturer Colt Defense LLC to 'CCC' from 'CCC-' and removed all ratings from CreditWatch, where they were placed with negative implications on Nov. 13, 2014. "The upgrade reflects a reduced likelihood of default in the coming months following a recent refinancing that improved the company's liquidity profile somewhat," said Standard & Poor's credit analyst Chris Mooney. COLUMBUS DOWNTOWN: S&P Puts 'B' Rating on CreditWatch Negative -------------------------------------------------------------- Standard & Poor's Ratings Services said that it placed its ratings on the following bonds issued for the Columbus Downtown Development Authority, Ga. on CreditWatch with negative implications: -- Wichita (Christian Relief Services) multifamily housing revenue bonds (Brentwood Manor Project) senior-lien series IX-A 95 ('B' rating), Wichita (Christian Relief Services) multifamily revenue bonds (Brentwood Manor Project) series IX-B1995 ('B-' rating), Downtown Development Authority of Columbus senior housing rental revenue bonds (Ralston Towers Project) series 2014A ('A-' rating), and -- Downtown Development Authority of Columbus senior housing rental revenue bonds (Ralston Towers Project) series 2014A-T ('A-' rating). "This action follows our repeated attempts to obtain timely information of satisfactory quality to maintain our rating(s) on the securities in accordance with our applicable criteria and policies," said Standard & Poor's credit analyst Renee Berson. Failure to receive the requested information by Dec. 1, 2014 will likely result in S&P's suspension of the affected ratings, preceded, in accordance with its policies, by any change to the ratings that S&P considers appropriate given available information. CONSOLIDATED SERVICES: Case Summary & 7 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Consolidated Services, Inc. dba Carolina Crossing Golf Club 140 Carolina Crossing Drive York, SC 29745 Case No.: 14-06751 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court District of South Carolina (Spartanburg) Debtor's Counsel: Jane H. Downey, Esq. MOORE TAYLOR LAW FIRM, P.A. 1700 Sunset Blvd PO Box 5709 West Columbia, SC 29171 Tel: 803-796-9160 Email: jane@mttlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Judy Downs Schaftner, director. A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/scb14-06751.pdf CROSSFOOT ENERGY: Section 341(a) Meeting Set for Jan. 9 ------------------------------------------------------- A meeting of creditors in the bankruptcy case of CrossFoot Energy, LLC, will be held on Jan. 9, 2015, at 10:30 a.m. at FTW 341 Rm 7A24. Creditors have until April 9, 2015, to submit their proofs of claim. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About CrossFoot Energy Based in Fort Worth, Texas, with a field office in Midland, Texas, CrossFoot Energy, LLC, and its affiliates operate an oil and gas company focused on the acquisition and improvement of lower-risk, long live proven reserves. CrossFoot's primary production occurs out of the Siluro-Devonian formation with significant additional shallower reserves behind-pipe in the Spraberry, Wolfcamp, Strawn, Penn Lime and Mississippian formations. CrossFoot Energy, LLC, and four of its affiliates sought Chapter 11 for protection (Bankr. N.D. Tex. Case Nos. 14-44668 to 14-44672) in Ft. Worth, Texas on Nov. 20, 2014. The case is assigned to Judge Russell F. Nelms. Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas, serves as counsel to the Debtors. CrossFoot Energy Fund II estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. As of the Petition Date, secured creditor Prosperity Bank is owed $12. 1 million. CTI BIOPHARMA: Reports $17.7MM Net Financial Standing at Oct. 31 ---------------------------------------------------------------- CTI BioPharma Corp. reported total estimated and unaudited net financial standing of $17.7 million as of Oct. 31, 2014. The total estimated and unaudited net financial standing of CTI Consolidated Group as of Oct. 31, 2014, was $18.4 million. CTI Parent Company trade payables outstanding for greater than 30 days were approximately $4 million as of Oct. 31, 2014. CTI Consolidated Group trade payables outstanding for greater than 30 days were approximately $5.2 million as of Oct. 31, 2014. During October 2014, there were solicitations for payment only within the ordinary course of business and there were no injunctions or suspensions of supply relationships that affected the course of normal business. During the month of October 2014, the Company's common stock, no par value, outstanding increased by 8,954,649 shares. Consequently, the number of issued and outstanding shares of Common Stock as of Oct. 31, 2014, was 159,090,095. A full-text copy of the press release is available at: http://is.gd/Ywy2Xy About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a commercial presence in Europe and a late-stage development pipeline, including pacritinib, CTI's lead product candidate that is currently being studied in a Phase 3 program for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington, with offices in London and Milan under the name CTI Life Sciences Limited. Cell Therapeutics reported a net loss attributable to common shareholders of $49.64 million in 2013, a net loss attributable to common shareholders of $115.27 million in 2012 and a net loss attributable to common shareholders of $121.07 million in 2011. "We believe that our present financial resources (including the $17.8 million we received in October 2014 under the Servier Agreement), together with additional milestone payments projected to be received under certain of our contractual agreements, our ability to control costs and expected net contribution from commercial operations in connection with PIXUVRI, will only be sufficient to fund our operations into the third quarter of 2015. This raises substantial doubt about our ability to continue as a going concern," the Company disclosed in its quarterly report on Form 10-Q for the period ended Sept. 30, 2014. DIALOGIC INC: Tennenbaum Capital No Longer a Shareholder -------------------------------------------------------- Tennenbaum Capital Partners, LLC, disclosed in an amended Schedule 13D filed with the U.S. Securities and Exchange Commission that as of Nov. 24, 2014, it no longer beneficially owns any shares of common stock of Dialogic Inc. Tennenbaum Capital previously reported beneficial ownership of 70,875,494 shares of common stock of Dialogic Inc. representing 90.6 of the shares then outstanding. As previously disclosed, on Oct. 10, 2014, the Dialogic Inc. entered into an Agreement and Plan of Merger with Dialogic Group Inc., a Canadian corporation ("Parent"), and Dialogic Merger Inc., a wholly owned subsidiary of Parent ("Sub"). Pursuant to the Merger Agreement, on Oct. 24, 2014, Sub commenced a tender offer to purchase all of the outstanding shares of Common Stock at a purchase price of $0.15 per share, net to the seller in cash without interest and less any applicable withholding taxes. All shares of Common Stock beneficially owned by the Reporting Person were tendered in the Offer and not withdrawn, and the Offer expired at 11:59 PM, Eastern Time, on Nov. 21, 2014. On Nov. 24, 2014, Parent and Sub completed the Offer, and pursuant to the terms and conditions of the Merger Agreement, Sub was merged with and into the Issuer, with the Issuer surviving as a wholly owned subsidiary of Parent. In connection with the Merger, (a) each outstanding share of Common Stock not tendered in the Offer was converted into the right to receive the Offer Price and (b) each of the unexercised Warrants beneficially owned by the Reporting Person was cancellked, without consideration or other payment thereon. A full-text copy of the regulatory filing is available at: http://is.gd/YGddKn 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. ELBIT IMAGING: MHLW Approves MRgFUS for Treatment in Japan ---------------------------------------------------------- Elbit Imaging Ltd. Said it was informed by InSightec Ltd. that Japan's Ministry of Health, Labor and Welfare has approved InSightec's MR-guided Focused Ultrasound (MRgFUS) system for the treatment of pain palliation caused by bone metastases and advanced treatment for women with uterine fibroids. As a result, InSightec may expand its product portfolio for the Japanese market. MHLW has also approved the advanced treatment for women with uterine fibroids. This advanced treatment provides additional treatment options and shortens treatment time, allowing physicians to better monitor the procedure. GE Healthcare is the holder of the above mentioned approval and distributor of ExAblate in Japan. The Company holds approximately 89% of the share capital of Elbit Medical Technologies Ltd. (TASE: EMTC-M) (on a fully diluted basis) which, in turn, holds approximately 37.6% of the share capital in InSightec (and 33.3% on a fully diluted basis). About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) hold investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. Elbit Imaging reported a loss of NIS1.56 billion on NIS360.59 million of total revenues for the year ended Dec. 31, 2013, as compared with a loss of NIS483.98 million on NIS418.48 million of total revenues in 2012. As of June 30, 2014, the Company had NIS4.05 billion in total assets, NIS3.16 billion in total liabilities and NIS889.58 million shareholders' equity. Brightman Almagor Zohar & Co., a member firm of Deloitte Touche Tohmatsu, in Tel-Aviv, Israel, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. ELBIT IMAGING: Incurs NIS 32 Million Net Loss in Q3 --------------------------------------------------- Elbit Imaging Ltd reported a net loss of NIS 32.10 million on NIS 278.43 million of total revenues for the three months ended Sept. 30, 2014, compared to a net loss of NIS 702.42 million on NIS 91.14 million of total revenues for the same period in 2013. For the nine months ended Sept. 30, 2014, the Company reported net income of NIS 950.62 million on NIS 457.14 million of total revenues compared to a net loss of NIS 1.28 billion on NIS 259.52 million of total revenues for the same period a year ago. As of Sept. 30, 2014, the Company had NIS 3.94 billion in total assets, NIS 3.07 billion in total liabilities and NIS 861.43 million in shareholders' equity. A full-text copy of the press release is available at: http://is.gd/HSyb2q About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) hold investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. Elbit Imaging reported a loss of NIS1.56 billion on NIS360.59 million of total revenues for the year ended Dec. 31, 2013, as compared with a loss of NIS483.98 million on NIS418.48 million of total revenues in 2012. Brightman Almagor Zohar & Co., a member firm of Deloitte Touche Tohmatsu, in Tel-Aviv, Israel, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. ENERGY SERVICES: Projects $93.3-Mil. Revenue for Fiscal 2014 ------------------------------------------------------------ Energy Services of America, parent company of C.J. Hughes Construction Company and Nitro Electric Company, announced estimated revenue of $93.3 million for fiscal year ended Sept. 30, 2014. Gross margin and income from operations are estimated at $8.5 million and $2.2 million, respectively. Net income available to common shareholders, which includes estimated tax benefits of $2.3 million, is estimated at $3.3 million. The company projects EBITDA of $5.6 million, or $0.39 per share, and earnings per share of $0.23 on 14,239,836 common shares outstanding. The projected backlog at Sept. 30, 2014, is $51.8 million. Energy Services expects to publicly issue final earnings numbers on Dec. 18, 2014. Douglas Reynolds, President, commented on the announcement, "We are very pleased with our estimated earnings based on the number of obstacles we had to overcome in fiscal year 2014. From the restructuring of our debt and termination of the forbearance agreement to securing a line of credit for operating capital and re-establishing our bonding capacity, we believe that we have laid the foundation for greater success in the years to come." About Energy Services Huntington, West Virginia-based Energy Services of America Corporation provides contracting services to America's energy providers, primarily the gas and electricity providers. Energy Services posted net income of $3.57 million on $108.82 million of revenue for the year ended Sept. 30, 2013, as compared with a net loss of $48.52 million on $109.01 million of revenue during the prior year. As of June 30, 2014, the Company had $35.78 million in total assets, $19.92 million in total liabilities and $15.85 million in total stockholders' equity. Arnett Foster Toothman PLLC, in Charleston, West Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2013. The independent auditors noted that the Company has suffered recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. EQUINOX HOLDINGS: Moody's Lowers 1st Lien Bank Debt Rating to B1 ---------------------------------------------------------------- Moody's Investors Service downgraded the first lien senior secured bank debt rating of Equinox Holdings, Inc. (Equinox) to B1 from Ba3, and affirmed the company's other ratings including its B2 Corporate Family Rating following the company's announcement that it was proposing to amend its credit agreement to allow for a $150 million add-on to its term loan. At the same time, Moody's affirmed the company's Probability of Default Rating at B2-PD and its second lien senior secured debt at Caa1. The rating outlook is stable. Proceeds from the proposed $150 million add-on will be used for general corporate purposes including payment of expiring stock options. The amendment is also expected to allow for SoulCycle to be designated as an unrestricted subsidiary, allow for an additional $150 million add-on to the term loan subject to a leverage ratio, and allow for unlimited netting of cash (previously had a cap of $50 million). Equinox will also reset and/or increase each dollar basket in the credit agreement including the general investment and restricted payment provisions. The amendment does not extend the maturity date of the debt. The downgrade to the first lien senior secured bank facility -- consisting of a $100 million revolver expiring in 2018 and a pro forma $742 million term loan due 2020 -- reflects the increased amount of first lien debt relative to the junior debt below it in the capital structure. The change in debt mix weakens the recovery prospects of the expanded first lien debt class in the event of default. It is important to note Equinox's two unrestricted subsidiaries -- SoulCycle and Blink -- do not have any debt that would take priority over Equinox's debt; therefore, Moody's continue view the company's debt as pledged to all assets, including SoulCyle and Blink. Moody's views the removal of SoulCycle's operations from the restricted group -- that now only includes the Equinox and Pure Yoga operations -- as a credit negative. Although SoulCycle only accounted for about 12% of segment earnings for the last 12 month period ended September 30, 2014, it is Equinox's fastest growing segment. Within the next few years, Moody's expects that earnings from SoulCycle and Blink will make up about 20% of the consolidated entity's total earnings. Assets and cash flow at SoulCycle and Blink are still available to support the debt since Equinox still maintains its equity of those entities. However, debt holders no longer hold a security interest in the assets and this could weaken recovery prospects in a default. In addition, designation of SoulCycle as an unrestricted subsidiary could facilitate future distributions that weaken Equinox's assets and cash flow. Moody's took the following rating actions on Equinox Holdings, Inc.: Ratings affirmed: Corporate Family Rating at B2 Probability of Default Rating at B2-PD $200 million second lien senior secured term loan due 2020 at Caa1 (LGD5) Ratings downgraded: $100 million first lien senior secured revolving credit facility due 2018 to B1 (LGD3) from Ba3 (LGD3) $742 million (including proposed $150 million add-on) first lien senior secured term loan due 2020 to B1 (LGD3) from Ba3 (LGD3) Ratings Rationale The B2 CFR reflects Equinox's high leverage and modest interest coverage with Moody's adjusted debt/EBITDA and EBITA/interest expense expected to approximate 7.0 times and 1.1 times, respectively, at the end of 2015 (including contribution from the SCLA acquisition). Moody's estimates leverage at the end of 2015 will be a higher 7.6 times for the restricted group (excluding Blink and SoulCycle). Moody's also expects capex spend on discretionary investments in new facilities and upgrades to existing clubs will consume the company's free cash flow, resulting in no debt reduction beyond mandatory amortization. Despite these concerns, the ratings also reflect Equinox's strong market position in upscale fitness clubs, good operating trends such as membership counts and spending relative to its peers, upside from the membership ramp up at recently opened clubs, and the fitness industry's favorable long-term growth fundamentals. For the last 12 month period ended September 30, 2014, the Equinox restricted group grew EBITDA by about 10% versus the prior year through positive comparable club revenue growth and growth in the number of clubs. Moody's expects a continuation of this strong growth will provide cash flow and de-leveraging capacity that the company will use to continue to re-invest in its brands to enhance long term earnings potential. The stable rating outlook reflects Moody's expectation that Equinox will generate sufficient cash flow to fund new club investments and maintain its good liquidity position. Any deleveraging will come from EBITDA growth, as Moody's does not expect the company will permanently reduce debt above and beyond required amortization on the first lien senior secured term loan. The ratings could be upgraded if Equinox is able to sustain high single digit comparable-club revenue growth, continue to execute on its expansion strategy, and improve profitability such that restricted group debt to EBITDA approaches 5.0 times and EBITDA less maintenance capex to interest exceeds 2.0 times. Downward ratings pressure could be caused if comparable club revenue slows meaningfully or earnings growth is weaker than expected. A material weakening of the company's liquidity profile could also pressure the ratings. 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. Headquartered in New York, Equinox Holdings, Inc. operates under the Equinox, Pure Yoga, SoulCycle and Blink fitness brands. The company operates in both the upper-end and the middle to budget market segments and targets members from all demographics. Equinox is owned by individuals and entities affiliated with Related Companies, L.P. ("Related"), a New York limited partnership, Leonard Green & Partners, L.P. and members of management. Consolidated revenues approximated $820 million for the LTM period ended September 30, 2014. FORTESCUE METALS: Bank Debt Trades at 6% Off -------------------------------------------- Participations in a syndicated loan under which Fortescue Metals Group Ltd is a borrower traded in the secondary market at 93.69 cents-on-the-dollar during the week ended Friday, November 28, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 1.89 percentage points from the previous week, The Journal relates. Fortescue Metals pays 325 basis points above LIBOR to borrow under the facility. The bank loan matures on June 13, 2019, and carries Moody's Baa3 rating and Standard & Poor's BBB rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. FRED FULLER: Bankruptcy Judge Approves Sale ------------------------------------------- The Associated Press reported that fuel trucks are making deliveries to homes after a judge approved the sale of a New Hampshire home heating oil in bankruptcy court. According to the report, a deal was reached for Fred Fuller Oil & Propane to be sold to Rymes Propane & Oil for $12 million to $13 million. About Fred Fuller Oil Hudson, New Hampshire-based Fred Fuller Oil & Propane Co., Inc., the largest heating oil company in the state, serving about 30,000 New Hampshire customers. It sought Chapter 11 protection (Bankr. D. N.H. Case No. 14-12188) in Manchester, New Hampshire, on Nov. 10, 2014, without stating a reason. It estimated $10 million to $50 million in assets and debt. The Nov. 10, 2014 court filing show that the Debtor has about $13.5 million in debts. Jeremy Blackman at Concord Monitor reports reports that the Debtor owes more than $276,000 to Harvard Pilgrim Health Care and nearly $94,000 to the city of Laconia and the towns of Hudson, Milford and Northfield. According to Concord Monitor, the bankruptcy case was initially filed on Nov. 10 under Chapter 7, but that has since been terminated and replaced with a Chapter 11 restructuring proposal. William S. Gannon, Esq., at William S. Gannon PLLC, in Manchester, serves as counsel to the Debtor. Fredrick J. Fuller, the president, signed the bankruptcy petition. FULLCIRCLE REGISTRY: Amends 21 Million Shares Resale Prospectus --------------------------------------------------------------- FullCircle Registry, Inc., filed with the U.S. Securities and Exchange Commission an amended registration statement on Form S-1/A relating to the offering of 21,000,000 shares, representing approximately 15.4% of the Company's outstanding common stock if all shares are sold, for sale by Kodiak Capital Group, LLC, a Delaware limited liability company, pursuant to a Stock Purchase Agreement. The agreement allows the Company to require Kodiak to purchase up to $1,500,000 of the Company's common stock. The Company amended the Registration Statement to delay its effective date. The Company is not selling any shares of common stock in the resale offering. The Company, therefore, will not receive any proceeds from the sale of the shares by the selling shareholder. The Company will, however, receive proceeds from the sale of securities to Kodiak pursuant to Put Notices under the Stock Purchase Agreement. The Company's common stock is registered under Section 12(g) of the Securities Exchange Act of 1934 and is currently traded on the OTC Markets Group (OTC.QB Tier) under the symbol "FLCR." The closing price of the Company's common stock as reported on the OTC Bulletin Board on Nov. 7, 2014, was $ .0225. A full-text copy of the amended prospectus is available at: http://is.gd/hykz8X About FullCircle Registry Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the acquisition of small profitable businesses. FullCircle Registry, Inc., has become a holding company with three subsidiaries. They are FullCircle Entertainment, Inc., FullCircle Insurance Agency, Inc. and FullCircle Prescription Services, Inc. Target companies for future acquisition are those in search of exit plans for the owners and are intended to continue autonomous operations as current ownership is phased out over a period of 3-5 years. FullCircle Registry reported a net loss of $448,102 on $1.88 million of revenues for the year ended Dec. 31, 2013, as compared with a net loss of $369,784 on $1.86 million of revenues during the prior year. As of Sept. 30, 2014, the Company had $5.66 million in total assets, $6.11 million in total liabilities and a $451,210 total stockholders' deficit. Rodefer Moss & Co., PLLC, in New Albany, Indiana, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that FullCircle has suffered recurring losses from operations and has a net working capital deficiency that raises substantial doubt about the company's ability to continue as a going concern. As reported by the TCR on Oct. 20, 2014, Rodefer Moss had resigned as the Company's auditors. FUSION TELECOMMUNICATIONS: Stockholders Elected 9 Directors ----------------------------------------------------------- Fusion Telecommunications International, Inc., held its 2014 annual meeting of stockholders on Nov. 21, 2014, at the Company's principal office located at 420 Lexington Avenue, Suite 1718, New York, New York 10170, at which the stockholders: 1. elected Marvin S. Rosen, Philip D. Turits, Matthew D. Rosen, Alan Brumberger, Jack Rosen, Paul C. O'Brien, Michael J. Del Giudice, Larry Blum and William Rubin as directors to hold office until the Company's next Annual Meeting of Stockholders; 2. ratified the engagement of EisnerAmper LLP to act as the Company's Independent Registered Public Accountant for the year ending Dec. 31, 2014; and 3. approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Company to 50,000,000. About Fusion Telecommunications New York City-based Fusion Telecommunications International, Inc., (OTC BB: FSNN) is a provider of Internet Protocol ("IP") based digital voice and data communications services to corporations and carriers worldwide. Fusion Telecommunications incurred a net loss applicable to common stockholders of $5.48 million in 2013, a net loss applicable to common stockholders of $5.61 million in 2012 and a net loss of $4.45 million in 2011. As of Sept. 30, 2014, the Company had $67 million in total assets, $54.55 million in total liabilities and $12.42 million in total stockholders' equity. FV-CBA LLC: Case Summary & 5 Unsecured Creditors ------------------------------------------------ Debtor: FV-CBA LLC 3303 Airline Blvd, Suite 1F Portsmouth, VA 23701 Case No.: 14-74295 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court Eastern District of Virginia (Norfolk) Judge: Hon. Frank J. Santoro Debtor's Counsel: Olga Antle, Esq. CROWLEY, LIBERATORE, RYAN & BROGAN, P.C. 150 Boush Street, Suite 300 Norfolk, VA 23510 Tel: 757-333-4500 Email: oantle@clrbfirm.com - and - Ann B. Brogan, Esq. CROWLEY, LIBERATORE, RYAN & BROGAN P. C. Town Point Center, Suite 300 150 Boush Street Norfolk, VA 23510 Tel: 757-333-4500 Fax: 757-333-4501 Email: abrogan@clrbfirm.com Total Assets: $993,949 Total Liabilities: $1.87 million The petition was signed by James K. Jolley, managing member. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/vaeb14-74295.pdf GLOBAL COMPUTER: Panel Hires Leach Travell as Local Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Global Computer Enterprises, Inc. seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Virginia to retain Leach Travell Britt PC as local bankruptcy counsel, effective Nov. 3, 2014. The Committee requires Leach Travell to: (a) advise the Committee with respect to its powers and duties under section 1103 of the Bankruptcy Code; (b) take all necessary action to preserve, protect, and maximize the value of the bankruptcy estate for the benefit of unsecured creditors, including but not limited to, investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business, and any other matters relevant to this chapter 11 case or to the formulation of a plan attend meetings and negotiate with representatives of creditors and other parties-in-interest; (c) advise and represent the Committee with respect to its review and analysis of the relief requested in the Debtor's various bankruptcy pleadings and its negotiation of, and formal objection to, such requested relief as and when necessary to preserve the rights of unsecured creditors and to maintain the value of assets; (d) advise the Committee in connection with any plan of reorganization that may be filed by the Debtor and in the formulation of any creditor plan as may be in the best interests of the Committee and the bankruptcy estate; (e) prepare and prosecute any and all motions, applications, objections, replies, orders, complaints, answers, reports, and other papers on behalf of the Committee that may be necessary to assert or preserve the Committee's interests in this case; and (f) perform all other necessary legal services and provide all other necessary legal advice to the Committee in connection with this case. Leach Travell will be paid at these hourly rates: Partners $450 Associates $275 Leach Travell will also be reimbursed for reasonable out-of-pocket expenses incurred. Lawrence A. Katz, partner of Leach Travell, 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. Leach Travell can be reached at: 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 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: Panel Hires Armstrong Teasdale as Counsel ---------------------------------------------------------- The Official Committee of Unsecured Creditors of Global Computer Enterprises, Inc. seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Virginia to retain Armstrong Teasdale LLP as counsel for the Committee as of Sept. 22, 2014. The Committee requires Armstrong Teasdale to: (a) assist and advise the Committee in its consultation with the Debtor relative to the administration of these cases; (b) attend meetings and negotiate with the representatives of the Debtor; (c) assist and advise the Committee in its examination and analysis of the conduct of the Debtor's affairs; (d) assist and advise the Committee in its evaluation of issues related to any claim of the United States of America, alleged by the Department of Justice ("DOJ"); (e) assist the Committee in the review, analysis, and negotiation of a plan of liquidation and disclosure statement and such related agreements and documents necessary for confirmation of such plan; (f) take all necessary action to protect and preserve the interests of the Committee and the Estate, including (i) possible prosecution of actions on its behalf, (ii) if appropriate, negotiations concerning all litigation in which the Debtor is or becomes involved, and (iii) if appropriate, review and analysis of claims filed against the Debtor's estate; (g) prepare on behalf of the Committee all necessary motions, applications, answers, orders, reports and papers in support of positions taken by the Committee; (h) appear, as appropriate, before this Court, the Appellate Courts, other courts and tribunals, and the United States Trustee, and to protect the interests of the Committee and the Estate, before said Courts and the United States Trustee; and (i) perform all other necessary legal services and provide all other legal advice to the Committee in the Debtor's chapter 11 case. Armstrong Teasdale will be paid at these hourly rates: Richard Engel, Jr., Partner $525 David Going, Partner $525 Kevin Evans, Partner $400 Susan Ehlers, Partner $385 Tracy O'Steen, Of Counsel $350 Clifton Martin, Associate $200 Melissa Scott, Paralegal $125 Armstrong Teasdale will also be reimbursed for reasonable out-of- pocket expenses incurred. Richard W. Engel, Jr., partner of Armstrong Teasdale, 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. Armstrong Teasdale can be reached at: Richard W. Engel, Jr., 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 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. GT ADVANCED: Pomerantz Law Firm Files Securities Class Action ------------------------------------------------------------- Pomerantz LLP on Nov. 28 disclosed that it has filed a class action lawsuit against GT Advanced Technologies, Inc. and certain of its officers. The class action, filed in United States District Court, District of New Hampshire, and docketed under 14- cv-00485, is on behalf of a class consisting of all persons or entities who purchased GT Advanced securities between November 5, 2013 and October 6, 2014, inclusive. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934. If you are a shareholder who purchased GT Advanced securities during the Class Period, you have until December 8, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. GT Advanced is a diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. On November 4, 2013, the Company announced that it had entered into a multiyear supply agreement with Apple Inc. to provide sapphire material. Under the Apple Agreement, GT Advanced would own and operate ASF furnaces and related equipment to produce the material at an Apple facility in Arizona. Pursuant to the Apple Agreement, Apple would provide GT Advanced with a prepayment of approximately $578 million paid in four installments and, starting in 2015, the Company would reimburse Apple for the prepayment over a five-year period. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that there were significant risks that the Company would be unable to fulfill the requirements of the Apple Agreement to supply sapphire material; (2) that the Company's sapphire material would not be used in the Apple iPhone 6 devices; (3) that, as a result of the Apple Agreement problems, the Company was facing a liquidity crisis; and (4) that, as a result of the foregoing, Defendants' statements about GT Advanced's business, operations, and prospects, including the Company's revenue guidance for 2014, were false and misleading and/or lacked a reasonable basis. On September 9, 2014, Apple revealed that its new iPhone 6 and iPhone 6 Plus smartphones utilized Corning's Gorilla Glass for the display instead of GT Advanced's sapphire material as investors were expecting. On this news, shares of GT Advanced declined $2.29 per share, nearly 13%, to close on September 9, 2014, at 14.94 per share, on unusually heavy volume. On October 6, 2014, GT Advanced announced that the Company was filing for bankruptcy protection under Chapter 11. According to the Company, as of September 29, 2014 GT Advanced had approximately $85 million of cash remaining and the Company was seeking debtor-in-possession financing in order to satisfy obligations associated with the daily operation of its business. On this news, shares of GT Advanced declined $10.25 per share, nearly 93%, to close on October 6, 2014, at $0.80 per share, on unusually heavy volume. With offices in New York, Chicago, Florida, and San Diego, The Pomerantz Firm -- http://www.pomerantzlaw.com-- concentrates its practice in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. About GT Advanced Technologies Headquartered in Merrimack, New Hampshire, GT Advanced Technologies Inc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced a multiyear supply deal with Apple Inc. to produce sapphire glass material for use in consumer electronics products. Under the deal, Apple would provide GTAT with a prepayment of approximately $578 million paid in four installments and, starting in 2015, GTAT would reimburse Apple for the prepayment over a five-year period. GT is a publicly held corporation whose stock was traded on NASDAQ under the ticker symbol "GTAT." GTAT was de-listed from the NASDAQ stock exchange in October 2014. 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 brought about by its issues with Apple. The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as attorneys and Kurtzman Carson Consultants LLC as claims and noticing agent. HOLLINGER INC: Court Approves Black, Radler Settlement Agreements ----------------------------------------------------------------- The Litigation Trustee of Hollinger Inc. on Nov. 28 disclosed that Hollinger Inc. and F. David Radler have entered into court approved settlement agreements to resolve all claims against Mr. Radler, a former director and officer of Hollinger Inc., and his company North American Newspapers Ltd. and all claims asserted by Mr. Radler against the estate of Hollinger Inc. The Litigation Trustee of Hollinger Inc. further disclosed on Nov. 28 that Hollinger Inc. and Conrad M. Black, a former officer and director of Hollinger Inc., his wife, Barbara Amiel-Black, also a former director of Hollinger Inc., and their companies Conrad Black Capital Corporation, Moffat Management Inc., Black- Amiel Management Inc., 1269940 Ontario Inc. and 2753421 Canada Limited have entered into a court approved settlement agreement to resolve all claims against the Blacks and their Companies and all claims asserted by Mr. Black against the estate of Hollinger Inc. The settlements and the releases in favor of Mr. Radler and NANL, and the settlement and the releases in favor of the Blacks and their Companies, were all approved in their entirety on November 13, 2014 by Mr. Justice McEwen of the Ontario Superior Court of Justice. The details of these court approved settlements can be found on the website of the court appointed monitor for Hollinger Inc., Ernst & Young, Inc. Hollinger Inc. and its subsidiaries, Sugra Ltd. and 4322525 Canada Inc., are currently subject to proceedings in Canada under the Companies' Creditors Arrangement Act (Canada) and in the United States under Chapter 15 of the U.S. Bankruptcy Code. About Hollinger Inc. Based in Toronto, Ontario, Hollinger Inc. (TSX: HLG.C)(TSX: HLG.PR.B) -- http://www.hollingerinc.com/-- owns approximately 70.1% voting and 19.7% equity interest in Sun-Times Media Group Inc., formerly Hollinger International Inc., a media company with assets which include the Chicago Sun-Times newspaper and Suntimes.com and a number of community newspapers and websites serving communities in the Chicago area. The company, along with two affiliates, 4322525 Canada Inc. and Sugra Limited, filed separate Chapter 15 petitions on Aug. 1, 2007 (Bankr. D. Del. Case Nos. 07-11029 through 07-11031). Hollinger also initiated Court-supervised restructuring under the Companies' Creditors Arrangement Act (Canada) on the same day. Derek C. Abbott, Esq., and Kelly M. Dawson, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtors in their U.S. proceedings. As reported in the Troubled company Reporter on Feb. 22, 2008, Hollinger Inc.'s consolidated balance sheet at Dec. 31, 2007, showed C$79.8 million in total assets and C$219.3 million in total liabilities, resulting in a C$139.5 million total stockholders' deficit. HORIZON LINES: TCM MPS Does Not Own Class A Shares -------------------------------------------------- In an amended Schedule 13G filed with the U.S. Securities and Exchange Commission, TCM MPS Series Fund LP - Partners Series and its affiliates disclosed that as of Nov. 24, 2014, they have ceased to be beneficial owners of any shares of Class A Common Stock of Horizon Lines, Inc. A full-text copy of the regulatory filing is available for free at http://is.gd/71BZu5 About Horizon Lines Horizon Lines, Inc., is a domestic ocean shipping company and the only ocean cargo carrier serving all three noncontiguous domestic markets of Alaska, Hawaii and Puerto Rico from the continental United States. The company owns a fleet of 13 fully Jones Act qualified vessels and operates five port terminals in Alaska, Hawaii and Puerto Rico. A trusted partner for many of the nation's leading retailers, manufacturers and U.S. government agencies, Horizon Lines provides reliable transportation services that leverage its unique combination of ocean transportation and inland distribution capabilities to deliver goods that are vital to the prosperity of the markets it serves. The company is based in Charlotte, NC, and its stock trades on the over-the-counter market under the symbol HRZL. For the year ended Dec. 22, 2013, the Company reported a net loss of $31.93 million following a net loss of $94.69 million for the year ended Dec. 23, 2012. The Company's balance sheet at Sept. 21, 2014, showed $628 million in total assets, $690.5 million in total liabilities and a $62.2 million total stockholders' deficit. * * * In June 2012, Moody's Investors Service affirmed Horizon Lines, Inc.'s Corporate Family Rating (CFR) and Probability of Default Rating ("PDR") at Caa2 and removed the LD ("Limited Default") designation from the rating in recognition of the conversion to equity of the $228 million of Series A and Series B Convertible Senior Secured notes due in October 2017 ("Notes"). Moody's said the affirmation of the Corporate Family and Probability of Default ratings considers that total debt has been reduced by the conversion of the Notes, but also recognizes the significant operating challenges that the company continues to face. HUTCHESON MEDICAL: Has Authority to Maintain Bank Accounts ---------------------------------------------------------- Hutcheson Medical Center, Inc., et al., sought and obtained authority from Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to maintain its existing bank accounts with Regions Bank that are recipient accounts for ACH transfers and Medicare and Medicaid payment. Prior to the Petition Date, the Debtors maintained 15 bank accounts with Regions. Of these accounts, three are designated as recipient accounts for ACH transfers and Medicare and Medicaid payments. The Debtors tell the Court that if they were required to change the account numbers with the payors, the process would take time and would likely result in a significant delay in receipt of incoming payments due to the Debtors. To avoid disruption to the ordinary and usual cash management and day-to- day operations of the Debtors, and to ensure an orderly transition into Chapter 11, the Debtors thus seek authority to continue to maintain three bank accounts and a waiver, to the extent required, from the U.S. Trustee's guidelines with respect to those requirements. Guy G. Gebhardt, the Acting United States Trustee for Region 21, filed a limited objection to the Debtors' motion, complaining that the Debtors failed to state how frequently the bank accounts would be swept into the debtor-in-possession accounts. The U.S. Trustee asserted that the potential exists for there to be a need for the accounts to be swept on a daily basis, depending on the volume of funds that are deposited each day. Based on the representations made on the record, the U.S. Trustee withdrew its objection. About Hutcheson Medical Center Hutcheson Medical Center, Inc., operates the 179-bed hospital and related ancillary facilities, including, without limitation, a skilled nursing home and an ambulatory surgery center, located in Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center. HMC leases the land and buildings that comprise the Medical Center from The Hospital Authority of Walker, Dade and Catoosa Counties. HMC and Hutcheson Medical Division, Inc., sought Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and 14- 42864) in Rome, Georgia, on Nov. 20, 2014. The cases are jointly administered under Case No. 14-42863. The cases have been assigned to the Honorable Paul W. Bonapfel. The Debtors are represented by Ashley Reynolds Ray, Esq., and J. Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta, Georgia. The Debtors' Chapter 11 Plan and Disclosure Statement are due March 20, 2015. The appointment of a health care ombudsman is due by Dec. 22, 2014. HMC estimated $10 million to $50 million in assets and $50 million to $100 million in debt. No request has been made for the appointment of a trustee or examiner, and no committee has been appointed in the cases. HUTCHESON MEDICAL: Court Issues Joint Administration Order ---------------------------------------------------------- Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, issued an order directing the joint administration of the Chapter 11 cases of Hutcheson Medical Center, Inc., and Hutcheson Medical Division, Inc., under lead Case No. 14-42863-pwb. About Hutcheson Medical Center Hutcheson Medical Center, Inc., operates the 179-bed hospital and related ancillary facilities, including, without limitation, a skilled nursing home and an ambulatory surgery center, located in Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center. HMC leases the land and buildings that comprise the Medical Center from The Hospital Authority of Walker, Dade and Catoosa Counties. HMC and Hutcheson Medical Division, Inc., sought Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and 14- 42864) in Rome, Georgia, on Nov. 20, 2014. The cases are jointly administered under Case No. 14-42863. The cases have been assigned to the Honorable Paul W. Bonapfel. The Debtors are represented by Ashley Reynolds Ray, Esq., and J. Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta, Georgia. The Debtors' Chapter 11 Plan and Disclosure Statement are due March 20, 2015. The appointment of a health care ombudsman is due by Dec. 22, 2014. HMC estimated $10 million to $50 million in assets and $50 million to $100 million in debt. No request has been made for the appointment of a trustee or examiner, and no committee has been appointed in the cases. HUTCHESON MEDICAL: Section 341(a) Meeting Scheduled for Dec. 16 --------------------------------------------------------------- A meeting of creditors in the bankruptcy case of Hutcheson Medical Center Inc. is scheduled to be held on Dec. 16, 2014, at 11:00 a.m. in 341 Meeting Room, Rome. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Hutcheson Medical Hutcheson Medical Center, Inc., and Hutcheson Medical Division, Inc., filed bankruptcy petitions (Bankr. N.D. Ga. Case Nos. 14- 42863 and 14-42864) on Nov. 20, 2014. The petitions were signed by Thomas Farrell Hayes as chief executive officer. Paul W. Bonapfel presides over the cases. Ashley Reynolds Ray, Esq., and J. Robert Williamson, Esq., at Scroggins & Williamson, P.C., serves as the Debtors' counsel. Hutcheson Medical Center disclosed estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. IMH FINANCIAL: Incurs $23.4 Million Net Loss in Third Quarter ------------------------------------------------------------- IMH Financial Corporation announced that it filed its quarterly report on Form 10-Q for the period ended Sept. 30, 2014, with the U.S. Securities and Exchange Commission on Nov. 14, 2014. The Company reported its first quarterly adjusted EBITDA of $4.7 million or $0.31 per common share, excluding one-time charges, compared to $(2.0) million loss and $(0.12) loss per share for the same period in 2013. IMH Financial reported a net loss attributable to common shareholders of $23.43 million on $7.99 million of total revenue for the three months ended Sept. 30, 2014, compared to a net loss attributable to common shareholders of $8.18 million on $6.72 million of total revenue for the same period a year ago. For the nine months ended Sept. 30, 2014, the Company reported a net loss attributable to common shareholders of $27.9 million on $23.48 million of total revenue compared to a net loss attributable to common shareholders of $15.47 million on $13.7 million of total revenue for the same period in 2013. As of Sept. 30, 2014, the Company had $199 million in total assets, $97.6 million in total liabilities, $26.8 million in redeemable convertible preferred stock, and $75.1 million in total stockholders' equity. Lawrence Bain, CEO and Chairman of IMH, said, "After adjustment for certain one-time charges resulting from our debt restructuring and management changes, we have achieved our third straight quarter of positive EBITDA as well as our first quarter of positive earnings in the past six years from operations, including sales of current assets. Changes in our capital structure that began this quarter and are expected to be completed late this year or early next year should position us well for future earnings. We believe our portfolio of assets is favorably positioned and as sold, or developed, will serve as a basis for our future investment activities." Mr. Bain continued, "Our improved financial performance is the result of recent changes at the Company and more favorable market conditions." A full-text copy of the press release is available for free at: http://is.gd/ovsXIZ About IMH Financial Scottsdale, Ariz.-based IMH Financial Corporation was formed from the conversion of IMH Secured Loan Fund, LLC, or the Fund, a Delaware limited liability company, on June 18, 2010. The conversion was effected following a consent solicitation process pursuant to which approval was obtained from a majority of the members of the Fund to effect the Conversion Transactions and involved (i) the conversion of the Fund from a Delaware limited liability company into a Delaware corporation named IMH Financial Corporation, and (ii) the acquisition by the Company of all of the outstanding shares of the manager of the Fund Investors Mortgage Holdings Inc., or the Manager, as well as all of the outstanding membership interests of a related entity, IMH Holdings LLC, or Holdings on June 18, 2010. IMH Financial reported a net loss of $26.20 million in 2013, a net loss of $32.19 million in 2012 and a net loss of $35.19 million in 2011. JSR PROPERTIES: Case Summary & 3 Unsecured Creditors ---------------------------------------------------- Debtor: JSR Properties 400 Redcliff Drive Redding, CA 96002 Case No.: 14-31675 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court Eastern District of California (Sacramento) Judge: Hon. Michael S. McManus Debtor's Counsel: David M. Brady, Esq. LAW OFFICE OF COWAN & BRADY 280 Hemsted Dr Suite B Redding, CA 96002 Tel: 530-221-7300 Email: office@dcowanlaw.com Total Assets: $201,083 Total Liabilities: $3.22 million The petition was signed by Antonio Rodriquez, general partner. A list of the Debtor's three largest unsecured creditors is available for free at http://bankrupt.com/misc/caeb14-31675.pdf KAZI FOODS: Calif. Court Affirms $9.9MM Judgment Against Owners --------------------------------------------------------------- Khatija Kazi appeals summary judgment in favor of Colonial Pacific Leasing Corporation, GE Capital Commercial, Inc., and General Electric Capital Business Asset Funding Corporation of Connecticut in the amount of $9.9 million on four loan guarantees Kazi gave Colonial et al. She contends the trial court erred in granting summary judgment on a renewed motion; plaintiffs failed to establish factual issues as to two causes of action; and her evidentiary objections should have been sustained. "We affirm," said the Court of Appeals of California, Second District, Division One, in a November 24, 2014 decision available at http://bit.ly/1vPEBfMfrom Leagle.com. Khatija Kazi and her husband Zubair Kazi1 are 50/50 owners of Kazi Foods of New York, Inc. (KNY), Kazi Foods of Michigan, Inc. (KMI), Kazi Foods of Florida, Inc. (KFL), Kazi Foods of Annapolis, Inc. (KMD), Kazi Foods of Louisiana, Inc. (KLA), Kazi Family, LLC (Kazi Family) and Kazi Foods of Hawaii, Inc. (KHI). These companies comprise the second-largest franchisees in the Kentucky Fried Chicken (KFC) system. These companies operate more than 250 restaurants, employ more than 3,000 persons, and generate annual revenues of over $170 million. The Kazis or their companies are borrowers under various loans with Colonial et al. KFL, KNY and KMI continued to make payments on their loans until December 2009, when all companies stopped making payments. Two small payments of $100,000 and $113,043.80 were made in January and March 2010, respectively, that were associated with unsuccessful forbearance negotiations. These were the last payments made. On February, 17, 2011, KFL and KMI filed for chapter 11 bankruptcy proceedings; on March 21, 2011, KNY and KMD filed for chapter 11 bankruptcy proceedings. These companies began making "adequate protection" payments at the behest of the chief restructuring officer (CRO) in the chapter 11 proceedings. The CRO took over restaurant operations and agreed to the entry of a cash collateral order. As of January 2010, the Kazis owed a total principal balance of $61,418,390. The case is, COLONIAL PACIFIC LEASING CORPORATION et al., Plaintiffs and Respondents, v. KHATIJA KAZI, Defendant and Appellant, No. B248862 (Cal. App.). Gareeb Law Group's Alexander S. Gareeb, Esq., Fadi K. Rasheed, Esq.; and Richard A. Kraslow, Esq., argue for Defendant and Appellant. Reed Smith's Farah Tabibkhoei, Esq., and Alexander Terras, Esq., argue for Plaintiffs and Respondents. About Kazi Foods Kazi Foods is the second-largest Kentucky Fried Chicken franchisee and the 11th-largest restaurant franchisee in the world. The bankruptcy filing by four of its 11 entities affects approximately 130 restaurant locations across Michigan, Florida, New York, New Jersey and Maryland. Kazi Foods of Michigan Inc. and Kazi Foods of Florida Inc. filed for Chapter 11 bankruptcy (Bankr. E.D. Mich. Case Nos. 11-43971 and 11-43986) on Feb. 17, 2011. Kazi Foods of Annapolis, Inc., filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 11-47556) on March 21, 2011. Kazi Foods of New York, Inc., simultaneously sought Chapter 11 protection (Case No. 11-47551). Stephen M. Gross, Esq. -- sgross@mcdonaldhopkins.com -- at McDonald Hopkins, PLC, represents the Debtors. Kazi Michigan estimated under $50,000 in assets and $1 million to $10 million in debts. Each of Kazi Florida, Kazi Annapolis and Kazi NY estimated $1 million to $10 million in both assets and debts. LA CANASTA: Case Summary & Unsecured Creditor --------------------------------------------- Debtor: La Canasta, Inc. Avenida Luis Muoz Marin E 22 Altos Notre Dame Caguas, PR 00725 Case No.: 14-09826 Nature of Business: Real Estate Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Edward A. Godoy Debtor's Counsel: Carmen D Conde Torres, Esq. C. CONDE & ASSOCIATES 254 San Jose Street, Fifth Floor San Juan, PR 00901-1523 Tel: 787-729-2900 Fax: 787-729-2203 Email: notices@condelaw.com Total Assets: $9.94 million Total Liabilities: $1.88 million The petition was signed by Ricardo Rivera Irizarry, sub administrator. The Debtor listed PREPA as its largest unsecured creditor holding a claim of $64,930. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/prb14-09826.pdf LLRIG TWO: Court Okays Hiring of Teresa Mohr as Realtor ------------------------------------------------------- LLRIG Two, LLC, aka Lost Lake Resort LLC/Lost Lake Development LLC sought and obtained authorization from the Hon. Brian Lynch of the U.S. Bankruptcy Court for the Western District of Washington to employ Teresa Mohr of Homes & Equity Real Estate Group as realtor. Ms. Mohr will assist the Debtor in the listing, offering and sales and rental of the Debtor's real property interests located at 1546 Reservation Road SE, Olympia, WA for a commission not to exceed 5% of the gross sale proceeds and 25% of rental income. Ms. Mohr can be reached at: Teresa Mohr HOMES & EQUITY REAL ESTATE GROUP 12207 NE 8th Street Bellevue, WA 98005 Tel: (425) 401-0606 Fax: (425) 401-0607 E-mail: terri.mohr@hotmail.com About LLRIG Two Tacoma, Washington-based LLRIG Two, LLC, aka Lost Lake Resort LLC, aka Lost Lake Development LLC, sought protection under Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-45610, Bankr. W.D. Wash.). The case is assigned to Judge Brian D. Lynch. The Debtor is represented by William L Beecher, Esq., at Beecher & Conniff, in Tacoma, Washington. The Debtor discloses total assets of $10.32 million and total liabilities of $5.47 million. * * * The Sec. 341(a) meeting of creditors in the case is currently scheduled for Dec. 17, 2014, at 12:30 p.m. at Courtroom J, Union Station. LLRIG TWO: Court Approves Christopher Bennett as CPA ---------------------------------------------------- LLRIG Two, LLC, aka Lost Lake Resort LLC/Lost Lake Development LLC, sought and obtained authorization from the Hon. Brian Lynch of the U.S. Bankruptcy Court for the Western District of Washington to employ Christopher T. Bennett as CPA. Mr. Bennett will assist the Debtor in the analysis and preparation of monthly financial reports and any estate tax returns which must be filed in connection with the Bankruptcy Tax Act. To the best of Debtor's knowledge, Chris T Bennett CPA has no connection with the Debtor, any creditors or any party in interest and is otherwise disinterested in these proceedings. Mr. Bennett can be reached at: Chris T. Bennett 11061 Ne 2nd St.# 265 Bellevue, WA 98004 Tel: (425) 451-8399 About LLRIG Two Tacoma, Washington-based LLRIG Two, LLC, aka Lost Lake Resort LLC, aka Lost Lake Development LLC, sought protection under Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-45610, Bankr. W.D. Wash.). The case is assigned to Judge Brian D. Lynch. The Debtor is represented by William L Beecher, Esq., at Beecher & Conniff, in Tacoma, Washington. The Debtor discloses total assets of $10.32 million and total liabilities of $5.47 million. * * * The Sec. 341(a) meeting of creditors in the case is currently scheduled for Dec. 17, 2014, at 12:30 p.m. at Courtroom J, Union Station. LOAN EXCHANGE GROUP: Case Summary & 21 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Loan Exchange Group, a Calif Limited Partnership 100 N. Westlake Blvd. #203 Westlake Village, CA 91362 Case No.: 14-12629 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court Central District of California (Santa Barbara) Judge: Hon. Peter Carroll Debtor's Counsel: Marc A Duxbury, Esq. COUNTY LAW CENTER 1901 Camino Vida Roble, Ste 114 Carlsbad, CA 92008 Tel: 760-438-5291 Email: info@countylawcenter.com Total Assets: $12.57 million Total Debts: $5.97 million The petition was signed by Roger S. McCurdy, managing general partner. List of Debtor's 21 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ ---------------- ------------- HP Gottschal $850,000 c/o Henry Kurtz 18610 Ringling St. Tarzana CA 91356 Lombarte & Giles Pick & Pull Arbitration $718,000 21 Wes Luarel Drive #49 Settlement Salisa CA 93906 James Pettit $460,000 516 Dolan Road Moss Landing CA 93950 Susan Frankilin $290,000 2118 Wilshire Blvd., #324 Santa Monica CA 90403 Jim Pettit Fourth Deed $250,000 516 Moss Landing of Trust Moss Landing CA 95039 Henry Kurtz, CPA $208,000 100 N. Westlake Blvd., Ste 203 Westlake Village CA 91361 Henry Kurtz, CPA $158,000 Monterey County $74,000 Resource Manager Elizabeth Darry $70,000 Assessor's Office $54,000 S & S Land Development $12,000 Roger McCurdy Partnership $12,000 Services Deborah Cutler Judgment $12,000 Atty Bod Uemura Attorney $3,997 Myrta Thys Past due rent $3,400 Atty. Holm & Bloom Legal Fees $2,000 Law Office of Michelle Legal Fees $1,500 Noble McCain Hemraj D. Singh 3rd Deed of Trust $75,000 Anthony Lewis 3rd Deed of Trust $275,000 5545 Sherbouyrne Dr. Los Angeles CA 90056 Maureen Mitchell 2nd Deed of Trust $1,150,000 Rubicon Mortgage Fund LLC 1st Deed of Trust $1,300,000 LOCATION BASED TECHNOLOGIES: Incurs $5.1MM Loss in Fiscal 2014 -------------------------------------------------------------- Location Based Technologies, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $5.14 million on $1.70 million of total net revenue for the year ended Aug. 31, 2014, compared to a net loss of $11.04 million on $1.91 million of total net revenue for the year ended Aug. 31, 2013. As of Aug. 31, 2014, the Company had $2.32 million in total assets, $12.31 million in total liabilities and a $9.98 million total stockholders' deficit. Friedman LLP, in East Hanover, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Aug. 31, 2014, citing that the Company's operating losses raise substantial doubt about its ability to continue as a going concern. Bankruptcy Warning "[W]e remain obligated under a significant amount of notes payable, and Silicon Valley Bank has been granted security interests in our assets. If we are unable to pay these or other obligations, the creditors could take action to enforce their rights, including foreclosing on their security interests, and we could be forced into liquidation and dissolution. We are also delinquent on a number of our accounts payable. Our creditors may be able to force us into involuntary bankruptcy," the Company stated in the Report. A full-text copy of the Form 10-K is available for free at: http://is.gd/jilSJ0 About Location Based Technologies Irvine, Calif.-based Location Based Technologies, Inc., designs, develops, and sells leading-edge personal locator devices and services. The Company incurred a net loss of $11.04 million for the year ended Aug. 31, 2013, as compared with a net loss of $7.96 million for the year ended Aug. 31, 2012. MARRONE BIO: Delays Release of Quarterly Report ----------------------------------------------- Marrone Bio Innovations, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 to delay the release of its quarterly report on Form 10-Q for the period ended Sept. 30, 2014. As previously disclosed in the Company's Form 8-K dated Sept. 3, 2014, the Company's Audit Committee has commenced an internal investigation. The Audit Committee has not yet concluded its investigation and the Company does not expect it will be in a position to discuss financial results until after the investigation is completed. The Audit Committee of Marrone Bio has commenced an internal investigation regarding certain accounting matters and has concluded, after consultation with management, that the Company's previously reported financial statements as of Dec. 31, 2013, the related report of the independent auditors on those 2013 financial statements dated March 25, 2014, and the unaudited interim financial statements included in the Company's quarterly reports on Forms 10-Q for the quarters ended March 31, 2014, and June 30, 2014, should no longer be relied upon. The Company said it cannot provide an estimate when that filing will be made. About Marrone Bio Innovations Marrone Bio Innovations, Inc., is a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets. For more information, please visit www.marronebio.com. Marrone Bio reported a net loss attributable to common stockholders of $29.86 million in 2013, a net loss attributable to common stockholders of $40.83 million in 2012 and a net loss attributable to common stockholders of $13.18 million in 2011. MCCLATCHY COMPANY: Moody's Affirms Caa1 Corporate Family Rating --------------------------------------------------------------- Moody's Investors Services changed the rating outlook of The McClatchy Company to positive from stable due to the company's recent announcement that it will repurchase over $400 million of outstanding notes resulting in improved leverage ratios even though overall revenue and EBITDA continue to decline reflecting weak demand for print advertising. The Probability of Default Rating of Caa1-PD, Speculative Grade Liquidity rating of SGL-2, and debt instrument ratings were affirmed as summarized below. Issuer: McClatchy Company (The) Outlook Actions: Outlook, Changed To Positive From Stable Affirmations: Corporate Family Rating, Affirmed Caa1 Probability of Default Rating, Affirmed Caa1-PD Speculative Grade Liquidity Rating, Affirmed SGL-2 Senior Secured Notes due 2022, Affirmed B1, LGD2 Issuer: Knight Ridder, Inc. (assumed by The McClatchy Company) Unsecured Unguaranteed Notes and Debentures, Affirmed Caa2, LGD5 Ratings Rationale McClatchy's Caa1 Corporate Family Rating reflects persistent revenue pressure on the company's newspaper and print operations, reliance on cyclical advertising spending, and its high leverage including a large underfunded pension. These risks are only partially tempered by the company's good market position in local news, positive free cash flow, and a favorable maturity profile that diminishes default risk over the next two years. Moody's expect newspapers will continue to face growing competition with technology-driven changes in media consumption and shifts by advertisers away from print media creating ongoing pressure on revenue and margins. McClatchy is likely to face more competition as the company grows digital revenue and expands offerings such as direct marketing or digital marketing solutions for local businesses, and Moody's expect gains will not fully offset declines in print newspaper revenue. Ratings are supported by the company's plans to utilize a portion of free cash flow to invest in digital operations with long term growth potential or to repay debt. Looking forward, maintaining EBITDA margins for each of the company's print operations and generating sufficient free cash flow to invest in growth strategies while funding debt maturities will be challenging due to continued secular pressure on core newspapers. Although high, Moody's estimates debt-to-EBITDA will improve to less than 6.5x at the end of 2014 (or less than 6.0x net of cash) due to the company's announced plans to repurchase over $400 million of notes with a portion of excess cash built up from the recent dispositions of its minority interests in Apartments.com (25.6% for $147 million) and Cars.com (25.6% for $632 million). Although these divestitures result in the loss of consistently growing cash distributions, Moody's changed the outlook to positive from stable given the pending debt reduction results in lower leverage. Cash balances post debt repurchases are expected to exceed $150 million providing more than sufficient liquidity to fully fund debt maturities through 2022. The positive rating outlook reflects Moody's expectation that the U.S. economy will continue to grow modestly and, despite declines in print ad revenue, EBITDA margins will remain above industry averages with the potential for debt-to-EBITDA to improve to less than 6.0x (including Moody's standard adjustments) as a portion of free cash flow is used to repay debt. The positive rating outlook also incorporates Moody's expectation that McClatchy will maintain good liquidity with meaningful cash balances and mid single digit percentage free cash flow-to-debt generation leading to low default risk over the next two years. Ratings could be downgraded if there is meaningful erosion of free cash flow or accelerated revenue declines with limited prospects for a reversal. Weakened liquidity caused by a declining EBITDA cushion to the credit facility leverage test or if Moody's expect that the company may not be able to address approaching debt maturities could also result in a downgrade. Ratings could be upgraded if the company is able to reduce overall revenue erosion leading to smaller percentage declines in EBITDA with free cash flow in excess of 5% of debt and with debt-to-EBITDA expected to remain below 6.0x (including Moody's standard adjustments). The company would also need to maintain good liquidity including a comfortable EBITDA cushion to financial covenants and an expectation that it can address debt maturities as they come due. The McClatchy Company, headquartered in Sacramento, CA, is one of the largest newspaper companies in the U.S., with 29 daily newspapers, community newspapers, websites, mobile news and advertising, niche publications, direct marketing and direct mail services. McClatchy holds equity investments in CareerBuilder (15% ownership) as well as other newspaper and online properties. The McClatchy family owns roughly 29% of the economic interest in the company and controls approximately 80% of voting power through a dual class share structure. Revenue for the LTM ended September 28, 2014 was approximately $1.2 billion. The principal methodology used in these ratings was Global Publishing Industry Methodology published in December 2011. Other methodologies used include Loss Given Default for Speculative- Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. MGM RESORTS: Issues $1.2 Billion Senior Notes Due 2023 ------------------------------------------------------ MGM Resorts International, on Nov. 25, 2014, issued $1.250 billion in aggregate principal amount of its 6.000% Senior Notes due 2023. The Notes were issued pursuant to the Indenture, dated as of March 22, 2012, between the Company and U.S. Bank National Association, as trustee, as supplemented by a fourth supplemental indenture, dated as of Nov. 25, 2014, among the Company, the subsidiary guarantors and the Trustee. The Notes were offered and sold pursuant to the Company's automatic shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on March 15, 2012, as amended. The notes will be guaranteed, jointly and severally, on a senior basis by the Company's subsidiaries that guarantee its senior secured credit facility and the Company's existing notes, except for Nevada Landing Partnership, unless and until the Company obtains Illinois gaming approval. The Notes will not be guaranteed by the Company's foreign subsidiaries and certain domestic subsidiaries, including MGM Grand Detroit, LLC, which is a borrower under the Company's senior secured credit facility, MGM China Holdings Limited and its subsidiaries, MGM National Harbor, LLC and Blue Tarp reDevelopement LLC and any of its subsidiaries. The Company plans to use the net proceeds of the offering for general corporate purposes, including repaying certain indebtedness maturing in 2015 and funding a portion of the development costs related to our Maryland and Massachusetts resort projects. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments. In connection with the offering of $1.15 billion in aggregate principal amount of the Notes, on Nov. 20, 2014, the Company entered into an underwriting agreement with the guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the several underwriters. Pursuant to the Original Underwriting Agreement, the Company agreed to sell $1.15 billion in aggregate principal amount of the Notes and the Underwriters agreed to purchase the Notes for resale to the public. On Nov. 24, 2014, in connection with the offering of $100 million in aggregate principal amount of additional Notes, the Company entered into an underwriting agreement among the Company, the guarantors named therein and Merrill Lynch, Pierce, Fenner & Smith Incorporated as the sole underwriter. Pursuant to the Add On Underwriting Agreement and subject to the terms and conditions expressed therein, the Company agreed to sell $100 million in aggregate principal amount of the Notes and Merrill Lynch agreed to purchase the Notes for resale to the public. About MGM Resorts MGM Resorts International (NYSE: MGM) a global hospitality company, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's Web site at www.mgmresorts.com. MGM Resorts reported a net loss attributable to the Company of $156.60 million in 2013 following a net loss attributable to the Company of $1.76 billion in 2012. The Company's balance sheet at Sept. 30, 2014, showed $25.44 billion in total assets, $17.54 billion in total liabilities and $7.89 billion in total stockholders' equity. Bankruptcy Warning The Company stated in its 2013 Annual Report, "The agreements governing our senior secured credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity, and therefore could adversely affect our results of operations. Covenants governing our senior secured credit facility and certain of our debt securities restrict, among other things, our ability to: * pay dividends or distributions, repurchase or issue equity, prepay certain debt or make certain investments; * incur additional debt; * incur liens on assets; * sell assets or consolidate with another company or sell all or substantially all assets; * enter into transactions with affiliates; * allow certain subsidiaries to transfer assets; and * enter into sale and lease-back transactions. Our ability to comply with these provisions may be affected by events beyond our control. The breach of any such covenants or obligations not otherwise waived or cured could result in a default under the applicable debt obligations and could trigger acceleration of those obligations, which in turn could trigger cross defaults under other agreements governing our long-term indebtedness. Any default under our senior secured credit facility or the indentures governing our other debt could adversely affect our growth, our financial condition, our results of operations and our ability to make payments on our debt, and could force us to seek protection under the bankruptcy laws." * * * As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on MGM Resorts International to 'B-' from 'CCC+'. In March 2012, S&P revised the outlook to positive from stable. "The revision of our rating outlook to positive reflects strong performance in 2011 and our expectation that MGM will continue to benefit from the improving performance trends on the Las Vegas Strip," S&P said. In March 2012, Moody's Investors Service affirmed its B2 corporate family rating and probability of default rating. The affirmation of MGM's B2 Corporate Family Rating reflects Moody's view that positive lodging trends in Las Vegas will continue through 2012 which will help improve MGM's leverage and coverage metrics, albeit modestly. Additionally, the company's declaration of a $400 million dividend ($204 million to MGM) from its 51% owned Macau joint venture due to be paid shortly will also improve the company's liquidity profile. The ratings also consider MGM's recent bank amendment that resulted in about 50% of its $3.5 billion senior credit facility being extended one year from 2014 to 2015. As reported by the TCR on Sept. 29, 2014, Fitch Ratings has upgraded MGM Resorts International's (MGM) and MGM China Holdings Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-', respectively. Fitch's upgrade of MGM's IDR to 'B+' and the Positive Outlook reflect the company's strong performance on the Las Vegas Strip and in Macau as well as Fitch's longer-term positive outlooks for these markets. MOBIVITY HOLDINGS: CFO Timothy Schatz to Resign in February ----------------------------------------------------------- Timothy Schatz, chief financial officer of Mobivity Holdings Corp notified the Company of his decision to resign as an officer and employee of the Company, the Company said in the regulatory filing with the U.S. Securities and Exchange Commission. Mr. Schatz notified the Company that his last day of employment will be Feb. 20, 2015, or such earlier day as he and the Company may mutually agree. Mr. Schatz's employment agreement with the Company requires that he provide 90 days written notice of his election to resign. The Company has commenced the search for Mr. Schatz's replacement and Mr. Schatz has notified the Company of his intention to work with the Company to provide for an orderly transition to the new chief financial officer. 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. NEWLEAD HOLDINGS: Annual Shareholders' Meeting Set for Dec. 23 -------------------------------------------------------------- NewLead HOldings Ltd. disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that it will hold its annual general meeting of shareholders at 11:00 a.m., Athens time, on Tuesday, Dec. 23, 2014, at NewLead Holdings Ltd.'s office located at 83 Akti Miaouli & Flessa Street, Piraeus, Greece. The purposes of the meeting are: 1. To receive the directors' report and audited financial statements of NewLead Holdings Ltd. for the fiscal year ended Dec. 31, 2013, together with the auditor's report thereon. 2. To elect Sae Jung Oh as a Class II director to hold office from the conclusion of the 2014 annual general meeting until the Company's 2017 annual general meeting. 3. To consider any other business that may be properly presented at the meeting. A complete copy of the Notice is available for free at: http://is.gd/1y3XH5 About NewLead Holdings Ltd. Based in Athina, Greece, NewLead Holdings Ltd. -- http://www.newleadholdings.com/-- is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 22 vessels, including six double-hull product tankers and 16 dry bulk vessels of which two are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. NewLead Holdings reported a net loss of $158.22 million on $7.34 million of operating revenues for the year ended Dec. 31, 2013, as compared with a net loss of $403.92 million on $8.92 million of operating revenues in 2012. The Company's balance sheet at Dec. 31, 2013, showed $151.33 million in total assets, $292.68 million in total liabilities and a $141.34 million total shareholders' deficit. EisnerAmper LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has incurred a net loss, negative operating cash flows, a working capital deficiency, and shareholders' deficiency and has defaulted under its credit facility agreements. Those conditions raise substantial doubt about the Company's ability to continue as a going concern. OMNICOMM SYSTEMS: SEC OKs Waiver of Financial Stmt. Requirement --------------------------------------------------------------- OmniComm Systems, Inc., submitted a request to the U.S. Securities and Exchange Commission to waive the financial reporting requirement under Item 17 of Form 20-F to include a reconciliation to accounting principles generally accepted in the United States of America in the audited financial statements of Promasys B.V. for the years ended Dec. 31, 2011, and 2012. OmniComm acquired 100% of the capital stock of Promasys, a privately held Netherlands company, on Nov. 11, 2013. Since the audited financial statements of Promasys were not prepared under U.S. GAAP, Item 17 of Form 20-F generally requires that a reconciliation to U.S. GAAP be included in the audited financial statements. On Nov. 17, 2014, the SEC notified OmniComm that the SEC will not object to OmniComm's proposal to waive the Financial Statement Requirement. As a result, OmniComm is no longer out of compliance with its SEC reporting obligations by reason of it not having filed the reconciliation to U.S. GAAP in connection with its acquisition of Promasys. About OmniComm Systems Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare technology company that provides Web-based electronic data capture ("EDC") solutions and related value-added services to pharmaceutical and biotech companies, clinical research organizations, and other clinical trial sponsors principally located in the United States and Europe. OmniComm Systems reported a net loss attributable to common stockholders of $3.36 million in 2013, following a net loss attributable to common stockholders of $8.06 million in 2012. As of Sept. 30, 2014, the Company had $5.93 million in total assets, $36.80 million in total liabilities and a $30.87 million total shareholders' deficit. "The ability of the Company to continue in existence is dependent on its having sufficient financial resources to bring products and services to market for marketplace acceptance. As a result of our historical operating losses, negative cash flows and accumulated deficits for the period ending September 30, 2014 there is substantial doubt about the Company's ability to continue as a going concern," the Company stated in its quarterly report for the period ended Sept. 30, 2014. OXYSURE SYSTEMS: Terminates Merger Agreement With Estill Medical ---------------------------------------------------------------- OxySure Systems, Inc., previously entered into a definitive agreement related to a merger with Estill Medical Technologies, Inc., on Oct. 21, 2014. The Agreement provided that either party could terminate the Agreement and abandon the transactions contemplated thereby by giving written notice to the other party if the closing did not occur on or before 5:00 p.m., Dallas, Texas time, on Nov. 19, 2014. Both parties elected to give such a notice, with the result that the Agreement is now terminated and the transactions contemplated thereby are abandoned. The Company said there can be no assurance that they will re-engage or continue discussions. About OxySure Systems Frisco, Tex.-based OxySure Systems, Inc. (OTC QB: OXYS) is a medical technology company that focuses on the design, manufacture and distribution of specialty respiratory and emergency medical solutions. The company pioneered a safe and easy to use solution to produce medically pure (USP) oxygen from inert powders. The Company owns nine (9) issued patents and patents pending on this technology which makes the provision of emergency oxygen safer, more accessible and easier to use than traditional oxygen provision systems. The Company incurred a net loss of $712,452 in 2013 as compared with a net loss of $1.14 million in 2012. The Company's balance sheet at Sept. 30, 2014, showed $2.09 million in total assets, $1.07 million in total liabilities and $1.02 million in total stockholders' equity. Sadler, Gibb & Associates, LLC, in Salt Lake, UT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company had accumulated losses of $15,287,647 as of Dec. 31, 2013, which raises substantial doubt about its ability to continue as a going concern. PAINT ROCK: Ala. High Court Rules in Rift With First Jackson Bank ----------------------------------------------------------------- Paint Rock Turf, LLC, appeals from a judgment as a matter of law entered by the Madison Circuit Court on its claim for emblements under Sec. 35-9-2, Ala. Code 1975, against First Jackson Bank and Wayne A. Goodson and his wife Christian Goodson. First Jackson cross-appeals from the trial court's denial of its postjudgment motion for a JML on Paint Rock's claim alleging conversion of pallets of sod. Paint Rock on April 30, 2004, purchased a sod farm and related farm equipment from Eufala Corporation. The sod farm consisted of 1,171 acres of land upon which were grown 580 acres of Bermuda and Zoysia sod grasses. To partially finance the purchase, Paint Rock borrowed $1,706,250 from First Jackson. The loan was secured by a mortgage on the sod farm and a security interest in the equipment used on the farm. By February 2009, reflecting in part a drop in demand for sod caused by the collapsing market for new homes, Paint Rock had defaulted on the loan. On February 11, 2009, Paint Rock filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Northern District of Alabama. The filing of the petition operated as an automatic stay of "any act to obtain possession of property of the estate or of property from the estate or to exercise control over property of the estate." The stay precluded First Jackson from foreclosing on the sod farm or retaking the equipment. The petition was dismissed August 12, 2009. On October 30, 2009, First Jackson published in the Madison County Record the first of three notices of a foreclosure sale on the property scheduled for noon on November 19, 2009. On the morning of November 19, 2009, Paint Rock filed a second bankruptcy petition, which stayed the scheduled November 19 sale, and which was dismissed on December 8, 2009, for failure to file the proper schedules and statements. On December 18, 2009, First Jackson published a notice that the foreclosure sale was rescheduled for December 30, 2009. On December 26, 2009, Paint Rock filed its third bankruptcy petition. Four days later, the bankruptcy court lifted the automatic stay, expressly finding that Paint Rock had misused "the bankruptcy process in an attempt to wrongfully hinder and delay [First Jackson's] efforts to foreclose its mortgage and security agreement." The same day, December 30, 2009, immediately following the lifting of the stay by the bankruptcy court, First Jackson, as the high bidder, purchased the property at the foreclosure sale. On January 7, 2010, First Jackson sent Paint Rock a letter demanding possession of the sod farm within 10 days. Paint Rock claimed that it did not receive First Jackson's demand-of-possession letter until January 16, 2010. On January 14, 2010, Jimmy Blevins, president of First Jackson, arrived at the sod farm to take possession of the farm and the equipment on behalf of First Jackson. When Blevins arrived at the sod farm, Paint Rock employees were loading harvested sod onto a flatbed tractor- trailer for delivery to a customer. Blevins informed the Paint Rock employees that First Jackson now owned the sod farm, that the employees could not remove the harvested sod, and that the employees would be arrested for trespassing if they returned to the sod farm. On January 21, 2010, First Jackson filed an ejectment action against Paint Rock. On the same day, Paint Rock by letter demanded access to the sod farm "to recover the emblements in the form of sod which is being grown on the real property recently foreclosed upon. . . ." Paint Rock also requested the return of its equipment. First Jackson denied Paint Rock's request. Paint Rock, relying on a section of the Alabama Code that permits a tenant at will to harvest its crop, counterclaimed for damages for harm suffered as the result of being unable to harvest the sod. As relevant to this appeal, Paint Rock also sought damages for conversion of "plats of sod" contained on the sod farm. On March 4, 2010, First Jackson sold the sod farm to Mrs. Goodson. The deed stated that the sale was subject to any claim Paint Rock may have to the emblements growing on the property. On October 12, 2010, Paint Rock and Gerald T. Jones, Jr., filed a joint third- party complaint against First Jackson and Mr. Goodson. Paint Rock alleged conversion and detinue, as well as the emblements claim, against Goodson; Jones alleged conversion and detinue against both First Jackson and Goodson. The third-party complaint was later amended to add claims of wantonness and negligence against both First Jackson and the Goodsons. After the trial court denied motions for a summary judgment filed by First Jackson, Mr. Goodson, and Mrs. Goodson, who had been added as a party, the case proceeded to trial. At the close of Paint Rock and Jones's case, the trial court granted a motion for a JML filed by First Jackson and the Goodsons on Paint Rock's counterclaim for emblements on the ground that Paint Rock was not an at-will tenant as required by Sec. 35-9-2. After Paint Rock withdrew its detinue claims and the trial court granted a JML on the wantonness claims, only the conversion and negligence claims remained for the jury to resolve. The jury awarded Paint Rock damages against First Jackson, consisting of $18,500 for conversion of a sod cutter and $10,890 for conversion of cut sod that had been loaded on a tractor- trailer when First Jackson took possession of the property on January 14, 2010. The jury also awarded Paint Rock a total of $1,059 against the Goodsons for conversion of business property and equipment. The jury entered verdicts for First Jackson and the Goodsons on Jones's conversion and negligence claims. Paint Rock appealed the JML in favor of the defendants on the emblements claim; First Jackson cross-appealed the judgment awarding Paint Rock damages for conversion of the cut sod. The Supreme Court of Alabama held that in case no. 1130480 -- Paint Rock's appeal of the denial of its emblements claim -- the judgment of the trial court is affirmed. In case no. 1130528 -- First Jackson's cross-appeal of the denial of its motion for a JML to reverse the jury's award of $10,890 for conversion of pallets of sod -- the judgment of the trial court is reversed, and the case is remanded to the trial court to enter judgment in favor of First Jackson. A copy of the Alabama Supreme Court's November 26, 2014 decision is available at http://bit.ly/1ptOFbpfrom Leagle.com. Chief Justice Moore wrote the decision. Justice Main concurs. Justice Murdock concurs specially. Justices Bolin and Bryan concur in the result. According to Justice Murdock, "I write separately to question whether resolution of the question raised by the assertion by Paint Rock Turf, LLC, that Paint Rock is entitled to the sod emblements turns not, at least not per se, on whether Paint Rock's interest in the land in the context of a bankruptcy stay should be considered a tenancy at will or a tenancy at sufferance, but instead on the issue of fault." He further noted that, "It is undisputed that Paint Rock defaulted on its mortgage obligation. I therefore agree that it was not entitled to the sod emblements in question." Paint Rock Turf, LLC, based in Huntsville, Alabama, filed for Chapter 11 bankruptcy (Bankr. N.D. Ala. Case No. 09-80537) on February 11, 2009. Patrick A. Jones, Esq., served as the Debtor's counsel. In its schedules, Paint Rock scheduled total assets of $0 and total liabilities of $3,860,000. A full-text copy of the Debtor's petition, including its largest unsecured creditors, is available for free at http://bankrupt.com/misc/alnb09-80537.pdf The petition was signed by Gerald Jones, President of the company. PEOPLEWELL HR: Section 341(a) Meeting Scheduled for Dec. 17 ----------------------------------------------------------- A meeting of creditors in the bankruptcy case of Peoplewell HR Solutions, LLC, will be held on Dec. 17, 2014, at 3:30 p.m. at Tampa, FL (861) - Room 100-B, Timberlake Annex, 501 E. Polk Street. Proofs of claim are due by March 2, 2015. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Peoplewell HR Solutions Peoplewell HR Solutions, LLC, sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 8:14-bk-13688) on Nov. 21, 2014, in Tampa, Florida. Buddy D. Ford, PA, serves as counsel to the Debtor. Peoplewell disclosed total assets of $340 million and total liabilities of $1.35 million. Chetan R. Shah, the manager, signed the petition. Shah filed her own bankruptcy case on Aug. 7, 2014, Case No. 14-09207, which is pending before Judge Catherine Peek McEwen. Related entities that sought bankruptcy protection also include Athenon CDK Corporation, Go Bollywood Tampa Bay Florida Convention, LLC, and Hillsdale Financial Synergy, LLC. According to a court filing, Peoplewell HR together with Chetan Sha, and Go Bollywood, have entered into a contingency agreement to prosecute an adversary proceeding against Dr. Kiran Patel. PLASTIC2OIL INC: Issues Letter to Shareholders ---------------------------------------------- Plastic2Oil, Inc., issued a letter to stockholders from Richard Heddle, its Chairman and chief executive officer, which provided an update on certain operational and financial matters. "We are working hard to move towards profitability, but we recognize that the movement of the stock has been disappointing for all of our stockholders, including myself," Mr. Heddle said. "I believe that if we execute the sale and licensing of processors, we will achieve significant revenues and the valuation of our company will increase accordingly," he added. A copy of the letter is available at http://is.gd/GzN89N Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company's Plastic2Oil (P2O) is a process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges. It is also focused on the creation of green employment opportunities and a reduction in the cost of plastic recycling programs for municipalities and business. The Company's fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6 Fuel is heavy fuel used in industrial boilers and ships. No. 2 Fuel is a mid-range fuel known as furnace oil or diesel. Naphtha is a light fuel that is used as a cut feedstock for ethanol or as white gasoline in high and regular grade road certified fuels. As of Sept. 30, 2014, the Company had $8.19 million in total assets, $6.99 million in total liabilities and $1.19 million in total stockholders' equity. POSITIVEID CORP: Inks $4MM Financing Pact With Dominion Capital --------------------------------------------------------------- PositiveID Corporation closed a financing transaction by entering into a securities purchase agreement dated Nov. 25, 2014, with Dominion Capital LLC (the "Purchaser") for an aggregate subscription amount of $4,000,000, according to a regulatory filing with the U.S. Securities and Exchange Commission. Pursuant to the Securities Purchase Agreement, the Company will issue a series of 4% Original Issue Discount Senior Secured Convertible Promissory Notes to Dominion Capital. The Purchase Price will be paid in eight equal monthly tranches of $500,000. Each individual Note will be issued upon payment and will be amortized beginning six months after issuance, with amortization payments being 1/24th of the principal and accrued interest, made in cash or common stock at the option of the Company, on a semi- monthly basis, subject to certain conditions contained in the Securities Purchase Agreement. The amortization payments will start to be due starting on the 15th day of the month immediately following the 6 month anniversary of the Closing Date. The Company also reimbursed the Purchaser $45,000 for legal fees and expenses from the proceeds of the first tranche. The use of proceeds from this financing are intended for the completion of the breadboard prototype of the Company's Firefly Dx cartridge, restructuring of the Company's existing convertible debt, and general working capital. 4% Original Issue Discount Senior Secured Convertible Promissory Notes The total principal amount of the Notes are issued with a 4% original issue discount whereby the aggregate Principal Amount of the Notes is $4,000,000 but the aggregate, net purchase price of the Notes is $3,840,000. Each Note accrues interest at a rate equal to 12% per annum and the initial note has a maturity date of May 21, 2016. Each Note is convertible any time after its issuance date. The Purchaser has the right to convert any or all of the Notes into shares of the Company's common stock at a fixed conversion price equal to 95% of the Daily VWAP on the Trading Day immediately prior to each of the relevant Closings. The Notes can be prepaid at any time upon 5 days' notice to the Holder by paying an amount in cash equal to the outstanding principal and interest, and a 20% premium. Security Agreement In connection with the Company's obligations under the Notes, the Company entered into a Security Agreement with the Purchaser, pursuant to which the Company granted a lien on all assets of the Company, subject to existing security interests, for the benefit of the Purchaser, to secure the Company's obligations under the Notes. In the event of a default as defined in the Notes, the Purchaser may, among other things, collect or take possession of the Collateral, proceed with the foreclosure of the security interest in the Collateral or sell, lease or dispose of the Collateral. Subsidiary Agreement In connection with the Company's obligations under the Security Agreement with the Purchaser, pursuant to which the Company granted a lien on all assets of the Company, subject to existing security interests, under a Subsidiary Guaranty, each of the Company's subsidiaries has guaranteed all of the Company's obligations under the Notes. About PositiveID Delray Beach, Fla.-based PositiveID Corporation has historically developed, marketed and sold RFID systems used for the identification of people in the healthcare market. Beginning in early 2011, the Company has focused its strategy on the growth of its HealthID business, including the continued development of its GlucoChip, its Easy Check breath glucose detection device, its iglucose wireless communication system, and potential strategic acquisition opportunities of businesses that are complementary to its HealthID business. PositiveID reported a net loss attributable to common stockholders of $13.33 million on $0 of revenue for the year ended Dec. 31, 2013, as compared with a net loss attributable to common stockholders of $25.30 million on $0 of revenue in 2012. As of June 30, 2014, the Company had $1.19 million in total assets, $6.98 million in total liabilities, all current, $1.21 million in mandatorily redeemable preferred stock and a $6.99 million total stockholders' deficit. EisnerAmper LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has a working capital deficiency and an accumulated deficit. Additionally, the Company has incurred operating losses since its inception and expects operating losses to continue during 2014. These conditions raise substantial doubt about its ability to continue as a going concern. RAAM GLOBAL: Jerry Sheets No Longer Serving as Officer ------------------------------------------------------ Jerry Sheets' employment with RAAM Global Energy Company as senior vice president of Land and Business Development was terminated effective Nov. 17, 2014, according to a regulatory filing with the U.S. Securities and Exchange Commission. Pursuant to the terms of Mr. Sheets' employment agreement with the Company, he will receive a one-time separation payment of $41,269 less applicable tax and withholdings, which represents an amount equal to the amount of base salary he would have earned had he remained employed by the Company until Dec. 31, 2014. Mr. Sheets will also be eligible to receive a pro-rata portion of any annual bonus for 2014. The separation payment and eligibility to receive a pro-rata portion of the annual bonus are contingent upon the execution of a Separation and General Release Agreement by Mr. Sheets on or before Dec. 8, 2014. About RAAM Global RAAM Global Energy Company is a privately held company engaged primarily in the exploration and development of oil and gas properties and in the resulting production and sale of natural gas, condensate and crude oil. The Company's production facilities are located in the Gulf of Mexico, offshore Louisiana and onshore Louisiana, Texas, Oklahoma, and California. The Company's balance sheet at Sept. 30, 2014, showed $474.45 million in total assets, $442.24 million in total liabilities and $32.21 million in total equity. * * * As reported by the TCR on Aug. 4, 2014, Standard & Poor's Ratings Services lowered its corporate credit and senior secured ratings on exploration and production company RAAM Global Energy Co. to 'CCC+' from 'B-'. The outlook is negative. "The downgrade reflects our assessment that Lexington, Ky.-based RAAM Global Energy Co. could have difficulty refinancing its $250 million senior secured notes due October 2015 due to weak operating performance, largely due to unexpected production declines on its Yegua wells that have resulted in weakening liquidity and limited near-term growth potential," S&P said. The TCR reported on Aug. 19, 2014, that Moody's Investors Service downgraded RAAM Global Energy Company's (RAAM) Corporate Family Rating (CFR) to Caa2 from Caa1. The Caa2 CFR for RAAM primarily reflects Moody's concerns about the company's ability to refinance the senior secured notes that come due on Oct. 1, 2015, amid a period of declining production profile. RADIOSHACK CORP: Amends Recapitalization Pact With General Retail ----------------------------------------------------------------- RadioShack Corporation, on Nov. 26, 2014, entered into an amendment to the Recapitalization and Investment Agreement, dated as of Oct. 3, 2014, between the Company and General Retail Holdings L.P., pursuant to which, among other things, subject to the terms and conditions in the Agreement, the Company agreed to issue 200,000 shares of Preferred Stock to General Retail. The Amendment (1) potentially reduces the number of shares of preferred stock of the Company otherwise issuable to GRH under the Recapitalization Agreement by up to 10% and (2) provides that GRH will have the right to designate four individuals to the Company's board of directors in connection with completion of the rights offering described in the Company's Current Report on Form 8-K filed on Oct. 7, 2014, if the conditions to the rights offering are satisfied. A full-text copy of the Recapitalization Agreement, as amended, is available for free at http://is.gd/JDUXuj 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. RADIOSHACK CORP: Standard General Holds 9.8% Equity Stake --------------------------------------------------------- In an amended Schedule 13D filed with the U.S. Securities and Exchange Commission, Standard General L.P and its affiliates disclosed that as of Nov. 26, 2014, they beneficially owned 10,130,928 shares of common stock of Radioshack Corp. representing 9.8 percent of the shares outstanding. A full-text copy of the regulatory filing is available at http://is.gd/yfpfU0 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. REDPRAIRIE CORP: Bank Debt Trades at 6% Off ------------------------------------------- Participations in a syndicated loan under which RedPrairie Corp is a borrower traded in the secondary market at 93.63 cents-on-the- dollar during the week ended Friday, November 28, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.63 percentage points from the previous week, The Journal relates. RedPrairie Corp pays 500 basis points above LIBOR to borrow under the facility. The bank loan matures on Dec. 21, 2018, and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. REGENT PARK: Section 341(a) Meeting Set for Dec. 23 --------------------------------------------------- A meeting of creditors in the bankruptcy case of Regent Park Capital, LLC, will be held on Dec. 23, 2014, at 10:00 a.m. at Austin Room 118. Creditors have until March 23, 2015, to submit their proofs of claim. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Regent Park Capital, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 14-11731) on Nov. 21, 2014. The petition was signed by Lester N. Pokorne as managing member. The Debtor estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. Rhonda Bear Mates, Esq., at Husch Blackwell LLP serves as the Debtor's counsel. The case is assigned to Judge Tony M. Davis. REICHHOLD HOLDINGS: Dec. 2 Hearing on Auction Procedures -------------------------------------------------------- The Bankruptcy Court will convene a hearing on Dec. 2, 2014, at 9:30 a.m., to consider approval of the bidding procedures to govern the sale of assets of Reichhold Holdings US, Inc., to Reichhold Acquisitions Holdings LLC, a wholly owned U.S. Subsidiary of Reichhold Holdings International B.V., as stalking horse purchaser. A copy of the terms of the sale is available for free at http://bankrupt.com/misc/ReichholdHoldings_221_motionsale.pdf As reported in the Troubled Company Reporter on Nov. 26, 2014, to facilitate the ultimate sale of the business to senior secured noteholders, a non-bankrupt affiliate will act as the so-called stalking horse, which will bid a portion of the junior bankruptcy loan equal to $15 million in lieu of cash, waive all junior financing obligations not included in that amount, and pay closing and wind-down expenses to the extent the company doesn't have enough cash of its own. Reichhold proposes that competing bids will be due Dec. 30 in advance of an auction on Jan. 6, the report related. About Reichhold Founded in 1927, Reichhold, with its world headquarters and technology center in Durham, North Carolina, USA, is one of the world's largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold -- http://www.Reichhold.com/-- has manufacturing operations throughout North America, Latin America, the Middle East, Europe and Asia. As of June 30, 2014, the Reichhold companies had consolidated assets of $538 million and liabilities of $631 million. In 2013, the companies generated $1.08 billion in net revenue, and as of the year-to-date August 2014, $750 million in net revenues. Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S. affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-12237) on Sept. 30, 2014. The Reichhold Companies are pursuing a sale transaction that has two elements: (i) a consensual foreclosure by the holders of senior secured notes on their security interests in the common and preferred stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the ultimate holding company of all of the non-debtor affiliates that operate outside the U.S., and (ii) a purchase of certain assets of the Debtors by Reichhold Holdings International B.V. through a credit bid pursuant to Section 363 of the Bankruptcy Code. Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and CDG Group LLC (financial advisor) are representing Reichhold, Inc. Latham & Watkins LLP (legal advisor) and Moelis & Company (investment banker) are serving Reichhold Industries, Inc. Logan & Company is the company's claims and noticing agent. The cases are assigned to Judge Mary F. Walrath. The U.S. Trustee for Region 3 appointed seven creditors of Reichhold Holdings US, Inc. to serve on the official committee of unsecured creditors. The Creditors' Committee retains Hahn & Hessen LLP as lead counsel, Blank Rome LLP as co-counsel, and Capstone Advisory Group, LLC and Capstone Valuation Services, LLC, as financial advisor. An Ad Hoc Committee of Asbestos Claimants also appears in the case. The Ad Hoc Committee consists of three plaintiff law firms, Cooney & Conway, Gori Julian & Associates, P.C., and Simmons Hanly Conroy LLC, each in their capacity as tort counsel for clients of their firms who have asbestos-related personal injury or wrongful death claims against the Debtors. The Committee is represented by Mark T. Hurford, Esq., at Campbell & Levine, LLC; and Caplin & Drysdale, Chartered's James P. Wehner, Esq. and Jeffrey A. Liesemer, Esq. ROCKWELL MEDICAL: Closes $58.5MM Public Offering of Common Stock ---------------------------------------------------------------- Rockwell Medical, Inc., announced the closing of the sale of 6,500,000 shares at $9.00 per share in an underwritten public offering for an aggregate offering amount of $58.5 million. The net proceeds from the offering, after commissions and other estimated offering expenses, were approximately $54.7 million. Rockwell has also granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock offered in the public offering. The net proceeds of the offering will be used to repay outstanding secured indebtedness and for other general corporate purposes. BofA Merrill Lynch is acting as the sole book-running manager for the proposed offering. Stifel is acting as Lead Manager and Summer Street Research Partners, Craig-Hallum Capital Group, Chardan Capital Markets, LLC and LifeSci Capital, LLC, are acting as co-managers. Shelf registration statements (File Nos. 333-181003 and 333- 200379) relating to these securities were previously filed with, and declared effective by, the Securities and Exchange Commission. A prospectus supplement related to the offering was filed with the Securities and Exchange Commission on Nov. 20, 2014. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, or via email, at dg.prospectus_requests@baml.com. An electronic copy of the final prospectus supplement and accompanying prospectus relating to the offering will be available on the website of the Securities and Exchange Commission at www.sec.gov. About Rockwell Rockwell Medical, Inc. (Nasdaq: RMTI), headquartered in Wixom, Michigan, is a fully-integrated biopharmaceutical company targeting end-stage renal disease ("ESRD") and chronic kidney disease ("CKD") with innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis (also referred to as "HD" or "dialysis"). Rockwell's lead investigational drug is in late stage clinical development for iron therapy treatment in CKD-HD patients. It is called Soluble Ferric Pyrophosphate ("SFP"). SFP delivers iron to the bone marrow in a non-invasive, physiologic manner to hemodialysis patients via dialysate during their regular dialysis treatment. Rockwell Medical reported a net loss of $48.78 million in 2013, a net loss of $54.02 million in 2012 and a net loss of $21.44 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $23.9 million in total assets, $29.3 million in total liabilities, and a $5.45 million total shareholders' deficit. SCIENTIFIC GAMES: Completes Merger With Bally Technologies ---------------------------------------------------------- Scientific Games Corporation has completed the merger with Bally Technologies, Inc. The aggregate transaction value was approximately $5.1 billion, including the refinancing of approximately $1.8 billion of existing Bally net debt. "Completing the Bally transaction brings together two exceptional organizations with a common culture of innovation and customer focus," said Gavin Isaacs, president and chief executive officer of Scientific Games. "We are excited by the opportunities that will be created by combining each organization's core strengths in developing engaging gaming entertainment products, advanced technologies and systems, and providing value-added services to help our customers grow their revenues." "Our mission is to become the premier gaming and lottery entertainment and technology company in the world by offering gaming and lottery operators a comprehensive and differentiated portfolio of high earning, player-appealing games and technology solutions," Mr. Isaacs continued. "By leveraging our excellence in the development of imaginative gaming entertainment with value- added services, we seek to become the partner of choice for our gaming and lottery customers. Further, by pursuing continuous improvement in our business processes, we expect to enhance our margins, grow free cash flow to reduce our debt, and build long- term value for our stockholders." New Executive Leadership Team Appointed The Company also announced its executive leadership team. The executive team will oversee an organization comprised of three operating units: Gaming, Lottery and Interactive. In addition to president and chief executive officer, Gavin Isaacs, and executive vice president and chief financial officer, Scott Schweinfurth, the executive leadership team of Scientific Games will include: * Derik Mooberry, Group Chief Executive, Gaming - Mr. Mooberry, with more than 20 years of gaming industry experience, was most recently senior vice president of Games, Table Game Products and Interactive Research & Development at Bally. He also oversaw Bally's business in Mexico and South America. * James Kennedy, Group Chief Executive, Lottery - Mr. Kennedy, with nearly 30 years of lottery industry experience, will continue to serve as group chief executive, Lottery. He previously served as president, Printed Products, and chief marketing officer for the Company. * Jordan Levin, President, Interactive * Mr. Levin has served as managing director, Williams Interactive at Scientific Games since January 2014, having previously been chief operating officer of Williams Interactive, a subsidiary of WMS Industries Inc. (acquired by Scientific Games in October 2013). Prior to that he was WMS' vice president of Business Development. The executive leadership team can be found on the Company's website, here. Mr. Isaacs added, "Our new senior management team comprises some of the most accomplished executives in the gaming, lottery and interactive industries. I am very excited to have this team of great leaders from Scientific Games, WMS, Bally and SHFL entertainment, Inc., helping to lead the Company forward. Our new organizational structure will focus on driving consistent and measurable progress on our goals of increasing profitable global growth and increasing free cash flow to pay down debt. The experience, leadership skill and commitment that each of our senior leaders brings to the Company will be a significant influence in our integration efforts and development of solutions to bring value to our customers and shareholders." Under Mr. Mooberry's leadership, the Company's Gaming group will comprise the WMS, Bally, SHFL and Scientific Games gaming businesses that serve casino and other gaming operators worldwide. Under Mr. Kennedy's leadership, the Lottery group will comprise the existing Scientific Games lottery operations, including its Instant Products, Lottery Systems, Interactive Lottery and MDI businesses that serve lottery operators worldwide. Under Mr. Levin's leadership, the Interactive group will comprise the Scientific Games and Bally interactive social gaming operations, including Jackpot Party Social Casino, Gold Fish Social Slots, Dragonplay Slots, and Dragonplay Live Hold 'Em Poker, and the Williams Interactive, Bally and SHFL real-money online gaming businesses. Messrs. Mooberry, Kennedy and Levin will each report directly to Mr. Isaacs. 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. SEADRILL LTD: Bank Debt Trades at 9% Off ---------------------------------------- Participations in a syndicated loan under which Seadrill Ltd is a borrower traded in the secondary market at 91.08 cents-on-the- dollar during the week ended Friday, November 28, 2013 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.83 percentage points from the previous week, The Journal relates. Seadrill Ltd LLC pays 300 basis points above LIBOR to borrow under the facility. The bank loan matures on Feb. 17, 2021, and carries Moody's Ba3 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. SEAWORLD PARKS: Bank Debt Trades at 5% Off ------------------------------------------ Participations in a syndicated loan under which Seaworld Parks and Entertainment Inc. is a borrower traded in the secondary market at 95.48 cents-on-the-dollar during the week ended Friday, Nov. 28, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.25 percentage points from the previous week, The Journal relates. Seaworld Parks pays 225 basis points above LIBOR to borrow under the facility. The bank loan matures on May 10, 2020, and carries Moody's Ba3 rating and Standard & Poor's BB rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. SHORE THING: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Shore Thing Properties, LLC 417 Ocean Rd Spring Lake, NJ 07762-1027 Case No.: 14-34111 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court District of New Jersey (Trenton) Judge: Hon. Michael B. Kaplan Debtor's Counsel: Marc C. Capone, Esq. CAPONE AND KEEFE, PC 60 Highway 71, Unit 2 Spring Lake Heights, NJ 07762 Tel: (732) 528-1166 Email: mcapone@caponeandkeefe.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Schmid, president. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. SPEEDY TOWING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Speedy Towing, Inc. 14800 Old Gunpowder Road Laurel, MD 20707 Case No.: 14-28192 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court District of Maryland (Greenbelt) Judge: Hon. Wendelin I. Lipp Debtor's Counsel: John Douglas Burns, Esq. THE BURNS LAWFIRM, LLC 6303 Ivy Lane, Ste. 102 Greenbelt, MD 20770 Tel: (301) 441-8780 Email: jburns@burnsbankruptcyfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to 10 million The petition was signed by Freddy M. Moss, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/mdb14-28192.pdf SPENDSMART NETWORKS: John Eyler Named to Board of Directors ----------------------------------------------------------- John H. Eyler, Jr., was appointed to the Board of Directors of SpendSmart Networks, Inc., effective Nov. 25, 2014, according to a regulatory filing with the U.S. Securities and Exchange Commission. John Eyler retired from Toys "R" Us, Inc., as president and chief executive officer in July, 2005. Mr. Eyler joined Toys "R" Us in January, 2000 and served as Chairman of the Board of Directors as well as Chairman of the Toys "R" Us Childrens fund from 2001 to 2005. Mr. Eyler was chairman and chief executive officer of FAO Schwarz from 1992 to 2000 and spent his entire career prior to that in retailing including becoming Chairman and chief executive officer of May D & F, a department store in Denver Colorado at the age of 32. He served on the Board of the Andre Agassi Charitable Foundation for eight years, was a member of the NYC 2012 Board and a Board member of the Donna Karan Corporation from 1999 to 2001. For the past five years Mr. Eyler has served as president of Titan Sculpture Inc. which represents Roberto Santo's sculptures and paintings globally. He is an Advisory Board member of the College of the Environment at the University of Washington, and manages a charitable foundation created upon his retirement with a primary focus on improving the lives of children. A graduate of the University of Washington in 1969 with a degree in Finance, Mr. Eyler received an MBA from the Harvard Graduate School of Business in 1971. In connection with Mr. Eyler's appointment to the Board, the Company agreed to grant Mr. Eyler options to purchase 150,000 shares of the Company's common stock at an exercise price of $1.15 per share and having a term of 5 years. The options will vest ratably over a two-year period. There are no other arrangements or understandings between Mr. Eyler and any other person pursuant to which Mr. Eyler was appointed as a director of the Company. Mr. Eyler has not entered into any transactions with the Company that are required to be disclosed pursuant to Item 404(a) of Regulation S-K. About SpendSmart Networks SpendSmart Networks, Inc., provides proprietary loyalty systems and a suite of digital engagement and marketing services that help local merchants build relationships with consumers and drive revenues. These services are implemented and supported by a vast network of certified digital marketing specialists, aka "Certified Masterminds," who drive revenue and consumer relationships for merchants via loyalty programs, mobile marketing, mobile commerce and financial tools, such as prepaid card and reward systems. We enter into licensing agreements for our proprietary loyalty marketing solution with "Certified Masterminds" which sell and support the technology in their respective markets. The Company's products aim to make Consumers' dollars go further when they spend it with merchants in the SpendSmart network of merchants, as they receive exclusive deals, earn rewards and ultimately build a connection with their favorite merchants. As of Sept. 30, 2014, the Company had $12.02 million in total assets, $1.92 million in total liabilities and $10.10 million in total stockholders' equity. For the 12 months ended Sept. 30, 2013, the Company reported a net loss and comprehensive loss of $12.58 million on $1.02 million of revenues compared to a net loss and comprehensive loss of $21.09 million on $1 million of revenues for the same period in 2012. EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern" qualification on the consolidated statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has incurred net losses since inception and has an accumulated deficit at Dec. 31, 2013. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern. STOCKTON, CA: Dec. 10 Hearing on Bid to Stay Confirmation --------------------------------------------------------- The Bankruptcy Court will convene a hearing on Dec. 10, 2014, at 11:00 a.m., to consider the motion for relief from stay pending appeal of the Court's forthcoming order confirming the First Amended Plan for the Adjustment of Debts of City of Stockton, California, as modified on Aug. 8, 2014. Franklin High Yield Tax-Free Income Fund and Franklin California High Yield Municipal Fund initiated an appeal of the Court's confirmation of the Plan until the time as Franklin's appeal is adjudicated on a final basis. Franklin sought to protect its right to pursue and obtain effective relief in that appeal. Franklin is represented by: James O. Johnston, Esq. Monika S. Wiener, Esq. JONES DAY 555 South Flower Street, 50th Floor Los Angeles, CA 90071 Tel: (213) 489-3939 Fax: (213) 243-2539 E-mail: jjohnston@jonesday.com mwiener@jonesday.com Joshua D. Morse, Esq. JONES DAY 555 California Street, 26th Floor San Francisco, CA 94104 Tel: (415) 626-3939 Fax: (415) 875-5700 E-mail: jmorse@jonesday.com About Stockton, Calif. The City of Stockton, California, filed a Chapter 9 petition (Bankr. E.D. Cal. Case No. 12-32118) in Sacramento on June 28, 2012, becoming the largest city to seek creditor protection in U.S. history. The city was forced to file for bankruptcy after talks with bondholders and labor unions failed. Stockton estimated more than $1 billion in assets and in excess of $500 million in liabilities. The city, with a population of about 300,000, identified the California Public Employees Retirement System as the largest unsecured creditor with a claim of $147.5 million for unfunded pension costs. In second place is Wells Fargo Bank NA as trustee for $124.3 million in pension obligation bonds. The list of largest creditors includes $119.2 million owing on four other series of bonds. The city is being represented by Marc A. Levinson, Esq., and John W. Killeen, Esq., at Orrick, Herrington & Sutcliffe LLP. The petition was signed by Robert Deis, city manager. Mr. Levinson also represented the city of Vallejo, Cal. in its 2008 bankruptcy. Vallejo filed for protection under Chapter 9 (Bankr. E.D. Cal. Case No. 08-26813) on May 23, 2008, estimating $500 million to $1 billion in assets and $100 million to $500 million in debts in its petition. In August 2011, Vallejo was given green light to exit the municipal reorganization. The Vallejo Chapter 9 plan restructures $50 million of publicly held debt secured by leases on public buildings. Although the Plan doesn't affect pensions, it adjusts the claims and benefits of current and former city employees. Bankruptcy Judge Michael McManus released Vallejo from bankruptcy on Nov. 1, 2011. The bankruptcy judge on April 1, 2013, ruled that the city of Stockton is eligible for municipal bankruptcy in Chapter 9. The Troubled Company Reporter, on Oct. 31, 2014, reported that Judge Christopher Klein confirmed the debt-adjustment plan by the city of Stockton, California, rejecting arguments that it unfairly discriminated among creditors by chopping a mutual fund's recovery to near zero while shielding city retirees from any impairment at all. * * * The Troubled Company Reporter, on Sep. 26, 2014, reported that Moody's Investors Service has affirmed the long-term ratings of the city of Stockton's (CA) water and sewer enterprises' debts at Ba1. Moody's have also changed the outlook on the city's water bond rating to developing from stable, while the developing outlook on the sewer system's rating remains the same. The TCR, on Nov. 10, 2014, reported that Moody's Investors Service has upgraded to Ba3 from Caa3 the City of Stockton's (CA) series 2006 lease revenue bonds and affirmed the city's 2007 pension obligation at Ca. Moody's have removed the developing outlook from the Series 2006 bonds and Moody's have removed the negative outlook from the Series 2007 bonds. The TCR, on Nov. 14, 2014, reported that Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'B-' from 'CCC' on the Stockton Public Financing Authority, Calif.'s series 2003A and 2003B certificates of participation (COPs) and its SPUR to 'B-' from 'CCC' on the authority's series 2006A lease revenue refunding bonds. Standard & Poor's also affirmed its 'CC' SPUR on Stockton Redevelopment Agency's series 2004 (arena project) revenue bonds. All series are appropriation obligations of Stockton. The outlook on the series 2003A and 2003B COP long-term rating and SPUR and on the 2006A lease revenue refunding bond SPUR is stable, and the outlook on the series 2004 revenue bond rating (arena project) is negative. SUN BANCORP: Amends 1.1 Million Shares Resale Prospectus -------------------------------------------------------- Sun Bancorp, Inc., filed with the U.S. Securities and Exchange Commission an amended Form S-3 registration statement relating to the offering by Bridge Equities III, LLC, Endeavour Regional Bank Opportunities, Iron Road Multi Strategy Fund LP, et al., of up to 1,133,144 shares of common stock of Sun Bancorp, Inc. The Company had amended the Registration Statement to delay its effective date. The Company will not receive any of the proceeds from the sale of any shares of common stock by the Selling Stockholders, but the Company will incur expenses in connection with the registration of these shares. The Company's common stock is listed and traded on the NASDAQ Global Select Market under the symbol "SNBC." The last reported sale price on Nov. 24, 2014, was $18.83 per share. A full-text copy of the Form S-3/A is available for free at: http://is.gd/UR2pdr About Sun Bancorp Sun Bancorp, Inc. (NASDAQ: SNBC) is a bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through more than 60 locations in New Jersey. On April 15, 2010, Sun National Bank entered into a written agreement with the OCC which contained requirements to develop and implement a profitability and capital plan which provides for the maintenance of adequate capital to support the Bank's risk profile in the current economic environment. Sun Bancorp reported a net loss available to common shareholders of $9.94 million in 2013, a net loss available to common shareholders of $50.49 million in 2012, and a net loss available to common shareholders of $67.50 million in 2011. As of Sept. 30, 2014, the Company had $2.82 billion in total assets, $2.57 billion in total liabilities and $247.04 million in total shareholders' equity. SYLVA CORPORATION: 8th Cir. Revives GE Capital Claim ---------------------------------------------------- GE Capital Commercial, Inc. appeals the decision of the bankruptcy court denying its motion for allowance of an administrative expense claim for unpaid lease obligations against debtor Sylva Corporation, Inc. In a November 26 decision available at http://bit.ly/1FyWq1Ifrom Leagle.com, the U.S. Court of Appeals for the Eighth Circuit reversed and remanded the matter for further proceedings. Sylva and a predecessor to GE Capital are parties to a November 2007 "Lift Lease Agreement" for the lease of certain equipment used in Sylva's business operation. The equipment consisted of a Rotochopper Model EC266 Wood Grinder Processor and a Superior Model 20X70 Stacking Conveyor. On April 3, 2013, Sylva filed its voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the District of Minnesota. Sylva is continuing in possession of its property and operating and managing its business as a debtor-in- possession. GE Capital filed its proof of claim on May 9, 2013. GE Capital Commercial, Inc. Movant-Appellant v. Sylva Corporation, Inc. Debtor-Appellee, No. 14-6016 (8th Cir.). TERVITA CORP: Bank Debt Trades at 9% Off ---------------------------------------- Participations in a syndicated loan under which Tervita Corp is a borrower traded in the secondary market at 91.35 cents-on-the- dollar during the week ended Friday, Nov. 28, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.03 percentage points from the previous week, The Journal relates. Tervita Corp pays 500 basis points above LIBOR to borrow under the facility. The bank loan matures on Jan. 24, 2018. The bank debt is not rated by Moody's rating and Standard & Poor's rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. TRACKGROUP: Signs 2-Year Employment Agreement With CFO ------------------------------------------------------ SecureAlert, Inc., dba TrackGroup entered into a two-year employment agreement with John R. Merrill, the Company's chief financial officer. During the term of the Merrill Employment Agreement, Mr. Merrill will receive an annual base salary of $180,000 and will be eligible to participate in the Company's Employee Bonus Plan and 2012 Equity Incentive Award Plan, wherein Mr. Merrill may earn a variable cash bonus and/or shares of the Company's common stock based on individual performance and achieving specific Company milestones. Mr. Merrill will also be entitled to participate in such life insurance, disability, medical, dental, retirement plans and other programs as may be made generally available from time to time by the Company for the benefit of similarly situated employees or its employees generally. About Track Group Track Group (formerly SecureAlert) is a global provider of customizable tracking solutions that leverage real-time tracking data, best-practice monitoring, and analytics capabilities to create complete, end-to-end solutions. Visit Web site http://www.trackgrp.com/. SecureAlert incurred a net loss attributable to the Company's common stockholders of $18.95 million for the year ended Sept. 30, 2013, following a net loss attributable to the Company's common stockholders of $19.93 million for the fiscal year ended Sept. 30, 2012. As of June 30, 2014, the Company had $50.71 million in total assets, $27.48 million in total liabilities and $23.22 million in total equity. Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Sept. 30, 2013. The independent auditors noted that the Company has incurred losses, negative cash flows from operating activities, notes payable in default and has an accumulated deficit. These conditions raise substantial doubt about its ability to continue as a going concern. TRANSGENOMIC INC: AMH Reports 8.4% Stake as of Nov. 18 ------------------------------------------------------ In an amended Schedule 13G filed with the U.S. Securities and Exchange Commission, AMH Equity LLC and Leviticus Partners, L.P., disclosed that as of Nov. 18, 2014, they beneficially owned 680,100 shares of common stock of Transgenomic Inc. representing 8.41 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/1CEQgg About Transgenomic Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through its proprietary molecular technologies and world-class clinical and research services. The Company is a global leader in cardiac genetic testing with a family of innovative products, including its C-GAAP test, designed to detect gene mutations which indicate cardiac disorders, or which can lead to serious adverse events. Transgenomic has three complementary business divisions: Transgenomic Clinical Laboratories, which specializes in molecular diagnostics for cardiology, oncology, neurology, and mitochondrial disorders; Transgenomic Pharmacogenomic Services, a contract research laboratory that specializes in supporting all phases of pre-clinical and clinical trials for oncology drugs in development; and Transgenomic Diagnostic Tools, which produces equipment, reagents, and other consumables that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise. The Company actively develops and acquires new technology and other intellectual property that strengthens its leadership in personalized medicine. The Company reported a net loss available to common stockholders of $16.71 million in 2013, a net loss available to common stockholders of $8.98 million in 2012 and a net loss available to common stockholders of $10.79 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $30.84 million in total assets, $20.61 million in total liabilities and $10.23 million in stockholders' equity. TRAVELPORT WORLDWIDE: Scott McCarty Quits From Board ---------------------------------------------------- Travelport Worldwide Limited announced that the Board of Directors has accepted the resignation of Mr. Scott McCarty, a member of its Board, effective Nov. 25, 2014. Mr. McCarty is a partner with Q Investments and has served as a director since May 2013, when Q Investments further increased its equity ownership in Travelport. Douglas Steenland, Chairman of the Board of Directors, said: "On behalf of our Board of Directors, I would like to thank Scott for his valued service as a member of our Board and contributions to Travelport leading up to the IPO. Since Q Investments' initial investment in Travelport in 2008, Scott's expertise has contributed to a number of significant strategic initiatives at the company, including its recent, successful initial public offering. We wish Scott well in his future endeavors." Scott McCarty commented: "It has been a pleasure to work alongside my fellow Board members and the talented leadership team at Travelport. During my tenure, I have been fortunate to experience the tremendous transformation that, under CEO Gordon Wilson's direction, has put Travelport in a fundamentally improved position with a significantly strengthened financial profile and strong growth momentum. The recent Board appointments of Elizabeth Buse, Michael Durham and Douglas Hacker provide Travelport with further talented domain expertise across payments, airlines and travel distribution. I have the highest confidence that the Travelport brand and management team will serve well the interests of Travelport's shareholders. As a result, I will now be able to focus more of my time on my responsibilities at Q." About Travelport Worldwide Travelport Worldwide Limited is a travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. The Company's balance sheet at Sept. 30, 2014, showed $2.99 billion in total assets, $3.20 billion in total liabilities and a $210 million total deficit. * * * As reported by the TCR on Sept. 8, 2014, Standard & Poor's Ratings Services raised to 'B-' from 'CCC+' its long-term corporate credit ratings on U.K.-based travel services provider Travelport Worldwide Limited and its new wholly owned financing entity, Travelport Finance (Luxembourg) S.a.r.l. (Travelport Finance). The outlook is stable. UD DISSOLUTION: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: UD Dissolution Corp. 12159 South Business Park Drive, Suite 140 Draper, UT 84020 Case No.: 14-32546 Chapter 11 Petition Date: November 26, 2014 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. Joel T. Marker Debtor's Counsel: Deborah Rae Chandler, Esq. MILLER TOONE, P.C. 165 Regent Street Salt Lake City, UT 84111 Tel: (801) 363-5600 Fax: (801) 363-5601 Email: chandler@millertoone.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Eric Lindstrom, trustee. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/utb14-32546.pdf URANIUM ONE: Fitch Affirms 'BB-' LT FC Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has affirmed Canada-based Uranium One Inc.'s (Uranium One) Long-term foreign currency Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Fitch has also affirmed at 'BB-' the senior unsecured rating of USD300m 6.25% notes due 2018, issued by Uranium One Investments Inc., a fully-owned subsidiary of Uranium One. Noteholders benefit from guarantees issued by Uranium One and certain subsidiaries. The guarantees are backed by various security interests including over bank accounts, shares and trade receivables. A full list of rating actions is provided at the end of this commentary. Uranium One's IDR includes a three-notch uplift from Fitch's standalone assessment of 'B-' for support from its wholly state- owned parent, State Atomic Energy Corporation Rosatom (Rosatom), and, ultimately, the Russian Federation (BBB/Negative). Rosatom is the world's leader in the integrated uranium production, in nuclear power plant engineering, fabrication and construction, and a top nuclear power utility in Russia. We view as strong the strategic and operational ties between Uranium One and Rosatom. More robust legal ties, eg, financial guarantees for a large portion of Uranium One's debt would result in a closer rating alignment between Uranium One and Rosatom. Key Rating Drivers Rosatom's Strategic Asset Uranium One's low-cost position in extraction of triuranium octoxide (U3O8) is important for Rosatom's successful development. As Rosatom owns 40% of global uranium enrichment capacity, it needs low-cost feedstock to maintain enrichment profit margins and requires contracted uranium supply to attract reactor customers. With expected 2014 cash costs of USD14 per 1 pound (lb) of U3O8, Uranium One is one of the lowest-cost producers globally. Nearly all of its production comes from Kazakhstan from joint ventures (JVs) with JSC National Atomic Company Kazatomprom (BBB-/Stable). Rosatom's strong strategic and operational ties with Uranium One are key to the parent maintaining its long-term aim of being a leader across global nuclear markets. Uranium One has a strategic off-take agreement with Rosatom's subsidiary, to which it sells over half of its production predominantly at spot prices. Uranium One also acts as Rosatom's international marketing arm and has long-term off-take agreements with customers in Asia, the USA and Europe. Subsoil Use Rights Restated In October 2014, the Kazakh authorities issued the subsoil use rights to two of Uranium One's JVs - SMCC LLP (Akdala and South Inkai fields) and Khorasan-U LLP (Kharasan field). This followed an earlier invalidation of the subsoil use rights of two predecessor JVs - Betpak Dala LLP and Kyzylkum LLP after a local court in June 2014 dismissed their appeal of the authorities order to invalidate their licenses for the above-mentioned fields. While Uranium One lost about 2.4m lbs of attributable production from Akdala, South Inkai and Kharasan between March 2014 to October 2014 when the JV subsoil use rights were invalidated, Betpak Dala and Kyzylkum received service revenues that ensured that their economic return from operations was not affected. Rosatom was involved in negotiation with the Kazakh authorities and Kazatomprom to ensure that the new subsoil rights were issued on the same terms as the original ones. 'B-' Standalone Profile Uranium One's standalone creditworthiness is constrained by its small size, its dependence on production and dividends from the JVs, its exposure to a single commodity and spot uranium prices and expected high funds from operations (FFO)-adjusted gross leverage. Uranium One almost exclusively depends on dividends from JVs to service its debt. In 9M14, it received USD67.6m in dividends from JVs, down from USD98.3m a year ago. It had USD32m in dividends receivable at 30 September 2014, while it used up USD77.6 million in operating cash flows in the period and made a USD34.5m equity contribution to the JV capital. In 2014, Uranium One expects that its total attributable production will reach 10m lbs of uranium, a drop from 13.2 million lbs in 2013 due to the subsoil right issue and production optimisation. Based on uranium U3O8 futures prices of USD45/lb in 2015, USD48/lb in 2016, USD52/lb in 2017 and USD55/lb in 2018, we expect that the company's FFO, which includes income from wholly-consolidated operations and a proportionate share of dividends from JVs, will deteriorate in 2014-2015 before recovering in 2016. FFO-adjusted leverage will also deteriorate to above 15x in 2014-2015, before improving to about 5x (gross) and about 4x (net) by end-2016. Low-Cost Position Beneficial Uranium One mines nearly all of its uranium from its Kazakhstan's JVs using the in-situ leaching method. In 2013 the company had cash costs of USD17/lb, and forecasts 2014 cash costs of USD14/lb, due to cost-optimisation measures and the 19% Kazakh tenge devaluation in February 2014. The company sells its uranium predominately at spot prices, which distinguishes it from some other miners eg, Kazatomprom that sell their uranium at a mix of long-term and spot prices. Uranium Price Pressures Remain In June 2014 spot uranium prices touched a multi-year low of USD28.2/lb, before improving to about USD40/lb in November 2014. In 10M14 average uranium prices were USD32.4/lb, a 15% drop on the average price in 2013. According to Uranium One, the uranium spot price increase to USD35.5/lb in September 2014 is mainly driven by sentiment due to Japan's recent approval of two reactor restarts at the Sendai nuclear power plant and a sharp reduction in producer selling. While off-takers have little unmet uranium demand in the short-term, some are buying at the currently low spot and mid-term prices. In the meantime, low uranium prices have led to further production cutbacks and development projects deferrals eg, in Namibia and the US. Ux Consulting expects primary U3O8 production in 2014 of 149m lbs, a 3% drop yoy. Fitch views long-term uranium demand prospects as positive. Ux Consulting/World Nuclear Association (WNA) expect that between 2014 and 2030 global nuclear generating capacity will increase 55% to 581 gigawatt (GW) and that global demand for U3O8 will increase from 171m lb to 266m lbs. There are currently 71 new reactors under construction with a total capacity of 75GW. Rating Sensitivities Positive: Future developments that could lead to positive rating action include: -- Stronger legal linkage with the parent, ie, financial guarantees for a large portion of Uranium One's debt or cross default provisions that would include Uranium One -- Improved financial profile, e.g., FFO-adjusted gross leverage of below 3x and FFO fixed charge cover of at least 6x on a sustained basis (end-2013: 5.6x and 2.6x respectively), which would be positive for Uranium One's standalone profile Negative: Future developments that could lead to negative rating action include: -- Weakening linkage with the parent, eg, inability to obtain timely refinancing from the parent company or its subsidiaries, which could result in Fitch reviewing the current level of parental support -- Squeezed liquidity due to lower-than-expected dividend stream from JVs as a result of sustained depressed uranium prices -- Failure to improve the financial profile by end-2017 in line with expectations of a standalone 'B-' rated mining company including FFO-adjusted gross leverage of above 3.5x and FFO interest coverage of less than 2x based on mid-cycle uranium price assumptions, which would be negative for the standalone profile Liquidity and Debt Structure Fitch views Uranium One's liquidity as satisfactory. At 30 September 2014, it had USD158m in unrestricted cash which more than covered USD38.2m in short-term debt and Fitch-projected negative free cash flows for Q414. Its long-term debt consists of USD661.4m of RUB-denominated bonds due 2016 and 2020 and USD- denominated notes due 2018. Full List of Rating Actions Uranium One Inc. -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook Stable -- Long-term local currency IDR: affirmed at 'BB-'; Outlook Stable -- Foreign currency Short-term IDR: affirmed at 'B' -- Local currency Short-term IDR: affirmed at 'B' -- Senior unsecured rating: affirmed at 'BB-' Uranium One Investments Inc.'s USD300 million 6.25% notes due 2018 -- Senior unsecured rating: affirmed at 'BB-' US SECURITY: Moody's Affirms B3 CFR & Changes Outlook to Stable --------------------------------------------------------------- Moody's Investors Service changed the rating outlook for US Security Associates Holdings, Inc. ("US Security") to stable from negative, and affirmed the company's B3 Corporate Family Rating ("CFR") as well as the B2 rating on US Security's senior secured term loan facilities. Moody's has assigned a B2 rating to the company's proposed amended senior secured revolving credit facility due 2017. Moody's will withdraw the rating on the existing revolver due 2016 when the amendment closes. The outlook has been changed to stable to reflect the improvement in liquidity that the company has achieved through amendments to its senior credit facilities. Assignments: Issuer: U.S. Security Associates Holdings, Inc. Senior Secured Bank Credit Facility (Local Currency), Assigned B2 (LGD3, 37 %) Outlook Actions: Issuer: U.S. Security Associates Holdings, Inc. Outlook, Changed To Stable From Negative Affirmations: Issuer: U.S. Security Associates Holdings, Inc. Probability of Default Rating, Affirmed B3-PD Corporate Family Rating (Local Currency), Affirmed B3 Senior Secured Bank Credit Facility (Local Currency), Affirmed B2 On November 13, 2014, US Security launched an amendment to its senior secured credit facility to loosen the financial covenants and extend the expiration date of the revolver by nine months, to April 2017. Moody's rating actions anticipate near term completion of the amendment and considers the change to financial covenants as key to restoring an adequate liquidity condition. The company was not likely to remain in-compliance with existing leverage covenant limits under current terms of the credit facility, which stepped-down substantially through 2015. It is expected that the company will maintain the necessary cushion to the new net leverage covenant ratios over the near term. Moody's notes that these ratios step down starting Q1 2016. As such, it is important that US Security demonstrates a steady trend of operating improvement over the next few years to maintain a solid cushion to covenants and sustain an adequate liquidity profile. Moody's also views the extension of the revolver as an improvement to liquidity, as this alleviates refinancing risk associated with this facility through 2015. Ratings Rationale The B3 CFR reflects Moody's expectations for slow improvements in operating performance as the company continues its integration efforts for recent acquisitions, the 2012 purchase of Andrews International in particular. Consequently, debt to EBITDA is expected to remain close to 6 times (after Moody's standard adjustments) through 2015, which Moody's believes is commensurate with a B3 rating based on the company's operating profile. The risk of market share erosion in a highly competitive industry also weighs on the rating. Nonetheless, US Security's recession- resistant end market demand characteristics, flexible cost structure, and minimal capital spending requirements are positive rating factors. Ratings could be lowered if Moody's expects revenue or the operating margin to decline, resulting in continued negative free cash flow and deteriorating credit metrics, along with weaker liquidity including tightening room under financial covenants as the prescribed net leverage ratio steps down. Debt to EBITDA in excess of 7 times and EBITA to Interest coverage of less than 1.0 time could prompt lower rating consideration. Higher ratings could be considered if the company maintains a robust liquidity condition, including regular generation of positive free cash flow while demonstrating reliable growth in revenue at improving margins, which will allow the company to rapidly de-lever through reduction of debt. Sustaining metrics such as debt to EBITDA below 6 times, EBITA to Interest above 1.5 times, and retained cash flow to debt above 10% would also support higher rating consideration. 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. US Security is a provider of uniformed security guards in North America owned by affiliates of Goldman Sachs Capital Partners. US Security reported revenue of approximately $1.3 billion for the LTM period ending Sept. 30, 2014. VISUALANT INC: Creates Opportunity for "Invisible Bar Codes" ------------------------------------------------------------ Visualant, Inc., received its seventh patent on its ChromaID technology. Encoding information in machine-readable symbols like barcodes and other 2D codes are used throughout industry to track material movements, machine operations, health records, and other important assets throughout the world's manufacturing and service industries. These industries have an ever increasing need for encoding additional data into these codes. Visualant's technology can meet these industry needs. Visualant's latest patent adds a new element to the encoding process by leveraging the Visualant ChromaID scanner's ability to recognize differences in molecular and atomic structures allowing new data to be added using conventional printing processes without changing the visual appearance of today's codes. Visualant's ChromaID technology was invented when Dr. Thomas Furness, a professor at the University of Washington and pioneer in the field of virtual reality, recognized that every material exhibited a unique light signature when stimulated by visible and invisible structured coherent light sources. Adding additional materials in specific patterns can be detected using the ChromaID technology adding a new dimension of data density, very similar to the way microdots can hide large amounts of information in "plain sight". This allows the symbols to be easily incorporated into almost any document or on any good (e.g.? fabric of high value clothing, handbags, shoes.) In other words, the counterfeiter cannot counterfeit or modify what he cannot see! The patent issued by the United States Office of Patents and Trademarks is US Patent No. 8,888,207 and is entitled "Systems, Methods, and Articles Related to Machine-Readable Indicia and Symbols." Ron Erickson, Visualant Founder and CEO, stated, "We believe the "invisible bar code" application of the Visualant ChromaID technology covered by this patent has significant potential in the marketplace. The automatic identification and data capture industry requires ever greater information density and security. Visualant's ChromaID technology provides both at a low cost and in very flexible form factor." Meanwhile, Visualant also announced that Intellectual Ventures (IV) has exclusively licensed to the Company filed patent applications developed by their inventor network. The patents in question cover a number of unique applications and enhancements of the Visualant ChromaID technology. Visualant and IV entered into a strategic relationship late last year. Pursuant to that agreement Visualant provided 20 ChromaID development kits to Intellectual Ventures for distribution to twenty inventors and inventor groups in the IV global inventor network. Those inventors returned a significant number of invention disclosures from which IV will file a number of patents based upon the Visualant ChromaID technology. Pursuant to the agreement between the parties, IV filed a number of patents which they have exclusively licensed to Visualant in exchange for a royalty payment resulting from commercialization of the technology. Additionally, IV will pursue commercialization opportunities for the Visualant technology through their own business development process. ChromaID is a breakthrough, light-based identification and measurement technology, with the potential to disrupt traditional spectral analysis and other costly methods of identification, authentication and diagnosis. The ChromaID development kits allow companies to work with the Visualant technology and explore unique applications of the technology to solve particular problems in their industry segment. Ron Erickson, Visualant Founder and CEO said, "We have had a first class experience working with Intellectual Ventures and their global inventor network. We provided our foundational technology to them and they in turn created a broad array of exciting applications and extensions to our technology. IV has filed patents that grew out of that process and has now assigned those filed patents to Visualant. Now, we will go out into the market to exploit and license that intellectual property." Eric Bell, senior director, Investment Strategy at the Invention Development Fund of Intellectual Ventures, said, "Our inventor network developed creative extensions of the Visualant technology around which we have filed a number of patents. These are now exclusively licensed, worldwide to Visualant. We will continue to work with Visualant to assist them in exploiting their ChromaID technology and finding marketplace commercialization opportunities for their technology." About Visualant Inc. Seattle, Wash.-based Visualant, Inc., was incorporated under the laws of the State of Nevada on Oct. 8, 1998. The Company develops low-cost, high speed, light-based security and quality control solutions for use in homeland security, anti- counterfeiting, forgery/fraud prevention, brand protection and process control applications. Visualant incurred a net loss of $6.60 million for the year ended Sept. 30, 2013, as compared with a net loss of $2.72 million for the year ended Sept. 30, 2012. As of June 30, 2014, the Company had $3.46 million in total assets, $7.09 million in total liabilities, all current, $72,713 in non-controlling interest, and a $3.70 million total stockholders' deficit. PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2013. The independent auditors noted that the Company has sustained a net loss from operations and has an accumulated deficit since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. WET SEAL: Struggling Retailer Hires Advisers to Review Options -------------------------------------------------------------- Tess Stynes, writing for Daily Bankruptcy Review, reported that Wet Seal Inc. said it has put together a team and hired an investment banker and a senior adviser to assist the struggling retailer as it considers its strategic options. The Wet Seal, Inc. -- http://www.wetsealinc.com/-- is a specialty retailer of fashionable and contemporary apparel and accessory items. The Company was incorporated in Delaware and is headquartered in Foothill Ranch, California. YRC WORLDWIDE: EVP and General Counsel Resigns ---------------------------------------------- Michelle A. Friel, executive vice president and general counsel of YRC Worldwide Inc., notified the Company of her intention to resign from YRC Worldwide Inc., on Nov. 21, 2014, according to a regulatory filing with the U.S. Securities and Exchange Commission. On her separation date, Ms. Friel will resign as executive vice president and general counsel of the Company (and any director or officer positions in the Company and any subsidiary of the Company, as well as from her role as a fiduciary of any benefit plan of the Company). Ms. Friel will separate from the Company on or before Jan. 2, 2015, subject to certain notification provisions set forth in the separation agreement between Ms. Friel and the Company, entered into on Nov. 21, 2014. Subject to, among other things, Ms. Friel's execution of a general release and compliance with certain restrictive covenants in her Employment Agreement with the Company, dated as of Jan. 9, 2012, and amended Oct. 30, 2012, Ms. Friel will be entitled to receive continued monthly payment of her base salary for the 18 month period beginning on the 60th day following the Separation Date. In connection with Ms. Friel's resignation, the Compensation Committee of the Company's Board of Directors has agreed to cause Ms. Friel's 52,757 unvested shares of restricted stock of the Company to fully vest as of the date the general release becomes irrevocable. About YRC Worldwide Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ: YRCW) -- http://www.yrcw.com/-- is a holding company that offers its customers a wide range of transportation services. These services include global, national and regional transportation as well as logistics. The Company incurred a net loss of $83.6 million in 2013 following a net loss of $136.5 million in 2012. The Company's balance sheet at Sept. 30, 2014, showed $2.04 billion in total assets, $2.40 billion in total liabilities and a $361.2 million total shareholders' deficit. * * * As reported by the TCR on Feb. 18, 2014, Moody's Investors Service had upgraded the Corporate Family Rating for YRC Worldwide Inc. ("YRCW") from Caa3 to B3, following the successful closing of its refinancing transactions. In the Jan. 31, 2014, edition of the TCR, Standard & Poor's Ratings Services said that it raised its ratings on Overland Park, Kansas-based less-than-truckload (LTL) trucker YRC Worldwide Inc. (YRCW), including the corporate credit rating to 'CCC+' from 'CCC', and removed them from CreditWatch negative, where they were placed on Jan. 10, 2014. "The upgrades reflect YRCW's improved liquidity position and minimal debt maturities as a result of its proposed refinancing," said Standard & Poor's credit analyst Anita Ogbara. * BOND PRICING: For The Week From November 24 to 28, 2014 --------------------------------------------------------- Company Ticker Coupon Bid Price Maturity Date ------- ------ ------ --------- ------------- Allen Systems Group Inc ALLSYS 10.500 35.000 11/15/2016 Allen Systems Group Inc ALLSYS 10.500 36.500 11/15/2016 BPZ Resources Inc BPZ 6.500 90.260 3/1/2015 BPZ Resources Inc BPZ 6.500 90.951 3/1/2015 Caesars Entertainment Operating Co Inc CZR 10.000 13.000 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.750 15.732 2/1/2016 Caesars Entertainment Operating Co Inc CZR 12.750 16.468 4/15/2018 Caesars Entertainment Operating Co Inc CZR 6.500 11.955 6/1/2016 Caesars Entertainment Operating Co Inc CZR 5.750 15.055 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 12.000 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.750 13.500 2/1/2016 Caesars Entertainment Operating Co Inc CZR 10.000 12.000 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 14.500 12/15/2018 Caesars Entertainment Operating Co Inc CZR 5.750 13.000 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 12.000 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 12.750 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.750 13.500 2/1/2016 Cal Dive International Inc CDVI 5.000 22.500 7/15/2017 Champion Enterprises Inc CHB 2.750 0.250 11/1/2037 Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 49.237 11/15/2017 Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 49.000 11/15/2017 Colt Defense LLC / Colt Finance Corp CLTDEF 8.750 49.000 11/15/2017 Dendreon Corp DNDN 2.875 59.000 1/15/2016 Endeavour International Corp END 12.000 15.000 6/1/2018 Endeavour International Corp END 5.500 3.250 7/15/2016 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 9.250 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 9.500 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.875 5.625 8/15/2017 Exide Technologies XIDE 8.625 9.500 2/1/2018 Exide Technologies XIDE 8.625 15.000 2/1/2018 Exide Technologies XIDE 8.625 15.000 2/1/2018 FBOP Corp FBOPCP 10.000 2.000 1/15/2009 FairPoint Communications Inc/Old FRP 13.125 1.000 4/2/2018 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Global Geophysical Services Inc GEGS 10.500 1.500 5/1/2017 Global Geophysical Services Inc GEGS 10.500 0.930 5/1/2017 Gymboree Corp/The GYMB 9.125 36.255 12/1/2018 James River Coal Co JRCC 7.875 1.000 4/1/2019 James River Coal Co JRCC 10.000 1.100 6/1/2018 James River Coal Co JRCC 10.000 0.500 6/1/2018 James River Coal Co JRCC 3.125 0.005 3/15/2018 Las Vegas Monorail Co LASVMC 5.500 1.100 7/15/2019 Lehman Brothers Inc LEH 7.500 9.125 8/1/2026 MF Global Holdings Ltd MF 6.250 37.550 8/8/2016 MF Global Holdings Ltd MF 1.875 38.100 2/1/2016 MF Global Holdings Ltd MF 3.375 29.900 8/1/2018 MModal Inc MODL 10.750 10.125 8/15/2020 Molycorp Inc MCP 6.000 34.600 9/1/2017 Molycorp Inc MCP 3.250 50.750 6/15/2016 Molycorp Inc MCP 5.500 32.000 2/1/2018 Momentive Performance Materials Inc MOMENT 11.500 1.750 12/1/2016 NII Capital Corp NIHD 10.000 37.500 8/15/2016 NII Capital Corp NIHD 7.625 17.500 4/1/2021 NII Capital Corp NIHD 8.875 28.250 12/15/2019 OMX Timber Finance Investments II LLC OMX 5.540 25.188 1/29/2020 Platinum Energy Solutions Inc PLATEN 14.250 74.750 3/1/2015 Platinum Energy Solutions Inc PLATEN 14.250 74.750 3/1/2015 Powerwave Technologies Inc PWAV 3.875 0.125 10/1/2027 Powerwave Technologies Inc PWAV 3.875 0.125 10/1/2027 Quicksilver Resources Inc KWK 7.125 19.625 4/1/2016 RAAM Global Energy Co RAMGEN 12.500 75.901 10/1/2015 RadioShack Corp RSH 6.750 34.250 5/15/2019 RadioShack Corp RSH 6.750 34.250 5/15/2019 Saratoga Resources Inc SARA 12.500 57.000 7/1/2016 TMST Inc THMR 8.000 20.000 5/15/2013 Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 11.875 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 26.000 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 11.750 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.500 10.313 11/1/2016 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 27.000 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 10.125 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.500 10.500 11/1/2016 Tunica-Biloxi Gaming Authority PAGON 9.000 59.750 11/15/2015 Walter Energy Inc WLT 9.875 30.000 12/15/2020 Walter Energy Inc WLT 8.500 28.289 4/15/2021 Walter Energy Inc WLT 9.875 30.250 12/15/2020 Walter Energy Inc WLT 9.875 30.250 12/15/2020 Western Express Inc WSTEXP 12.500 89.250 4/15/2015 Western Express Inc WSTEXP 12.500 89.500 4/15/2015 ********* 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. *** End of Transmission ***