TCR_Public/141218.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Thursday, December 18, 2014, Vol. 18, No. 351

                            Headlines

4519922 CANADA: Ontario Court Names Ernst & Young as CCAA Monitor
4519922 CANADA: Initial Order Entered; CCAA Stay Ends Jan. 7
ALSIP ACQUISITION: Has Interim Access to DIP Financing
ALSIP ACQUISITION: Committee Says Sale an Expedited Foreclosure
ALSIP ACQUISITION: MWRD Wants Case Moved to Chicago Before Sale

AMERICAN REALTY: Moody's Lowers Senior Unsecured Rating to Ba1
AMERICAN REALTY: S&P Lowers CCR to 'BB' & Remains on Watch Neg.
ANDALAY SOLAR: Inks $5-Mil. Purchase Agreement With Southridge
ARTESYN EMBEDDED: S&P Affirms 'B-' CCR & Revises Outlook to Pos.
AS SEEN ON TV: Receives Default Notice From MIG7 Infusion

ATWOOD OCEANICS: Moody's Affirms Ba2 Corporate Family Rating
BELDEN INC: Moody's Affirms Ba2 CFR & Ba3 Sr. Sub. Note Rating
BERNARD L. MADOFF: Judge OKs Deals Funneling $600MM to Victims
BLOOMIN' BRANDS: S&P Raises CCR to 'BB'; Outlook Stable
BUCCANEER RESOURCES: Notifies Bankruptcy Court of Updated Address

CAESARS ENTERTAINMENT: To Skip $225-Mil. Bond Interest Payment
CAESARS ENTERTAINMENT: Fitch Lowers IDR to 'C' on Missed Payment
CAESARS ENTERTAINMENT: Moody's Cuts Corporate Family Rating to Ca
CAESARS ENTERTAINMENT: S&P Lowers Corporate Credit Rating to 'D'
CAESARS ENTERTAINMENT: Court Puts Receiver Lawsuit on Fast Track

CHIEF POWER: Moody's Affirms Ba3 Rating on New Credit Facility
CIRCLE STAR: Delays Form 10-Q for October 31 Quarter
CITY OF DETROIT: Effective Date of Plan Occurred on Dec. 10
CLOUDEEVA INC: Dec. 23 Hearing on TD's Bid to Withdraw as Counsel
CLOUDEEVA INC: Stephen Gray Appointed as Chapter 11 Trustee

COMPUWARE HOLDINGS: Moody's Keeps CFR Over Revised Debt Structure
COUNTERPATH CORP: Receives Nasdaq Listing Non-Compliance Notice
CROSSFOOT ENERGY: Joint Administration Order Entered
CROSSFOOT ENERGY: Asks for Dec. 29 Extension to File Schedules
CROSSFOOT ENERGY: Taps SSG and Chiron as Investment Bankers

DELIA*S INC: Section 341(a) Meeting Scheduled for Jan. 14
DELTA TECHNOLOGY: Nasdag Retains Listing of Warrants
DENDREON CORP: Cleared to Pursue Dual-Track Restructuring
DETROIT, MI: S&P Withdraws 'D' Rating on Tax Gen. Obligation Bonds
DS SERVICES: Moody's Hikes Rating on $350MM 2nd Lien Notes to Ba3

DIOCESE OF GALLUP: Releases List of Credibly Accused Clergy
DTS8 COFFEE: Incurs $205,000 Net Loss in Oct. 31 Quarter
ELITE OIL & GAS: Case Summary & 20 Largest Unsecured Creditors
EMANUEL COHEN: Trustee Can Hire KapilaMukamal as Accountants
ENERGY FUTURE: Seeks Decision on Unit's Unsecured Bond Debt

ENTRANS INTERNATIONAL: Moody's Withdraws B2 Corp. Family Rating
ERF WIRELESS: Issues 4.4 Million Common Shares
EVERGREEN ACQCO: AG Recent Report No Impact on Moody's B2 Rating
FIRST NATIONAL: Makes Interest Payments on Trust Pref. Securities

FREEDOM INDUSTRIES: Executives Charged in West Va. Chemical Leak
GARVICK'S FARMS: Case Summary & 20 Largest Unsecured Creditors
GENERAC POWER: Moody's Raises Corporate Family Rating to Ba3
GENERAL MOTORS: Pleading Filed in Ignition Switch Litigation
GETTY IMAGES: Moody's Affirms Caa2 Rating on $550MM Unsec. Notes

GIM CHANNELVIEW: S&P Raises Rating to BB & Removes From Watch Pos.
GLOBAL COMPUTER: Withdraws Bid for Incentive Plan Approval
GOLDEN LAND: 37 ARA Wants Chapter 11 Trustee to Take Over
GMG CAPITAL: Files First Amended Joint Plan of Reorganization
GREEN EARTH: Jeffrey Loch Elected to Board of Directors

GREENSHIFT CORP: Majority Shareholder Unseats 4 Directors
HANGER INC: S&P Puts 'BB-' CCR on CreditWatch Negative
HAWAII MEDICAL: Court Approves Dismissal of Bankruptcy Case
HUTCHESON MEDICAL: Patient Care Ombudsman Appointed
HYDROCARB ENERGY: Incurs $1.7 Million Net Loss in Oct. 31 Quarter

IDERA PHARMACEUTICALS: Okays $691,000 2014 Bonuses for Executives
INSPIREMD INC: Has Insufficient Liquidity for Next 12 Months
L.A. HOUSING AUTHORITY: S&P Hikes Revenue Bonds Rating From 'BB'
LADDER CAPITAL: Fitch Retains 'BB' IDR on Proposed REIT Election
LEHMAN BROTHERS: Files Writ of Certiorari Over Asset Sale Row

LIBERTY CABLEVISION: Moody's Affirms B3 Corporate Family Rating
MATTESON, IL: Moody's Puts B1 GO Unlimited Tax Rating for Review
MERMAID HARRISON: Bankr. Case Transferred to San Jose Division
NAKED BRAND: Posts $7.2 Million Comprehensive Income in Q3
NAVISTAR INTERNATIONAL: To Close Indianapolis Foundry

NEW ENGLAND COMPOUNDING: Feds Arrest 14 Over Meningitis Outbreak
NORTHLAND RESOURCES: Bankruptcy Request for Units Approved
NUVILEX INC: Incurs $4 Million Net Loss in Second Quarter
ONE SOURCE: Case Summary & 14 Unsecured Creditors
OSI RESTAURANT: Moody's Affirms B1 Corporate Family Rating

OZ GAS: Guy C. Fustine, Esq. Approved as Counsel for Trustee
OZ GAS: Robert M. Power Okayed as Accountant for the Trustee
PARSLEY ENERGY: Moody's Raises Corporate Family Rating to B3
PROVIDENT FINANCING I: Fitch Affirms BB+ Rating on Sub. Securities
QUALITY LEASE: Court Sets Jan. 12, 2015 as Claims Bar Date

QUICKSILVER RESOURCES: Vanessa LaGatta Named CFO
SANMIGUEL SWEEPERS: Voluntary Chapter 11 Case Summary
SF CC INTERMEDIATE: Moody's Hikes Corporate Family Rating to B2
SHIROKA DEVELOPMENT: Judge Corrects Company Name to "Shirokia"
STAFFORD LOGISTICS: Moody's Cuts Corporate Family Rating to Caa1

STELLAR BIOTECHNOLOGIES: CEO Reports 6.6% Equity Stake
TRANSGENOMIC INC: AMH Equity Reports 6.8% Stake as of Dec. 8
TRIVASCULAR TECHNOLOGIES: Losses to Continue in the Future
UNILIFE CORP: Cash Flow for 2015 Raises Going Concern Doubt
UNIVERSITY GENERAL: Unit to be Acquired by Cornerstone Healthcare

WALTER ENERGY: Alden Global Stake at 3.8% as of Dec. 3
WPCS INTERNATIONAL: Delays Form 10-Q for Oct. 31 Quarter

* Junk Bond Market Now Negative for Year

* Rafael Zahralddin-Aravena Named 2014 Diversity & Bar Rainmaker

* Recent Small-Dollar & Individual Chapter 11 Filings


                             *********


4519922 CANADA: Ontario Court Names Ernst & Young as CCAA Monitor
-----------------------------------------------------------------
4519922 Canada Inc. commenced on Dec. 8, 2014, court-supervised
restructuring proceedings under the Companies' Creditors
Arrangement Act.  Ernst & Young Inc. has been appointed by the
court as monitor in the Applicant's CCAA proceedings pursuant to
the Order of the Ontario Superior Court of Justice.

Copies of the Initial Order and other orders issued in the
CCAA proceeding have been posted on the Monitor's website
at http://www.ey.com/ca/coopers.

To date, no claims procedure has been approved by the Court and
creditors are therefore not required to file a proof of claim at
this time.

Further information is available at http://www.ey.com/ca/coopers
should call the Monitor's Hotline at 1-855-941-7745.

Earns & Young can be reached at:

   Ernst & Young Inc.
   P.O. Box 251,222 Bay Street
   Toronto, ON, M5K1J7
   Fax: 416-943-3300


4519922 CANADA: Initial Order Entered; CCAA Stay Ends Jan. 7
------------------------------------------------------------
The Ontario Superior Court of Justice issued an initial order in
the CCAA proceedings commenced by 4519922 Canada Inc.

The initial order provides, among other things, a stay of
proceedings until and including Jan. 7, 2015, and may be extended
by the Court from time to time.  Although not an applicant, the
stay of proceedings extends to Coopers & Lybrand Chartered
Accountants (CLCA) as the Applicant is a partner of CLCAand CLCAis
inextricably connected to the Applicant.  Pursuant to the Initial
Order, the Applicant and CLCA may present a plan of compromise or
arrangement to the Court.

The Initial Order prohibits the Applicant and CLCA from making
payments of amounts relating to the supply of goods or services
prior to Dec. 8, 2014,other than payments to certain parties as
specified in the Initial Order.

During the Stay Period, all parties are prohibited from commencing
or continuing legal action against the Applicant and CLCA and all
rights and remedies of any party against or in respect of the
Applicant and CLCA or its assets are stayed and suspended except
with the written consent of, inter alia, the Applicant, CLCA and
the Monitor, or leave of the Court.

The Stay provided for in the Initial Order also prohibits the
commencement and continuation of legal actions during the Stay
Period against any party involved in the Castor Holdings Ltd.
litigation and related proceedings (Castor Litigation) in respect
of events or occurrences directly or indirectly
related to those at issue in the Castor Litigation.


ALSIP ACQUISITION: Has Interim Access to DIP Financing
------------------------------------------------------
Alsip Acquisition, LLC, received interim Bankruptcy Court approval
of its request to obtain postpetition secured financing from Wells
Fargo Bank, National Association.  During the interim approval
period, the Debtors are authorized to obtain only up to $830,668
of the $3 million total DIP Facility.

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.

                     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 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: Committee Says Sale an Expedited Foreclosure
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of debtor Alsip
Acquisition, LLC, objects to the Debtor's proposed sale
procedures, saying that they only serve to set up a bankruptcy
foreclosure for the benefit of Wells Fargo N.A.  The Office of the
U.S. Trustee also filed an objection, asserting that the proposed
bidding procedures may actually chill bidding by giving an
excessive advantage to buyer Resolute FP Illinois LLC and to
lender Wells Fargo.

Resolute FP Illinois LLC, as the stalking horse bidder, proposes
to purchase the real estate and equipment for $5,000,000.
Resolute is the new name of AbitibiBowater, which emerged from
creditor protection in December 2010.

While the Creditors Committee was just recently appointed and has
not had the opportunity to obtain discovery -- it just selected
counsel on Dec. 4, 2014 -- a cursory review of the Debtors'
pleadings make clear that sole purpose of these cases is to allow
the Debtor's secured lender to, in effect, to conduct an expedited
foreclosure on its collateral by using the bankruptcy process.
Not only do the Debtors propose to seek final approval of the Sale
only nine days after bid procedures are approved -- effectively
precluding any post-petition marketing or analysis by the
Committee or creditors other than Wells Fargo -- they propose to
distribute the proceeds of the sale to Wells Fargo (outside of a
plan) before the end of the 2014 calendar year -- quite possibly a
faster "foreclosure" and liquidation than Wells Fargo could
possibly accomplish in state court and with significantly less
risk.

The Creditors Committee requests an approximate 30-day extension
of each of the Sale Deadlines to provide a reasonable amount of
time to market the Debtors' assets and to allow the Committee to
vet the pre-petition sale process and to scour the market for
alternative purchasers.

The Committee states that the proposed bidding procedures create
an aggressive and rushed attempt to liquidate substantially all of
the Debtors' assets, on a pre-confirmation basis outside of a
plan, for the sole benefit of the Debtors' prepetition and
postpetition senior secured creditor, Wells Fargo Bank.  Given
that we are in the holiday season, a shorter extension is unlikely
to generate a competing bidder that will be able to meet the
arduous timing requirements set forth in the APA.

The Committee believes that the expedited sales process engineered
by the Debtors, Wells Fargo, and Resolute FP Illinois LLC, is
wholly unnecessary given that the proverbial "ice cube" has
already melted ? the Debtors' business has not operated since
September 5, 2014 or earlier.  If theses artificial deadlines are
in fact "real," these cases should have been filed much earlier to
allow unsecured creditors to have a meaningful opportunity to
participate in the sale process.  Alternatively, the parties could
have proceeded outside of the Bankruptcy Court.

Upon examination of the Bidding Procedures and the proposed
debtor-in-possession financing, it is clear to the Committee that
Wells Fargo is controlling these bankruptcy cases with the primary
goal of divorcing itself from the Debtors as quickly as possible.
The interests of other creditors, a solvent chapter 11 process,
and even obtaining full and fair value for the Debtors' assets,
appear to be mere afterthoughts.

The Committee points out that obviously, the Debtors' chapter 11
cases were filed without any serious hope of reorganization.
Although the Committee has no ideological problem with liquidation
in chapter 11 instead of chapter 7, the chapter 11 liquidation
process must provide for the payment in full of the inevitable
costs of administrating the Debtors' bankruptcy cases, and should
provide the prospect for a distribution to be paid to unsecured
creditors.  That is not the case here, where the Debtors have, in
essence, proposed a consensual foreclosure for the benefit of
their senior secured lender that may likely leave the Debtors'
estates administratively insolvent subsequent to the closing of
the sale.

According to the Committee, the Court should not approve the
proposed Bidding Procedures unless they are amended to ensure that
the sale of substantially all of the Debtors' assets is conducted
in a manner that serves the best interests of the Debtors'
estates, not just the Debtors' secured creditor.  Taking the time
to ensure that a full and fair sale process takes place is
particularly important given the level of interest expressed in
the Debtors' assets -- seven parties advanced to the second round
of the sale process.  If Wells Fargo wanted to foreclose, it could
have selected a non-bankruptcy alternative.  Instead, it chose
bankruptcy and therefore must allow a reasonable sales process to
occur.

The Committee further points out that, in addition to timing
concerns, the proposed combined break-up fee and expense
reimbursement is more than double the industry standard.  The
Committee is not opposed to such fees but believes that they
should be limited to 3% of the proposed purchase price in the
aggregate.

The Committee says its goals include ensuring that the Chapter 11
cases are not administratively insolvent, creating additional
value that can be used to fund a meaningful distribution to
unsecured creditors, and winding down the Debtors' estates in an
appropriate manner through a confirmable plan.

The Committee is represented by:

         Maria Aprile Sawczuk, Esq.
         Harold D. Israel, Esq.
         GOLDSTEIN & MCCLINTLOCK LLLP
         1201 North Orange Street, Suite 7380
         Wilmington, Delaware 19801
         Tel: (302) 444-6710
         Fax: (302) 444-6709
         E-mail: marias@restructuringshop.com

                      U.S. Trustee Objects

Roberta A. DeAngelis, the United States Trustee for Region 3,
notes that the Debtors seek authorization of $320,000 of bid
protections, equaling 6.4% of the proposed purchase price of
$5,000,000.  Since, Wells Fargo was owed $3 million more than the
proposed purchase price, its consent to allow Resolute to purchase
the chief assets of the Debtors for $5 million further calls into
question whether bid protections are necessary as the purchase
price does not on even provide its face a full recovery to Wells
Fargo.

The U.S. Trustee also complains that the Motion requests a sale
hearing following a potential auction occur no later than December
23, 2014.  That proposed date is just over a month from the
Petition Date and has been interposed during the 2014 year end
season, when availability can be problematic.  With the hearing on
the bid procedures on Dec. 9, 2014, other potential bidders will
have less than two weeks during the busiest season of the year to
determine whether or not submitting a competing bid is possible,
conduct due diligence, and submit a qualifying bid.  The U.S.
Trustee says that without even providing a suggested bid deadline
and an auction date, other bidders are at a severe disadvantage.

"Rather than serving as a catalyst or inducement to competitive
bidding, the Bidding Procedures may actually chill bidding by
giving an excessive advantage to Resolute and to Wells Fargo," the
U.S. Trustee told the Court.

                       Voith Paper Objects

Voith Paper Fabric & Roll Systems Inc., objects to the sale motion
to the extent that the Debtors intend to strip Voith's possessory
liens and/or sell retained equipment free and clear of Voith's
possessory liens without providing adequate protection to Voith.

As of the Petition Date, the Debtors owed $443,798 to Voith for
services performed on various pieces of roll equipment that had
been repaired, serviced, and returned to the Debtors.

Voith's rights to assert possessory liens upon the retained
equipment arise under Wisconsin statutory and common law because
all of Voith's work on the equipment was completed in Wisconsin,
and the equipment has remained in Voith's possession in Wisconsin
since it was first delivered there.

Voith is represented by:

         William A. Hazeltine, Esq.
         Sullivan Hazeltine Allinson LLC
         901 North Market St., Suite 1300
         Wilmington, DE 19801
         Tel: (302) 428-8191
         E-mail: whazeltine@sha-Ilc.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 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.


ALSIP ACQUISITION: MWRD Wants Case Moved to Chicago Before Sale
---------------------------------------------------------------
In its objection to Alsip Acquisition, LLC's proposed sale
procedures, the Metropolitan Water Reclamation District of Greater
Chicago (MWRD) says the case should first be moved to Chicago
before the bankruptcy judge approves a sale process.

As of the Petition Date, however, Alsip Acquisition, owed the MWRD
approximately $3,500,000 for unpaid user charges, penalties and
interest as established by the Ordinance.

MRWD states that the sale of Debtors' assets should only occur --
if at all -- after venue is transferred to Chicago.  This case
revolves around the former leading North American provider of
recycled paper who admittedly had its operational and
manufacturing headquarters in Alsip, Illinois.  The Debtors' real
property assets - the Mill and Warehouse - are located in
Illinois, not in Delaware.

The Debtors' primary personal property assets -- the equipment --
are located in Illinois.  Nearly all of Debtors' creditors are
located in Illinois -- and none are in Delaware.  The proposed
sale involves only assets and creditors based primarily in
Illinois.

Additionally, the Debtors' books and records and the former,
present, and future employees of the Debtors and Resolute FP
Illinois are located in or around Alsip, Illinois.  Requiring the
Debtors' various Illinois-based creditors to proceed in Delaware
is an unnecessary burden.  Since the filing of venue transfer
motion, one creditor has already joined in the motion and at least
two additional creditors have indicated their intent.  This sale
should occur in Illinois to allow the entire creditor body - the
majority of which is in Illinois - to participate in the sale and
protect their seemingly ignored statutory lien rights.

Accordingly, the MWRD objects to any sale procedure that
authorizes the sale of Debtors' assets prior to transfer of venue
to Illinois.

MWRD is represented by:

          Adam G. Landis (No. 3407)
          Landis Rath & Cobb LLP
          919 Market Street, Suite 1800
          Wilmington, Delaware 19801
          Tel: (302) 467-4400
          Fax: (302) 467-4450
          E-mail: landis@lrclaw.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 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.


AMERICAN REALTY: Moody's Lowers Senior Unsecured Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of American Realty Capital Properties, Inc. (ARCP) to Ba1 with a
negative outlook due to ARCP's announcement that its Chairman
Nicholas Schorsch resigned on December 12 and its CEO David Kay
and President/COO Lisa Beeson resigned on December 15. Moody's
rating action reflects the continued uncertainty surrounding the
unsecured debt rating from the accounting, legal and investment
banking reviews. This concludes the review started on October 30,
2014. Moody's negative rating outlook reflects the uncertainty and
the ultimate impact to ARCP's operating and capital structure as
the REIT searches for a new management team, in addition to the
lawsuits regarding its accounting irregularities, its timely
filing of 3Q14 and YE14 financials, and implementation of better
financial controls.

The following ratings were downgraded with a negative outlook:

  American Realty Capital Properties, Inc. -- Senior unsecured
  shelf to (P)Ba1, from (P)Baa3; subordinate shelf to (P)Ba2,
  from (P)Ba1; preferred stock shelf to (P)Ba2, from (P)Ba1.

  ARC Properties Operating Partnership, L.P -- Senior unsecured
  debt to Ba1, from Baa3.

The following rating was withdrawn:

  American Realty Capital Properties, Inc. -- Issuer rating at
  Baa3.

Ratings Rationale

The Ba1 unsecured rating reflects that ARCP has not filed its 3Q14
10Q yet and the audit committee continues to work with its
advisors to complete its investigation into financial information
contained in ARCP's 2013 10K and its quarterly reports for the
first two quarters of 2014. William Stanley, ARCP's Lead
Independent Director has become Interim CEO until permanent
replacements are found. ARCP has an extension from its revolver
bank group until January 5, 2015 to file 3Q14 financials. ARCP is
currently in compliance with its covenants on the revolver and
bonds.

In October 2014, ARCP's Audit Committee concluded that its 2013
10-K and 1Q14 and 2Q14 10-Qs should no longer be relied upon. Its
conclusions were made after accounting and legal investigations
into its financial results. These accounting irregularities
precipitated the replacement of the company's CFO and CAO. The
accounting issues impact ARCP's reported AFFO due to the manner in
which non-controlling interests in earnings (and related shares)
was presented in the periods overstating AFFO and understating net
losses amounting to adjustments of approximately $23 million.
ARCP's access to the debt and equity capital markets is curtailed
until the financial inquiry is resolved. Although ARCP stated it
is currently in compliance with the financial ratios in its debt
covenants, it will be incumbent upon the company to file 3Q14
financials in order to prevent potential covenant breaches for
provisions entailing timely submission of financials in its
revolver and bond covenants. Furthermore, this purposeful hiding
of the accounting error engenders concerns about the company's
credibility, internal controls, and maintenance of investor trust.

A return to a stable outlook would reflect the resolution of the
accounting issues and timely filing of 3Q14 and YE14 financials by
February 2015, in addition to the REIT having the following credit
metrics: net debt/EBITDA closer to 6.5x and fixed charge coverage
at or above 2x A rating downgrade would likely reflect any
missteps in resolving the accounting issue or questions
surrounding further deficiencies of internal controls; any
unsecured bonds or bank lines covenant compliance issues or
resultant legal inquiries; in addition to effective leverage above
60%; net debt/EBITDA over 8x; fixed charge coverage below 2x.

Moody's last rating action for American Realty Capital Properties,
Inc. was on October 30, 2014 when Moody's placed the Baa3 senior
unsecured rating of ARCP under review for downgrade due to ARCP's
announcement that its Audit Committee found accounting
discrepancies impacting the reported AFFO and that its 2013 10-K
and 1Q14 and 2Q14 10-Qs should no longer be relied upon.

American Realty Capital Properties, Inc. (NASDAQ: ARCP) is a REIT
that is engaged in the ownership and acquisition of single-tenant,
free standing real estate properties. At June 30, 2014, ARCP owned
3,966 properties in 49 states plus Puerto Rico and Washington,
D.C. totaling 106.8 square feet and had total book assets of $21.3
billion and total equity of $10.6 billion.


AMERICAN REALTY: S&P Lowers CCR to 'BB' & Remains on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on American Realty Capital Properties Inc. and its
operating partnership, ARC Properties Operating Partnership L.P,
to 'BB' from 'BBB-'.  The ratings remain on CreditWatch with
negative implications.

S&P lowered its issue-level rating on the REIT's $2.5 billion in
aggregate senior unsecured notes to 'BB+' from 'BBB-', reflecting
a '2' recovery rating, indicating S&P's expectations for
substantial (70% to 90%) recovery of principal in the event of a
payment default.

"The downgrade reflects our view of the high level of uncertainty
surrounding ARCP after the company's CEO and President/COO
resigned unexpectedly and Lead Independent Director William
Stanley's appointment as interim CEO.  The track record of the
recently installed executives and the board of directors in
running and overseeing a public company is limited," said credit
analyst Jaime Gitler.

Standard & Poor's will seek to resolve the CreditWatch placement
within the next 90 days, but this will depend upon a better
understanding of possible outcomes from the various audits and
investigations.  S&P will review any further agreements with its
bank lending group, any potential disclosures upon the release of
the board's investigation, any additional exposures from the
completion of the forensic audit, and other management or
governance changes that are being contemplated.  Upon completion
of S&P's review, it could lower the corporate credit rating or S&P
could leave the ratings unchanged.


ANDALAY SOLAR: Inks $5-Mil. Purchase Agreement With Southridge
--------------------------------------------------------------
Andalay Solar, Inc., on Dec. 10, 2014, entered into an equity
purchase agreement with Southridge Partners II, LP, that
superseded their prior Equity Purchase Agreement that was entered
into on Jan. 23, 2014.  The terms of the Equity Purchase Agreement
are substantially similar to those of the Prior Equity Purchase
Agreement.

Pursuant to the Equity Purchase Agreement and as provided in the
Prior Equity Purchase Agreement, Southridge has committed to
purchase up to $5,000,000 worth of the Company's common stock,
over a period of time terminating on the earlier of: (i) 18 months
from the effective date of the registration statement to be filed
by the Company for the Equity Purchase Agreement; or (ii) the date
on which Southridge has purchased an aggregate maximum purchase
price of $5,000,000 pursuant to the Equity Purchase Agreement;
Southridge's commitment to purchase the Company's common stock is
subject to various conditions, including, but not limited to,
limitations based on the trading volume of our common stock.

There are put restrictions applied on days between the put notice
date and the closing date with respect to that particular put.
During such time, the Company is not entitled to deliver another
put notice.

The Equity Purchase Agreement further provides that Southridge is
entitled to customary indemnification from the Company for any
losses or liabilities it suffers as a result of any material
misrepresentation, breach of warranty or nonfulfillment of or a
failure to perform any material covenant or agreement contained in
the Equity Purchase Agreement.

The Equity Purchase Agreement also contains representations and
warranties of each of the parties.

Pursuant to the terms of the Equity Purchase Agreement the Company
agreed to pay Southridge a commitment fee of 1,000,000 shares of
the Company's common stock (having a value of $17,900 based upon
the closing price of the Company's common stock on Dec. 5, 2014),
of which 500,000 shares of the Company's common stock are to be
issued to Southridge on the date that the registration statement
is declared effective and the remaining 500,000 shares of common
stock are to be issued on the date that the Company delivers its
first Draw Down Notice to Southridge.

A full-text copy of the Equity Purchase Agreement is available at:

                        http://is.gd/Hk50bN

                        About Andalay Solar

Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar,
Inc., is a provider of innovative solar power systems.  In 2007,
the Company pioneered the concept of integrating the racking,
wiring and grounding directly into the solar panel.  This
revolutionary solar panel, branded "Andalay", quickly won industry
acclaim.  In 2009, the Company again broke new ground with the
first integrated AC solar panel, reducing the number of components
for a rooftop solar installation by approximately 80 percent and
lowering labor costs by approximately 50 percent.  This AC panel,
which won the 2009 Popular Mechanics Breakthrough Award, has
become the industry's most widely installed AC solar panel.  A new
generation of products named "Instant Connect" was introduced in
2012 and is expected to achieve even greater market acceptance.

Andalay Solar reported a net loss attributable to common
stockholders of $3.85 million on $1.12 million of net revenue for
the year ended Dec. 31, 2013, as compared with a net loss
attributable to common stockholders of $9.15 million on $5.22
million of net revenue in 2012.

Burr Pilger Mayer, Inc., in San Francisco, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company's significant operating losses and
negative cash flow from operations raise substantial doubt about
its ability to continue as a going concern.


ARTESYN EMBEDDED: S&P Affirms 'B-' CCR & Revises Outlook to Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Tempe, Ariz.-based Artesyn Technologies
Inc. and revised the outlook to positive from stable.

S&P also affirmed the 'B-' issue-level rating on Artesyn's 9.75%
secured notes due 2020.  The recovery rating remains '3',
indicating S&P's expectation for meaningful (50% to 70%) recovery
of the notes' principal in the event of default.

"The outlook revision to positive reflects our expectation that
Artesyn will achieve modest revenue and EBITDA growth over the
next 12 months and reverse the revenue declines it experienced in
2014," said Standard & Poor's credit analyst John Moore.

S&P expects revenues will continue to stabilize and grow modestly
in the low-single digits over the next 12 months, driven by the
company's improving prospects for business wins within handheld
device charger markets and stable business conditions across its
other embedded technology product markets.

The ratings on Artesyn reflect the company's "vulnerable" business
risk profile, as it competes in a highly fragmented electronics
subsystems industry, and its "highly leveraged" financial risk
profile.

The positive outlook reflects Artesyn's improving business
performance, which new business wins, particularly in the wireless
device charger market, support.

Although less likely at present, S&P could revise the outlook to
stable if the company's recent business turnaround proves
unsustainable and revenue declines ensue such that free cash flow
becomes negative or leverage approaches 5x or more.

Over the coming year, S&P could upgrade the company if it
continues to achieve stable-to-growing operating performance, with
EBITDA in excess of $80 million on an annual basis and less cash
flow volatility.


AS SEEN ON TV: Receives Default Notice From MIG7 Infusion
---------------------------------------------------------
As Seen on TV, Inc., previously entered into a senior note
purchase agreement dated as of April 3, 2014, by and among the
Company and the additional purchasers thereto, and MIG7 Infusion,
LLC, as amended May 1, 2014.  Pursuant to the Note Purchase
Agreement, the Credit Parties sold to MIG7 a senior secured note
having a principal amount of $10,180,000 bearing interest at 14%
and having a maturity date of April 3, 2015.

On Dec. 10, 2014, the Company received a letter from MIG7 stating
that MIG7 believes the Company to be in default of certain terms
of the Note Purchase Agreement.  The Company has acknowledged the
existence of a number of technical events of default under the
Note Purchase Agreement, including the Company not delivering
certain reports and documents required under the Note Purchase
Agreement, including various interim financial statements,
officers' certificates and management reports, and independent
auditor reports, letters, and other related information.  Because
certain of these technical defaults have remained outstanding for
a period of time greater than 30 days, there has been an automatic
increase in the amount of interest payable under the Note from 14%
to 18% (or the maximum amount permitted by law, whichever is
less), resulting in the owing of additional amounts that may be
material to the Company.  In addition, MIG7 currently has the
right under the Note Purchase Agreement as a result of these
events of default, but has not yet exercised either such right, to
declare the entire principal balance of such senior secured note
to be immediately due and owing and to sweep and retain 65 percent
of all cash deposited in the operating account of the Company
until all obligations owing to MIG7 are paid in full.

The Notice Letter includes other alleged failures that the Company
has determined, in good faith, do not constitute events of
default, and which the Company does not believe have triggered or
will trigger any increase in or acceleration of amounts payable
under the Note.  However, other potential events of default may
occur in the future, any of which would allow MIG7 to declare such
an increase or acceleration.  Because such increase or
acceleration would be on the same terms as the penalties already
assessed or possible as a result of the technical defaults, any
additional defaults would not result in additional amounts due
under the Note.

                        About As Seen on TV

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

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

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

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

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

                         Bankruptcy Warning

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

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

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

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

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

   * Significantly curtailing costs and consolidating operations,
     where feasible.

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

   * Reducing operations to conserve cash.

   * Deferring certain marketing activities.

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

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


ATWOOD OCEANICS: Moody's Affirms Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service revised Atwood Oceanics, Inc.s' rating
outlook to stable from positive. At the same time Moody's affirmed
Atwood's Ba2 Corporate Family Rating (CFR), Ba2-PD Probability of
Default Rating (PDR), Ba3 senior unsecured note rating and SGL-3
Speculative Grade Liquidity Rating.

"The stable outlook reflects Moody's view that Atwood's
deleveraging from the 3.2x debt/EBITDA level will take longer
because of the expected weakness in offshore drilling markets
through 2016, and the delayed cash flow contribution from its two
uncontracted ultra-deepwater (UDW) drillships that are now under
construction and will arrive six months later than previously
anticipated, said Sajjad Alam, Moody's Assistant Vice President.
"Faced with a one-two punch of oversupplied rig markets and
sinking oil prices, it is unlikely that the company will achieve a
level of cash flow that can meaningfully reduce leverage until
late 2016."

Issuer: Atwood Oceanics, Inc.

Outlook Action:

Changed to Stable from Positive

Affirmations:

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5)

Senior Unsecured Shelf, Affirmed (P)Ba3

Speculative Grade Liquidity Rating, Affirmed SGL-3

Ratings Rationale

Atwood is actively looking to contract the new drillships for
which it has $700 million in remaining shipyard payments due
through mid-2016. Moody's believe these new rigs as well as
Atwood's five jackups and three deepwater semi-submersibles that
will roll off contracts between now and late-2016, will re-sign at
much lower dayrates than their current levels. The company may
also experience delays in obtaining new contracts as a surge in
rig supply will create a very competitive bidding environment
globally through 2016.

Moody's expect Atwood to have adequate liquidity through 2015
which is captured in the SGL-3 rating. Despite soft market
conditions, the company should be able to fund all basic cash
requirements from its substantial operating cash flow backed by
existing customer contracts. The revolving credit facility will be
used to fund a portion of the construction payments for the
drillships. By pushing out the rig delivery dates, the company
will be able to better match incoming cash flows with newbuild
capex. Atwood increased the revolver commitment amount to $1.55
billion in April this year and extended the maturity to May 2018.
The company had $80 million of balance sheet cash and $495 million
available under the revolver at September 30, 2014. Atwood has
substantial alternate liquidity with one of its high-specification
jackups (Atwood Orca) and all four drillships not pledged to the
revolver lenders.

The Ba2 CFR reflects Atwood's growing scale; diversified
geographic exposure, rig fleet and customers; mostly high-quality
assets and good contract coverage through 2016. The rating is also
supported by the company's long operating track record and
moderate leverage. The CFR is held back by Atwood's cash flow
concentration in fewer rigs relative to larger and higher rated
offshore drillers, limited prospects for meaningful leverage
reduction through 2016 and uncontracted UDW drillships. The rating
also considers the inherent volatility of the marine drilling
market and the large global supply of newbuilds in the 2015-2016
timeframe that will pressure dayrates and utilization.

To consider an upgrade, Moody's will look for Atwood Admiral and
Atwood Archer to have long term contracts, continued robust
utilization of the company's operating fleet, strong forward
contract coverage and good liquidity, including less reliance on
the revolving credit facility. Improved visibility around offshore
rig supply, global oil prices and future dayrates will also be
considered when considering a positive action.

Atwood's ratings could come under pressure if it is unable to
sustain debt/EBITDA below 3.5x. Operational setbacks involving the
larger UDW rigs, significant construction or re-contracting
delays, and liquidity challenges would pose the greatest risks to
ratings given Atwood's substantial capital requirements through
2016.

The principal methodology used in this rating was the Global
Oilfield Services Rating Methodology published in December 2014.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Atwood Oceanics, Inc. is a Houston, Texas based international
offshore drilling contractor with operations in Australia,
Southeast Asia, West Africa, the US Gulf of Mexico and the
Mediterranean.


BELDEN INC: Moody's Affirms Ba2 CFR & Ba3 Sr. Sub. Note Rating
--------------------------------------------------------------
Moody's Investors Service, affirmed Belden Inc.'s Ba2 Corporate
Family Rating, Ba3 senior subordinated note rating and Baa3 first
lien term loan rating. Moody's also lowered the company's
Speculative Grade Liquidity rating to SGL-2 from SGL-1. The
ratings outlook is stable.

Ratings Rationale

Moody's affirmed Belden's ratings following the company's
announcement that it has committed to purchase Tripwire, a
security software company, for $710 million in cash. The
acquisition is expected to be modestly de-levering as Tripwire is
EBITDA positive and the transaction is funded primarily with cash
from the balance sheet, though debt to EBITDA levels will remain
between 4.5x and 5x on a Moody's adjusted basis. However, Moody's
notes that the security software market is dynamic and lies
outside Belden's historic product focus.

The lowering of the Speculative Grade Liquidity rating to SGL-2
from SGL-1 is driven by the anticipated use of cash and drawdown
of the revolver to fund the acquisition. Though reduced from prior
levels, liquidity is considered good. Post acquisition closing,
Moody's anticipates a cash balance of approximately $200 million
as well as an estimated $200 million of revolver availability.
Belden is expected to generate about $200 million in free cash
flow over the next year.

The ratings could be pressured downward in the face of significant
economic downturn or if performance deteriorates resulting in
revenue declines, or the company suffers material market share
losses. The ratings could also be pressured downward if the pace
of buybacks increases significantly from historic levels. The
ratings could be upgraded if leverage is sustained below 4x while
maintaining strong cash balances.

Downgrades:

Issuer: Belden Inc.

Speculative Grade Liquidity Rating, Lowered to SGL-2 from SGL-1

Affirmations:

Issuer: Belden Inc.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating (Local Currency), Affirmed Ba2

Senior Subordinated Regular Bond/Debenture (Local Currency),
Affirmed Ba3 (LGD4)

Senior Secured Bank Credit Facility (Local Currency), Affirmed
Baa3 (LGD2)

Outlook, Remains Stable

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Belden Inc. is a leading designer and manufacturer of connectivity
and signal transmission products for the global network
communication and specialty electronic marketplaces with 2013
revenues of $2.1 billion. The company is headquartered in St.
Louis, Missouri.


BERNARD L. MADOFF: Judge OKs Deals Funneling $600MM to Victims
--------------------------------------------------------------
Sara Randazzo, writing for Daily Bankruptcy Review, reported that
nearly $600 million worth of settlements to benefit victims of
Bernard Madoff's massive Ponzi scheme won the blessing of a
bankruptcy judge.  According to the report, the settlements,
approved by Judge Stuart Bernstein at a hearing in the U.S.
Bankruptcy Court in Manhattan, include a $95 million deal struck
with Senator Fund SPC and a $497 million deal to collect money
from Herald Fund SPC and Primeo Fund.  All of the funds had
invested with Mr. Madoff, who is currently serving a 150-year
prison sentence, the DBR report said.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and
Steven Morganstern -- assert US$64 million in claims against Mr.
Madoff based on the balances contained in the last statements they
got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims, with the fourth
and latest batch of distributions done in May 2014.  Distributions
to eligible claimants have totaled almost $6 billion, which
includes $812.2 million in committed advances from the SIPC.  More
than 1,100 victims have already recovered the full principal they
lost in the fraud.

As of May 2014, Mr. Picard has recovered or reached agreements to
recover $9.8 billion since his appointment in December 2008.


BLOOMIN' BRANDS: S&P Raises CCR to 'BB'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Tampa, Fla.-based Bloomin' Brands Inc. and its operating
subsidiary OSI Restaurant Partners LLC to 'BB' from 'BB-'.  The
outlook is stable.  At the same time, S&P raised the issue-level
rating on the senior secured credit facility to 'BBB-' from 'BB+'.
The recovery rating is '1', indicating S&P's expectations for very
high (90%-100%) in the event of default.

"The rating action reflects our expectation that operating
performance trends will remain good in the next 12 months, driven
by positive same-store sales and unit expansion.  We also believe
that brand revitalization initiatives, productivity improvements,
and continued menu innovation will help Bloomin' Brands to
continue gaining some market share and modestly improve margins,"
said credit analyst Helena Song.  "We expect debt leverage will be
about 3.1x at the end of fiscal 2014 and slightly improve to about
2.9x in 2015, primarily driven by continued EBITDA growth."

The stable outlook reflects S&P's expectation that operating
performance will remain good but credit metric improvement will
moderate in the next 12 months as the company will reduce its debt
pay down to fund its new dividend and share repurchase program.
As a result, S&P forecasts that Bloomin' Brands will modestly
strengthen its credit protection profile, with leverage remaining
in the low 3.0x, FFO to total debt in the mid-20% range, and
EBITDA interest coverage in the mid-6.0x area.

Upside scenario

S&P could raise the rating if the company achieves debt leverage
in the mid- tohigh-2x range on a sustained basis and such
improvement is supported by the company's financial policy.  S&P
would also expect FFO to total debt to improve to at least the
high-20% range.  This could occur if EBITDA grows by about 20% on
mid-double-digit revenue growth and stable margins while debt
remains generally flat.  S&P's assessment of financial risk would
then improve to "intermediate" under this scenario.

Downside scenario

S&P could lower the rating if sales growth slows to 2% while gross
margin declines 100 basis points.  This would result in debt
leverage in the high 3.0x area.  Although less likely, a negative
rating action could also occur if the company adopts a more
aggressive financial policy.


BUCCANEER RESOURCES: Notifies Bankruptcy Court of Updated Address
-----------------------------------------------------------------
Buccaneer Resources, LLC, et al., notified the Bankruptcy of their
updated address:

         Buccaneer Energy Holdings, Inc.
         Attn: Bryan Gaston
         1301 McKinney Street, Suite 2025
         Houston, TX 77010

                     About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Buccaneer Resources' primary business is the exploration for and
production of oil and natural gas in North America and their
operations are focused on both onshore and offshore activities in
the Cook Inlet of Alaska as well as the development of offshore
projects in the Gulf of Mexico and onshore oil opportunities in
Texas and Louisiana.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.  The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Norton Rose Fulbright
Australia will render legal services related to cross-border
insolvency and general corporate and litigation matters to
Buccaneer Energy Ltd.  Epiq Systems is the claims and notice
agent.

U.S. Bankruptcy Judge David R. Jones has conditionally approved
Buccaneer's First Amended Disclosure Statement and Plan of
Reorganization dated Nov. 5, 2014.  The Debtors' assets are being
marketed for sale with the assistance of a sales agent based on
prior authorization from the Court.  The Debtors anticipate that
the majority of their oil and gas properties and interests will be
sold at an auction to be held prior to the hearing on the Plan.
The Plan will not become effective until after the closing of this
sale.

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors.  The Committee retained Greenberg Traurig, LLP as legal
counsel to the Committee, and Alvarez & Marsal North America, LLC
as financial advisors.


CAESARS ENTERTAINMENT: To Skip $225-Mil. Bond Interest Payment
--------------------------------------------------------------
In light of the ongoing discussions with the First Lien
Bondholders with respect to a restructuring, Caesars Entertainment
Operating Company, Inc., has elected not to pay these interest
payments due Dec. 15, 2014:

   (i) a $41.3 million interest payment that was due on CEOC's 10%
       second-priority senior secured notes due 2015 and 10%
       second-priority senior secured notes due 2018 issued under
       the indenture dated Dec. 24, 2008; and

  (ii) a $184 million interest payment that was due on CEOC's 10%
       second-priority senior secured notes due 2018.

The December 2008 Indenture and the April 2009 Indenture each
provides for a 30-day grace period for an interest payment before
an event of default may be deemed to have occurred under such
indenture.  There is approximately $825 million of Second Lien
Notes outstanding under the December 2008 Indenture and $3.7
billion of Second Lien Notes outstanding under the April 2009
Indenture.  As of Sept. 30, 2014, CEOC had approximately $1.5
billion of cash and cash equivalents.

As disclosed in the current report on Form 8-K filed on Dec. 12,
2014, Caesars Entertainment Corporation and CEOC, a majority owned
subsidiary of CEC, are continuing confidential discussions with
certain beneficial holders of CEOC's 11.25% senior secured notes
due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9%
senior secured notes due 2020 regarding the material economic
terms for a restructuring of CEOC's debt.

The Company said no assurances can be made that (a) a
Restructuring will be implemented or (b) an agreement will be
reached between CEC, CEOC and CEOC's creditors on the terms of a
Restructuring.

                    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 $24.5 billion in
total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.


CAESARS ENTERTAINMENT: Fitch Lowers IDR to 'C' on Missed Payment
----------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) of
Caesars Entertainment Operating Company (CEOC) to 'C' from 'CC',
CEOC's credit facility to 'CCC/RR1' from 'CCC+/RR1' and the first
lien notes to 'CCC-/RR2' from 'CCC/RR2'.  CEOC's second-lien and
unsecured notes were affirmed at 'C/RR6'.  Fitch also affirmed the
IDRs of Caesars Entertainment Corp (CEC) and all the issuing
subsidiaries except CEOC.

The downgrade of the IDR to 'C' reflects CEOC's missed $223
million interest payment to the holders of the 10% second lien
notes that was due December 15.  CEOC has a 30-day grace period
before the missed payment is considered a default per the 10%
notes' indentures.  There is $4.5 billion of the 10% notes
outstanding and CEOC had about $1.3 billion of cash net of
estimated cage cash ($180 million) as of Sept. 30, 2014.  If the
missed interest payment becomes a default, CEOC will default on
its senior secured credit facility credit agreement, with the
remaining debt in the capital structure defaulting only if the 10%
noteholders accelerate.

Regardless of whether the second lien interest payment is made
Fitch believes that a default of some sort is inevitable as the
company disclosed in its third quarter 2014 (3Q'14) 10Q that it
will run out of liquidity by 4Q'15.

CEC and CEOC were negotiating restructuring terms with the first-
lien lenders and noteholders.  On December 12, CEOC's credit
facility lenders let their non-disclosure agreement expire and
made their restructuring documents public.  Based on the documents
released by the lenders and another set of documents disclosed by
a single first-lien bondholder the restructuring talks have
contemplated a REIT spin-off and a pre-packaged bankruptcy.  Per
CEOC's disclosure the company is still negotiating the
restructuring terms with the CEOC's first-lien noteholders.

The 'CC' IDR of CEC continues to reflect the linkage between CEC
and CEOC vis-a-vis CEC's collection guarantee of CEOC's credit
facility and the possibility that CEC will be liable under the
payment guarantee of CEOC's notes.  CEOC released the guarantee in
May 2014; however, the first-lien and second-lien noteholders are
contesting the release.

CEOC related risks are factored into the 'B-' IDRs of Caesars
Entertainment Resort Properties (CERP) and Caesars Growth
Properties Holdings (CGPH); however, the IDRs are not directly
linked to CEOC's IDR.  The main CEOC related risk is the
possibility that CEOC's creditors complaints result in certain
asset sales and transfers to CGPH and/or CERP from CEOC being
considered improper (i.e. fraudulent transfers).  Also there is a
chance that CERP's and CGPH's access to the Total Rewards loyalty
program is somehow disrupted, although this risk is somewhat
mitigated with the creation of the shared services entity.

Fitch does not believe that a bankruptcy at CEOC will pull CGPH
(including Cromwell) or CERP subsidiaries into the insolvency
proceedings as these entities remain solvent in Fitch's opinion.
Chester Downs' solvency is more debatable; however, the risk of it
being pulled into bankruptcy is already reflected in its 'CCC'
IDR.

Recovery Analysis

Fitch estimates full recovery for CEOC's credit facility lenders,
87% recovery for the first-lien noteholders and less than 10%
recovery for the remainder of the capital structure.  The 87%
recovery for the first-lien notes is an upward revision from 80%
Fitch estimated when it released its 3Q'14 gaming issuer recovery
models on December 10.  The revision reflects a positive change in
the cash assumption since CEOC skipped the second-lien interest
payment.

Fitch's recovery analysis for CEOC assumes administrative claims
at 10% of enterprise value, which is a standard assumption Fitch
uses.  Under this assumption administrative claims are
approximately $800 million, which is high but not unprecedented.
Lehman and Enron liquidation legal and professional fees exceeded
$2 billion and $750 million, respectively.  The more comparable
sized Tribune Co.'s bankruptcy cost more than $500 million.
Changing the administrative claims to 5% of enterprise value (EV)
brings the claims down to roughly $400 million, improving the
first-lien notes' recovery to 93%, which is in-line with an 'RR1'
recovery rating.

More details around the assumptions are included in Fitch's press
release from December 10, entitled 'Fitch: 80% Recovery Estimated
for Caesars OpCo 1st Lien Notes' and an interactive excel model
'Updated U.S. Gaming Recovery Models - Third-Quarter 2014'.  Fitch
updated the model since the original December 10 release to
account for change in the cash assumption.

Fitch takes these rating actions:

Caesars Entertainment Corp.

   -- Long-term IDR affirmed at 'CC'.

Caesars Entertainment Operating Co.

   -- Long-term IDR downgraded to 'C' from 'CC';
   -- Senior secured first-lien revolving credit facility and term
      loans downgraded to 'CCC/RR1' from 'CCC+/RR1';
   -- Senior secured first-lien notes downgraded to 'CCC-/RR2'
      from 'CCC/RR2';
   -- Senior secured second-lien notes affirmed at 'C/RR6';
   -- Senior unsecured notes with subsidiary guarantees affirmed
      at 'C/RR6';
   -- Senior unsecured notes without subsidiary guarantees
      affirmed at 'C/RR6'.

Caesars Entertainment Resort Properties, LLC

   -- IDR affirmed at 'B-'; Outlook Stable;
   -- Senior secured first-lien credit facility affirmed at
      'B+/RR2';
   -- First-lien notes affirmed at 'B+/RR2';
   -- Second-lien notes affirmed at 'CCC/RR6'.

Caesars Growth Properties Holdings, LLC

   -- IDR affirmed at 'B-'; Outlook Stable;
   -- Senior secured first-lien credit facility affirmed at
      'BB-/RR1';
   -- Second-lien notes affirmed at 'B-/RR4'.

Corner Investment PropCo, LLC

   -- Long-term IDR affirmed at 'CCC';
   -- Senior secured credit facility affirmed at 'B-/RR2'.

Chester Downs and Marina LLC (and Chester Downs Finance Corp as
co-issuer)

   -- Long-term IDR affirmed at 'CCC';
   -- Senior secured notes affirmed at 'CCC+/RR3'.


CAESARS ENTERTAINMENT: Moody's Cuts Corporate Family Rating to Ca
-----------------------------------------------------------------
Moody's Investors Service downgrades the ratings of Caesars
Entertainment Operating Company, Inc. (CEOC) following the
company's announcement via an 8-K filing that it has elected not
to pay $225 million of interest payments due December 15, 2014 on
approximately $4.5 billion of 10% (unrated) second lien notes
currently outstanding issued under indentures dates December 2008
and April 2009.

CEOC's Corporate Family Rating was downgraded to Ca from Caa3, its
Probability of Default Rating was downgraded to Ca-PD from Caa3-
PD, and its Speculative Grade Liquidity rating was lowered to SGL-
4 from SGL-3. The company's rating outlook remains negative.

CEOC is a majority owned subsidiary of Caesars Entertainment
Corporation (CEC). This rating action does not affected the
ratings of the company's related entities: Chester Downs and
Marina, LLC (B3 negative), Caesars Entertainment Resort
Properties, LLC (B3 negative), Caesars Growth Properties Holdings,
LLC (B3 negative) or CBAC Gaming, LLC (B3 stable).

Ratings Rationale

In addition to the CEOC's election not make the interest payments
that were due on December 15, 2014, the downgrade of CEOC's issuer
and issue-level ratings considers that no resolution has been
reached regarding a restructuring. According to the 8-K filing,
CEOC and CEC are continuing confidential discussions with certain
holders of CEOC's first lien debt regarding the material economic
terms for a restructuring of CEOC's debt. Given the substantial
size and complexity of CEOC's ownership and debt capital
structure, Moody's believe the level impairment for CEOC in total
could be substantial and lower than expected.

The SGL-4 Speculative Grade Liquidity rating considers that
although CEOC had approximately $1.5 billion of cash and cash
equivalents at Sep. 30, 2014 (enough to make the required interest
payment), Moody's maintains its view that absent a restructuring
that significantly lowers CEOC debt, the company's interest burden
will continue to exceed EBITDA, and as a result, most or all this
cash would be needed to fund the company's operations and
scheduled debt service.

CEOC's PDR will be changed to "D" or appended with an "LD",
denoting a default or a limited default, based on developments
during the 30-day grace period and the resolution of the missed
interest payment on the second priority senior secured notes.

Caesars Entertainment Operating Company, Inc.

Ratings downgraded:

Corporate Family Rating, to Ca from Caa3

Probability of Default Rating, to Ca-PD from Caa3-PD

Senior secured revolving credit facility, to Caa3 (LGD3) from Caa2
(LGD2)

Senior secured term loans B4-B7, to Caa3 (LGD3) from Caa2 (LGD2)

Senior secured notes, to Caa3 (LGD3) from Caa2 (LGD2)

Senior unsecured notes, to C (LGD6) from Ca (LGD 6)

Harrah's Escrow Corporation, Caesars Operating Escrow, LLC, and
Harrah's Operating Company, Inc. (Old) assumed by CEOC

Ratings downgraded:

Senior secured notes, to Caa3 (LGD3) from Caa2, (LGD2)

12.75% senior secured second priority notes, to C (LGD5) from Ca
(LGD5)

Senior unsecured notes, to C (LGD6) from Ca (LGD 6)

CEOC owns and manages casinos located in most regional markets in
the U.S. including Las Vegas. The company generated approximately
$5.5 billion in annual revenue for the last twelve months
September 30, 2014.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.


CAESARS ENTERTAINMENT: S&P Lowers Corporate Credit Rating to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating to 'D' from 'CCC-' on Caesars Entertainment Operating Co.
Inc. (CEOC), a majority-owned subsidiary of Caesars Entertainment
Corp.  At the same time, S&P lowered its issue-level rating to 'D'
from 'C' on CEOC's 10% second-priority senior secured notes due
2015 and 2018.

"We lowered the rating as a result of the company's decision not
to pay approximately $225 million in interest that was due on
Dec. 15, 2014 on $4.5 billion of 10% second-priority senior
secured notes due 2015 and 2018," said Standard & Poor's credit
analyst Melissa Long.  "A payment default has not occurred
relative to the legal provisions of the notes because of a 30-day
grace period.  However, we consider a default to have occurred,
despite a grace period exists, if we do not believe payment will
be made within the stated grace period," added Ms. Long.

The company remains engaged with various creditor groups regarding
a restructuring of CEOC to reduce aggregate debt balances and
establish a sustainable capital structure.


CAESARS ENTERTAINMENT: Court Puts Receiver Lawsuit on Fast Track
----------------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that a
Delaware corporate law judge granted fast-track status to a
lawsuit seeking a receiver for the operating unit of Caesars
Entertainment Corp. over the protests of the company, which said
the decision would upset delicate restructuring talks.

According to the report, Vice Chancellor Sam Glasscock said his
decision to speed the case along doesn't mean he is inclined to
appoint a receiver for Caesars Entertainment Operating Co., which
creditors say is being looted by its owners, a claim the company
denies. Appointment of a receiver would have "very serious"
implications for the operating company, the largest unit of
Caesars Entertainment, the judge noted at a hearing in Delaware's
Court of Chancery.

                   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 $24.5 billion in
total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.

                           *     *     *

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'.

In May 2014, Moody's Investors Service affirmed the Caa3 corporate
family rating and Caa3-PD probability of default ratings.  The
negative rating outlook reflects Moody's view that CEOC will
pursue a debt restructuring in the next year. Ratings could be
lowered if CEOC does not take steps to address it unsustainable
capital structure. Ratings improvement is not expected unless
there is a significant reduction in CEOC's $18 billion debt load.


CHIEF POWER: Moody's Affirms Ba3 Rating on New Credit Facility
--------------------------------------------------------------
Moody's Investors Service affirmed the rating Chief Power Finance
LLC's (Chief Power) senior secured credit facilities at Ba3
following its announced intention to acquire a small incremental
interest in the 1,711 MW Keystone and the 1,711 MW Conemaugh coal-
fired generating station portfolio and to increase the size of the
term loan proportionately. The outlook for Chief Power remains
stable.

Ratings Rationale

The proposed acquisition is consistent with ArcLight Capital
Partners, LLC's strategy for Chief Power and will be funded in a
manner that is aligned with the project's currently contemplated
33% debt to capital structure. The assumed purchase price of
approximately $38 million is essentially equivalent (in $/kW
terms) to the price Chief Power is paying for Exelon Corporation's
(Exelon: Baa2 stable) interests and will be funded with
approximately $26 million of additional term loan proceeds and
approximately $12 million of equity. As a result, the term loan
will increase to approximately $351 million and the total equity
contribution will be about $176 million. Projected credit metrics,
while strengthening modestly, are substantially unchanged.

The proposed acquisition will be subject to customary closing
conditions, including regulatory approvals, and is expected to
occur in the first quarter of 2015. The $26 million of additional
term loan proceeds will be deposited into an escrow account; to
the extent the closing does not occur by March 31, 2015, the $26
million of additional term loan will be repaid.

The ratings are predicated upon final documentation in accordance
with Moody's current understanding of the proposed transaction and
final debt sizing and projected cash flow and credit metrics that
are consistent with Moody's current expectations.

The rating outlook for Chief Power is stable reflecting the
Project's competitive advantages, its position within the PJM
market and a capital structure that positions the company
reasonably well to withstand the volatility associated with
operating as an entirely merchant coal-fired generator. Given this
inherent volatility, the rating is not likely to be adjusted
upward; if however Chief Power is able to consistently generate
excess cash flow that is in excess of Moody's expectations, for
example if its FFO/debt ratio were to remain above 20% for several
years, there could be upward pressure on the rating.

Negative rating pressure could develop if the Chief Power plants
were to experience prolonged operational issues or significantly
increased expenses or if market conditions were to weaken such
that the Project's cash flow generating ability became materially
impacted, for example, if its ratio of FFO/debt were expected to
remain below 10% for an extended period.

Chief Power was formed by ArcLight Energy Capital Partners Fund V,
LP to fund the acquisition of ownership interests in the 1,711 MW
Keystone and 1,711 MW Conemaugh coal-fired generating stations in
Western Pennsylvania. The funding of the $351 million term loan
and the initial the Exelon transaction is slated to close by year-
end 2014; the additional megawatt acquisition is expected to close
by March 2015.


CIRCLE STAR: Delays Form 10-Q for October 31 Quarter
----------------------------------------------------
Circle Star Energy Corp. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the quarter
ended Oct. 31, 2014.  The Company said it was unable to gather
certain business information in a timely manner.  The Company will
file its Quarterly Report on Form 10-Q within the five day
extension period.

The Company expects to report net losses of approximately
$(400,000) and $(700,000) for the three and six months ended
Oct. 31, 2014.  As compared to net income of $71,988 and a net
loss of $(477,298) for the three and six months ended Oct. 31,
2013, respectively.

                         About Circle Star

Fort Worth, Tex.-based Circle Star Energy Corp. (OTC BB: CRCL)
owns a variety of non-operated working interests and overriding
royalty interests in approximately 73 producing wells in Texas.
The interests range from less than 1% up to approximately 5% in
each well.  The wells are located in the following areas:  Permian
Basin, Eagle Ford Shale, Pearsall Field, Giddings Field & the
Woodbine Field.  The wells are operated by Apache (Permian),
Chesapeake (Eagle Ford Shale), CML (Giddings, Pearsall & Permian),
Leexus (Giddings) and Woodbine Acquisitions (Woodbine).   As of
April 30, 2013, the Company had approximately 430 net leased acres
in Texas.

The Company also operates 2 wells in Kansas.  The Company owns a
25% working interest (approximately 20% net revenue interest)
before payout and a 43.75% working interest (approximately 35% net
revenue interest) after payout in both wells which are located in
Trego County.  As of July, 31, 2013, the Company had approximately
9,838 net leased acres in Kansas.  Approximately 1,480 are located
in Trego County and approximately 8,358 are located in Sheridan
County.  There are multiple potential pay zones of interest with
the primary zones of interest being the Arbuckle, Marmaton &
Lansing-Kansas City ranging from approximately 3,200 feet to
approximately 4,300 feet in depth.


CITY OF DETROIT: Effective Date of Plan Occurred on Dec. 10
-----------------------------------------------------------
The City of Detroit, Michigan, has filed a notice that the
effective date of its bankruptcy-exit plan occurred on Dec. 10,
2014.  The Bankruptcy Court on Nov. 12, 2014, entered an order
confirming the Eighth Amended Plan for the Adjustment of Debts of
the City of Detroit.

                   About the City of Detroit

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

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

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

                           *     *     *

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

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


CLOUDEEVA INC: Dec. 23 Hearing on TD's Bid to Withdraw as Counsel
-----------------------------------------------------------------
Trenk, DiPasquale, Della Fera & Sodono, P.C., requested for
authorization to withdraw as counsel for Cloudeeva, Inc., et al.

According to TD, the trustee is serving on behalf of the Debtors'
estate and will be represented by separate counsel.  Thus, the
Debtors' interests are adequately represented by the trustee and
his counsel.

The Bankruptcy Court will convene a hearing on Dec. 23, 2014, at
10:00 a.m., to consider the matter.

The TCR on Nov. 21, 2014 reported on the Court's entry of an order
authorizing the Debtors to employ TD.

The firm can be reached at:

         Richard D. Trenk, Esq.
         Sam Della Fera, Jr., Esq.
         Shoshana Schiff, Esq.
         TRENK, DiPASQUALE, DELLA FERA & SODONO, P.C.
         347 Mt. Pleasant Avenue, Suite 300
         West Orange, NJ 07052
         Tel: (973) 243-8600

                        About Cloudeeva, Inc.

Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services.  The company provides information technology staffing
services to major clients and third party vendors in the United
States and India.  The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.

Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New
Jersey, on July 21, 2014.  The cases are assigned to Judge Kathryn
C. Ferguson.

Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing.  The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.

The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they are now seeking the retention of Trenk, DiPasquale,
Della Fera & Sodono, P.C., to replace Lowenstein Sandler, who
retention was not formally approved by order of the Court.  The
Debtors have also tapped Cole, Schotz, Meisel, Forman & Leonard,
P.A. as appellate counsel.  Kurtzman Carson Consultants LLC serves
as claims and noticing agent.

                         *     *     *

On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE
Ltd.  BAPL asserted that the cases were not filed in good faith.

The Debtors subsequently filed an appeal challenging the dismissal
of their cases.

Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings.  Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.

According to the docket, the Debtors' exclusive right to file a
plan expires on Nov. 18, 2014.


CLOUDEEVA INC: Stephen Gray Appointed as Chapter 11 Trustee
-----------------------------------------------------------
Bankruptcy Judge Kathryn C. Ferguson approved the appointment of
Stephen Gray as Chapter 11 trustee for the Chapter 11 cases of
Cloudeeva, Inc., et al.

The Roberta A. Deangelis, U.S. Trustee for Region 3, said that
Mr. Gray's bond has been initially fixed at $1,150,000.  Mr. Gray
will be responsible for monitoring the amount of funds on hand and
to ensure that the bond is set in an amount that is, at a minimum,
115% of the balance of funds on hand or such higher percentage as
you deem appropriate to protect the assets of the estate.

To the best of the U.S. Trustee's knowledge, Mr. Gray's
connections with the Debtor, creditors, any other parties-in-
interest, their respective attorneys and accountants, the U.S.
Trustee, and persons employed in the Office of the U.S. Trustee,
are limited to the connections set forth in the Verified Statement
filed in support of the application.

As reported in the Troubled Company Reporter on Dec. 3, 2014,
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Cloudeeva Inc. managed to claw itself back
into bankruptcy reorganization, although control is being given to
a Chapter 11 trustee, after U.S. Bankruptcy Judge Kathryn C.
Ferguson denied a motion to dismiss the company's Chapter 11 case.

According to the report, on her own volition, Judge Ferguson
called for a trustee based on what she said were "egregious
facts," saying the company's Chief Executive Adesh Tyagi wasn't a
credible witness for giving "disingenuous and evasive testimony."

                        About Cloudeeva, Inc.

Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services.  The company provides information technology staffing
services to major clients and third party vendors in the United
States and India.  The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.

Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New
Jersey, on July 21, 2014.  The cases are assigned to Judge Kathryn
C. Ferguson.

Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing.  The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.

The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they are now seeking the retention of Trenk, DiPasquale,
Della Fera & Sodono, P.C., to replace Lowenstein Sandler, who
retention was not formally approved by order of the Court.  The
Debtors have also tapped Cole, Schotz, Meisel, Forman & Leonard,
P.A. as appellate counsel.  Kurtzman Carson Consultants LLC serves
as claims and noticing agent.

                         *     *     *

On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE
Ltd.  BAPL asserted that the cases were not filed in good faith.

The Debtors subsequently filed an appeal challenging the dismissal
of their cases.

Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings.  Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.

According to the docket, the Debtors' exclusive right to file a
plan expires on Nov. 18, 2014.


COMPUWARE HOLDINGS: Moody's Keeps CFR Over Revised Debt Structure
-----------------------------------------------------------------
Moody's Investors Service said Compuware Holdings, LLC's revised
debt structure for its pending acquisition by Thoma Bravo will not
impact the company's B3 corporate family rating or the stable
ratings outlook. The B1 ratings on the asset sale bridge facility,
the B2 rating on the first lien debt facilities and the Caa2
rating on the second lien facility are also unaffected.


COUNTERPATH CORP: Receives Nasdaq Listing Non-Compliance Notice
---------------------------------------------------------------
CounterPath Corporation on Dec. 16 disclosed that it received a
notice from the NASDAQ Stock Market LLC indicating that the
Company is not in compliance with the $1 closing bid price
requirement under the NASDAQ Listing Rule 5550(a)(2).

The NASDAQ notification does not result in the immediate delisting
of the Company's common stock, and CounterPath's common stock will
continue to trade uninterrupted on the NASDAQ Capital Market under
the symbol "CPAH".

The NASDAQ Listing Rules require listed securities to maintain a
closing bid price of at least $1 per share and, based on the
closing bid price for the last 30 consecutive business days, the
Company did not meet this requirement.  CounterPath has been
provided with a 180 calendar day period, or until June 15, 2015,
to regain compliance with this requirement.  To regain compliance
with the minimum bid price requirement, the Company must have a
closing bid price of at least $1 per share for a minimum of ten
consecutive business days during this compliance period.

In the event that the Company does not regain compliance within
this period, it may be eligible for additional time to regain
compliance.  To qualify, the Company will be required to meet the
continued listing requirement for market value of publically held
shares and all other initial listing standards for The NASDAQ
Capital Market, with the exception of the closing bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period.  If it appears to NASDAQ that the Company will not be able
to cure the deficiency, or if the Company is not otherwise
eligible for additional time to regain compliance, the Company's
common stock will be subject to delisting by NASDAQ.  The Company
may still appeal NASDAQ's determination to delist its common
stock, and during any appeal process, the Company's common stock
would continue to trade on the NASDAQ Capital Market.

CounterPath is currently looking at all of the options available
with respect to regaining such compliance.

                       About CounterPath

CounterPath's Unified Communications solutions are changing the
face of telecommunications.  An industry and user favorite, Bria
softphones for desktop, tablet and mobile devices, together with
Stretto PlatformTM server solutions, enable operators, OEMs and
enterprises large and small around the globe to offer a seamless
and unified over-the-top (OTT) communications experience across
both fixed and mobile networks.  The Bria and Stretto combination
enable an improved user experience as an overlay to the most
popular UC and IMS telephony and applications servers on the
market today.  Standards-based, cost-effective and reliable,
CounterPath's award-winning solutions power the voice and video
calling, messaging, and presence offerings of customers such as
Alcatel-Lucent, AT&T, Avaya, BroadSoft, BT, Cisco Systems,
GENBAND, Metaswitch Networks, Mitel, NEC, Network Norway, Rogers
and Verizon.


CROSSFOOT ENERGY: Joint Administration Order Entered
----------------------------------------------------
CrossFoot Energy, LLC, and its affiliated debtors obtained an
order directing the joint administration of their Chapter 11 cases
for procedural purposes only.  The cases are consolidated, and the
docket of CrossFoot Energy, LLC in Case No. 14-44668, is to be
consulted for all matters affecting the Chapter 11 cases.

                      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 its affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Case No. 14-44668) 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.

As of the Petition Date, secured creditor Prosperity Bank is owed
$12.1 million.


CROSSFOOT ENERGY: Asks for Dec. 29 Extension to File Schedules
--------------------------------------------------------------
CrossFoot Energy, LLC, and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Northern District of Texas to extend
through and including Dec. 29, 2014, the deadline for filing or
providing schedules, statements and other documents.

According to the Debtors, filing the schedules and statements by
Dec. 29 will allow sufficient time for parties-in-interest to
review those documents in advance of the meeting of creditors
pursuant to 11 U.S.C. Sec. 341, which is slated for Jan. 9, 2015.

                      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 its affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Case No. 14-44668) 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.

As of the Petition Date, secured creditor Prosperity Bank is owed
$12.1 million.


CROSSFOOT ENERGY: Taps SSG and Chiron as Investment Bankers
-----------------------------------------------------------
CrossFoot Energy, LLC, and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Northern District of Texas an
application to employ SSG Advisors, LLC, and Chiron Financial
Group, Inc., as investment bankers.

The Debtors executed an engagement letter with both SSG and Chiron
on Nov. 19, 2014.  Since the execution of the engagement letter,
SSG and Chiron and their personnel have become familiar with the
Debtors and their business operations, court papers state.

The Debtors said they require knowledgeable investment bankers to
assist them by (i) reviewing private placement alternatives
available to the Debtors, if any, including raising debt or equity
capital ("Financing"), (ii) assisting with the restructuring of
the Debtors' balance sheet with existing stakeholders
("Restructuring"), and (iii) facilitating the sale of all or part
of the Debtors and/or their assets ("Sale").

Prepetition, SSG and Chiron received an initial fee of $25,000
upon the signing of the engagement letter.

In addition, the engagement letter provides that SSG and Chiron
will receive monthly fees as follows: $21,500 payable on Dec. 15,
2014; $17,500 payable on Jan. 15, 2015, and Feb. 15, 2015; $10,000
payable on March 15, 2015, April 15, 2015, and May 15, 2015; and
$7,500 on the 15th day of each subsequent month for the balance of
the engagement term.

Upon the closing of a financing transaction, SSG and Chiron will
be entitled to a financing fee equal to the greater of (a)
$375,000 or 3.5 percent of the committed financing.  Upon closing
of a restructuring transaction, the advisors are entitled to a fee
of $375,000.  In the event of a sale, SSG and Chiron will be
entitled to a sale fee equal to the greater of (a) $375,000 or 5
percent of the purchase price.  In the event the advisors are
entitled to more than one of the transaction fees, the maximum
total transaction fees payable to the advisors will be $600,000.

SSG and Chiron will be entitled to reimbursement for all of their
reasonable out-of-pocket expenses.

The Debtors' current interim cash collateral budget, which has
been approved by the Court, authorizes the Debtors to pay the
advisors' monthly fee of $21,500 for December.

Mark E. Chesen, a founding partner and Managing Director of SSG
Capital Advisors, assures the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code.  He may be reached at:

     Mark E. Chesen
     Managing Director
     SSG CAPITAL ADVISORS
     Five Tower Bridge, Suite 420
     300 Barr Harbor Drive
     West Conshohocken, PA 19428
     Tel: (610) 940-5801
     Fax: (610) 940-3875
     E-mail: mchesen@ssgca.com

Jay Krasoff, Managing Director at Chiron Financial Advisors,
assures the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.  He may
be reached at:

     Jay Krasoff
     Managing Director
     CHIRON FINANCIAL ADVISORS, LLC
     One Houston Center
     1221 Mckinney St
     Houston, TX 77010
     Tel: 713839 620
     E-mail: jkrasoff@chironfinance.com

                      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 its affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Case No. 14-44668) 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.

As of the Petition Date, secured creditor Prosperity Bank is owed
$12.1 million.


DELIA*S INC: Section 341(a) Meeting Scheduled for Jan. 14
---------------------------------------------------------
A meeting of creditors of Delia*s Inc. under 11 U.S.C. Sec. 341(a)
is slated for Jan. 14, 2015, at 1:00 p.m. t Room 243A, White
Plains Courthouse. (Logue Togher, Claire).

                        About DELIA*S INC.

Launched in 1993, DELIA*S INC., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiA*s brand products are sold
through the Company's mall-based retail stores, direct mail
catalogs and e-commerce Web sites.  As of the bankruptcy filing,
dELiA*s owns and operates 92 stores in 29 states.

On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed
a voluntary petition for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have
requested that their cases be jointly administered under Case No.
14-23678.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,
as investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47 million in total
assets and $50.5 million in liabilities.


DELTA TECHNOLOGY: Nasdag Retains Listing of Warrants
----------------------------------------------------
Delta Technology Holdings Limited on Dec. 16 disclosed that on
December 11, 2014, the Nasdaq Hearings Panel determined to grant
the Company's request to have its warrants remain listed on The
Nasdaq Stock Market, subject to certain conditions.

The Panel's decision was based upon the Company's December 4, 2014
appeal of the Nasdaq Staff's decision to delist the Company's
warrants from Nasdaq due to a failure to comply with Listing Rule
5560(a), which requires, in part, that warrants listed on Nasdaq
must have an underlying security that is also listed on Nasdaq or
is a Covered Security.

The Panel's continued listing decision is conditioned upon Delta's
application for its ordinary shares listing on the Nasdaq being
approved by the Listing Qualifications Staff on or before April
29, 2015.

The Company is working to have its ordinary shares resume trading
on Nasdaq.  The Company completed its initial business combination
on September 19, 2014, and on October 1, 2014, the Company's
Series A Shares ceased trading on Nasdaq.

                      About Delta Technology

Founded in 2007, Delta is a China-based fine and specialty
chemical company producing and distributing organic compound
including para-chlorotoluene ("PCT"), ortho-chlorotoluene ("OCT"),
PCT/OCT downstream products, unsaturated polyester resin ("UPR"),
maleic acid ("MA") and other by-product chemicals.  The end
application markets of the Company's products include Automotive,
Pharmaceutical, Agrochemical, Dye & Pigments, Aerospace, Ceramics,
Coating-Printing, Clean Energy and Food Additives. Delta has
approximately 300 employees, 25% of whom are highly-qualified
experts and technical personnel.  The Company serves more than 380
clients in various industries.


DENDREON CORP: Cleared to Pursue Dual-Track Restructuring
---------------------------------------------------------
Jacqueline Palank, writing for Daily Bankruptcy Review, reported
that a bankruptcy judge cleared cancer-drug maker Dendreon Corp.
to pursue a sale in case such a deal yields more money for its
creditors than a restructuring led by its bondholders.

According to the report, Judge Peter Walsh of the U.S. Bankruptcy
Court in Wilmington, Del., authorized Dendreon to put itself up
for sale at an auction early next year, where bidders will have to
offer more than $275 million to have a shot at acquiring the maker
of prostate cancer drug Provenge.

                          About Dendreon

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

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

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

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

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

The U.S. Trustee for Region 3 has appointed five members to the
Official Committee of Unsecured Creditors.


DETROIT, MI: S&P Withdraws 'D' Rating on Tax Gen. Obligation Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its long-term and
underlying ratings (SPURs) on the city of Detroit, Mich.'s
limited- and unlimited-tax general obligation bonds and its
certificates of participation.  The bonds remain in default ('D')
and S&P is now withdrawing the ratings.


DS SERVICES: Moody's Hikes Rating on $350MM 2nd Lien Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service said that the ratings for DS Services of
America, Inc.'s (DSSA) $350 million 2nd lien notes were upgraded
to Ba3 from B3 based on Cott Corporation's guarantee following the
completion of the acquisition of DSSA by Cott Corporation (B2
stable). Other DSSA ratings were withdrawn, including the
company's Corporate Family Rating (CFR), Probability of Default
Rating (PDR), 1st lien term loan rating which was repaid, and
Speculative Grade Liquidity rating (SGL). This concludes the
review for upgrade of the notes initiated November 6, 2014 in
connection with the announcement of the acquisition.

Ratings Rationale

DSSA's parent company (DSS Group, Inc.) was acquired by Cott
Corporation ("Cott" or NYSE: COT) on December 12th, 2014 for
approximately $1.25 billion including the assumption of DSSA's 2nd
lien debt, consisting of $350 million notes due 2021.The 2nd lien
notes are guaranteed by Cott and its subsidiaries. Based on the
guarantee, they have become secured obligations of Cott on a 2nd
lien basis behind Cott's existing 1st lien debt but ahead of
substantial senior unsecured debt. As such, the notes are expected
to benefit from an increased secured asset pledge relative to when
the notes were a part of DSSA's capital structure.

The ratings for DSSA have been withdrawn following the close of
the acquisition of the company by Cott Corporation.

The following debt instrument rating was upgraded:

$350 million Second Lien Notes due 2021 rated Ba3 (LGD2) from B3
(LGD5);

The following ratings at DS Services of America, Inc. have been
withdrawn:

B2 Corporate Family Rating;

B2-PD Probability of Default Rating;

$320 million First Lien Term Loan due 2020 at Ba3 (LGD2); and

Speculative Grade Liquidity Rating at SGL-2

Outlook to no outlook outstanding from rating under review

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

Cott Corporation (Cott), headquartered in Toronto, Ontario, and
Tampa, Florida, is one of the world's largest private label and
contract manufacturing beverage companies. Cott's product
portfolio includes CSDs, clear, still and sparkling flavored
waters, juice, juice-based products, bottled waters, energy
related drinks, and ready-to-drink teas. Cott's customers include
many of the largest national and regional grocery, drugstore, and
convenience store chains, and wholesalers. Sales for the twelve
months ending September 26, 2014 were approximately $2.0 billion.
Pro forma for the acquisition of DSSA, the company will have
revenues of about $3 billion. DS Services of America, is a
provider of bottled water, coffee and related services delivered
directly to residential and commercial customers in the U.S. Its
core business is the bottling and direct delivery of drinking
water in 3 and 5 gallon bottles to homes and offices and the
rental of water dispensers. The company also sells water in
smaller bottles, cups, coffee, flavored beverages, powdered sticks
and water filtration devices. DSSA's revenues for the twelve month
period ended September 26, 2014 were nearly $966 million. DSSA was
sold to Cott Corporation for approximately $1.25 billion.


DIOCESE OF GALLUP: Releases List of Credibly Accused Clergy
-----------------------------------------------------------
Daily Bankruptcy Review, citing the Associated Press, reported
that the Roman Catholic Diocese of Gallup has released a list of
clergy members it considers to have been credibly accused of
sexually abusing children in cases that stretch back decades in
New Mexico and Arizona.  According to AP, the list made public
Monday includes 30 priests and one lay teacher assigned to
parishes from the 1950s to last year.

                  About the Diocese of Gallup, NM

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-bk-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The bishop previously said bankruptcy will be "the most merciful
and equitable way for the diocese to address its responsibility."

The abuse mostly occurred in the 1950s and early 1960s, the bishop
said.

The petition shows assets and debt both less than $1 million.


DTS8 COFFEE: Incurs $205,000 Net Loss in Oct. 31 Quarter
--------------------------------------------------------
DTS8 Coffee Company, Ltd., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $205,682 on $85,776 of sales for the three months
ended Oct. 31, 2014, compared to a net loss of $94,471 on $70,880
of sales for the same period in 2013.

For the six months ended Oct. 31, 2014, the Company reported a net
loss of $439,471 on $173,839 of sales compared to a net loss of
$158,513 on $142,235 of sales for the same period last year.

As of Oct. 31, 2014, the Company had $3.44 million in total
assets, $1.02 million in total liabilities, all current, and $2.42
million in total stockholders' equity.

"The Company has incurred material losses from operations.  At
October 31, 2014, the Company had an accumulated deficit in
addition to limited cash, limited revenue and unprofitable
operations.  For the six months ended October 31, 2014, the
Company sustained net losses.  These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern for a reasonable period of time.  The financial
statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or the
amounts and classification of liabilities that may be necessary
should the Company be unable to continue as a going concern.  The
Company's continuation as a going concern is contingent upon its
ability to obtain additional financing and to generate revenue and
cash flow to meet its obligations on a timely basis."

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

                        http://is.gd/IZFCR7

                         About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd.  On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.

DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008.  DTS8 Coffee's
office and roasting factory is located in Shanghai, China.  DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China.  It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

DTS8 Coffee incurred a net loss of $2.31 million on $310,003 of
sales for the year ended April 30, 2014, as compared with a net
loss of $1.11 million on $253,790 of sales during the prior year.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the Company's financial statements
for the year ended April 30, 2014, citing that the Company has
suffered recurring losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.


ELITE OIL & GAS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Elite Oil & Gas Services, LLC
           dba Elite Pipeline
        7967 Hwy 80
        Arcadia, LA 71001

Case No.: 14-12933

Chapter 11 Petition Date: December 16, 2014

Court: United States Bankruptcy Court
       Western District of Louisiana (Shreveport)

Judge: Hon. Jeffrey P. Norman

Debtor's Counsel: Robert W. Raley, Esq.
                  ROBERT W. RALEY & ASSOCIATES
                  290 Benton Road Spur
                  Bossier City, LA 71111
                  Tel: (318) 747-2230
                  Fax: (318) 747-0106
                  Email: rraley52@bellsouth.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Eric Shawn Barnett, managing member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/lawb14-12933.pdf


EMANUEL COHEN: Trustee Can Hire KapilaMukamal as Accountants
------------------------------------------------------------
Bankruptcy Judge Erik P. Kimball authorized Michael R. Bakst, the
Chapter 11 Trustee for the estate of Emanuel Louis Cohen, to
employ Soneet R. Kapila, CPA, and KapilaMukamal as accountants.

KapilaMukamal, which maintains an office at 1000 South Federal
Highway, Suite 200 Fort Lauderdale, Florida, will prepare the
necessary tax returns to be filed with the internal Revenue
Service, well as with various forensic services as may become
necessary during the case, but not limited to preference and
fraudulent transfer analysis, litigation support and expert
testimony for purposes of contested hearings and trials.

To the best of the trustee's knowledge, KapilaMukamal neither
holds nor represents any interest adverse to the estate and its
creditors.

                      About Emanuel L. Cohen

Emanuel L. Cohen, D.I.T. Inc., and Salon's Best, Inc., filed
Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Lead Case No.
14-23125) at West Palm Beach, Florida, on June 6, 2014.  D.I.T.
and Salon's Best disclosed $12 million in assets and debt.
Emanuel L. Cohen disclosed $6,699,546 in assets and $14,116,055 in
liabilities as of the Petition Date.  Kenneth S. Rappaport, Esq.,
at Rappaport Osborne & Rappaport, PL, in Boca Raton, Florida,
serves as counsel to the Debtors.

Emanuel L. Cohen, D.I.T. Inc., and Salon's Best, Inc., filed
Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Lead Case No.
14-23125) at West Palm Beach, Florida, on June 6, 2014.  D.I.T.
and Salon's Best disclosed $12 million in assets and debt.
Emanuel L. Cohen disclosed, in its amended schedules, $6,699,546
in assets and $14,101,499 in liabilities as of the Petition Date.
Kenneth S. Rappaport, Esq., at Rappaport Osborne & Rappaport, PL,
in Boca Raton, Florida, serves as counsel to the Debtors.

Michael R. Bakst was appointed as the Chapter 11 Trustee for the
estate of Emanuel Louis Cohen.

The U.S. Trustee has yet to appoint a committee of creditors
pursuant to Section 1102 of the Bankruptcy Court.


ENERGY FUTURE: Seeks Decision on Unit's Unsecured Bond Debt
-----------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
unsecured noteholders who were at one point in line to be some of
the biggest winners in Energy Future Holdings Corp.'s bankruptcy
are now facing a lawsuit from units of the debt-laden Texas energy
company.  According to the report, the suit asks a judge to rule
that a group of investors including Avenue Capital Group, York
Capital Management and GSO Capital Partners aren't entitled to a
premium or postpetition interest when their debt is paid.

                       About Energy Future

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

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

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

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

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

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

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

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

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


ENTRANS INTERNATIONAL: Moody's Withdraws B2 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings for EnTrans
International, LLC, including its proposed $250 million senior
secured notes.

Ratings Rationale

  The senior notes offering was not completed.

Ratings withdrawn:

Issuer: EnTrans International, LLC

  B2 Corporate Family Rating, withdrawn

  B2-PD Probability of Default Rating, withdrawn

  B2 (LGD3) Senior Secured Notes Rating, withdrawn

  Stable Outlook, withdrawn


ERF WIRELESS: Issues 4.4 Million Common Shares
----------------------------------------------
ERF Wireless, Inc., issued 4,400,000 common stock shares pursuant
to existing Convertible Promissory Notes from Dec. 6, 2014,
through Dec. 12, 2014, according to a regulatory filing with the
U.S. Securities and Exchange Commission.

The Company receives no additional compensation at the time of the
conversions beyond that previously received at the time the
Convertible Promissory Notes were originally issued.  The Shares
were issued at an average of $0.006 per share.  The issuance of
the Shares constitutes 9% of the Company's issued and outstanding
shares based on 47,340,894 shares issued and outstanding as of
Dec. 5, 2014.

                        About ERF Wireless

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

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

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


EVERGREEN ACQCO: AG Recent Report No Impact on Moody's B2 Rating
----------------------------------------------------------------
Moody's Investors Services said that the recent compliance report
issued by the Minnesota Attorney General regarding Evergreen AcqCo
1 LP's ("Savers", B2 negative) fundraising and donation processing
practices is a credit negative but does not impact the company's
ratings or outlook.

Headquartered in Bellevue, Washington, Evergreen AcqCo 1 LP
("Savers") operates roughly 330 for-profit thrift stores in the
United States, Canada, and Australia under the Savers, Value
Village, and Village des Valeurs banners. Revenues for the last 12
months through October 4, 2014 were approximately $1.2 billion.
Since its July 2012 LBO, Savers has been owned by Leonard Green &
Partners, L.P. and TPG Capital (approximately 45.5% in aggregate,
split evenly between the two) in partnership with Savers' chairman
Thomas Ellison (45.5%) and management and others (9%).


FIRST NATIONAL: Makes Interest Payments on Trust Pref. Securities
-----------------------------------------------------------------
First National Community Bancorp, Inc., announced that it brought
current the interest payments that it had previously been
deferring on the Company's indebtedness under $10.3 million of
junior subordinated debentures related to its pooled trust
preferred securities, which were issued through its trust
affiliate, First National Community Statutory Trust I.  The
regularly scheduled interest payments and related trust preferred
distributions had been deferred since December 2010.

The aggregate, net amount that was deposited with the trustee of
the related trust preferred securities was $920,997, including all
deferred interest and the amount of interest due and payable on
Dec. 15, 2014.  The trustee has been directed to distribute those
funds to the holders of the applicable trust preferred securities
accordingly.  It is the intent of the Company to resume regularly
scheduled quarterly interest payments.  However, those future
payments remain subject to regulatory approval.

                       About First National

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

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

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

                         Regulatory Matters

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

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


FREEDOM INDUSTRIES: Executives Charged in West Va. Chemical Leak
----------------------------------------------------------------
Kris Maher, writing for Daily Bankruptcy Review, reported that
four owners and executives of a West Virginia company where a
chemical leak contaminated drinking water for 300,000 people
earlier this year now face criminal charges, including negligence
and violating the Clean Water Act, in connection with the spill,
federal prosecutors said.

As previously reported by The Troubled Company Reporter, citing
Daily Bankruptcy Review, Gary L. Southern, the former leader of
Freedom Industries, faces criminal charges accusing him of lying
in the company's bankruptcy case in a bid to shield his assets
from litigation.  The U.S. District Court in Charleston, W.Va.,
unsealed a criminal complaint against Mr. Southern, the former
president of Freedom Industries, the company behind the Jan. 9
spill.  He was charged with one count each of bankruptcy fraud,
wire fraud and giving false oath in Freedom's bankruptcy case,
which was filed shortly after the spill, the DBR report related.

                      About Freedom Industries

Freedom Industries Inc., is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on
Jan. 17, 2014.  The case is assigned to Judge Ronald G. Pearson.
The petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.  The Committee retained Frost Brown Todd
LLC as counsel.

On March 18, 2014, the Bankruptcy Court approved the hiring of
Mark Welch at MorrisAnderson in Chicago as Freedom's chief
restructuring officer.


GARVICK'S FARMS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Garvick's Farms, Inc.
        5252 Band Hall Hill Road
        Westminster, MD 21158

Case No.: 14-29100

Chapter 11 Petition Date: December 16, 2014

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

Judge: Hon. James F. Schneider

Debtor's Counsel: Karen H. Moore, Esq.
                  LAW OFFICE OF LORI SIMPSON, LLC
                  1400 South Charles Street, 3rd Floor
                  Baltimore, MD 21230
                  Tel: 410-779-5382
                  Fax: 410-385-1514
                  Email: kmoore@lsimpsonlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nevin L. Garvick, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mdb14-29100.pdf


GENERAC POWER: Moody's Raises Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service upgraded Generac Power Systems, Inc.'s
Corporate Family Rating ("CFR") to Ba3 from B1 and Probability of
Default Rating ("PDR") to Ba3-PD from B1-PD. Moody's also upgraded
the rating on Generac's $1.2 billion term loan B facility to Ba3
from B1. Concurrently, Generac's speculative grade liquidity
("SGL") rating was affirmed at SGL-2. The rating outlook is
Stable, reflecting Moody's expectation that the generating
equipment manufacturer will continue to perform well, with strong
metrics for the rating level balanced against the company's
product concentration and cyclicality.

Moody's took the following rating actions on Generac Power
Systems, Inc.:

Ratings upgraded:

Corporate Family Rating, to Ba3 from B1;

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

$1.2 Billion Senior Secured Term Loan due 2020, Ba3 (LGD-4) from
B1 (LGD-4).

Ratings affirmed:

Speculative Grade Liquidity Rating, SGL-2.

The rating outlook is stable.

Ratings Rationale

Generac's Ba3 CFR recognizes the company's low leverage, strong
brand recognition, well established market position, competitive
margins, and track record of good cash flow generation. The
ratings and outlook are also supported by Generac's SGL-2
liquidity profile and expectation that positive free cash flow
generation should support further deleveraging. The Ba3 rating
also considers the potential for some fluctuations in the
company's credit metrics due to the cyclical nature of its
industry. During periods of severe power outages, Generac benefits
from the increased sales associated with their customers'
awareness for power generators. Conversely, during periods of
limited power outages, customer awareness drops which could
negatively impact the company's cash flow generation, EBITDA
margins, and leverage metrics. Nevertheless, Moody's believe that
the company's credit metrics will remain consistent with the Ba3
rating even after considering the impact of power outages on its
performance.

The SGL-2, indicating a good liquidity profile, recognizes the
expectation of continued healthy free cash flow generation over
the next twelve to eighteen months, availability under its undrawn
asset-backed revolving credit facility, and the absence of
meaningful near-term debt maturities. The undrawn $150 million ABL
revolver expiring 2018 had nearly full availability (less $1.5
million for letters of credit) as of September 30, 2014 and is
expected to remain largely undrawn over the near-term given
Moody's expectations for continued strong free cash flow
generation. Moody's believes that Generac will maintain good
liquidity and expects excess cash to first be applied to growing
the business and then paying down debt with a stated leverage goal
of 2x to 3x as calculated by the company. Moody's believe that the
company will increasingly consider acquisitions and shareholder
friendly activities once it meets its growth and leverage targets.
The senior secured facilities are not subject to any financial
maintenance covenants and moreover, the company is not considered
to have meaningful unencumbered assets that can be sold to
generate liquidity without affecting its core operations.

The stable outlook balances low leverage and good cash flow
generation against the cyclical nature of the company's end
markets and the competitive environment. Although the company has
a history of large shareholder distributions under its former
sponsor, Moody's believes that the likelihood of further balance
sheet transformative dividends is less likely.

In order for an upgrade to occur, Debt / EBITDA would be expected
to be sustained below 3.0 times while maintaining EBITA / Interest
coverage of over 6.5 times (all referenced ratios on a Moody's
adjusted basis unless otherwise noted). Further, dividend and
shareholder policies consistent with improving credit metrics
would be necessary (all referenced ratios on a Moody's adjusted
basis unless otherwise noted).

The rating or outlook could be adversely affected if Debt / EBITDA
were to increase over 4.0 times or EBITA to interest coverage
declines below 4.0 times. Weak operating cash flow combined with a
debt-financed acquisition or additional large dividends could also
result in negative rating action.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Generac Power Systems, Inc., headquartered in Wisconsin, is a
leading designer and manufacturer of a wide range of standby
electric generators and, to a lesser degree, other engine powered
products globally. The company has over 3,000 employees and had
approximately $1.4 billion in revenues during the last twelve
months ended September 30, 2014.


GENERAL MOTORS: Pleading Filed in Ignition Switch Litigation
------------------------------------------------------------
Hagens Berman Sobol Shapiro LLP, co-lead counsel in nationwide
litigation against General Motors Co. related to the deadly
ignition switch defect that has caused 42 confirmed deaths,
triggering an ongoing series of recalls and diminished value of
all GM-branded vehicles, on Dec. 16 announced the filing of a
pleading in the Bankruptcy Court for the Southern District of
New York.

The pleading responds to GM's efforts to permanently prevent
plaintiffs from asserting claims against New GM, based on the
court-approved bankruptcy sale of assets from Old GM to New GM,
and is filed by Brown Rudnick LLP, Stutzman Bromberg Esserman &
Plifka, Hagens Berman, Lieff Cabraser Heimann & Bernstein, LLP and
Hilliard Munoz Gonzales L.L.P.

"GM continues to try to keep consumers from receiving the remedy
they deserve," said Steve Berman, managing partner of Hagens
Berman and co-lead counsel representing plaintiffs in nationwide
litigation against GM.  "When standing before the American people,
GM claims to take responsibility, but in the courtrooms of
America, it seeks the opposite, attempting to evade responsibility
for its illegal acts."

According to court documents, "Despite New GM's purported
commitment to transparency and accountability, it now argues that
a Sale Order, entered five years before New GM initiated the long-
overdue ignition switch defect recalls, provides New GM with total
immunity from liability, for its own actions and for the actions
of Old GM . . . New GM's arguments are a dangerous invitation to
abuse the bankruptcy process whenever a company knows of serious
liabilities but chooses not to disclose them and seeks, instead,
to transfer its valuable assets to a 'new' company while
attempting to leave its undisclosed liabilities behind."

"Bankruptcy sale laws were designed to allow newly formed
companies to succeed -- not to deprive defrauded consumers of
remedies when they were unaware that were being harmed until years
after the bankruptcy sale," Mr. Berman added.  "The bankruptcy
Sale Order is simply not a ?get out of jail free card' that New GM
can use to avoid answering for the vast harm caused by the
ignition switch defect and its massive cover-up of that defect."

Additional information about the suit is available at
www.hbsslaw.com/GM

The litigation against GM involves defective ignition switches
that can cause a car to inadvertently switch off while in
operation.  The defect causes the car to stall, and also disables
airbags and other electrical features integral to safety, such as
power steering and power brakes.  According to attorneys at Hagens
Berman, evidence overwhelmingly shows that "Old GM" was aware of
the deadly defect for years before the bankruptcy, but chose not
to conduct a safety recall and concealed its knowledge of the
defect from regulators and consumers. New GM continued the cover-
up for years before finally issuing recalls beginning in February
of 2014.

The ignition switch plaintiffs demonstrate in the Dec. 16 filing
that, even though Old GM knew that it had wronged them, it did not
notify them either that they had a claim against GM or that their
claim might be eliminated by the bankruptcy sale to New GM.  For
that reason, their constitutional rights to Due Process would be
violated if they were not allowed to go forward with their
litigation against New GM.  The filing further demonstrates that
the bankruptcy sale was not intended to provide New GM with
immunity for its own actions in fraudulently covering up the
ignition switch defect and making false statements about the
safety of its vehicles.

The cars with defective ignition switches that are or may have
been made by "Old GM" before the bankruptcy include: 2005-10
Chevrolet Cobalt, 2007-10 Pontiac G5, 2003-7 Saturn Ion, 2006-11
Chevrolet HHR, 2006-10 Pontiac Solstice, 2007-10 Saturn Sky, 2010-
2014 Chevrolet Camaro, 2005-2009 Buick Lacrosse, 2006-2009 Buick
Lucerne, 2000-2005 Cadillac Deville, 2007-2009 Cadillac DTS, 2000-
2009 Chevrolet Impala, 2006-2007 Chevrolet Monte Carlo, 2000-2005
Monte Carlo, 1997-2005 Chevrolet Malibu, 1999-2004 Oldsmobile
Alero, 1998-2002 Oldsmobile Intrigue, 1999-2005 Pontiac Grand Am,
2004-2008 Pontiac Grand Prix, 2003-2009 Cadillac CTS and 2004-2006
Cadillac SRX.

Hagens Berman Sobol Shapiro LLP -- http://www.hbsslaw.com-- is a
consumer-rights class-action law firm with offices in nine cities.
The firm has been named to the National Law Journal's Plaintiffs'
Hot List seven times.

                       About General Motors

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

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

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

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

                        *     *     *

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

On Oct. 21, 2014, the TCR reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's amended unsecured credit facilities.
Fitch currently rates GM's Issuer Default Rating (IDR) 'BB+'.  The
Rating Outlook is Positive.  Fitch has also affirmed and withdrawn
the 'BB+' IDR of GM's General Motors Holdings LLC (GM Holdings)
subsidiary, as there is no longer any rated debt at the
subsidiary, and Fitch does not expect the subsidiary to be an
active issuer going forward.  Fitch has also withdrawn GM
Holdings' unsecured credit facility rating of 'BB+' as the
subsidiary is no longer a borrower on the facilities.

The TCR, on Nov. 6, 2014, reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's proposed issuance of senior unsecured
notes.  The existing Issuer Default Rating (IDR) for GM is 'BB+'
and the Rating Outlook is Positive.


GETTY IMAGES: Moody's Affirms Caa2 Rating on $550MM Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Getty
Images, Inc. to negative from stable due to continuing declines in
Midstock revenue and Moody's revised forecast indicating very high
leverage over the next 12 months with reduced free cash flow.
Moody's affirmed the B3 Corporate Family Rating, B3-PD Probability
of Default Rating, and instrument ratings as summarized below.

Outlook Actions:

Issuer: Getty Images, Inc.

Outlook, Changed To Negative From Stable

Affirmations:

Issuer: Getty Images, Inc.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating (Local Currency), Affirmed B3

Issuer: Getty Images, Inc. and Abe Investment Holdings, Inc.

$150 million 1st Lien Sr Secured Revolver due 2017: Affirmed B2,
LGD3

1st Lien Sr Secured Term Loan due 2019: Affirmed B2, LGD3

$550 million of 7.0% Senior Unsecured Notes due 2020: Affirmed
Caa2, LGD6

Ratings Rationale

Getty Images' B3 corporate family rating reflects very high
leverage with debt-to-EBITDA of 8.0x as of September 30, 2014
(including Moody's standard adjustments) and reduced free cash
flow-to-debt over the next 15 months due to tax restructuring
payments only partially offset by a one-time $20 million tax
refund. Despite revenue gains reported in 3Q2014 for editorial
stills and video segments, Moody's expect leverage to remain
elevated at more than 7.5x over the next 12 months reflecting
continued investments in growth including marketing and
technology. The increase in leverage compared to 7.1x as of June
30, 2013, reflects persistent revenue declines in the Midstock
segment since the second half of 2012 compounded by increased
operating expenses from stepped up investments in personnel,
marketing, and technology largely aimed at positioning the
Midstock segment to be more competitive. The operating performance
of Getty Images is well below its plan presented in the October
2012 buyout which underestimated the impact of aggressive
competition in Midstock and a soft global economy, particularly in
Europe.

Management indicates that locked-in, recurring subscription
revenue has increased to more than 25% of total revenue and that
initial results of the re-launch of iStock.com are encouraging
given improving volumes; however, timing for a rebound in Midstock
revenue remains uncertain. Moody's notes the continuing decline in
Midstock revenue is in contrast to the track record of
competitors, including Shutterstock (publicly traded) and Fotolia,
to grow their stock photo revenue by high double digit
percentages. Moody's expect competition in stock photography to
remain elevated given Shutterstock's rapidly increasing global
market share and Fotolia's agreement to be acquired by deep-
pocketed Adobe Systems Incorporated (Baa1 stable) for roughly $800
million. Moody's also expects investments in marketing and
technology to remain competitive will reduce Getty Images' ability
to grow EBITDA margins above current levels which is 4% to 5%
below margins achieved leading up to the October 2012 buyout. The
negative outlook reflects Moody's view that Getty Images is very
weakly positioned in the B3 rating with leverage of 8.0x, and
Moody's expect leverage to remain above 7.5x over the next 12
months (including Moody's standard adjustments). Results through
the first half of 2014 were in line with Moody's expectations;
however, overall results in the second half of 2014 are suffering
from the inability to restore growth to the Midstock segment
evidenced by a 9.8% quarter-over quarter decline in 3Q2014
Midstock revenue and uncertainties regarding timing for a rebound.
Moody's believes the company will need more time to improve
leverage to levels Moody's forecasted at the end of 2013. Growth
in free cash flow will also be limited due to recently announced
tax restructuring payments totaling $63 million through 1Q2016,
only partially offset by a $20 million one-time tax refund. The
success of ongoing investments to turn around revenue declines in
the Midstock segment amidst aggressive competition is uncertain,
and Getty Images will need a couple of years to bring debt-to-
EBITDA to the mid to high 6x range (including Moody's standard
adjustments), matching the leverage of the 2012 buyout.

The majority of consolidated revenue is supported by Getty Images'
leading positions in premium stills and editorial segments and
consists primarily of exclusive imagery. In contrast, Moody's
believe operating risks in the Midstock segment are significant
given aggressive competition, including pricing pressure, from
imagery providers such as Shutterstock and Fotolia who are focused
on the stock photo segment. Moody's believes it is important for
Getty Images to succeed in profitably growing Midstock revenue to
meaningfully increase EBITDA and improve leverage given the
maturity of the premium stills segment and the small size of the
higher growth video segment. As competition intensifies with
advancing technology, Moody's view is that the company will be
challenged to show progress in restoring growth in the next 12
months, but it has some time to execute its strategies given no
significant maturities until 2017 when the undrawn revolver
matures and the term loan due 2019 is covenant-lite. Ratings
incorporate Moody's expectations for continued economic recovery
in the U.S. (North America accounted for 49% of revenue for the 12
months ended September 2014) and very modest economic growth in
Europe (the EMEA regions accounted for 36% of revenue over the
same period). Liquidity is expected to be adequate with $30
million of revolver availability (20% of the total commitment) and
the potential to cut back on discretionary capital spending or
investments.

The negative outlook incorporates Moody's expectation that total
revenue growth will be muted by continued declines in the Midstock
segment and uncertainties related to timing of a rebound. Moody's
expect growth in EBITDA and free cash flow will also be limited by
marketing spend or technology investments resulting in only modest
improvements in leverage. Management confirms that excess cash
will be used primarily to reduce debt balances with acquisitions
being put on hold; however, growth in free cash flow as a percent
of debt will remain in the low single digit percentage range due
largely to an estimated $63 million in up front tax payments
related to a tax restructuring aimed at realizing $15 million to
$20 million in annual tax savings. Most of these up front tax
payments will be funded in 2015 and will be partially offset by a
one-time tax refund of $20 million (expected to be received in the
first half of 2015). Despite these sizable net cash outflows,
Moody's expect liquidity will be adequate with low single digit
percentage free cash flow-to-debt and assume only 20% of the $150
million revolver commitment will be available to avoid triggering
the 1st lien leverage covenants under the revolver facility.
Moody's believes the company will manage its liquidity position
and reduce discretionary investments and capital spending as
needed to ensure debt service is met.

Ratings could be downgraded if overall operating performance
tracks below Moody's current base case forecast due to a weakening
U.S. or European economy or due to the inability to stabilize
revenue in the Midstock segment. Ratings could also be downgraded
if Moody's expect the company will not be able to make progress in
reducing leverage or if liquidity deteriorates from current levels
and Moody's expect free cash flow-to-debt will be sustained below
1%. The outlook could be changed to stable if the company is able
to achieve consistent growth in Midstock revenue, restore free
cash flow generation with no additional tax restructuring payments
or other significant unexpected uses of cash, and the company
makes progress in reducing leverage below current levels.

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries Methodology published
in May 2012. 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 Seattle, WA, Getty Images, Inc. is a leading
creator and distributor of still imagery, video and multimedia
products, as well as a recognized provider of other forms of
premium digital content, including music. The company was founded
in 1995 and provides stock images, music, video and other digital
content through gettyimages.com and iStockphoto.com (re-launched
in September 2014). In October 2012, The Carlyle Group completed
the acquisition of a controlling indirect interest in Getty Images
in a transaction valued at approximately $3.3 billion. The Carlyle
Group owns approximately 51% of the company with a trust
representing certain Getty family members owning approximately
49%. Revenue totaled $879 million for the 12 months ended
September 30, 2014.


GIM CHANNELVIEW: S&P Raises Rating to BB & Removes From Watch Pos.
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its debt issue
rating on GIM Channelview Cogeneration LLC to 'BB' from 'BB-' and
removed the rating from CreditWatch positive, where S&P placed it
on Sept. 22, 2014.  The recovery rating of '1' is unchanged.  The
outlook is stable.

"The upgrade reflects our conclusion that based on the business
risk profile of a well-operating plant with minimal fuel risk and
a very competitive heat rate operating in merchant power markets
with minimum debt service coverage ratios of about 2.3x to 2.4x, a
higher rating is warranted under our new criteria," said Standard
& Poor's credit analyst Terry Pratt.

S&P had placed the project's debt issue rating on CreditWatch with
positive implications in response to the release of S&P's new
project finance criteria in September 2014.

GIM Channelview is a single-purpose entity that has issued project
finance debt and that owns an 856 megawatt combined-cycle natural
gas turbine power plant in the Houston sub-region of the Electric
Reliability Council of Texas (ERCOT) market.  It sits adjacent to
the LyondellBasell Equistar chemical plant, which buys steam from
the power plant.  The project was initially capitalized with a
$375 million term loan B due 2020.

The stable outlook on Channelview reflects S&P's expectation of
low refinancing risk at maturity due to improving, but likely
volatile, power market conditions in ERCOT.  Given its low heat
rate, S&P expects Channelview to operate when available.

An upgrade could occur if the project's financial performance
improved such that S&P would expect minimum debt service coverage
ratios to go above 2.5x over the asset's remaining life.  This
could occur if merchant revenues are above S&P's current
expectations, which would require a significant increase in
natural gas prices.

S&P would consider a downgrade if it expected debt service
coverage ratios to be consistently near 2x assuming that the
business risk profile remains the same.  This could occur due to a
significant decline in merchant power revenues, which would
essentially require a big decline in natural gas prices, or a
material deterioration in operating performance.  S&P thinks
either possibility is unlikely at this time.  A downgrade could
also occur if new power plants enter the area in a way that erodes
Channelview's competitive position.


GLOBAL COMPUTER: Withdraws Bid for Incentive Plan Approval
----------------------------------------------------------
Global Computer Enterprises, Inc., notified the Bankruptcy Court
of its withdrawal of motions for an order (i) authorizing it to
assume executive services agreement; and (ii) approving incentive
plan and payment of employee obligations.

According to the Debtor, after the filing of the motions, the
Office of the U.S. Trustee appointed an official committee of
unsecured creditors.  Due to the appointment of the Committee, the
Debtor withdrew the motions to collaborate further with the
Committee on an appropriate resolution of the case, including a
resolution of the claims set forth in the motions.

Any outstanding claims held by current or former employees or
Cerius Interim Executive Solutions will be addressed and
calculated pursuant to the allocation mechanisms and included as
claims to be paid in a plan of liquidation, which will be filed in
short course.  The plan of liquidation will contemplate the
payment of the claims after the confirmation of a plan of
liquidation, which the Debtor anticipates will occur in the first
quarter of 2015.

                        The Incentive Plan

As reported in the TCR on Oct. 10, 2014, the Debtor sought
approval of its proposed incentive plan and payment of employee
obligations.  The Debtor said that it formulated the key personnel
plan (KPP) to incentivize the management employees to:

   1) lead the process to sell the business and transition it to
      its buyer; and

   2) maximize the sale price and therefore allow for maximum
      payment of allowed claims.

According to the Debtor, each person in the KPP is crucial to
realize these objectives.  The experience, skill, and level of
institutional knowledge maintained by the employees make them
essential to maximizing the value of the estate.

The management employees include:

   a) Michael Freeman:

      Mr. Freeman has served as the Debtor's interim chief
      operating officer since January 2014.  After consulting with
      the Debtor's chief executive officer and senior management,
      Mr. Freeman initiated various cost-cutting initiatives to
      address the Debtor's acute liquidity crisis.  Mr. Freeman
      was instrumental in retaining an investment banker to
      explore options to maximize the value of the Debtor's
      assets, initiated negotiations with the Government regarding
      the potential purchase of the FMS, and, ultimately, served
      as the Debtor's lead negotiator.  Mr. Freeman, with input
      from the Debtor's senior management, helped structure the
      sale transaction in a way that enabled the Debtor to
      continue its current services and provide for a smooth entry
      into Chapter 11.

   b) Matt France:

      Mr. France is the Debtor's Chief Financial Officer and, in
      that capacity, he manages the day to day finances of the
      Debtor and has been critical in preserving the value of the
      Debtor.  In addition to his normal financial duties, Mr.
      France was responsible for organizing due diligence
      materials for the Debtor's sale process and participated in
      meetings with potential buyers.  Mr. France also provides
      key input and assistance with the Department of Justice
      (DOJ) Investigation for both inside and outside counsel.

   c) Whitney Vickery:

      During the Debtor's liquidity crisis, Ms. Vickery helped
      the Debtor maintain revenue levels and improve its margins
      during a period of high attrition by overseeing the
      recruitment and hiring of critical staff and managers.  In
      addition, Ms. Vickery worked with Asgaard Capital, LLC, the
      Debtor's investment banker, to generate the teaser and
      confidential information memorandum that was circulated to
      potential buyers, assisted with the development of a
      potential buyer list, communicated with potential buyers to
      generate interest in the Debtor's assets, gathered and
      culled key documents that were uploaded into the Debtor's
      data room, and designed the Debtor's management
      presentation.  Ms. Vickery also worked to provide the
      successful delivery of the Debtor's intellectual property,
      software licenses, hardware, and documentation to the
      Government.

   d) John McCarrick:

      Mr. McCarrick has served as the Debtor's General Counsel
      since April 7, 2014.  When Mr. McCarrick arrived, the
      Debtor's only other member of its legal team had resigned,
      leaving Mr. McCarrick to respond to two DOJ subpoenas and
      review over one million e-mails for privilege and
      responsiveness with no support from its outside vendors.
      Further, Mr. McCarrick devised a strategy to handle a number
      of pending lawsuits in a manner that would not jeopardize
      the sale process and effectuated an effective and candid
      communication strategy with the Debtor's vendors.
      Importantly, Mr. McCarrick worked with the Debtor's landlord
      to suspend eviction proceedings and lower the Debtor's
      monthly rent payments, both of which were critical to the
      Debtor's ability to maintain the FMS.

   e) Chris Cullerot:

      Mr. Cullerot has provided technical forensic support to the
      Debtor's legal teams throughout the DOJ Investigation and
      assisted with e-mail and document productions to the
      DOJ.  Mr. Cullerot was responsible for providing critical
      input for various cost build-ups, pricing models, and
      presentations for the sale process.  Mr. Cullerot was also
      responsible for implementing a plan to transition the FMS to
      the Government, including a network redesign and migration
      of the Debtor's IP address, and worked with the Government
      to satisfy delivery and acceptance of the sale assets
      including, infrastructure, hardware, and source code.

The Debtor states, if the KPP were paid in full, the maximum
aggregate cost of the KPP would be $1,083,635, or 9% of Available
Proceeds.  The KPP has two triggers based upon the objectives:

   a) maximizing value in the sale of the Company, which equates
      to approximately 60% of the total value of the KPP; and

   b) payment of allowed claims, comprising approximately 40% of
      the KPP value.

                        Sale of the Debtor

Each KPP participant will receive incentive payments within three
business days after the latter of the approval of KPP by the
Bankruptcy Court and receipt of payment from the purchaser of the
assets.  The table summarizes the bonuses based on the first KPP
trigger, the Sale of the Debtor's assets:

Participant           Role                      Bonus
-----------           ----                      -----
Michael Freeman       Interim COO               $390,108
Matt France           CFO                       $113,782
Whitney Vickrey       Chief Services Officer    $97,527
John McCarrick        General Counsel           $32,509
Chris Cullerot        Chief Security Officer    $16,255
Total Bonus                                     $650,181

                     Payment of Allowed Claims

In addition, the Debtor says it proposes to pay the portion of
the KPP for satisfaction of claims within three days after the
Bankruptcy Court's approval of the final distributions to
creditors under a liquidating plan.

               % of                  Illustrative
Participant   Available Proceeds    Example Only
-----------   ------------------    ------------
Freeman       2.2%                  $260,072
France        1.0%                  $119,200
McCarrick     0.5%                  $54,182
Total         3.6%                  $433,454

The Debtor says the estimated total cost of the KPP for all five
management employees is $1,083,635.

The Debtor is represented by:

         David I. Swan, Esq.
         MCGUIREWOODS LLP
         1750 Tysons Boulevard, Suite 1800
         Tysons Corner, VA 22102-4215
         Tel: (703) 712-5365
         Fax: (703) 712-5246
         E-mail: dswan@mcguirewoods.com

                  and
         Douglas M. Foley (VSB No. 34364)
         MCGUIREWOODS LLP
         2001 K Street N.W., Suite 400
         Washington, DC 20006-1040
         Tel: (202) 857-1720
         Fax: (202) 857-1737
         E-mail: dfoley@mcguirewoods.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.  The Committee tapped Armstrong Teasdale LLP,
as its counsel and Leach Travell Britt PC as its local bankruptcy
counsel.


GOLDEN LAND: 37 ARA Wants Chapter 11 Trustee to Take Over
---------------------------------------------------------
37 Avenue Realty Associates LLC filed a motion asking the United
States Bankruptcy Court for the Eastern District of New York to
enter an order directing the appointment of a Chapter 11 trustee
in the bankruptcy case of Golden Land LLC.

According to 37 ARA, it is necessary to appoint a Chapter 11
trustee because the Debtor -- to the detriment of the interests of
37 ARA, other creditors, and other interests of the estate -- has
recently manifested an intent to repudiate, frustrate or sabotage
the proposed Chapter 11 plan which provides, inter alia, for the
auction and sale or refinance of the sole asset of this case by
Dec. 16, 2014.

Counsel to 37 ARA, Tracy Klestadt, Esq., at Klestadt & Winters,
LLP, recounts that because of the Debtor's history of neglect and
mismanagement of the Premises and the Receiver's well established
history of effective management, operation and preservation of the
Premises during the tenure of his Receivership, upon motion of 37
ARA and after hearing on July 9, 2014, the Court entered an order
pursuant to 11 U.S.C. Sec. 543(d)(1) excusing the Receiver from
compliance with the turnover requirements of subsections (a), (b)
and (c) of 11 U.S.C. Sec. 54 and directing that the Receiver
remain in possession and control of the Premises pending further
order of the Court.  The Court also enlarged the scope of the
receivership for the benefit of all of the Debtor's creditors.
The Debtor did not appear on June 26, 2014 for the hearing on the
Receiver Retention Motion, nor did it appear on June 13, 2014 for
the initial creditor's meeting.

The Debtor, according to Mr. Klestadt, continued to take no steps
to advance its case; in addition to failing to appear for the
above stated proceedings, it failed to file certain required
schedules and statements regarding its financial affairs.
Accordingly, on or about July 21, 2014, in an effort to move this
case forward, 37 ARA and the Receiver filed a joint motion for an
order fixing a deadline and establishing procedures for filing
proofs of claim and a joint motion for an order terminating the
Debtor's exclusive period to file a plan of reorganization.  The
Bar Date Motion and the Exclusivity Motion were scheduled to be
heard on August 7, 2014. A status conference was also scheduled
for that date.

Shortly after the making of the Bar Date Motion and the
Exclusivity Motion, the Debtor sought permission to retain
DelBello Donnellan Weingarten Wise & Wiederkehr, LLP as its legal
counsel.

On Aug. 7, 2014, at the status conference and hearing of the
Exclusivity Motion, the Debtor displayed an interest in assuming
responsibility for the filing and administration of a plan and for
otherwise effectively moving this case forward.  The Debtor, by
and through its Counsel, agreed to file a plan and move this case
forward according to an agreed upon fixed schedule.  In reliance
on that agreement, 37 ARA settled the issues presented in its
Exclusivity Motion and the Debtor was given additional time to
file a proposed plan. It was expressly agreed that the Debtor
would forthwith prepare and file a proposed plan which would
require, inter alia, a refinancing or sale of the premises by Dec.
16, 2014.

On Sept. 30, 2014, the Debtor filed a proposed plan.  On Oct. 8,
2014, the Debtor filed a first amended plan and a first amended
disclosure statement.

On Nov. 5, 2014, the parties appeared before the Court for a
status conference and a hearing on the approval of the amended
disclosure statement.  The amended disclosure statement was
conditionally approved by the Court, subject only to the Debtor's
making certain minor revisions, as outlined by the Court. At the
hearing, the Debtor's Counsel represented that those changes would
be made forthwith.

In addition, in contemplation and preparation for the Dec. 16,
2014 auction date set forth in the proposed plan, the Debtor
agreed to promptly retain an auctioneer so that the auctioneer
could begin marketing efforts sufficiently in advance of the sale
date in order to maximize the effectiveness of its marketing
campaign.

Based upon its notable reputation for effectively marketing
properties of this nature, it was proposed that The Besen Group,
381 Park Avenue South, 15th Floor, New York, NY 10016, be retained
as auctioneer, and a Standard Exclusive Real Estate Auction
Agreement, New York State - Commercial was provided to the
Debtor's Counsel, to be signed by the Debtor.

Since the conditional approval of the disclosure statement on
Nov. 5, 2014, 37 ARA has contacted the Debtor's Counsel on
numerous occasions to ascertain the status of the minor revisions
which were required to be made to the disclosure statement and to
confirm that the Debtor retained an auctioneer. In response, the
Debtor's Counsel repeatedly assured 37 ARA that these matters were
being addressed.

However, Mr. Klestadt tells the Court that it has become evident
that the Debtor does not have any intention of going forward with
retaining an auctioneer or prosecuting the plan as previously
agreed, necessitating the filing of this motion to appoint a
Chapter 11 trustee.

According to 37 ARA, despite the Debtor's agreement to do so, as
set forth in the Debtor's plan and disclosure statement, in an
attempt to stall the sale of the Premises and satisfaction of its
debts, the Debtor has refused to sign an agreement with an
auctioneer and has apparently directed its legal counsel not to
comply with its obligation to file the modifications to the
disclosure statement the Court directed it to make on Nov. 5,
2014.  These actions constitute dishonesty toward not only 37 ARA,
but to all creditors of the Debtor's estate and to the Court, Mr.
Klestadt avers.

37 ARA's counsel can be reached at:

         Tracy L. Klestadt, Esq.
         Stephanie Tumbiolo, Esq.
         KLESTADT & WINTERS, LLP
         570 Seventh Avenue, 17th Floor
         New York, NY 10018
         Tel: (212) 972-3000
         Fax: (212) 972-2245

                       About Golden Land LLC

Golden Land LLC owns real property located at 142-21/27 37th
Avenue, Queens, New York.  The premises is commercial investment
property, consisting of four commercial condominium units, twenty-
nine parking spaces, and eleven residential condominium units
contained in the building known as the American-Chinese Tower
Condominium and located at 142-21/27 37th Avenue, Queens, New
York.

Using financing from Chinatrust Bank, the Debtor constructed the
building in 2003 and sold 19 units over the next several years
before falling into default with its lender at the time.
Chinatrust thereafter commenced a foreclosure action in 2012, and
sometime shortly thereafter sold the loan and underlying loan
documents to 37 Avenue Realty Associates LLC.  In the foreclosure
action, Lawrence Litwack was appointed receiver.

Golden Land LLC filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 14-42315) in Brooklyn, New York, on May 8, 2014.
The Debtor disclosed $15,423,997 in assets and $13,459,740 in
liabilities as of the Chapter 11 filing.

Judge Nancy Hershey Lord on July 9, 2014, entered an order
directing that the receiver remain in possession of the premises.

Xiangan Gong, Esq., at Xiangan Gong serves as the Debtor's
counsel.


GMG CAPITAL: Files First Amended Joint Plan of Reorganization
-------------------------------------------------------------
GMG Capital Partners III, L.P., filed its First Amended Joint Plan
of Reorganization and explanatory Disclosure Statement dated
Dec. 5, 2014.

The cornerstone of the Plan is the transfer of certain of the
Debtors' assets in Lancope pursuant to the Asset Purchase
Agreement to a third party in exchange for the consideration
necessary to fund the plan.  As part of that transaction, non-
Debtor GMG IIIA, a book entry holder of certain interests in
Lancope, will also transfer certain of its interests in Lancope to
fund the Plan.  The Debtors believe such transfer is entirely
consistent with the expectations of all III Class Partnerships to
be treated equally on a pro rata basis.  GMG LLC is in the process
of contacting the limited partners of GMG IIIA, stating GMG LLC's
intention for GMG IIIA to follow through with the Sale and
otherwise contribute to the Plan expenses and distributions on a
pro rata basis.

It is expected, but not guaranteed, that upon certain events, an
eventual disposition of these interests will be sufficient to pay
all creditors in full.  The Plan classifies Claims and Interests
separately, and on a per-Debtor basis, in accordance with the
Bankruptcy Code and provides different treatment for different
Classes of Claims and Interests.  Claims and Interests shall be
included in a particular Class only to the extent such Claims or
Interests qualify for inclusion within such Class.  For each
Debtor, the Plan separates the various Claims and Interests (other
than those that do not need to be classified) into six separate
Classes.  These Classes take into account the differing nature and
priority of Claims against, and Interests in, the Debtors.  Unless
otherwise indicated, the characteristics and amounts of the Claims
or Interests in the following Classes are based on the books and
records of the Debtors.  The Plan is intended to enable the
Debtors to conduct transactions contemplated under the Asset
Purchase Agreement without the likelihood of a subsequent
liquidation or the need for further financial reorganization.  The
Debtors believe that the Plan permits fair and equitable
recoveries, while expediting the closing of the Chapter 11 Cases.

The Confirmation Date will be the date that the Confirmation Order
is entered by the Clerk of the Bankruptcy Court.  The Effective
Date will be the first Business Day on or after the Confirmation
Date on which all of the conditions to the Effective Date
specified in Article V of the Plan have been satisfied or waived
and the parties have consummated the transactions contemplated by
the Plan.

Other than as specifically provided in the Plan, the treatment
under the Plan of each Claim and Interest will be in full
satisfaction, settlement, release and discharge of all Claims or
Interests.  The Debtor will make all payments and other
distributions to be made under the Plan unless otherwise
specified.

All Claims and Interests, except Administrative Expense Claims,
Fee Claims, United States Trustee Fees and Priority Tax Claims,
are placed in the Classes set forth in Article III of the Plan.
In accordance with Section 1123(a)(1) of the Bankruptcy Code,
Administrative Expense Claims, Fee Claims, U. S. Trustee Fees and
Priority Tax Claims have not been classified, and the Holders
thereof are not entitled to vote on the Plan.

A copy of the Disclosure Statement is available for free at:

      http://bankrupt.com/misc/GMGCapital_202_amendedDS.pdf

                    About GMG Capital Partners

GMG Capital Partners III, L.P., and GMG Capital Partners III
Companion Fund, L.P., sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 13-12937 and 13-12939) in Manhattan on Sept. 10,
2013.  Stuart M. Bernstein oversees the Debtor's case.  Olshan
Frome Wolosky LLP represents the Debtor its Chapter 11 Bankruptcy
Case.  GMG Capital Partners III disclosed $21,696,757 in assets
and $7,877,498 in liabilities as of the Chapter 11 filing.


GREEN EARTH: Jeffrey Loch Elected to Board of Directors
-------------------------------------------------------
Green Earth Technologies, Inc., held its 2014 annual meeting of
stockholders on Dec. 9, 2014, at which the stockholders:

   * elected Jeffrey Loch as Class III director to serve until the
     2017 annual meeting of the Company's stockholders or until
     his successor has been elected and qualified;

   * did not approve an amendment of the Company's certificate of
     incorporation to increase the number of shares of common
     stock authorized from 500,000,000 to 750,000,000 shares;

   * did not provide advisory approval of the appointment of
     independent auditors for fiscal year 2015; and

   * did not provide advisory approval on executive compensation.

On Nov. 5, 2014, Green Earth received a 60-days' Notice of
Termination from Techtronic Industries Co., Ltd, effectively
terminating the Exclusive Distribution Agreement dated Nov. 1,
2009, with the Company effective on Jan. 4, 2015.  Under the
Agreement, TTI has the exclusive right to distribute its non-
automotive products through the following channels of
distribution: (i) specific retail stores within the United States,
Canada and Mexico, including all retailers with an average of at
least 40,000 square feet per store, (ii) all marketing channels
outside of the United States, Canada and Mexico, and (iii) all
marketing channels with respect to any of our new products unless
otherwise expressly agreed to in writing.  The TTI Termination
Notice stated that it has decided to exercise its right to
terminate the Agreement, in accordance with Section 10.3 of the
Agreement, due to substantial changes in control of the Company.

                   About Green Earth Technologies

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

Green Earth incurred a net loss of $6.84 million for the year
ended June 30, 2014, compared to a net loss of $6.59 million
for the year ended June 30, 2013.

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

Friedman LLP, in East Hanover, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company's losses, negative cash flows from operations,
working capital deficit, related party note in default payable
upon demand and its ability to pay its outstanding liabilities
through fiscal 2014 raise substantial doubt about its ability to
continue as a going concern.


GREENSHIFT CORP: Majority Shareholder Unseats 4 Directors
---------------------------------------------------------
Viridis Capital, LLC, the holder of a majority of the voting power
in Greenshift Corporation, executed and delivered a written
consent that removed Edward Carroll, Richard Krablin, David
Winsness and Gregory Barlage from their positions as members of
the Company's Board of Directors, according to a regulatory filing
with the U.S. Securities and Exchange Commission.  Kevin Kreisler
remains as the sole member of the Board of Directors.

Subsequently, and on the same day, the Company's board of
directors removed Edward Carroll, Richard Krablin, David Winsness
and Gregory Barlage from their positions as officers of the
Company.  Mr. Barlage will remain employed as an executive of the
Company's subsidiary, GS Cleantech Corporation.  The board of
directors then appointed Kevin Kreisler to serve as the Company's
chief executive officer, chief financial officer and secretary.

                    About Greenshift Corporation

Headquartered in New York, GreenShift Corporation develops and
commercializes clean technologies designed to integrate into and
leverage established production and distribution infrastructure to
address the financial and environmental needs of its clients by
decreasing raw material needs, facilitating co-product reuse, and
reducing waste and emissions.

Greenshift reported a net loss of $4.43 million on $15.49 million
of total revenue for the year ended Dec. 31, 2013, as compared
with net income of $2.46 million on $14.51 million of total
revenue in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $4.64
million in total assets, $43.18 million in total liabilities and a
$38.53 million total stockholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, NJ, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company could be subject to default of its
senior debt obligation in 2014 if a condition to a forbearance
agreement that is not within the Company's control is not
satisfied.  These conditions raise substantial doubt about its
ability to continue as a going concern.


HANGER INC: S&P Puts 'BB-' CCR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Hanger
Inc., including the 'BB-' corporate credit rating and issue-level
ratings, on CreditWatch with negative implications.

"The CreditWatch placement follows the company's missed deadline
for filing its Sept. 30, 2014, 10-Q with the Securities and
Exchange Commission [SEC] by 30 days," said Standard & Poor's
credit analyst Tahira Wright.  Once the company receives
notification from its credit facility bank lenders of the missed
filing deadline, the company will have a 30-day cure period to
file its financial statements to prevent default on its credit
facility.  The company also has a 90-day cure period on its notes
following trustee notification.  Notwithstanding this technical
default, S&P still views the company's stretched Medicare and
commercial receivables as a threat to liquidity, and the uncertain
future for Medicare reimbursement threatening earnings.  S&P views
these factors as a near-term risk to the 'BB-' corporate credit
rating on the company.  The delay in collecting on its accounts
receivables and higher costs contributed to a free cash flow
deficit of about $29 million and depressed margins in the June 30,
2014, quarter.

S&P will resolve the CreditWatch once the company files its
Sept. 30, 2014, 10-Q, or fails to meet the filing requirements
that will trigger a default on its outstanding debt.  A default on
its unsecured notes would also cause a default on its credit
facility.  In the default scenario, the downgrade could be
multiple notches.  If S&P feels the difficulty with its accounts-
receivable collections does in fact suggest an earnings quality
problem, following the company filing its 10-Q, S&P will resolve
the CreditWatch and lower the rating or maintain the negative
outlook on the company.  The magnitude of a downgrade would depend
on S&P's view of the future reimbursement and earnings as well as
the company's ability to generate free cash flow.


HAWAII MEDICAL: Court Approves Dismissal of Bankruptcy Case
-----------------------------------------------------------
The Bankruptcy Court granted Hawaii Medical Center, et al.'s
motion to dismiss their Chapter 11 cases.

Cerner Corporation, a creditor and party-in-interest of one or
more of the Debtors, objected to the motion until its claim is
paid.  Cerner said that it is in all creditors' best interest to
convert the cases or not dismiss the cases until all non-
professional administrative creditors are paid.

As reported in the Troubled Company Reporter on Nov. 21, 2014, the
Debtors cited a termination event under the agreement with the
Debtors' lender, MidCap Financial LLC, because of the Debtors'
dispute between Centers for Medicare & Medicaid Services.

The Debtors told the Court that, due to the termination event,
MidCap asserted that it was not obligated to advance any further
amounts under the debtor-in-possession facility.  The Debtors add
that they completed the wind-down of their estate pursuant to a
settlement agreement approved by the Court.

Cerner is represented by:

         Johnathan C. Bolton, Esq.
         GOODSILL ANDERSON QUINN & STIFEL LLP
         A Limited Liability Law Partnership Llp
         999 Bishop Street, Suite 1600
         Honolulu, HI 96813
         Tel: (808) 547-5600
         E-mail: jbolton@goodsill.com

                  - and -

         Darrell W. Clark, Esq.
         STINSON LEONARD STREET LLP
         1775 Pennsylvania Avenue, NW, Suite 800
         Washington, D.C. 20006
         Tel: (202) 785-9100
         E-mail: darrell.clark@stinsonleonard.com

                    About Hawaii Medical Center

The Hawaii Medical Center, along with its affiliates, filed for
Chapter 11 bankruptcy (Bankr. D. Hawaii Lead Case No. 11-01746) on
June 21, 2011, just a year after exiting court protection.  Hawaii
Medical Center owns two hospital campuses -- HMC East in North
Honolulu and HMC West in Ewa Beach.  The two hospitals have 342
licensed beds and have a total of more than 1,000 employees.  The
hospitals were known as St. Francis Medical Center before Hawaii
Medical purchased the hospitals in 2007.

Judge Robert J. Faris presides over the 2011 case.  Lawyers at
Moseley Biehl Tsugawa Lau & Muzzi, in Honolulu, Hawaii, and
McDonald Hopkins LLC, in Cleveland, Ohio, serve as the Debtors'
counsel.  The Debtors' financial advisors are Scouler & Company,
LLC.  In its 2011 petition, Hawaii Medical Center estimated
$50 million to $100 million in assets and $100 million to $500
million in debts.  The petitions were signed by Kenneth J. Silva,
member of the board of directors.

Attorneys at Wagner Choi & Verbrugge, in Honolulu, Hawaii, and
Pachulski Stang Ziehl & Jones LLP, in Los Angeles, represent the
Official Committee of Unsecured Creditors as counsel.

The Debtors' prepetition debt structure is comprised of (i) the
Prepetition Revolving Loan with MidCap Financial, LLC, and the
Prepetition Term Loan with St. Francis Healthcare Systems of
Hawaii.  As of the Petition Date, the aggregate outstanding
principal on the Prepetition MidCap Revolving Loan and the
Prepetition St. Francis Term Loan is $46,851,772.  The principal
balance of the Prepetion MidCap Revolving Loan is $7,676,495.  The
amount owed under the Prepetition St. Francis Term Loan is
$39,175,277, secured by St. Francis's first priority lien on,
among other things, all real property of the Debtors.

Through the Chapter 11 filing, the Debtors plan to return the
hospitals to the control of St. Francis.

In the prior case, HMC and its affiliated debtors were converted
to new, Hawaii non-profit corporations.  CHA Hawaii, one of HMC's
affiliated debtors and a subsidiary of Cardiovascular Hospitals of
America LLC, discontinued management of the reorganized Debtors.

Wichita, Kansas-based CHA Hawaii LLC, and its affiliates --
including Hawaii Medical Center LLC -- filed for Chapter 11
protection on Aug. 29, 2008 (Bankr. D. Del. Case No. 08-12027).
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP
represented the Debtors in their restructuring efforts.  CHA
Hawaii estimated assets of up to $10 million and debts between
$50 million and $100 million when it filed for bankruptcy.  The
Debtors obtained confirmation of their Chapter 11 plan in May 2010
and emerged from bankruptcy in August 2010.

The Debtor disclosed $74,713,475 in assets and $91,599,563 in
liabilities as of the Chapter 11 filing.


HUTCHESON MEDICAL: Patient Care Ombudsman Appointed
---------------------------------------------------
Guy G. Gebhardt, Acting United States Trustee for Region 21, has
appointed Melanie S. McNeil, Esq., as patient care ombudsman in
the Chapter 11 case of Hutcheson Medical Center, Inc.

The ombudsman can be reached at:

         Melanie S. McNeil, Esq.
         State Long-Term Care Ombudsman
         Office of the State Long-Term Care Ombudsman
         Division of Aging Services, Department of Human Services
         2 Peachtree Street, N.W., 33rd Floor
         Atlanta, GA 30303
         Tel: (404) 657-5327

The Bankruptcy Court on Dec. 1, 2014, entered an order directing
the United States Trustee to appoint one or more patient care
ombudsmen to monitor the quality of patient care and represent the
interests of patients/residents of Debtors' nursing home,
hospital, and patient care facilities.

                  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.


HYDROCARB ENERGY: Incurs $1.7 Million Net Loss in Oct. 31 Quarter
-----------------------------------------------------------------
Hydrocarb Energy Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.7 million on $1.20 million of revenues for the three months
ended Oct. 31, 2014, compared to a net loss of $1.59 million on
$1.84 million of revenues for the same period in 2013.

As of Oct. 31, 2014, the Company had $27.49 million in total
assets, $18.82 million in total liabilities and $8.67 million in
total equity.

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

                        http://is.gd/r9esds

                       About Hydrocarb Energy

Hydrocarb Energy, formerly known as Duma Energy Corp, is a
publicly-traded Domestic and International energy exploration and
production company targeting major under-explored oil and gas
projects in emerging, highly prospective regions of the world.
With exploration concessions in Africa, production in Galveston
Bay and Oil Field Services in the United Arab Emirates, the
Company maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia.

Hydrocarb Energy reported a net loss of $6.55 million on $5.06
million of revenues for the year ended July 31, 2014, compared to
a net loss of $37.53 million on $7.07 million of revenues for the
year ended July 31, 2013.

"A decline in the price of our common stock could result in a
reduction in the liquidity of our common stock and a reduction in
our ability to raise additional capital for our operations.
Because our operations to date have been largely financed through
the sale of equity securities, a decline in the price of our
common stock could have an adverse effect upon our liquidity and
our continued operations.  A reduction in our ability to raise
equity capital in the future could have a material adverse effect
upon our business plan and operations, including our ability to
continue our current operations," the Company stated in its
Annual Report for the year ended July 31, 2014.


IDERA PHARMACEUTICALS: Okays $691,000 2014 Bonuses for Executives
-----------------------------------------------------------------
The Compensation Committee of the Board of Directors of Idera
Pharmaceuticals, Inc., approved compensation for its named
executive officers:

   * The payment of cash bonus award for 2014;

   * The grant of options to purchase shares of common stock of
     the Company; and

   * New annual base salaries for 2015.

              Name: Sudhir Agrawal, D. Phil.
          Position: President of Research (Former President and
                    Chief Executive Officer)
        2014 Bonus: $285,480
     Stock Options: 850,000
2015 Annual Salary: $588,100

              Name: Louis Brenner, M.D.
          Position: Senior Vice President and Chief Medical
                    Officer
        2014 Bonus: $120,500
     Stock Options: 350,000
2015 Annual Salary: $360,500

              Name: Louis J. Arcudi, III
          Position: Senior Vice President of Operations, Chief
                    Financial Officer, Treasurer and Secretary
        2014 Bonus: $98,300
     Stock Options: 200,000
2015 Annual Salary: $337,400

              Name: Robert D. Arbeit, M.D.
          Position: Vice President, Clinical Development
        2014 Bonus: $93,600
     Stock Options: 200,000
2015 Annual Salary: $321,400

              Name: Timothy M. Sullivan, Ph.D.
          Position: Vice President, Development Programs and
                    Alliance Management
        2014 Bonus: $93,300
     Stock Options: 180,000
2015 Annual Salary: $320,300

                       Current Report Amended

The Company filed an amended current report on Form 8-K filed on
Dec. 12, 2014, due to a filing agent error.  The Company said the
original Form 8-K contained incorrect and incomplete information,
which should not be used or relied upon for any purpose.

On Dec. 11, 2014, Pillar Pharmaceuticals II, L.P., converted
313,341 shares of the Company's Series E convertible preferred
stock into 6,266,820 shares of the Company's common stock in
accordance with the terms of the Company's Certificate of
Designations, Preferences and Rights of Series E Preferred Stock.

Pillar Invest Corporation has advised the Company that on Dec. 9,
2014, Dec. 10, 2014, and Dec. 11, 2014, Participations Besancon,
Pillar Pharmaceuticals I, L.P., Pillar Pharmaceuticals II, L.P.,
Pillar Pharmaceuticals III, L.P. and Pillar Pharmaceuticals IV,
L.P. sold an aggregate of 2,489,154 shares of common stock of the
Company.  Included in the shares sold were 500,000 shares of the
Company's common stock that were issued to Participations Besancon
on Dec. 9, 2014, upon the exercise of outstanding warrants at an
exercise price of $0.47 per share.

                    About Idera Pharmaceuticals

Cambridge, Massachusetts-based Idera Pharmaceuticals, Inc., is a
clinical stage biotechnology company engaged in the discovery and
development of novel synthetic DNA- and RNA-based drug candidates
that are designed to modulate immune responses mediated through
Toll-like Receptors, or TLRs.  The Company has two drug
candidates, IMO-3100, a TLR7 and TLR9 antagonist, and IMO-8400, a
TLR7, TLR8, and TLR9 antagonist, in clinical development for the
treatment of autoimmune and inflammatory diseases.

Idera Pharmaceuticals reported a net loss of $18.22 million in
2013, a net loss of $19.24 million in 2012 and a net loss of
$23.77 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed
$60.6 million in total assets, $7.81 million in total liabilities,
and $52.8 million in total stockholders' equity.


INSPIREMD INC: Has Insufficient Liquidity for Next 12 Months
------------------------------------------------------------
InspireMD, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $6.78 million on $273,000 of total revenue
for the three months ended Sept. 30, 2014, compared with a net
loss of $3.95 million on $1.55 million of total revenue for the
same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $9.89
million in total assets, $16.27 million in total liabilities, and
a stockholders' deficit of $6.38 million.

The Company had an accumulated deficit of $102.6 million as of
September 30, 2014, as well as net losses and negative operating
cash flows in recent years and the current quarter.  The Company
expects to continue incurring losses and negative cash flows from
operations until its MGuard and CGuard products reach
profitability.  As a result of these expected losses and negative
cash flows from operations, along with its current cash position,
the Company does not have sufficient resources to fund operations
for the next twelve months.  Therefore, there is substantial doubt
about the Company's ability to continue as a going concern,
according to the regulatory filing, according to the regulatory
filing.

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

                        http://is.gd/axEcDe

                         About InspireMD

InspireMD, Inc., was organized in the State of Delaware on
Feb. 29, 2008, as Saguaro Resources, Inc., to engage in the
acquisition, exploration and development of natural resource
properties.  On March 28, 2011, the Company changed its name from
"Saguaro Resources, Inc." to "InspireMD, Inc."

Headquartered in Tel Aviv, Israel, InspireMD, Inc., is a medical
device company focusing on the development and commercialization
of its proprietary stent platform technology, Mguard.  MGuard
provides embolic protection in stenting procedures by placing a
micron mesh sleeve over a stent.  The Company's initial products
are marketed for use mainly in patients with acute coronary
syndromes, notably acute myocardial infarction (heart attack) and
saphenous vein graft coronary interventions (bypass surgery).

InspireMD incurred a net loss of $29.25 million for the year ended
June 30, 2013, as compared with a net loss of $17.59 million
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $17.68 million in total assets, $4.67 million in
total liabilities and $13 million in total equity.


L.A. HOUSING AUTHORITY: S&P Hikes Revenue Bonds Rating From 'BB'
----------------------------------------------------------------
Los Angeles Housing Authority Long-Term Rating Raised To 'BBB'
From 'BB+' On Significantly Improved Occupancy Rates

Standard & Poor's Ratings Services raised its long-term rating to
'BBB' from 'BB+' on Los Angeles Housing Authority's (HACLA) series
2009A mortgage revenue bonds, issued for the Bella Vista
Apartments acquisition project.  The rating reflects the
application of our affordable multifamily housing criteria
published June 19, 2014. The outlook is stable.

The rating upgrade reflects significant improvement in overall
occupancy and financial performance as indicated by maximum annual
debt service coverage based on audited financial statements as of
Dec. 31, 2013," said Standard & Poor's credit analyst Andrew Fong.
"In addition, there has been a significant reduction in vacancy
loss, maintenance and repair, and insurance related expenses
compared with previous years," added Mr. Fong.

Standard & Poor's expects the revenue stream to remain stable
given the properties' current market, high occupancy, and good
condition.


LADDER CAPITAL: Fitch Retains 'BB' IDR on Proposed REIT Election
----------------------------------------------------------------
The announcement by Ladder Capital Corp that it commenced steps
necessary to elect REIT status with an effective date of Jan. 1,
2015 has no impact on Ladder's 'BB' long-term Issuer Default
Rating or Stable Rating Outlook, according to Fitch Ratings.  In
Fitch's opinion, Ladder's intent to maintain a consistent
operating strategy and pay a portion of the dividend in common
stock rather than cash offsets the limited capital retention
flexibility that comes with REIT election.

Following the proposed REIT election and shareholder vote in the
first quarter of 2015 needed for charter and tax agreement
amendments required to assure REIT compliance, Ladder is expected
to operate as an internally managed REIT, with no changes to its
business strategy, asset mix, or leverage target.  The company's
conduit loan origination and securitization business, condominium
sale activities, and selected other assets will be housed in a
taxable REIT subsidiary (TRS).

While the conversion does not place pressure on Ladder's rating or
Outlook, the company's REIT conversion will negatively impact its
ability to retain capital for growth and/or opportunistic
activity, driven primarily by the requirement that REITs
distribute at least 90% of taxable income to shareholders.
Through the TRS structure, Ladder will be able to manage this
distribution requirement.  Furthermore, Ladder is targeting
initial annual cash dividend distributions of $100 million, with
occasional additional 'true-up' distributions, as required by the
REIT rules, to be paid primarily in stock, which should provide
for further capital retention.

All else equal, the conversion is expected to reduce corporate
taxes, increase core net earnings, earnings per share and return
on equity, while reducing retained earnings.  In a hypothetical
scenario presented by the company, pro forma earnings per share
are expected to increase by approximately 50%, whereas pro forma
capital retention is expected to decline to 45% from 59% under the
C-Corporation structure.  Fitch expects the company to prudently
manage its growth in light of reduced capital retention.

Fitch views Ladder's balanced operating strategy (including
reduced risk taking depending on market conditions) and its
conservative leverage profile, as key strengths to its current
ratings.  As of Sept. 30, 2014, leverage, measured as gross debt
to tangible equity, was 2.1x, which is towards the lower end of
management's stated leverage target between 2.0x and 3.0x.

Any adverse changes to Ladder's operating strategy, including
changes to the stated dividend strategy, which materially reduces
capital retention, aggressive growth, including material increase
in more aggressively underwritten balance sheet loans or real
estate equity investments, and/or an increase in leverage beyond
management's articulated leverage target, would be viewed
negatively by Fitch.  Fitch's Stable Outlook reflects limited
upward rating momentum over the next 12-24 months and is further
reinforced by the reduced capital retention flexibility afforded
under the announced REIT structure.


LEHMAN BROTHERS: Files Writ of Certiorari Over Asset Sale Row
-------------------------------------------------------------
James W. Giddens, Trustee for the liquidation of Lehman Brothers
Inc. (LBI) under the Securities Investor Protection Act (SIPA), is
filing a petition for writ of certiorari with the U.S. Supreme
Court seeking review of lower court rulings that awarded margin
cash assets to Barclays contrary to the Bankruptcy Code and the
Due Process clause of the U.S. Constitution.

"This petition is consistent with my fiduciary duty as Trustee to
protect the interests of customers and creditors, and it seeks to
uphold the protections of the Bankruptcy Code and the Due Process
clause of the U.S. Constitution," Mr. Giddens said.

"While the Bankruptcy Court rightly rejected Barclays' claims to
the margin cash assets, the decisions by the District and Appeals
Courts reduced the amount available for the general estate by $4
billion, frustrated the purpose of the liquidation, and undermined
the credibility of a sale hearing," Mr. Giddens continued.

Barclays purchased Lehman's brokerage business following a Section
363 hearing in Bankruptcy Court that began on September 19, 2008.
During the hearing, the parties to the transaction made repeated
and unambiguous representations that "no cash" was to be included
in the sale.  These representations were the basis for all
parties, including the Securities Investor Protection Corporation,
assenting to the transaction and the Bankruptcy Court approving
the transaction.  Despite this, more than a year later, Barclays
claimed that a post-transaction "clarification letter," which was
never subject to notice, hearing or Bankruptcy Court approval as
required by Section 363, entitled it to $4 billion in margin cash
assets.

The same Bankruptcy Court judge who oversaw the Section 363
hearing later conducted an exhaustive 34-day trial over Barclays'
disputed claim to these assets.  The judge heard extensive
testimony and evidence, concluded that "no cash" meant "no cash,"
and denied Barclays' $4 billion request.

The U.S. District Court for the Southern District of New York and
the U.S. Court of Appeals for the Second Circuit held otherwise,
permitting the subsequent "clarification letter" to trump the
conflicting, express representations on which the Bankruptcy Court
relied to approve the sale in the first place.

A Section 363 hearing permits a trustee to sell a debtor's
property outside the ordinary course of business only after
"notice and a hearing" before the Bankruptcy Court.  This critical
protection allows all interested parties to have an opportunity to
learn about and potentially object to the sale terms and ensures
that there is meaningful judicial oversight and review of the
transaction.

If the Appeals Court and District Court decisions are left
standing, long-term damage to the Section 363 process will result:

The decisions provide a playbook for sophisticated parties and
lawyers to game Section 363 sales to the detriment of trustees,
creditors, and customers.

The decisions undercut the ability of the Bankruptcy Court and
interested parties to rely on representations made during a
Section 363 hearing, threatening the integrity of those
proceedings and the efficacy of those sales.

The decisions hinder the judicial efficiency and flexibility that
Section 363 sales often require.

Counsels for the Trustee on this issue include Paul D. Clement,
George W. Hicks, Jr. and Barbara Smith Grieco of Bancroft PLLC,
and James B. Kobak, Jr., Christopher K. Kiplok and Savvas A.
Foukas of Hughes Hubbard & Reed LLP.

Status of the Liquidation

The Trustee has appropriately reserved for the Barclays
litigation, and the decision to file this petition does not affect
the distributions already made to customers and general creditors.

At the outset of the LBI liquidation, the extent of customer
distributions was unknown and the potential for a general estate
was in doubt.  Currently:

All customer and priority claims have been paid in full.
The first interim distribution to general creditors, begun in
September 2014, totaled $2.6 billion and equaled 17 percent of the
total amount of allowed unsecured general creditor claims.
Total distributions are more than $110 billion, representing the
largest distribution across the worldwide Lehman insolvency
proceedings.

The Trustee expects to be able to make additional interim
distributions to unsecured general claimants as he continues to
wind-down the estate.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LIBERTY CABLEVISION: Moody's Affirms B3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
(CFR) and B3-PD Probability of Default Rating of Liberty
Cablevision of Puerto Rico LLC (LCPR). The action follows the
announced plan of LCPR's owners, Liberty Global plc (Liberty
Global, Ba3 stable) and Searchlight Capital Partners, L.P.
(Searchlight) to acquire Puerto Rico Cable Acquisition Company
Inc. (Choice Cable, B2 negative) for $272.5 million and to combine
the operations with LCPR. Moody's also affirmed the B2 ratings on
LCPR's first lien credit facility and the Caa2 ratings on its
second lien credit facility. LCPR expects to increase the first
lien term loan by approximately $225 million and the second lien
by approximately $32.5 million to help fund the acquisition. All
rated Choice Cable debt would be repaid in conjunction with the
acquisition.

A summary of the actions follows. If the transaction occurs as
proposed, Moody's expects to withdraw the B2 CFR and all other
ratings for Choice Cable upon close, since all its existing rated
debt would be repaid.

Liberty Cablevision of Puerto Rico LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured 1st lien Term Loan, Affirmed B2, LGD3

Senior Secured 1st lien Revolving Credit Facility, Affirmed B2,
LGD3

Senior Secured 2nd lien Term Loan, Affirmed Caa2, LGD6

Outlook, Remains Stable

Ratings Rationale

Moody's estimates the primarily debt funded transaction will
increase LCPR's leverage to the mid 5 times debt-to-EBITDA range
from the low 5 times. However, the combination would create an
island wide operator, facilitating operating synergies and an
improved ability to serve the commercial market. Also, Moody's
believes the transaction could be free cash flow accretive, given
Choice Cable's stronger free cash flow profile and that the
incremental debt adds only approximately $13 million to annual
interest expense. Notwithstanding some challenges in the
integration of OneLink assets acquired in November 2012, Moody's
believes Liberty Global's track record of acquisitions minimizes
operational risk. These factors support the affirmation of the B3
CFR.

Nevertheless, LCPR's weak capital structure provides minimal
flexibility for managing the weak economic and demographic trends
in Puerto Rico, which Moody's believes will constrain subscriber
growth. LCPR reported subscriber growth over the past year despite
these conditions, but Choice Cable's subscriber base is shrinking.
Also, Moody's believes operating metrics such as revenue per homes
passed and subscriber penetration will remain well below stateside
US cable operating peers. Geographic concentration and lack of
scale also constrain the rating, although the company benefits
from the scale of its 60% owner Liberty Global, plc. Furthermore,
the combination creates scale in the Puerto Rican market, enabling
consistent, cost effective marketing across the region and
programming cost synergies.

The stable outlook assumes the combined entity will achieve modest
organic EBITDA growth, generate positive free cash flow, and
maintain adequate or better liquidity.

Moody's would consider a positive rating action with expectations
for sustained leverage around 5 times debt-to-EBITDA or better and
sustained free cash flow-to-debt above 3%. An upgrade would also
require expectations for adequate or better liquidity and a
management commitment to maintaining the stronger credit profile,
including the ability and willingness to offset negative economic
and demographic trends in Puerto Rico which could depress growth
prospects with debt reduction.

An increase in leverage to the high 6 times range, whether due to
debt financed acquisitions or dividends or fundamental operating
weakness, or deterioration of the liquidity profile would likely
warrant a negative rating action.

Liberty Cablevision of Puerto Rico LLC (LCPR) provides video, high
speed data, and telephone services to residential and commercial
customers in Puerto Rico. The company is indirectly 60% owned by
LGI Broadband Operations, Inc. an entity 100% owned by Liberty
Global plc (Ba3 stable) and 40% owned by Searchlight Capital
Partners L.P. Its annual revenue is approximately $300 million,
and as of September 30 the company had approximately 217,900
video, 205,300 high speed data and 154,200 phone RGUs.

Puerto Rico Cable Acquisition Company, Inc., operating under the
brand name Choice Cable, provides video, high speed data, and
voice services to approximately 113,900 residential and commercial
customers in the southern and western regions of Puerto Rico. Its
annual revenue is approximately $85 million, and the company is
owned by Spectrum Equity and Patriot Media. Executives from
Patriot Media, who run RCN Telecom Services LLC (B2 stable) and
Grande Communications Networks LLC (B2 stable), manage Choice
Cable.

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.


MATTESON, IL: Moody's Puts B1 GO Unlimited Tax Rating for Review
----------------------------------------------------------------
Moody's Investors Service has placed the B1 general obligation
unlimited tax (GOULT) and B3 general obligation limited tax (GOLT)
ratings of the Village of Matteson, IL under review with direction
uncertain. The rating action affects $22.0 million of rated GOULT
debt and $25.3 million of rated GOLT debt. Village officials have
not provided interim or budget-to-actual results for fiscal 2014,
which concluded on April 30. Furthermore, they have not provided
information on plans and projections for fiscal 2015. If
sufficient information is not received in the coming weeks,
Moody's will take appropriate rating action, which could include
the withdrawal or lowering of the ratings.

Principal Methodology

The principal methodology used in this rating was US Local
Government General Obligation Debt published in January 2014.


MERMAID HARRISON: Bankr. Case Transferred to San Jose Division
--------------------------------------------------------------
Bankruptcy Judge Dennis Montali of the U.S. Bankruptcy Court for
the Northern District of California authorized the transfer of the
Chapter 11 case of Mermaid Harrison LLC to the San Jose Division.

As reported in the Troubled Company Reporter on Nov. 11, 2014,
Judge Montali issued an order for the Debtor to show cause why its
Chapter 11 cases should be retained in the San Francisco division,
after determining that intradistrict venue appears to be improper
in the case.  Judge Montali noted that the Debtor's street address
shows that it is in Aptos, California, which is in the county of
Santa Cruz, California, accordingly, the case will be transferred
to the San Jose division.

In response to Judge Montali's show cause order, the Debtor said
it consented to the immediate transfer of its Chapter 11 case to
the San Jose division.

                    About Mermaid Harrison

Mermaid Harrison LLC sought bankruptcy protection (Bankr. N.D.
Cal. Case No. 14-31607) in San Francisco, California, on Nov. 2,
2014, without stating a reason.

The Debtor, a Single Asset Real Estate as defined in 11 U.S.C.
Sec. 101(51B), estimated $10 million to $50 million in assets and
debt.

The Debtor has not yet filed its formal schedules of assets and
liabilities.  Incomplete filings are due by Nov. 17, 2014,
according to the docket.

The deadline to file claims is on March 9, 2015.

The case is assigned to Judge Dennis Montali.

The Debtor is represented by Sarah M. Stuppi, Esq., at the Law
Offices of Stuppi and Stuppi, in Walnut Creek, California.


NAKED BRAND: Posts $7.2 Million Comprehensive Income in Q3
----------------------------------------------------------
Naked Brand Group Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net
comprehensive income of $7.22 million on $145,790 of net sales for
the three months ended Oct. 31, 2014, compared to a net
comprehensive loss of $396,400 on $117,521 of net sales for the
same period a year ago.

For the nine months ended Oct. 31, 2014, the Company reported a
net comprehensive loss of $23.03 million on $430,590 of net sales
compared to a net comprehensive loss of $3.07 million on $414,872
of net sales for the same period during the prior year.

The Company's balance sheet at Oct. 31, 2014, showed $3.90 million
in total assets, $18.76 million in total liabilities and a $14.85
million total stockholders' capital deficit.

"As of October 31, 2014, the Company had not yet achieved
profitable operations and expects to incur significant further
losses in the development of its business, which casts substantial
doubt about the Company's ability to continue as a going concern.
To remain a going concern, the Company may be required to obtain
the necessary financing to pursue its plan of operation.
Management plans to fund operations over the next twelve months
using current working capital on hand.  The condensed consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty," the Company stated
in the Report.

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

                        http://is.gd/F1geUH

                         About Naked Brand

Naked Brand Group Inc. designs, manufactures, and sells men's
innerwear and lounge apparel products in the United States and
Canada.  It offers various innerwear products, including trunks,
briefs, boxer briefs, undershirts, T-shirts, and lounge pants
under the Naked brand, as well as under the NKD sub-brand for men.
The company sells its products to consumers and retailers through
wholesale relationships and direct-to-consumer channel, which
consists of an online e-commerce store, thenakedshop.com.  Naked
Brand Group Inc. is based in New York, New York.

The Company's balance sheet at July 31, 2014, showed $4.98 million
in total assets, $35.18 million in total liabilities and a
stockholders' deficit of $30.2 million.

As at July 31, 2014, the Company had not yet achieved profitable
operations and expects to incur significant further losses in the
development of its business, which casts substantial doubt about
the Company's ability to continue as a going concern, the Company
stated in the quarterly report for the period ended July 31, 2014.


NAVISTAR INTERNATIONAL: To Close Indianapolis Foundry
-----------------------------------------------------
Navistar International Corporation announced that it will close
its foundry operations in Indianapolis, Indiana, where it
currently produces engine blocks and heads for its proprietary
engines.  Going forward, the company will source these components
from the supply base.  This transition will occur during the first
half of next year, and the Company expects to complete the foundry
closure in the summer of 2015.

"Over the last two years, we've taken a number of steps to
strengthen our business and position the company for a return to
profitability and long-term success," said Persio Lisboa,
Navistar's president of operations.  "We've determined that
leveraging our suppliers for these components will reduce our
engine costs, improve our overall manufacturing capacity
utilization, and free up additional resources to invest in our
core North America truck and parts business."

Once completed, closing the Indianapolis foundry is expected to
eliminate approximately 180 jobs and reduce Navistar's operating
costs by about $13 million annually.  The company took an $11
million charge in Q4 2014 that includes employee separation
benefits, pension and other postretirement contractual termination
benefits, inventory reserves and other related costs.  In
addition, the company anticipates up to $40 million in additional
charges for accelerated depreciation related to the closure of the
Indianapolis foundry and related impacts during the first half of
2015.

"Closing a facility is a difficult decision because of its impact
on the many great people who've been part of our company," Lisboa
added.  "We will treat people with dignity and respect throughout
this process."

                    About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $898 million for the year ended Oct. 31, 2013,
following a net loss attributable to the Company of $3.01 billion
for the year ended Oct. 31, 2012.

The Company's balance sheet at July 31, 2014, showed $7.70 billion
in total assets, $11.74 billion in total liabilities and a $4.04
billion total stockholders' deficit.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corporation,
including the B3 Corporate Family Rating (CFR).  The ratings
reflect Moody's expectation that Navistar's successful
incorporation of Cummins engines throughout its product line up
will enable the company to regain lost market share, and that
progress in addressing component failures in 2010 vintage-engines
will significantly reduce warranty expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Illinois-based truckmaker Navistar International Corp. (NAV) to
'CCC+' from 'B-'.  "The rating downgrades reflect our increased
skepticism regarding NAV's prospects for achieving the market
shares it needs for a successful business turnaround," said credit
analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the Issuer Default Ratings
(IDR) for Navistar International Corporation and Navistar
Financial Corporation at 'CCC' and removed the Negative Outlook on
the ratings.  The removal reflects Fitch's view that immediate
concerns about liquidity have lessened, although liquidity remains
an important rating consideration as NAV implements its selective
catalytic reduction (SCR) engine strategy.  Other rating concerns
are already incorporated in the 'CCC' rating.


NEW ENGLAND COMPOUNDING: Feds Arrest 14 Over Meningitis Outbreak
----------------------------------------------------------------
Jon Kamp, writing for Daily Bankruptcy Review, reported that more
than two years after a fungal meningitis outbreak killed dozens of
people in the U.S., federal authorities announced charges against
14 people connected to the Massachusetts compounding pharmacy they
believe was behind the outbreak.  According to the report, two of
the defendants -- New England Compounding Center pharmacy co-owner
Barry Cadden and Glenn Chin, a supervising pharmacist -- face
second-degree murder charges for the alleged roles they played in
making and distributing tainted medication that spread the
meningitis.

             About New England Compounding Pharmacy

New England Compounding Pharmacy Inc., filed a Chapter 11 petition
(Bankr. D. Mass. Case No. 12-19882) in Boston on Dec. 21, 2012,
after a meningitis outbreak linked to an injectable steroid,
methylprednisolone acetate ("MPA"), manufactured by NECC, killed
39 people and sickened 656 in 19 states, though no illnesses have
been reported in Massachusetts.  The Debtor owns and operates the
New England Compounding Center is located in Framingham, Mass.  In
October 2012, the company recalled all its products, not just
those associated with the outbreak.

Paul D. Moore, Esq., at Duane Morris LLP, in Boston, has been
appointed as Chapter 11 Trustee of NECC.  He is represented by
Jeffrey D. Sternklar, Esq., at DUANE MORRIS LLP.

An Official Committee of Unsecured Creditors appointed in the case
has been represented by BROWN RUDNICK LLP's William R. Baldiga,
Esq., Rebecca L. Fordon, Esq., Jessica L. Conte, Esq., and David
J. Molton, Esq.


NORTHLAND RESOURCES: Bankruptcy Request for Units Approved
----------------------------------------------------------
Northland Resources SE on Dec. 16 disclosed that the Company's
request of bankruptcy for Northland Logistics AS, Northland Mines
OY and Northland Exploration Finland OY has been approved with
respective jurisdiction.

In accordance with the announcement on December 8, 2014, the
Company's subsidiaries Northland Logistics AS, Northland Mines OY
and Northland Exploration Finland OY has filed for bankruptcy.  As
a part of this, the Company has suggested advokat Knut Ro, Ro
Sommernes Advokatfirma, as official receiver for the Norwegian
Subsidiary and advokat Pekka Jaatinen, Castren & Snellman
Attorneys, as official receiver for the Finnish Subsidiaries.

The request has been approved with respective jurisdiction and
advokat Knut Ro and advokat Pekka Jaatinen, will therefore
formally assume control over the companies, in accordance with the
suggestion above.

For more information, please call:

          +46 978 126 60

              - or -

          Ro Sommernes Advokatfirma:
          +47 23 00 34 40
          http://www.rosom.no

              - or -

          Castren & Snellman Attorneys:
          +358 20 7765 765
          http://www.castren.fi

          E-mail ir@northland.eu or
          visit the Web site: http://www.northland.eu

                    About Northland Resources SE

Northland is a producer of iron ore concentrate, with a portfolio
of production, development and exploration mines and projects in
northern Sweden and Finland.  The first construction phase of the
Kaunisvaara project is complete and -- production ramp-up started
in November 2012.  The Company expects to produce high-grade,
high-quality magnetite iron concentrate in Kaunisvaara, Sweden,
where the Company expects to exploit two magnetite iron ore
deposits, Tapuli and Sahavaara.  Northland has entered into off-
take contracts with three partners for the entire production from
the Kaunisvaara project over the next seven to ten years.  The
Company has also finalized a Definitive Feasibility Study ("DFS")
for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in
Kolari, northern Finland.


NUVILEX INC: Incurs $4 Million Net Loss in Second Quarter
---------------------------------------------------------
Nuvilex, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $4.06 million on $0 of product sales for the three months ended
Oct. 31, 2014, compared to a net loss of $5.65 million on $0 of
product sales for the same period in 2013.

For the six months ended Oct. 31, 2014, the Company reported a net
loss of $5.64 million on $0 of product sales compared to a net
loss of $10.32 million on $0 of product sales for the same period
last year.

As of Oct. 31, 2014, the Company had $6.65 million in total
assets, $276,862 in total liabilities and $6.38 million in total
stockholders' equity.

For the six months ended Oct. 31, 2014, the Company used cash of
$2,153,606 in operations, used cash of $250,000 from investing
activities and used cash of $57,859 from financing activities.

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

                        http://is.gd/9akUzT

                         About Nuvilex Inc.

Silver Spring, Md.-based Nuvilex, Inc.'s current strategy is to
focus on developing and marketing products designed to improve the
health and well-being of those who use them.

Nuvilex incurred a net loss of $1.59 million on $12,160 of product
sales for the 12 months ended April 30, 2013, as compared with a
net loss of $1.89 million on $66,558 of total revenue during the
prior year.

Robison, Hill & Co., in Salt Lake City, Utah, issued a "going
concern" qualification on the consolidated financial statements
for the year ended April 30, 2013.  The independent auditors noted
that the Company has suffered recurring losses from operations
which raises substantial doubt about its ability to continue as a
going concern.


ONE SOURCE: Case Summary & 14 Unsecured Creditors
-------------------------------------------------
Debtor: One Source Industrial Holdings, LLC
        16055 Space Center Blvd., Suite 170
        Houston, TX 77062

Case No.: 14-44996

Nature of Business: Holds equipment utilized by various related
                    entities which provide rental equipment and
                    industrial services to businesses in the oil
                    and gas, refining, manufacturing, pipeline,
                    shipping, and construction industries.

Chapter 11 Petition Date: December 16, 2014

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Hon. Russell F. Nelms

Debtor's Counsel: J. Robert Forshey, Esq.
                  FORSHEY & PROSTOK, LLP
                  777 Main St., Suite 1290
                  Ft. Worth, TX 76102
                  Tel: 817-877-8855
                  Email: jrf@forsheyprostok.com

                    - and -

                  Suzanne K. Rosen, Esq.
                  FORSHEY & PROSTOK, LLP
                  777 Main St. Ste. 1290
                  Fort Worth, TX 76102
                  Tel: (817) 878-2018
                  Fax: (817) 877-4151
                  Email: srosen@forsheyprostok.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by R. Scott Jordan, manager.

List of Debtor's 14 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Amegy Bank                                            $7,000,000
c/o O'Donnell, Forebee, et al.
450 Gears Rd., Suite 800
Houston, TX 77067

Andrews ISD Tax Office                                  $112,161

Reeves County Appraisal District                         $95,934

La Porte Tax Office                                      $94,714

Harris County Tax Assessor-Coll.                         $54,492

City of Deer Park Tax Office                             $51,813

Hill's Specialty Company, Inc.                           $28,294

Ector County Appraisal District                          $26,864

Reeves County Tax Assessor-Coll                          $25,208

Ellis County Tax Assessor                                $23,688

Andrews County Tax Office                                $20,198

Eddy County Treasurer                                       $110

The Sherwin Williams Co.                                      $0

Lee Transervices Inc.                                         $0


OSI RESTAURANT: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed OSI Restaurant Partners, LLC's
("OSI") Corporate Family Rating at B1, B2-PD Probability of
default rating and Ba3 (LGD2) senior secured bank ratings. Moody's
also affirmed OSI's SGL-1 Speculative Grade Liquidity Rating. The
rating outlook is positive.

Ratings affirmed are:

  Corporate Family Rating at B1

  Probability of Default Rating at B2-PD

  $300 million senior secured term loan A due 2019, rated Ba3
  (LGD2)

  $600 million senior secured revolver due 2019, rated Ba3 (LGD2)

  $225 million senior secured term loan B due 2019, rated Ba3
  (LGD2)

Speculative Grade Liquidity rating at SGL-1

Ratings Rationale

The B1 Corporate Family Rating reflects OSI's high level of brand
awareness, large and diversified asset base, positive operating
trends and steady improvement in credit metrics and liquidity.
However, the ratings also incorporate OSI's relatively high
leverage, below average operating margins despite significant cost
reductions to date, and soft consumer spending and competitive
pressures that continue to pressure earnings.

In addition, despite the adoption of a more shareholder focused
financial policy Moody's believes OSI will maintain a balanced
approach towards dividends and share repurchases that will not
negatively impact credit metrics or liquidity based on current
expectations for operating performance.

The positive outlook reflects Moody's expectation that OSI will
continue to strengthen debt protection metrics through same store
sales growth, system-wide unit expansion, and debt reduction in
excess of mandatory amortization. The outlook also incorporates
Moody's view that the company will maintain very good liquidity
despite a more shareholder focused financial policy towards
dividends and share repurchases.

Ratings could be upgraded in the event stronger operating
performance results in a sustained improvement in debt protection
metrics and liquidity. Specifically, ratings could be upgraded if
leverage fell below 4.5 times, EBITA coverage of interest expense
approached 2.75 times, and retained cash flow to debt was about
20% on a sustained basis. An upgrade would also require that the
company maintain good liquidity.

The rating outlook could be changed to stable if the company fails
to materially improve credit metrics or sustain favorable
operating trends. Ratings could be negatively impacted by any
protracted deterioration in operating performance that caused a
sustained deterioration in credit metrics from current levels.
Specifically, a downgrade could occur if debt to EBITDA were to go
above 5.0 times or if EBITA to interest fell below 2.25 times on a
sustained basis. A material deterioration in liquidity for any
reason could also pressure the ratings.

OSI Restaurant Partners, LLC owns and operates a diversified base
of casual dining concepts which include Outback Steakhouse,
Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime
Steakhouse and Wine Bar and Roy's. Annual revenues for the LTM
period ended September 28, 2014, were approximately $4.4 billion.

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


OZ GAS: Guy C. Fustine, Esq. Approved as Counsel for Trustee
------------------------------------------------------------
Bankruptcy Judge Thomas P. Agresti authorized the employment of

     Guy C. Fustine, Esq.
     THE LAW FIRM OF KNOX, MCLAUGHLIN, GORNALL & SENNETT, P.C.
     120 West Tenth Street
     Erie, PA 16501

as counsel for the Chapter 11 trustee for John D. Oil & Gas
Company.

Mr. Fustine applied for authorization to employ counsel pro se,
stating that the interests of the estate and the creditors will be
served by engaging the Knox Firm to assist the trustee in
fulfilling his duties.

To the best of the trustee's knowledge, the Knox Firm and its
attorneys are "disinterested persons" as that term is defined in
the Bankruptcy Code.

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

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

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

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

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

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


OZ GAS: Robert M. Power Okayed as Accountant for the Trustee
------------------------------------------------------------
The Bankruptcy Court authorized Guy C. Fustine, Chapter 11 Trustee
for OZ Gas, Ltd., et al., to employ Robert M. Power, CPA and his
firm McGill Power Bell & Associates as his accountant.

MPB&A will perform various services, including:

   a) providing the Trustee with general accounting advice;

   b) assisting the Trustee in the preparation of the Debtor's tax
returns;

  c) assisting the Trustee as necessary in the preparation of the
monthly operating reports; and

   d) providing the Trustee with financial and accounting advice
pertaining to any sale, business plan or Chapter 11 plan of
reorganization.

MPB&A will perform various services at a maximum fee of $10,000
with each case.  The maximum total fee to be awarded for the
services in all three cases if $6,000 and each Debtor will be
responsible for one-third of the fee.

Mr. Power maintains an office at 1920 West 8th Street, Suite 1300,
Erie, Pennsylvania.

To the best of the Trustee's knowledge, Mr. Power and MPB&A are
"disinterested" as that term is defined in the Bankruptcy Code.

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

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

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

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

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

The U.S. Trustee said a committee under Section 1102 of the
Bankruptcy Code has not been appointed because no unsecured
creditor responded to the U.S. Trustee's communication for service
on the committee.


PARSLEY ENERGY: Moody's Raises Corporate Family Rating to B3
------------------------------------------------------------
Moody's Investors Service upgraded Parsley Energy, LLC's Corporate
Family Rating (CFR) to B3 from Caa1, Probability of Default Rating
to B3-PD from Caa1-PD, and senior unsecured notes rating to Caa1
from Caa2. The senior notes are co-issued by Parsley and Parsley
Finance Corp. The rating outlook remains positive. Moody's
affirmed the SGL-3 Speculative Grade Liquidity Rating.

"The upgrade to B3 and the positive outlook reflect Moody's view
that Parsley's production base will grow in 2015 with margins and
leverage remaining supportive despite a challenging crude price
environment," said Arvinder Saluja, Moody's Vice President.

Issuer: Parsley Energy, LLC

Upgrades:

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

Corporate Family Rating, Upgraded to B3 from Caa1

USD 7.5% Senior Unsecured Senior Global Notes due 02/15/2022,
Upgraded to Caa1 (LGD5) from Caa2 (LGD5)

Outlook Actions:

Outlook, Remains Positive

Affirmations:

Speculative Grade Liquidity Rating, Affirmed SGL-3

Rating Rationale

Parsley's B3 Corporate Family Rating reflects its relatively
modest scale, concentrated geographic presence, and significant
capital requirements as it ramps up drilling and development of
its acreage. The rating also incorporates an expectation of a low
crude oil price environment, the impact of which is somewhat
mitigated by Parsley's in-place hedges for 2015 and 2016. The CFR
is supported by quality acreage in the Permian Basin, liquids-rich
production that generates good cash margins, multiple year
drilling inventory, and a high degree (99%) of operational control
over its leasehold acreage, which allows for flexible capital
allocation and development of its acreage in light of crude price
volatility.

Parsley's SGL-3 rating reflects adequate liquidity. As of November
2014, Parsley's commitment level under its ABL revolver due
September 2018 was $365 million, which is lower than the current
borrowing base of $575 million. By the end of 2015, Moody's expect
the company to have minimal cash balances and roughly $100 million
available under its $365 million revolver. Parsley's capital
spending is forecasted to exceed its cash flows because the
company plans on ramping up its drilling activity and drilling
more horizontal wells. The company's liquidity ($133 million cash
on hand and almost full revolver availability, as of September 30,
2014) should be sufficient to cover the projected outspend in
2015. The revolving credit facility has two financial covenants --
a current ratio of at least 1.0x and a minimum interest coverage
of 2.5x. Moody's expect the company to be in compliance with these
covenants.

In accordance with Moody's Loss Given Default methodology, the
US$550 million senior unsecured notes are rated Caa1, one notch
below Parsley's CFR due to the structural subordination of the
notes to the $365 million secured revolving credit facility.

The positive outlook reflects Moody's expectation that production
will increase as new wells come online and that leverage on
production and reserves will improve.

The rating could be upgraded if annual average daily production
sustainably approaches 25,000 Boe/d and retained cash flow to debt
remains above 25%. The outlook could be changed to stable or the
ratings could be downgraded if debt to average daily production
rises above $45,000 per boe on a sustained basis, if liquidity
deteriorates materially, or if production does not grow as
expected.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Parsley Energy LLC is an independent exploration and production
company based in Austin, Texas.


PROVIDENT FINANCING I: Fitch Affirms BB+ Rating on Sub. Securities
------------------------------------------------------------------
Fitch Ratings has affirmed Unum Group Inc.'s (NYSE: UNM) holding
company ratings, including the senior debt rating at 'BBB'.  In
addition, Fitch has affirmed the Insurer Financial Strength (IFS)
ratings for of all of UNM's domestic operating subsidiaries at
'A'.  The Rating Outlook is Stable.

KEY RATING DRIVERS

The affirmation follows UNM's announcement that it expects to
report an after tax GAAP reserve increase of between $400 million
and $500 million in the fourth quarter of 2014 related to the
company's runoff long-term care (LTC) business.  The reserve
charge was largely driven by lower-than-expected interest rates,
and also reflects the company's updated assumptions concerning
emerging claims experience and progress on premium rate increases.

Fitch views this LTC reserve charge as a credit negative.  The
rating action reflects Fitch's view that the LTC reserve charge is
manageable in relation to the company's earnings and capital.

Fitch's primary concern is the potential for future reserve
charges given uncertainty around the future direction of interest
rates and future claims experience.  Fitch notes that the
statutory charge of approximately $150 million was limited to the
LTC business written out of UNM's New York domiciled insurance
subsidiary, which accounts for 20% of UNM's LTC business.
Statutory reserves associated with the company's non-NY LTC
business were not impacted by this announcement.

UNM's ratings continue to reflect UNM's strong operating
performance in its ongoing businesses; conservative investment
portfolio; solid capital and liquidity at both the insurance
subsidiary and holding company levels; the company's leadership
position in the U.S. employee benefits market; and good
diversification.  The ratings also consider the impact of the low
interest rate environment on the UNM's ongoing businesses,
competitive challenges in the company's core U.S. disability
business, and ongoing profit challenges in the its U.K. business.

The Stable Outlook reflects Fitch's belief that while UNM's
premium growth and operating margins continue to be challenged by
the weak economic environment and competitive market conditions,
the company's overall profitability has been strong, and will
continue to support the current rating.  Operating margins in
UNM's U.S. disability business have held up well through recent
challenging conditions, particularly in comparison to the
company's peers.  The company has been experiencing an improving
trend in the benefit ratio of its core U.S. group disability
income business over the past two years, which has helped support
the company's overall profitability.

After experiencing significant challenges in 2011 and 2012, UNM
U.K.'s operating income has shown improvement thus far in 2014.
Much of the improvement reflects the implementation of rate
increases beginning in 2011, particularly on its U.K. group life
business, as well as claims management initiatives and a
repositioning of the business to reduce focus on the large case
market.  As expected, the unit's persistency experienced a
significant decline as a result of the rate increases, which
combined with a 50% quota-share reinsurance treaty on its group
life business effective Jan. 1, 2013, created a significant
decline in premium income.  Premium income has begun to grow again
in 2014.

UNM's financial leverage was 24% at Sept. 30, 2014.  Fitch
considers the company's debt service capacity to be strong for the
rating level with GAAP earnings based interest coverage of 8.7x
through the first three quarters of 2014.  Holding company
liquidity, including an intermediate holding company, totaled $720
million at Sept. 30, 2014.  UNM reported consolidated risk-based
capital of its U.S. insurance subsidiaries of an estimate 400% at
Sept. 30, 2013, which is essentially unchanged from year-end 2013
and is at the high end of management's near to intermediate term
target of 375% - 400%.

RATING SENSITIVITIES

The key rating triggers that could lead to an upgrade include:

   -- Improved general economic conditions including a growth in
      employment, salaries and disposable income which enable UNM
      to achieve its long-term target of 5%-7% annual earnings
      growth on its core operations.

   -- GAAP earnings-based interest coverage over 12x and statutory
      maximum allowable dividend coverage of interest expense over
      5x.

   -- U.S. risk-based capital ratio above 400% and run-rate
      financial leverage below 20%.

Key rating triggers that could lead to a downgrade include:

   -- Deterioration in financial results that includes an increase
      in the U.S. group disability benefit ratio over 87%, GAAP
      earnings-based interest coverage falling below 8x, and
      statutory maximum allowable dividend interest expense
      coverage falling below 3x.

   -- Any additional reserve strengthening charges in the near
      term.

   -- Holding company cash falls below management's target of
      approximately 1x fixed charges (interest expense plus common
      stock dividend), or roughly $290 million.

   -- U.S. risk-based capital ratio below 350% and financial
      leverage above 25%.

Fitch affirms these ratings with a Stable Outlook:

Unum Group Inc.
   -- Issuer Default Rating (IDR) at 'BBB+';
   -- 7.125% senior notes due Sept. 30, 2016 at 'BBB';
   -- 7% senior notes due July 15, 2018 at 'BBB';
   -- 5.625% senior notes due Sept. 15, 2020 at 'BBB';
   -- 4.00% senior notes due March 15, 2024 at BBB;
   -- 7.25% senior notes due March 15, 2028 at 'BBB';
   -- 6.75% senior notes due Dec. 15, 2028 at 'BBB';
   -- 7.375% senior notes due June 15, 2032 at 'BBB'
   -- 5.75% senior notes due Aug. 15, 2042 at 'BBB'.

Provident Financing Trust I
   -- 7.405% junior subordinated capital securities at 'BB+'.

UnumProvident Finance Company plc
   -- 6.85% senior notes due Nov. 15, 2015 at 'BBB'.

Unum Group members:
Unum Life Insurance Company of America
Provident Life & Accident Insurance Company
Provident Life and Casualty Insurance Company
The Paul Revere Life Insurance Company
The Paul Revere Variable Annuity Insurance Company
First Unum Life Insurance Company

Colonial Life & Accident Insurance Company
   -- IFS at 'A'.


QUALITY LEASE: Court Sets Jan. 12, 2015 as Claims Bar Date
----------------------------------------------------------
At the behest of Quality Lease and Rental Holdings, LLC, Judge
David R. Jones entered an order providing that all proof of claims
or interests for non-governmental entities, including claims filed
by equity interest holders, in the case of Quality Lease and
Rental Holdings, LLC, and its affiliates, all proof of claims or
interests for non-governmental entities, including claims filed by
equity interest holders, in the cases will be filed on or before
Jan. 12, 2015, or are forever barred.

Proofs of claim must be filed so as to be actually received on or
before Jan. 12, 2015, either electronically through the Court
authorized ECF system or by mail at this address:

           COURT CLERK
           United States Bankruptcy Court
           Southern District of Texas, Victoria Division
           P.O. Box 1638
           Victoria, Texas 77902

              About Quality Lease and Rental Holdings

Quality Lease and Rental Holdings, LLC, doing business as Rocaceia
Energy Services, sought bankruptcy protection in Victoria, Texas
(Bankr. S.D. Tex. Case No. 14-60074) on Oct. 1, 2014.

Related entities Quality Lease Rental Service, LLC, Quality Lease
Service, LLC, and Rocaceia, LLC also sought bankruptcy protection
(Case Nos. 14-60075 to 14-60077).

The cases are assigned to Judge David R Jones.

The Debtors have tapped Walter J Cicack, Esq., at Hawash Meade
Gaston Neese & Cicack LLP, in Houston, as counsel.


QUICKSILVER RESOURCES: Vanessa LaGatta Named CFO
------------------------------------------------
The Board of Directors of Quicksilver Resources Inc. approved the
election of Vanessa Gomez LaGatta to senior vice president - chief
financial officer and treasurer of the Company, effective Jan. 1,
2015, the terms of which election were finalized on Dec. 12, 2014,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.

Ms. LaGatta, 37, has served as Quicksilver's vice president -
treasurer since September 2009.  Ms. LaGatta has 15 years of
financial experience in the energy industry.  She has led several
key financial initiatives and had increasing responsibility in
corporate development and strategic processes during her tenure
with Quicksilver.  Ms. LaGatta also served as Quicksilver's
representative on the Board of Directors of Crestwood Midstream
Partners GP LLC (the general partner of a publicly-traded
midstream services provider) from August 2012 to October 2013.
Prior to joining Quicksilver, Ms. LaGatta served as a Director of
Credit Suisse's Investment and Corporate Banking group, where she
held various positions of increasing responsibility from 2001 to
2009.  Ms. LaGatta holds a Bachelor of Business Administration
with distinction in International Finance from Texas Christian
University.

Ms. LaGatta will receive an annual salary of $400,000, is eligible
to participate in the Company's Exempt Employee Discretionary
Bonus Plan and has the opportunity to receive an annual long-term
incentive award.  She will also receive cash promotion and
retention bonuses in the amounts of $125,000 and $400,000,
respectively, each of which will be payable on Jan. 15, 2015, and
be subject to clawback if she ceases to be an employee of the
Company prior to Dec. 31, 2015, unless (a) there has been a Change
in Control (as defined in the Company's Seventh Amended and
Restated 2006 Equity Plan) on or prior to the date of her
termination of employment or (b) her employment is terminated (i)
by the Company without cause, subject to her execution and non-
revocation of a release agreement satisfactory to the Company,
(ii) due to disability (as determined by the Compensation
Committee in good faith) or (iii) due to death.

                         About Quicksilver

Quicksilver Resources Inc. is an exploration and production
company engaged in the development and production of long-lived
natural gas and oil properties onshore North America.  Based in
Fort Worth, Texas, the company is widely recognized as a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999 and is listed on the New York Stock Exchange under the
ticker symbol KWK.  The company has U.S. offices in Fort Worth,
Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig,
Colorado and Cut Bank, Montana.  The Company's Canadian
subsidiary, Quicksilver Resources Canada Inc., is headquartered in
Calgary, Alberta.

Quicksilver Resources posted net income of $161.61 million in 2013
following a net loss of $2.35 billion in 2012.  The Company's
balance sheet at Sept. 30, 2014, showed $1.26 billion in total
assets, $2.36 billion in total liabilities and a $1.09 billion
total stockholders' deficit.

                           *     *     *

As reported by the TCR on Sept. 30, 2014, Moody's Investors
Service downgraded Quicksilver Resources Inc.'s Corporate Family
Rating (CFR) to Caa3 from Caa1.  "The downgrade to Caa3 reflects
Moody's view that Quicksilver Resources' risk of default has
further increased," said Pete Speer, Moody's senior vice
president.

The TCR reported on Oct. 7, 2014, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Quicksilver
Resources Inc. to 'CCC-' from 'CCC+'.  "The downgrade reflects our
view that Quicksilver could undertake a distressed exchange for
its $350 million subordinated notes due 2016 within the next six
months," said Standard & Poor's credit analyst Carin Dehne-Kiley.


SANMIGUEL SWEEPERS: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Sanmiguel Sweepers, Inc.
        935 E. Curry Rd.
        Tempe, AZ 85281

Case No.: 14-18364

Chapter 11 Petition Date: December 16, 2014

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

Judge: Hon. George B. Nielsen Jr.

Debtor's Counsel: Lamar D. Hawkins, Esq.
                  AIKEN SCHENK HAWKINS & RICCIARDI, P.C.
                  2390 East Camelback Road, Suite 400
                  Phoenix, AZ 85016-3479
                  Tel: 602-248-8203
                  Fax: 602-248-8840
                  Email: dlh@ashrlaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Alex Sanmiguel, president.

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


SF CC INTERMEDIATE: Moody's Hikes Corporate Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating and
the Probability of Default Rating of SF CC Intermediate Holdings,
Inc. (SF CC) to B2 and B2-PD from B3 and B3-PD respectively.
Moody's also upgraded the ratings of the company's $150 million
ABL revolving credit facility to Ba1 from Ba2 and affirmed the B3
rating of the company's $595 million first lien term loan. The
rating outlook is stable.

After the upgrade the Corporate Family Rating and Probability of
Default Rating will be withdrawn from SF CC. At the same time,
Moody's assigned a Corporate Family Rating & Probability of
Default Rating of B2 and B2-PD, respectively to Smart & Final
Stores LLC (Smart & Final) as Smart & Final has assumed all the
credit facilities that were originally at SF CC. Moody's also
assigned Smart & Final a speculative grade liquidity rating of
SGL-2.

"Smart & Final's credit metrics have improved following the debt
reduction through the proceeds of its initial public offering,"
Moody's Senior Analyst Mickey Chadha stated. "Moreover, operating
performance continues to demonstrate the company's ability to
compete effectively and maintain margins in a tough economic and
competitive business environment", Chadha further stated.

Ratings Rationale

The B2 Corporate Family Rating recognizes the company's good
liquidity, consistent positive same store sales growth, and the
potential benefits of the company's diversification efforts and
new management initiatives. The rating acknowledges the company's
high leverage. Debt/EBITDA after the debt reduction from IPO
proceeds as adjusted by Moody's was 5.6 times for the LTM period
ended October 5, 2014. The rating continues to reflect Smart &
Final's regional concentration, and challenging geographic and
demographic markets.

The following ratings are upgraded and will be withdrawn:

SF CC Intermediate Holdings, Inc.:

Corporate Family Rating at B2;

Probability of Default rating at B2-PD;

The following rating was upgraded and assumed by Smart & Final
Stores LLC:

$150 million guaranteed ABL revolving credit facility expiring
2017 at Ba1 (LGD2);

The following rating is affirmed and assumed by Smart & Final
Stores LLC:

$595 million guaranteed first lien term loan maturing 2019 at B3
(LGD4)

The following ratings are assigned:

Smart & Final Stores LLC

Corporate Family Rating at B2

Probability of Default Rating of B2-PD

Speculative Grade Liquidity rating at SGL - 2

The stable outlook incorporates Moody's expectation that over the
next 12-18 months credit metrics will moderately improve but
remain in line with the rating category, driven by the improving
economy along with management initiatives focused on price
optimization, cost savings and product offerings.

The B2 CFR could be subject to upward momentum if the company
continues to demonstrate good liquidity, and sustained improvement
in profitability and operating margins. Quantitatively, an upgrade
could be achieved if debt to EBITDA approaches 4.5 times and EBITA
to interest is sustained in excess of 1.75 times.

The B2 CFR could be pressured if there is a material deterioration
in liquidity or if operating performance deteriorates as evidenced
by sustained decline in same store sales growth and profitability.
Ratings could also be downgraded if the company's financial
policies become aggressive particularly in terms of debt financed
dividends or share repurchases. Quantitatively ratings could be
downgraded if EBITA to interest approaches 1.25 times or if debt
to EBITDA approaches 6.0 times.

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

Smart & Final Stores LLC (Smart & Final) is headquartered in
Commerce, California, and operates 268 non-membership warehouse
club stores serving retail and commercial customers in six western
states and northern Mexico under the Smart & Final and Cash &
Carry banners. The company is majority owned by an affiliate of
Ares Management.


SHIROKA DEVELOPMENT: Judge Corrects Company Name to "Shirokia"
--------------------------------------------------------------
The Hon. Nancy Hershey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York issued an order amending the case
caption to correct the company name from Shiroka Development LLC
to Shirokia Development LLC.

It has "come to the attention of the Court that, due to
administrative error, the name of the Debtor (and/or Joint Debtor,
if applicable) was entered incorrectly/omitted in the official
Court record for this case," Judge Lord said.

Judge Lord directed the Clerk of Court to notify the U.S. Trustee,
all creditors, and these credit reporting agencies -- Atlanta,
Ga.-based Equifax, Allen, Tex.-based Experian, and Chester, Pa.-
based Trans Union Corporation.

Shirokia Development, LLC, a real property owner in Flushing, New
York, currently being controlled by a receiver, filed a
Chapter 11 bankruptcy petition in Manhattan, on Aug. 12, 2014.
Hong Qin Jiang signed the petition as authorized individual.  The
Debtor disclosed, in an amended schedules total assets of $28.40
million and total liabilities of $16.79 million.  The Debtor has
tapped Dawn Kirby Arnold, Esq., at DelBello Donnellan Weingarten
Wise & Wiederkehr, LLP, as counsel.


STAFFORD LOGISTICS: Moody's Cuts Corporate Family Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service downgraded Stafford Logistics Inc.'s
Corporate Family Rating ("CFR") to Caa1 from B3, its Probability
of Default Rating to Caa2-PD, and the first lien credit facility
rating to Caa1. The downgrades reflect Moody's concerns that the
company's tight liquidity and high leverage elevate the company's
default risk. The rating outlook is stable compared to negative
beforehand.

Ratings Rationale

The downgrade of the CFR to Caa1 reflects Moody's concern that
Stafford's weak liquidity and leverage (projected to be 5.2x-5.5x
in 2015) elevates the company's default risk, particularly in the
current debt market which is increasingly discerning on providing
capital. While Moody's expects the company to generate positive
cash from operations in 2015, that cash will be utilized to
purchase new tractors for the company's fleet, lowering the
average vehicle age to under 2 years. The fuel efficiency
improvement and lower maintenance benefits to the credit profile
are more than offset by the expectation for liquidity to dip below
$10 million during 2015 and for the company's leverage ratio to
hover near, and at times may risk exceeding, the maximum permitted
level. An equity cure was required following the third quarter of
2014 for the company to comply with the leverage covenant.

Stafford has established itself in the niche business of
transporting municipal solid waste from waste transfer stations to
landfills which have often are located 50 or more miles from the
location of waste generation. The company is one of several
regional operators in this sector which Moody's expect will
consolidate over the next few years.

The stable outlook reflects Moody's expectation for low single
digit percent organic revenue growth (pro-forma for the Q2 2014
acquisition of BJ Bear Grain Company) and margins improving about
50-75 basis points in 2015.

The rating could be raised if the company is able to improve its
liquidity on a long term basis while lowering leverage to under
5.0x. The ratings could be downgraded if cash from operations
turned negative.

Ratings:

Corporate Family Rating: downgraded to Caa1 from B3

Probability of Default Rating: downgraded to Caa2-PD from Caa1-PD

$10 million 1st lien revolving credit facility: downgraded to
Caa1/LDG3 from B3/LGD3

$120 million 1st lien term loan: downgraded to Caa1/LGD3 from
B3/LGD3

Outlook: changed to stable from negative

Mableton, GA, headquartered Stafford Logistics operates under the
name Custom Ecology and Moody's forecasts it will generate about
$145 million revenue and under $20 million cash from operations in
2015. The company primarily provides long distance (50 miles or
more) hauling of solid waste from transfer stations to regional
landfills on behalf of solid waste collection customers. The
company is majority owned by funds affiliated with Kinderhook
Industries, a private equity firm.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in June 2014.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


STELLAR BIOTECHNOLOGIES: CEO Reports 6.6% Equity Stake
------------------------------------------------------
Frank R. Oakes, president and chief executive officer of Stellar
Biotechnologies, Inc., disclosed in an amended Schedule 13D filed
with the U.S. Securities and Exchange Commission that he
beneficially owned 5,343,846 shares of common stock of Stellar
Biotechnologies, Inc., representing 6.6%, based on 79,121,650
common shares of the Company issued and outstanding as of Nov. 1,
2014.  A copy of the regulatory filing is available at:

                       http://is.gd/d6lp1V

                          About Stellar

Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'s
business is to commercially produce and market Keyhole Limpet
Hemocyanin ("KLH") as well as to develop new technology related to
culture and production of KLH and subunit KLH ("suKLH")
formulations.  The Company markets KLH and suKLH formulations to
customers in the United States and Europe.

KLH is used extensively as a carrier protein in the production of
antibodies for research, biotechnology and therapeutic
applications.

Stellar Biotechnologies reported a net loss of $8.43 million on
$372,132 of total revenues for the year ended Aug. 31, 2014,
compared to a net loss of $14.49 million on $545,469 of total
revenues for the year ended Aug. 31, 2013.  The Company also
reportd a net loss of $5.52 million for the year ended Aug. 31,
2012.


TRANSGENOMIC INC: AMH Equity Reports 6.8% Stake as of Dec. 8
------------------------------------------------------------
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 Dec. 8, 2014, they beneficially owned
550,000 shares of common stock of Transgenomic Inc. representing
6.8 percent of the shares outstanding.  The reporting persons
previously owned of 725,000 shares of common stock of the Company
representing 9.86 of the shares outstanding as of May 22, 2014.  A
full-text copy of the regulatory filing is available at:

                         http://is.gd/L67Gd8

                          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.


TRIVASCULAR TECHNOLOGIES: Losses to Continue in the Future
----------------------------------------------------------
TriVascular Technologies Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $13.89 million on $7.88 million of
total revenue for the three months ended Sept. 30, 2014, compared
with a net loss of $12.7 million on $5.51 million of total revenue
for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $109.67
million in total assets, $57.2 million in total liabilities, and a
stockholders' equity of $52.47 million.

Since inception, the Company has generated significant losses and
expect to continue to generate losses for the foreseeable future.
The Company's independent registered public accounting firm has
expressed in its auditors' report on consolidated financial
statements for the year ended Dec. 31, 2013 a "going concern"
opinion, meaning that the Company has suffered recurring losses
from operations and negative cash flows from operations that raise
substantial doubt regarding its ability to continue as a going
concern.

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

                       http://is.gd/dDKMfZ

TriVascular Technologies Inc., a medical device company, develops
and commercializes technologies to advance minimally invasive
treatment of abdominal aortic aneurysms (AAA).  The company offers
ovation system, a stent graft platform for the treatment of AAA
through minimally invasive endovascular aortic repair.  It is also
developing a short-cure fill polymer to reduce the time required
for the polymer to solidify; next generation iliac limbs; ovation
alto system, a next generation aortic body; and other platform
applications.  The company markets and sells its products through
direct sales organizations in the United States, Germany, and the
United Kingdom, as well as through distributors in other markets.
TriVascular Technologies, Inc. was incorporated in 2007 and is
headquartered in Santa Rosa, California.


UNILIFE CORP: Cash Flow for 2015 Raises Going Concern Doubt
-----------------------------------------------------------
Unilife Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $23.1 million on $1.38 million of total
revenue for the three months ended Sept. 30, 2014, compared with a
net loss of $10.98 million on $3.19 million of total revenue for
the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $80.74
million in total assets, $83.42 million in total liabilities, and
a stockholders' deficit of $2.68 million.

The Company estimates that its cash and cash equivalents, along
with its restricted cash, together with the additional proceeds
from the First Amendment to the Credit Agreement and additional
proceeds raised under the Sales Agreement, combined with
anticipated cash to be generated from new and existing customer
agreements are expected to provide the Company with sufficient
liquidity through fiscal year 2015.  However, there can be no
assurance that such cash from customer agreements will be
available when needed.  These factors continue to raise
substantial doubt about the Company's ability to continue as a
going concern, according to the regulatory filing.

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

                        http://is.gd/wrOPJC

Unilife Corporation is a developer, manufacturer and supplier of
injectable drug delivery systems, based in York, Pennsylvania.
The Company manufactures and supplies proprietary devices in a
format that can be filled and packaged with an injectable therapy
to pharmaceutical and biotechnology companies.


UNIVERSITY GENERAL: Unit to be Acquired by Cornerstone Healthcare
-----------------------------------------------------------------
Cornerstone Healthcare Group announced the company has entered
into an agreement to acquire the operations of TrinityCare Senior
Living for cash and assumed debt of $27 million.  A subsidiary of
University General Health System, Inc., TrinityCare develops,
owns, operates and manages independent living, assisted living and
memory care facilities in Texas, Tennessee and Georgia. Financial
terms of the transaction were not disclosed.

Founded in 1990, Cornerstone operates Long Term Acute Care (LTAC)
Hospitals, with 19 locations in the United States.  Cornerstone
specializes in the treatment of medically complex patients who
require individualized, interdisciplinary acute care for an
extended period of time.

"We are pleased to add TrinityCare's services to our senior care
platform," stated David Smith, president and CEO of Cornerstone.
"The Southwest and Southeast regions of the United States continue
to represent underserved markets for senior care, and this
acquisition will expand our network while enabling us to continue
to offer our patients best-in-class services."

Cornerstone will operate its senior living business under the
TrinityCare name.  Donald W. Sapaugh, founder of TrinityCare
Senior Living and current president of University General Health
System, Inc., will join Cornerstone as president and chief
executive officer of Cornerstone's senior living division.  After
the closing of the transaction, Mr. Sapaugh will resign as
president of University General Health System but will remain as a
board member and Chairman of the Capital Markets Committee.

"As TrinityCare continues to develop and grow as a company, we are
thrilled to take this transformative step by joining the
Cornerstone platform," commented Mr. Sapaugh.  "Cornerstone has
built a well-respected national business model that is known for
its high quality patient care and knowledgeable staff."

"We are constantly evaluating opportunities to source new
investments for the Cornerstone platform," commented Matt Jameson,
managing director at Highland Capital Management L.P. and member
of Cornerstone's Board of Directors.  "With the rapid expansion of
the elderly population in the United States, this acquisition
positions Cornerstone to pursue an aggressive growth strategy in
the senior living and senior care space."

"The sale of our senior living segment represents our ongoing
commitment to execute our strategic plan announced earlier this
year, and we believe this elimination of debt and non-core assets
will enhance our focus on our flagship hospital in Houston,"
commented Hassan Chahadeh, M.D., chairman and chief executive
officer of University General Health System, Inc.

                      About University General

University General Health System, Inc., located in Houston, Texas,
is a diversified, integrated multi-specialty health care provider
that delivers concierge physician- and patient-oriented services.
UGHS currently operates one hospital and two ambulatory surgical
centers in the Houston area.  It also owns a revenue management
company, a hospitality service provider and facility management
company, three senior living facilities and manages six senior
living facilities.

University General reported a net loss attributable to common
shareholders of $35.70 million on $163.98 million of total
revenues for the year ended Dec. 31, 2013, as compared with a net
loss attributable to common shareholders of $3.97 million on
$113.22 million of total revenues for the year ended Dec. 31,
2012.

As of Dec. 31, 2013, the Company had $183.26 million in total
assets, $186.91 million in total liabilities, $2.97 million in
series C convertible preferred stock, and a $6.61 million total
deficit.

Moss, Krusick & Associates, LLC, in Winter Park, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has negative working capital and
relative low levels of cash and cash equivalents.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern, the auditors said.


WALTER ENERGY: Alden Global Stake at 3.8% as of Dec. 3
------------------------------------------------------
Alden Global Capital LLC and its affiliates disclosed that as of
Dec. 3, 2014, they beneficially owned 2,581,850 shares of common
stock of Walter Energy, Inc., representing 3.79 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/LEWFF1

                        About Walter Energy

Walter Energy is a leading, publicly traded "pure-play"
metallurgical coal producer for the global steel industry with
strategic access to high-growth steel markets in Asia, South
America and Europe.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,900 employees with operations in
the United States, Canada and United Kingdom.

The Company's balance sheet at Sept. 30, 2014, showed $5.64
billion in total assets, $5.18 billion in total liabilities and
$454.91 million in total stockholders' equity.

                            *    *    *

As reported by the TCR on Aug. 19, 2014, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Birmingham,
Ala.-based Walter Energy Inc. to 'CCC+' from 'SD'.  S&P believes
the company's capital structure is likely unsustainable in the
long-term absent an improvement in met coal prices.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy, Inc., to Caa2 from Caa1.
The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away.


WPCS INTERNATIONAL: Delays Form 10-Q for Oct. 31 Quarter
--------------------------------------------------------
WPCS International Incorporated filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the period
ended Oct. 31, 2014.  The Company said the compilation,
dissemination and review of the information required to be
presented in the Form 10-Q for the relevant fiscal quarter has
imposed time constraints that have rendered timely filing of the
Form 10-Q impracticable without undue hardship and expense to the
Company.  The Company undertakes the responsibility to file that
quarterly report no later than five days after its original due
date.

               About WPCS International Incorporated

WPCS -- http://www.wpcs.com-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP
as its new independent registered public accounting firm.
CohnReznick LLP resigned on Dec. 20, 2013.

WPCS International incurred a net loss attributable to common
shareholders of $11.16 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.  As of April 30,
2014, the Company had $22.02 million in total assets, $16.05
million in total liabilities and $5.96 million in total equity.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


* Junk Bond Market Now Negative for Year
----------------------------------------
Katy Burne, writing for Daily Bankruptcy Review, reported that
trading turmoil has dragged junk-bond returns into the red for the
year, according to Barclays PLC data, the latest milestone in a
second-half slump that has started to entice some buyers.
According to the report, the U.S. Corporate High Yield index,
which tracks the below-investment-grade bonds, lost 0.3% this year
through Dec. 16 close.


* Rafael Zahralddin-Aravena Named 2014 Diversity & Bar Rainmaker
----------------------------------------------------------------
Elliott Greenleaf's Rafael X. Zahralddin-Aravena was featured in
the Minority Corporate Counsel Association's November/December
issue of Diversity & the Bar.  The MCCA is the premier
organization of in house legal departments dedicated to diversity
and professional development of minorities and women.  The MCCA is
a leader in promoting, hiring and retention of minorities and
women in corporate law departments and the law firms that serve
them.

Each year the MCCA selects fifteen attorneys for its annual
Leading Law Firm Rainmakers issue.  John Elliott, Chairman & CEO
of Elliott Greenleaf, stated, "Rafael leads by example.  His
clients and colleagues benefit from his experienced judgment that
quickly, effectively, and economically develops winning
strategies."  The lawyers selected have proven to be skilled
practitioners with a record of compiling a book of business that
exceeds $2 million annually.  The rainmakers are selected from a
pool of nominees suggested by firms and clients across the
country.

Rafael X. Zahralddin-Aravena is a shareholder in Elliott
Greenleaf's Wilmington, Del., office and a member of the firm's
board of directors.  He is also the Chair of the Commercial
Bankruptcy and Restructuring Practice.  He works almost
exclusively as a corporate restructuring lawyer and commercial
litigator and has extensive experience in representing debtors and
creditors' committees in chapter 11 cases in a variety of areas,
including manufacturing, information technology, satellite radio,
online retail, mortgage service and origination, pharmaceutical
and engineering companies.  He also works as a business lawyer
with experience in entity formation, corporate compliance, cross
border issues, creditor's rights and corporate law.


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In re 4501 Belair Road, LLC
   Bankr. D. Md. Case No. 14-28635
     Chapter 11 Petition filed December 8, 2014
         See http://bankrupt.com/misc/mdb14-28635.pdf
         Filed Pro Se

In re Humberto Manzano
   Bankr. C.D. Cal. Case No. 14-24793
      Chapter 11 Petition filed December 9, 2014

In re Joseph D. Romaniello
   Bankr. D. Conn. Case No. 14-51862
      Chapter 11 Petition filed December 9, 2014

In re CMFV, LLC
        dba Furniture & Mattress Discounter
   Bankr. M.D. Fla. Case No. 14-13383
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/flmb14-13383.pdf
         represented by: Mark P.Cressman, Esq.
                         CRESSMAN LAW FIRM
                         E-mail: mark@cressmanlaw.com

In re Carlos Mejias
   Bankr. S.D. Fla. Case No. 14-36921
      Chapter 11 Petition filed December 9, 2014

In re First Born Church Community Outreach Center, Inc.
   Bankr. S.D. Fla. Case No. 14-36944
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/flsb14-36944.pdf
         represented by: Susan D. Lasky, Esq.
                         SUSAN D. LASKY, PA
                         E-mail: ECF@suelasky.com

In re Malik Hayat
   Bankr. D. Mass. Case No. 14-15682
      Chapter 11 Petition filed December 9, 2014

In re Lucas Packaging Group, Inc.
   Bankr. D.N.J. Case No. 14-34794
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/njb14-34794.pdf
         represented by: Dean G. Sutton, Esq.
                         E-mail: dgs123@ptd.net

In re Susan Harrison
   Bankr. D.N.J. Case No. 14-34834
      Chapter 11 Petition filed December 9, 2014

In re Kramerica Enterprises, LLC
   Bankr. E.D.N.Y. Case No. 14-46200
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/nyeb14-46200.pdf
         represented by: Kevin J. Nash, Esq.
                         GOLDBERG WEPRIN FINKEL GOLDSTEIN, LLP
                         E-mail: KNash@gwfglaw.com

In re WMD Martial Arts, Inc.
        dba Pro Martial Arts
   Bankr. W.D. Pa. Case No. 14-24797
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/pawb14-24797.pdf
         represented by: Christopher M. Frye, Esq.
                         STEIDL & STEINBERG
                         E-mail: chris.frye@steidl-steinberg.com

In re Archer Healthcare Providers, LLC
        dba Archer City Nursing Center
   Bankr. N.D. Tex. Case No. 14-70401
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/txnb14-70401.pdf
         represented by: Weldon L. Moore, III, Esq.
                         SUSSMAN & MOORE, L.L.P.
                         E-mail: wmoore@csmlaw.net

In re Vernon Healthcare Providers, LLC
        dba Vernon Nursing & Rehabilitation Center
   Bankr. N.D. Tex. Case No. 14-70402
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/txnb14-70402.pdf
         represented by: Weldon L. Moore, III, Esq.
                         SUSSMAN & MOORE, L.L.P.
                         E-mail: wmoore@csmlaw.net

In re J. Black's Dallas-Henderson Avenue LLC
   Bankr. W.D. Tex. Case No. 14-11789
     Chapter 11 Petition filed December 9, 2014
         See http://bankrupt.com/misc/txwb14-11789.pdf
         represented by: Eric J. Taube, Esq.
                         HOHMANN TAUBE & SUMMERS, LLP
                         E-mail: erict@hts-law.com

In re Rodolfo Soto-Maldonado
   Bankr. E.D. Va. Case No. 14-14562
      Chapter 11 Petition filed December 9, 2014
In re Taraleigh Michelle Davidson
   Bankr. D. Ariz. Case No. 14-18118
      Chapter 11 Petition filed December 10, 2014

In re William G. Thompson and Elizabeth A. Thompson
   Bankr. E.D. Ark. Case No. 14-16532
      Chapter 11 Petition filed December 10, 2014

In re Pamela Noel
   Bankr. C.D. Cal. Case No. 14-32815
      Chapter 11 Petition filed December 10, 2014

In re Takuichiro Van Takahashi and Angelina Michelle Takahashi
   Bankr. C.D. Cal. Case No. 14-32871
      Chapter 11 Petition filed December 10, 2014

In re Jennifer Wade Seaton
   Bankr. S.D. Fla. Case No. 14-31319
      Chapter 11 Petition filed December 10, 2014

In re Satellite Phone Solutions, LLC
   Bankr. S.D. Fla. Case No. 14-37037
     Chapter 11 Petition filed December 10, 2014
         See http://bankrupt.com/misc/flsb14-37037.pdf
         represented by: Angelo A. Gasparri, Esq.
                       THE LAW OFFICES OF ANGELO A. GASPARRI, P.A.
                         E-mail: angelo@drlclaw.com

In re Susan Rodriguez
   Bankr. S.D. Fla. Case No. 14-37052
      Chapter 11 Petition filed December 10, 2014

In re Gary Richards and Theresa M. Richards
   Bankr. D. Md. Case No. 14-28817
      Chapter 11 Petition filed December 10, 2014

In re Viking Management, LLC
   Bankr. D. Mass. Case No. 14-42694
     Chapter 11 Petition filed December 10, 2014
         See http://bankrupt.com/misc/mab14-42694.pd
         Filed Pro Se

In re Roger D. Menk
   Bankr. D. Minn. Case No. 14-34857
      Chapter 11 Petition filed December 10, 2014

In re Esmie Realty Group, LLC
   Bankr. E.D.N.Y. Case No. 14-46216
     Chapter 11 Petition filed December 10, 2014
         See http://bankrupt.com/misc/nyeb14-46216.pdf
         Filed Pro Se

In re Furs by Gigi, Ltd.
   Bankr. E.D.N.Y. Case No. 14-46219
     Chapter 11 Petition filed December 10, 2014
         See http://bankrupt.com/misc/nyeb14-46219.pdf
         represented by: Elio Forcina, Esq.
                         E-mail: forcinalaw@gmail.com

In re Furs by Gigi, Ltd.
   Bankr. E.D.N.Y. Case No. 14-46220
     Chapter 11 Petition filed December 10, 2014
         See http://bankrupt.com/misc/nyeb14-46220.pdf
         represented by: Elio Forcina, Esq.
                         E-mail: forcinalaw@gmail.com

In re ChiroPlus of Locust Lane, Inc.
   Bankr. M.D. Pa. Case No. 14-05693
     Chapter 11 Petition filed December 10, 2014
         See http://bankrupt.com/misc/pamb14-05693.pdf
         represented by: Henry W Van Eck, Esq.
                         METTE, EVANS, & WOODSIDE
                         E-mail: hwvaneck@mette.com

In re Ian J. Reynolds
   Bankr. E.D. Tex. Case No. 14-36806
      Chapter 11 Petition filed December 10, 2014

In re Splash Restaurant Group. LLC
   Bankr. D. Conn. Case No. 14-32275
     Chapter 11 Petition filed December 12, 2014
         See http://bankrupt.com/misc/ctb14-32275.pdf
         represented by: Robert D. Mercer-Falkoff
                         E-mail: rdmesq@sbcglobal.net

In re Virginia P. Nistico
   Bankr. D. Conn. Case No. 14-51880
      Chapter 11 Petition filed December 12, 2014

In re R E Company, Inc.
   Bankr. E.D. Mich. Case No. 14-59052
     Chapter 11 Petition filed December 12, 2014
         See http://bankrupt.com/misc/mieb14-59052.pdf
         represented by: Michael P. DiLaura, Esq.
                         MIKE DILAURA & ASSOCIATES, PC
                         E-mail: miked@mikedlaw.com

In re Jim's Properties, LLC
   Bankr. E.D. Mich. Case No. 14-59106
     Chapter 11 Petition filed December 12, 2014
         See http://bankrupt.com/misc/mieb14-59106.pdf
         represented by: Ethan D. Dunn, Esq.
                         MAXWELL DUNN, PLC
                         E-mail: bankruptcy@maxwelldunnlaw.com

In re Valex Amos, Jr.
   Bankr. W.D. La. Case No. 14-21129
      Chapter 11 Petition filed December 12, 2014

In re Jamal Ghanem and Salwa Ghanem
   Bankr. E.D. Mich. Case No. 14-59105
      Chapter 11 Petition filed December 12, 2014

In re Jesse R. Debaker
   Bankr. D. Ariz. Case No. 14-18275
      Chapter 11 Petition filed December 15, 2014

In re Jam Restaurant Group, LLC
   Bankr. D. Ariz. Case No. 14-18277
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/azb14-18277.pdf
         represented by: Carlos M. Arboleda, Esq.
                         ARBOLEDA BRECHNER
                         E-mail: arboledac@abfirm.com

In re Arizona Mobile Technologies, LLC
   Bankr. D. Ariz. Case No. 14-18295
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/azb14-18295.pdf
         represented by: Lyndon B. Steimel, Esq.
                         LAW OFFICE OF LYNDON B. STEIMEL
                         E-mail: lyndon@steimellaw.com

In re Altered States, LLC
   Bankr. D. Ariz. Case No. 14-18299
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/azb14-18299.pdf
         represented by: Michael L. Gertell, Esq.
                         GERTELL & ROOS, PLLC
                         E-mail: mgertellesq@aol.com

In re Robert James Gilewski
   Bankr. D. Conn. Case No. 14-51891
      Chapter 11 Petition filed December 15, 2014

In re Ron Davidson
   Bankr. S.D. Fla. Case No. 14-37286
      Chapter 11 Petition filed December 15, 2014

In re William E. James
   Bankr. N.D. Ill. Case No. 14-44469
      Chapter 11 Petition filed December 15, 2014

In re Word of Faith Full Gospel Church, Inc.
   Bankr. W.D. Ky. Case No. 14-34563
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/kywb14-34563.pdf
         represented by: Jan C. Morris, Esq.
                         LOWEN & MORRIS
                         E-mail: lmattys@bellsouth.net

In re Rhema Apts. Ltd.
   Bankr. W.D. Ky. Case No. 14-34567
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/kywb14-34567.pdf
         represented by: Jan C. Morris, Esq.
                         LOWEN & MORRIS
                         E-mail: lmattys@bellsouth.net

In re Trinity Full Gospel Ministries
   Bankr. E.D. Miss. Case No. 14-49692
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/moeb14-49692.pdf
         represented by: James S. Cole, Esq.
                         MURPHY AND WASINGER
                         E-mail: jcole@wasingerlawgroup.com

In re 6007 Lake Road, LLC
   Bankr. W.D.N.Y. Case No. 14-21527
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/nywb14-21527.pdf
         represented by: David H. Ealy, Esq.
                         TREVETT, CRISTO, SALZER & ANDOLINA P.C.
                         E-mail: dealy@trevettlaw.com

In re Cerqa, LLC
   Bankr. M.D. Tenn. Case No. 14-09781
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/tnmb14-09781.pdf
         represented by: Griffin S. Dunham, Esq.
                         EMERGE LAW, PLC
                         E-mail: griffin@emergelaw.net

In re Diversity Early Learning Academy, Inc.
        fka De La Creme Early Learning Academy, Inc.
   Bankr. W.D. Tex. Case No. 14-53073
     Chapter 11 Petition filed December 15, 2014
         See http://bankrupt.com/misc/txwb14-53073.pdf
         represented by: William R. Davis, Jr., Esq.
                         LANGLEY & BANACK, INC.
                         E-mail: wrdavis@langleybanack.com



                             *********

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 ***