TCR_Public/141226.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Friday, December 26, 2014, Vol. 18, No. 357

                            Headlines

ADAMANT DRI: Incurs $812K Net Loss for Sept. 30 Quarter
AEOLUS PHARMACEUTICALS: Reports $80,000 Net Loss in Fiscal 2014
AEREO INC: Broadcasters Want Relief From Automatic Stay
AEREO INC: Files Schedules of Assets and Liabilities
AEREO INC: Wants Feb. 6, 2015 General Claims Bar Date

AIR ONE: Moody's Lowers Rating on 2011 Revenue Bonds to 'B3'
ALEXANDRA TRUST: Don Bailey Balks at Bid to Tap Bankruptcy Counsel
ALEXANDRA TRUST: Don Bailey Balks at Hiring of Special Counsel
ALSIP ACQUISITION: Says Litigation on Venue Transfer Costly
AMADO AMADO SALON : Case Summary & 12 Unsecured Creditors

AMADO SALON DE BELLEZA: Case Summary & 12 Top Unsecured Creditors
AMERICA WEST: Moody's Cuts Rating on Series 1998-1 Tranche to Ba1
AMERICAN APPAREL: Adopts New Stockholder Rights Plan
AMERICAN APPAREL: Appoints Colleen Brown as Board Chairperson
AMERICAN INT'L: Coventry Says Suit Bad for Business

AMERICAN POWER: Incurs $3.2 Million Net Loss in Fiscal 2014
AOXING PHARMACEUTICALS: Has Until 2015 to Comply with NYSE Rules
AUXILIUM PHARMACEUTICALS: All Directors Resign
AUXILIUM PHARMACEUTICALS: Gets Positive Opinion from CHMP
BANK OF THE CAROLINAS: To Hold "Say On Pay" Votes Triennially

BANK OF THE CAROLINAS: Resale Prospectus Declared Effective
BERNARD L. MADOFF: Seeks Approval for Fifth Funds Distribution
BROADWAY FINANCIAL: Registers 26.7 Million Shares for Resale
BUMBLE BEE: Thai Union Deal No Impact on Moody's B3 CFR
CAESARS ENTERTAINMENT: Agrees to Merge with Caesars Acquisition

CAESARS ENTERTAINMENT: Bank Debt Won't Deter Ch. 11 Plan for Unit
CHASE WHOLESALE: Case Summary & 20 Largest Unsecured Creditors
COVENTRY FIRE DISTRICT: Chapter 9 Case Summary & 20 Top Creditors
CREEKSIDE ASSOCIATES: Pennsylvania Apartment Seeks Bankruptcy
CREEKSIDE ASSOCIATES: Asks for Approval to Use Cash Collateral

DEALERTRACK TECHNOLOGIES: Moody's Affirms Ba3 CFR on Incadea Deal
DERMA PEN: Delaware Judge Dismisses Chapter 11 Case
DEWEY & LEBOEUF: German Partner Must Face Clawback Suit
DUNE ENERGY: To Negotiate Revised Terms to EOS Merger Agreement
EFACTOR GROUP: Posts $3.72-Mil. Net Loss for Third Quarter

ELBIT IMAGING: Plaza Centers Closes Rights Offering
ENERGY XXI: Fitch Affirms 'B' Issuer Default Rating
ERF WIRELESS: Issues 5.2 Million Common Shares
EXIDE TECHNOLOGIES: Sued Over Alleged Health Problems
FOREST OIL: Closes All-Stock Business Combination with Sabine Oil

FREESEAS INC: Stockholders Elected Two Directors
GENERAL STEEL: Zuosheng Yu Reports 44.7% Stake as of Dec. 25
GEOPETRO RESOURCES: Depends on Add'l Financing to Pay Contracts
GLOBAL CASH: Moody's Lowers Corporate Family Rating to B2
GOPICNIC BRANDS: To Sell Packaged Meal Business at Auction

GREENSHIFT CORP: Enters Into Sixth Amended Forbearance Agreement
HAITI TELECOMMUNICATIONS: Judge Dismisses Claims Against TELECO
HEALTHWAREHOUSE.COM INC: Osgar Has 6.5% Stake as of Dec. 1
HERON LAKE: Declares Cash Distribution for January 2015
HUNTINGTON BEACH SCHOOL DISTRICT: On Fin'l Brink Due to Asbestos

I2A TECHNOLGIES: Wants Access to Heritage Bank's Cash Approved
INFINITY ENERGY: Incurs $716,000 Net Loss in Third Quarter
INTELLIGENT LIVING: Lack of Capital Raises Going Concern Doubt
INTERFACE SECURITY: Has $15.5-Mil. Net Loss in 3rd Quarter
JOSEPH PAYNE: Bank's Deed of Trust on Residence Not Avoidable

KEMET CORP: Hikes Loan Agreement with BofA to $60 Million
LAKELAND INDUSTRIES: To Repay Banco Mercantil Loans
LAKSHMI HOSPITALITY: Friedman Law Approved as Bankruptcy Counsel
LAURENTIAN ENERGY: Moody's Maintain Ba2 Rating on $40.9MM Bonds
LEHMAN BROTHERS: Sues St. Louis University Over Swaps

LOAN EXCHANGE: Hires County Law Center's Marc Duxbury as Attorney
LOUIS GHERLONE: Ch.7 Trustee May Recoup $80,000 From MDC
LRM MANAGEMENT: Case Summary & 3 Unsecured Creditors
MASSILLON, OH: Moody's Affirms Ba1 GO Limited Tax Bonds Rating
MDM GOLF: Court Permits GRG to Proceed With Foreclosure

METABOLIX INC: Has Insufficient Capital Resources for 12 Months
METALICO INC: Stockholders Approve Issuance of Common Shares
MICHAEL VICK: Pays Off 84.7% of Debt; Restrictive Budget to End
MOTIVATING THE MASSES: Reports $42K Net Loss in Sept. 30 Quarter
NATIONAL CINEMEDIA: Moody's Affirms Ba3 Corporate Family Rating

NAUTILUS HOLDINGS: To Present Plan for Approval Jan. 9
NEW YORK GLOBAL: Expects Losses to Continue in Near Future
NOBRE REALTY: Case Summary & 2 Unsecured Creditors
OCWEN FINANCIAL: Moody's Confirms B2 Corporate Family Rating
OVERLAND STORAGE: Cyrus Capital No Longer Holds Shares at Dec. 1

PERRY COUNTY, KY: Moody's Lowers GO Bonds Rating to Ba1
PIQUA COUNTRY CLUB: Will Stop Operating on Jan. 15
PORT AGGREGATES: Files Bare-Bones Chapter 11 Petition
PORTAGE BIOTECH: Needs More Resources to Continue Trials
POSITRON CORP: Yuri Perevalov Named to Board of Directors

PROBANK S.A.: Chapter 15 Case Summary
QUALITY DISTRIBUTION: Amends By-Laws to Change Voting Standard
RADIOSHACK CORP: CEO Says Chain Is 'Overstored'
REALOGY CORP: Redeems $332 Million of Senior Secured Notes
RESIDENTIAL CAPITAL: Rozier Wrongful Foreclosure Claim Disallowed

RESPONSE BIOMEDICAL: Hangzhou Reports 19.4% Stake as of Dec. 12
REVELATIONS IN DESIGN: Case Summary & 2 Unsecured Creditors
ROCK POINTE: Bankruptcy Case Dismissed, Ordered to Pay All Fees
RUBY WESTERN: Moody's Withdraws Ba2 Corporate Family Rating
SABINE OIL: Signs Severance Agreements with Executive Officers

SALIX PHARMACEUTICALS: Moody's Confirms B1 Corp. Family Rating
SAN GOLD: Seeks Protection From Creditors
SAN JOAQUIN HILLS: Moody's Ups Rev. Bonds Rating to 'Ba2'
SANDRINE'S LIMITED: Files for Ch 11, To Be Sold to Pierre Honegger
SANTA FE GOLD: Incurs $944K Net Loss in Third Quarter of 2014

SEARS HOLDINGS: EVP and Online Services President Resigns
SEGA BIOFUELS: Court Enters Final Decree Closing Chapter 11 Case
SIBLING GROUP: Has $1.48-Mil. Net Loss in Third Quarter
SIDEWINDER DRILLING: Moody's Cuts Sr. Unsec. Notes Rating to Caa1
SKY VENTURES: MacGillivray Ranch Not Entitled to Admin. Claim

SOL-MAR CORPORATION: Case Summary & 20 Top Unsecured Creditors
SPECIALTY HOSPITAL: DCA Acquires Business, Exits Chapter 11
SPECIALTY HOSPITAL: Hires Sills Cummis as Special Counsel
SUMMIT TRAIL: Voluntary Chapter 11 Case Summary
SUMMIT AT WINTER: Voluntary Chapter 11 Case Summary

SUSQUEHANNA AREA: Moody's Affirms Ba1 Sub. Revenue Bonds Rating
THERAPEUTICSMD INC: To Sell $100 Million Worth of Securities
TRITON EMISSION: Investments Needed to Continue as Going Concern
TRIUMPH GROUP: Moody's Affirms Ba2 CFR & Ba3 Sr. Unsecured Rating
U.S. COAL: Judge Says Co. Can Begin Spending $2 Million Loan

UNILAVA CORP: Incurs $332,000 Net Loss in Third Quarter
UNITED SECURITY: A.M. Best Lowers Fin. Strength Rating to 'C++'
VANN'S INC: Ex-Employees Settle Lawsuit Against Insiders
VERITEQ CORP: Stockholders Elected Two Directors
VILLAGE AT NIPOMO: Edwin F. Moore Says Counsel Not Disinterested

WALTER ENERGY: Gives $4.8 Million Cash Awards to 3 Executives
WASHINGTON MUTUAL: Judge Approves $37MM Bankruptcy Settlement
WAVE SYSTEMS: To Rescind Portions of Stock Option Grants
WILLBROS GROUP: Moody's Affirms B3 Corporate Family Rating
WESTMORELAND COAL: Issues $350 Million Notes

WPCS INTERNATIONAL: Incurs $3.8 Million Net Loss in 2nd Quarter
WPCS INTERNATIONAL: Has 100 Million Authorized Common Shares
YELLOWSTONE MOUNTAIN: Blixseth Released From Jail
YOSEN GROUP: Incurs $404K Net loss for Third Quarter
ZIVO BIOSCIENCE: Posts $3.34-Mil. Net Loss in Third Quarter

* Credit-Default Swaps Get New Look From Hedge Funds

* Thomas J. Salerno Served on ABI Plan Issues Subcommittee

* BOOK REVIEW: The Rise and Fall of the Conglomerate Kings


                             *********


ADAMANT DRI: Incurs $812K Net Loss for Sept. 30 Quarter
-------------------------------------------------------
Adamant DRI Processing and Minerals Group filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, disclosing a net loss of $812,000 for the three months ended
Sept. 30, 2014, compared with a net loss of $447,000 for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed
$62.8 million in total assets, $59.1 million in total liabilities,
and total stockholders' equity of $3.68 million.

The Company incurred a net loss of $4.71 million for the nine
months ended Sept. 30, 2014.  The Company also had a working
capital deficit of $50.4 million as of Sept. 30, 2014.  These
conditions raise a 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/UnHxLc

Adamant DRI Processing and Minerals Group is engaged in the
mining, processing, and production of iron ore concentrate in
China.  It owns an iron ore concentrate production line on the
Zhuolu Mine, which is located in Zhuolu County, Hebei Province,
China.  Adamant DRI Processing and Minerals Group was founded in
2008 and is based in Zhangjiakou, China.


AEOLUS PHARMACEUTICALS: Reports $80,000 Net Loss in Fiscal 2014
---------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $80,000 on $9.63 million of contract revenue for the
fiscal year ended Sept. 30, 2014, compared to a net loss of $3.21
million on $3.92 million of contract revenue for the fiscal year
ended Sept. 30, 2013.

As of Sept. 30, 2014, the Company had $3.58 million in total
assets, $1.99 million in total liabilities and $1.58 million in
total stockholders' equity.

Grant Thornton LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2014.  The independent auditors noted
that the Company has incurred recurring losses and negative cash
flows from operations, and management believes the Company does
not currently possess sufficient working capital to fund its
operations through fiscal 2014.  These conditions, among other
things, raise substantial doubt about the Company's ability to
continue as a going concern.

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

                        http://is.gd/9DxReC

                    About Aeolus Pharmaceuticals

Mission Viejo, California-based Aeolus Pharmaceuticals, Inc., is a
Southern California-based biopharmaceutical company leveraging
significant government investment to develop a platform of novel
compounds in oncology and biodefense.  The platform consists of
over 200 compounds licensed from Duke University and National
Jewish Health.

The Company's lead compound, AEOL 10150, is being developed as a
medical countermeasure ("MCM") against the pulmonary sub-syndrome
of acute radiation syndrome ("Pulmonary Acute Radiation Syndrome"
or "Lung-ARS") as well as the gastrointestinal sub-syndrome of
acute radiation syndrome ("GI-ARS").  Both syndromes are caused by
acute exposure to high levels of radiation due to a radiological
or nuclear event.  It is also being developed for use as a MCM for
exposure to chemical vesicants such as chlorine gas, sulfur
mustard gas and nerve agents.


AEREO INC: Broadcasters Want Relief From Automatic Stay
-------------------------------------------------------
Scott Flaherty at The AM Law Litigation Daily reports lawyers for
broadcast networks at Debevoise & Plimpton, Jenner & Block and
other firms have asked for relief from an automatic litigation
stay set off by Aereo, Inc.'s bankruptcy filing.

According to Litigation Daily, the broadcasters want to get their
case back in district court, where they can press their
infringement claims.  The report states that the broadcasters
haven't closed the book on key aspects of the copyright suit --
including the amount of damages they're entitled to if the Debtor
is found liable for infringement.  The report says that the
broadcasters asked the Bankruptcy Court on Dec. 11 to allow U.S.
District Judge Alison Nathan to determine "the appropriate scope
of permanent injunctive relief and damages."

William Baldiga, Esq., at Brown Rudnick LLP, who serves as the
Debtor's bankruptcy counsel, said that the broadcasters' arguments
were unfounded, since there's no threat that the Debtor would
infringe the networks' copyrights, and they have "pointed to no
cases" that back up their position, Litigation Daily relates.
"Here, the Debtor went out of business six months ago.  There are
no continuing operations, so of course there is no continuing
infringement," the report quoted Mr. Baldiga as saying.

                        About Aereo, Inc.

With headquarters in Boston, Massachusetts, Aereo, Inc., is a
technology company that provided subscribers with the ability to
watch live or "time-shifted" local over-the-air broadcast
television on internet-connected devices, such as personal
computers, tablet devices, and "smartphones."   Aero provided to
each subscriber access, via the internet, to individual remote or
micro-antennas and a cloud-based DVR, which were maintained by the
Debtor in facilities within the local market.

Aereo, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 14-13200) in Manhattan, New York, on Nov. 20, 2014.  The
Chapter 11 filing came five months after the U.S. Supreme Court
ruled the Debtor, with respect to live or contemporaneous
transmissions, was essentially performing as a traditional cable
system under the Copyright Act, and thus was violating
broadcasters' copyrights because it wasn't paying broadcasters any
fees.

The Debtor has tapped William R. Baldiga, Esq., at Brown Rudnick
LLP, in New York, as counsel.  The Debtors has also engaged Argus
Management Corp. to provide the services of Lawton W. Bloom as CRO
and Peter Sullivan and Scott Dicus as assistant restructuring
officers.  Prime Clerk LLC is the claims and notice agent.

As of the Petition Date, the Debtor's reported total assets were
$20.5 million, and its total undisputed liabilities (primarily
trade debt) were $4.2 million.


AEREO INC: Files Schedules of Assets and Liabilities
----------------------------------------------------
Aereo Inc., filed with the Bankruptcy Court its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $22,163,168
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                   $83,638
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $42,963
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $2,647,369
                                 -----------      -----------
        Total                    $22,163,168       $2,775,970

A copy of the schedules is available for free at

         http://bankrupt.com/misc/AereoInc_43_SALs.pdf

                        About Aereo, Inc.

With headquarters in Boston, Massachusetts, Aereo, Inc., is a
technology company that provided subscribers with the ability to
watch live or "time-shifted" local over-the-air broadcast
television on internet-connected devices, such as personal
computers, tablet devices, and "smartphones."   Aero provided to
each subscriber access, via the internet, to individual remote or
micro-antennas and a cloud-based DVR, which were maintained by the
Debtor in facilities within the local market.

Aereo, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 14-13200) in Manhattan, New York, on Nov. 20, 2014.  The
Chapter 11 filing came five months after the U.S. Supreme Court
ruled the Debtor, with respect to live or contemporaneous
transmissions, was essentially performing as a traditional cable
system under the Copyright Act, and thus was violating
broadcasters' copyrights because it wasn't paying broadcasters any
fees.

The Debtor has tapped William R. Baldiga, Esq., at Brown Rudnick
LLP, in New York, as counsel.  The Debtors has also engaged Argus
Management Corp. to provide the services of Lawton W. Bloom as CRO
and Peter Sullivan and Scott Dicus as assistant restructuring
officers.  Prime Clerk LLC is the claims and notice agent.

The Debtor disclosed $22,163,168 in assets and $2,775,970 in
liabilities as of the Chapter 11 filing.


AEREO INC: Wants Feb. 6, 2015 General Claims Bar Date
-----------------------------------------------------
Aereo, Inc., asks the Bankruptcy Court to establish Feb. 6, 2015,
at 5:00 p.m., as the deadline for any individual or entity to file
proofs of claim against the Debtor that arose on or prior to
Nov. 20, 2014.

The Debtor also requests that governmental units be required to
file proofs of claim by May 19, at 5:00 p.m.

Proofs of claim must be submitted, if by first class mail, to:

         AEREO, INC. CLAIMS PROCESSING
         c/o Prime Clerk LLC
         830 Third Avenue, 9th Floor
         New York, NY 10022

  if by hand delivery or overnight courier, to:

         AEREO, INC. CLAIMS PROCESSING
         c/o Prime Clerk LLC
         830 Third Avenue, 9th Floor
         New York, NY 10022

                - or -

         Clerk of the United States Bankruptcy Court
         Attn: Aereo, Inc. Claims Processing
         One Bowling Green
         New York, NY 10004

                        About Aereo, Inc.

With headquarters in Boston, Massachusetts, Aereo, Inc., is a
technology company that provided subscribers with the ability to
watch live or "time-shifted" local over-the-air broadcast
television on internet-connected devices, such as personal
computers, tablet devices, and "smartphones."   Aero provided to
each subscriber access, via the internet, to individual remote or
micro-antennas and a cloud-based DVR, which were maintained by the
Debtor in facilities within the local market.

Aereo, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 14-13200) in Manhattan, New York, on Nov. 20, 2014.  The
Chapter 11 filing came five months after the U.S. Supreme Court
ruled the Debtor, with respect to live or contemporaneous
transmissions, was essentially performing as a traditional cable
system under the Copyright Act, and thus was violating
broadcasters' copyrights because it wasn't paying broadcasters any
fees.

The Debtor has tapped William R. Baldiga, Esq., at Brown Rudnick
LLP, in New York, as counsel.  The Debtors has also engaged Argus
Management Corp. to provide the services of Lawton W. Bloom as CRO
and Peter Sullivan and Scott Dicus as assistant restructuring
officers.  Prime Clerk LLC is the claims and notice agent.

The Debtor disclosed $22,163,168 in assets and $2,775,970 in
liabilities as of the Chapter 11 filing.


AIR ONE: Moody's Lowers Rating on 2011 Revenue Bonds to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B1 Million Air
One LLC's General Aviation Facilities Projects Revenue Bonds,
Series 2011 issued by the Capital Trust Agency. The outlook
remains negative. Million Air One's (MA1) operation as a fixed-
base operator (FBO) at three airports along the Gulf Coast,
William P. Hobby Airport in Houston, Texas, Tallahassee Regional
Airport in Tallahassee, and Gulfport-Biloxi International in
Harrison County, Mississippi provide the cash flows to cover debt
service for the Series 2011 Bonds.

Summary Rating Rationale

The downgrade reflects Moody's expectation that MA1 will not meet
the increasing mandatory payments set forth in the most current
forbearance agreement, which heightens the likelihood of
bondholders declaring default. The rating remains at the B3 level
as the defaults are to date technical in nature due to the
entity's narrow financial margins and tight cash flow. It is
likely that MA1 will continue to make required debt service
payments to the bondholders and is taking steps to increase the
funds in the supplemental reserve. Additionally, given the
underlying strengths of the businesses and the leasehold
mortgages, Moody's expect bondholders would have high recovery
rates in the event a default was declared.

The rating reflects Million Air One's competitiveness as one of
the major brands in the Fixed Base Operator (FBO) industry, its
diversified revenue stream from three locations, at two of which
MA1 currently faces no competition, and project finance features
including a debt service reserve. The rating considers the
specialized nature of service within the FBO industry, a customer
base susceptible to macroeconomic conditions, the lack of long-
term contracts, and low financial metrics. The rating acknowledges
Million Air One's reliance on cash flow from its Houston
operation, which faces competition. Moreover, the rating
recognizes the project's exposure to event risk, given the
geographic concentration across the Gulf of Mexico much of which
is mitigated by a comprehensive insurance package.

The rating considers the limited operating history of the three
units, Million Air One's weak historical financial performance
leading to a technical default in the indenture, the need for a
forbearance agreement following the occurrence of the technical
default and that remains in place, and the funding status of the
supplemental reserve, which continues to be only partially funded.

Outlook

The negative outlook is based on the implementation of a new
forbearance agreement between MA1 and bondholders that is
effective through June 30, 2016 and requires full funding of the
supplemental reserve and repayment of the missed February 2014
loan payment, on top of the current debt requirements which have
strained the company's finances to date.

What Could Change the Rating -- UP

Positive pressures could emerge from full compliance with the
terms of and removal of the forbearance agreement. Funding of all
reserve accounts and sustainable growth in Million Air One's
customer base resulting in higher revenues and margins that yield
a sustained minimum DSCR that exceeds 1.75 times could also place
positive pressure on the rating.

What Could Change the Rating -- DOWN

Downward rating pressure will increase if there is weaker
financial performance, a significant decrease in fuel sales, the
termination of any of the existing ground leases or a failure to
satisfactorily address the elements in the forbearance agreement.

Strengths

* Operations at three separate locations in Houston, TX,
  Tallahassee, FL, and Gulfport-Biloxi, MS provide revenue
  diversity, though more than 50% is concentrated at the Houston
  location, and all three are located along the Gulf Coast

* Revenue growth has been improving for the past two years
  providing stable financial margins

* Projects have strong competitive position with little to no
  competition at Tallahassee and Gulfport-Biloxi, and a market
  leading position among the five FBOs at Houston

* Construction of the new FBO facility at Houston is complete and
  is enhancing revenue growth at Houston

Challenges

* Low initial revenues have made the company unable to fully fund
  its required supplemental reserve and have called into question
  the long-term viability of company revenues

* The FBO industry is highly competitive and fragmented, though
  Million Air is one of the largest national brands

* Long-term national demand for FBO services has been increasing
  since the recession, but it is sensitive to macroeconomic
  factors such as national and local economic conditions, oil
  price fluctuations, and federal spending priorities

* Low debt service coverage reveals little resiliency to the risk
  of unexpected events

* Cross default among Million Air One, LLC and the three
  subsidiaries would result in an indenture default if any of the
  projects default on its ground lease. This is mitigated by a
  six-month security deposit and the structure whereby lease
  payments are made ahead of debt service

* The current leases at Tallahassee and Gulfport-Biloxi expire
  before the end of debt service requirements; 2 and 3 years,
  respectively, but each has an option period that could cover
  the remaining period

Principal Methodology Used

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.


ALEXANDRA TRUST: Don Bailey Balks at Bid to Tap Bankruptcy Counsel
------------------------------------------------------------------
Don Bailey, a scheduled creditor, filed limited objection to
Alexandra Trust's application to employ Arthur I. Ungerman, Joyce
W. Lindauer, as counsel, and Kerry S. Alleyne-Simmons as
associate.

According to Mr. Bailey, the Debtor has less than $1,000 in cash
and no cash flow.  Given the asset mix, the retention agreements
between the Debtor and its counsel for paying fees going forward
must be disclosed.

As reported in the Troubled Company Reporter on Dec. 1, 2014, the
Debtor has tapped Mr. Ungerman as counsel responsible for the
general administration of the estate including, filing of the
Schedules and Statement of Financial Affairs, advising the debtor
on compliance issues for opening the Debtor in Possession Account,
filing monthly operating reports and paying quarterly fees,
attending the 341 Meeting, preparing Cash Collateral Motions and
Orders, negotiating with creditors of the estate, preparation of
the Plan of Reorganization and Disclosure Statement.  Ms. Lindauer
will be responsible for any litigation matters, including
contested Motions to Lift the Automatic Stay, objections to Cash
Collateral, Plan of Reorganization and Disclosure Statement, and
Adversary Proceedings brought by or against the Debtor.

The attorneys will be paid at these hourly rates:

       Arthur I. Ungerman                   $275
       Joyce W. Lindauer                    $375
       Kerry S. Alleyne-Simmons             $175
       Paralegals and Legal Assistants    $50 - 125

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

Mr. Ungerman has been paid a retainer of $10,000 in connection
with these proceedings. This retainer has been used to pay for the
filing fee of $1,717 in connection with this case.

Mr. Ungerman, Ms. Lindauer and Ms. Alleyne-Simmons, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Mr. Bailey is represented by:

         Richard B. Schiro, Esq.
         LAW OFFICES OF RICHARD B. SCHIRO
         2706 Fairmount Street
         Dallas, TX 75201
         Tel: (214) 521-4994
         Fax: (214) 521-3838

                       About Alexandra Trust

Garland, Texas-based Alexandra Trust sought protection under
Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-
35049, Bankr. N.D. Tex.).  The case is assigned to Judge Barbara
J. Houser.  The Debtor's counsel is Arthur I. Ungerman, Esq., in
Dallas, Texas.  The Debtor disclosed $861,299,210 in assets and
$4,739,000 in liabilities as of the Chapter 11 filing.  The
petition was signed by Richard Dale Sterritt, Jr., trustee.


ALEXANDRA TRUST: Don Bailey Balks at Hiring of Special Counsel
--------------------------------------------------------------
Don Bailey, a scheduled creditor, filed a limited objection to
Alexandra Trust's application to employ Jules P. Slim as special
counsel.

According to Mr. Bailey, the objection will address the timing and
purpose of the application well as certain disclosure
deficiencies.  Mr. Bailey said that no statement pursuant to
Bankruptcy Rule 2016 was filed prior to or since filing the
application.

As reported in the Troubled Company Reporter on Dec. 1, 2014, the
Debtor has tapped Mr. Slim to represent the Debtor in litigation
matters concerning the recovery of assets of the Debtor located in
Texas and Mississippi.

The compensation to be paid to Mr. Slim will be based upon these
hourly rates:

       Jules Slim                $325
       Paralegals                $90

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

Mr. Slim has been paid a retainer of $5,000 from Sarah Esther
Sterritt co-trustee of the Alexandra Trust in connection with this
proceeding.

To the best of the Debtor's knowledge Mr. Slim is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

                       About Alexandra Trust

Garland, Texas-based Alexandra Trust sought protection under
Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Bankr. N.D.
Tex. Case No. 14-35049).  The case is assigned to Judge Barbara
J. Houser.  The Debtor's counsel is Arthur I. Ungerman, Esq., in
Dallas, Texas.  The Debtor disclosed $861,299,210 in assets and
$4,739,000 in liabilities as of the Chapter 11 filing.  The
petition was signed by Richard Dale Sterritt, Jr., trustee.


ALSIP ACQUISITION: Says Litigation on Venue Transfer Costly
-----------------------------------------------------------
Alsip Acquisition, LLC, et al., ask the Bankruptcy Court to deny
Metropolitan Water Reclamation District of Greater Chicago's
request to transfer the Chapter 11 case to Chicago before
considering approval of the Debtors' sale motion because there is
no compelling reasons to transfer venue as a legal matter.

The Debtor said that litigating the venue transfer could cost them
more money.  The Debtors also said that the venue transfer could
potentially cause the entire sale to fall apart.

As reported in the TCR on Dec. 18, 2014, in its objection to the
Debtor's proposed sale procedures, the Metropolitan Water
Reclamation District of Greater Chicago (MWRD) said the case must
first be moved to Chicago before the bankruptcy judge approves a
sale process.

As of the Petition Date, however, Alsip Acquisition, owed the MWRD
$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.

                     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.


AMADO AMADO SALON : Case Summary & 12 Unsecured Creditors
---------------------------------------------------------
Debtor: Amado Amado Salon & Body Corp.
        2nd Nivel Local 525
        Plaza Las Americas
        San Juan, PR 00918

Case No.: 14-10459

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Gloria M Justiniano Irizarry, Esq.
                  JUSTINIANO'S LAW OFFICE
                  Ensanche Martinez
                  8 DR. A Ramirez Silva
                  Mayaguez, PR 00680-4714
                  Tel: 787 831-2577
                  Fax: 787 805-7350
                  Email: gloriae55amg@yahoo.com

Total Assets: $723,371

Total Liabilities: $2.42 million

The petition was signed by Amado Navarro Elizalde, president.

A list of the Debtor's 13 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-10459.pdf


AMADO SALON DE BELLEZA: Case Summary & 12 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Amado Salon De Belleza Inc.
        100 Ave. San Patricio
        Guaynabo, PR 00968

Case No.: 14-10460

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Edward A. Godoy

Debtor's Counsel: Gloria M Justiniano Irizarry, Esq.
                  JUSTINIANO'S LAW OFFICE
                  Ensanche Martinez
                  8 DR. A Ramirez Silva
                  Mayaguez, PR 00680-4714
                  Tel: 787 831-2577
                  Fax: 787 805-7350
                  Email: gloriae55amg@yahoo.com

Total Assets: $488,861

Total Liabilities: $1.38 million

The petition was signed by Amado Navarro Elizalde, president.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-10460.pdf


AMERICA WEST: Moody's Cuts Rating on Series 1998-1 Tranche to Ba1
-----------------------------------------------------------------
Moody's Investors Service upgraded its ratings on certain Enhanced
Equipment Trust Certificates ("EETCs") originally issued by
America West Airlines, Inc. ("AWA") or US Airways, Inc. The
Corporate Family Rating of their parent company, American Airlines
Group, Inc. ("AAG") is B1. The rating outlook is stable. Moody's
notches its EETC ratings issued by subsidiaries of AAG off of the
B1 Corporate Family Rating. No other EETC or other ratings of US
Airways, Inc., AWA, American Airlines, Inc. or US Airways Group,
Inc. are affected.

Upgrades:

Issuer: America West Airlines, Inc.

Series 1999-1 A-tranche to Baa3 from Ba1

Series 1998-1 B-tranche to Ba1 from Ba3

Issuer: US Airways, Inc.

Series 2010-1 B-tranche to Ba1 from Ba2

Series 2011-1 B-tranche to Ba1 from Ba3

Series 2012-1 B-tranche to Ba1 from Ba3

Series 2012-2 B-tranche to Ba1 from Ba2

Series 2013-1 B-tranche to Ba1 from Ba2

Ratings Rationale

The upgrade of the rating of the A-tranche of America West
Airlines, Inc.'s 1999-1 EETC to Baa3 from Ba1 reflects Moody's
expectation of an improving loan-to-value including because of
planned investments in the collateral. AAG announced on December
8, 2014 that all of its 93 A319s in the legacy US Airways fleet
will receive new seats as part of the two-year, $2 billion
Customer Improvements program. While this transaction is not
cross-defaulted or cross-collateralized, Moody's believes the A319
will remain a work horse in AAG's fleet .The new interiors on the
aircraft will increase their utility to American and could lower
the potential for disaffirmation, even though the transaction has
neither cross-default or cross-collateralization provisions. Five
A320s round out the collateral and are expected to remain core to
the airline's network.

America West Airlines, Inc.'s 1998-1, B tranche was upgraded to
Ba1 from Ba3 reflecting Moody's expectation of an increasing
equity cushion in the next 18 months, principally a result of
faster scheduled amortization of the debt. Six of the oldest A319s
in the fleet and two A320-200s collateralize this deal, which is
not crossed. However, the increasing equity cushion supports the
upgrade of the rating as does the updates of the interiors on the
A319s.

The upgrades of the B-tranches of US Airways, Inc.'s 2010-1, 2011-
1, 2012-1, 2012-2 and 2013-1 transactions reflect Moody's opinion
that the aircraft in each of these transactions will remain
important to American's network over their respective tenors. Each
matures between April 2017 and November 2021, are collateralized
by a mix of Airbus A320, A321 and A330-200 aircraft that delivered
new no earlier than 2009 and are cross-defaulted and cross-
collateralized. The 2012-2 and 2013-1 transactions are each
collateralized by a mix of A321s and A330-200s that delivered new
in either 2013 or 2014. Moody's believes that each of these
aircraft models will remain core to the company's network. Moody's
estimates of current loan-to-values on these transactions range
between about 75% and the low 80% range. Scheduled amortization
over the next 12 months will reduce the loan-to-values to between
about 70% and about 75%. The LTV of 2011-1 is the highest of these
five transactions. However, the similarity of the collateral and
its respective utility to the fleet and network plans of AAG
support it being rated the same as the other four of these EETCs.

Moody's assigns and monitors EETC ratings by notching from an
issuer's Corporate Family rating. The inclusion of certain
structural features in a particular EETC, such as whether a
transaction is cross-defaulted and cross-collateralized help
determine the extent to which an EETC rating is notched above the
operator's Corporate Family rating. Additionally important is
Moody's opinion of the value of the collateral, such as its
importance to the operator, its market liquidity in the event of a
Certificate default and the current level and future trend of
over-collateralization. Moody's believes that cross-default
reduces the probability that an airline will reject an EETC that
is collateralized by at least some aircraft that are and will
remain relevant (essential) to its network over a transaction's
scheduled life, following a bankruptcy filing. Cross-
collateralization has the potential to enhance recovery following
an EETC default as it traps value in the trust for the benefit of
certificateholders. Transactions issued before 2007 do not provide
these enhancing structural features.

Future changes in the credit quality of the underlying airline, in
Moody's opinion of the importance of particular aircraft models to
a particular airline's network, or in its estimates of aircraft
value trends which will affect estimates of loan-to-value can
result in changes to EETC ratings. Changes to Corporate Family
ratings can also result in upgrades or downgrades of EETC ratings.

The methodologies used in these ratings were Global Passenger
Airlines published in May 2012, and Enhanced Equipment Trust And
Equipment Trust Certificates published in December 2010.

American Airlines Group ("AAG") is the holding company for
American Airlines, Inc. and US Airways, Inc. Together with
American Eagle and US Airways Express, these airlines operate an
average of nearly 6,700 flights per day to 339 destinations in 54
countries from their hubs in Charlotte, Chicago, Dallas/Fort
Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and
Washington, D.C.


AMERICAN APPAREL: Adopts New Stockholder Rights Plan
----------------------------------------------------
American Apparel, Inc., announced that its Board of Directors has
adopted a new, one-year stockholder rights plan that is designed
to strengthen the ability of the Board of Directors to protect the
Company's stockholders.

Although certain standstill restrictions and voting limitations
are in place through the completion of the 2015 annual meeting
under the Nomination, Support and Standstill Agreement, the Board
implemented the rights plan as an additional means to ensure that
all American Apparel stockholders are treated fairly.  The rights
plan is designed to limit the ability of any person or group to
seize control of the Company without appropriately compensating
all American Apparel stockholders.  It is intended to provide the
Board of Directors and stockholders with time to make informed
judgments.  It does not affect trading by passive investors, who
may accumulate as much as 10% of the Company's common stock, and
it has no impact on a takeover proposal for the entire company
that is acceptable to the holders of a majority of the Company's
shares.

The Company's rights plan is similar to other plans adopted by
publicly held companies and the prior rights plan adopted by the
Company.  If a person or group acquires 10% or more beneficial
ownership of the Company's common stock, such person will be
deemed to be an "Acquiring Person."  If any person or group
already beneficially owns 10% or more of the Company's common
stock as of this announcement, such person or group (other than
any person or group subject to standstill restrictions) will not
be deemed to be an "Acquiring Person" unless such person acquires
an additional 0.1% of the Company's common stock.

In the event that a person becomes an "Acquiring Person," except
pursuant to a qualifying offer for all outstanding shares of
common stock which the Board of Directors determines to be fair
and not inadequate and to otherwise be in the best interests of
the Company and its stockholders, each right will entitle its
holder to purchase, for $3.25 per share, a number of shares of the
Company's common stock or substantially equivalent securities
having a market value of twice such price.  In addition, following
certain transactions such as a merger or other business
combination in which the Company is not the surviving corporation,
each right will entitle its holder to receive, upon exercise,
common stock of the acquiring company having a value equal to two
times the exercise price of the right.

The Board of Directors adopted the rights plan following
evaluation and consultation with outside financial and legal
experts.  The rights plan is not intended to prevent or deter
take-over bids that offer fair treatment and value to all
stockholders.  Rather, the rights plan is intended to protect
stockholders from any threat of creeping control, provide the
Board and stockholders with adequate time to properly assess a
take-over bid without undue pressure, and provide them with
adequate time to fully assess an unsolicited take-over bid.

The rights plan and a summary of its terms is available for free
at http://is.gd/o9NfTi

                      About American Apparel

American Apparel is a vertically-integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based
in downtown Los Angeles, California.  As of Sept. 30, 2014,
American Apparel had approximately 10,000 employees and operated
245 retail stores in 20 countries including the United States and
Canada.  American Apparel also operates a global e-commerce site
that serves over 60 countries worldwide at
http://www.americanapparel.com. In addition, American Apparel
operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

American Apparel has been in the red as far back as 2010.  The
Company reported a net loss of $106.29 million on $633.94 million
of net sales for the year ended Dec. 31, 2013, as compared with a
net loss of $37.27 million on $617.31 million of net sales for the
year ended Dec. 31, 2012.  American Apparel posted a net loss of
$39.31 million on $547.33 million of net sales for the year ended
Dec. 31, 2011, compared with a net loss of $86.31 million on
$532.98 million of net sales during 2010.  In 2011, American
Apparel announced a restatement of its 2009 financial reports.

The Company's balance sheet at Sept. 30, 2014, the Company had
$307.18 million in total assets, $394.78 million in total
liabilities and a $87.59 million total stockholders' deficit.

                           *     *     *

The TCR reported on Nov. 21, 2013, that Moody's Investors Service
downgraded American Apparel Inc.'s corporate family rating to
Caa2.  The clothing retailer's probability of default was also
lowered one level and the outlook is negative.

As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Los Angeles-based
American Apparel Inc. to 'CCC-' from 'CCC'.  The outlook is
negative.

"The downgrade reflects our assessment that a debt restructuring
appears inevitable within six months, absent unanticipated
significantly favorable changes in the company's circumstances,"
said Standard & Poor's credit analyst Ryan Ghose.


AMERICAN APPAREL: Appoints Colleen Brown as Board Chairperson
-------------------------------------------------------------
The Board of Directors of American Apparel, Inc., announced that
Allan Mayer and David Danziger have stepped down as Co-Chairmen of
the Board and will be replaced by Board Member Colleen B. Brown as
Chairperson.  Mr. Mayer and Mr. Danziger will continue to serve as
Members of the Board and will retain their positions as Chairs of
the Compensation and Audit committees, respectively.

Ms. Brown, who joined the Board in August and has been serving as
Chair of the Nominating and Governance Committee, brings years of
experience as both a chief executive and board member of publicly
traded companies.  Ms. Brown has been instrumental in driving
impressive turnarounds, returning several companies to
profitability, and has been nationally recognized for her
outstanding contributions in enhancing shareholder value.

"It's time to focus on the work ahead of us and push this company
to reach its full potential," said Ms. Brown.  "This is a pivotal
moment for American Apparel, and I believe the company is poised
for a significant turnaround.  It will be very rewarding to work
with an executive of newly appointed CEO Paula Schneider's
caliber, and I thank Allan and David for their diligent efforts as
Co-Chairmen of the Board."

"I'm looking forward to working with Colleen -- we have the same
commitment, work ethic, and goals for American Apparel," said Ms.
Schneider.

"For the good of the company, we pushed hard for Colleen to take
the post, and we're delighted she has.  She and Paula Schneider
have powerful and complementary expertise that will be invaluable
to American Apparel.  Both women are strong leaders, and together
they will be a tremendous force for growth and positive change at
American Apparel," said Allan Mayer.

"The board has made progress this year, and I believe we will look
back and mark this as an important turning point," said David
Danziger.  "And we're ending the year by establishing an updated
code of conduct that will serve as an important guide for our
company going forward.  Step-by-step, we are transforming this
company and positioning it for success."

The Board of Directors also confirmed that it has received an
indication of interest to acquire the Company for $1.30 to $1.40
per share.  The Board takes these matters seriously, and it will
evaluate this proposal in the ordinary course of business.  The
Company remains focused on positioning American Apparel for a
successful turnaround.

"I look forward to building on the momentum we've achieved at
American Apparel with the addition of strong leadership at the
company this year, bringing on Hassan Natha as Chief Financial
Officer and Chelsea A. Grayson as General Counsel," said Ms.
Brown.  "We've also continued to support the superb talent that
has grown with us, notably Martin Bailey, Chief Manufacturing
Officer and Iris Alonzo, Senior Creative Director, and that
support is further reflected in the promotions of long-time
employees Patricia Honda and Nicolle Gabbay to the positions of
President of Wholesale and President of Retail, respectively.  And
of course we continue to appreciate the exceptional talent and
dedication of all of our employees."

                       Amends Code of Ethics

On Dec. 19, 2014, as part of the review by the Board of Directors
of American Apparel of the corporate governance and policies of
the Company, the Board adopted a revised Code of Business Conduct
and Ethics that amended, restated, and replaced the prior Code of
Ethics applicable to the Company and its subsidiaries, effective
as of Jan. 1, 2015.  The Revised Code applies to all directors,
employees and officers, including the Company's principal
executive officer, principal financial officer and principal
accounting officer or controller, or persons performing similar
functions.  The Revised Code is intended to clarify, update or
enhance the descriptions of the standards of conduct that are
expected of all directors, officers and employees of the Company
and its subsidiaries.  The adoption of the Revised Code did not
relate to or result in any waiver, explicit or implicit, of any
provision of the Prior Code.

                       About American Apparel

American Apparel is a vertically-integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based
in downtown Los Angeles, California.  As of Sept. 30, 2014,
American Apparel had approximately 10,000 employees and operated
245 retail stores in 20 countries including the United States and
Canada.  American Apparel also operates a global e-commerce site
that serves over 60 countries worldwide at
http://www.americanapparel.com. In addition, American Apparel
operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

American Apparel has been in the red as far back as 2010.  The
Company reported a net loss of $106.29 million on $633.94 million
of net sales for the year ended Dec. 31, 2013, as compared with a
net loss of $37.27 million on $617.31 million of net sales for the
year ended Dec. 31, 2012.  American Apparel posted a net loss of
$39.31 million on $547.33 million of net sales for the year ended
Dec. 31, 2011, compared with a net loss of $86.31 million on
$532.98 million of net sales during 2010.  In 2011, American
Apparel announced a restatement of its 2009 financial reports.

The Company's balance sheet at Sept. 30, 2014, the Company had
$307.18 million in total assets, $394.78 million in total
liabilities and a $87.59 million total stockholders' deficit.

                           *     *     *

The TCR reported on Nov. 21, 2013, that Moody's Investors Service
downgraded American Apparel Inc.'s corporate family rating to
Caa2.  The clothing retailer's probability of default was also
lowered one level and the outlook is negative.

As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Los Angeles-based
American Apparel Inc. to 'CCC-' from 'CCC'.  The outlook is
negative.

"The downgrade reflects our assessment that a debt restructuring
appears inevitable within six months, absent unanticipated
significantly favorable changes in the company's circumstances,"
said Standard & Poor's credit analyst Ryan Ghose.


AMERICAN INT'L: Coventry Says Suit Bad for Business
---------------------------------------------------
Donna Horowitz, writing for The Deal, reported that Coventry First
LLC says that allegations made by an affiliate of American
International Group Inc. have been "exceptionally bad" for its
business.  According to the report, the Fort Washington, Pa.-based
life settlement provider said the insurer has undertaken an effort
to destroy the company's business.

As previously reported by The Troubled Company Reporter, David
Boies, who represents Mr. Greenberg's Starr International Co., has
made the case that the Government cheated IG shareholders of at
least $25 billion partly for the benefit of an elite club of
banks.  Mr. Greenberg, who built AIG into a global financial-
services powerhouse during nearly 40 years at its helm, is
challenging the historic 2008 government bailout of the company
and has asked a federal judge to rule that the government coerced
AIG's board into harsh terms, allegedly cheating shareholders
including Mr. Greenberg in the process.

The case is Starr International Co. v. U.S., 11-cv-00779, U.S.
Court of Federal Claims (Washington).

                           About AIG

With corporate headquarters in New York, American International
Group, Inc., is an international insurance company, serving
customers in more than 130 countries.  AIG companies serve
commercial, institutional and individual customers through
property-casualty networks of any insurer. In addition, AIG
companies are providers of life insurance and retirement services.

At the height of the 2008 financial crisis, AIG experienced a
liquidity crunch when its credit ratings were downgraded below
"AA" levels by Standard & Poor's, Moody's Investors Service and
Fitch Ratings.  AIG almost collapsed under the weight of bad bets
it made insuring mortgage-backed securities.  The Company,
however, was bailed out by the Federal Reserve, but even after an
initial infusion of $85 billion, losses continued to grow.  The
later rescue packages brought the total to $182 billion, making it
the biggest federal bailout in U.S. history.  AIG sold off a
number of its businesses and other assets to pay down loans
received from the U.S. government.


AMERICAN POWER: Incurs $3.2 Million Net Loss in Fiscal 2014
-----------------------------------------------------------
American Power Group Corporation filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss available to common stockholders of $3.25 million on
$6.28 million of net sales for the year ended Sept. 30, 2014,
compared to a net loss available to common stockholders of $2.92
million on $7.01 million of net sales for the year ended Sept. 30,
2013.

For the three months ended Sept. 30, 2014, the Company reported a
net loss available to common stockholders of $1.02 million on
$1.40 million of net sales compared to a net loss available to
common stockholders of $892,000 on $2.13 million of net sales for
the same period in 2013.

As of Sept. 30, 2014, the Company had $8.52 million in total
assets, $5.49 million in total liabilities and $3.02 million in
total stockholders' equity.

As of Sept. 30, 2014, the Company had $426,420 in cash, cash
equivalents and restricted certificates of deposit and working
capital of $681,335.

Lyle Jensen, American Power Group Corporation's chief executive
officer stated, "The past 120 days have been very productive with
the announcement of (1) our first series of Intermediate Useful
Life EPA approvals which opens up newer engine conversion
opportunities for us; (2) a new $3.2 million expanded and extended
bank credit facility; (3) $650,000 of new international vehicular
orders; (4) a new and expanded sales and marketing initiative
where we will be partnering with some of the largest national and
regional natural gas suppliers in the U.S. and (5) a $2 million
capital raise with a strategic investor.  This period has also
been very interesting in regards to the recent dramatic drop in
domestic oil prices and the impact it has had on companies
involved in the natural gas vehicular industry."

Mr. Jensen added, "In regards to the potential impact on our
business model the current low oil prices could have, we expect
there will be some impact on our business but we believe our low
cost of conversion and the flexibility to always go back to 100%
diesel will help to mitigate the impact.  The ideal spread between
diesel and natural gas for a customer is at least $1.50, which
assuming 100,000 miles driven per year will yield slightly over a
2 year payback and annual net fuel savings of 26%+ based on our
calculations. We have also run the numbers at a $1.00 price spread
and while the ROI increases to about a 3.5 years, the customer
would still be saving 16%+ in annual net fuel savings which is
significant.  Regarding the oil price impact on our stationary
conversion business, over 70% of our oil and gas customers are
using "well head/ditch" gas which is very inexpensive so we see
our solution as being helpful in their efforts to improve their
shrinking margins."

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

                       http://is.gd/bNSgGD

                    About American Power Group

American Power Group's alternative energy subsidiary, American
Power Group, Inc., provides a cost-effective patented Turbocharged
Natural GasTM conversion technology for vehicular, stationary and
off-road mobile diesel engines.  American Power Group's dual fuel
technology is a unique non-invasive energy enhancement system that
converts existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run
on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and
compressed natural gas; (3) diesel fuel and pipeline or well-head
gas; and (4) diesel fuel and bio-methane, with the flexibility to
return to 100 percent diesel fuel operation at any time.  The
proprietary technology seamlessly displaces up to 80% of the
normal diesel fuel consumption with the average displacement
ranging from 40 percent to 65 percent.  The energized fuel balance
is maintained with a proprietary read-only electronic controller
system ensuring the engines operate at original equipment
manufacturers' specified temperatures and pressures.  Installation
on a wide variety of engine models and end-market applications
require no engine modifications unlike the more expensive invasive
fuel-injected systems in the market.  Additional information at
http://www.americanpowergroupinc.com/


AOXING PHARMACEUTICALS: Has Until 2015 to Comply with NYSE Rules
----------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., previously received notice
from NYSE MKT LLC that, based upon the financial statements
contained in Aoxing Pharma's annual report on Form 10-K for the
year ended June 30, 2013, and its quarterly reports on Form 10-Q
for the periods ended Sept. 30, 2013, and Dec. 31, 2013, Aoxing
Pharma is not in compliance with the following sections of the
NYSE MKT Company Guide:

   * Section 1003(a)(i) since it reported stockholders' equity of
     less than $2,000,000 at Dec. 31, 2013, and has incurred
     losses from continuing operations or net losses in two of its
     three most recent fiscal years ended June 30, 2013;

   * Section 1003(a)(ii) since it reported stockholders' equity of
     less than $4,000,000 at Sept. 30, 2013, and has incurred
     losses from continuing operations or net losses in three of
     its four most recent fiscal years ended June 30, 2013;

   * Section 1003(a)(iii) since it reported stockholders' equity
     of less than $6,000,000 at June 30, 2013, and has incurred
     losses from continuing operations and net losses in its
     five most recent fiscal years then ended; and

   * Section 1003(a)(iv) since it has sustained losses that are so
     substantial in relation to its overall operations or its
     existing financial resources, or its financial condition has
     become so impaired that it appears questionable, in the
     opinion of the NYSE MKT, as to whether the Company will be
     able to continue operations or meet its obligations as they
     mature.

The Company was afforded the opportunity to submit plans of
compliance to the Exchange.  Based on the plans of compliance
submitted by the Company, the Exchange granted the Company an
extension until April 27, 2015, to regain compliance with Sections
1003(a)(i), 1003(a)(ii) and 1003(a)(iii).  The Exchange also
granted the Company an extension until Nov. 23, 2014, to regain
compliance with Section 1003(a)(iv).

On Dec. 16, 2014, the Exchange notified the Company that the
period during which it will be permitted to regain compliance with
Section 1003(a)(iv) has been extended to Dec. 31, 2014.  The
Company will be subject to periodic review by the Exchange Staff
during the extension periods.  Failure to make progress consistent
with the plans or to regain compliance with the listing standards
by the ends of the extension periods could result in the Company
being delisted from the NYSE MKT LLC.

                            About Aoxing

Aoxing Pharmaceutical Company, Inc., is a Jersey City, New Jersey-
based specialty pharmaceutical company.  The Company is engaged in
the development, production and distribution of pain-management
products, narcotics and other drug-relief medicine.

In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of $17.29 million
last year.

As of Sept. 30, 2014, the Company had $39.07 million in total
assets, $38.44 million in total liabilities and $631,865 in total
equity.


AUXILIUM PHARMACEUTICALS: All Directors Resign
----------------------------------------------
As contemplated by the Amended and Restated Agreement and Plan of
Merger, dated Nov. 17, 2014, among Auxilium Pharmaceuticals, Inc.,
Endo International plc, Endo U.S. Inc., and Avalon Merger Sub
Inc., as the same may be amended or restated from time to time, on
Dec. 16, 2014, each member of the Board of Directors of the
Company tendered their resignation from the Board, in each case
contingent and effective upon the closing of the transactions
contemplated by the Merger Agreement.  The resignations by the
existing members of the Board are in order to facilitate the
closing of the transactions contemplated by the Merger Agreement
and did not result from any disagreements with the Company on any
matter relating to the Company's operations, policies or
practices, according to a Form 8-K filed with the U.S. Securities
and Exchange Commission.

                          About Auxilium

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

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

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

The Company's balance sheet at June 30, 2014, showed $1.11 billion
in total assets, $936 million in total liabilities and
$179 million in total stockholders' equity.

                           *     *     *

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

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


AUXILIUM PHARMACEUTICALS: Gets Positive Opinion from CHMP
---------------------------------------------------------
Swedish Orphan Biovitrum AB (publ) (Sobi) and partner Auxilium
Pharmaceuticals, Inc., announced that the Committee for Medicinal
Products for Human Use (CHMP) of the European Medicines Agency
(EMA) has adopted a positive opinion for the use of Xiapex
(collagenase clostridium histolyticum) for the treatment of adult
men with Peyronie's disease with a palpable plaque and curvature
deformity of at least 30 degrees at the start of therapy.

The use of Xiapex in men with Peyronie's disease is supported by
positive safety and efficacy outcome data from two double-blind
placebo-controlled studies IMPRESS I and II (Investigation for
Maximal Peyronie's Reduction Efficacy and Safety Studies).

In December 2013, the United States Food and Drug Administration
(FDA) approved Xiaflex (collagenase clostridium histolyticum) for
the treatment of adult men with Peyronie's disease with a palpable
plaque and curvature deformity of at least 30 degrees at the start
of therapy.  Xiaflex is the trade name for Xiapex used in the
United States.

"We look forward to the final decision from the European
Commission in the coming months, and believe that Xiapex has a
clinical profile that will contribute significantly to the
treatment of patients with Peyronie?s disease," said Anders
Edvell, MD, PhD, and vice president Sobi Partner Products.

Xiapex is approved in the European Union (EU) for the treatment of
Dupuytren's contracture in adult patients with a palpable cord.
Sobi is Marketing Authorisation Holder (MAH) for Xiapex in 28 EU
member countries, as well as Norway and Iceland.  Sobi holds the
exclusive rights to commercialise Xiapex for Dupuytren's
contracture and Peyronie's disease indications in these countries
subject to applicable regulatory approvals.

                           About Auxilium

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

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

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

The Company's balance sheet at June 30, 2014, showed $1.11 billion
in total assets, $936 million in total liabilities and
$179 million in total stockholders' equity.

                           *     *     *

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

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


BANK OF THE CAROLINAS: To Hold "Say On Pay" Votes Triennially
-------------------------------------------------------------
Bank of the Carolinas Corporation had amended its current report
originally filed with the U.S. Securities and Exchange Commission
on Dec. 9, 2014, for the sole purpose of disclosing the Company's
determination with respect to the frequency of future non-binding
shareholder advisory votes on executive compensation, also known
as "say on pay" votes.

On Dec. 4, 2014, at the Company's annual meeting of shareholders,
the Company's shareholders voted on, among other matters, an
advisory proposal on the frequency with which the Company will
hold an advisory vote on the compensation of the Company?s named
executive officers.  As previously reported, the shareholders
recommended, on an advisory basis, that the Company include a
shareholder advisory vote on executive compensation in the
Company's proxy materials once every three years.  This result was
consistent with the recommendation of the Company's board of
directors.  In consideration of the shareholder advisory vote, the
board of directors has determined that the Company will hold a say
on pay vote once every three years until the next vote on the
frequency of say on pay votes is required or until the board
determines that a different frequency for say on pay votes is in
the best interests of the Company and its shareholders.

                    About Bank of the Carolinas

Mocksville, North Carolina-based Bank of the Carolinas Corporation
was formed in 2006 to serve as a holding company for Bank of the
Carolinas.  The Bank's primary market area is in the Piedmont
region of North Carolina.

Turlington and Company, LLP, in Lexington, North Carolina, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has suffered recurring credit
losses that have eroded certain regulatory capital ratios.  As of
Dec. 31, 2013, the Company is considered undercapitalized based on
their regulatory capital level.  This raises substantial doubt
about the Company's ability to continue as a going concern.

The Company reported a net loss available to common stockholders
of $2.33 million in 2013, a net loss available to common
stockholders of $5.53 million in 2012 and a net loss available to
common stockholders of $29.18 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $396.27
million in total assets, $350.08 million in total liabilities and
$46.19 million in total stockholders' equity.


BANK OF THE CAROLINAS: Resale Prospectus Declared Effective
-----------------------------------------------------------
Bank of the Carolinas Corporation reported that the U.S.
Securities and Exchange Commission declared effective the
Company's registration statement on Form S-1 relating to the
resale of up to 458,132,991 shares of the Company's common stock
by certain selling stockholders.  The company registered these
shares to satisfy contractual commitments it made in connection
with a private placement on July 16, 2014, of approximately $45.8
million in common stock to certain institutional investors and
other accredited investors.

The resale registration statement, while effective, allows selling
stockholders to publicly resell their shares of BCAR common stock,
subject to the satisfaction by selling stockholders of the
prospectus delivery requirements of the Securities Act of 1933, as
amended, in connection with any such resale.  The selling
shareholders will sell at prevailing market prices or privately
negotiated prices.  The company will not receive any proceeds from
any sales by selling stockholders.

The offering of these securities by selling security holders may
only be made by means of a prospectus.  A registration statement
relating to these securities has been declared effective by the
Securities and Exchange Commission.  The registration statement
may be accessed through the SEC's Web site at www.sec.gov.  A copy
of the prospectus related to the offering may be obtained from
Bank of the Carolinas Corporation, 135 Boxwood Village Drive,
Mocksville, NC 27028, or by calling (336) 751-5755.

For further information contact:

    Stephen R. Talbert
    President and Chief Executive Officer
    Bank of the Carolinas Corporation
    (336) 751-5755

                   About Bank of the Carolinas

Mocksville, North Carolina-based Bank of the Carolinas Corporation
was formed in 2006 to serve as a holding company for Bank of the
Carolinas.  The Bank's primary market area is in the Piedmont
region of North Carolina.

Turlington and Company, LLP, in Lexington, North Carolina, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has suffered recurring credit
losses that have eroded certain regulatory capital ratios.  As of
Dec. 31, 2013, the Company is considered undercapitalized based on
their regulatory capital level.  This raises substantial doubt
about the Company's ability to continue as a going concern.

The Company reported a net loss available to common stockholders
of $2.33 million in 2013, a net loss available to common
stockholders of $5.53 million in 2012 and a net loss available to
common stockholders of $29.18 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $396.27
million in total assets, $350.08 million in total liabilities and
$46.19 million in total stockholders' equity.


BERNARD L. MADOFF: Seeks Approval for Fifth Funds Distribution
--------------------------------------------------------------
Irving H. Picard, Securities Investor Protection Act (SIPA)
Trustee for the liquidation of Bernard L. Madoff Investment
Securities LLC (BLMIS) filed a motion on Dec. 22 in the United
States Bankruptcy Court for the Southern District of New York
seeking approval for an allocation of recoveries to the BLMIS
Customer Fund and an authorization for a fifth pro rata interim
distribution from the Customer Fund to BLMIS customers with
allowed claims.

The fifth pro rata interim distribution will total approximately
$322 million and will bring the amount distributed to eligible
claimants to approximately $7.2 billion, which includes more than
$822.5 million in advances committed to the SIPA Trustee for
distribution to allowed claimants by the Securities Investor
Protection Corporation (SIPC).

"The fifth distribution is yet another important milestone for the
Madoff Recovery Initiative," said Mr. Picard.  "My legal teams
have negotiated important and significant recovery agreements with
several defendants.  That work enables us to move ahead with this
distribution, once we have the approval of the court."

SIPC President and CEO Stephen P. Harbeck said, "The latest
distribution further demonstrates how the BLMIS liquidation --
with the support of SIPC -- is progressing efficiently and
effectively, with customers receiving significant recoveries of
their lost assets even in this most egregious theft.  We not only
applaud the SIPA Trustee and his legal and professional teams
regarding this latest accomplishment, but also look forward to
additional achievements in 2015."

The proposed distribution is a direct result of the ongoing work
of the SIPA Trustee's teams.  BakerHostetler recently reached
settlements with feeder funds Herald/Primeo and Senator.  Windels
Marx reached a settlement with the Blumenfeld defendants.  The
terms of these three recent agreements called for cash payments.
Together, more than $642 million was brought into the BLMIS
Customer Fund through these agreements.  The Blumenfeld settlement
was approved by the United States Bankruptcy Court on November 19,
2014 and the Herald/Primeo and Senator settlements were approved
by the United States Bankruptcy Court on December 17, 2014.

The fifth pro rata interim distribution will result in the return
of 2.487 percent of the allowed claim amount for each individual
account, unless the allowed claim has been fully satisfied.  The
average payment for an allowed claim issued in the fifth
distribution will total approximately $299,900.  The smallest
payment totals $390.96 and the largest payment is $60,873,991.23.

Currently, the SIPA Trustee has allowed 2,547 claims related to
2,213 BLMIS accounts.  Of these accounts, 1,154 accounts will be
fully satisfied following the fifth interim distribution.  All
allowed claims totaling $963,500 or less will be fully satisfied.
The fifth interim distribution, when combined with the four prior
interim distributions, will satisfy up to 48.546 percent of each
customer's allowed claim amount unless the account is fully
satisfied.  In addition, SIPC has been reimbursed for its advances
to accounts which are now fully satisfied as of the fifth interim
distribution.

"The past year or so has been among our most active periods, with
the SIPA Trustee's team of professionals working diligently on a
number of fronts, in and out of the courtroom, using all the legal
tools at our disposal," said David J. Sheehan, Chief Counsel to
the SIPA Trustee.  "Through it all, we remain dedicated to our
primary goal: to recover the maximum amount possible for the
benefit of BLMIS customers with allowed claims."

As of Nov. 30, 2014, the SIPA Trustee has recovered or reached
agreements to recover approximately $10.5 billion since his
appointment in December 2008.  These recoveries exceed similar
efforts related to prior Ponzi scheme recoveries, in terms of
dollar value and percentage of stolen funds recovered.

Ultimately, 100 percent of the SIPA Trustee's recoveries will be
allocated to the Customer Fund for distribution to BLMIS customers
with allowed claims.  Prior distributions by the SIPA Trustee (as
of Nov. 30, 2014) to BLMIS accounts with allowed claims are as
follows:

The first pro rata interim distribution, which commenced on
October 5, 2011, has distributed $605 million, representing 4.602
percent of the allowed claim amount of each individual account,
unless the claim is fully satisfied.

The second pro rata interim distribution, which commenced on
September 19, 2012, has distributed approximately $4.393 billion,
representing 33.556 percent of the allowed claim amount of each
individual account, unless the claim is fully satisfied.

The third pro rata interim distribution, which commenced on
March 29, 2013, has distributed approximately $614 million,
representing 4.721 percent of the allowed claim amount of each
individual account, unless the claim is fully satisfied.

The fourth pro rata interim distribution, which commenced on
May 5, 2014, has distributed approximately $412.8 million,
representing 3.180 percent of each individual account, unless the
claim is fully satisfied.

Mr. Sheehan noted that there are 126 "deemed determined" claims
still subject to litigation.  Once litigation is resolved or
settlements reached, some of these claims may be allowed and would
therefore become eligible for all pro rata distributions to date.
For this potential scenario, as of November 30, 2014, the SIPA
Trustee has reserved approximately $2.225 billion.  Upon final
court approval of the fifth pro rata interim distribution, this
reserve amount will increase to approximately $2.345 billion.  The
ultimate amount of additional allowed claims depends on the
outcome of litigation or negotiation and could add billions of
dollars to the total amount of allowed claims.

Mr. Sheehan also noted that the SIPA Trustee anticipates
recovering additional assets through litigation and settlements.
Final resolution of certain disputes will permit the SIPA Trustee
to further reduce the reserves he is required to maintain,
allowing him to make additional distributions to customers.  Upon
final court approval of the fifth interim distribution, and
incorporating the fifth allocation, the SIPA Trustee will be
required to maintain a reserve of approximately $1.445 billion
pending the resolution of the time-based damages issue, among
other reserves.  As of November 30, 2014, the time-based damages
reserve is approximately $1.372 billion.  The SIPA Trustee will
seek authorization for these further allocations and distributions
upon the recovery of additional funds and the resolution of
significant disputes.

All administrative costs of the SIPA liquidation of Bernard L.
Madoff Investment Securities LLC and its global recovery efforts,
which make distributions to BLMIS customers with allowed claims
possible, are funded by advances to the SIPA Trustee by SIPC.

A hearing on the fifth allocation and distribution motion has been
set for January 15, 2015 at 10:00 a.m. before the United States
Bankruptcy Court.  Upon approval, record holders of allowed claims
as of January 15, 2014 will be eligible to receive payments from
the fifth interim distribution. The Fifth Customer Fund Allocation
and Distribution Motion can be found on the United States
Bankruptcy Court's Web site at http://www.nysb.uscourts.gov/
Bankr. S.D.N.Y., No. 08-01789 (SMB). It can also be found on the
SIPA Trustee's website along with more information on overall
recoveries to date, each settlement, the appeal status of a
particular settlement, and on many other BLMIS liquidation issues
at http://www.madofftrustee.com

Messrs. Picard and Sheehan would like to thank Seanna Brown and
Heather Wlodek, who worked on the fifth pro rata interim
distribution and its related filings, as well as the legal firms
of BakerHostetler and Windels Marx, and all of the attorneys and
professionals whose work has led to the distribution.  They would
also like to thank Vineet Sehgal and his colleagues at
AlixPartners, as well as Kevin Bell and his colleagues at SIPC,
for their ongoing work and participation in the Madoff Recovery
Initiative distributions.

                    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.


BROADWAY FINANCIAL: Registers 26.7 Million Shares for Resale
------------------------------------------------------------
Broadway Financial Corporation filed with the U.S. Securities and
Exchange Commission a Form S-1 registration statement to register
the resale or other disposition by BBCN Bank, Butterfield Trust
(Bermuda), Cathay General Bancorp, Inc., et al., of 26,786,249
shares of common stock.

The selling stockholders may sell, transfer or otherwise dispose
of any or all of their shares of common stock from time to time on
any stock exchange, market or trading facility on which the shares
are traded or in private transactions.  Those sales, transfers or
other dispositions may be at fixed prices, at prevailing market
prices at the time of sale, at prices related to prevailing market
prices, at varying prices determined at the time of sale or at
negotiated prices.

The Company is not offering any shares of common stock for sale
pursuant to this prospectus and will not receive any of the
proceeds from sales of the shares.

The Company's common stock is currently traded on the NASDAQ
Capital Market under the symbol "BYFC."  On Dec. 18, 2014, the
closing sale price for the Company's common stock, as reported by
the NASDAQ Capital Market, was $1.38 per share.

A copy of the Form S-1 registration statement is available at:

                        http://is.gd/ZjFXaT

                     About Broadway Financial

Los Angeles, Calif.-based Broadway Financial Corporation was
incorporated under Delaware law in 1995 for the purpose of
acquiring and holding all of the outstanding capital stock of
Broadway Federal Savings and Loan Association as part of the
Bank's conversion from a federally chartered mutual savings
association to a federally chartered stock savings bank.  In
connection with the conversion, the Bank's name was changed to
Broadway Federal Bank, f.s.b.  The conversion was completed, and
the Bank became a wholly owned subsidiary of the Company, in
January 1996.

The Company is regulated by the Board of Governors of the Federal
Reserve System.  The Bank is regulated by the Office of the
Comptroller of the Currency and the Federal Deposit Insurance
Corporation.

Broadway Financial reported a loss allocable to common
stockholders of $1.08 million in 2013, a loss allocable to common
stockholders of $693,000 in 2012 and a net loss available to
common shareholders of $15.36 million in 2011.


BUMBLE BEE: Thai Union Deal No Impact on Moody's B3 CFR
-------------------------------------------------------
Moody's views the announced acquisition of Bumble Bee Seafoods by
Thai Union Group as a credit positive to Bumble Bee, but it does
not immediately impact the company's B3 CFR or stable outlook.

Bumble Bee Holdings Inc. (Bumble Bee), headquartered in San Diego,
California, is believed to be the largest producer and marketer of
shelf-stable seafood in North America and maintains a leading
share in many segments of the US and Canadian shelf-stable seafood
categories, including albacore tuna, light meat tuna, salmon,
sardines, clams and other specialty seafood products. The
company's products are primarily branded under the Bumble Bee name
in the US and Clover Leaf and Brunswick names in Canada. Bumble
Bee was acquired by Lion Capital in December 2010. Revenues for
the twelve months ending September 27, 2014 were approximately
$985 million.


CAESARS ENTERTAINMENT: Agrees to Merge with Caesars Acquisition
---------------------------------------------------------------
Caesars Entertainment Corporation and Caesars Acquisition Company
announced that they have entered into a definitive agreement to
merge in an all-stock transaction.  The merged company will be one
of the largest gaming and entertainment companies in the world.
Upon completion of the merger and the proposed restructuring of
Caesars Entertainment Operating Company, Inc., the merged company
will be well capitalized and positioned for sustainable long-term
growth and value creation.  Upon the completion of the
transaction, Caesars Entertainment will own a collection of high-
growth assets, including properties in destination markets and a
majority stake in Caesars Interactive Entertainment, Inc., and
will operate a valuable network of domestic and international
resorts and casinos.

The merged company will be the preeminent gaming and hospitality
company in Las Vegas.  It will operate Caesars Palace and own 11
properties there, including nine casino resorts and the LINQ
promenade and High Roller observation wheel.  The merged company
will also own CIE, Harrah's New Orleans, Harrah's Atlantic City,
Harrah's Laughlin and Caesars Acquisition's current equity
interest in Horseshoe Baltimore.  All of the company's properties
will remain connected via the Total Rewards loyalty network.

The planned merger of Caesars Entertainment and Caesars
Acquisition will also support the proposed restructuring of CEOC,
a subsidiary of Caesars Entertainment.  CEOC announced on Dec. 19,
2014, that it and Caesars Entertainment had reached an agreement
with CEOC's first lien noteholder steering committee regarding the
terms of a comprehensive financial restructuring plan that will
substantially reduce debt and lower interest payments.  The
successful completion of the merger will position the merged
company to support the restructuring of CEOC without the need for
any significant outside financing.  The strength of the merged
company will position it to be a strong guarantor for the
restructured CEOC's obligations, including lease payments its
"OpCo" subsidiary will make to "PropCo."

"The merger of Caesars Entertainment and Caesars Acquisition
solidifies our focus on owning assets in destination and high-
growth markets and businesses, while maintaining the benefits of
operating our network and the Total Rewards loyalty program," said
Gary Loveman, chairman and chief executive officer of Caesars
Entertainment.  "Upon completion of the merger and restructuring,
Caesars Entertainment Corp. entities will be financially strong,
with significantly reduced leverage and a much simpler and
straightforward corporate structure."

On a pro-forma basis, the merged company will have a combined
market capitalization of $3.2 billion, based on closing prices on
Dec. 19, 2014.  The merged company will have a combined cash
balance of $1.7 billion (excluding cash at CEOC).  As of Sept. 30,
2014, Caesars Growth Partners, LLC, had approximately $1 billion
of cash and net leverage of 3.2x.  Pro forma for the merger and
the proposed restructuring of CEOC, all Caesars-owned entities
will be reasonably leveraged and produce positive free cash flow.
The merged company will produce positive free cash flow on a
consolidated basis.

Pursuant to the terms of the merger agreement, and subject to the
overall restructuring of CEOC, regulatory approval and other
closing conditions, each outstanding share of Caesars Acquisition
class A common stock will be exchanged for 0.664 share of Caesars
Entertainment common stock, subject to adjustments set forth in
the merger agreement, which would result in Caesars Entertainment
stockholders owning approximately 62% of the combined company on a
fully-diluted basis and Caesars Acquisition stockholders owning
approximately 38%.  No new debt will be issued in connection with
the merger.

The merged company will continue to be controlled by affiliates of
Apollo Global Management and TPG Capital.  Based on each of the
company's records, approximately 90% of the stockholders of
Caesars Entertainment also own shares of Caesars Acquisition, and
vice versa, implying significant overlap in the stockholders of
the two companies.

Loveman will be Chairman and CEO of the combined company and has
agreed to a new employment agreement that extends his tenure until
the end of 2016.  Loveman will oversee the restructuring of CEOC
and continue to focus on recruiting senior talent to Caesars.
Mitch Garber, CEO of Caesars Acquisition, will be CEO of CIE.
Following the merger, Garber will join the Board of Directors of
Caesars Entertainment as Vice Chairman and will assume an expanded
leadership role on a project-specific basis across the Company.

The merged company will conduct business as Caesars Entertainment
and continue to trade on the NASDAQ under the ticker CZR.

The merger agreement was negotiated and unanimously recommended by
the Caesars Entertainment and Caesars Acquisition special
committees, each comprised solely of independent members of their
respective boards of directors.  Centerview Partners served as the
exclusive financial advisor to the special committee of Caesars
Entertainment and Reed Smith LLP served as the committee's legal
counsel.  Moelis & Company LLC served as the exclusive financial
advisor to the special committee of Caesars Acquisition and
Skadden, Arps, Slate, Meagher & Flom LLP served as the committee's
legal counsel.

                      Renews CEO's Employment

On Dec. 21, 2014, Gary Loveman, chief executive officer and
president of CEC, entered into a new employment agreement with
CEC, which agreement supersedes any pre-existing employment
agreement between the parties.

Mr. Loveman's base salary for 2015 and 2016 will be $1,900,000.
Mr. Loveman will participate in CEC's annual incentive bonus
programs and will be eligible to earn an annual bonus with a
target of $3,250,000 in accordance with the terms of the programs.
The agreement also continues the same benefits and perquisites as
apply under his current employment agreement, but will expand
CEC's commitment to provide health and dental benefits to Mr.
Loveman so that they also cover his spouse.

                    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.

As reported by the TCR on Dec. 18, 2014, Fitch Ratings downgraded
the Issuer Default Rating (IDR) of Caesars Entertainment Operating
Company (CEOC) to 'C' from 'CC'.  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.

As reported by the TCR on Dec. 18, 2014, Moody's Investors Service
downgraded the ratings of Caesars Entertainment Operating Company,
including the corporate family rating, to Ca from Caa3.

As reported by the TCR on Dec. 18, 2014, 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.

"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.


CAESARS ENTERTAINMENT: Bank Debt Won't Deter Ch. 11 Plan for Unit
-----------------------------------------------------------------
Lisa Allen, writing for The Deal, reported that Caesars
Entertainment Corp. plans to pursue a mid-January Chapter 11
bankruptcy filing for its debt-laden operating unit with or
without the support of the investors who hold its bank debt,
according to two sources familiar with the situation.

According to the report, multiple bank debt investors have pulled
out of restructuring negotiations over the last two months and the
informal committee of bank lenders' exit from talks on Dec. 10 has
led observers to question that debt class's support for the
restructuring plan that's backed by a steering committee of first-
lien bondholders.  Still, as long as at least 60% of first-lien
bondholders pledge their support for the restructuring plan, a
mid-January bankruptcy filing will go forward, The Deal said,
citing a first-lien bondholder, who asked to remain unnamed.

     About Caesars Entertainment Operating Company Inc.

Caesars Entertainment Operating Company, Inc., a majority owned
subsidiary of Caesars Entertainment Corporation, provides casino
entertainment services and owns, operates or manages 44 gaming and
resort properties in 13 states of the United States and in five
countries primarily under the Caesars, Harrah's and Horseshoe
brand names.

                          *     *     *
The all-stock deal, according to David Gelles, writing for The New
York Times' DealBook, will leave Caesars Entertainment with $1.7
billion in cash, much of which will be used to fund the
bankruptcy.  The DealBook said that the move, for creditors, is
good news, bringing several of the best Caesars properties back
into the parent company and avoiding the assumption of more debt.

Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a steering committee representing holders of
38 percent of first-lien creditors of Caesars Entertainment
Operating Co. Inc. has signed an agreement laying out the terms of
a Caesars Entertainment Operating Chapter 11 reorganization to
start around mid-January.

According to the Bloomberg report, the restructuring is contingent
on signing up a total of 60 percent of first-lien bondholders by
Jan. 5.  To be effective, the deal also requires that holders of
two-thirds of the senior bonds must sign up before the bankruptcy
filing on Jan. 15 or not later than Jan. 30, the Bloomberg report
related.

                   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.


CHASE WHOLESALE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Chase Wholesale, LLC
        386 St. Claire Drive
        New Market, AL 35761

Case No.: 14-83455

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       Northern District of Alabama (Decatur)

Judge: Hon. Jack Caddell

Debtor's Counsel: Harry P. Long, Esq.
                  LAW OFFICES OF HARRY P. LONG, LLC
                  PO Box 1468
                  Anniston, AL 36202
                  Tel: 256 237-3266
                  Email: ecfpacer@gmail.com
                         hlonglegal8@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Azar Ardestanl, owner.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/alnb14-83455.pdf


COVENTRY FIRE DISTRICT: Chapter 9 Case Summary & 20 Top Creditors
-----------------------------------------------------------------
Debtor: Central Coventry Fire District
        240 Arnold Road
        Coventry, RI 02816

Bankruptcy Case No.: 14-12785

Chapter 9 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of Rhode Island (Providence)

Debtor's Counsel: Robert G. Flanders, Jr., Esq.
                  HINCKLEY, ALLEN & SNYDER LLP
                  50 Kennedy Plaza Suite 1500
                  Providence, RI 02903
                  Tel: (401) 457-5184
                  Fax: (401) 457-5185
                  Email: rflanders@hinckleyallen.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven Hartford, receiver of the
Debtor.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/rib14-12785.pdf


CREEKSIDE ASSOCIATES: Pennsylvania Apartment Seeks Bankruptcy
-------------------------------------------------------------
Creekside Associates, Ltd., owner and operator of the Creekside
Apartments, a 1000+ unit apartment complex located at 2500 Knights
Road, Bensalem, Pennsylvania, has sought bankruptcy protection.

A document signed by Creekside Management LLC, the sole general
partner of the Debtor, stated that the Debtor was sent to
bankruptcy in light of its "precarious financial condition."

Prepetition, a foreclosure action was commenced in state court by
secured creditor Creekside JV Owner, LP, a joint venture between
Davidson Kempner Capital Management, a New York hedge fund, and
Morgan Properties, a multi-state owner and operator of apartment
buildings.  The suit alleges monetary defaults under a certain
non-recourse loan in the original principal amount of $68 million
The litigation was slated for a Jan. 5, 2015 trial pool.
The Debtor also has an ongoing dispute with the Bucks County Water
& Sewer Authority.  The Debtor receives sewer services from the
Authority, and has disputed approximately $4 million of charges
billed by the Authority over the past eight years.

On the first day of the case, the Debtor filed motions to:

   -- pay certain prepetition payroll and benefits;
   -- use cash collateral; and
   -- maintain their existing bank accounts.

The Debtor explains it is critical that it be authorized to pay
its employees their prepetition wages and benefits in order to
make sure that the business is properly staffed at the beginning
of the case.  The Debtor believes that if the employees are not
paid, some employees will choose to leave the employ of the
Debtor.

As to the bank accounts motion, the Debtor says that requiring it
to open new accounts will prevent it from making immediate
payments in the ordinary course of business and will adversely
impact business operations.

The Debtor says that Creekside JV Owner asserts a security
interest in the Debtor's cash.  Without the immediate use of cash
collateral, the Debtor will be unable to continue to operate its
business, including critical expenses that are due within days of
the Petition Date.

The Debtor is seeking expedited consideration of the first-day
motions.  The Debtor requests that, if possible, a hearing be held
Dec. 23, or as soon as thereafter as the court's schedule will
allow.

Creekside Associates filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Pa. Case No. 14-19952) in Philadelphia on Dec. 19,
2014.  The case is assigned to Judge Stephen Raslavich.  The
Debtor estimated $50 million to $100 million in assets and debt.

The Debtor has tapped Dilworth Paxson LLP as bankruptcy attorneys
and Kaufman, Coren & Ress, P.C., as special counsel.


CREEKSIDE ASSOCIATES: Asks for Approval to Use Cash Collateral
--------------------------------------------------------------
Creekside Associates, Ltd., asks the Bankruptcy Court for approval
to use cash collateral pursuant to 11 U.S.C. Sec. 363(c) and
542(a).  Creekside JV Owner, LP, asserts security interests in
and/or liens on the Debtor's operating revenues.

On or about July 12, 2005, the Debtor executed a promissory note
in the principal amount of $68 million in favor of Eurohypo AG,
New York Branch.  Creekside JV Owner, LP, an entity formed by
Davidson Kempner Capital Management LLC and Morgan Properties to
acquire the Loan.

The Debtor says that in order to effectuate its reorganization and
maximize the recovery to creditors, it must be permitted to use
the cash collateral in its ordinary business operations.  The
Debtor believes the expenses listed on the proposed initial budget
represent the minimum reasonable and necessary business expenses
which must be paid in order for Creekside Apartments to remain in
business.

The Debtor believes that the Lender is adequately protected by the
value of the Property itself.  While the value of the Property is
undetermined at this time, the Property is well-managed, well-
maintained and presently has a high occupancy rate.  The value of
the Property will likely appreciate, or at least remain stable,
during the cash collateral period.

The Debtor is proposing to make monthly interest payments to the
Lender at the contract rate of interest.  These payments will be
$300,000 per month and will be made mid-month.

                    About Creekside Associates

Creekside Associates, Ltd., owns and operates the Creekside
Apartments, a 1000+ unit apartment complex located at 2500 Knights
Road, Bensalem, Pennsylvania.

Creekside Associates filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Pa. Case No. 14-19952) in Philadelphia on Dec. 19,
2014.  The case is assigned to Judge Stephen Raslavich.  The
Debtor estimated $50 million to $100 million in assets and debt.

The Debtor has tapped Dilworth Paxson LLP as bankruptcy attorneys
and Kaufman, Coren & Ress, P.C., as special counsel.


DEALERTRACK TECHNOLOGIES: Moody's Affirms Ba3 CFR on Incadea Deal
-----------------------------------------------------------------
Moody's Investors Service affirmed Dealertrack Technologies,
Inc.'s ratings upon the announcement that the company plans to
acquire Incadea plc, a provider of software and services to the
global automotive retail and wholesale market. The total
consideration for incadea's shares equals about $190 million, to
be funded with balance sheet cash and borrowings under
Dealertrack's revolver. Moody's expects the transaction to
increase the company's adjusted Debt/EBITDA leverage by about one
turn, back to the low 5.0 times level incurred in connection with
the Dealer.com acquisition in early 2014. But considering the
delayed expected deleveraging and the near term strain on the
company's liquidity, the company is weakly positioned in its
rating category, and subsequent debt funded acquisitions will
pressure the rating. Moody's does recognize that adding new
products and gaining a larger presence in international markets
provide a broader platform for Dealertrack to continue its strong
growth trajectory, and should bring adjusted Debt/EBITDA leverage
below 4.0 times over the next 12 to 18 months. The rating outlook
remains stable.

Ratings Rationale

Dealertrack's Ba3 CFR is supported by the company's strong revenue
growth profile and broad reach across auto dealerships, financial
institutions and state motor vehicle agencies. Following the
incadea acquisition, the company will also have a broad global
footprint. Over the past decade, the company has deepened its
relationships with a critical mass of auto dealerships and OEMs in
the United States and Canada to expand its role beyond its
historic strength of facilitating customer financing to handle the
entire flow of automobile sales, inventory management, operations,
Internet marketing and digital commerce efforts for dealers. The
company's relatively small scale in the large and fragmented auto
dealership services market constrains the rating, along with
heightened financial leverage due to acquisition activity.

The rating is also supported by the company's long-standing
customer base and contractual relationships which engender high
recurring revenues, as well as an asset-light business model which
could provide a platform for strong free cash flow generation in a
tightly managed operating cost environment.

Dealertrack has good liquidity, although funding of the incadea
purchase will diminish some flexibility in the near term. Moody's
expects the company to be modestly free cash flow positive over
the next 12 to 18 months, as it continues to integrate Dealer.com
and digests the incadea acquisition. In addition, the company has
seasonal cash swings as it incurs added sales costs to grow its
business. Moody's expects the company to operate with cash
balances of above $50 million, which is far lower than the
historic balances of above $100 million. The company maintains a
$225 million revolving credit facility as a source for external
liquidity, of which Moody's expects more than half to be
outstanding following the the incadea share purchase.

Moody's rates Dealertrack's senior secured credit facilities at
Ba2 (LGD3). Moody's notes that the revolver borrowings to fund the
incadea acquisition increase the proportion of senior secured debt
in the overall capital structure. If the company's debt continues
to tilt more to the senior secured side, the rating of the senior
secured credit facilities will likely converge to the corporate
family rating.

Rating Outlook

The stable outlook reflects Moody's expectations that the company
will successfully integrate its acquisitions and will grow
revenues and operating margins in the near term.

What Could Change the Rating -- UP

As Dealertrack's rating rests largely on expected operating
synergies and rapid deleveraging, an upgrade is unlikely in the
near term. Dealertrack's rating could be upgraded if the company
exhibits strong revenue growth, and maintains expense discipline
such that adjusted operating margins consistently stay above 17%
and demonstrate consistently high levels of free cash flow. The
rating could also be considered for an upgrade if the company
maintains adjusted leverage below 3.0 times.

What Could Change the Rating -- DOWN

Dealertrack's ratings could be downgraded if the company suffers
integration issues, its operating margins do not improve as
anticipated, the company loses market share, or there is a change
in Dealertrack's competitive position as evidenced by adjusted
operating margins staying below 9%. In addition, the rating may be
downgraded if Dealertrack's adjusted leverage remains above 4.0
times.

Rating Actions:

Corporate Family Rating affirmed at Ba3

Probability of Default Rating affirmed at Ba3-PD

Speculative Grade Liquidity Rating affirmed at SGL-2

Senior secured credit facilities affirmed at Ba2 (LGD3)

Outlook: Stable

Headquartered in Lake Success, NY, Dealertrack provides web-based
software solutions and services for major segments of the
automotive retail industry, including dealers, lenders, OEMs,
third party retailers, agents and aftermarket providers across US
and Canada.

The principal methodology used in these ratings was Business and
Consumer Service Industry 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.


DERMA PEN: Delaware Judge Dismisses Chapter 11 Case
---------------------------------------------------
Delaware Bankruptcy Judge Kevin J. Carey dismissed the Chapter 11
bankruptcy petition of Derma Pen, LLC.

Derma Pen sought bankruptcy protection in August, on the eve of a
jury trial in the lawsuit it had filed in the United States
District Court for the District of Utah against 4Ever Young
Limited; Stene Marshall d/b/a Dermapen World; and others regarding
disputes related to a Distribution Agreement executed by Derma Pen
and 4EY.

Derma Pen is a provider of Class 1 FDA registered micro needling
and skin treatment devices and systems.  Derma Pen sold micro
needling devices and related products under the DERMAPEN(R)
trademark.

4EY and Marshall sought dismissal of the Chapter 11 petition,
calling it a "litigation tactic" by the Debtor.  They also filed a
separate motion, seeking to transfer the venue of the Chapter 11
case.

The United States Trustee also filed a motion to convert the case
to Chapter 7 or dismiss it outright.

Derma Pen and Michael Anderer objected to the motions to dismiss.
Mr. Anderer is an owner of the Debtor, the Debtor's secured
creditor and DIP lender, and the sole owner of Medmetics, LLC.

Baker Donelson Bearman Caldwell & Berkowitz, PC, former counsel to
Derma Pen in the Utah Litigation and an unsecured creditor in this
case, also filed an objection to the Motion to Dismiss.  Derma Pen
filed an objection to the Motion to Transfer Venue, which was
joined by Anderer.

The Debtor filed the petition on Friday, Aug. 8, 2014, just before
a jury trial was scheduled to begin on Monday, August 11, 2014 in
the Utah Litigation.

The Debtor claims that it sought chapter 11 relief because of the
ongoing expense of the Utah Litigation, which was costing hundreds
of thousands of dollars, and of other litigation. The Debtor
claimed that it had to borrow money to pay some of its attorneys'
fees.   The Debtor also claims that it sought bankruptcy relief
because it was faced with the prospect that the Utah District
Court could order the Debtor to sell the Trademark Assets to 4EY
at a price that was far less than the value the Debtor placed on
those assets. The Debtor asserts that it filed the bankruptcy to
take advantage of Bankruptcy Code provisions allowing the Debtor
to reject the Agreement and sell the Trademark Assets by auction
to the highest bidder.  The bankruptcy petition was also filed due
to the possibility of an adverse action by the Food and Drug
Administration, which could prevent the Debtor from selling micro
needling devices.

4EY and Marshall argue that the Debtor did not have a financial
need for bankruptcy protection as of the Petition Date. They
contend that the Debtor has a relatively few number of unsecured
creditors. They claim that, but for the attorneys' fees claims,
debts to individual creditors are low, and that there is no
evidence of any delinquency or that creditors were exerting
unusual pressure on the Debtor to pay any past-due bills.  4EY and
Marshall also claim that evidence of the Debtor's bad faith is
shown by fraudulent conduct engaged in by the Debtor both pre- and
post-petition. Specifically, they assert that the Debtor has been
transferring assets and business opportunities to Medmetics. They
also claim that the Debtor engaged in misconduct in connection
with the FDA Audit.

A copy of Judge Carey's December 19, 2014 Memorandum is available
at http://is.gd/m8UKryfrom Leagle.com.

Derma Pen, LLC, filed a Chapter 11 petition (Bankr. D. Del. Case
No. 14-11894) on Aug. 8, 2014, estimating under $1 million in both
assets and debts.  A copy of the petition is available at no extra
charge at http://bankrupt.com/misc/deb14-11894.pdf The Debtor is
represented by Gregory A. Taylor, Esq., at Ashby & Geddes.


DEWEY & LEBOEUF: German Partner Must Face Clawback Suit
-------------------------------------------------------
Bankruptcy Judge Martin Glenn declined Jochen Terpitz's motion to
dismiss the Complaint filed by Alan M. Jacobs, as the Liquidating
Trustee for the Dewey & LeBoeuf Liquidation Trust.

Mr. Terpitz, a former partner at Dewey & LeBoeuf LLP, argues that
the Complaint must be dismissed for lack of personal jurisdiction
and, alternatively, based on forum non conveniens asserting
Germany as the adequate alternative forum.  The Trustee opposed.

From the time he became a partner in 2011 until he left the firm
in 2012, Mr. Terpitz was a resident of Germany and worked solely
in Dewey's Frankfurt, Germany office only for European clients.
The Trustee sued Mr. Terpitz to claw back distributions Dewey made
to him and tax payments made on his behalf pursuant to the firm's
partnership agreement, both on account of his status as an equity
partner in the firm. The challenged transfers allegedly originated
in New York and were made when Dewey was insolvent prior to filing
for bankruptcy.

In total, the Trustee seeks judgment against Mr. Terpitz in the
amount of not less than $403,936 plus interest, fees, and costs.
The Complaint alleges that Dewey made these transfers from its
headquarters in New York.

Judge Glenn held that the U.S. bankruptcy court has specific
jurisdiction over Mr. Terpitz and the court is the more
appropriate forum to adjudicate this case.

The adversary case is, ALAN M. JACOBS, as Liquidating Trustee of
the Dewey & LeBoeuf Liquidation Trust, Plaintiff, v. JOCHEN
TERPITZ, Defendant, ADV. PROC. NO. 14-01991 (MG)(Bankr. S.D.N.Y.).

A copy of the Court's December 22, 2014 Memorandum Opinion and
Order is available at http://is.gd/E0aLV0from Leagle.com.

Attorneys for Alan M. Jacobs, Liquidating Trustee for the Dewey &
LeBoeuf Liquidation Trust are:

     Allan B. Diamond, Esq.
     Howard D. Ressler, Esq.
     DIAMOND McCARTHY LLP
     New York Times Building
     620 Eighth Avenue (between 40th & 41st Streets)
     39th Floor
     New York, NY 10018
     Tel: (212) 430-5400
     Fax: (212) 430-5499
     E-mail: adiamond@diamondmccarthy.com
             hressler@diamondmccarthy.com

          - and -

     Mark Jay Krum, Esq.
     Christopher R. Murray, Esq.
     Daniel Meyler, Esq.
     DIAMOND McCARTHY LLP
     Two Houston Center
     909 Fannin Street, 15th Floor
     Houston, TX 77010
     Tel: (713) 333-5100
     Fax: (713) 333-5199
     E-mail: mkrum@diamondmccarthy.com
             cmurray@diamondmccarthy.com
             dmeyler@diamondmccarthy.com

Jochen Terpitz is represented by:

     Adrienne Woods, Esq.
     LAW OFFICES OF ADRIENNE WOODS, P.C.
     One Penn Plaza, Suite 6153
     New York, NY 10119
     E-mail: Adrienne@woodslawpc.com
     Tel: (917) 447-4321

          - and -

     Roland Gary Jones, Esq.
     JONES & ASSOCIATES
     One Rockefeller Plaza 10th Fl
     New York, NY 10020
     Tel: (347) 862-9254 ext. 701
     Fax: (212) 202-4416
     E-mail: rgj@rolandjones.com

                      About Dewey & LeBoeuf

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

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

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

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

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

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

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

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

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

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


DUNE ENERGY: To Negotiate Revised Terms to EOS Merger Agreement
---------------------------------------------------------------
Dune Energy, Inc., announced that, in connection with the
Agreement and Plan of Merger dated Sept. 17, 2014, as amended,
between the Company, Eos Petro, Inc., and Eos Merger Sub, Inc.,
Eos has informed the Company that, due to the recent severe
decline in oil prices, Eos cannot complete the merger and tender
offer on the terms set forth in the Merger Agreement.  Because of
the severe decline in oil prices, Eos' sources of capital for the
merger and tender offer were withdrawn.

The Company and Eos are currently in the process of negotiating
potential revised terms for the Merger Agreement upon which the
merger and tender offer could still be completed.  Those revised
terms may include, but are not limited to, revising the $0.30 per
share offer price for the shares of Company common stock tendered
for purchase in the tender offer.  The parties have agreed to
extend the tender offer to Jan. 15, 2015, at 12:00 Midnight, New
York City time, in order to allow the parties additional time to
reach an agreement on revised terms to the Merger Agreement for
the tender offer and merger.  The tender offer was previously
scheduled to expire at Dec. 22, 2014, at 12:00 Midnight, New York
City time.  If the parties are able to agree on revised terms, the
tender offer will remain open for a minimum of ten business days
from the date such revised terms are made publicly available, in
order to give the Company's stockholders adequate time to consider
the revised terms.  However, there is no assurance that the
parties will be able to agree on revised terms.

The Company is also currently working with its lenders in an
effort to extend the previously announced Forbearance Agreement
dated Sept. 30, 2014, to the Amended and Restated Credit
Agreement, as amended, set to expire on Dec. 31, 2014.

                       Alternative Proposal

Dune disclosed that it received a written non-binding letter of
intent on Dec. 22, 2014, from Party I indicating an interest in
purchasing all of the assets of the Company.  That non-binding
letter expires on Dec. 31, 2014.  Dune and its advisors are
currently analyzing the likelihood that Party I's proposal would
be reasonably likely to result in a Superior Proposal.  In
addition, from November 22 to Dec. 22, 2014, Dune and Perella
reached out to five parties that had previously expressed interest
in Dune or its assets, in order to determine if any such parties
would make an acquisition proposal for Dune.  The Company has been
advised that, as of Dec. 23, 2014, those discussions are ongoing.

                        About Dune Energy

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

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

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

                           Going Concern

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

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


EFACTOR GROUP: Posts $3.72-Mil. Net Loss for Third Quarter
----------------------------------------------------------
EFactor Group Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $3.72 million on $353,903 of net revenues for the three
months ended Sept. 30, 2014, compared to a net loss of $1.78
million on $207,022 of net revenues for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $18.89
million in total assets, $7.75 million in total liabilities and
total stockholders' equity of $11.14 million.

The Company has suffered losses from operations and has a working
capital deficit, which raises substantial doubt about its ability
to continue as a going concern.

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

                       http://is.gd/mM80IP

EFactor Group Corp. owns and operates a social networking site for
entrepreneurs.  It operates EFactor.com, a platform that enables
access to a network of contacts, registration for networking
events, advisory consulting, and various business tools, as well
as a range of services and information.  The company also provides
key support services in the areas of funding, knowledge, cost
savings, and business development, as well as offers public
relations and advertising services.  It operates in the United
States, the United Kingdom, India, China, and the Netherlands.
The company is based in San Francisco, California.


ELBIT IMAGING: Plaza Centers Closes Rights Offering
---------------------------------------------------
Elbit Imaging Ltd. disclosed that its subsidiary, Plaza Centers
N.V., has successfully completed its rights offering, which forms
part of its restructuring plan.

Elbit Ultrasound (Luxembourg) B.V./S.a.r.l., a wholly owned
subsidiary of the Company has purchased 122,847,376 new ordinary
shares of Plaza under the Rights Offering and the arrangements
under the Undertaking for an aggregate amount of approximately
EUR8.3 million and has procured that Burlington Loan Management
Limited, an affiliate of Davidson Kempner Capital Management LP, a
shareholder of the Company, will purchase 163,803,197 new ordinary
shares of Plaza which represent 26.3% of Plaza for an additional
amount of EUR11.05 million.

Following the Rights Offering and associated placing of shares and
the issuance of new ordinary shares to Plaza's bondholders under
Plaza's restructuring plan as announced by Plaza, EUL will hold
44.9% in the issued share capital of Plaza.

Plaza announced further that it is expected that (i) the new
ordinary shares of Plaza (issued to the Plaza's shareholders and
bondholders) in uncertificated form will be credited to stock
accounts on Dec. 23, 2014; and (ii) such new ordinary shares of
Plaza will commence trading, fully paid, on the London Stock
Exchange plc's main market for listed securities and on the Warsaw
Stock Exchange on Dec. 23, 2014, and on the Tel Aviv Stock
Exchange shortly thereafter.

                        About Elbit Imaging

Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
hold investments in real estate and medical companies.  The
Company, through its subsidiaries, also develops shopping and
entertainment centers in Central Europe and invests in and manages
hotels.

Since February 2013, Elbit has intensively endeavored to come to
an arrangement with its creditors.  Elbit has said it has been
hanging by a thread for more than five months.  It has encountered
cash flow difficulties and this burdens its day to day activities,
and it certainly cannot make the necessary investments to improve
its assets.  In light of the arrangement proceedings, and
according to the demands of most of the bondholders, as well as an
agreement that was signed on March 19, 2013, between Elbit and the
Trustees of six out of eight series of bonds, Elbit is prohibited,
inter alia, from paying off its debts to the financial creditors
-- and as a result a petition to liquidate Elbit was filed, and
Bank Hapoalim has declared its debts immediately payable,
threatening to realize pledges that were given to the Bank on
material assets of the Company -- and Elbit undertook not to sell
material assets of the Company and not to perform any transaction
that is not during its ordinary course of business without giving
an advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examining
the debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-
Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company
that the Tel Aviv District Court has appointed Adv. Giroa Erdinast
as a receiver with regards to the ordinary shares of the Company
held by Europe Israel securing Europe Israel's obligations under
its loan agreement with Bank Hapoalim B.M.  The judgment stated
that the Receiver is not authorized to sell the Company's shares
at this stage.  Following a request of Europe-Israel, the Court
also delayed any action to be taken with regards to the sale of
those shares for a period of 60 days.  Europe Israel and
Mr. Zisser have also notified the Company that they utterly reject
the Bank's claims and intend to appeal the Court's ruling.

Elbit Imaging reported a loss of NIS1.56 billion on
NIS360.59 million of total revenues for the year ended Dec. 31,
2013, as compared with a loss of NIS483.98 million on NIS418.48
million of total revenues in 2012.

As of June 30, 2014, the Company had NIS4.05 billion in total
assets, NIS3.16 billion in total liabilities and NIS889.58 million
shareholders' equity.

Brightman Almagor Zohar & Co., a member firm of Deloitte Touche
Tohmatsu, in Tel-Aviv, Israel, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.


ENERGY XXI: Fitch Affirms 'B' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed EXXI's ratings as follows:

Energy XXI Gulf Coast Inc.

-- Issuer Default Rating (IDR) at 'B';
-- Senior secured revolver at 'BB/RR1';
-- Senior unsecured notes at 'B/RR4'.

Energy XXI LTD

-- IDR at 'B-';
-- Convertible perpetual preferred at 'CCC/RR6';
-- Convertible notes at 'CCC/RR6'.

The Rating Outlook has been revised to Negative from Stable.
Approximately $3.9 billion in debt is affected by this rating
action.

Key Rating Drivers

EXXI ratings are supported by a clearer path to operational
stability as well as stable, though elevated, credit metrics after
the acquisition of EPL Oil & Gas in 2014. Positive operating
trends are offset by the recent upheaval in global crude markets
leading to lower oil prices and subsequent challenges for EXXI in
implementing its deleveraging plan.

The Negative Outlook is driven by uncertainties around the length
and depth of the crude downturn, with several follow-on effects.
These include the ability of the company to renew hedges at
reasonable levels in 2016, uncertainty on execution and timing of
potential asset sales, as well as the possibility of lower overall
liquidity following future redeterminations of the bank borrowing
base.

Credit Concerns

EXXI remains highly leveraged after the EPL acquisition, and
management's intention to meaningfully deleverage with free cash
flow will likely be delayed given current oil market conditions.
Fitch expects consolidated debt/EBITDA under 5.0x in FY15. While
Fitch believes that current and projected credit metrics are
appropriate for the rating category, headroom in the rating has
effectively been eliminated. Additionally, while EXXI has 60% of
expected oil production for calendar 2015 hedged, 2016 oil hedges
are minimal at around 5% of run-rate production, and the current
forward curve remains at levels where it would be unattractive for
the company to meaningfully hedge. In our base case, Fitch
anticipates that production volumes will be flat to modestly
positive given the expected resolution of recent operational
issues. To the extent that current volumes are not sustained Fitch
would view this as a credit negative given limited overall
headroom in the rating.

Free Cash Flow

Management currently expects to spend $680 million for capex in
FY15. As much of this spending was front-loaded Fitch anticipates
limited oil-price related changes to FY15 spending, as well as
free cash flow of -$150 million in FY15. However, given the
company's ability to sustain production levels with lower capex
levels, Fitch anticipates positive free cash flow along with
modest debt reduction in FY16 and FY17 in a $70-$75 WTI price
environment. In a lower oil price environment, cash burn should be
manageable in the near term given the company's current liquidity
position, though leverage metrics could be stressed.

Liquidity

As of Sept. 30, EXXI had $119.5M in cash and $525.7M available on
the credit facility, leading to approximately $645 million in
available liquidity. In our base case ($75/WTI), liquidity should
be adequate given anticipated free cash flow in FY16 and FY17.
Under more challenging conditions (WTI $55-65), Fitch anticipates
liquidity to be adequate in the near term. EXXI has approximately
60% of calendar 2015 oil volumes hedged at an average of
approximately $84/bbl, leading to higher-than-market operating
cash flow. Near term cash burn rates should remain manageable if
crude is sustained above $50/bbl. Capital expenditures would
likely be revised downward in the event of oil prices sustained
under $65/bbl, temporarily increasing liquidity through lower
capex and less cash burn. Potential cash burn rates at various
crude prices are factored into the liquidity analysis and overall
outlook.

Crude Oil Scenarios

Fitch ran a number of price scenarios to capture what EXXI might
look like in a sustained downside oil case. In cases with prices
sustained above $65/bbl free cash flow was neutral to slightly
positive and liquidity concerns were not material. In a sustained
downside case, and without meaningful hedge protection in calendar
2016, credit metrics and liquidity could become challenged. Fitch
will monitor the continuing developments in crude markets,
improvements in operating costs, hedge positions, and liquidity in
assessing EXXI credit quality. While Fitch rates through the cycle
to a long-term oil base case of $75/bbl, uncertainty around near-
term elements, including asset sale proceeds and liquidity,
factors into the rating and outlook.

Recent Financial Performance

As calculated by Fitch, LTM EBITDA was $752 million, leading to
consolidated LTM debt/EBITDA of 5.2x. LTM interest coverage was
3.8x. Leverage metrics have been elevated post-acquisition but
remain in line for the rating category. Quarterly production
volumes were up 27% for the quarter ended Sept. 30, generating
additional cash flow and helping to mitigate market concerns about
lower production volumes after the EPL acquisition. With the
current production profile and cost structure, Fitch calculates
EXXI crude oil breakeven at approximately $65/bbl. When combined
with the company's liquidity position, these factors should enable
the company to weather a period of lower oil prices. Fitch also
expects further improvements in the cost structure as one-time
items work through the P&L, infrastructure and debottlenecking
issues are resolved, and rig day rates are renegotiated in 2015.

Rating Senstivities

Negative: Future developments that could lead to negative rating
action include:

-- Consolidated debt/EBITDA sustained over 5.0x and/or negative
   free cash flow in FY16 driven by sustained lower oil prices;

-- Failure to maintain current production levels leading to
   debt/flowing barrel above $70,000;

-- Inability to maintain adequate liquidity through free cash flow
   or asset sales;

-- Inability to meaningfully hedge 2016 oil volumes.

Positive: Future developments that may lead to positive rating
actions include:

-- Sustained increases in overall production levels with positive
   free cash flow generation and subsequent debt reduction;

-- Demonstrated commitment to lower debt levels leading to mid-
   cycle Debt/EBITDA below 3.5x;

-- Upgrades are not considered probable in the near term given
   headwinds from lower crude prices, as well as limited capacity
   to pay down material amounts of debt.


ERF WIRELESS: Issues 5.2 Million Common Shares
----------------------------------------------
ERF Wireless, Inc., issued 5,200,000 common stock shares pursuant
to existing Convertible Promissory Notes from Dec. 13, 2014,
through Dec. 19, 2014.  The Company received 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
$0.00128 per share.  The issuance of the shares constitutes
10.050% of the Company's issued and outstanding shares based on
51,740,894 shares issued and outstanding as of Dec. 12, 2014.

In addition, on Dec. 17, 2014, the Company processed a one-time
issuance of 400,000 restricted common shares to WISPer Ventures
Leasing LLC pursuant to the terms of non-convertible financing
previously reported in the Company's 8-K of Nov. 5, 2014.  The
shares were issued at an average of $0.0164 per share.  The
issuance of the shares constitutes .773% of the Company's issued
and outstanding shares based on 51,740,894 shares issued and
outstanding as of Dec. 12, 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.


EXIDE TECHNOLOGIES: Sued Over Alleged Health Problems
-----------------------------------------------------
Sara Randazzo, writing for Daily Bankruptcy Review, reported that
years of contamination at a Southern California lead-acid battery-
recycling plant caused severe health problems for local residents,
including cancer and kidney failure, according to a new lawsuit.
According to the report, the suit, brought against directors and
officers of Exide Technologies, was filed in Los Angeles Superior
Court.

                     About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002 and exited bankruptcy two years after.
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

Exide's international operations were not included in the filing
and will continue their business operations without supervision
from the U.S. courts.

For the new case, Exide has tapped Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang
Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial
advisor; Sitrick and Company Inc. as public relations consultant
and GCG as claims agent.  Schnader Harrison Segal & Lewis LLP was
tapped as special counsel.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel.  Zolfo Cooper, LLC serves as its bankruptcy
consultants and financial advisors.  Geosyntec Consultants was
tapped as environmental consultants to the Committee.

Robert J. Keach of the law firm Bernstein Shur as fee examiner has
been appointed as fee examiner.  He has hired his own firm as
counsel.


FOREST OIL: Closes All-Stock Business Combination with Sabine Oil
-----------------------------------------------------------------
Sabine Oil & Gas LLC and Forest Oil Corporation announced that
they have closed the previously reported all-stock business
combination on a revised basis.

The combined entity intends to change its name to Sabine Oil & Gas
Corporation, and is expected to be one of the upstream industry's
largest operators and lease holders in East Texas, benefiting from
management expertise, streamlined operations and economies of
scale.  The combination also results in core positions in the
Eagle Ford, North Louisiana Haynesville and Granite Wash that
provide optionality for development and monetization.

David Sambrooks, the combined Company's president and CEO,
commented:

"Since we announced the combination in May 2014, market dynamics
have changed considerably but the logic for combining these two
complementary companies has not.  Today's closing will create a
strong platform for growth and bring stability and upside
opportunity to stockholders of the combined company.  The combined
asset portfolio creates one of the upstream industry's largest
East Texas players, while generating operating synergies,
economies of scale and optimized capital allocation."

Patrick McDonald, Forest's president and CEO, commented:

"This combination, as revised, is clearly in the best interest of
Forest and its shareholders, and we are very pleased to have
completed it."

Revised Transaction Terms

At closing, the owners of Sabine (the "Sabine Investor Entities")
contributed their interests in Sabine to Forest, in exchange for
common stock and non-voting convertible preferred stock of Forest
representing an aggregate 73.5% economic interest in the combined
company.  Existing Forest common shareholders retained their
Forest shares, which now represent, in the aggregate, a 26.5%
economic interest in the combined company.  Under the revised
terms, the Sabine Investor Entities' will hold approximately 40%
of the voting power of the combined company (with Forest's
existing shareholders retaining approximately 60% of the voting
power).  The preferred stock issued to the Sabine Investor
Entities will not be convertible to the extent conversion would
cause the combined voting power of the Sabine Investor Entities to
exceed 49.9% of the outstanding voting power of the company.  The
combined entity will be headquartered in Houston, Texas.

Revised Transaction Financing

In connection with the combination, the existing Sabine and Forest
revolving credit agreements will be refinanced with a new reserve-
based lending credit agreement at the combined company level.  The
RBL Revolver will have a borrowing base of $1 billion at closing.
In addition, the combined company expects to incur an additional
$50 million of second lien term loans under its existing second
lien term loan facility in connection with the closing.  Under the
revised transaction terms, no change of control will result under
the indentures governing Forest's and Sabine's outstanding bonds
or Sabine's second lien term loan, all of which will remain
outstanding after closing.  The RBL Revolver, the second lien term
loan facility and the outstanding Forest and Sabine bonds will
reside at the surviving company in the combination.  As a result
of the revised transaction terms, the $850 million of bridge
commitments previously obtained to finance the repurchase of the
Forest bonds under the prior transaction terms are no longer
necessary.  The combined company will save at least $100 million
in transaction costs and interest expenses over the next three
years by leaving the Forest bonds outstanding.

Board and Management Structure

The combined company's board will initially consist of two
existing Forest directors, Patrick McDonald and Dod Fraser and
five former Sabine directors approved by the Forest board: David
Sambrooks, who will serve as Chairman, Duane Radtke, who will
serve as Lead Director, Alex Krueger, Brooks Shughart and John
Yearwood as directors.  Tom Chewning will join the combined
company's board at closing as an independent director and Chairman
of the Audit Committee.

Mr. Chewning has over 40 years of executive and financial
experience.  He served as president and chief executive officer of
Dominion Energy, a subsidiary of Dominion Resources, from 1995 to
1999, and then as chief financial officer of Dominion Resources
from 1999 until his retirement in 2009.

The combined company will be led by David Sambrooks, president and
chief executive officer, Todd Levesque, executive vice president
and chief operating officer and Michael Magilton, senior vice
president and chief financial officer.  Mr. Magilton will join the
company on Jan. 1, 2015, following completion of his tenure as
Vice President, Finance & Treasurer at Quantum Resources
Management, which he joined in 2011.  Prior to Quantum, he served
as a Vice President with private equity firm Aurora Capital Group.
Full biographies for Messrs. Chewning and Magilton are included
below.

Complementary Assets

In addition to a top-tier 207,000 net acreage position in East
Texas, the combination of assets is expected to create a 65,000
net acreage position in the Eagle Ford as well a position in the
Haynesville in North Louisiana and a highly economic liquids rich
position in the Granite Wash.  The complementary nature of Sabine
and Forest's assets should present considerable opportunities to
generate savings through operating synergies, economies of scale,
and optimized capital allocation.

The combined company will have estimated proved reserves of 1.4
trillion cubic feet equivalent (71% gas) (as of Sept. 30, 2014),
and estimated daily production of approximately 305 million cubic
feet equivalent (66% gas) for 2014.

The combined company has multiple opportunities to de-lever its
balance sheet through an optimized capital program and accretive
divestments.  As an example of action already taken, Forest closed
the divestment of its Arkoma Basin assets on Dec. 15, 2014,
receiving cash proceeds of approximately $184 million after
closing adjustments.  This sale represented an 8.1x multiple of
trailing twelve month cashflow.  The combined company plans to
explore additional divestment opportunities to further improve the
balance sheet.

NYSE Listing Status

Forest has been informed by the New York Stock Exchange that
trading in its common stock will be suspended immediately and is
being delisted due to the company's failure to meet the
requirements for continued listing.  David Sambrooks commented:
"We are committed to having the common stock listed on an active
exchange and we expect to seek relisting on an exchange as soon as
we meet the listing requirements."  Prior to qualifying for a new
listing, the common stock is expected to immediately trade in the
OTCQB market under a new ticker symbol.

                      To Trade on OTCQB Market

Forest Oil Corporation (which is in the process of changing its
name to Sabine Oil & Gas Corporation) announced that following its
recently completed business combination with Sabine Oil & Gas, the
common stock of the combined entity will begin trading on the
OTCQB marketplace at the open of the market, Dec. 17, 2014.  As
previously disclosed, Forest Oil was delisted from the New York
Stock Exchange on Dec. 16, 2014, following completion of the
business combination.

On Dec. 17, 2014, the Company's common stock began trading over
the counter on the OTC Markets Group's OTCQB Marketplace under the
ticker symbol "FSTO."

The move from the NYSE to OTCQB Marketplace does not change SEC
reporting obligations under applicable securities laws.
Accordingly, the combined company will continue to file, among
others, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-
K and Current Reports on Form 8-K.

As previously disclosed, the company remains committed to listing
its common stock on an active exchange and expects to seek
relisting on an exchange as soon as it meets applicable listing
requirements.

Changes in Certifying Accountant

In connection with the Closing of the Transactions, the Company
engaged Deloitte & Touche, LLP, as its independent registered
public accounting firm effective Dec. 16, 2014.  Deloitte has
served as the independent registered public accounting firm of
Sabine O&G since the year ended Dec. 31, 2012.

During the years ended Dec. 31, 2013, and 2012 and through
Dec. 22, 2014, Forest has not, nor has anyone on Forest's behalf,
consulted with Deloitte with respect to either (1) the application
of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be
rendered on Forest's consolidated financial statements, and
neither a written report nor oral advice was provided to Forest
that was an important factor Forest considered in reaching a
decision as to any accounting, auditing or financial reporting
issue; or (2) any matter that was either the subject of a
disagreement.

Concurrent with the appointment of Deloitte, Ernst & Young LLP was
dismissed as independent registered public accounting firm of the
Company effective Dec. 16, 2014.  The decision to change the
Company's independent registered public accounting firm has been
approved by the Company's audit committee of Forest's board of
directors.

The audit report of Ernst & Young on the consolidated balance
sheets of the Company as of Dec. 31, 2013, and 2012, and the
related consolidated statements of operations, cash flows and
shareholders' equity for the years then ended did not contain an
adverse opinion or disclaimer of opinion, nor was it modified as
to audit scope or accounting principles.  However, Ernst & Young's
report did contain an explanatory paragraph indicating that there
is substantial doubt about the Company's ability to continue as a
going concern.

The audit report of Ernst & Young on the effectiveness of the
Company's internal control over financial reporting as of Dec. 31,
2013, contained an adverse opinion on the Company's internal
control over financial reporting due to the effect of material
weaknesses in the Company's internal controls as identified by
management.  These related to the design and operation of
information technology general controls, specifically user access
and program change management.  This deficiency impacted controls
over the financial statement close process and other review
controls relying on electronic data that generally impacted all
classes of transactions and thus all significant financial
statement accounts.  Further, the Company identified a material
weakness related to the design and operating effectiveness of
controls over the maintenance of its division of interests, and a
material weakness related to the design and operating
effectiveness of controls over its oil and gas property ceiling
limitation test.

Officers

On Dec. 16, 2014, effective as of the Closing, the Board appointed
the following individuals to serve as executive officers of the
Company in the following capacities:

  * David J. Sambrooks, president and chief executive officer

  * R. Todd Levesque, executive vice president and chief operating
    officer

  * Cheryl R. Levesque, senior vice president, Asset Development

  * Timothy D. Yang, senior vice president, land & legal, general
    counsel, chief compliance officer and secretary

Additional information is available for free at:

                        http://is.gd/xOckCx
                        http://is.gd/kzcmdQ

                          About Forest Oil

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

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

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

                            *    *    *

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


FREESEAS INC: Stockholders Elected Two Directors
------------------------------------------------
At FreeSeas Inc.'s annual meeting of shareholders held on Dec. 18,
2014, the shareholders:

   (i) elected Mr. Ion G. Varouxakis and Mr. Dimitrios
       Panagiotopoulos as directors to serve until the 2017 Annual
       Meeting of Shareholders;

  (ii) ratified the appointment of RBSM LLP, as the Company's
       independent registered public accounting firm for the
       fiscal year ending Dec. 31, 2014;

(iii) granted discretionary authority to the Company's board of
       directors to (A) amend the Amended and Restated Articles of
       Incorporation of the Company to effect one or more
       consolidations of the issued and outstanding shares of
       common stock, pursuant to which the shares of common stock
       would be combined and reclassified into one share of common
       stock at ratios within the range from 1-for-2 up to 1-for-
       10 and (B) determine whether to arrange for the disposition
       of fractional interests by shareholder entitled thereto, to
       pay in cash the fair value of fractions of a share of
       common stock as of the time when those entitled to receive
       those fractions are determined, or to entitle shareholder
       to receive from the Company's transfer agent, in lieu of
       any fractional share, the number of shares of common stock
       rounded up to the next whole number, provided that, (X)
       that the Company shall not effect Reverse Stock Splits
       that, in the aggregate, exceeds 1-for-15, and (Y) any
       Reverse Stock Split is completed no later than the first
       anniversary of the date of the Annual Meeting; and

  (iv) approved an amendment to the Amended and Restated Articles
       of Incorporation of the Company to increase the Company's
       authorized shares of common stock from 250,000,000 to
       750,000,000.

Mr. Ion G. Varouxakis, Chairman, president and CEO, commented:
"Having taken note of today's Annual meeting results, we would
like to reaffirm the Company's commitment to the public markets as
a fully reporting entity.  It is the intention of the Company,
being eligible under Nasdaq rules to apply for the second 180-day
compliance period of the minimum bid price requirement, to not
effect a reverse split at this time.  The Company is actively
exploring financing structures to leverage its existing
unencumbered assets in order to enlarge the fleet early next year.
The increase of the fleet size will not only improve earnings
potential, but is expected to improve investor confidence and
restore shareholder value.  This shall be our foremost priority
for the new year."

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

FreeSeas Inc. reported a net loss of $48.70 million in 2013, a net
loss of $30.88 million in 2012 and a net loss of $88.19 million in
2011.  The Company's balance sheet at March 31, 2014, showed
$79.78 million in total assets, $77.41 million in total
liabilities, all current, and $2.37 million in total shareholders'
equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet scheduled
payment obligations under its loan facilities and has not complied
with certain covenants included in its loan agreements.
Furthermore, the vast majority of the Company's assets are
considered to be highly illiquid and if the Company were forced to
liquidate, the amount realized by the Company could be
substantially lower that the carrying value of these assets.
These conditions among others raise substantial doubt about the
Company's ability to continue as a going concern.


GENERAL STEEL: Zuosheng Yu Reports 44.7% Stake as of Dec. 25
------------------------------------------------------------
Zuosheng Yu disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Dec. 23, 2014, he
was deemed to be the beneficial owner of 27,203,900 common shares,
constituting 44.7% of the outstanding common Shares of General
Steel Holdings, Inc., based upon the 60,922,382 Shares outstanding
as of Dec. 4, 2014.

Mr. Yu has the sole power to vote and dispose of the Shares held
in his name.  Mr. Yu, by virtue of being the settlor of The GSI
Family Trust U/A/D 01/21/10 with sole power of revocation and
serving as the sole member of the Investment Committee of the
Trust, has voting and investment control over the securities held
by the Trust.  Mr. Yu indirectly has sole voting and investment
control over the securities held by Golden Eight by virtue of
having sole voting and investment control over the securities held
by the Trust which holds the sole outstanding share of Golden
Eight Investments Limited.  In addition, Mr. Yu serves as sole
director of Golden Eight.  A copy of the regulatory filing is
available at http://is.gd/iBgTHr

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  The Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region
and Tianjin municipality with seven million metric tons of crude
steel production capacity under management.  For more information,
please visit http://www.gshi-steel.com/

The Company reported a net loss of $42.62 million in 2013, a net
loss of $231.94 million in 2012, a net loss of $283.29 million in
2011, and a net loss of $46.27 million in 2010.

The Company's balance sheet at Sept. 30, 2014, showed $2.76
billion in total assets, $3.35 billion in total liabilities and a
$584.01 million total deficiency.


GEOPETRO RESOURCES: Depends on Add'l Financing to Pay Contracts
---------------------------------------------------------------
GeoPetro Resources Company filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $451,053 on $nil of natural gas sales for the three
months ended Sept. 30, 2014, compared to a net loss of $577,079 on
$nil of natural gas sales for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $23.5
million in total assets, $8.61 million in total liabilities and
total stockholders' equity of $14.88 million.

GeoPetro's ability to meet its contractual obligations and remit
payment under its arrangements with its vendors depends on its
ability to generate additional financing.  GeoPetro's management
continues to renegotiate the terms of its existing borrowing
arrangements and raise additional capital through debt and equity
issuances.  These conditions raise 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/ahbuYf

Based in San Francisco, GeoPetro Resources Company explores and
develops oil and natural gas reserves domestically and
internationally.  The Company previously entered into an Agreement
and Plan of Merger with MCW Energy Group Limited and MCW CA SUB
whereby Merger Sub will merge with and into the Company and the
Company will survive the Merger and continue as a subsidiary of
MCW.  The Merger Agreement was terminated by mutual written
consent in May 2014.


GLOBAL CASH: Moody's Lowers Corporate Family Rating to B2
---------------------------------------------------------
Moody's Investors Service downgraded Global Cash Access, Inc.'s
(GCA) Corporate Family Rating to B2 following the announced
closing of its acquisition of Multimedia Games (MGAM). This action
is in line with Moody's November 14, 2014 press release when
ratings for the proposed financing were assigned assuming a
downgrade in the CFR should the acquisition close. At the same
time, Moody's affirmed GCA's B2-PD Probability of Default Rating,
its B1 senior secured bank facility rating, and its Caa1 senior
unsecured note rating. Moody's also assigned a B1 rating to the
company's senior secured note issuance and a Speculative Grade
Liquidity rating of SGL-2, and withdrew the ratings on the
company's refinanced senior secured revolver and term loan. This
action concludes the review Moody's initiated on September 8,
2014, when GCA's ratings were placed under review for downgrade.

On December 19, 2014, GCA announced the completion of the
acquisition of MGAM -- a manufacturer and supplier of gaming
machines and systems. GCA originally announced the planned
acquisition -- valued at approximately $1.2 billion -- on
September 8, 2014. GCA's and MGAM's existing debt was repaid in
full at the time of the transaction close and MGAM is now a wholly
owned subsidiary of GCA.

Moody's has taken the following actions:

Ratings downgraded:

Corporate Family Rating to B2 from B1

Ratings affirmed:

Probability of Default Rating at B2-PD

$50 million 5-year Senior Secured Revolving Credit Facility at
B1 (LGD3)

$500 million 6-year Senior Secured Term Loan B at B1 (LGD3)

$350 million 7-year Senior Unsecured Notes at Caa1 (LGD5)

Ratings assigned:

$350 million 6.25-year Senior Secured notes at B1 (LGD3)

Speculative Grade Liquidity rating of SGL-2

Ratings withdrawn:

$35 million Senior Secured Revolving Credit Facility due March
2016 at B1 (LGD3)

$96 million (outstanding) Senior Secured Term Loan B due March
2016 at B1 (LGD3)

The outlook was changed from rating under review to stable.

Ratings Rationale

The B2 Corporate Family Rating considers GCA's significant
leverage resulting from acquisition financing. On close, Moody's
estimates that GCA will have pro forma debt/EBITDA of
approximately 6.0x -- including consideration of approximately $30
million of cost synergies. Without these synergies, leverage is
estimated at approximately 7.0x. This represents a material
increase from GCA's standalone leverage of about 1.6x for the LTM
period ended September 30, 2014. Moody's expects that leverage
will improve somewhat over the near term, as an estimated $50
million of positive free cash flow over the next 12 months can be
applied towards debt reduction beyond required amortization.
However, Moody's estimates that debt/EBITDA would remain above
5.5x under such a scenario, which is still high at the B2 rating
given the current challenges facing the gaming industry. The
rating also reflects the company's small scale relative to rated
peers in terms of revenue and integration risk as the company
enters the highly competitive gaming device, content and systems
market. While GCA has a track record of executing smaller
acquisitions, the transformative nature of the MGAM acquisition
introduces meaningful integration risk as well, with regards to
(amongst other issues) attaining projected cost synergies.

Notwithstanding these concerns, the acquisition will expand and
diversify GCA's customer and revenue base while enhancing the
company's scale in an intensely competitive gaming supply industry
and broadening its product scope. MGAM continues to experience
robust increases in participation revenue largely as a result of
the continued expansion of the domestic installed player terminal
base. GCA will see margin improvement as it acquires a company
that has operating margins of about 27%, compared to GCA's margins
of about 8%. Although not included in Moody's projections, cross-
selling opportunities for gaming devices and systems into GCA's
existing customer base have the potential to expand MGAM's market
share -- particularly when the two largest players in the market
are working through large acquisitions of their own -- which would
lead to further increases in participation revenue. Moody's
considers the cost synergies that management has targeted to be
mostly achievable, because they relate primarily to the
elimination of duplicative public company-related costs and
gaining efficiencies in the individual manufacturing and assembly
processes (for cash-access devices and gaming equipment). However,
Moody's expectation of continued softness in the gaming sector and
slower replacement cycles for gaming machines poses a significant
challenge for the growth prospects of the combined business.

The stable rating outlook assumes growth in MGAM's Gaming
Operations will be sufficient to offset weakness in cash advance
and ATM revenue -- which will account for more than 60% of
revenues and 30% of earnings post-acquisition -- and mitigate
potential volatility in MGAM's Machine Sales business. The stable
outlook also assumes that the combined company will apply the
majority of its free cash flow to debt reduction beyond any
mandatory amortization resulting in debt/EBITDA decreasing to
between 5.0x and 5.5x by the end of fiscal 2016.

GCA's Speculative Grade Liquidity rating of SGL-2 reflects its
good liquidity. Moody's expects GCA will generate about $50
million of free cash flow over the next 12 months after its
interest, taxes, required debt amortization and capital
expenditure needs. Cash balances (after settlement liabilities and
receivables) are expected to be modest at about $15 million. GCA
has access to a $50 million revolver that expires in 2019 which
Moody's do not expect to be materially drawn over the next 12
months. GCA's credit agreement calls for a maximum secured
leverage test which Moody's expects will have adequate cushion.

The B2 Corporate Family Rating could be lowered if there is
further deterioration in GCA's legacy cash services business such
that it appears that the company will not be able to reduce and
maintain debt/EBITDA below 6.0 times by the end of calendar year
2016. A higher rating would require GCA to achieve and maintain
debt/EBITDA of about 4.5 times and maintain its good liquidity
profile.

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.

GCA, a wholly owned subsidiary of Global Cash Access Holdings
Inc., is a provider of cash access products and related services
to the casino gaming industry. MGAM is a manufacturer and supplier
of gaming machines and systems. On a pro forma basis, for the LTM
period ended September 30, 2014, GCA generated revenue of about
$800 million. GCA's parent is a public company and trades on the
NYSE under GCA.


GOPICNIC BRANDS: To Sell Packaged Meal Business at Auction
----------------------------------------------------------
Jacqueline Palank, writing for Daily Bankruptcy Review, reported
that GoPicnic Brands Inc., whose packaged meals are sold in big-
box retailers like Costco and Target, is heading to the auction
block.  According to the report, Judge Jacqueline Cox of the U.S.
Bankruptcy Court in Chicago authorized the company to sell itself
to the highest bidder at a Jan. 27 auction, court papers show.

Headquartered in Chicago, Illinois, GoPicnic Brands, Inc.,
produces boxed meals and snack.  Its products are available at
more than 15,000 retail locations worldwide.

GoPicnic Brands, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ill. Case No. 14-43382) on Dec. 3, 2014, citing  lack
of growth and a dispute between the company's board and its former
director.  The petition was signed by Bret Lorenc, chief financial
officer.

GoPicnic Brands estimated its assets at between $1 million and $10
million, and its liabilities at between $1 million and $10
million.


GREENSHIFT CORP: Enters Into Sixth Amended Forbearance Agreement
----------------------------------------------------------------
GreenShift Corporation, its subsidiaries and affiliates, Viridis
Capital, LLC and YA Global Investments, L.P., entered into a Sixth
Amendment to Second Global Forbearance Agreement.  The Amendment
recites that, as of Dec. 15, 2014, GreenShift was indebted to YA
Global in the principal amount of $12,280,612, plus accrued
interest and expenses of $6,363,736, under an Amended, Restated
and Consolidated Secured Convertible Debenture dated as of
July 30, 2011.  In addition, GreenShift is indebted to various
assignees of interests in the Debenture, for whom YA Global acts
as collateral agent.

The Amendment recites that on or about Dec. 12, 2014, YA Global
became aware of certain events that are cause for termination of
the Forbearance Agreement and enforcement of YA Global's rights in
the event of default under the Debenture.  Subsequently, Viridis
Capital, LLC, the controlling shareholder of GreenShift, took
certain actions as a result of the discovery of the termination
events, including removal of certain officers and directors of
GreenShift.  The Amendment states that, in order to facilitate
ongoing negotiations between GreenShift and YA Global, YA Global,
for itself and its assignees, has agreed to forbear from enforcing
its rights and remedies as a result of the termination events
until Jan. 31, 2015, unless another termination event occurs.

Meanwhile, on Dec. 19, 2014, Viridis Capital, LLC, converted 7,161
shares of Series D Preferred Stock into one billion
(1,000,000,000) restricted shares of GreenShift common stock.
Kevin Kreisler, the sole director and CEO of GreenShift
Corporation, is the managing member of Viridis Capital, LLC.  The
shares owned by Viridis Capital, LLC, have been pledged to secure
Viridis Capital, LLC's guarantee of GreenShift's obligation to its
secured lenders.

Upon the issuance of the common shares on December 22, 2014, there
were 1,131,756,793 shares of common stock outstanding.

                   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.


HAITI TELECOMMUNICATIONS: Judge Dismisses Claims Against TELECO
---------------------------------------------------------------
Madsen Law, P.C. on Dec. 22 disclosed that a federal judge
dismissed all claims brought against Les Telecommunications
D'Haiti S.A.M (TELECO), Haiti's local telecommunications provider,
by Haiti Telecommunications International S.A. (HAITEL) and its
founder Franck Cine.  In a sweeping ruling Judge Jack B. Weinstein
rejected all accusations that TELECO had used its influence as a
government-controlled entity to extort licensing fees from Haitel
with the objective of driving it out of business.

Bertrand Madsen of Madsen Law, P.C. who represented TELECO noted,
"This ruling is a testament to the rule of law.  Judge Weinstein's
decision is a warning to those who purport to contract with
corporations by dealing with rogue employees who act beyond their
authority."

Mr. Cine and HAITEL -- represented by the former U.S. Attorney for
the Southern District of Florida, Guy A. Lewis of the law firm
LEWIS TEIN PL -- sought an award of more than US$ 240 million,
representing the value of Mr. Cine's personal assets (US$ 96.75
million) and HAITEL'S assets (US$ 150 million) which have been
seized in on-going bankruptcy proceedings in Haiti.  Under the
terms of a dubious agreement signed by the parties in 1998,
Mr. Cine and HAITEL also sought an order compelling TELECO to
arbitrate their claims in Bermuda.

TELECO argued that the arbitration agreement was null and void
because its representative had exceeded the scope of his
employment powers when he signed it without authorization from the
company's board of directors.  According to Mr. Madsen, "This
contract was signed under dubious circumstances by Teleco's
general director in 1998, without any involvement from Teleco's
board of directors and in contravention to Haitian law."

Following a two-day trial, Judge Weinstein ruled that TELECO had
no obligation to submit to arbitration because the parties'
agreement was invalid.  The judge found that TELECO's case had
been proven "by clear and convincing evidence" and that "Haitel
has no right to arbitrate disputes it has with TELECO."

Salim Succar, a spokesperson for Cabinet Lissade in Haiti, stated
that with the ruling "justice had prevailed."

Bertrand Madsen of MADSEN LAW P.C. and Silvia Serpe of SERPE RYAN
LLP -- both former Assistant U.S. Attorneys in the Southern
District of New York -- represented TELECO in the United States,
and Louis Gary Lissade of Cabinet Lissade did so in Haiti.


HEALTHWAREHOUSE.COM INC: Osgar Has 6.5% Stake as of Dec. 1
----------------------------------------------------------
Osgar Holdings Ltd. and Hong Penner disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission on Dec. 1,
2014, that they beneficially owned 2,500,000 shares of common
stock of HealthWarehouse.com, Inc., representing 6.5 percent of
the shares outstanding.  Ms. Penner is the president, sole
stockholder and a director of Osgar.  Accordingly, the shares of
common stock owned by Osgar may be deemed to be beneficially owned
by Ms. Penner.  A copy of the regulatory filing is available for
free at http://is.gd/0zH0Z4

                      About HealthWarehouse.com

HealthWarehouse.com, Inc., headquartered in Florence, Kentucky,
is a U.S. licensed virtual retail pharmacy ("VRP") and healthcare
e-commerce company that sells brand name and generic prescription
drugs as well as over-the-counter ("OTC") medical products.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has
incurred 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, the auditors said.

Healthwarehouse.com Inc., reported a net loss attributable to
common stockholders of $7.30 million following a net loss
attributable to common stockholders of $6.26 million during the
prior year.

The Company's balance sheet at Sept. 30, 2014, showed
$2.19 million in total assets, $5.83 million in total liabilities,
and a $3.64 million in total stockholders' deficiency.

                        Bankruptcy Warning

"The Company recognizes it will need to raise additional capital
in order to meet its payment obligations... and execute its
business plan.  There is no assurance that additional financing
will be available when needed or that management will be able to
obtain financing on terms acceptable to the Company and whether
the Company will become profitable and generate positive operating
cash flow.  If the Company is unable to raise sufficient
additional funds, it will have to develop and implement a plan to
further extend payables, attempt to extend note repayments,
attempt to negotiate the preferred stock redemption and reduce
overhead until sufficient additional capital is raised to support
further operations.  There can be no assurance that such a plan
will be successful.  If the Company is unable to obtain financing
on a timely basis, the Company could be forced to sell its assets,
discontinue its operation and /or seek reorganization under the
U.S. bankruptcy code," the Company stated in the Report.


HERON LAKE: Declares Cash Distribution for January 2015
-------------------------------------------------------
The Board of Governors of Heron Lake BioEnergy, LLC, declared a
cash distribution of $0.12 per membership unit to the holders of
record of the Company's units at the close of business on Dec. 18,
2014, for a total distribution of $9,351,852.  The Company expects
to pay the distribution by the end of January 2015, subject to
approval from the Company's lender.

Heron Lake also disclosed that it sent a letter to its members
announcing its estimate of tax liability of members for its tax
year ended Dec. 31, 2014.

"Based on our preliminary financial results, we anticipate you may
have approximately $.10 income per membership unit (full year
owners) of taxable income reported to you on your K-1 & KPI forms
for the 12-months ending December 31, 2014.  If you owned your
membership units, or a portion of them, for less than this entire
calendar year, your share of company income or loss will be pro-
rated to show the amount for the portion of the year that you
owned the units. Your K-1 & KPI forms will reflect any pro-ration
based on a change in your unit ownership."

                           About Heron Lake

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

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

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

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

                        Bankruptcy Warning

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


HUNTINGTON BEACH SCHOOL DISTRICT: On Fin'l Brink Due to Asbestos
----------------------------------------------------------------
Nicole Knight Shine, writing for Los Angeles Times, reported that
the Huntington Beach School District, a small school district in
Orange County, California, is reeling under a multimillion-dollar
budget shortfall following the closure of campuses and bus
students in the wake of an asbestos scare.

According to the report, Wendy Benkert, assistant superintendent
for business services at the Orange County Department of
Education, told trustees for Ocean View School District, that the
district has run through $2.9 million of $4.3 million in general
fund emergency reserves and faces an additional $9.2 million in
costs related to asbestos removal and a modernization project at
11 schools.  Should the Huntington Beach school district fail to
close its $7.8-million shortfall, it might need emergency funding
or could be taken over by the state, Benkert warned, the report
further related.


I2A TECHNOLGIES: Wants Access to Heritage Bank's Cash Approved
--------------------------------------------------------------
i2a Technologies, Inc., asks the Bankruptcy Court to approve a
second stipulation entered with secured creditor Heritage Bank of
Commerce in relation to the use of cash collateral.

Pursuant to the second cash collateral stipulation, the Debtor is
authorized to use the cash collateral of HBC pursuant to the
initial budget attached to the second cash collateral stipulation
until Dec. 31, 2014; and thereafter until Feb. 28, 2015, pursuant
to budgets to be provided to HBC for the months of January and
February.

During the initial month of the second cash collateral
stipulation, the Debtor will use $111,760 of cash collateral.  As
a condition of the use of the cash collateral pursuant to the
second cash collateral stipulation, HBC will be granted a
postpetition replacement lien solely to the extent there is any
diminution in the value of HBC's prepetition collateral.  In
addition, Wells Fargo Bank will also be given a replacement lien
on the same terms as HBC and to the same extent, validity and
priority of any prepetition lien.

Concurrently with the second cash collateral stipulation, the
Debtor and HBC are entering into a stipulation for relief from
stay in favor of HBC if by Feb. 28, 2015, certain events in the
case have not taken place.

Finally, under the second cash collateral stipulation, HBC will be
paid an adequate protection payment of $3,500 in December, $8,000
in January and $8,000 in February.  Wells Fargo will be paid
adequate protection payments of $1,500 in December, January and
February.

The Debtor would use the collateral in order to continue to
operate its business.

A copy of the terms of the stipulation is available for free at

http://bankrupt.com/misc/i2aTechnologies_48_motionCCHeritage.pdf

In a previous filing, the Debtor sought to use $111,760 of cash
collateral for the month of December 2014, plus such additional
cash collateral of the entity with the senior interest in it,
Heritage Bank of Commerce.

The Debtor acknowledges that, as of the Petition Date, the
outstanding principal indebtedness owed to HBC pursuant to the
Loans is $1,424,500.  The Debtor will make adequate protection
payments to HBC in an amount not less than $8,000 per month.  HBC
will authorize as part of the operating budget, an adequate
protection payment to Wells Fargo bank of $1,500 per month.

                      About i2a Technologies

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

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

The Debtor disclosed $6,788,961 in assets and $3,263,172 in
liabilities as of the Chapter 11 filing.


INFINITY ENERGY: Incurs $716,000 Net Loss in Third Quarter
----------------------------------------------------------
Infinity Energy Resources, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a loss applicable to common shareholders of $716,256
for the three months ended Sept. 30, 2014, compared to a loss
applicable to common shareholders of $639,477 for the same period
in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
loss applicable to common shareholders of $3.25 million compared
to a loss applicable to common shareholders of $4.34 million for
the same period a year ago.

The Company had no revenues in either 2014 or 2013.  It focused
solely on the exploration, development and financing of the
Nicaraguan Concessions.

As of Sept. 30, 2014, the Company had $9.72 million in total
assets, $12.56 million in total liabilities and a $2.84 million
total stockholders' deficit.

"The Company conducted an environmental study and developed
geological information from the reprocessing and additional
evaluation of existing 2-D seismic data acquired over its
Nicaraguan Concessions.  It issued letters of credit totaling
$851,550 for this and additional work on the leases as required by
the Nicaraguan Concessions which letters of credit have now
expired.  The Company is in negotiations with the Nicaraguan
Government and its lenders to renew the letters of credit,
although there is no assurance that it will be successful in that
regard.  The Company has completed certain activity under the
initial work plan to date, but there remain significant additional
activities to comply with the Nicaraguan Concessions.  The Company
intends to seek joint venture or working interest partners prior
to the commencement of any significant exploration or drilling
operations on the Nicaraguan Concessions.  The Company satisfied
its commitment under the Nicaraguan Concessions to acquire,
process and interpret additional 2-D/3-D seismic data.  The
Company is evaluating the newly acquired seismic data and is in
process of selecting potential exploratory drill sites in
accordance with the Nicaragua Concessions.  The Company must gain
approval of the drill sites upon submission of an updated
environmental impact assessment before commencing with exploration
activities.  The Company currently does not have the working
capital to complete the activities required by the work plan and
consequently it must raise the necessary funding to fulfill such
requirements.  This are substantial operational and financial
issues that must be successfully mitigated during 2014 and 2015 or
the Company's ability to satisfy the conditions necessary to
maintain its Nicaragua Concessions will be in significant doubt."

A full-text copy of the Q3 Form 10-Q is available for free at:

                        http://is.gd/hqsH8h

Infinity Energy separately filed its quarterly report for the
second quarter of 2014 disclosing a net loss applicable to common
shareholders of $625,070 compared to a net loss applicable to
common shareholders of of $1.55 million for the same period in
2013.

For the six months ended June 30, 2014, the Company reported a net
loss applicable to common shareholders of $2.54 million compared
to a net loss applicable to common shareholders of $3.70 million
for the same period during the prior year.

A full-text copy of the Q2 Form 10-Q is available for free at:

                         http://is.gd/pfbp6h

                        About Infinity Energy

Overland Park, Kansas-based Infinity Energy Resources, Inc., and
its subsidiaries, are engaged in the acquisition and exploration
of oil and gas properties offshore Nicaragua in the Caribbean Sea.

Infinity Energy reported a net loss applicable to common
shareholders of $5.58 million for the year ended Dec. 31, 2013,
compared to net income applicable to common shareholders of
$894,570 for the year ended Dec. 31, 2012.

EKS&H LLLP, in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses, has no on-going
operations, and has a significant working capital deficit, which
raises substantial doubt about its ability to continue as a going
concern.


INTELLIGENT LIVING: Lack of Capital Raises Going Concern Doubt
--------------------------------------------------------------
Intelligent Living Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $672,138 on $452,124 of sales for the three months
ended Sept. 30, 2014, compared with a net income of $598,506 on
$358 of sales for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed $3.05
million in total assets, $5.24 million in total liabilities and
total stockholders' deficit of $2.19 million.

The Company has not yet established an ongoing source of revenues
sufficient to cover its operating costs and allow it to continue
as a going concern.  During the nine months ended Sept. 30, 2014,
the Company realized an operating loss of $3.73 million, and had a
working capital deficit of $3.05 million as of Sept. 30, 2014.
The ability of the Company to continue as a going concern is
dependent on the Company obtaining adequate capital to fund
operating losses until it becomes profitable.  If the Company is
unable to obtain adequate capital, it could be forced to cease
operations.  These facts raise substantial doubt about the
Company's ability to continue as a going concern.

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

                       http://is.gd/oNuRxy

Intelligent Living Inc., formerly Feel Golf Co., Inc., is a
developer of healthy aging software tracking systems and wellness
centers, which will provide integrated services promoting optimal
health and wellness programs.  The services to be offered by the
Company are personalized programs and regimens developed by
nutritionists, fitness specialists and hormone replacement
therapists.  The Company focuses to offer the benefits of tailored
nutritional programs and its products, combined with healthy-aging
bio-identical hormone replacement therapies (BHRT).  The Company
provides services, such as Age Management Medicine, Excercise &
Nutrition, MIND360.COM, Nutraceuticals, Hormone Therapy, and
Business Solutions.  In April 2014, the Company incorporated a
subsidiary company called Provectus and, in doing so, has merged
the assets of both Venturian Group of Miami and Perfect Solutions
of Northfield, NJ into the subsidiary.


INTERFACE SECURITY: Has $15.5-Mil. Net Loss in 3rd Quarter
----------------------------------------------------------
Interface Security Systems Holdings, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, disclosing a net loss of $15.5 million on $32.4 million of
total revenue for the three months ended Sept. 30, 2014, compared
with a net loss of $12.3 million on $32.6 million of total revenue
for the same period in the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $174 million
in total assets, $304 million in total liabilities, $163 million
in total mezzanine equity and a stockholders' deficit of $294.22
million.

On May 16, 2014, the Company entered into a waiver, consent and
second amendment to its revolving credit facility with the lender,
which (i) amended the revolving credit facility to permit, and in
which the lender consented to, certain events in connection with
certain reorganization transactions; (ii) amended the revolving
credit facility to provide that a "change of control" in the
indenture governing the 12.50% / 14.50% Senior Contingent Cash Pay
Notes of Master Holdings (the "Master Holding Notes") will
constitute a "change in control" under the revolving credit
facility; and (iii) waived any defaults in connection with the
Company's prior substantial doubt about its ability to continue as
a going concern.  On Aug. 15, 2014, the Company entered into a
third amendment to its Revolving Credit Facility with the lender,
which increased the amount of capital leases, mortgage financings
or purchase money obligations, in each case, incurred for the
purpose of financing all or any part of the purchase price or cost
of design, construction, installation or improvement of property,
plant or equipment used in the business, in an aggregate principal
amount, including all new indebtedness incurred to renew, refund,
refinance, replace, defease or discharge any existing indebtedness
incurred not to exceed $5 million at any time outstanding, less
the outstanding amount of any capital leases disclosed.

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

                       http://is.gd/bFL5zq

Interface Security Systems Holdings, Inc., through its subsidiary
Interface Security Systems, LLC, provides electronic-security
services.  The company provides intrusion alarms, fire/life safety
and evacuation systems, fire sprinkler monitoring, access control,
camera surveillance, integrated systems, remote video solutions,
GPS tracking, music and home theater, electronics networks, U.L.
certification, testing and maintenance services.  The company
serves commercial and residential customers in Illinois, Indiana,
Missouri, Arkansas, Tennessee, Louisiana, Mississippi and Texas,
and California.  Interface Security Systems Holdings, Inc. is
based in Earth City, Missouri.


JOSEPH PAYNE: Bank's Deed of Trust on Residence Not Avoidable
-------------------------------------------------------------
More than 11 years after their chapter 11 plan was confirmed and
their bankruptcy case closed, debtors Joseph and Brenda Payne have
reopened the chapter 11 bankruptcy case in an effort to avoid the
deed of trust held by People's Community Bank in their residence,
and to modify their completed plan to treat the Bank as unsecured.
At issue primarily is whether the parties intended in the
confirmed plan to substitute the Debtors' commercial property as
the Bank's collateral in place of the Debtors' residence, as the
Debtors claim, or whether the plan contains an scrivener's error,
as the Bank responds. If the Debtors are correct, the Bank is now
unsecured because the Debtors' commercial property was foreclosed
upon by another creditor in 2004. In the event that the court
decides against the Debtors on the primary issue, the Debtors have
also raised two state law objections to the Bank's efforts to
foreclose on the Debtors' residence, namely, that the Bank does
not have a note to enforce and the Bank's deed of trust is no
longer valid because it was not enforced within 10 years of the
debt's maturity as required by Tenn. Code Ann. Sec. 28-2-111.  In
a December 23 Memorandum available at http://is.gd/cqRv3afrom
Leagle.com, Chief Bankruptcy Judge Marcia Phillips Parsons rejects
all of the Debtors' claims. The Bank's deed of trust on the
Debtors' residence is enforceable and may not be avoided by the
Debtors.

The adversary case is, JOSEPH C. PAYNE, SR. and BRENDA G. PAYNE
d/b/a J & J Marine Sales & Service, Plaintiffs, v. FIRST COMMUNITY
BANK d/b/a Peoples Community Bank and STEVEN C. HURET, in his
capacity as Substitute Trustee, Defendants, ADV. PRO. 14-5006
(Bankr. E.D. Tenn.).

The Paynes are represented by:

     Mark S. Dessauer, Esq.
     HUNTER, SMITH & DAVIS, LLP
     1212 North Eastman Road
     Kingsport, TN 37664
     Tel: 423) 378-8840
     E-mail: dessauer@hsdlaw.com

The Defendants are represented by:

     Steven C. Huret, Esq.
     Robert L. Arrington, Esq.
     WILSON WORLEY PC
     2021 Meadowview Lane, 2nd Fl.
     P.O. Box 88
     Kingsport, TN  37662
     Tel: (423) 723-0417
     Fax: (423) 723-0429
     E-mail: shuret@wilsonworley.com

The bankruptcy case is In re JOSEPH C. PAYNE, SR. and BRENDA G.
PAYNE d/b/a J & J Marine Sales & Service, Chapter 11, Debtors,
Case No. 02-22927 (Bankr. E.D. Tenn.).


KEMET CORP: Hikes Loan Agreement with BofA to $60 Million
---------------------------------------------------------
Kemet Electronics Corporation, Kemet Foil Manufacturing, LLC,
Kemet Blue Powder Corporation, The Forest Electric Company (U.S.
Borrowers), Kemet Electronics Marketing (S) Pte Ltd., a Singapore
corporation (Singapore Borrower), and the financial institutions
party thereto as lenders and Bank of America, N.A., as agent for
the lenders entered into amendment no. 6 to the loan and security
agreement dated Sept. 30, 2010, as amended which provided a $50
million revolving credit to the Borrowers.

Under the terms of the Amendment the revolving credit facility is
increased to $60 million, with an accordion feature permitting the
U.S. Borrowers to increase commitments under the Facility to an
aggregate principal amount up to $15 million subject to terms and
documentation acceptable to the Agent and/or the Lenders.  All
obligations under the Facility are secured by the Collateral under
the existing Loan and Security Agreement, and the expiration date
of the Facility is extended to Dec. 19, 2019.

The principal features of the Amendment include:

A decrease in the applicable margins under the U.S. facility to a
range of 2.00% to 2.50% for LIBOR advances and 1.0% to 1.50% for
base rate advances, and under the Singapore facility to a range of
2.25% to 2.75% for LIBOR advances and 1.25% to 1.75% for base rate
advances.

A decrease to 1.0 to 1.0 in the Fixed Charge Coverage Ratio as
defined in the existing Loan and Security Agreement, which must be
maintained as at the last day of each fiscal quarter ending
immediately prior to or during any period in which any of the
following occurs and is continuing until none of the following
occurs for a period of forty-five consecutive days: (i) an Event
of Default, (ii) aggregate availability under the Facility is less
than the greater of (A) 12.5% of the Facility or (B) $7.5 million
or (iii) U.S. availability under the Facility is less than $3.75
million.

A copy of the Amended Loan and Security Agreement, Waiver and
Consent is available at http://is.gd/ZXZ5bS

                            About KEMET

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

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

                           *     *     *

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

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

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

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


LAKELAND INDUSTRIES: To Repay Banco Mercantil Loans
---------------------------------------------------
Lakeland Brazil SA, a wholly-owned subsidiary of Lakeland
Industries, Inc., entered into an agreement with its existing
lender, Banco Mercantil do Brasil SA, to repay in full two
outstanding loans with an aggregate amount of principal and
interest due of $R1,048,452 (approximately USD $391,000) for a
cash payment of $R600,000 (approximately USD $224,000), or a
discount of 42% on the combined debt.

                      About Lakeland Industries

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

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

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that Company is in default on certain covenants of its loan
agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.76 million in total
assets, $31.80 million in total liabilities and $54.95 million in
total stockholders' equity.


LAKSHMI HOSPITALITY: Friedman Law Approved as Bankruptcy Counsel
----------------------------------------------------------------
The Bankruptcy Court authorized Lakshmi Hospitality Group, LLC, to
employ Friedman Law Group, P.C., as counsel.

In this relation, the Court also approved a stipulation resolving
the objection of the U.S. Trustee to the Debtor's motion to employ
Friedman.

As reported in the Troubled Company Reporter on Nov. 19, 2014,
Friedman submitted a reply to the U.S. Trustee's opposition to the
Debtor's application to employ the firm.

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

  -- that the motion combines two application into one;

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

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

  -- about the arbitration provisions in the retention agreement.

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

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

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

                 About Lakshmi Hospitality Group

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

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

                            *   *   *

The U.S. Trustee was unable to form a committee of unsecured
creditors.


LAURENTIAN ENERGY: Moody's Maintain Ba2 Rating on $40.9MM Bonds
---------------------------------------------------------------
Moody's Investors Service has maintained the Ba2 rating and stable
outlook to on Laurentian Energy Authority I, LLC's (LEA) $40.9
million in outstanding cogeneration revenue bonds series 2005A and
2005B.

Ratings Rationale

The Ba2 rating remains supported by a revenue stream underpinned
by a long-term Power Purchase Agreement with Northern States
Power, MN (NSP: A2, stable) that extends for five years beyond the
debt maturity and the importance of biomass generation and steam
generation for NSP and the host municipalities. The rating also
considers the Biomass Mandate which provides legislative support
for the project which was fortified by the project and utility
off-taker being able to amend the PPA terms in October 2013 in a
manner that seeks to preserve the project's viability.

The rating is tempered by a substantially above market, energy-
only PPA, the loss of which would result in meaningful cash-flow
reduction; historically weak financial metrics; the lack of rate
covenants; short-term biomass fuel supply contracts with suppliers
of unknown credit quality; and likely use of existing liquidity
during the term of the debt and certain deficiencies with respect
to internal financial controls and segregation of duties.

Outlook

The stable outlook reflects MPUC approval of the PPA amendment,
which stabilizes annual cash flow at the project and Moody's
expectation that the project will continue achieving biomass
content thresholds as prescribed under the terms of the PPA. The
stable outlook also reflects Moody's expectation that the Virginia
facility will be up and running as expected in mid-January and
that financial performance in 2015 will revert to levels closer to
1.0x as Moody's expect.

What Could Make The Rating Go -- UP

Given the current outage, the rating is not likely to face upward
pressure at this time. Longer-term, the rating could be upgraded
if operating performance returns to historical levels on a
sustained basis, if LEA generates excess cash sufficient to reduce
accounts payable levels with member utilities, and should the
project's cash flow improvement materialize resulting in
consistent DSCRs that are above 1.2x.

What Could Make The Rating Go -- DOWN

The rating could face downward pressure if turbine #6 at Virginia
does not return to service as anticipated in Q1 2015, if
operational challenges become more a chronic occurrence resulting
in lower than committed energy production, less revenue received
by the authority, and sustained DSCRs that are below 0.9x, if the
project regularly or materially draws on its debt service reserve
fund to satisfy annual debt service existing liquidity; or if the
project faces penalties for failing to meet biomass component of
at least 75%.

Strengths:

-- Long-term off-take agreement with investment grade off-taker
    extending five years beyond debt maturity

-- Above average liquidity for municipal infrastructure
    financings

-- Willingness of member utilities to absorb certain project
    operating costs

-- Regulatory importance to the off-taker

-- Importance of project to steam off-takers

-- Demonstrated history of meeting biomass content under the PPA

Weaknesses:

-- Weak financial performance with debt service coverage at or
    below 1.0x

-- Substantially above market price for power and energy-only
    PPA

-- Relatively short operating history as a biomass generating
    unit

-- Potential for future environmental challenges and aging
    assets

-- Lack of a rate covenant with no distribution test

-- Punitive penalty regime under the PPA

-- Biomass fuel supply risk

Rating Methodology

The principal methodology used in this rating was Power Generation
Projects published in December 2012.


LEHMAN BROTHERS: Sues St. Louis University Over Swaps
-----------------------------------------------------
Joseph Checkler, writing for Daily Bankruptcy Review, reported
that Lehman Brothers Holdings Inc.'s estate is suing Saint Louis
University over soured interest-rate swaps agreements, the latest
in a string of such suits filed by the defunct investment bank.

According to the report, in a filing with U.S. Bankruptcy Court in
Manhattan, Lehman said that after the bank's 2008 bankruptcy
filing caused a termination of the swap deals, the university used
a "commercially unreasonable" method to determine how much it owed
Lehman.  Instead of seeking four dealers to estimate the value of
the swaps, the school sought nine quotations and only used four of
those in an attempt to "lowball" Lehman, Lehman said, the report
added.

                      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.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
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.


LOAN EXCHANGE: Hires County Law Center's Marc Duxbury as Attorney
-----------------------------------------------------------------
Loan Exchange Group seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to employ Marc A.
Duxbury and County Law Center as attorney.

The Debtor requires County Law to:

   (a) represent the Debtor in the Chapter 11 case and to advise
       the Debtor as to its rights duties and powers as debtor-in-
       possession;

   (b) prepare and file all necessary statements, schedules, and
       other documents as deemed necessary for proper
       administration of this estate in the formulation,
       negotiation and reorganization of this Debtor;

   (c) represent the Debtor at all hearings, meetings of
       creditors, conferences, trials and other proceedings in
       this case; and

   (d) perform other legal services as may be necessary in
       connection with this case.

County Law will be paid at these hourly rates:

        Marc A. Duxbury         $350
        Paralegal               $185

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

The Debtor will pay County Law a retainer of $20,000 for services
performed or to be performed under this contract.

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

County Law can be reached at:

       Marc A. Duxbury, Esq.
       COUNTY LAW CENTER
       1901 Camino Vida Roble, Suite 114
       Carlsbad, CA 92008
       Tel: (760) 438-5291
       Fax: (760) 438-4298

Loan Exchange Group filed a Chapter 11 petition (Bankr. C. D.
Calif. Case No. 11-21085) on Sept. 16, 2011, in San Fernando
Valley, California, Marc A. Duxbury, Esq., at County Law Center,
in Carlsbad, Calif., serves as counsel to the Debtor.  The Debtor
disclosed $12,050,570 in assets and $5,170,968 in liabilities as
of the Chapter 11 filing.


LOUIS GHERLONE: Ch.7 Trustee May Recoup $80,000 From MDC
--------------------------------------------------------
Chief Bankruptcy Judge Julie A. Manning in Connecticut directed
MDC Corporation to disgorge $80,000, plus interest, on account of
unauthorized postpetition transfers from the estate of Louis
Gherlone Excavating, Inc.

Richard M. Coan, the Chapter 7 Trustee for LGE, sued MDC and its
principal, Mr. Leo D. Caldarella, arguing that various transfers
made to MDC are avoidable as unauthorized postpetition transfers
under 11 U.S.C. Sec. 549 and to recover those transfers under 11
U.S.C. Sec. 550.  Trial was held in the matter on April 24, 2014
and May 12, 2014.

A copy of the Court's Memorandum of Decision dated Dec. 19 is
available at http://is.gd/sSzGJvfrom Leagle.com.

The case is, RICHARD M. COAN, TRUSTEE, Plaintiff, v. MDC
CORPORATION AND LEO D. CALDARELLA Defendants, ADV. PRO. NO. 12-
03073 (Bankr. D. Conn.).

Attorney for the Trustee:

     Timothy D. Miltenberger, Esq.
     COAN LEWENDON GULLIVER & MILTENBERGER
     495 Orange Street
     New Haven, CT 06511

Attorneys for the Defendant:

     Mark Shipman, Esq.
     Charles Scott Schwefel, Esq.
     SHIPMAN STOKESBURY & FINGOLD LLC
     20 Batterson Park Road, Suite 120
     Farmington, CT 06032

LGE filed a voluntary Chapter 11 bankruptcy case (Bankr. D. Conn.
Case No. 10-31517) on May 20, 2010.  On February 16, 2011, the LGE
Chapter 11 case was converted to a Chapter 7 case and Richard M.
Coan was appointed to serve as the Trustee.


LRM MANAGEMENT: Case Summary & 3 Unsecured Creditors
----------------------------------------------------
Debtor: LRM Management, Inc.
        P.O. Box 9238
        Lombard, IL 60148

Case No.: 14-45528

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Janet S. Baer

Debtor's Counsel: David P Lloyd, Esq.
                  DAVID P. LLOYD, LTD.
                  615B S. LaGrange Rd.
                  LaGrange, IL 60525
                  Tel: 708 937-1264
                  Fax: 708 937-1265
                  Email: courtdocs@davidlloydlaw.com
                         info@davidlloydlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lajpat R. Madan, president.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/ilnb14-45528.pdf


MASSILLON, OH: Moody's Affirms Ba1 GO Limited Tax Bonds Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating on the City
of Massillon's (OH) outstanding general obligation limited tax
bonds. The bonds are secured by the city's general obligation
limited tax (GOLT) pledge, subject to the State of Ohio's (Aa1
stable) statutory 10-mill limitation. Concurrently, the Moody's
has revised the outlook to stable from negative. The city has
$15.4 million of GOLT debt outstanding, of which $8.5 million is
rated by Moody's.

Summary Ratings Rationale

The Ba1 rating reflects the city's moderately-sized tax base;
below average socioeconomic profile; narrow, though improved,
General Fund position following the designation of fiscal
emergency by the state; partial progress on implementation of the
city's financial recovery plan; constrained financial flexibility
due to lack of voter and council support to enhance revenues;
manageable debt profile; and above average exposure to unfunded
pension liabilities.

The stable outlook reflects Moody's expectation that the city will
be able to maintain its current financial position given recent
revenue enhancements and expenditure reductions as well as strong
state oversight of financial operations. It is unlikely, however,
that the city's financial position will improve dramatically
without significant revenue enhancements which voters have failed
to approve in several elections.

Strengths

-- Diversified tax base with growing food processing and natural
    gas sectors

-- Growing income tax collections

-- Approval and partial implementation of a financial recovery
    plan

Challenges

-- Narrow general fund balance and very limited cash reserves

-- Highly dependent on economically sensitive income tax
    revenues

-- Limited willingness of voters and City Council to raise
    revenues

Outlook

The stable outlook reflects Moody's expectation that the city will
be able to maintain its current financial position given ongoing
state oversight of financial operations. The city has also
demonstrated two years of balanced operations through expenditure
reductions and modest revenue enhancements, and Moody's expect
this trend to continue. It is unlikely, however, that the city's
financial position will improve dramatically without significant
revenue enhancements, which voters have failed to approve in
several elections.

What could change the rating -- UP:

-- Demonstrated trend of balanced operations and positive cash
    carryover

-- Increased General Fund reserves

What could change the rating -- DOWN:

-- Significant declines in the local economy and tax base
    resulting in decreased income tax revenues

-- Return to imbalanced operations and General Fund balance
    deficits

-- Failure to pay contractually required payments such as debt
    service, pension, and payroll

Principal Methodology

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


MDM GOLF: Court Permits GRG to Proceed With Foreclosure
-------------------------------------------------------
Connecticut Bankruptcy Judge Albert S. Dabrowski lifted the
automatic stay in the Chapter 11 case of MDM Golf of Gillette
Ridge, LLC, to allow GRG Acquisitions, LLC to continue to
prosecute to conclusion (including any appeals) a foreclosure
action, and otherwise exercise its rights, if any, with respect to
the Debtor's golf course property in accordance with applicable
state law.

The Debtor's "single asset" is real property located in the town
of Bloomfield, Connecticut, which property is operated as a 18-
hole golf course.

On March 19, 2014, GRG commenced a state court foreclosure action
related to the Golf Course Property (and certain personal
property) in the Superior Court for the State of Connecticut, at
Hartford, Docket No. CV-14-6050052.  In the Foreclosure Action,
the Superior Court found the fair market value of the Golf Course
Property to be $1,300,000.

By order of the Superior Court dated June 30, 2014, a Judgment of
Strict Foreclosure entered in the Foreclosure Action, wherein the
Superior Court found the debt due to the Movant as of that date to
be $4,151,456.63, together with an appraisal fee of $20,499.00,
title fee in the amount of $150.00 and legal fees in the amount of
$63,236.66.

Pursuant to the terms of the Judgment, the Debtor had until August
4, 2014 to redeem the Golf Course Property, but it failed to do
so.

The Debtor filed the bankruptcy petition prior to the time that
title to the Golf Course Property and the personal property vested
in GRG.

The Debtor filed its Chapter 11 Plan on October 6, 2014, within 90
days of the entry of the order for relief in this case.  The
Debtor has not commenced monthly payments as required by
Bankruptcy Code Sec. 362(d)(3)(B).   The Debtor does not have
equity in the Golf Course Property.

A copy of the Court's December 23, 2014 Brief Memorandum and Order
is available at http://is.gd/38yrTufrom Leagle.com.

MDM Golf of Gillette Ridge, LLC and MDM Golf of GR, LLC, based in
Bloomfield, Connecticut, filed Chapter 11 bankruptcy petitions
(Bankr. D. Conn. Case Nos. 14-21565 and 14-21566) on August 4,
2014.  Hon. Albert S. Dabrowski presides over the case.  Peter L.
Ressler, Esq., at Groob Ressler & Mulqueen, PC, serves as the
Debtors' counsel.

Each of the debtors listed $1 million to $10 million in both
assets and liabilities.  The petitions were signed by Matthew F.
Menchetti, managing member.

A list of MDM Golf of Gillette's 10 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ctb14-21565.pdf

A list of MDM Golf of GR, LLC's 10 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ctb14-21566.pdf


METABOLIX INC: Has Insufficient Capital Resources for 12 Months
---------------------------------------------------------------
Metabolix, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $7.89 million on $632,000 of total revenue for the three
months ended Sept. 30, 2014, compared with a net loss of $7.25
million on $629,000 of total revenue for the same period last
year.

The Company's balance sheet at Sept. 30, 2014, showed $28.8
million in total assets, $4.4 million in total liabilities and
total stockholders' equity of $24.4 million.

As of Sept. 30, 2014, the Company held unrestricted cash, cash
equivalents and investments of $25,500.  The Company's present
capital resources are not sufficient to fund its planned
operations for a 12-month period, and therefore, raise substantial
doubt about its ability to continue as a going concern.  While the
Company was successful in raising $25,000 during the third quarter
of 2014 and anticipates reduced cash usage in 2015 as a result of
the discontinuation of its German operations, restructuring of its
U.S. organization and other cost-containment measures, the Company
will require significant additional funding during 2015 to
continue to fund its operations and to support its capital needs.
The timing, structure and vehicles for obtaining future financing
are under consideration by the Company and such financing may be
accomplished in stages.  The Company's goal is to use future
financings to continue building an intermediate scale specialty
biopolymers business based on polyhydroxyalkanoate ("PHA")
additives that will serve as the foundation for its longer range
plans and future growth of its business, but there can be no
assurance that financing efforts will be successful.

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

                       http://is.gd/jmPU3K

Headquartered in Cambridge, Massachusetts, Metabolix, Inc. is an
innovation-driven bioscience company focused on delivering
sustainable solutions to the plastics, chemicals and energy
industries.  The Company has core capabilities in microbial
genetics, fermentation process engineering, chemical engineering,
polymer science, plant genetics and botanical science.


METALICO INC: Stockholders Approve Issuance of Common Shares
------------------------------------------------------------
Metalico, Inc., held a special meeting of stockholders on Dec. 19,
2014, at which the stockholders:

  (a) approved and ratified, for purposes of Section 713 of the
      Company Guide of NYSE MKT, LLC, the issuance of shares of
      the Company's common stock under the terms of the Exchange
      Agreements and the New Series Convertible Notes and the
      warrant issued under that certain Subscription Agreement,
      dated as of Oct. 21, 2014, between the Company and the
      subscriber identified therein;

  (b) approved the amendment of the Company's Fourth Amended and
      Restated Certificate of Incorporation to increase the total
      number of authorized shares of common stock from 100,000,000
      shares to 300,000,000 shares; and

  (c) approved the adjournment of the Special Meeting to solicit
      additional proxies had there been insufficient proxies at
      the Special Meeting to approve each of the foregoing
      proposals.

A full-text copy of the Special Stockholders Meeting Minutes is
available for free at http://is.gd/ExGlw5

                           About Metalico

Metalico, Inc., is a holding company with operations in two
principal business segments: ferrous and non-ferrous scrap metal
recycling, and fabrication of lead-based products.  The Company
operates recycling facilities in New York, Pennsylvania, Ohio,
West Virginia, New Jersey, Texas, and Mississippi and lead
fabricating plants in Alabama, Illinois, and California.
Metalico's common stock is traded on the NYSE MKT under the symbol
MEA.

Metalico reported a net loss attributable to the Company of $34.81
million in 2013 following a net loss attributable to the Company
of $13.11 million in 2012.  Metalico incurred a net loss
attributable to the Company of $3.61 million for the six months
ended June 30, 2014.

As of Sept. 30, 2014, the Company had $294.46 million in total
assets, $156.95 million in total liabilities and $137.51 million
in total equity.


MICHAEL VICK: Pays Off 84.7% of Debt; Restrictive Budget to End
---------------------------------------------------------------
Michael Vick has paid off more than $15 million, 84.7% of the
$17.8 million he owed his creditors, Darren Rovell at ESPN
reports, citing Joseph Luzinski, senior vice president at
Development Specialists Inc., a management consultancy firm and
the liquidating trustee in the Debtor's bankruptcy.

ESPN relates that the Debtor earned more than $49 million during
four seasons with the Philadelphia Eagles and one with the New
York Jets, in the five-year period (2010 to 2014) in which he
agreed to go on a restrictive budget to pay back his creditors.
ESPN says that the Debtor, as part of the plan to pay off
creditors, stuck to living on a $300,000 budget, because more than
50% of what he was making went toward taxes and legal fees.

According to ESPN, Mr. Luzinski said there is still a real estate
asset to be sold after the Debtor's deal with his creditors ends
on Dec. 31, 2014, which could raise the amount he has repaid.

                       About Michael Vick

National Football League quarterback Michael Dwayne Vick was born
June 26, 1980 in Newport News, Virginia.  In 2007, a U.S. federal
district court convicted him and several co-defendants of criminal
conspiracy resulting from felonious dog fighting and sentenced him
to serve 23 months in prison.

Mr. Vick filed his Chapter 11 petition on July 7, 2008 (Bankr.
E.D. Va. Case No. 08-50775).  Dennis T. Lewandowski, Esq., and
Paul K. Campsen, Esq., at Kaufman & Canoles, P.C., represent the
Debtor in his restructuring efforts.  Mr. Vick listed assets of
$10 million to $50 million and debts of $10 million to
$50 million.


MOTIVATING THE MASSES: Reports $42K Net Loss in Sept. 30 Quarter
----------------------------------------------------------------
Motivating the Masses, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $42,542 on $597,983 of revenues for the three months
ended Sept. 30, 2014, compared with a net loss of $244,331 on
$404,785 of revenues for the same period in the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $1.47
million in total assets, $765,869 in total liabilities and total
stockholders' equity of $700,297.

The Company's ability to continue as a going concern is contingent
upon its ability to achieve and maintain profitable operations,
and the Company's ability to raise additional capital as required.
These conditions 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/ovZVIK

Motivating the Masses provides professional development and
coaching services through Motivating the Masses programs.  The
company offers strategic coaching, professional development, and
counseling services for small business owners, entrepreneurs, and
self-employed professionals.  It also provides keynote speaking
events comprising industry and private events teaching services;
and training and development services through live seminars, as
well as offers Motivating the Masses program books and CDs.  The
company was founded in 1998 and is based in Carlsbad, California.


NATIONAL CINEMEDIA: Moody's Affirms Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service affirmed National CineMedia, LLC's (NCM)
Ba3 corporate family rating, its Ba3-PD probability of default
rating and ratings on the company's outstanding debt instruments:
Senior Secured Bank Credit Facility - Ba2; Senior Secured Regular
Bond/Debenture - Ba2; and Senior Unsecured Regular Bond/Debenture
- B2. The company's SGL-2 speculative grade liquidity rating,
indicating good liquidity, was also affirmed. NCM's ratings
outlook was maintained at stable.

The rating and stable outlook were affirmed despite a difficult
2014 and increased leverage, as Moody's anticipates NCM's results
rebounding in 2015. Moody's expects cinema advertising pricing
recovering from unanticipated dislocation this year, with cinema
returning towards a 0.4% share of US advertising, and NCM's share
of cinema advertising increasing slightly, back to historic 65%-
67% norms. Given constant margins, a likely bi-product of the
company's contractual relationships with its cinema exhibitors,
leverage of Moody's adjusted Debt/EBITDA is expected to trend
towards the low 4x range by mid-2016 (after spiking towards 5x at
the end of 2014), a level consistent NCM's Ba3 CFR.

The rating would also likely hold in the event NCM acquires
Screenvision, an uncertainty given that the US Department of
Justice has filed to block the transaction, because the leverage
impact is nominal after 18 months or so, when acquired EBITDA
annualizes and synergies are realized.

The following summarizes the rating actions as well as NCM's
ratings:

Rating Actions:

Corporate Family Rating, affirmed at Ba3

Probability of Default Rating, affirmed at Ba3-PD

Speculative Grade Liquidity Rating, affirmed at SGL-2

Senior Secured Bank Credit Facility, affirmed at Ba2 (LGD3)

Senior Secured Regular Bond/Debenture, affirmed at Ba2 (LGD3)

Senior Unsecured Regular Bond/Debenture, affirmed at B2 (LGD6)

Outlook Actions:

Outlook, maintained at Stable

Ratings Rationale

NCM's Ba3 CFR is based on its generally stable and sustainable
cash flow stream and its stable leverage, which is expected to be
approximately 4x on a sustained basis. These positive attributes
are offset by the company's mandate to distribute its free cash
flow to its members and by the potential of results declining over
time as a consequence of secular pressures stressing the financial
performance of its cinema exhibition partners.

Rating Outlook

The stable ratings outlook reflects expectations of a recovery in
advertising revenues and Debt-to-EBITDA leverage returning to
approximately 4.0x by mid-2016.

What Could Change the Rating -- Up

Given the combination of NCM's mandate to distribute all of its
free cash flow, a ratings upgrade is not anticipated. However,
should NCM maintain debt-to-EBITDA at less than 3.5x while
committing to operate at such level, there is the potential of
positive ratings pressure.

What Could Change the Rating -- Down

The Ba3 rating presumes that leverage normalizes towards ~4x over
the next 18 months; should that not occur and should Moody's
expect leverage to remain above 4.5x on a sustained basis, the
rating would be subject to downgrade. Adverse liquidity
developments or debt-financed acquisition or shareholder return
activity would also provide adverse ratings pressure.

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries 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.

Corporate Profile

National Cinemedia LLC ("NCM") is headquartered in Centennial,
Colorado, and is a privately held joint venture operator of the
largest digital in-theatre network in North America. National
CineMedia, Inc. is NCM's publicly traded managing member and holds
a 45.8% interest. NCM distributes advertisements and other content
through its digital network, primarily through agreements with
founding cinema exhibition members, Regal Entertainment Group
(20.1% ownership position in NCM), AMC Entertainment Inc. (15.0%),
and Cinemark, Inc. (19.1%). NCM's mandate requires that it
distribute all cash flow that is not required for operational
purposes to its owners. Revenue for the 12 months ended September
2014 was approximately $394 million.


NAUTILUS HOLDINGS: To Present Plan for Approval Jan. 9
------------------------------------------------------
The Bankruptcy Court approved the schedule in relation to the
confirmation of Nautilus Holdings Limited, et al.'s Plan of
Reorganization:

         Event                               Date/Deadline
         -----                               -------------
Solicitation Commencement                    Dec. 4, 2014

Voting Deadline                              Dec. 26, at 5:00 p.m.

Deadline for Objections to Confirmation      Jan. 2, at 4:00 p.m.

Voting Certification Deadline                Jan. 2

Deadline for Replies to Objections to
  Confirmation                               Jan. 7

Confirmation Hearing                         Jan. 9, at 10:00 a.m.

The Court on Dec. 3 approved the adequacy of information in the
Disclosure Statement.  All objections to the Disclosure Statement
were overruled or reserved as objections to confirmation of the
Plan.

                           Amended Plan

As reported in the Troubled Company Reporter on Dec. 3, 2014, the
Debtors in November filed an amended Plan that incorporates the
agreement with lender HSH Nordbank AG ("HSH") with respect to the
so-called "HSH bilateral facilities."

Some additions to the Plan include:

    -- The Plan provides that on, or as soon as reasonably
practicable after, the Effective Date, each Holder of an Allowed
Class 8 HSH-YM Facility Claim shall receive, in full and final
satisfaction, settlement, release, and discharge of, and in
exchange for, such Claim, its pro rata share of loans under the
amended and restated financing facility to be entered into between
Reorganized Debtors Able Challenger Limited, Magic Peninsula
Limited, Metropolitan Vitality Limited, and Superior Integrity
Limited and the Holders of Allowed HSH-YM Facility Claims.

   -- In exchange for, inter alia, the releases and the treatment
of the equity interests in NHL under the Plan, Elektra Limited,
Reminiscent Ventures S.A., and Synergy Management Services Limited
(the Equity-Related Entities) have made the following
contributions, among others, to the Plan and to the overall
restructuring process:

       (A) agreeing to provide a subordinated debtor in possession
facility at a low interest rate in an amount up to $5 million for
the to provide the Debtors with immediate access to cash to use in
connection with their restructuring efforts;

       (B) acquiring the shares of NHL and NH2L from the Class B
and Class C shareholders, thereby enabling the Debtors to
streamline their restructuring efforts and focus their attention
on their prepetition secured obligations;

       (C) in general supporting and participating in the
restructuring process while providing unfettered access for the
Debtors' professionals to the books and records maintained by
Synergy for the benefit of the Debtors to enable the Debtors to
fulfill their obligations as debtors in possession without any
corresponding remuneration to their employees;

       (D) agreeing to support a consensual plan without
challenging valuation issues;

       (E) with respect to the restructuring of the DVB 1 Facility
and the DVB 2 Facility: (i) a shortfall guaranty of up to $2.5
million on a revolving basis; (ii) a reduction of the management
fee payable to Synergy by DVB borrowers to $25,000 per vessel per
month  (subject to annual adjustment for inflation); and (iii) a
return of that portion of the Synergy management fee paid by the
MH Debtor and GK Debtor and pooled at NHL (i.e., 40% of amounts
upstreamed by those Debtors for payment of the Synergy management
fee since commencement of these Chapter 11 Cases) to those Debtors
(subject to amounts used to repay the debtor-in-possession
financing facility, as set forth in the DVB Term Sheet) and (F)
with respect to the restructuring of the other Secured Credit
Facilities, a reduction of the management fee payable to Synergy
by each of the borrowers and/or reorganized Vessel-owning entities
(as applicable).

   -- In the event the vessels securing the F-C Credit Agreements
are not turned over to the respective lenders thereunder by
Jan. 31, 2015, the Debtors will pay the fees and expenses of
Seward & Kissel LLP and Lazard beginning on February 1, 2015,
provided, however, that such fees and expenses shall be
reasonable and documented and the Debtors' responsibility
therefore shall not be for any fees and expenses incurred beyond
the date of a transfer of the vessels.

   -- On the Effective Date, Miltons Way Limited, Findhorn Osprey
Limited, Earlstown Limited, Floral Peninsula Limited, and
Resplendent Spirit Limited shall be deemed dissolved under
applicable law for all purposes without the necessity for any
other or further actions to be taken by or on behalf of such
debtors.

   -- On or prior to Dec. 22, 2014, the Debtors will file the Plan
Supplement, which consists of the compilation of documents and
forms of documents, schedules and exhibits to the Plan

Copies of the Amended Plan and Disclosure Statement filed Nov. 19,
2014 are available for free at:

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

                   About Nautilus Holdings

Nautilus Holdings Limited and 20 affiliated companies, including
Nautilus Holdings No. 2 Limited, filed bare-bones Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 14-22885) in
White Plains, New York, on June 23, 2014.

The affiliates are Nautilus Holdings No. 2 Limited; Nautilus
Shipholdings No. 1 Limited; Nautilus Shipholdings No. 2 Limited;
Nautilus Shipholdings No. 3 Limited; Able Challenger Limited;
Charming Energetic Limited; Dynamic Continental Limited; Earlstown
Limited; Findhorn Osprey Limited; Floral Peninsula Limited; Golden
Knighthead Limited; Magic Peninsula Limited; Metropolitan Harbour
Limited; Metropolitan Vitality Limited; Miltons' Way Limited;
Perpetual Joy Limited; Regal Stone Limited; Resplendent Spirit
Limited; Superior Integrity Limited; and Vivid Mind Limited.

The Debtors' cases have been assigned to Judge Robert D. Drain,
and are being jointly administered for procedural purposes.

Hamilton, Bermuda-based Nautilus estimated $100 million to $500
million in assets and debt.  Monrovia, Liberia-based Reminiscent
Ventures S.A. owns 100% of the stock.  Nautilus has tapped Jay
Goffman, Esq., Mark A. McDermott, Esq., Shana A. Elberg, Esq., and
Suzanne D.T. Lovett, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, as counsel; and AP Services, LLC, as financial
advisor.  Epiq Bankruptcy Solutions LLC serves as the claims and
noticing agent.


NEW YORK GLOBAL: Expects Losses to Continue in Near Future
----------------------------------------------------------
New York Global Innovations Inc. filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
disclosing a net loss of $51,000 on $nil of revenues for the three
months ended Sept. 30, 2014, compared to net income of $38,000 on
$300,000 of revenues for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $1 million
in total assets, $88,000 in total liabilities and stockholders'
equity of $915,000.

The Company sustained significant operating losses in recent
periods, which has resulted in a significant reduction in its cash
reserves.  However, as a result of the Asset Sale as reflected in
the accompanying financial statements, the Company's operations
for the nine months ended Sept. 30, 2014 resulted in a net profit
of $488 and positive cash flows from operation activities of $546.
As a result of the Closing, the Company no longer has revenue-
producing operations.  The Company believes that it will continue
to experience losses and negative cash flows in the near future
and will not be able to return to positive cash flow without
obtaining additional financing in the near term or entering into a
business transaction.  The Company experiences difficulties
accessing the equity and debt markets and raising such capital or
entering into a business transaction, and there can be no
assurance that the Company will be able to raise such additional
capital on favorable terms or at all or enter into a business
transaction.  If additional funds are raised through the issuance
of equity securities or by entering into a business transaction,
the Company's existing stockholders will experience significant
dilution.  As a result of the foregoing factors, there is
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/SKiZDr

New York Global Innovations Inc., formerly InkSure Technologies
Inc., develops markets and sells customized authentication
solutions designed to enhance the security of documents and
branded products, to meet the demand for protection from
counterfeiting. The Company's machine-readable taggant-based
products provide a solution by creating a chemical code for each
product line or document batch that can only be authenticated by
the Company's readers. The Company's technology is based upon
multi-disciplinary technologies, including chemistry, printing,
electro-optics and software. The Company's line of products, which
support the Company's solutions, include tagsure, signasure,
carsure, pocketsure, multisure, fuelsure, scansure and sortsure.
In March 2014, the Company announced that it has completed the
sale of substantially all of its brand protection and tax stamp
authentication assets (excluding RFID assets) to Spectra Systems
Corporation.


NOBRE REALTY: Case Summary & 2 Unsecured Creditors
--------------------------------------------------
Debtor: Nobre Realty, LLC
        263 Ferry Street
        Newark, NJ 07105

Case No.: 14-35734

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. Novalyn L. Winfield

Debtor's Counsel: Andrew J. Kelly, Esq.
                  KELLY & BRENNAN, P.C.
                  1011 Highway 71, Suite 200
                  Spring Lake, NJ 07762-2030
                  Tel: (732) 449-0525
                  Fax: (732) 449-0592
                  Email: akelly@kbtlaw.com

Total Assets: $3 million

Total Liabilities: $1.99 million

The petition was signed by Antonio Nobre, president.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/njb14-35734.pdf


OCWEN FINANCIAL: Moody's Confirms B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has confirmed the following ratings with
a negative outlook:

  Ocwen Financial Corporation (Ocwen) -- Corporate Family Rating
  B2; Senior Secured Bank Credit Facility B2; Senior Unsecured
  Debt B3

  Altisource Solutions S.a.r.l. (Altisource) -- Corporate Family
  Rating B2; Senior Secured Bank Credit Facility B2

  Home Loan Servicing Solutions, Ltd (HLSS) -- Corporate Family
  Rating B2; Senior Secured Bank Credit Facility B2

The rating actions conclude the review for possible downgrade
Moody's initiated on October 21, 2014.

Ratings Rationale

The rating actions follow the agreement between Ocwen and the New
York Department of Financial Services (DFS) settling allegations
with respect to Ocwen's servicing systems and processes. As part
of the $150 million settlement, William Erbey, Ocwen's co-founder,
has resigned as Ocwen's executive chairman as well as chairman of
Altisource and HLSS effective January 16, 2015. Mr. Erbey will
also have no directorial, management, oversight, consulting, or
any other role at any of the three companies. The agreement does
not place any restrictions on Mr. Erbey's ownership interests in
the three companies.

Moody's confirmed Ocwen's ratings reflecting the company's strong
financial metrics. As of September 30, 2014, the company's
reported tangible common equity (TCE) was $1.2 billion or 15.1% of
tangible assets. Pro-forma adjusting for the $50 million of the
settlement not already reserved for, TCE to tangible assets would
decline to 14.5%. Not included in TCE is the amount that the fair
value of mortgage servicing rights exceed their current carrying
value which the company reports was $508 million as of September
30, 2014.

The negative outlook reflects the uncertain impact of Mr. Erbey's
departure and the negative impact to the companies' franchise that
has resulted from various probes into Ocwen's operations and
Altisource's and HLSS' close ties to Ocwen. Ocwen's negative
outlook also reflects the recent investigation launched by the
National Mortgage Settlement Monitor into company-reported metrics
with respect to its compliance with the National Mortgage
Settlement as well as potential exposure to investigations or
litigation by other regulators or mortgage borrowers.

HLSS' and Altisource's ratings are driven in large part by their
businesses' reliance on Ocwen whereby any changes to Ocwen's
ratings would likely result in changes to their ratings. Virtually
all of HLSS' assets were acquired from Ocwen and as of Q3 2014
approximately 60% of Altisource's revenues were derived from its
relationship with Ocwen.

Ocwen's ratings could be downgraded in the event that a) the
company's servicing performance or financial fundamentals weaken,
in particular if net income to average assets falls below 2% for
more than two quarters or if TCE to tangible assets falls below
10% or b) its business model is expected to shift to areas with
greater risks.

In the event that Ocwen's ratings are downgraded, the ratings of
HLSS and Altisource would likely also be downgraded. In addition,
negative ratings pressure on HLSS' ratings could result if the
company's financial fundamentals weaken, with particular focus on:
a) adequate funding availability and b) financial leverage. In
addition, negative ratings pressure on Altisource's ratings could
result if it loses its contract with Ocwen or if the company's
profitability materially deteriorates for an extended period of
time or leverage materially increases.

Given the negative outlook, upgrades to Ocwen's, HLSS', or
Altisource's ratings are unlikely at this time.

The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.


OVERLAND STORAGE: Cyrus Capital No Longer Holds Shares at Dec. 1
----------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Cyrus Capital Partners, L.P., and its
affiliates disclosed that as of Dec. 1, 2014, they have ceased to
beneficially own any shares of common stock of Overland Storage,
Inc.

On Dec. 1, 2014, Overland Storage and Sphere 3D Corporation
completed a merger pursuant to which Overland Storage became a
wholly-owned subsidiary of Sphere 3D.  Pursuant to the terms of
the merger, each share of the Issuer's Common Stock issued and
outstanding immediately prior to the merger was exchanged for
0.46385 of a common share of Sphere 3D.  Additionally, in
connection with the Sphere-Overland Merger, all of the outstanding
Original Notes and New Notes held by the Reporting Persons were
exchanged for newly issued convertible debentures of Sphere 3D.

In connection with the closing of the Sphere-Overland Merger, the
Issuer notified the Nasdaq Capital Market on Dec. 1, 2014, that
the Sphere-Overland Merger was consummated, and trading of the
Common Stock of the Issuer on Nasdaq has been suspended.  The
Issuer has also filed with the Securities and Exchange Commission
an application on Form 25 to delist the Issuer's Common Stock from
Nasdaq and deregister the Issuer's Common Stock under Section
12(b) of the Exchange Act.

As a result of the consummation of the Sphere-Overland Merger on
Dec. 1, 2014, and related transactions, the Reporting Persons no
longer beneficially own any securities of the Issuer.

A copy of the regulatory filing is available for free at:

                        http://is.gd/rpoiI8

                      About Overland Storage

San Diego, Cal.-based Overland Storage, Inc. (Nasdaq: OVRL) --
http://www.overlandstorage.com/-- is a global provider of unified
data management and data protection solutions designed to enable
small and medium enterprises (SMEs), corporate departments and
small and medium businesses (SMBs) to anticipate and respond to
change.

Overland Storage reported a net loss of $22.92 million for the
year ended June 30, 2014, compared to a net loss of $19.64 million
for the year ended June 30, 2013.  As of Sept. 30, 2014, the
Company had $88.74 million in total assets, $61.30 million in
total liabilities and $27.43 million in total shareholders'
equity.

Moss Adams LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent auditors noted that
the Company's recurring losses and negative operating cash flows
raise substantial doubt about the Company's ability to continue as
a going concern.


PERRY COUNTY, KY: Moody's Lowers GO Bonds Rating to Ba1
-------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 rating
on Perry County, KY's general obligation bonds. The downgrade
affects $4.4 million in debt outstanding.

Summary Rating Rationale

The downgrade to Ba1 reflects the county's severely limited
liquidity, material decline in total full value, softening local
economy, and unwillingness to access alternative revenue raising
options. Furthermore, the heavy reliance on economically sensitive
revenues poses a long-term risk for the county's financial health.
The rating action also takes into account the county's modest and
declining debt burden.

Strengths

-- Declining, low direct debt burden

-- Moderately sized tax base

Challenges

-- Strained reserves due to continued reliance on revenues that
    are prone to fluctuations

-- Recent tax base declines

-- High unemployment rate coupled with a declining labor force

What Could Make The Rating Go Up

-- Substantial improvement in liquidity and reserve levels

-- Diversification of revenue sources

-- Sustained trend of taxable value growth

What Could Make The Rating Go Down

-- Further declines in taxable value

-- Continued erosion of reserves

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


PIQUA COUNTRY CLUB: Will Stop Operating on Jan. 15
--------------------------------------------------
Belinda M. Paschal at Sidneydailynews.com reports that Piqua
Country Club will close down on Jan. 15, 2015, after failing to
get out of Chapter 11 bankruptcy.

Piqua Country Club Holding Co., dba Piqua Country Club, filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Ohio Case No. 13-
35007) on Dec. 16, 2013, estimating its assets at $500,001 to $1
million and its liabilities at $1 million to $10 million.  The
petition was signed by Don Goettemoeller, treasurer.  Judge Guy R.
Humphrey presides over the case.  Steven L Diller, Esq., who has
an office in Van Wert, Ohio, serves as the Club's bankruptcy
counsel.

Jay Westerheide, president of the Club's board of directors, said
in a letter dated Dec. 13, 2014, which was posted on the Miami
Valley Golf Association's website, "It has now been over a year
since we filed our Chapter 11 bankruptcy.  During that time we
have searched for solutions on how to exit this bankruptcy and
make the Club sustainable for years to come.  Our efforts to put
together a separate equity group to buy the assets of the Club met
with some success.  Unfortunately, however, the amount of money
that group was able to raise fell short of the $1.625 million
Chase was willing to accept.  A smaller offer was made to Chase
that they rejected.  Since then we have been trying to arrange a
meeting with Chase in the hope that we could arrive at a
resolution.  Chase recently informed us that they will not meet
with us and that $1.625M is their final offer.

According to the letter, Chase has been informed that the Board is
not willing to "continue to run the Club for them if they are not
willing to meet with representatives of the equity group or to
accept less than the amount they have demanded.  The restraints
Chase has imposed on us has weakened our ability to sustain
members and book events and we simply do not have enough money to
continue.  As a result, we will be releasing all staff (except our
bookkeeper) on Jan. 1, 2015, and we will cease all operations on
Jan. 15, 2015.

Founded in 1896, Piqua, Ohio-based Piqua Country Club features an
18-hole championship golf course and is a popular site for parties
and other social gatherings, corporate events, and banquets like
the annual Order of George.


PORT AGGREGATES: Files Bare-Bones Chapter 11 Petition
-----------------------------------------------------
Port Aggregates, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Case No. 14-51580) in Lafayette, Louisiana, on
Dec. 19, 2014, without stating a reason.

The Debtor estimated $10 million to $50 million in assets and
debt.  The formal schedules of assets and liabilities, as well as
the statement of financial affairs, are due Jan. 2, 2015.

The Debtor is required to submit a Chapter 11 plan and disclosure
statement by April 20, 2015.

The case is assigned to Judge Robert Summerhays.

The Debtor has tapped Louis M. Phillips, Esq., at Gordon, Arata,
McCollam, Duplantis & Eagan LLC, as counsel.

The petition was signed by Andrew L. Guinn, Sr., president.


PORTAGE BIOTECH: Needs More Resources to Continue Trials
--------------------------------------------------------
Portage Biotech Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $973,802 on $nil of total revenue for the
three months ended Sept. 30, 2014, compared with a net loss of
$348,317 on $nil of total revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$4.38 million in total assets, $582,909 in total liabilities, and
stockholders' equity of $3.8 million.

Management has secured sufficient equity financing which it
believes will enable it to complete its pre-clinical work and
other commitments.  However, it will require additional resources
to continue into clinical trials and/or for additional
acquisitions The Company continues to obtain financing, although
there are no assurances that the management's plan will be
realized.  These conditions indicate the existence of a material
uncertainty that raises 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/xbHp8o

Portage Biotech Inc., a biotechnology company, researches and
develops pharmaceutical and biotech products.  The company,
through its subsidiary, holds a license in non-oncology fields and
the know-how related to the Antennapedia protein (ANTP)
transduction technology.  It develops a research pipeline of ANTP-
based drug candidates intended for use as therapeutic agents for
various non-oncology indications.  The company is based in
Toronto, Canada.


POSITRON CORP: Yuri Perevalov Named to Board of Directors
---------------------------------------------------------
The Board of Directors of Positron Corporation appointed Yuri
Perevalov to the Company's Board of Directors on Dec. 22, 2014,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.  Mr. Perevalov is well versed in every
segment of the Company's business and approach and brings a
strong, fiscally responsible and strategic mindset to the Board,
the filing stated.

Yuri Perevalov, 62, is a business consultant and has been
providing consulting services to the Company's since June 2007.
These consulting services include strategy and business
development, merger and acquisitions, finance and operations.
Previously, Dr. Perevalov was vice-president of Strategy and
Business Development of IPT Inc., a wholly-owned subsidiary of the
Company.  Mr. Perevalov also held positions in financial analysis
and planning in several different industries in Canada and for a
decade was executive vice-president of Research and head of a
department of the economic think-tank of the Russian Academy of
Sciences, consulting the provincial government and large
companies.  Dr. Perevalov is an author of more than 130
publications and reports presented at numerous scientific
conferences in Russia, Finland, Germany and Sweden.  Dr. Perevalov
holds a BS from the Ural State Technical University (Russia), a
Candidate of Science degree in Economics (a PhD equivalent) and a
Doctor of Science degree in Economics, both from the Russian
Academy of Sciences.

With the addition of Dr. Perevalov, the Company returns to a five
member Board of Directors, filling the vacancy created by the
resignation of Patrick Rooney on Sept. 5, 2014.  Dr. Perevalov's
addition completes the transition of Mr. Rooney's exit.
Accordingly, and as a result of the transfer of his ownership of
the majority of his holdings of the Company's securities, Mr.
Rooney has concluded his role with the Company as a control
person, employee, consultant, or affiliate and the Company's
presently has no plans to rehire Mr. Rooney in the future.

                    About Positron Corporation

Headquartered in Fishers, Indiana, Positron Corporation is a
molecular imaging company focused on nuclear cardiology.

Positron reported a net loss of $7.10 million on $1.63 million of
sales for the year ended Dec. 31, 2013, as compared with a net
loss of $7.95 million on $2.80 million of sales during the prior
year.

As of Sept. 30, 2014, the Company had $2.62 million in total
assets, $3.04 million in total liabilities and a $420,000 total
stockholders' deficit.

Sassetti LLC, in Oak Park, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has a significant accumulated deficit which raises
substantial doubt about the Company's ability to continue as a
going concern.

                         Bankruptcy Warning

The Company had cash and cash equivalents of approximately
$1,744,000 at December 31, 2013.  The Company utilized $2,520,000
proceeds from issuance of convertible debt and securities, and
$2,285,000 proceeds from non-interest bearing advances to fund
operating activities during the year ended December 31, 2013.  The
Company had accounts payable and accrued liabilities of
approximately $1,401,000 and a negative working capital of
approximately $12,084,000.  The Company believes that it may
continue to experience operating losses and accumulate deficits in
the foreseeable future.

"If we are unable to obtain financing to meet our cash needs we
may have to severely limit or cease our business activities or may
seek protection from our creditors under the bankruptcy laws," the
Company said in the 2013 Annual Report.


PROBANK S.A.: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Dr. Sergio Mourao Correa Lima of Belo
                       Horizonte, Brazil

Chapter 15 Debtor: Probank S.A.,
                   Probank Participaes S.A.,
                   Via Telecom S.A., and
                   Via Participaes S.A.
                   c/o Astigarraga Davis Mullins & Grossman
                   1001 Brickell Bay Drive, 9th Floor
                   Miami, FL 33131

Chapter 15 Case No.: 14-37790

Chapter 15 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)


Judge: Hon. Jay Cristol

Chapter 15 Petitioner's  Gregory S Grossman, Esq.
                         Edward H. Davis, Jr., Esq.
                         Annette C. Escobar, Esq.
                         Andres H. Sandoval, Esq.
                         ASTIGARRAGA DAVIS MULLINS GROSSMAN
                         1001 Brickell Bay Drive, 9th Floor
                         Miami, FL 33131
                         Tel: (305) 372-8282
                         Email: ggrossman@astidavis.com
                                edavis@astidavis.com
                                aescobar@astidavis.com
                                asandoval@astidavis.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $100 million to $500 million

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


QUALITY DISTRIBUTION: Amends By-Laws to Change Voting Standard
--------------------------------------------------------------
The Board of Directors of Quality Distribution, Inc., amended the
Amended & Restated By-Laws of the Company effective Dec. 23, 2014,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.

The amendments change the voting standard for the election of
directors of the Company from a plurality voting standard to a
majority voting standard in uncontested elections.  Consequently,
in uncontested elections, the number of votes cast in favor of a
nominee must exceed the number of votes cast against that
nominee's election for the nominee to be elected.  In contested
elections where the number of nominees exceeds the number of
directors to be elected, the voting standard will continue to be a
plurality of votes cast.  The amendments also require that each
director nominee in an uncontested election tender a contingent
letter of resignation to the Board of Directors of the Company,
which becomes effective if the director nominee fails to receive
the requisite number of votes for re-election at a shareholders
meeting and accepted by the Board.

In connection with the adoption of a majority voting standard, the
By-Laws were amended to require that the Company be notified of
any shareholder nomination for director not less than 90 days nor
more than 120 days prior to the date of the annual meeting.
However, if less than 90 days' public notice of the date of the
annual meeting is provided by the Company, notice of nominations
must be provided to the Company not later than 10 days following
the day on which the Company provides notice of the date of the
annual meeting.  The By-Laws also require that the notice contain
information regarding the nominee and the nominating shareholder.
Only shareholder nominations in accordance with the procedures in
the By-Laws are eligible for election.  The amendments to the By-
Laws also require that notice of any proposals for other business
to be considered at an annual meeting be provided to the Company
within the same timeframes as applicable to director nominations.
Any notice must contain required information regarding the
proponent.  Proposals not satisfying these requirements would not
be properly brought before the annual meeting.

Also in connection with the amendments to the By-Laws, the
Company's Corporate Governance Guidelines were amended to require
the Board to consider the contingent resignation of an incumbent
director who does not receive a majority of votes in an
uncontested election within 90 days following the certification of
the shareholder vote and to publicly disclose its decision and its
reasons for the decision.

The foregoing provisions will apply to the Company's 2015 annual
meeting of shareholders, which is expected to be held May 28,
2015.

                     About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

Quality Distribution reported a net loss of $42.03 million on
$929.81 million of total operating revenues for the year ended
Dec. 31, 2013, as compared with net income of $50.07 million on
$842.11 million of total operating revenues in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $439.63
million in total assets, $470.01 million in total liabilities and
a $30.38 million total shareholders' deficit.

                        Bankruptcy Warning

The Company had consolidated indebtedness and capital lease
obligations, including current maturities, of $383.3 million as of
Dec. 31, 2013.  The Company must make regular payments under the
ABL Facility, including the $17.5 million senior secured term loan
facility that was fully funded on July 15, 2013, and the Company's
capital leases and semi-annual interest payments under its 2018
Notes.

"The ABL Facility matures August 2016.  Obligations under the Term
Loan mature on June 14, 2016 or the earlier date on which the ABL
Facility terminates.  The maturity date of the ABL Facility,
including the Term Loan, may be accelerated if we default on our
obligations.  If the maturity of the ABL Facility and/or such
other debt is accelerated, we may not have sufficient cash on hand
to repay the ABL Facility and/or such other debt or be able to
refinance the ABL Facility and/or such other debt on acceptable
terms, or at all.  The failure to repay or refinance the ABL
Facility and/or such other debt at maturity would have a material
adverse effect on our business and financial condition, would
cause substantial liquidity problems and may result in the
bankruptcy of us and/or our subsidiaries.  Any actual or potential
bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company said in the Annual Report for the year
ended Dec. 31, 2013.

                           *    *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to B2
from B3 and Probability of Default Rating to B2-PD from B3-PD.

The upgrade of Quality's CFR to B2 was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the B2 rating level.  The
company is in the process of integrating the bolt-on acquisitions
made in its Energy Logistics business sector since 2011.


RADIOSHACK CORP: CEO Says Chain Is 'Overstored'
-----------------------------------------------
Drew Fitzgerald, writing for The Wall Street Journal, reported
that Radioshack Corp.'s chief executive has acknowledged that one
of the struggling electronics retailer's problem is shop
saturation.  According to the Journal, the cost of maintaining and
stocking its 4,400 company-owned outlets has helped push the chain
to the brink of bankruptcy.

The Journal pointed out that for nearly a year, RadioShack has
been trying to win consent from creditors, such as Salus Capital
LLC, to close as many as 1,100 locations as it copes with plunging
sales and deserted stores.

                     About Radioshack Corporation

RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com/--
is a national retailer of innovative mobile technology products
and services, as well as products related to personal and home
technology and power supply needs.  RadioShack's retail network
includes more than 4,300 company-operated stores in the United
States, 270 company-operated stores in Mexico, and approximately
1,000 dealer and other outlets worldwide.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139.4 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.

                           *     *     *

As reported by the TCR on Sept. 15, 2014, Standard & Poor's
Ratings Services lowered its corporate credit rating on Fort
Worth, Texas-based RadioShack Corp. to 'CCC-' from 'CCC'.

"The downgrade comes as the company announced it will seek
capital, and that such a transaction could include a debt
restructuring in addition to store closures and other measures,"
said Standard & Poor's credit analyst Charles Pinson-Rose.

In the Sept. 16, 2014, edition of the TCR, the TCR reported that
Fitch Ratings had downgraded the Long-term Issuer Default Rating
(IDR) for RadioShack Corporation (RadioShack) to 'C' from 'CC'.
The downgrade reflects the high likelihood that RadioShack will
need to restructure its debt in the next couple of months.

The TCR reported on March 13, 2014, that Moody's Investors Service
downgraded RadioShack Corporation's corporate family rating to
Caa2 from Caa1.  "The continuing negative trend in RadioShack's
sales and margins has resulted in a precipitous drop in
profitability causing continued deterioration in credit metrics
and liquidity," Mickey Chadha, Senior Analyst at Moody's said.


REALOGY CORP: Redeems $332 Million of Senior Secured Notes
----------------------------------------------------------
Realogy Group LLC, an indirect wholly owned subsidiary of Realogy
Holdings Corp., redeemed the approximately $332 million aggregate
principal amount of outstanding 7.875% Senior Secured Notes due
2019 in accordance with the terms and provisions of the indenture
governing the 7.875% Senior Secured Notes, dated as of Feb. 3,
2011, among Realogy Group, Realogy Holdings, Realogy Co-Issuer
Corp., as co-issuer, the subsidiary guarantors party thereto, and
The Bank of New York Mellon Trust Company, N.A. as trustee, at a
redemption price equal to 100% of the principal amount of each
such 7.875% Senior Secured Note, plus the Applicable Premium (as
defined in the 7.875% Senior Secured Notes Indenture), or
104.986318%, together with accrued and unpaid interest.

In connection with the redemption of the 7.875% Senior Secured
Notes, Realogy Group paid total consideration of approximately
$358 million, which included the applicable redemption premium and
accrued and unpaid interest.  Immediately following such
redemption, Realogy Group cancelled the 7.875% Senior Secured
Notes and discharged the 7.875% Senior Secured Notes Indenture in
accordance with its terms.

Realogy Group utilized the net proceeds from the offering of the
5.250% Senior Notes due 2021 consummated in November 2014,
together with cash on hand, to redeem the 7.875% Senior Secured
Notes, according to a regulatory filing with the U.S. Securities
and Exchange Commission.

                        About Realogy Corp.

Realogy Corp. -- http://www.realogy.com/-- a global provider of
real estate and relocation services with a diversified business
model that includes real estate franchising, brokerage, relocation
and title services.  Realogy's world-renowned brands and business
units include Better Homes and Gardens Real Estate, CENTURY 21,
Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group,
ERA, Sotheby's International Realty, NRT LLC, Cartus and Title
Resource Group.  Collectively, Realogy's franchise systems have
around 15,000 offices and 270,000 sales associates doing business
in 92 countries around the world.

Headquartered in Parsippany, N.J., Realogy is owned by affiliates
of Apollo Management, L.P., a leading private equity and capital
markets investor.  Realogy fully supports the principles of the
Fair Housing Act.

Realogy Holdings Corp. and Realogy Group LLC reported net income
of $443 million in 2013, a net loss of $540 million in 2012 and
a net loss of $439 million in 2011.

                           *     *     *

In the Aug. 1, 2013, edition of the TCR, Moody's Investors Service
upgraded the corporate family rating of Realogy Group to B2
from B3.  The upgrade to B2 CFR is driven by expectations for
ongoing strong financial performance, supported by Realogy's
recently-concluded debt and equity financing activities and a
continuing recovery in the US existing home sale market.

As reported by the TCR on Feb. 18, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on Realogy Corp. to
'B+' from 'B'.

"The one notch upgrade in the corporate credit rating to 'B+'
reflects an increase in our expectation for operating performance
at Realogy in 2013, and S&P's expectation that total lease
adjusted debt to EBITDA will improve to the low-6x area and funds
from operations (FFO) to total adjusted debt will be improve to
the high-single-digits percentage area in 2013, mostly due to
EBITDA growth in the low- to mid-teens percentage area in 2013,"
S&P said.


RESIDENTIAL CAPITAL: Rozier Wrongful Foreclosure Claim Disallowed
-----------------------------------------------------------------
Bankruptcy Judge Martin Glenn sustained the Rescap Borrower Claims
Trust's objection to the claims filed by Karen Michele Rozier.
Ms. Rozier's claims generally arise from the Debtors' allegedly
wrongful efforts to foreclose on her home.  Judge Glenn, however,
held that each of her claims fails to raise a plausible basis for
the Debtors' liability.  Her claims are are disallowed and
expunged.  A copy of the Memorandum Opinion and Order dated Dec.
22 is available at http://is.gd/H9vCM7from Leagle.com.

Karen Rozier appears Pro Se.

The Trust is represented by:

     Norman S. Rosenbaum, Esq.
     Jordan A. Wishnew, Esq.
     Meryl Rothchild, Esq.
     MORRISON & FOERSTER LLP
     250 West 55th Street
     New York, NY 10019-9601
     Telephone: (212) 506-7341
     Facsimile: (212) 468-7900
     E-mail: nrosenbaum@mofo.com
             Jwishnew@mofo.com
             mrothchild@mofo.com

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.


RESPONSE BIOMEDICAL: Hangzhou Reports 19.4% Stake as of Dec. 12
---------------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Hangzhou Joinstar Medical Instrument & Reagent Co.
Ltd. and Hangzhou Lizhu Medical Instrument & Reagent Co., Ltd.,
disclosed that as of Dec. 12, 2014, they beneficially owned an
aggregate of 1,800,000 shares of common stock of Response
Biomedical Corporation, representing approximately 19.44% of the
outstanding.  A copy of the regulatory filing is available at:

                        http://is.gd/Msseb4

                    About Response Biomedical

Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform.  The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample.  Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information.  Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.

Response Biomedical reported a net loss and comprehensive loss of
$5.99 million in 2013, a net loss and comprehensive loss of $5.28
million in 2012 and a net loss and comprehensive loss of $5.37
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed
$12.3 million in total assets, $15.6 million in total liabilities
and total stockholders' deficit of $3.32 million.

PricewaterhouseCoopers LLP, in Vancouver, British Columbia, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has incurred recurring losses from
operations and has an accumulated deficit at Dec. 31, 2013, which
raises substantial doubt about its ability to continue as a going
concern.


REVELATIONS IN DESIGN: Case Summary & 2 Unsecured Creditors
-----------------------------------------------------------
Debtor: Revelations in Design Inc.
        725 E. Baseline Road
        Gilbert, AZ 85233

Case No.: 14-18670

Chapter 11 Petition Date: December 23, 2014

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

Judge: Hon. Brenda K. Martin

Debtor's Counsel: James Webster, Esq.
                  JAMES PORTMAN WEBSTER LAW OFFICE, PLC
                  1845 S. Dobson Road, Suite 201
                  Mesa, AZ 85202
                  Tel: 480-464-4667
                  Fax: 888-214-8293
                  Email: jim@jpwlegal.com
                         Help@JPWLegal.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert M. Galvan, president.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/azb14-18670.pdf


ROCK POINTE: Bankruptcy Case Dismissed, Ordered to Pay All Fees
---------------------------------------------------------------
Bankruptcy Judge Frank L. Kurtz dismissed the Chapter 11 case of
Rock Pointe Holdings, LLC.

The Court also ordered that the final administrative expenses
associated with winding up the estate, including the U.S.
Trustee's quarterly Fees, the receivership costs, expenses, and
legal fees, the fees and costs of counsel for the creditors'
committee, and the Chapter 11 trustee's fees and costs will be
paid in full in the amounts approved by the Court upon the
dismissal of the case.

All remaining funds and other assets and proceeds of other assets,
excluding a reserve of $2,500 for the final expenses of
terminating the receivership case will be disbursed to Rock Pointe
Noteholder LLC.  All funds and other assets and proceeds of other
assets remaining after payment of the final expenses of
terminating the receivership case shall also be disbursed to the
Noteholder.

John D. Munding, Chapter 11 trustee, requested for the relief.

As reported in the TCR on Oct. 6, 2014, Gail Brehm Geiger, U.S.
Trustee for Region 18, objected to the request for dismissal.
According to the U.S. Trustee, there is a pending motion by
Cascade Real Estate Services seeking an order concluding its
fiduciary role in this case.  That motion indicates that Cascade
will subsequently be filing an application for payment of
administrative expenses with the Court.  The U.S. Trustee said it
anticipates that the Chapter 11 Trustee will also be filing an
application for payment of administrative expenses.  This case
should not be dismissed until those pending and anticipated
administrative matters have been resolved by the Court.

                         Dismissal Motion

As reported in the TCR on Sept. 24, 2014, the Chapter 11 Trustee
in its motion for dismissal said that, after the foreclosure sale,
there is no viable business to organize, and no estate to
administer other than a vehicle and the cash collateral held by
the receiver.

On Dec. 6, 2011, the Debtor filed a voluntary petition for Chapter
11 of the bankruptcy code due to insufficiency of cash flow.
Post-petition property has been professionally managed and
operated under the supervision of the Receiver and BRMI.

On May 23, 2014, the Noteholder directed a Trustee's sale of the
Debtor's real property. The Debtor's interest in real property was
sold at public auction to the highest bidder by virtue of credit
bid in the amount of $39,000,000.  All of the Debtor's right,
title, and interest in the real and personal property were
conveyed to the Noteholder.

As a result of the elimination of Debtor's interest, there is no
hope of proposing a confirmable plan of reorganization and
rehabilitating its business. The Debtor has no operations, no cash
flow and is unable to pay expenses without incurring additional
post-petition debt. Thus, dismissal is the appropriate remedy in
order to secure the best interest of the creditors and estates.

                         About Rock Pointe

Rock Pointe Holdings Company LLC owns the Rock Pointe Corporate
Center in Spokane, Washington.  The Company filed for Chapter 11
protection (Bankr. E.D. Wash. Case No.11-05811) on Dec. 2, 2011.
The Debtor estimated both assets and debts of between $50 million
and $100 million.  Southwell & O'Rourke, P.S., served as counsel
for the Debtor.

The U.S. Trustee appointed five unsecured creditors to serve on
the Debtor's Official Committee of Unsecured Creditors.  Kenneth
W. Gates is the counsel for the Committee.

Ford Elsaesser served as mediator for of all issues regarding the
treatment of the debt owed to DMARC.

The United States Trustee has appointed John Munding as Chapter 11
trustee in the bankruptcy case.


RUBY WESTERN: Moody's Withdraws Ba2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings
involving Ruby Western Pipeline Holdings, LLC.  The withdrawals
follow the sale of Ruby Western and its interest in Ruby Pipeline
LLC.

Withdrawals:

Corporate Family Rating, Withdrawn , previously rated Ba2

Probability of Default Rating, Withdrawn , previously rated
Ba2-PD

Outlook Actions:

Outlook: Changed To Rating Withdrawn From Stable

Ratings Rationale

Prior to its sale, Ruby Western had 50% voting control of Ruby
Pipeline LLC (Ruby, Baa3 stable) through a preferred stock
ownership interest. Ruby's primary asset is a 1.5 MMDth per day
natural gas pipeline that entered service in July 2011 and runs
680 miles from Opal, Wyoming to Malin, Oregon.


SABINE OIL: Signs Severance Agreements with Executive Officers
--------------------------------------------------------------
Sabine Oil & Gas Corporation, formerly Forest Oil Corporation,
entered into Severance and Change in Control Agreements with each
of the executive officers of the Company:

   * David J. Sambrooks, president and chief executive officer

   * Todd R. Levesque, executive vice president and chief
     operating officer

   * Cheryl R. Levesque, senior vice president, asset development

   * Timothy D. Yang, senior vice president, land & legal, general
     counsel, chief compliance officer and secretary

The Severance Agreements provide the executives with certain
severance benefits in connection with a termination of employment
under certain circumstances, including in connection with a
"change in control".  The Severance Agreements also cancel the
employment agreements previously entered into between each of the
executive officers of Sabine and NFR Energy LLC, the predecessor
to Sabine Oil & Gas LLC, to the extent applicable.

More specifically, under the Severance Agreements, in the event of
(i) a termination of the executive's employment by the Company
without "cause", (ii) a termination of employment by the executive
with "good reason", or (iii) the executive's death or disability
that occurs outside (a) the six month period ending on the date a
change in control occurs, and (b) the two year period beginning on
the date a change in control occurs, the executive will be
entitled to accrued but unpaid base salary through the date of
termination and incentive bonus for the calendar year ended
immediately prior to the date of termination, to the extent yet
unpaid.  Contingent upon the executive satisfying certain release
of claims requirements, the executive will also be entitled to (A)
a lump sum payment equal to one-and-a-half times (1.5x) for Mr.
Sambrooks, and one times (1x) for Messrs. Levesque and Yang and
Ms. Levesque, the amount of his or her (1) base salary plus (2)
average actual annual bonus for the three years preceding the
Termination Event (or, if the executive has been employed less
than three full years, the average of any annual bonuses received
by the executive, or, if the executive has not yet received an
annual bonus, an amount equal to the executive's annual base
salary that is effective as of the Termination Event), (B) except
as otherwise provided in the 2014 LTIP (as defined in the
Severance Agreement) or an individual award agreement, accelerated
vesting of the executive's outstanding equity-based compensation
awards at the time of the Termination Event (using actual levels
of performance for equity-based compensation awards designed to
vest upon the satisfaction of performance criteria), (C) continued
medical, dental and vision benefits for the executive and his or
her spouse and eligible dependents for up to 12 months following
the date of termination or until the executive is or becomes
eligible for comparable coverage under the group health plans of a
subsequent employer, and (D) certain outplacement services
directly related to the executive's termination of employment for
up to 12 months following termination.

In the event the executive experiences a Termination Event that
occurs during the "Protection Period" and contingent upon the
executive satisfying certain release of claims requirements, the
executive will be entitled to (i) the Accrued Payments, (ii) a
lump sum payment equal to two times (2x) for Mr. Sambrooks, and
one-and-a-half times (1.5x) for Messrs. Levesque and Yang and Ms.
Levesque, the amount of his or her (a) base salary plus (b) target
bonus for the calendar year in which the Termination Event occurs,
(iii) except as otherwise provided in the 2014 LTIP or an
individual award agreement, accelerated vesting of the executive's
outstanding equity-based compensation awards at the time of the
Termination Event (using actual levels of performance for equity-
based compensation awards designed to vest upon the satisfaction
of performance criteria), (iv) a pro-rata portion of the
executive's bonus for the calendar year in which a Termination
Event occurs, (v) continued medical, dental and vision benefits
for the executive and his or her spouse and eligible dependents
for up to 24 months following the date of termination or until the
executive is or becomes eligible for comparable coverage under the
group health plans of a subsequent employer, and (vi) certain
outplacement services directly related to the executive's
termination of employment for up to twelve (12) months following
termination.

              Amendment to Employee Stock Purchase Plan

On Dec. 22, 2014, the board of directors of the Company approved
an amendment to the Forest Oil Corporation 1999 Employee Stock
Purchase Plan, as amended and restated effective May 7, 2013,
which freezes the ESPP in all respects, including the ability of
participants and eligible employees to participate in the ESPP, by
discontinuing all Dates of Grant, Option Periods, and payroll
deductions under or pursuant to the ESPP, effective as of the
close of the Option Period ending on Dec. 31, 2014, and before the
commencement of the Option Period that would otherwise be
scheduled to begin on Jan. 1, 2015, and continuing indefinitely
until further action is taken by the Company.  The result of the
amendment to the ESPP is that, unless and until further action is
taken by the Company: (a) no Date of Grant shall occur on Jan. 1,
2015, or thereafter, (b) no Option Periods following the Option
Period ending on Dec. 31, 2014, will commence, (c) all payroll
deductions applicable to any Option Period following the Option
Period ending on Dec. 31, 2014, shall be canceled, (d) the ESPP is
being frozen in all respects, and (e) the ESPP is not being
terminated.

                           About Sabine

Sabine Oil & Gas LLC is an independent energy company engaged in
the acquisition, production, exploration and development of
onshore oil and natural gas properties in the United States.
Sabine's current operations are principally located in Cotton
Valley Sand and Haynesville Shale in East Texas, the Eagle Ford
Shale in South Texas, and the Granite Wash in the Texas Panhandle.
For more information about Sabine, please visit its website at
www.sabineoil.com.

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

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

                            *    *    *

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


SALIX PHARMACEUTICALS: Moody's Confirms B1 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service confirmed the B1 Corporate Family Rating
of Salix Pharmaceuticals, Ltd and certain other ratings including
the B1-PD Probability of Default rating, the Ba1 senior secured
rating and the B2 senior unsecured rating. At the same time,
Moody's lowered the Speculative Grade Liquidity Rating to SGL-3
from SGL-2. These rating actions conclude the review for downgrade
initiated on November 7, 2014. The rating outlook is negative.

Ratings confirmed:

B1 Corporate Family Rating

B1-PD Probability of Default Rating

Ba1 (LGD 2) $150 million senior secured revolving credit facility

Ba1 (LGD 2) $1.2 billion senior secured term loan

B2 (LGD 4) $750 million senior unsecured notes

Rating lowered:

Speculative Grade Liquidity Rating to SGL-3 from SGL-2

The confirmation of the rating reflects Moody's expectation that
underlying prescription trends of Salix's core products will
remain strong, and that the need to reduce excess inventory at
drug wholesalers is a temporary operating issue. Management has
announced plans to have the excess wholesaler inventory worked
down at a faster rate than its prior plans, i.e. over five
quarters instead of two years, in order to place the matter behind
the company. Under this scenario, debt/EBITDA will erode
significantly in 2015 (to over 8.0 times) but then decline
significantly in 2016 to under 4.0 times.

Liquidity remains adequate, reflected in the SGL-3 Speculative
Grade Liquidity Rating. While cash on hand was high at $462
million as of September 30, 2014, free cash flow will be volatile
and likely negative in some quarters. Access to the revolving
credit facility will be limited to 25% of the $150 million
capacity because financial covenants apply if more than 25% of the
revolver is drawn, and Salix's debt/EBITDA will exceed the
covenant level (a maximum of 5.25 times) until 2016. Salix has a
convertible note maturity of $345 million. Cash on hand should be
adequate to cover the maturity but will a slim amount of cash.

Ratings Rationale

Salix's B1 Corporate Family Rating reflects the company's position
as the leading specialty pharmaceutical company operating in the
gastroenterology segment. Revenue is somewhat concentrated in
three key products: Xifaxan, Glumetza and Uceris. Both Xifaxan and
Uceris face high barriers for generic competitors. Underlying
prescription demand for Salix's key products will be strong.
Offsetting these strengths, strong growth in Xifaxan and Uceris
will be necessary to offset upcoming 2016 genericization of
Glumetza and Zegerid. Financial leverage will be extremely high
for most of 2015 because sales will be adversely affected by the
wholesaler inventory workdown, with debt/EBITDA in excess of 8.0
times. The workdown is temporary and sales will rebound in 2016,
resulting in significant improvement in debt/EBITDA to below 4.0
times. Salix's earnings will improve even more rapidly in 2016 if
the FDA approves Xifaxan for the treatment of irritable bowel
syndrome, potentially in May 2015.

The B2 rating on the senior unsecured notes reflects a one-notch
override of Moody's Loss Given Default methodology due to
potential changes in the capital structure arising from the
upcoming convertible note maturity.

The rating outlook is negative to reflect Salix's financial
flexibility during 2015 as a result of EBITDA and cash flow
pressure until wholesaler inventory levels are reduced. In
addition, the Audit Committee has not yet concluded its review
related to disclosures of wholesaler inventory levels, creating
event risk until this matter is resolved.

The ratings could be downgraded if there is any material downturn
in underlying prescription trends for Salix's key products, if the
company does not receive approval for Xifaxan in irritable bowel
syndrome, or if the Audit Committee review results in earnings
restatements. Inventory issue aside, debt/EBITDA sustained above
5.0 times would pressure the rating. Conversely, the ratings could
be upgraded if Salix sustains debt/EBITDA sustained below 3.0
times, if matters related to the inventory situation are resolved,
and if strong sales trends continue.

Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company
operating in the US gastroenterology area. Through the recent
acquisition of Santarus Pharmaceuticals, Inc. ("Santarus") Salix
became the largest specialty company operating in this market. For
the 9 months ended September 30, 2014 Salix reported net product
revenue of approximately $1.1 billion including Santarus revenues
from the January 2, 2014 acquisition date.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 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.


SAN GOLD: Seeks Protection From Creditors
-----------------------------------------
Alistair MacDonald, writing for Daily Bankruptcy Review, reported
that gold-miner San Gold Corp. has asked Canadian courts for
protection against its creditors, another miner running into
trouble as the price of the yellow metal falls and the sector's
empire building in the commodity boom years comes back to haunt
it.

According to the report, capitalized at over a billion Canadian
dollars at its height in 2010, San Gold has struggled after an
aggressive expansion meant that it couldn't mine its metal
profitably.


SAN JOAQUIN HILLS: Moody's Ups Rev. Bonds Rating to 'Ba2'
---------------------------------------------------------
Moody's Investors Service upgrades to Ba2 from B1 the revenue
bonds of San Joaquin Hills Transportation Corridor Agency
(SJHTCA). The rating outlook is stable.

Rating Rationale

The upgrade to Ba2 is due to a recent debt restructuring that
levels out and extends debt repayment by eight years and also
lowers interest rates. The restructuring lowers annual debt
service growth to 1.6% from the prior 8.8 % for the next ten years
and reduces maximum annual debt service (MADs) from $269 million
to $186 million. As a result the restructuring better matches
annual debt service with pledged toll revenues and allows for
adequate debt service coverage ratios (DSCR). Additional credit
improvement is provided by stronger legal covenants under a
restated 2014 master indenture governing all bonds. The upgrade
also acknowledges the stronger recent growth in the service area
economy that is contributing to traffic growth despite toll
increases.

The rating incorporates risks associated with the extension of
debt maturities, the agency's very high debt leverage and still
annually escalating debt structure and reliance on steady, though
lower, annual traffic growth and toll increases to meet targeted
DSCRs. This extension brings maturity of the debt to 2050, which
coincides with termination of the cooperative agreement with the
California Department of Transportation (Caltrans) that insulates
the credit from major maintenance and capital expenditure risk.
The rating also takes into account the recent termination of the
mitigation and loan agreement with Foothill/Eastern Transportation
Corridor (F/E TCA), and SJHTCA agreement to annually reimburse
F/ETCA for the total $120 million mitigation payments plus
interest from excess cash flow at the bottom of the flow of funds
starting in 2025, though there is no obligation to do so if excess
cash flow is not available.

Moody's note some recent improvement in traffic growth despite
annual rate increases since 1998 due to renewed service area
economic growth following the recession. While this growth
combined with annual toll rate increases has produced better that
previously forecasted DSCRs, Moody's would expect to see a longer
track record of traffic recovery before considering any further
upward rating revisions.

What Could Change the Rating -- UP

Strong and sustained growth in traffic and toll revenues that
produces DSCRs above 1.30 times for senior bonds and 1.10 times
for all debt without using reserves could have a positive rating
impact.

What Could Change the Rating -- DOWN

Weaker than currently forecasted traffic and toll revenue that
requires use of reserves, or toll rate increases that result in
traffic diversion, would place downward pressure on the rating.
Additional debt would also exert negative pressure, though none is
currently expected.

Outlook

The stable outlook reflects growth in traffic due to improving
economic conditions in the service area and also considers the
agency's demonstrated ability and willingness to increase toll
rates to support covenanted DSCRs, though continued needed
increases tied to the forecasted inflation rate of 2.5% could
lower traffic, given the toll road's already very high toll rates.

Strengths

* Recent debt refunding and restructuring lowers annual debt
  service costs and strengthens legal covenants for bondholders
  through a restated 2014 master indenture

* Renewed traffic and revenue growth due to economic growth and
  recovery in the service area validated by a new 2014 traffic
  and revenue forecast. Forecast can withstand significant stress
  and all debt is repaid

* Agency has annually implemented annual toll increases since
  1998, including 7.7% for FY 2015

* Satisfactory liquidity relative to operating expenses; cash
  funded debt service reserve funds (DSRFs) for both senior and
  junior lien bonds and funded additional operating reserves

Challenges

* Very high debt leverage and long debt amortization through
  2050, which was extended by eight years with the 2014
  restructuring

* Despite restructuring, debt structure still escalates, albeit
  more moderately, and depends on annual traffic growth of about
  1% and annual toll increases closely aligned with inflation
  rates

* Open flow of funds: SJHTCA agrees to use 50% of excess cash
  flow to repay $120 million mitigation payment to F/ETCA
  starting in 2025

* Relatively short toll road with directly competing freeways (I5
  and I405)

The principal methodology used in this rating was Government Owned
Toll Roads published in October 2012.


SANDRINE'S LIMITED: Files for Ch 11, To Be Sold to Pierre Honegger
------------------------------------------------------------------
Sandrine's Limited Liability Company filed for Chapter 11
bankruptcy protection (Bankr. D. Mass. Case No. 14-15702) on Dec.
10, 2014), disclosing $35,000 in total assets, versus $1.37
million in total liabilities.  The petition was signed by Gwyneth
B. Trost, manager and the Debtor's majority owner.

Court documents state that the lease of the Debtor's French bistro
at 8 Holyoke Street in Harvard Square, Cambridge, Massachussets,
and its assets will be sold to Pierre Honegger, owner of Boston's
La Voile restaurant, and an entity named Bato Catering Inc., at
about $580,000.

Catherine Carlock at the Boston Business Journal reports that
Ms. Trost, who owns a 51% stake in the Debtor, and Amy Nomejko,
who owns the remaining equity, have agreed that the court-approved
sale was the best opportunity to keep the restaurant open.

According to the Business Journal, Ms. Trost and Ms. Nomejko will
stay on as consultants to Mr. Honneger during the transition and
will continue to run the restaurant.

The Business Journal recalls that the Debtor recorded a net loss
of $39,000 in 2013 and is projecting a $200,000 loss for 2014.
Business Journal relates that recently the Debtor struggled as the
area surrounding Brattle Street and Church Street grew into a
retail and restaurant destination.  "The dynamic of exclusivity
and elegance slowly gave way to mass market appeal and
convenience.  The restaurant slowly lost its reputation for
innovation and leadership in the French cuisine for which it had
become famous . . . .  Recent healthy eating and dieting trends
further eroded (Sandrine's) place in the Harvard Square cultural
milieu," Ms. Trost said in court documents.

Business Journal relates that French master chef Raymond Ost, who
opened the restaurant and who was listed among the Debtor's
creditors, left the Debtor in August 2014 and has since become
executive chef at Wilson Farm in Lexington.

Judge William C. Hillman presides over the case.

Alex F. Mattera, Esq., at Demeo, LLP, serves as the Debtor's
bankruptcy counsel.

Sandrine's Limited Liability Company is based in Cambridge,
Massachusetts.


SANTA FE GOLD: Incurs $944K Net Loss in Third Quarter of 2014
-------------------------------------------------------------
Santa Fe Gold Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $944,472 on $71,518 of total revenue for
the three months ended Sept. 30, 2014, compared with a net loss of
$4 million on $1.19 million of total revenue for the same period
in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $20.9
million in total assets, $29.09 million in total liabilities, and
a stockholders' deficit of $8.18 million.

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

                        http://is.gd/j7X8CA

Headquartered in Albuquerque, New Mexico, Santa Fe Gold
Corporation acquires and develops mining properties.  In January
2014, the Company entered into a definitive merger agreement with
Tyhee Gold Corp but terminated the agreement due to Tyhee's
failure to close a qualified financing of $20 million as part of
the merger.


SEARS HOLDINGS: EVP and Online Services President Resigns
---------------------------------------------------------
Imran Jooma resigned as executive vice president and president,
Online, Marketing, Pricing and Financial Services of Sears
Holdings Corporation, effective Feb. 6, 2015, according to a
regulatory filing with the U.S. Securities and Exchange
Commission.

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.36 billion in 2013, a net
loss of $930 million in 2012 and a net loss of $3.14 billion in
2011.  As of Aug. 2, 2014, Sears Holdings had $16.43 billion in
total assets, $15.51 billion in total liabilities and $919 million
in total equity.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to Caa1 from B3.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEGA BIOFUELS: Court Enters Final Decree Closing Chapter 11 Case
----------------------------------------------------------------
U.S. Bankruptcy Judge John S. Dalis, on Dec. 9, 2014, entered a
final decree closing the Chapter 11 case of Sega Biofuels LLC.

Judge Dalis, in his order, said that there is no further need for
injunctive and other equitable relief in the case.

The Debtor's amended Chapter 11 plan was confirmed on July 18,
2014.  The Amended Plan proposes to pay creditors in full.  The
Debtor estimates that claims will total $19,331,457, with secured
claims totaling $11,897,747 and general unsecured claims totaling
$1,804,710.  The Amended Plan also contains agreements with
certain parties-in-interest, including Logistec USA, Inc., which
provides storage and handling services to the Debtor; Ogle
Engineering; James Huntley; and United Forest Products.

The Debtor said it will be unable to make payments due under its
agreement with Logistec but that it is negotiating another
agreement with the service provider, which agreement is
anticipated to be in place by the time the of Plan confirmation.
The Debtor added that it will extend the proceedings related to
its objection to the claim of Ogle Engineering and James Huntley
to allow for the parties to determine which amounts in the claims
filed may be substantiated to the satisfaction of the Debtor.  It
is possible that some or all of the claims of these creditors will
be allowed and will become part of the group of general unsecured
claims.

United Forest filed a claim in an unspecified amount.  The Debtor
agreed that United Forest may file an amended proof of claim in
the amount of $73,722, and that the Debtor will not object to that
amended claim becoming part of the Class of General Unsecured
Claims.

The Debtor has obtained Court authority to enter into a premium
finance agreement with Premium Assignment Corporation, which
agreement provides for the financing of the insurance premiums to
be paid for the Debtor's insurance policies.  The policies will
bear a total premium of $156,000.  PAC is granted a first and only
priority security interest in (i) all unearned premiums and
dividends which may become payable under the financed insurance
policies for whatever reason; and (ii) loss payments which reduce
the unearned premiums, subject to any mortgage or loss payee
interests.  The Bankruptcy Court, separately, issued an order
granting the motion of Deere Credit, Inc., to reinstate the
consent order requiring the Debtor to cure default and to assume
or reject lease between the Debtor and Deere.

A full-text copy of the May 2, 2014 Amended Disclosure Statement
is available at http://bankrupt.com/misc/SEGAds0502.pdf

                       About Sega Biofuels

Sega Biofuels LLC, the owner of a wood-pellet plant in Nahunta,
Georgia, filed a petition for Chapter 11 protection (Bankr. S.D.
Ga. 13-50694) on Sept. 11, 2013, in Waycross, Georgia.  The
Company listed assets worth $10.6 million and debt totaling $13.7
million.

C. James McCallar, Jr., Esq., at McCallar Law Firm, in Savannah,
Georgia.

The U.S. Trustee has not appointed an official committee in the
Debtor's bankruptcy case.


SIBLING GROUP: Has $1.48-Mil. Net Loss in Third Quarter
-------------------------------------------------------
Sibling Group Holdings Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $1.48 million on $530,000 of revenues for the three
months ended Sept. 30, 2014, compared with a net loss of $253,000
on $nil of revenues for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$1.75 million in total assets, $2.98 million in total liabilities,
and a stockholders' deficit of $1.23 million.

The Company has limited revenues, has a working capital deficit of
$2.33 million for the recent three months ended Sept. 30, 2014.
These conditions 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/I79c3J

Sibling Group Holdings, Inc., focuses on providing services and
technology in the field of education.  It operates through two
divisions, Educational Management Organization (EMO) and
Technology and Services Group (TSG).  The EMO division intends to
provide school management services, primarily within the charter
school arena.  The TSG division focuses on the development and
deployment of software, systems, and procedures to enhance the
rate of learning in primary and secondary education.  The company
also offers online curriculum with 192 master courses for the K-12
marketplace.  In addition, it provides software to the public
school market that allows for communications between the teacher
and the students using blogging like functionality; and
professional development courses for teachers in the area of
special education.  The company was formerly known as Sibling
Entertainment Group Holdings, Inc. and changed its name to Sibling
Group Holdings, Inc. in August 2012.  Sibling Group Holdings, Inc.
was founded in 2010 and is based in Austin, Texas.


SIDEWINDER DRILLING: Moody's Cuts Sr. Unsec. Notes Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service downgraded Sidewinder Drilling Inc.'s
senior unsecured notes ratings to Caa1 from B3. Moody's affirmed
Sidewinder's B3 Corporate Family Rating (CFR) and assigned a
Speculative Grade Liquidity Rating of SGL-3. The outlook was
changed to negative from stable.

"The downgrade of the senior notes reflects the doubling of the
size of Sidewinder's senior secured credit facility, increasing
the potential claim to the company's assets that holds priority
over the notes," commented Pete Speer, Moody's Senior Vice
President. "The negative outlook reflects the weaker outlook for
overall land drilling activity in 2015 and into 2016, which will
pressure Sidewinder's cash flows and credit metrics and could
diminish its liquidity."

Issuer: Sidewinder Drilling Inc.

Outlook Action:

Changed to Negative from Stable

Downgrade:

Senior Unsecured Notes, Caa1 (LGD4) from B3 (LGD4)

Affirmations:

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Ratings Assigned:

Speculative Grade Liquidity Rating assigned at SGL-3

Ratings Rationale

Sidewinder obtained two increases in the size of its revolving
credit facility during the third quarter of 2014, increasing the
committed revolver capacity from $50 million to $80 million and
then $100 million. These increases were necessary to bolster the
company's available liquidity in response to higher than
forecasted revolver borrowings to fund capital spending and
unplanned maintenance expenditures. The company's operating
performance and cash flows were well below expectations in the LTM
period ended September 30, 2014 because of increased maintenance
spending that was expensed over the period and higher than
expected rig downtime in the first part of that period. The
greater revolver borrowings and increased facility size results in
a larger potential senior secured claim to the assets over the
$250 million senior unsecured notes. Consequently the notes were
downgraded to Caa1, or one notch beneath the B3 CFR, under Moody's
Loss Given Default Methodology.

The negative outlook reflects Sidewinder's high debt levels
entering the anticipated downturn in onshore drilling activity in
2015 in response to the recent collapse in oil prices. The
company's leverage metrics are likely to deteriorate and its
liquidity could become constrained depending on the severity and
length of the decline in drilling activity.

Sidewinder's B3 CFR incorporates risks of its small scale and
market position as a land drilling rig company operating in the
highly competitive and cyclical North American land drilling
market. The affirmation of the B3 CFR reflects the company's
meaningful contract backlog entering 2015, its fleet of 14 new
high specification rigs and 10 SCR rigs that are competitive for
drilling horizontal wells, and its adequate liquidity. The company
also has 12 relatively new mechanical rigs that management views
as core in that these rigs are highly customized and flexible for
operating in the Marcellus, Utica and Arkoma basins. While these
rigs are presently highly utilized, they will be more vulnerable
to competition from higher specification rigs with automated
capabilities.

The SGL-3 rating reflects Moody's expectation that Sidewinder will
maintain adequate liquidity through 2015. As of September 30,
2014, the company had $6 million in cash and $64 million available
under its $100 million revolving credit facility that matures in
July 2019. Revolver borrowings will increase during the fourth
quarter of 2014 and could continue to rise through the first
quarter of 2015 to fund the construction of two newbuild rigs.
Importantly, the credit facility is an asset based lending
facility that has no financial maintenance covenants as long as
revolver borrowings don't exceed $80 million. In that event the
company would have to maintain a minimum fixed charge coverage
ratio as defined in the agreement.

Moody's expects the company's borrowings to remain meaningfully
under the $80 million threshold, leaving it with available
borrowing capacity for liquidity purposes and no financial
covenant compliance requirements. After the new rigs are completed
in the first quarter of 2015 the company can cut its maintenance
capital spending substantially and should benefit from cash flow
from working capital in the early stage of the downturn. The
credit facility has a first-lien on substantially all of
Sidewinder's assets, so any asset sales are likely to repay
revolver borrowings and therefore won't be a source of cash.

If Sidewinder's cash flows decline even worse than expected in
2015 then its liquidity could become constrained and the ratings
downgraded. If available borrowing capacity on the revolver were
to decline below $35 million or interest coverage
(EBITDA/Interest) were to fall below 1.5x on a run rate basis then
the ratings could be downgraded. An upgrade is unlikely absent a
much more supportive oil price environment and outlook for onshore
drilling activity. To be considered for an upgrade to B2,
Sidewinder will need to demonstrate consistent operational
performance, contract execution and reduce Debt/EBITDA below 3x on
a sustained basis.

The principal methodology used in these ratings was Global
Oilfield Services Industry 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.

Sidewinder Drilling Inc. is a contract land driller headquartered
in Houston, Texas. The company is a private company owned
primarily by Avista Capital Partners.


SKY VENTURES: MacGillivray Ranch Not Entitled to Admin. Claim
-------------------------------------------------------------
Bankruptcy Judge Michael E. Ridgway denied the request of
MacGillivray Ranch, LLC, a lessor of nonresidential real property
formerly used by debtor Sky Ventures, LLC, for an order resetting
the rejection date of the lease between them, from May 14, 2014 to
July 15, 2014, and for an order allowing MacGillivray an
administrative claim for post-petition rent and other lease
obligations.

The Debtor objected to the request of MacGillivray; it contended
that MacGillivray was not entitled to an administrative claim;
that any claim it may have would be a claim for pre-petition
contract damages; and because it failed to file a claim within
thirty days of the order allowing rejection, it was also barred
from claiming those damages as an administrative claim.

MacGillivray filed a proof of claim on September 15, 2014. The
total amount claimed is $51,130.21 for "unpaid rent, taxes and
utilities on commercial lease." Claims Register No. 33-1.

A copy of the Court's December 23, 2014 Memorandum Opinion and
Order is available at http://is.gd/SQVMMgfrom Leagle.com.

Sky Ventures, LLC, in New Hope, Minn., filed for Chapter 11
bankruptcy (Bankr. D. Minn. Case No. 14-42107) on May 14, 2014.
Hon. Michael E. Ridgway presides over the case.  Daniel C. Beck,
Esq., and Jacob B. Sellers, Esq., at Winthrop & Weinstine PA; and
Greta M Brouphy, Esq., Leslie A Collins, Esq., and Douglas S
Draper, Esq., at Heller Draper Patrick & Horn LLC, serve as the
Debtor's counsel.  It estimated both assets and debts of between
$1 million to $10 million.  The petition was signed by Barry M.
Zelickson, senior vice president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mnb14-42107.pdf


SOL-MAR CORPORATION: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Sol-Mar Corporation
        267 Ferry Street
        Newark, NJ 07105

Case No.: 14-35730

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. Novalyn L. Winfield

Debtor's Counsel: David L. Bruck, Esq.
                  GREENBAUM, ROWE, SMITH & DAVIS LLP
                  P.O. Box 5600
                  Woodbridge, NJ 07095
                  Tel: (732) 549-5600
                  Fax: (732) 549-1881
                  Email: bankruptcy@greenbaumlaw.com
                         dbruck@greenbaumlaw.com

Total Assets: $1.13 million

Total Liabilities: $2.98 million

The petition was signed by Antonio Nobre, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb14-35730.pdf


SPECIALTY HOSPITAL: DCA Acquires Business, Exits Chapter 11
-----------------------------------------------------------
Specialty Hospitals of Washington -- which operates the only Long-
Term Acute Care Hospitals (LTACH) in the greater metropolitan area
surrounding and including Washington, DC, as well as the area's
only nursing home facilities licensed for residents requiring
ventilators -- on Dec. 22 disclosed that it has been acquired by
DCA Acquisitions, LLC and has emerged from Chapter 11.  In
addition, Marc C. Ferrell, a seasoned entrepreneur and executive
in the LTACH industry, has been named the company's new Chief
Executive Officer, effective immediately.

"Specialty Hospitals has emerged from the restructuring process
with a strong financial foundation and we are well positioned to
provide an enhanced level of service as the leading long-term
acute care resource in the greater Washington, DC metropolitan
area," said Marc Ferrell, Chief Executive Officer of DCA
Acquisitions, LLC, the new owner of Specialty Hospitals.  "We are
very much aware of our critical position in the region's continuum
of care, allowing patients in our care to recover from critical
and complex injuries and remain safely where they are with the
same physicians and nurses, close to their loved ones.  As
Specialty Hospitals moves forward, we intend to invest in our
facilities, which are an important resource for not only the
approximately 1,500 patients in our care annually, but our
community as a whole."

During the restructuring process, which began in May 2014,
Specialty Hospitals continued to provide vital services without
disruption to its more than 300 patients and residents, their
families, and the company's more than 750 employees.  Specialty
Hospitals' two health care facilities are the only LTACH
operations in Washington, D.C. and the only freestanding LTACHs
between Philadelphia and Richmond.  The Capitol Hill facility has
117 Skilled Nursing Facility (SNF) beds and 60 LTACH beds.  The
Hadley facility has 62 SNF beds and 82 LTACH beds.

Chief Executive Officer Marc Ferrell joins Specialty Hospitals
with more than 23 years of experience in working with Long-Term
Acute Care Hospitals and healthcare providers generally.  Most
recently, he was the Chief Operating Officer and Co-Founder of
Vista Healthcare, an LTACH start-up based in Los Angeles, where he
directed day-to-day operations at the hospital and corporate
levels.  Through Mr. Ferrell's leadership, Vista grew into a 280-
bed, five-facility LTACH system, largely by acquiring and
re-opening shuttered acute care hospitals as LTACHs.  Prior to
Vista, Mr. Ferrell was Vice President of Hospital Operations at
Specialty Healthcare Services, a start-up LTACH business that grew
to seven LTACHs in four different states.

Contact:
Lisa Proctor, Vice President of Public Relations and Marketing
(202) 574-5715
lproctor@shwdc.com

Long term acute care hospitals (LTACHs) have been established to
concentrate on medically complex and critically ill patients.
LTACHs provide highly specialized care to promote and optimize
recovery potential.  LTACHs are typically designed to offer
patients a longer length of stay and a more resource-intensive
level of physician and nursing care, along with individualized
therapies.

The Specialty Hospitals of Washington are accredited by The Joint
Commission and provides healthcare services to adult patients
(pediatric services exempt) and residents and prohibits
discrimination based on race, religion, gender identity or
expression, sex, sexual orientation, national origin, age,
physical or mental disability, marital status, personal
appearance, family responsibilities, political affiliation,
matriculation, or status as a covered veteran in accordance with
applicable federal, state and local laws.


SPECIALTY HOSPITAL: Hires Sills Cummis as Special Counsel
---------------------------------------------------------
Specialty Hospital of Washington, LLC and certain of its
affiliates and The Official Committee of Unsecured Creditors of
the Debtors, seek authorization from the U.S. Bankruptcy Court for
the District of Columbia to employ Sills Cummis & Gross P.C. as
special counsel.

The Debtors and Committee seek Court authorization to employ and
retain Sills Cummis as their special counsel to conduct an
investigation into claims and causes of action excluded from the
sale of assets to DCA Acquisitions, LLC, including, without
limitation, potential claims and causes of action for negligence
and other torts, and claims arising under section 548 of the
Bankruptcy Code (collectively, the "Claims").

The professional services that Sills Cummis will render for the
benefit of the estates will include, but shall not necessarily be
limited to, the following:

   (a) investigate the potential Claims;

   (b) review and analyze relevant insurance policies and coverage
       issues;

   (c) report to the Debtors and Committee with respect to the
       results of the investigation and analysis and recommend
       whether any Claims should be pursued; and

   (d) perform all other necessary legal services and provide all
       other necessary legal advice to the Debtors and Committee
       in connection with the investigation of the Claims.

Sills Cummis will be paid at these hourly rates:

       Andrew H. Sherman           $573.75
       Boris I. Mankovetskiy       $487.90
       Lucas F. Hammonds           $335.75
       Members                     $495-$725
       Of Counsel                  $440-$715
       Associates                  $245-$495
       Paralegals                  $150-$295

Sills Cummis' fees and expenses for this engagement will be
limited to the sum of $50,000 (the "Cap").

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

Andrew H. Sherman, member of Sills Cummis, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Sills Cummis can be reached at:

       Andrew H. Sherman, Esq.
       SILLS CUMMIS & GROSS P.C.
       The Legal Center
       One Riverfront Plaza
       Newark, NJ 07102
       Tel: (973) 643-6982
       Fax: (973) 643-6500
       E-mail: asherman@sillscummis.com

                     About Specialty Hospital

Specialty Hospital of America LLC operates nursing home
facilities and long-term acute care hospitals.

On April 23, 2014, an involuntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
14-10935) was filed against Specialty Hospitals of Washington, LLC
("SHDC").

Capitol Hill Group and five other alleged creditors who signed the
involuntary bankruptcy petition are represented by Stephen W.
Spence, Esq., at Phillips, Goldman & Spence, in Wilmington,
Delaware.  Capitol Hill Group claims to be owed $1.66 million on a
lease for non-residential real property while another creditor,
Metropolitan Medical Group, LLC, claims $837,000 for physician
services.  The petitioners assert $2.69 million in total claims.

On May 9, 2014, the Delaware court transferred the case to
Washington, D.C. (Bankr. D.C. Case No. 14-00279).  The Debtor
disclosed $3,120,119 in assets and $96,721,374 in liabilities as
of the Chapter 11 filing.

On May 21, 2014, SHDC filed an answer and consent for relief under
Chapter 11.  Also on May 21, six affiliates of SHDC, including
Specialty Hospital of America, LLC filed for Chapter 11
protection.  The U.S. Bankruptcy Court entered an order directing
the joint administration the cases under Specialty Hospital of
Washington, LLC, Case No. 14-00279.

The Debtors announced plans to sell all of their assets in
exchange for a $15 million debtor-in-possession loan from Silver
Point Capital, which will allow the Debtors to continue operating
through the bankruptcy process.

The Debtors are represented by Pillsbury Winthrop Shaw Pittman LLP
as counsel.  Alvarez and Marsal Healthcare Industry Group, LLC,
serves as the Debtors' financial advisor.  Cain Brothers &
Company, LLC, is the Debtors' investment banker.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.


SUMMIT TRAIL: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Summit Trail Development Inc.
        PO Box 631266
        Highlands Ranch, CO 80163

Case No.: 14-26906

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Bruce Campbell

Debtor's Counsel: Robert J. Shilliday, III, Esq.
                  SHILLIDAY LAW, P.C.
                  730 17th Street, Suite 500
                  Denver, CO 80202-3580
                  Tel: 720-439-2500
                  Fax: 720-439-2501
                  Email: rjs@shillidaylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jeffrey Kirkendall, vice president.

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


SUMMIT AT WINTER: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Summit at Winter Park Land Company LLC
        PO Box 631266
        Highlands Ranch, CO 80163

Case No.: 14-26908

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Elizabeth E. Brown

Debtor's Counsel: Robert J. Shilliday, III, Esq.
                  SHILLIDAY LAW, P.C.
                  730 17th Street, Suite 500
                  Denver, CO 80202-3580
                  Tel: 720-439-2500
                  Fax: 720-439-2501
                  Email: rjs@shillidaylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jeffrey Kirkendall, manager.

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


SUSQUEHANNA AREA: Moody's Affirms Ba1 Sub. Revenue Bonds Rating
---------------------------------------------------------------
Moody's Investors Service affirms the Baa3 rating of the
Susquehanna Area Regional Airport Authority's (SARAA) airport
system revenue bonds and the Ba1 rating of the subordinate revenue
bonds. The outlook is stable. The authority operates Harrisburg
International Airport (HIA) and three general aviation facilities:
Capital City Airport, Franklin County Regional Airport, and
Gettysburg Regional Airport.

Rating Rationale

The rating is based on the airport's minority position in a
competitive air service market, the relatively stable economic
condition of the local area, and the airport's strained finances.
The rating also is based on Moody's expectation that the airport
will be able to meet projections that will produce revenues
adequate enough to pay all debt service.

The airport continues to face a number of challenges that Moody's
believes will weigh on the rating over the long term. These
include low cash balances, a difficult competitive position and
high costs that will prevent the airport from managing activity
downturns with rate increases in passenger parking or airline
fees. The airport's airline cost per enplaned passenger (CPE) was
$13.39 for 2013, which remains well above the Moody's US airport
median of $8.34. Debt per O&D enplaned passenger decreased to $218
in 2013, but still remains more than twice the median at $85. The
high amount of leverage and associated debt service will ensure
that costs per enplanement remains high, which could cause
difficultly in attracting new airlines to the airport.

Strengths

* New airline agreement expected to be signed by all signatory
   airlines will extend the current leases until 2019 and
   provides airport ability to adjust rates to meet all bond
   covenants

* Newly renovated airfield and terminal facilities should not
   require significant capital spending over the long-term and
   total debt service requirements are level through 2033

* Total debt service coverage on a bond ordinance basis is
   expected to remain at or above 1.30 times through the forecast
   period with no enplanement growth required

* Service area economy is relatively stable and should continue
   to generate stable traffic demand

Challenges

* The loss of Frontier Airlines, which accounted for 6.4% of
   enplanements in 2013, will require other airlines to increase
   air service in order to maintain current enplanement levels

* High debt levels are expected to keep financial and debt
   service coverage margins thin

* Elevated cost per enplanement of $13.39 in 2013 and $13.41 in
   2014, which is significantly higher than Moody's medians of
   $8.34

* Low cash reserves at only 171 days cash on hand limits
   financial flexibility

* The airport operates in a highly competitive environment with
   two larger airports in Philadelphia, Baltimore, and
   Washington-Dulles within 110 miles

Outlook

The stable outlook is based on the expectation that the new
airline service agreement will help revenues meet projections,
which will maintain financial margins at current levels.

What could change the rating -- UP

Sustained enplanement and revenue growth that widens financial
margins, improves on a sustained basis total debt service coverage
ratios on a bond ordinance basis above 1.30 times or 1.10 times on
a Moody's calculated net revenue basis and reduces airline costs
could have a positive impact on the rating. A significant increase
in financial liquidity could also place positive pressure on the
rating.

What could change the rating -- DOWN

Declines in traffic which will lead to narrowing of financial
margins, liquidity or debt service coverage below the rate
covenant could lead to a downward revision of the outlook and
rating. The rating could also face negative pressure if airlines
continue to reduce service.

The principal methodology used in this rating was Airports with
Unregulated Rate Setting published in July 2011.


THERAPEUTICSMD INC: To Sell $100 Million Worth of Securities
------------------------------------------------------------
TherapeuticsMD, Inc., filed with the U.S. Securities and Exchange
Commission a Form S-3 registration statement relating to the offer
and sale, in one or more series or issuances and on terms that the
Company will determine at the time of the offering, any
combination of common stock, preferred stock, debt securities,
depositary shares, warrants, purchase contracts and units
of up to an aggregate amount of $100,000,000.  The Company's
common stock is listed on the NYSE MKT under the symbol "TXMD."
The last reported sale price of the Company's common stock on
Dec. 18, 2014, was $4.36 per share.  A copy of the regulatory
filing is available at http://is.gd/naTUcc

                       About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $28.41 million in 2013, a
net loss of $35.12 million in 2012, and a net loss of $12.9
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $74.60
million in total assets, $11 million in total liabilities, all
current, and $63.60 million in total stockholders' equity.


TRITON EMISSION: Investments Needed to Continue as Going Concern
----------------------------------------------------------------
Triton Emission Solutions Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $2.36 million on $2,680 of total revenues for the
three months ended Sept. 30, 2014, compared to a net loss of
$275,000 on $334,000 of total revenues for the same period during
the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $53.09
million in total assets, $4 million in total liabilities and total
stockholders' equity of $49.09 million.

Continuation as a going concern is dependent upon the ability of
the Company to obtain the necessary financing to meet its
obligations and pay its liabilities arising from normal business
operations when they come due and ultimately upon its ability to
achieve profitable operations.  The outcome of these matters
cannot be predicted with any certainty at this time and raise
substantial doubt that the Company will be able to continue as a
going concern.

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

                       http://is.gd/fLB1qY

Triton Emission Solutions, Inc. develops and markets environmental
and pollution emission control solutions such as the DSOX-15 and
DSOX-20 fuel purification systems.  The company was founded on
March 2, 2000 and is headquartered in San Juan, Puerto Rico.


TRIUMPH GROUP: Moody's Affirms Ba2 CFR & Ba3 Sr. Unsecured Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed the debt ratings of Triumph
Group, including the Ba2 corporate family rating and Ba3 senior
unsecured ratings, but changed the rating outlook to stable from
positive. The Speculative Grade Liquidity Rating is unchanged at
SGL-2.

Issuer: Triumph Group

Ratings/Outlook changed:

Rating Outlook, to Stable from Positive

The following ratings were affirmed:

Corporate Family Rating, Ba2

Probability of Default Rating, Ba2-PD

$375 million senior unsecured notes due 2021, Ba3 (LGD5)

$300 million senior unsecured notes due 2022, Ba3 (LGD5)

Ratings Rationale

The rating outlook has been revised to stable from positive to
reflect concerns around a weakening of the quality of Triumph's
platform portfolio with expected declines in production rates of
several key programs. Moody's believes there is meaningful risk
for additional cuts on these programs, particularly the 747
(Triumph's largest platform by backlog). This could result in
forward loss charges and reduced earnings and cash flow growth.
On-going weakness in military sales, execution risk relating to
Gulfstream's G280/G650 wing work (recently assumed from Spirit)
and the likelihood of a more aggressive share buyback program also
temper the rating.

Triumph's Ba2 corporate family rating reflects the company's well-
established presence as an aerospace supplier with a large Tier
One capable-aerostructure business, diversified across a wide
breadth of programs as well as the sole-source nature of many of
the company's programs. Triumph still has a robust backlog ($4.75
billion as of September 30, 2014 - representing more than 100% of
annual revenues) and the cyclical upturn in commercial aerospace
demand. Nonetheless, there is also a high degree of customer
concentration (Boeing accounts for ~45% of sales), the cyclicality
of the commercial aerospace industry, and downside risk from
additional cuts in key commercial and military platforms.

The company's SGL-2 Speculative Grade Liquidity rating reflects
expectations for a continuation of a good liquidity profile over
the next 12-18 months. For FY 2015, Moody's anticipate operating
cash flows of about $500 million (inclusive of a one-time $135
million settlement with Eaton Corp), capital expenditures of $130
million and free cash flow of about $380 million, which equates to
~20% FCF as a % of debt (or ~13% excluding the Eaton settlement).
Triumph's liquidity profile is also supported by a $1.0 billion
senior secured revolving credit facility ($700 million available
as of September 2014) and a $225 million Accounts Receivables
facility ($65 million in availability). Moody's expects Triumph to
maintain comfortable compliance with respect to its financial
covenants over the next four quarters.

The stable outlook incorporates expectations of Triumph
maintaining a relatively robust set of credit metrics, a solid
cash flow profile, and the likelihood of margin improvement over
the intermediate term.

The ratings and/or outlook could be lowered should an unexpected
demand decline occur in the commercial aerospace sector.
Unanticipated rate changes/reduction announcements from the OEM's,
particularly Boeing, which could lead to a deterioration of
Triumph's operating performance, could also result in a ratings
downgrade. Moreover, if Triumph were to increase debt levels
materially for any reason, including acquisitions with debt to
EBITDA exceeding 4.0 times on a sustained basis, the rating could
be lowered.

A ratings upgrade could occur if meaningful new program wins
and/or a significant upsizing of existing programs were deemed to
largely mitigate the risk of further production cuts on existing
key platforms. The ratings could also be upgraded if Triumph were
to sufficiently lower leverage such that Debt to EBITDA on a
Moody's adjusted basis was sustained below 2.75 times and free
cash flow to debt was sustained above 15%.

The Ba3 (LGD5) rating assigned to the $375 million senior
unsecured notes due 2021 as well as the $300 million senior
unsecured notes due 2022 is one notch below the Ba2 Corporate
Family Rating, reflecting that the notes are unsecured obligations
of the company and rank junior to the company's senior secured
credit facility.

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 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.

Triumph designs, engineers, manufactures, repairs, overhauls and
distributes a broad portfolio of aerostructures, aircraft
components, accessories, subassemblies and systems. The company
serves commercial aerospace (57% of sales), military (28%),
business jet (11%) and regional (2%) markets Revenues were
approximately $3.7 billion for the twelve months ended Sept. 30,
2014.


U.S. COAL: Judge Says Co. Can Begin Spending $2 Million Loan
------------------------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that a
bankruptcy judge said that U.S. Coal Corp. can take out a $2
million loan to keep its Kentucky coal mining operations running
while executives figure out how to get the company out of
bankruptcy.  According to the report, with Judge Tracey Wise's
approval, U.S. Coal executives can begin spending money extended
by Alabama-based Porter Capital Corp. The struggling company was
cut off from its $10 million bank loan earlier this year,
according to documents filed in U.S. Bankruptcy Court in
Lexington, Kentucky.

                About U.S. Coal and Licking River

On May 22, 2014, an involuntary Chapter 11 petition was filed
against Licking River Mining, LLC, before the United States
Bankruptcy Court for the Eastern District of Kentucky.  On May 23,
2014, an involuntary Chapter 11 petition was filed against Licking
River Resources, Inc. and Fox Knob Coal., Inc.  On June 3, 2014,
an involuntary Chapter 11 petition was filed against S.M. & J.,
Inc. On June 4, 2014, an involuntary Chapter 11 petition was filed
against J.A.D. Coal Company, Inc.  On June 12, 2014, the Court
entered an order for relief in each of the bankruptcy cases.

On June 10, 2014, an involuntary Chapter 11 petition was filed
against U.S. Coal Corporation.  On June 27, 2014, the Court
entered an order for relief in U.S. Coal's bankruptcy case.

On Nov. 4, 2014, Harlan County Mining, LLC, Oak Hill Coal, Inc.,
Sandlick Coal Company, LLC, and U.S. Coal Marketing, LLC, filed
petitions in the United States Bankruptcy Court for the Eastern
District of Kentucky seeking relief under chapter 11 of the United
States Bankruptcy Code.  The Debtors' cases have been assigned to
Chief Judge Tracey N. Wise.  The Debtors are seeking to have their
cases jointly administered for procedural purposes, meaning that
upon entry of such an order all pleadings will be maintained on
the case docket for Licking River Mining, LLC, Case No. 14-10201.

U.S. Coal produces and sells thermal coal purchased primarily by
utilities and trading companies and specialty coal purchased by
various industrial customers and trading companies (known as
"stoker" coal).   U.S. Coal operates through two divisions: (1)
the Licking River Division that was formed through the acquisition
of LR Mining, LRR, and S.M. & J., and Oak Hill Coal, Inc. in
January 2007 for $33 million., and (2) the J.A.D. Division that
was formed through the acquisition of JAD and Fox Knob, and
Sandlick Coal Company, LLC and Harlan County Mining, LLC in April
2008 for $41 million.  Both the LRR Division and the JAD Division
are located in the Central Appalachia region of eastern Kentucky.
The LRR Division has approximately 26.3 million tons of surface
reserves under lease.  The JAD Division has 24.4 million tons of
surface reserves, both leased and owned real property.  At
present, U.S. Coal has three surface mines in operation between
the LRR Division and JAD Division.

The Official Committee of Unsecured Creditors has tapped Barber
Law PLLC and Foley & Lardner as attorneys.


UNILAVA CORP: Incurs $332,000 Net Loss in Third Quarter
-------------------------------------------------------
Unilava Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $332,449 on $457,395 of revenue for the three months ended
Sept. 30, 2014, compared to a net loss of $452,719 on $666,133 of
revenue for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $1.14 million on $1.50 million of revenue compared to
a net loss of $1.21 million on $2.12 million of revenue for the
same period last year.

As of Sept. 30, 2014, the Company had $1.46 million in total
assets, $9.25 million in total liabilities and a $7.78 million
total stockholders' deficit.

The Company has recently sustained operating losses and has an
accumulated deficit of $9,269,362 at Sept. 30, 2014.  In addition,
the Company has negative working capital of $9,149,192 at
Sept. 30, 2014.

"The Company has and will continue to use significant capital to
grow and acquire market share.  These factors raise substantial
doubt about the ability of the Company to continue as a going
concern.  In this regard, management is proposing to raise any
necessary additional funds not provided by operations through
loans or through sales of their common stock.  There is no
assurance that the Company will be successful in raising this
additional capital or in achieving profitable operations.  The
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts or
amounts and classification of liabilities that might result from
this uncertainty."

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

                       http://is.gd/rgBNFV

                     About Unilava Corporation

Unilava Corporation (OTC BB: UNLA) -- http://www.unilava.com/--
is a diversified communications holding company incorporated under
the laws of the State of Wyoming in 2009.  Unilava and its
subsidiary brands provide a variety of communications services,
products, and equipment that address the needs of corporations,
small businesses and consumers.  The Company is licensed to
provide long distance services in 41 states throughout the U.S.
and local phone services across 11 states.  Through its carrier-
grade microwave wireless broadband infrastructure and broadband
Internet access partners, the Company also offers mobile and high-
definition IP-hosted voice services to residential customers and
corporate clients.  Additionally, Unilava delivers a comprehensive
and integrated suite of fee-based online and mobile advertising
and web services to a broad array of business enterprises.
Headquartered in San Francisco, the Company has regional offices
in Chicago, Seoul, Hong Kong, and Beijing.

Unilava Corp reported a net loss of $1.17 million on $2.68 million
of revenue for the year ended Dec. 31, 2013, as compared with a
net loss of $1.58 million on $3.10 million of revenue for the year
ended Dec. 31, 2012.

Shelley International CPA, in Mesa, AZ, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has suffered losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.


UNITED SECURITY: A.M. Best Lowers Fin. Strength Rating to 'C++'
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to C++
(Marginal) from B- (Fair) and the issuer credit rating to "b+"
from "bb-" and placed the ratings under review with negative
implications for United Security Assurance Company of Pennsylvania
(United Security) (Souderton, PA).

The rating actions are a result of A.M. Best's review of United
Security's most recent regulatory statements in which the company
reported a substantial operating loss, causing a sharp decline in
absolute and risk-adjusted capitalization.  The primary driver of
the decline was the continued unfavorable claims experience on
certain blocks of acquired long-term care (LTC) business.  This
experience resulted in increases in claim reserves and is
consistent with recently published industry data regarding claims
experience and incidence rates of older-aged policyholders.
Although management is actively working to implement an
improvement plan, which includes the pursuit of material rate
increases to help improve operating performance in its acquired
LTC business, A.M. Best believes these actions will take time to
have a meaningful impact on future operating results.
Additionally, the organization continues to be encumbered by high
financial leverage at its parent, CMS Financial Services Corp.

In placing the company's ratings under review with negative
implications, A.M. Best believes that given United Security's
adverse underwriting results in its legacy LTC blocks, it will be
challenged to reverse declining capital and surplus trends and
improve risk-adjusted capitalization without a meaningful infusion
of capital.  A.M. Best expects to meet with United Security's
management shortly to review alternatives to improve its
capitalization, after which A.M. Best expects to resolve the under
review status.


VANN'S INC: Ex-Employees Settle Lawsuit Against Insiders
--------------------------------------------------------
Patrick Fitzgerald, writing for Daily Bankruptcy Review, reported
that the bankruptcy trustee for the estate of Montana electronics
retailer Vann's Inc. has settled a lawsuit against the company's
former top brass for $15.5 million.  According to the report, the
settlement, filed in Montana bankruptcy court, will benefit Vann's
creditors and former employees, who owned the company under
employee-stock-ownership plan.

                        About Vann's Inc.

Vann's Inc. -- http://www.vanns.com/-- a retailer of appliances
and consumer electronics with five stores in Montana, filed for
Chapter 11 protection (Bankr. D. Mont. Case No. 12-61281) in
Butte, Montana, on Aug. 5, 2012.  Founded in 1961, Vann's also
owned outdoor clothing and sports products at
http://www.bigskycountry.com/ Vann's was owned by an employee
stock ownership plan trust.

By the Chapter 11 bankruptcy petition date, Vann's employed 160
persons in 5 retail stores, and Apple designed mobile store in
Missoula (OnStore), a warehouse in Lolo and a call center in
Missoula.  Vann's sold appliances, consumer goods and related
products together with outdoor equipment, and clothing, footwear
for outdoor activities. E-Commerce sales represented one half of
total company sales. In 2011, Vann's generated a total of $100.8
million in sales, but suffered a net loss of $1.3 million.
Substantial losses began in 2008.

Vann's Inc. disclosed assets of $17.6 million and liabilities of
$14.4 million.  Assets include $12.2 million cost-value of
inventory plus $1 million in current accounts receivable.  The
Company owes $4 million to First Interstate Bank.  It also owes
$4.8 million on an inventory loan from GE Commercial Distribution
Finance Corp.

Bankruptcy Judge John L. Peterson presides over the case.  Vann's
hired Perkins Coie LLP's Alan D. Smith, Esq., and Brian A.
Jennings, Esq., as counsel; and Hamstreet & Associates, LLC, as
turnaround and restructuring advisors.

Prepetition lender GE Commercial Distribution Finance Corporation
is represented by Gary Vincent, Esq., at Husch Blackwell LLP, and
the Law Offices of John P. Paul, PLLC.  First Interstate Bank, the
DIP Lender, is represented by Benjamin P. Hursh, Esq., at Crowley
Fleck PLLP.

The U.S. Trustee formed a seven-member creditors committee.  The
Committee is represented by Halperin Battagia Raicht, LLP, and
Ross Richardson.

The Court appointed Montana lawyer Richard J. Samson as trustee
for Vann's on Oct. 3, 2012.  On Oct. 26, the Court approved the
stipulation between the Chapter 11 Trustee, First Interstate Bank,
GE, the Creditors' Committee and U.S. Trustee to convert the case
to Chapter 7.

The Court approved the sale of five Vann's retail stores to Texas-
based McMagic Partners LP.  Pursuant to the $4.5 million deal,
McMagic acquired the retail electronic and appliance stores in
Missoula, Hamilton, the Flathead Valley, Billings and Bozeman.
McMagic is owned by a Florida-based company that runs a chain of
electronics stores in the Southwest.


VERITEQ CORP: Stockholders Elected Two Directors
------------------------------------------------
VeriTeQ Corporation held its 2014 annual meeting of stockholders
on Dec. 18, 2014, at which the stockholders:

   1. elected Ned L. Siegel and Shawn A. Wooden as directors
      to hold office until the 2017 annual meeting of
      stockholders;

   2. approved and adopted an amendment to the Company's
      Amended and Restated Certificate of Incorporation to
      increase the total number of shares that the Company is
      authorized to issue from 500 million to 10 billion;

   3. approved and adopted an amendment to the Company's Amended
      and Restated Certificate of Incorporation to reduce the par
      value of the Company's common stock from $0.01 per share to
      $0.00001 per share;

   4. approved the granting of discretionary authority to the
      Board of Directors, for a period of 12 months after the date
      the Company's stockholders approve the proposal, to effect a
      reverse split of the issued and outstanding Common Stock of
      the Company, at a ratio not to exceed 1-for-1000, or to
      determine not to proceed with the reverse stock split;

   5. approved a proposal to amend the Company's 2014 Stock
      Incentive Plan to increase the number of shares reserved
      under the plan from 50 million to 500 million;

   6. approved a non-binding, advisory proposal to approve the
      Company's compensation to its named executive officers.

   7. selected "Every Three Years" as the frequency of future non-
      binding, advisory votes to approve the Company's
      compensation to its named executive officers; and

   8. ratified the appointment of EisnerAmper LLP as the
      Company's independent registered public accounting firm for
      the year ending Dec. 31, 2014.

                           About VeriTeQ

VeriTeQ (formerly known as Digital Angel Corporation) develops
innovative, proprietary RFID technologies for implantable medical
device identification, and dosimeter technologies for use in
radiation therapy treatment.  VeriTeQ offers the world's first FDA
cleared RFID microchip technology that can be used to identify
implantable medical devices, in vivo, on demand, at the point of
care.  VeriTeQ's dosimeters provide patient safety mechanisms
while measuring and recording the dose of radiation delivered to a
patient in real time.  For more information on VeriTeQ, please
visit www.veriteqcorp.com

Veriteq Corporation reported a net loss of $15.07 million on
$18,000 of sales for the year ended Dec. 31, 2013, as compared
with a net loss of $1.60 million on $0 of sales for the year ended
Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $6.77 million in total
assets, $13.96 million in total liabilities, and a $7.18 million
stockholders' deficit.

EisnerAmper LLP, in New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has incurred recurring net losses, and at Dec. 31,
2013, had negative working capital and a stockholders' deficit.
These events and conditions raise substantial doubt about the
Company's ability to continue as a going concern.


VILLAGE AT NIPOMO: Edwin F. Moore Says Counsel Not Disinterested
----------------------------------------------------------------
Interested Party Edwin F. Moore objected to debtor The Village at
Nipomo, LLC's motion to employ Edwin R. Rambuski as counsel,
stating that Mr. Rambuski is not "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The Debtor, in its application, said that Mr. Rambuski will be
compensated $300 per hour and the paralegal will be paid $65 per
hour.

Mr. Moore said that Mr. Rambuski represents two of the three
interest holders of the Debtor LLC, Thomas McLaughlin and Linda
Walter.  Mr. Moore added that the Debtor's failure to obtain
disinterested counsel, and the lack of need for it, argue for
dismissal of the case.

Mr. Moore is represented by:

         Illyssa I. Fogel, Esq.
         ILLYSSA I. FOGEL & ASSOCIATES
         P.O. Box 437
         25 N. US Highway 95 S.
         McDermitt, NV 89421
         Tel: (775) 532-8088
         Fax: (775) 532-8099
         E-mail: ifogel@iiflaw.com

                     About Village at Nipomo

The Village at Nipomo, LLC, operator of a shopping center in Tefft
and Mary Streets, in Nipomo, California, sought Chapter 11
protection (Bankr. C.D. Cal. Case No. 13-13593) on May 28, 2013.

The company sought bankruptcy protection following efforts by
Pacific Western Bank to appoint a receiver for the Debtor's
commercial shopping center known as "The Village at Nipomo".

VAN LLC was formed by Edwin F. Moore, who is currently a member of
the Debtor, holding a 25 percent interest in the company.  Edwin
Moore and Carolyn W. Moore earlier filed a separate Chapter 11
petition (Case No. 12-15817).  The Debtor disclosed $11,802,970 in
assets and $9,645,558 in liabilities as of the Chapter 11 filing.
The Debtor is represented by Illyssa I. Fogel, Esq., at Illyssa I.
Fogel & Associates.


WALTER ENERGY: Gives $4.8 Million Cash Awards to 3 Executives
-------------------------------------------------------------
Walter Energy, Inc., entered into award agreements with three of
the Company's current named executive officers, Walter J.
Scheller, III, William G. Harvey and Earl H. Doppelt.  The terms
of the Award Agreements with those executive officers provide that
they will receive a cash award, to be paid by the Company on the
effective date of the Award Agreement, equal to a multiple of such
executive officer's current annual base salary.

Pursuant to their respective Award Agreements, Mr. Scheller
received an Award of $2,400,000 (or approximately 2.9x his current
base salary), Mr. Harvey received an Award of $1,300,000 (or
approximately 2.6x his current base salary) and Mr. Doppelt
received an Award of $1,100,000 (or approximately 2.4x his current
base salary).  These awards are intended to recognize excellent
individual performance and to retain the services of the
executives for three full years in a challenging environment.
Under the terms of each such executive officer's Award Agreement,
the executive officer will be required to repay the full gross
amount of the Award to the Company if such executive officer's
employment with the Company is terminated by the executive officer
without good reason, which would include a retirement by the
executive officer without good reason, or by the Company for cause
prior to the third anniversary of the effective date of the Award
Agreement.

                        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."


WASHINGTON MUTUAL: Judge Approves $37MM Bankruptcy Settlement
-------------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that a
bankruptcy judge tied up a remaining loose end from the 2008
collapse of Washington Mutual Bank, endorsing a $37 million
settlement of the company's claims against its former leaders.

According to the report, Judge Mary Walrath signed off on the
settlement at a hearing in the U.S. Bankruptcy Court in
Wilmington, Del., where the failed thrift's corporate parent,
Washington Mutual Inc., took refuge in 2008.

                   About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- was the holding company for Washington
Mutual Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on September 25, 2008, by
U.S. government regulators.  The next day, WaMu and its affiliate,
WMI Investment Corp., filed separate petitions for Chapter 11
relief (Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu
owns 100% of the equity in WMI Investment.


WAVE SYSTEMS: To Rescind Portions of Stock Option Grants
--------------------------------------------------------
The Board of Directors of Wave Systems Corp. has concluded that
certain stock options granted in 2013 or 2014 under the Wave
Systems Corp. Amended and Restated 1994 Employee Stock Option
Plan, as amended to William Solms, Wave's president and chief
executive officer, Walter A. Shephard, Wave's chief financial
officer and Gerard T. Feeney, Wave's former chief financial
officer were granted in error and in excess of the annual limits
set forth in the Plan as a result of an oversight regarding the
impact of the 1-for-4 reverse stock split completed by Wave in
2013.  The Board has decided to rescind portions of the Original
Stock Option Grants which exceeded the 162(m) Award Limit as
follows: 225,000 stock options relating to Mr. Solms' Dec. 13,
2013, stock option grant; 150,000 stock options relating to Mr.
Solms' Feb. 1, 2014, stock option grant; 175,000 stock options
relating to Mr. Shephard's April 1, 2014 stock option grant; and
150,000 stock options relating to Mr. Feeney's Feb. 1, 2014, stock
option grant.

Because the Original Stock Option Grants were deemed to be an
integral part the executives' compensation for the applicable
fiscal year, the Board granted each of Messrs. Solms and Shephard
stock options under the Plan to purchase the same number of shares
of common stock underlying their Rescinded Stock Options and Mr.
Feeney was granted a stock option to purchase 75,000 shares of
Stock, with each of these stock options having the same terms,
conditions and exercise price as the corresponding Rescinded Stock
Options, except that if the original exercise price was below the
closing price per share of Stock on the NASDAQ Capital Market on
Dec. 12, 2014, the exercise price was increased to the higher
closing price.  The New Executive Stock Options will have the same
vesting schedule as the corresponding Rescinded Stock Options.
The New Feeney Stock Options will vest in full on Feb. 1, 2016.
In addition, each of the 75,000 stock options held by Mr. Feeney
relating to his Original Stock Option Grant will vest on Feb. 1,
2015, which when combined with the vesting schedule of the New
Feeney Stock Options will result in the same vesting schedule as
his Original Stock Option Grant.  The grant of the New Executive
Stock Options and the New Feeney Stock Options are subject to
stockholders approving an amendment to the 162(m) Award Limit and
none of these stock options will become exercisable before such
approval.

In addition, to compensate Messrs. Solms and Feeney for a $.03
difference in exercise price from the Rescinded Stock Options,
Messrs. Solms and Feeney were granted a special cash payment in
the amount of $4,500 and $2,250, respectively.

Similarly, certain stock options issued in 2014 pursuant to the
1994 Non-Employee Directors Stock Option Plan were mistakenly
recorded and reported at the pre-reverse split grant amount of
15,000 shares, rather than the 1-for-4 split adjusted grant amount
of 3,750.  The Company said it will correct these errors in future
filings.

                         About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --
http://www.wave.com/-- develops, produces and markets products
for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

Wave Systems reported a net loss of $20.32 million in 2013, a net
loss of $33.96 million in 2012 and a net loss of $10.79 million in
2011.

KPMG LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
Wave Systems Corp. has suffered recurring losses from operations
and has an accumulated deficit that raise substantial doubt about
its ability to continue as a going concern.


WILLBROS GROUP: Moody's Affirms B3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service changed Willbros Group, Inc.'s outlook
to stable from positive and affirmed the B3 corporate family
rating, B3-PD probability of default rating and SGL-3 speculative
grade liquidity rating. At the same time, Moody's withdrew
Willbros' term loan B rating and affirmed the Willbros United
States Holdings Inc.'s asset-based lending facility rating of
B1.The term loan B rating was withdrawn since the loan has been
repaid and terminated. The change in Willbros rating outlook
reflects the recent deterioration in operating results and credit
metrics driven by execution issues on two pipeline projects, which
resulted in the restatement of its financial results for the first
six months of 2014.

Outlook Actions:

Issuer: Willbros Group, Inc.

  Outlook, Changed to Stable from Positive

Outlook Actions:

Issuer: Willbros United States Holdings Inc.

  Outlook, Changed to Stable from Positive

Affirmations:

Issuer: Willbros Group, Inc.

  Corporate Family Rating, Affirmed B3

  Probability of Default Rating, Affirmed B3-PD

  Speculative Grade Liquidity Rating, Affirmed at SGL-3

Issuer: Willbros United States Holdings Inc.

  $150 Million Asset-Based Lending Facility, Affirmed B1 (LGD2)

Withdrawals:

Issuer: Willbros Group, Inc.

  $250 Term Loan B, Withdrawn at Caa1 (LGD5)

Ratings Rationale

Willbros' B3 corporate family rating reflects its small size, low
profit margins, relatively low short-term backlog, exposure to
highly competitive and cyclical end markets and track record of
inconsistent project execution. The company has historically
struggled to generate consistent profitability and has produced
very weak EBITDA margins due to the competitive nature of the
engineering and construction industry, periodic execution and
productivity issues and its inability to effectively execute its
growth strategy. As a result, the company's EBITDA margins have
ranged from 3.4% to 5.7% over the past four years.

Willbros was required to restate its financial results in the
first half of 2014 to account for $30 million of additional costs,
which proved it continues to lack the ability to consistently bid
and execute projects without incurring unforeseen issues. Willbros
had reported improved operating results in the first half of 2014
driven by significantly reduced losses in its Oil & Gas division.
However, that proved to be fleeting since the results did not
accurately reflect execution issues the company was experiencing
on two pipeline projects. The restatement along with the company's
decision to take on additional term loan borrowings also indicated
that its low profit margins and weak interest coverage were not
likely to materially improve in the short term. Willbros EBITDA
margin remained low at only 4.8% and its interest coverage
(EBITA/Interest Expense) weak at only 1.2x for the trailing twelve
months ended September 30, 2014.

The restatement of Willbros financial statements and the resulting
delay in the filing of its third quarter financial statements put
the company in violation of certain covenants and required a
waiver from its credit facility lenders, which was received in
December 2014. Willbros also amended its term loan facility in
November 2014 to obtain covenant relief since it would have
breached the minimum interest coverage covenant. Willbros then
established a new $270 million term loan with KKR Credit Advisors
and repaid its previous term loan B, which had an outstanding
balance of $214 million as of September 30, 2014. The new term
loan increases the company's liquidity and provides it with
additional financial flexibility, but it also increases its
leverage and interest costs.

Willbros operating results are likely to improve in 2015 as it
benefits from cost reduction initiatives and reduced losses in its
Oil & Gas division due to more conservative bidding and improved
execution as it refocuses on its core competencies. However, this
will be tempered by its relatively low backlog of orders and lower
oil industry exploration and production activity and the
associated infrastructure build out due to the recent 45% decline
in oil prices. Willbros is likely to produce relatively stable
credit metrics in 2015 with its leverage ratio (Debt/EBITDA)
remaining at about 4.3x and its interest coverage relatively flat
at around 1.2x due to increased borrowings and higher interest
costs. These ratios could improve if Willbros is successful in its
attempt to sell non-core assets. The company has identified
several non-core assets that it has been trying to sell or plans
to market for sale to generate cash to pay down debt.

Willbros speculative grade liquidity rating of SGL-3 reflects its
adequate liquidity. The company had $102 million of liquidity on
September 30, 2014 consisting of about $49 million in cash and $53
million of borrowing availability. Willbros' liquidity increased
to about $148 million in mid-December including approximately $95
million in cash and around $53 million of borrowing availability.
The increase in liquidity was attributable to the company
establishing a new term loan facility. The company is expected to
maintain adequate liquidity over the next 12 to 18 months as it
utilizes the proceeds from its upsized term loan and free cash
flow to fund the remaining $32.7 million WAPCo legal settlement
and modestly reduce its term loan debt.

Willbros stable outlook assumes its management is able to improve
the oversight of project bidding and execution and substantially
reduce the number of unforeseen negative issues that have arisen
periodically on projects in the past. The outlook also reflects
the expectation that its operating results and credit metrics will
improve over the next 12 to 18 months.

Willbros rating is not likely to experience upward pressure in the
near term, but could be upgraded should the company grow its
backlog of orders and sustain adjusted leverage (Debt/EBITDA)
below 4.5x and interest coverage (EBITA/Interest Expense) above
2.0x.

Downward rating pressure could develop if Willbros sustained its
adjusted leverage above 5.5x or its interest coverage below 1.0x.
Downward rating action could also occur if its margins deteriorate
substantially, its liquidity is significantly reduced or the
company does not maintain compliance with its bank covenants.

The principal methodology used in these ratings was Construction
Industry published in November 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.

Willbros Group, Inc, headquartered in Houston, Texas, provides
engineering and construction (E&C) services to the oil, gas and
power industries primarily in North America. Willbros reports its
results in four segments: Oil & Gas (43% of revenues; 13% of
backlog) is focused on the US market and specializes in pipelines
and associated facilities and provides maintenance and turnaround
services for refineries; Utility T&D (19%; 53%) provides end-to-
end infrastructure construction services, primarily for the
electric and natural gas utility end-markets; Canada (20%; 16%)
provides maintenance and E&C services to the oil sands industry;
and Professional Services (18%; 18%) provides engineering and
design, project management, line locating and pipeline integrity
services. Willbros' revenue for the 12 months ended September 30,
2014 was $2.15 billion and its backlog totaled $1.5 billion, of
which $814 million was expected to be realized over the next
twelve months. Approximately 86% of Willbros' backlog is in the US
and 14% in Canada.


WESTMORELAND COAL: Issues $350 Million Notes
--------------------------------------------
Westmoreland Coal Company completed the issuance of $350 million
in aggregate principal amount of its 8.75% Senior Secured Notes
due 2022, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

The Notes were issued pursuant to an indenture, dated as of
Dec. 16, 2014 (Closing Date), by and among the Company, certain
subsidiary guarantors named therein, and U.S. Bank National
Association, as trustee, and as notes collateral agent.  The Notes
were offered and sold inside the United States only to qualified
institutional buyers in reliance on Rule 144A under the Securities
Act of 1933, as amended, and to persons outside the United States
in reliance on Regulation S under the Securities Act.

Maturity; Interest

The Notes mature on Jan. 1, 2022, with interest accruing from the
Closing Date, and payable semiannually, on January 1 and July 1 of
each year, commencing July 1, 2015.  The Notes are the Company's
senior secured obligations, rank equally in right of payment with
all of the Company's existing and future senior obligations,
including the Term Loan Credit Facility Obligations and rank
senior to all of the Company's existing and future indebtedness
that is expressly subordinated to the Notes.

Redemption; Repurchase

The Company may redeem all or part of the Notes beginning on
Jan. 1, 2018, at the redemption prices set forth in the Indenture,
and prior to Jan. 1, 2018, at 100% of the principal amount plus
the applicable premium described in the Indenture.  In addition,
at any time prior to Jan. 1, 2018, the Company may redeem up to
35% of the aggregate principal amount of the Notes with the net
cash proceeds of certain equity offerings at a redemption price
equal to 108.75% of the principal amount of the Notes to be
redeemed, together with accrued and unpaid interest, if any, to
the redemption date, subject to certain conditions.

Guarantee; Security

As of the Closing Date, the Notes were fully and unconditionally
guaranteed by Westmoreland Energy LLC, Westmoreland Kemmerer,
Inc., Westmoreland Mining LLC and Westmoreland Resources, Inc.,
and their respective subsidiaries (other than Absaloka Coal, LLC,
Westmoreland Risk Management, Inc. and certain other immaterial
subsidiaries).  The Notes will not be guaranteed by Westmoreland
Canada LLC or any of its subsidiaries, nor will they be guaranteed
by Oxford Resource Partners, LP, or Oxford Resources GP, LLC,
following the completion of the Company's previously announced
acquisition of the Oxford GP.

The Notes and the guarantees are secured equally and ratably with
the Term Loan Credit Facility Obligations (i) by first priority
liens on substantially all of the Company's and the guarantor
parties' tangible and intangible assets (excluding certain equity
interests, mineral rights and sales contracts and certain assets
subject to existing liens) and (ii) subject to the Revolving
Credit Facility Obligations, a second priority lien on
substantially all cash, accounts and inventory of the Company and
the guarantors, and any other property with respect to, evidencing
or relating to such cash, accounts and inventory (whether now
owned or hereinafter arising or acquired) and the proceeds and
products thereof, subject in each case to permitted liens and
certain exclusions.  The Notes Collateral is shared equally with
the lenders under the Term Loan Facility, who hold identical first
and second priority liens, as applicable, on the Notes Collateral.

Restrictions

The Indenture restricts the Company's and its restricted
subsidiaries' ability to, among other things, (i) incur, assume or
guarantee additional indebtedness or issue preferred stock; (ii)
declare or pay dividends on, or make other distributions in
respect of, their capital stock; (iii) purchase or redeem or
otherwise acquire for value any capital stock or subordinated
indebtedness; (iv) make investments, other than permitted
investments; (v) create certain liens or use assets as security;
(vi) enter into agreements restricting the ability of any
restricted subsidiary to pay dividends, make loans, or any other
distributions to the Company or other restricted subsidiaries;
(vii) engage in transactions with affiliates; and (viii)
consolidate or merge with or into other companies or transfer all
or substantially all of their assets.

Notes Collateral Agreement

As required under the Indenture, the Company entered into a
collateral agreement in favor of U.S. Bank, National Association,
as collateral agent under the Indenture, to secure the payment of
the Notes.  Under the Collateral Agreement, the Company granted a
security interest in the collateral and the proceeds thereof now
owned or thereafter acquired by the Company.

Term Loan Credit Agreement

Effective as of the Closing Date, the Company entered into a term
loan credit agreement among the Company, as borrower, the lenders
from time to time party thereto and Bank of Montreal, as
administrative agent.

The Term Loan Credit Agreement provides for a $350 million dollar
term loan facility with a single advance made on the Closing Date.
Borrowing under the Term Loan Facility will initially bear
interest at one-month LIBOR plus 6.50%.  The Term Loan Facility
will mature on Dec. 16, 2020.

The Term Loan Credit Agreement contains customary affirmative
covenants, negative covenants, including financial covenants, and
events of default.  Pursuant to the terms and provisions of the
Guaranty and Collateral Agreement, dated the Closing Date, by and
among the Company, the guarantor subsidiaries named therein and
Bank of Montreal, as collateral agent, the obligations under the
Term Loan Facility are secured by identical first and second
priority liens, as applicable, on the Notes Collateral.

The Term Loan Facility is guaranteed by Westmoreland Energy LLC,
Westmoreland Kemmerer, Inc., Westmoreland Mining LLC, Westmoreland
Resources, Inc. and certain other direct and indirect subsidiaries
of the Company (other than Absaloka Coal, LLC, Westmoreland Risk
Management, Inc., Westmoreland Canada, LLC and certain other
immaterial subsidiaries).

Amended and Restated Loan and Security Agreement

Effective as of the Closing Date, the Company and certain of its
subsidiaries amended and restated their existing Amended and
Restated Loan and Security Agreement with The PrivateBank and
Trust Company.  The Second Amended and Restated Loan Agreement
permits borrowings by the Borrowers of up to $50 million in the
aggregate, consisting of a $30 million USD-denominated sub-
facility and $20 CDN- denominated sub-facility.  The available
borrowing capacity may be used for borrowings or letters of
credit, which reduce available borrowing capacity.  The Borrowers
do not have any current outstanding borrowings under the Second
Amended and Restated Loan Agreement and have $24.8 million of
outstanding letters of credit.  All extensions of credit under the
Second Amended and Restated Loan Agreement are secured by a first
priority security interest in and lien upon the Borrowers'
inventory, accounts receivable, certain other assets and proceeds
thereof.

The Second Amended and Restated Loan Agreement has a maturity date
of Dec. 31, 2018.  The Borrowers' borrowing base under the Second
Amended and Restated Loan Agreement is determined by reference to
their eligible inventory and accounts receivable, and is reduced
by the outstanding amount of standby and commercial letters of
credit.  The loans under the Second Amended and Restated Loan
Agreement will initially bear interest either at a rate 0.75% in
excess of the base rate (as detailed in the Second Amended and
Restated Loan Agreement) or at a rate 2.75% per annum in excess of
LIBOR (as detailed in the Second Amended and Restated Loan
Agreement), at the Borrowers' election.  An unused line fee of
0.50% per annum is payable monthly on the average unused amount of
the Second Amended and Restated Loan Agreement.  The Second
Amended and Restated Loan Agreement includes a financial covenant
regarding the Borrowers' fixed charge coverage ratio.

                      About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal incurred a net loss applicable to common
shareholders of $6.05 million in 2013, a net loss applicable to
common shareholders of $8.58 million in 2012 and a net loss
applicable to common shareholders of $34.46 million in 2011.

                           *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to B3 from Caa1, and assigned Caa1 rating to the
company's proposed new $300 million First Lien Term Loan, the TCR
reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/
EBITDA will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


WPCS INTERNATIONAL: Incurs $3.8 Million Net Loss in 2nd Quarter
---------------------------------------------------------------
WPCS International Incorporated filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss attributable to common shareholders of $3.83 million on
$7.27 million of revenue for the three months ended Oct. 31, 2014,
compared to a net loss attributable to common shareholders of
$473,004 on $4.50 million of revenue for the same period in 2013.

For the six months ended Oct. 31, 2014, the Company reported a net
loss attributable to common shareholders of $6.14 million on
$14.05 million of revenue compared to a net loss attributable to
common shareholders of $6.36 million on $8.75 million of revenue
for the same period last year.

As of Oct. 31, 2014, the Company had $17.73 million in total
assets, $17.34 million in total liabilities and $396,635 in total
equity.

"The Company's continuation as a going concern beyond the next
twelve months and the ability to discharge its liabilities and
commitments in the normal course of business is ultimately
dependent upon the execution of its future plans, which include
the following: (1) the Company's ability to generate future
operating income, reduce operating expenses and produce cash from
the operating activities, which will be affected by general
economic, competitive, and other factors, many of which are beyond
our control; (2) the repayment of, either or the modification of
the terms under a forbearance agreement with Zurich; (3) the
forbearance or waiver of the Events of Default under the Notes;
(4) the settlement of the claim with the Camden County Improvement
Authority for work at the Cooper Medical Center of Rowan
University; and (5) obtaining additional funds through financing
or sale of assets.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.  There can
be no assurance that our plans to ensure continuation as a going
concern will be successful," the Company stated in the Report.

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

                       http://is.gd/FGXrXe

                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.


WPCS INTERNATIONAL: Has 100 Million Authorized Common Shares
------------------------------------------------------------
WPCS International Incorporated filed a Certificate of Correction
to a Certificate of Amendment to the Certificate of Incorporation
of the Company that was previously filed on May 16, 2013, and
effective as of May 28, 2013.  The Certificate of Amendment
erroneously reduced the number of authorized shares of common
stock, par value $0.0001 per share, of the Company from
100,000,000 to 14,285,715.

The Certificate of Correction, which became effective immediately
upon filing, corrected the Certificate of Amendment in order that
the Company's Certificate of Incorporation accurately reflects
that the total number of authorized shares of Common Stock is
100,000,000.  The Company had previously indicated its intent to
file the Certificate of Correction in a Current Report on Form 8-K
filed with the Securities and Exchange Commission on Dec. 16,
2014.

                 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.


YELLOWSTONE MOUNTAIN: Blixseth Released From Jail
-------------------------------------------------
Patrick Fitzgerald, writing for The Wall Street Journal, reported
that real-estate developer Tim Blixseth is spending Christmas Eve
with his family after an appellate court ordered his release from
jail.  According to the report, citing Philip Stillman, Mr.
Blixseth's lawyer, Mr. Blixseth returned to his Washington state
home after the Ninth U.S. Circuit Court of Appeals ordered his
immediate release from a Montana jail.

                     About Yellowstone Mountain

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed
a separate Chapter 11 petition on March 27, 2009 (Case No.
09-60452).

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented Yellowstone.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Marc S. Kirschner, Esq., was appointed the Trustee of the
Yellowstone Club Liquidating Trust created under the Plan.


YOSEN GROUP: Incurs $404K Net loss for Third Quarter
----------------------------------------------------
Yosen Group, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $404,800 on $9.75 million of net sales for the three
months ended Sept. 30, 2014, compared with a net loss of
$1.43 million on $8.19 million of net sales for the same period
last year.

The Company's balance sheet at Sept. 30, 2014, showed $4.83
million in total assets, $6.7 million in total liabilities and
total stockholders' deficit of $1.87 million.

The Company realized net loss of $3.63 million and $15.9 million
for 2013 and 2012, respectively.  The Company had accumulated
deficit of $47.5 million as of Sept. 30, 2014.  In addition, the
Company's cash position substantially deteriorated since 2010.
There can be no assurance the Company will become profitable or
that it will survive as a public company.  These issues raise
substantial doubt regarding the Company's ability to continue as a
going concern, according to the regulatory filing.

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

                       http://is.gd/3pMeGr

Yosen Group, Inc., is engaged primarily in international trade and
wholesale business, primarily selling tile, kitchen cabinet,
granite and marble products in the New York market.  The Company
also distributes Samsung(R) and Apple(R) mobile phones in China
through its China-based subsidiaries.


ZIVO BIOSCIENCE: Posts $3.34-Mil. Net Loss in Third Quarter
-----------------------------------------------------------
Zivo Bioscience, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $3.34 million on $nil of revenues for the three months
ended Sept. 30, 2014, compared to a net loss of $4.68 million on
$nil of revenues for the same period in the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $1.59
million in total assets, $9.64 million in total liabilities and
total stockholders' deficit of $8.04 million.

The Company had a loss from operations of $2.67 million and $2.31
million for the nine months ended Sept. 30, 2014 and 2013,
respectively.  In addition, the Company had a working capital
deficiency of $9.03 million at Sept. 30, 2014.  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/GVDt76

ZIVO Bioscience, Inc. (OTCQB: ZIVO) (formerly Health Enhancement
Products, Inc.) is a Michigan-based biotech company engaged in the
investigation of the health benefits of bioactive compounds
derived from its proprietary algal cultures, and the development
of natural bioactive compounds for use as dietary supplements and
food ingredients, as well as biologics and synthetic candidates
for medicinal and pharmaceutical applications in humans and
animals, specifically focused on autoimmune modulation.


* Credit-Default Swaps Get New Look From Hedge Funds
----------------------------------------------------
Matt Wirz, Matt Jarzemsky and Tom McGinty, writing for Daily
Bankruptcy Review, reported that hedge-fund managers are putting a
new twist on credit-default swaps, using the contracts to fortify
bets on troubled companies.

According to the report, the swaps, which work like insurance
policies when companies default on bonds and loans, fell out of
favor after Wall Street's outsize bets on the swaps soured during
the financial crisis.  Now, investors are increasingly combining
credit-default-swaps trades with elements of activist investing to
push companies toward default in some cases and away in others,
the DBR report said.


* Thomas J. Salerno Served on ABI Plan Issues Subcommittee
----------------------------------------------------------
Thomas J. Salerno, Esq., a shareholder with Gordon Silver,
recently served as part of the Plan Issues Advisory Subcommittee
for the ABI Bankruptcy Review Commission.  In what could result in
the largest amendments to the U.S. Bankruptcy Law in 40 years, the
Chapter 11 Bankruptcy Review Commission released their ABI
Commission Report and Recommendations.  The 19-member Commission
had 13 separate subcommittees examining major Chapter 11 topics.
Of the 150-subcommittee members, more than 100 were Fellows of the
American College of Bankruptcy College.  Mr. Salerno, a Fellow in
the American College of Bankruptcy, was a member of the Plan
Issues subcommittee.

"I was honored to be a part of this subcommittee," Mr. Salerno
said.  "I hope and believe the work we did will help make the
bankruptcy law more efficient and productive for companies that
find themselves in a Chapter 11 situation."

The Commission undertook a three-year study focused exclusively on
the resolution of financially distressed businesses under Chapter
11 of the Bankruptcy Code.  The Report summarizes the results of
the study, and presents the Commission's resulting recommendations
for reform.

The Commission voted unanimously to adopt this Report on Dec. 1,
2014, and it was announced publicly on Dec. 6.

Mr. Salerno can be reached at:

      Gordon Silver
      One East Washington Street, Suite 400
      Phoenix, AZ 85004
      Tel: (602) 575-2422
      E-mail: TSalerno@gordonsilver.com


* BOOK REVIEW: The Rise and Fall of the Conglomerate Kings
----------------------------------------------------------
Author:     Robert Sobel
Publisher:  Beard Books
Softcover:  240 pages
List Price: $34.95
Review by David Henderson

Order your personal copy today at http://is.gd/1GZnJk

The marvelous thing about capitalism is that you, too, can be a
Master of the Universe.  If you are of a certain age, you will
recall that is the name commandeered by Wall Street bond traders
in their Glory Days.  Being one is a lot like surfing: you have to
catch the crest of the wave just right or you get slammed into the
drink, and even the ride never lasts forever.  There are no
Endless Summers in the market.

This book is the behind-the-scenes story of the financial wizards
and bare-knuckled businessmen who created the conglomerates, the
glamorous multi-form companies that marked the high noon of post-
World War II American capitalism.  Covering the period from the
end of the war to 1983, the author explains why and how the
conglomerate movement originated, how it mushroomed, and what
caused its startling and rapid decline.  Business historian Robert
Sobel chronicles the rise and fall of the first Masters of the
Universe in the U.S. and describes how the era gave rise to a
cadre of imaginative, bold, and often ruthless entrepreneurs who
took advantage of a buoyant stock market to create giant
enterprises, often through the exchange of overvalued paper for
real assets.  He covers the likes of Royal Little (Textron), Text
Thornton (Litton Industries), James Ling (Ling-Temco-Vought),
Charles Bludhorn (Gulf & Western) and Harold Geneen (ITT).  This
is a good read to put the recent boom and bust in a better
perspective.

While these men had vastly different personalities and processes,
they had a few things in common: ambition, the ability to seize
opportunities that others were too risk-averse to take, willing
bankers, and the expansive markets of the 1960s.  There is
something about an expansive market that attracts and creates
Masters of the Universe.  The Greek called it hubris.

The author tells a good joke to illustrate the successes and
failures of the period.  It seems the young son of a
Conglomerateur brings home a stray mongrel dog.  His father asks,
"How much do you think it's worth?" To which the boy replies, "At
least $30,000." The father gently tries to explain the market for
mongrel dogs, but the boy is undeterred and the next afternoon
proudly announces that he has sold the dog for $50,000.  The
father is proudly flabbergasted,  "You mean you found some fool
with that much money who paid you for that dog?"  "Not exactly,"
the son replies, "I traded it for two $25,000 cats."

While it lasted, the conglomerate struggles were a great slugfest
to watch: the heads of giant corporations battling each other for
control of other corporations, and all of it free from the rubric
of "synergy."  Nobody could pretend there was any synergy between
U.S. Steel and Marathon Oil.  This was raw capitalist power at
work, not a bunch of fluffy dot.commies pretending to defy market
gravity.

History repeats itself, endlessly, because so few people study
history.  The stagflation of the 1970s devalued the stock of
conglomerates and made it useless a currency to keep the schemes
afloat.  The wave crashed and waiting on the horizon for the next
big wave: the LBO Masters of the 1980s.

Robert Sobel was born in 1931 and died in 1999.  He was a prolific
chronicler of American business life, writing or editing more than
50 books and hundreds of articles and corporate profiles.  He was
a professor of business history at Hofstra University for 43 years
and he a Ph.D. from NYU.


                             *********

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,
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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
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are $25 each.  For subscription information, contact Peter A.
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