TCR_Public/150119.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, January 19, 2015, Vol. 19, No. 19

                            Headlines

22ND CENTURY: Files Amended Free Writing Prospectus with SEC
ALLY FINANCIAL: Declares Dividends on Preferred Stock
AMERICAN APPAREL: Lyndon Lea Named Class B Director
AMERICAN AXLE: Estimates $3.7 Billion in Sales for 2014
AMERICAN BANCORP: Carl Marks Advises Business to Get Sale Approval

AMERICAN COMMERCE: Incurs $40,000 Net Loss in Third Quarter
AMPLIPHI BIOSCIENCES: Extends COO's Employment Until March 2015
ANDALAY SOLAR: Brio Capital No Longer a Shareholder as of Jan. 14
AOXING PHARMACEUTICAL: Gets More Time to Comply with NYSE Rules
API M&I HOLDING: Creditor Fails in Bid to Dismiss Case

ARCAPITA BANK: Sells 50% Stake in Lusail Golf to Barwa Real Estate
ARCHDIOCESE OF ST. PAUL-MINNEAPOLIS: Files for Ch. 11 Amid Suits
AS SEEN ON TV: Two Directors Resigned
ASR 2401: Noteholder Balks at PIP, Jetall Transaction
AURA SYSTEMS: Delays Nov. 30 Form 10-Q

AURA SYSTEMS: Incurs $2.1 Million Net Loss in Third Quarter
AUXILIUM PHARMACEUTICALS: Settles Merger-Related Lawsuit
BARNES & NOBLE: Modifies Bookstore Arrangement With Mohave College
BAXANO SURGICAL: Finds Buyer at $4MM Before Jan. 22 Auction
BEAZER HOMES: BlackRock Reports 9.1% Equity Stake at Dec. 31

BOMBARDIER INC: S&P Lowers CCR to 'B+'; Outlook Negative
BUCCANEER ENERGY: Chapter 11 Plan Confirmed
CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 11% Off
CAESARS ENTERTAINMENT: Extending Deadline for Lenders' Support
CAESARS ENTERTAINMENT: Fitch Cuts IDR to 'D' on Bankr. Filing

CAESARS ENTERTAINMENT: Further Amends Restructuring Agreement
CAESARS ENTERTAINMENT: Moody's Cuts PDR to 'D-PD' on Ch. 11 Filing
CAESARS ENTERTAINMENT: S&P Cuts Rating to 'D' on Chapter 11 Filing
CAL DIVE: Won't Pay $2.2 Mil. in Interest on 5% Sr. Notes Due Jan.
CANBRIAM ENERGY: S&P Revises Outlook to Stable & Affirms 'B-' CCR

CAROLINA PEDIATRIC: Case Summary & 4 Top Unsecured Creditors
CASPIAN SERVICES: Had $18MM 2014 Loss, Warns Possible Bankruptcy
CHARDON LLC: Individual Debtors Can't Use FirstMerit Cash
CHARTER NEX: Moody's Assigns 'B2' CFR & Rates 1st Lien Debt 'B1'
CHARTER NEX: S&P Assigns 'B' CCR & Rates $320MM Facilities 'B+'

COMMUNITY HOME: Trustee Wants Approval to Maintain REO Properties
COUNTRY STONE: Has Until Oct. 30 to Decide on Unexpired Leases
COUNTRY STONE: Sold for $29 Million to Two Buyers
CROSSFOOT ENERGY: Hires Forshey & Prostok as Attorneys
CRUMBS BAKE: Stipulation with Brand2 Squared Licensing Approved

DEB STORES: Court Approves Hiring of Houlihan Lokey as Advisor
DEB STORES: Court Okays Hiring of Cole Schotz as Corporate Counsel
DENDREON CORP: Case Reassigned to Judge Silverstein
DENDREON CORP: Reports Product Revenue of $304MM in Q4 of 2014
DOMARK INTERNATIONAL: Delays Form 10-Q for Nov. 30 Quarter

DUNE ENERGY: Eos Tender Offer Extended Until Jan. 23
DUPONT PERFORMANCE: Bank Debt Trades at 3% Off
EMMAUS LIFE: Director Duane Kurisu Resigns
EMPIRE RESORTS: Largest Stockholder Exercises Subscription Rights
ERF WIRELESS: IBF Funds No Longer Owns Shares as of Jan. 16

ERF WIRELESS: Issues 31.5 Million Common Shares
ERF WIRELESS: Tonaquint Has 9.9% Stake as of Jan. 15
ESP RESOURCES: Incurs $666,000 Net Loss in June 30 Quarter
EXIDE TECHNOLOGIES: DIP Amended to Extend Plan Milestones
EXIDE TECHNOLOGIES: DIP Lenders Push Back Plan-Related Milestones

FALCON STEEL: Files Plan to Exit Bankruptcy Protection
FINJAN HOLDINGS: Amends Employment Agreement with Pres. and CEO
FIRST DATA: Bank Debt Trades at 2% Off
FIRST NATIONAL BANK: First NBC Bank Assumes All of Bank's Deposits
FL 6801: Z Capital Completes Purchase of Lehman-Owned Condo

FORTESCUE METALS: Bank Debt Trades at 10% Off
FOUR OAKS: To Issue 1.9 Million Shares Under Stock Plan
FREESEAS INC: Gets Extension to Comply with NASDAQ Rule
FXCM INC: To Get $300 Million Rescue Package From Jefferies
GASFRAC ENERGY: Chapter 15 Case Summary

GENERAL STEEL: Receives Notice of Non-Compliance from NYSE
GENIUS BRANDS: Issues Letter to Shareholders
GEOMET INC: Grace Brothers Reports 18.5% Stake at Dec. 31
GFI GROUP: Moody's Continues Review for Upgrade on B1 Debt Rating
GLYECO INC: Amends 2013 Annual Report to Address SEC Comments

GREEN ENERGY: S&P Assigns 'BB-' Rating on $571 Million Debt
GREYSTONE LOGISTICS: Delays Nov. 30 Form 10-Q Filing
GT ADVANCED: Seeks Approval of Incentive and Retention Programs
IMAGEWARE SYSTEMS: Extends Executives' Terms Until December
INEOS GROUP: Bank Debt Trades at 3% Off

INTERLEUKIN GENETICS: Delta Dental Has 6.3% Stake as of Dec. 23
JACKSONVILLE BANCORP: Has $1.5MM Loan Agreement with Castle Creek
JACOBS FINANCIAL: Files Form 10-K, Incurs $2.9MM 2013 Net Loss
JB VEGA: IRS Wants Chapter 11 Case Dismissed
JOHNSON MEMORIAL: Meeting to Form Creditors' Panel Set for Jan. 23

KAVI INC: Case Summary & 5 Largest Unsecured Creditors
KEMET CORP: Royce & Associates Has 7.7% Stake as of Dec. 31
KEYUAN PETROCHEMICALS: Has $259-Mil. Working Capital Deficit
LATONYA WESTRY: 6th Cir. Flips Ruling on Exemptions Amendment
LATTICE INC: Two Directors Appointed to Board

LEHMAN BROTHERS: Trustee, Barclays Scrap Over $1.2B in Assets
LEVEL 3: Unit to Sell $500 Million Senior Notes Due 2023
LIME ENERGY: Richard Kiphart Reports 30% Stake as of Dec. 22
LONGVIEW POWER: Aon Premium Financing Agreement Approved
LONGVIEW POWER: KPMG Approved to Audit Tax Years 2014 to 2016

LPATH INC: Hal Mintz Reports 9.9% Equity Stake as of Dec. 31
MARINA BIOTECH: Files Preliminary Prospectus with SEC
MAUDORE MINERALS: Deadline for BIA Proposal Moved to Feb. 27
MCCLATCHY CO: Royce & Associates Holds 6.4% of Class A Shares
MEGA RV: Gets Court Approval to Settle GE Commercial Claims

METALICO INC: Carlos Aguero Reports 7.5% Equity Stake at Dec. 31
MGM RESORTS: Bank Debt Trades at 3% Off
MIG LLC: Judge Extends Deadline to Remove Suits to Feb. 25
MINERAL PARK: Tries to Settle Tax Debt With Mohave County
MINWIND ENERGY: Files for Chapter 11 Bankruptcy in Minnesota

MOBIVITY HOLDINGS: Michael Bynum Quits as Officer and Director
MOMENTIVE SPECIALTY: Now Known as Hexion Inc.
MOTORS LIQUIDATION: Trustee Seeks to Liquidate New GM Securities
MT LAUREL: Lenders Require Case Dismissal to Provide Funding
MT. GOX: Lawyers Allege Kapeles Was Mastermind of Silk Road

MURRAY ENERGY: Bank Debt Trades at 5% Off
NEIGHBORHOOD HEALTH: Jan. 21 Meeting to Form Creditors' Panel Set
NEXT 1 INTERACTIVE: Delays Nov. 30 Form 10-Q
NII HOLDINGS: Quinn Manuel Okayed to Assist Independent Manager
NII HOLDINGS: Zolfo Cooper's Scott Winn OK'd as Independent Manager

NNN 3500: Chapter 11 Plan Declared Effective Dec. 23
NORTEL NETWORKS: Committee Follows Samis at Whiteford Taylor
NORTHERN BLIZZARD: S&P Revises Outlook to Stable & Affirms 'B' CCR
NPS PHARMACEUTICALS: Files Investor Presentation
NPS PHARMACEUTICALS: Shire Presented at JP Morgan Conference

NYTEX ENERGY: Now Known as Sable Natural Resources
OCWEN FINANCIAL: CA-DBO Action No Impact Yet on Fitch's 'B-' IDR
ORCKIT COMMUNICATIONS: Postpones General Meeting to Feb. 19
PALOMAR HEALTH: Fitch Affirms 'BB+' Outstanding Debt Rating
PETRON ENERGY: KBM Worldwide Reports 9.9% Stake as of Jan. 15

PHILADELPHIA AUTHORITY: S&P Puts Bonds' 'BB+' Rating on Watch Neg.
PILGRIM'S PRIDE: S&P Affirms 'BB' CCR on Special Dividend Plans
PORT AGGREGATES: Has Interim Access to Cash Collateral
PRATT PLACE: Case Summary & 2 Largest Unsecured Creditors
PRESTON TAYLOR: Case Summary & Largest Unsecured Creditor

PT BERLIAN: Bankruptcy Court Dismisses Chapter 15 Cases
PVA APARTMENTS: Case Converted to Chapter 7 Liquidation
QUANTUM CORP: Estimates Third Quarter Revenue of $142 Million
QUANTUM CORP: Signs Legal Fees Agreements with Executives
RADIOSHACK CORP: Had Until Jan. 15 to Meet Liquidity Covenants

REDPRAIRIE CORP: Bank Debt Trades at 7% Off
REICHHOLD HOLDINGS: Files Schedules of Assets and Liabilities
RETROPHIN INC: Estimates FY 2014 Revenue of $28.3-Million
REVSTONE INDUSTRIES: Asks Court to Extend Deadline to Remove Suits
ROCAP MARKETING: Reports $243K Net Loss in Q3 Ending Sept. 30

ROVER 2014: Voluntary Chapter 11 Case Summary
SABINE OIL: Common Stock Delisted From NYSE
SASSAFRAS HILL: Case Summary & 2 Largest Unsecured Creditors
SEEGRID CORP: Wins Nod for Ch. 11 Reorganization Plan
SIGA TECHNOLOGIES: Appeals Judgment in PharmAthene Dispute

SIGA TECHNOLOGIES: Court Awards $195 Million to PharmAthene
SOLAR POWER: Signs EUR12.5 Million SPA with CECEP Solar
SUNTECH AMERICA: Meeting to Form Creditors' Panel Set for Jan. 22
TARGA RESOURCES: Moody's Rates New Unsecured $800MM Notes 'Ba2'
TARGA RESOURCES: S&P Assigns 'BB+' Rating on New Sr. Notes Due 2018

TARGET CANADA: Obtains Initial Order to Commence CCAAA Proceedings
TARGET CANADA: Parent to Provide $175MM DIP Facility for CCAA
TARGET CORP: Canada Unit's Collapse Triggered by Quick Expansion
TRAINOR GLASS: Clawback Suit Against Subcontractor Goes to Trial
TRANSGENOMIC INC: To Launch ICE COLD-PCR Product Line in Q1

TRAVELPORT WORLDWIDE: Appoints Thomas Murphy as General Counsel
U.S. COAL: $3.5-Mil. Factoring Agreement with Porter Approved
U.S. COAL: Seeks Approval of IPFS Premium Finance Agreement
UNDERGROUND ENERGY: California Judge Slashes Cooley LLP Fees
US BENTONITE: SSG Capital Acted as Investment Banker in Asset Sale

US CAPITAL: Tangshan Ganglu Wants Ch 7 Case Converted to Ch 11
US COAL: Original Debtors' Have Until March 31 to Decide on Leases
VALEANT PHARMA: Moody's Affirms Ba3 CFR, Alters Outlook to Positive
VALEANT PHARMACEUTICALS: S&P Rates Proposed $1BB Sr. Notes 'B'
VERITY CORP: Terminates LLS's Ken Wright as CFO

VERTICAL COMPUTER: Amends Bylaws; Annual Meeting Set for Feb. 25
VIGGLE INC: Stockholders Elected 7 Directors to Board
VIGGLE INC: To Present at Noble Financial Conference on Jan. 20
WESTMORELAND COAL: Buckingham Coal Deal No Effect on S&P's 'B' CCR
WESTMORELAND RESOURCE: Establishes Unit Dividend Record Date

WET SEAL INC: Case Summary & 40 Largest Unsecured Creditors
WET SEAL: Files Chapter 11 Bankruptcy for Protection
XZERES CORP: Incurs $1.5 Million Net Loss in Third Quarter
YSC INC: Judge Barreca Enters Final Decree Closing Chapter 11 Case
Z TRIM HOLDINGS: Names Aristar's Ed Smith as CEO

[*] ABI Sides With Credit Bidders, Trademark Holders
[*] ABI Would Trim Preference Suits and Help Labor
[*] Automatic Stay No Bar to Ruling on Motion for Remand
[*] Bankruptcies at Post-Recession Low; Chapter 11s Bottom Out
[^] BOND PRICING -- For The Week From January 12 to 16, 2015


                            *********

22ND CENTURY: Files Amended Free Writing Prospectus with SEC
------------------------------------------------------------
22nd Century Group Inc. filed with the U.S. Securities and Exchange
Commission a free writing prospectus, as amended, containing
information relating to its 2015 Trade Partners Program.

As previously reported by the TCR on Jan. 15, 2015, the Company had
established the Trade Partners Program to provide retailers and
distributors the opportunity to receive shares of its common stock
as a rebate for purchases of RED SUN brand cigarettes.  The Company
filed with the SEC on Jan. 9, 2015, a prospectus supplement
relating to the Trade Partners Program, in which up to $3 million
of the Company's pre-existing $45 million Form S-3 shelf
registration statement (File No. 333-195386) may be used for common
stock issuances under the program (not to exceed 300,000 shares).

A copy of the FWP is available for free at http://is.gd/XAAHjF

                        About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through its
wholly-owned subsidiary, 22nd Century Ltd, is a plant
biotechnology company using technology that allows for the level
of nicotine and other nicotinic alkaloids (e.g., nornicotine,
anatabine and anabasine) in tobacco plants to be decreased or
increased through genetic engineering and plant breeding.

22nd Century reported a net loss of $26.2 million in 2013, a net
loss of $6.73 million in 2012 and a net loss of $1.34 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $26.7 million
in total assets, $6.56 million in total liabilities, and $20.1
million in total shareholders' equity.


ALLY FINANCIAL: Declares Dividends on Preferred Stock
-----------------------------------------------------
Ally Financial Inc. has declared quarterly dividend payments for
certain outstanding preferred stock.  Each of these dividends were
declared by the board of directors on Jan. 13, 2015, and are
payable on Feb. 17, 2015.

A quarterly dividend payment was declared on Ally's Fixed Rate
Cumulative Perpetual Preferred Stock, Series G, of $45.1 million,
or $17.50 per share, and is payable to shareholders of record as of
Feb. 1, 2015.  Additionally, a dividend payment was declared on
Ally's Fixed Rate/Floating Rate Perpetual Preferred Stock, Series
A, of $21.7 million, or $0.53 per share, and is payable to
shareholders of record as of Feb. 1, 2015.

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the Ba3 corporate family and B1 senior unsecured ratings
of Ally Financial, Inc. and revised the outlook for the ratings to
positive from stable.  Moody's affirmed Ally's ratings and revised
its rating outlook to positive based on the company's progress
toward sustained improvements in profitability and repayment of
government assistance received during the financial crisis.


AMERICAN APPAREL: Lyndon Lea Named Class B Director
---------------------------------------------------
The Board of Directors of American Apparel, Inc., appointed Lyndon
Lea as a Class B director to an existing vacancy on the Board, as
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission.  Mr. Lea is a designee of Lion/Hollywood
L.L.C. under the Investment Agreement, dated as of March 13, 2009,
as amended, between the Company and Lion.

Mr. Lea is a founding partner of Lion Capital LLP, an affiliate of
Lion.  In addition to being a party to the Investment Agreement,
Lion is a party to certain other agreements with the Company as
disclosed under "Certain Relationships and Related Transactions" in
the Company's Proxy Statement filed with the SEC on April 28, 2014,
and the Company's Schedule 14F-1 filed with the SEC on
July 23, 2014.

American Apparel also entered into a First Amendment to Rights
Agreement with Continental Stock Transfer & Trust Company, which
amended and restated the Rights Agreement, dated as of Dec. 21,
2014, by and between the Company and the Rights Agent, in the form
of the First Amended and Restated Rights Agreement.  The purpose of
the First Amendment was to clarify the circumstances in which
Standard General and its affiliates would become an "Acquiring
Person" under the terms of the Amended and Restated Rights
Agreement.  A full-text copy of the First Amendment to Rights
Agreement is available for free at http://is.gd/0Dr8ih

                      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 $106.3 million on $634 million
of net sales for the year ended Dec. 31, 2013, as compared with a
net loss of $37.3 million on $617 million of net sales for the
year ended Dec. 31, 2012.  American Apparel posted a net loss of
$39.3 million on $547 million of net sales for the year ended
Dec. 31, 2011, compared with a net loss of $86.3 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
$307.2 million in total assets, $395 million in total
liabilities and a $87.6 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 AXLE: Estimates $3.7 Billion in Sales for 2014
-------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., presented at the 2015
Deutsche Bank Global Auto Industry Conference in Detroit, Michigan,
on Jan. 14, 2015, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

AAM expects full year sales in 2014 to increase by 15% to
approximately $3.7 billion as compared to $3.2 billion for the full
year 2013.

AAM incurred a non-cash charge of approximately $35 million
related to a voluntary one-time lump sum cash payment to certain
eligible terminated vested participants in the Company's U.S.
pension plans in the fourth quarter of 2014.  AAM terminated more
than $100 million of U.S. pension benefit obligations pursuant to
this program.

AAM expects full year capital spending to be approximately
5.5% of sales in 2014.
  
AAM expects free cash flow to be in the range of $120 million
to $125 million for the full year 2014.
  
AAM is targeting full year sales of approximately $4 billion
to $4.1 billion in 2015.  This sales projection is based on the
anticipated launch schedule of programs in AAM's new and
incremental business backlog and the assumption that the U.S.
Seasonally Adjusted Annual Rate of sales is in the range of 16.5
million to 17.0 million light vehicle units for the full year
2015.

AAM is targeting EBITDA in the range of $550 million to $575
million in 2015 (13.75% to 14.00% of sales).

AAM is targeting free cash flow in the range of $175 million
to $200 million in 2015.

AAM is targeting full year capital spending of approximately     
5% of sales in 2015.

AAM's 2015 - 2017 New Business Backlog:

   * AAM's backlog of new and incremental business launching from
     2015 through 2017 is estimated at $825 million in future
     annual sales.

   * AAM's new and incremental business backlog includes product
     programs that feature new and innovative product technologies
     including: AAM's industry first EcoTrac Disconnecting
     Driveline System; AAM's high efficiency technologies; e-AAM
     hybrid and electric driveline systems; and AAM's SYLENT
     technology designed to reduce an aluminum driveshaft's
     tendency to amplify noise and vibration.

   * Approximately 70% of AAM's new and incremental business
     backlog for 2015 - 2017 is for customers other than GM.  This
     includes new and expanded orders supporting multiple global
     premium vehicle manufacturers including Fiat Chrysler
     Automotive, Jaguar Land Rover, Nissan, Ford, Mercedes Benz,
     Daimler Truck, Honda, Isuzu and others.

   * Approximately 75% of AAM's new and incremental business
     backlog for 2015 - 2017 is for passenger car and crossover
     vehicle programs, including four applications featuring AAM's
     EcoTrac Disconnecting Driveline System.

   * Over 80% of AAM's new and incremental business backlog for
     2015 to 2017 is for programs sourced outside of the United
     States, with over 50% for end use markets outside of the
     United States.  These awards support AAM's continued
     expansion in the markets of Brazil, China, Europe and
     Thailand.

AAM's key financial targets for 2015 - 2017:

   * AAM is targeting annual sales to grow at a compounded annual
     growth rate in excess of 5% during the period from 2015 -
     2017.  This sales projection is based on the anticipated
     launch schedule of programs in AAM's new and incremental
     business backlog and the assumption that the U.S. Seasonally
     Adjusted Annual Rate of sales averages approximately
     17.0 million light vehicle units during the period from 2015
     to 2017.

   * AAM is targeting EBITDA margin in the range of 13% to 14%
     during the period from 2015 - 2017.

   * AAM's target for the difference between EBITDA and capital
     spending during the period from 2015 to 2017 is in the range
     of 8% to 9% of sales.

   * AAM is targeting free cash flow in the range of 4% to 5% of
     sales during the period from 2015 - 2017.

   * AAM expects non-GM sales to range from 40% - 45% of total
     sales during the period from 2015 to 2017.

                        About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.

As of Sept. 30, 2014, the Company had $3.22 billion in total
assets, $3.05 billion in total liabilities and $169.3 million in
total stockholders' equity.

                           *     *     *

In September 2012, Moody's Investors Service affirmed the 'B1'
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) of American Axle.

American Axle carries a 'BB-' corporate credit rating from
Standard & Poor's Ratings Services.  "The 'BB-' corporate credit
rating on American Axle reflects the company's 'weak' business
risk profile and 'aggressive' financial risk profile, which
incorporate substantial exposure to the highly cyclical light-
vehicle market," S&P said, as reported by the TCR on Sept. 6,
2012.

As reported by the TCR on Sept. 1, 2014, Fitch Ratings had
upgraded the Issuer Default Ratings (IDRs) of American Axle &
Manufacturing Holdings, Inc. (AXL) and its American Axle &
Manufacturing, Inc. (AAM) subsidiary to 'BB-' from 'B+'.  The
upgrade of the IDRs for AXL and AAM is supported by the
fundamental improvement in the drivetrain and driveline supplier's
credit profile over the past several years.


AMERICAN BANCORP: Carl Marks Advises Business to Get Sale Approval
------------------------------------------------------------------
Carl Marks Securities LLC acted as exclusive financial advisor to
American Bancorporation in the sale of substantially all of its
assets pursuant to Sec. 363 of the U.S. Bankruptcy Code.  The sale
of the assets of the Minnesota-based bank holding company is
expected to generate net proceeds of approximately $22 million.

Engaged by the Board of Directors, Carl Marks led the transaction
for American Bancorporation.  After an initial marketing period
that involved a substantial number of parties, Carl Marks helped
structure a unique stalking horse agreement in which Deerwood Bank
would purchase either the bank subsidiary in a stand-alone
transaction, or the bank and its wholly-owned mortgage subsidiary
combined, at the discretion of American Bancorporation.  This
unique and flexible structure allowed for a highly competitive
auction in which the bank and the mortgage subsidiary were
ultimately agreed to be sold to two separate buyers.

"We are very pleased to have obtained a sale order approval from
the bankruptcy judge for this transaction," said Evan Tomaskovic,
CEO of Carl Marks Securities and a partner at Carl Marks Advisors.
"We worked closely with the Board of American Bancorporation in a
thorough process that yielded a net increase in purchase price to
the estate almost 40% above the initial stalking horse value."

Carl Marks Advisors brings deep investment banking and advisory
experience across a broad spectrum of vertical industries, and has
extensive expertise in community banking.

                  About Carl Marks Advisors

Carl Marks Advisory Group LLC -- http://www.carlmarksadvisors.com
-- is a New York-based consulting and investment banking advisory
firm serving middle-market companies, provides an array of
investment banking and operational services, including mergers and
acquisitions advice, sourcing of capital, financial restructuring
plans, strategic business assessments, improvement plans and
interim management.

The award-winning firm was included in the Global M&A Network 2014
annual listing of the Top 100 Restructuring and Turnaround
Professionals; received the 2013 & 2014 Turnaround Atlas Awards'
Middle Market Restructuring Investment Banker of the Year; 2013 M&A
Advisor's Sector Financing Deal of the Year (Real Estate); the 2013
Turnaround Atlas Awards' Healthcare Services Turnaround of the Year
and Mid Markets Restructuring Investment Bank of the Year.

Securities are offered through Carl Marks Securities LLC, member
FINRA and SIPC.

                   About American Bancorporation

Alesco Preferred Funding XV, Ltd., and two related entities filed
an involuntary Chapter 11 bankruptcy petition for St. Paul,
Minnesota-based American Bancorporation (Bankr. D. Minn. Case No.
14-31882) on May 1, 2014.  The involuntary petition filed in St.
Paul Minnesota indicates that the three alleged creditors are owed
in excess of $48 million:

     Creditor                                   Amount of Claim
     --------                                   ---------------
Alesco Preferred Funding XV, Ltd.                 $27,374,356
Alesco Preferred Funding XVI, Ltd.                $13,728,562
Alesco Preferred Funding II, Ltd.                  $7,000,000
                                                plus interest

The alleged creditors are represented by Jeffrey Klobucar, Esq., at
Bassford Remele, PA.

Judge Katherine A. Constantine handles the case.  She has entered
an order for relief, officially placing American Bancorporation in
Chapter 11.

Judge Kathleen H. Sanberg was originally assigned to the case but
she disqualified herself in the case, according to her May 1, 2014
order of recusal.


AMERICAN COMMERCE: Incurs $40,000 Net Loss in Third Quarter
-----------------------------------------------------------
American Commerce Solutions, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $40,265 on $599,957 of net sales for the
three months ended Nov. 30, 2014, compared to a net loss of $30,671
on $627,456 of net sales for the same period in 2013.

For the nine months ended Nov. 30, 2014, the Company reported a net
loss of $78,775 on $1.68 million of net sales compared to a net
loss of $96,365 on $1.99 million of net sales for the same period a
year ago.

As of Nov. 30, 2014, the Company had $4.96 million in total assets,
$3.19 million in total liabilities and $1.77 million in total
stockholders' equity.

"The Company has incurred substantial operating losses since
inception and has used approximately $205,000 of cash in operations
for the nine months ended November 30, 2014. Additionally, the
Company is in default on several notes payable. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.  The ability of the Company to continue as a going
concern is dependent upon its ability to reverse negative operating
trends, raise additional capital, and obtain debt financing,"
according to the Report.

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

                        http://is.gd/9IEAjK

                       About American Commerce

American Commerce Solutions, Inc., headquartered in Bartow,
Florida, is primarily a holding company with one wholly owned
subsidiary; International Machine and Welding, Inc., is engaged in
the machining and fabrication of parts used in heavy industry, and
parts sales and service for heavy construction equipment.


AMPLIPHI BIOSCIENCES: Extends COO's Employment Until March 2015
---------------------------------------------------------------
AmpliPhi Biosciences Corporation entered into an amendment to the
interim chief operating officer agreement between the Company and
Wendy S. Johnson, dated Sept. 18, 2014, to extend the term of the
agreement until March 31, 2015, unless terminated earlier,
according to a regulatory filing with the U.S. Securities and
Exchange Commission.

                          About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported a net loss of $57.6 million on $325,000 of
total revenue for the year ended Dec. 31, 2013, compared with a
net loss of $1.11 million on $664,000 of total revenue in 2012.

PBMares, LLP, in Richmond, Virginia, 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 had recurring losses from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

As of Sept. 30, 2014, the Company had $28.4 million in total
assets, $17.08 million in total liabilities and $11.3 million in
total stockholders' equity.


ANDALAY SOLAR: Brio Capital No Longer a Shareholder as of Jan. 14
-----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Brio Capital Master Fund Ltd. disclosed on
Jan. 14, 2015, that it no longer owns any securities of the
Company. A full-text copy of the regulatory filing is available for
free at http://is.gd/42pOnv

                        About Andalay Solar

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

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

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


AOXING PHARMACEUTICAL: Gets More Time 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 and 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 and 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 and/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 Dec. 31, 2014, to regain
compliance with Section 1003(a)(iv).

On Jan. 13, 2015, 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 Jan. 23, 2015.  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 $17.3 million
last year.

As of Sept. 30, 2014, the Company had $39.07 million in total
assets, $38.4 million in total liabilities and $632,000 in total
equity.


API M&I HOLDING: Creditor Fails in Bid to Dismiss Case
------------------------------------------------------
U.S. Bankruptcy Judge Dale L. Somers rejected LSREF3 Sapphire,
LLC's Motion to Dismiss Chapter 11 Bankruptcy and Motion for Relief
from the Automatic Stay filed in the Chapter 11 case of API M&I
Holding, LLC.

According to the Debtor's schedules, LSREF 3 Sapphire's claim is
for approximately $2.045 million and is secured by real property
worth $4.55 million.  LSREF 3 Sapphire is the only secured
creditor, there are no priority unsecured claims, and unsecured
nonpriority claims are approximately $35,000.  The Debtor has
timely paid adequate protection payments to LSREF 3 Sapphire and
has filed a proposed plan of reorganization, which it said to
provide for 100% payment to creditors.

LSREF 3 Sapphire acquired the claim from BMO Harris Bank, as
successor by merger to M&I Marshall & Isley Bank. The loan, with
respect to the claim, was originated by Gold Bank.  The original
borrowers were Nicholas Abnos, Christina Abnos, and Abdiana
Properties, Inc.

The Debtor was formed from the merger of three Missouri limited
liability companies owning the real property which secures the loan
-- Abdiana M&I, LLC, Abdiana M&I No. II, and Addiana M&I No. III.

In its motion, LSREF 3 Sapphire argues that the merger of three
companies -- each of which owned one of three real properties
securing LSREF 3 Sapphire's claim -- into the Debtor was invalid
and part of a bad faith scheme.

A copy of the Court's Jan. 14, 2015 Memorandum Opinion and Judgment
is available at http://is.gd/meekMhfrom Leagle.com.

LSREF3 Sapphire, LLC is represented by:

     Bradley D. McCormack, Esq.
     Tracy J. Wrisinger, Esq.
     SADER LAW FIRM, LLC
     2345 Grand Boulevard #1925
     Kansas City, MO 64108
     Tel: (816) 561-1818
     E-mail: bmccormack@saderlawfirm.com
             twrisinger@saderlawfirm.com

API M&I Holding, LLC filed a voluntary Chapter 11 petition (Bankr.
D. Kan. Case No. 14-22451) on Oct. 14, 2014.  It owns three parcels
of real property, two located in Missouri and one located in
Kansas. The Missouri properties are apartment buildings, valued by
Debtor at $750,000 and $1.70 million respectively, and the Kansas
property is a shopping center, valued by the Debtor at $2.10
million.



ARCAPITA BANK: Sells 50% Stake in Lusail Golf to Barwa Real Estate
------------------------------------------------------------------
Gulf Daily News reports that alternative investment management firm
Arcapita said it has sold its 50% stake in Lusail Golf Development
to Barwa Real Estate Company.

As reported by the Troubled Company Reporter on Nov. 7, 2014, RA
Holding Corp. -- a new entity owned by the creditors, established
to ensure an orderly disposal of assets in a bid to avoid a
fire-sale liquidation -- on Nov. 5, 2014, disclosed that it entered
into an agreement pursuant to which the company's stake in Lusail
Golf Development would be sold to a subsidiary of Barwa Real Estate
Company Q.S.C.  A representative of RA Holding that "the Company
expects to receive net proceeds of approximately $365,000,000
(after payment of all fees and senior obligations)."

                        About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.  Falcon Gas
is an indirect wholly owned subsidiary of Arcapita that previously
owned the natural gas storage business NorTex Gas Storage Company
LLC.  In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a
Tide Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II,
L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock
of NorTex from Falcon Gas for $515 million. Arcapita guaranteed
certain of Falcon Gas' obligations under the NorTex Purchase
Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represented the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
served as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition to
its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group had roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100 percent lender consent required to
effectuate the terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from the
Grand Court of the Cayman Islands with a view to facilitating the
Chapter 11 cases.  AIHL sought the appointment of Zolfo Cooper as
provisional liquidator.

As reported in the TCR on Jun 19, 2013, the Bankruptcy Court for
the Southern District of New York entered its Findings of Fact,
Conclusions of Law, and Order confirming the Second Amended Joint
Chapter 11 Plan of Reorganization of Arcapita Bank B.S.C.(c) and
Related Debtors with respect to each Debtor other than Falcon Gas
Storage Company, Inc.

A copy of the Confirmed Second Amended Joint Plan (With First
Technical Modifications) is available at:

          http://bankrupt.com/misc/arcapita.doc1265.pdf

The effective date of the Debtors' Second Amended Joint Plan of
Reorganization, dated as of June 11, 2013, occurred on Sept. 17,
2013.


ARCHDIOCESE OF ST. PAUL-MINNEAPOLIS: Files for Ch. 11 Amid Suits
----------------------------------------------------------------
Law360 reported that the Archdiocese of St. Paul and Minneapolis
filed for Chapter 11 on Jan. 16, joining 11 other American
dioceses, saying it has large and growing liabilities related to
child sexual abuse and that its pension obligations are
underfunded.  According to the report, the 825,000-worshiper
archdiocese filed in U.S. Bankruptcy Court for the District of
Minnesota, estimating that it has under $50 million in assets and
under $100 million in liabilities.

As previously reported by The Troubled Company Reporter, citing
Daily Bankruptcy Review, three trials involving abusive priests
from the archdiocese are scheduled to begin Jan. 26, 2015,
increasing the likelihood that the archdiocese will file for
bankruptcy.

"As we have said many times before, all options for fairly
addressing sexual abuse claims remain on the table," Joseph
Kueppers, the archdiocese's chancellor for civil affairs, said in
an emailed statement, the DBR report said.


AS SEEN ON TV: Two Directors Resigned
-------------------------------------
Kevin Richardson, II, and Greg Adams resigned from the board of
directors of As Seen on TV, Inc., on Jan. 5, 2015, according to a
regulatory filing with the U.S. Securities and Exchange Commission.


Mark Ethier, under a letter agreement, resigned as an employee (and
as an officer) of the Company and its subsidiaries effective Jan.
8, 2015.  Mr. Ethier will remain a member of the Company's board of
directors and the board has reduced the number of seats on its
board of directors to two members.  The board of directors has
appointed Shad Stastney, a current member of the board of
directors, as interim president and chief executive officer.
Pursuant to Mr. Ethier's resignation he is not entitled to any
payments or benefits subsequent to the effective date of
termination of his employment and the Company agreed to waive his
non-competition and non-solicitation covenants.  In addition, the
Company agreed to vest and issue to Mr. Ethier 6,000,000 shares of
restricted common stock, which approximately equals the number of
shares of common stock that would have vested upon the first
anniversary of Mr. Ethier's amended and restated employment
agreement.

                        About As Seen on TV

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

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

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

The Company's balance sheet at June 30, 2014, showed $39.8
million in total assets, $46.3 million in total liabilities,
$2.70 million in redeemable preferred stock, and a $9.18 million
total stockholders' deficiency.

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

                         Bankruptcy Warning

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

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

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

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

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

   * Significantly curtailing costs and consolidating operations,
     where feasible.

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

   * Reducing operations to conserve cash.

   * Deferring certain marketing activities.

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

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


ASR 2401: Noteholder Balks at PIP, Jetall Transaction
-----------------------------------------------------
Creditor JPMCC 2006-LDP7 Office 2401 filed a limited objection to
the Debtors' motion for an order:

   I) authorizing Preferred Income Partners IV, LLC to exercise its
contractual right to assume control of ASR Fountainview, LLC; and

  II) approving the Debtors' employment of Jetall Real Estate
Development as property manager.

Noteholder JPMCC holds secured claims against ASR 2401
Fountainview, LP, and unsecured claims against ASR 2401
Fountainview, LLC.

The Debtors, in their motion, stated that they own and operate an
office building located at 2401 Fountainview, Houston, Texas.
Debtor ASR 2401 Fountainview, LLC, has no operations other than
acting as the General Partner of the (Debtor) Partnership.

On Dec. 2-3, 2014, the Debtors, Preferred Income Partners IV, LLC,
American Spectrum Realty, Inc. and ASR Operating Partnership (the
Mediating Parties) mediated in an effort to resolve all disputed
issues between them.

The Noteholder said that the motion represents the product of a
mediation agreement referred to as the Binding Term Sheet, yet the
motion appears to seek a piecemeal approval of select terms of the
Binding Term Sheet rather than a comprehensive settlement
consistent with Bankruptcy Rule 9019 and the bankruptcy plan and
disclosure statement processes embodied by Sections 1125 and 1129
of the Bankruptcy Code.

According to the Noteholder, it is also unclear from the relief
being sought in the motion if the Mediating Parties intend the
relief being sought to embody all terms of the Binding Term Sheet,
or simply only those related to the change in management of the
Debtors and the engagement of Jetall.

                     About ASR Constructors

ASR Constructors, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case No. 13-25794) on Sept. 20, 2013.  The petition was signed
by Alan Regotti as president.  ASR disclosed $17.6 million in
assets and $18.9 million in liabilities as of the Chapter 11
filing.

Judge Mark D. Houle presides over the case.  James C. Bastian,
Jr., Esq., at Shulman Hodges & Bastian, LLP, serves as the
Debtor's counsel.

The Law Office of John D. Mannerino serves as corporate counsel to
the Debtor.  Rodgers, Anderson, Malody & Scott LLP CPAs serves as
accountant to the Debtor.

Two affiliates -- Another Meridian Company, LLC and Inland
Machinery, Inc. -- also filed Chapter 11 petitions.

The U.S. Trustee notified the Bankruptcy Court of its inability to
appoint an official committee of unsecured creditors in the
Chapter 11 case of the Debtors.


AURA SYSTEMS: Delays Nov. 30 Form 10-Q
---------------------------------------
Aura Systems, Inc., notified the U.S. Securities and Exchange
Commission that its quarterly report on Form 10-Q for the period
ended Nov. 30, 2014, was not filed on or before the prescribed due
date, Jan. 14, 2015, as it has not finalized the narrative
disclosures for inclusion in the Form 10-Q.  The Company intends to
complete the Form 10-Q as soon as possible, but in no event later
than five days from the original due date.

                        About Aura Systems

El Segundo, Calif.-based Aura Systems, Inc., designs, assembles
and sells the AuraGen(R), its patented mobile power generator that
uses a prime mover such as the engine of a vehicle to generate
power.

Aura Systems incurred a net loss of $13.9 million for the year
ended Feb. 28, 2014, as compared with a net loss of $15.1 million
for the year ended Feb. 28, 2013.

The Company's balance sheet as of Aug. 31, 2014, showed $1.45
million in total assets, $35.07 million in total liabilities and
$33.6 million in total stockholders' deficit.

Kabani & Company, Inc., in Los Angeles, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Feb. 28, 2014.  The independent
auditors noted that the Company has historically incurred
substantial losses from operations, and may not have sufficient
working capital or outside financing available to meet its planned
operating activities over the next twelve months.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


AURA SYSTEMS: Incurs $2.1 Million Net Loss in Third Quarter
-----------------------------------------------------------
Aura Systems, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $2.11 million on $80,900 of net revenues for the three months
ended Nov. 30, 2014, compared to a net loss of $2.58 million on
$853,000 of net revenues for the same period in 2013.

For the nine months ended Nov. 30, 2014, the Company reported a net
loss of $10.2 million on $1.04 million of revenues compared to a
net loss of $9.29 million on $2.27 million of net revenues for the
same period a year ago.

As of Nov. 30, 2014, the Company had $1.27 million in total assets,
$36.8 million in total liabilities and a $35.6 million total
stockholders' deficit.

The Company had cash of $14,500 and $41,000 as of Nov. 30, 2014,
and Feb. 28, 2014, respectively.  It had a working capital deficit
at Nov. 30, 2014, and Feb. 28, 2014, of $34.5 million and $28.1
million, respectively.

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

                       http://is.gd/XA8c2p

                        About Aura Systems

El Segundo, Calif.-based Aura Systems, Inc., designs, assembles
and sells the AuraGen(R), its patented mobile power generator that
uses a prime mover such as the engine of a vehicle to generate
power.

Aura Systems incurred a net loss of $14.0 million for the year
ended Feb. 28, 2014, as compared with a net loss of $15.1 million
for the year ended Feb. 28, 2013.

Kabani & Company, Inc., in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Feb. 28, 2014.  The independent auditors noted that
the Company has historically incurred substantial losses from
operations, and may not have sufficient
working capital or outside financing available to meet its planned
operating activities over the next twelve months.  These conditions
raise substantial doubt about the Company's ability to
continue as a going concern.



AUXILIUM PHARMACEUTICALS: Settles Merger-Related Lawsuit
--------------------------------------------------------
Auxilium Pharmaceuticals, Inc., had reached an agreement in
principle with the plaintiff in a stockholder action filed by
putative stockholders of the Company, according to a Form 8-K
disclosure with the U.S. Securities and Exchange Commission.

The Stockholder Action alleges that individual members of the
Auxilium board of directors breached their fiduciary duties to the
public stockholders of Auxilium by approving the proposed
transaction between Auxilium and Endo International plc, failing to
take steps to maximize the value of Auxilium and failing to
disclose material information relating to the process leading up to
the proposed transaction.

The defendants believe that no further disclosure is required under
applicable laws; however, to avoid the risk of the litigation
delaying or adversely affecting the Merger and to minimize the
expense of defending that action, Auxilium has agreed, pursuant to
the terms of a memorandum of understanding, to make the
supplemental disclosures related to the Merger.  Auxilium and the
other named defendants have vigorously denied, and continue
vigorously to deny, that they have committed or aided and abetted
in the commission of any violation of law or engaged in any of the
wrongful acts that were or could have been alleged in the
litigation.

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

                        http://is.gd/ZzS5RW

                           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 Sept. 30, 2014, showed $1.14
billion in total assets, $983.1 million in total liabilities and
total stockholders' equity of $161.88 million.

                           *     *     *

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.


BARNES & NOBLE: Modifies Bookstore Arrangement With Mohave College
------------------------------------------------------------------
Mohave Community Colleges and Barnes & Noble are modifying their
bookstore arrangement, Rodd Cayton at Mohave Valley Daily News
reports, citing the college's executive vice president, Diana
Stithem.

Mohave Valley Daily News relates that the physical bookstores on
the college's campuses in Kingman and Lake Havasu City will be
scaled down, and the retailer will maintain a virtual presence in
those locations.  The college's president, Michael Kearns, said
htat students will still be able to buy or rent new or used
textbooks in Kingman and Havasu, the report states.

Mohave Valley Daily News adds that the physical bookstore on the
Bullhead City campus will remain in place.

Barnes & Noble owns a chain of bookstores in the U.S.

As reported by the Troubled Company Reporter on Jan. 9, 2015,
Michael Levin, writing for Hngnews.com, reported that B&N might
file for Chapter 11 bankruptcy protection.  According to
Hngnews.com, B&N has been closing about 20 stores per year since
2012 and has said it will continue to do so for the next several
years, but its financial position is bleak.  The report added that
one of B&N's key investors has cut the level of its financial stake
in the company.


BAXANO SURGICAL: Finds Buyer at $4MM Before Jan. 22 Auction
-----------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Baxano Surgical Inc., a maker of devices for
minimally invasive spine surgery, found a buyer in ExWorks Capital
Fund I LP, which is willing to pay $4 million for assets used in
developing and selling the company's iO-Flex and iO-Tome product
lines and bone-graft harvesting products.

According to the report, competing bids are due Jan. 20 in advance
of a Jan. 22 auction and Jan. 27 sale-approval hearing.  Days
before bankruptcy, a "well-funded strategic purchaser" who had
agreed on a nonbinding basis to buy all but one of Baxano's product
lines said it was no longer willing to serve as stalking horse, the
report related.

                       About Baxano Surgical

Based in Raleigh, North Carolina, Baxano Surgical Inc. develops,
manufactures and markets minimally invasive medical products
designed to treat degenerative conditions of the spine affecting
the lumbar region.  As of March 31, 2013, over 13,500 fusion
procedures and 7,000 decompression procedures have been performed
globally using its products.

Baxano Surgical filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 14-12545) on Nov. 12, 2014.  The case is assigned to
Judge Christopher S. Sontchi.

The Debtor estimated $10 million to $50 million in assets and
debt.

The Debtor has tapped John D. Demmy, Esq., at Stevens & Lee, P.C.,
in Wilmington, Delaware, as bankruptcy counsel.  The Debtor is
also employing the law firm of Goodwin Proctor LLP as special
counsel, and the law firm of Hogans Lovell as special healthcare
regulatory counsel.  The Debtor is engaging Tamarack Associates
to, among other things, provide John L. Palmer as CRO.  Houlihan
Lokey is serving as the Debtor's investment banker.  Rust
Consulting Omni is the claims and noticing agent.

The Chapter 11 plan and disclosure statement are due March 12,
2015.


BEAZER HOMES: BlackRock Reports 9.1% Equity Stake at Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, BlackRock, Inc., disclosed that as of Dec. 31,
2014, it beneficially owned 2,490,155 shares of common stock of
Beazer Homes USA Inc. representing 9.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/l30hze

                        About Beazer Homes

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

The Company's balance sheet at Sept. 30, 2014, showed $2.06
billion in total assets, $1.78 billion in total liabilities and
$279 million in total stockholders' equity.

                           *     *     *

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

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

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


BOMBARDIER INC: S&P Lowers CCR to 'B+'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings on
Montreal-based Bombardier Inc. including its long-term corporate
credit rating to 'B+' from 'BB-'.  The outlook is negative.

"The downgrade reflects the company's lower-than-expected reported
earnings before interest and taxes margins at both Bombardier
Transportation and Bombardier Aerospace in fiscal 2014, resulting
from what we believe are market pressures in both segments, as well
as setbacks on key development programs" said Standard & Poor's
credit analyst Jamie Koutsoukis.

This has led to a reassessment in S&P's use of the comparable
rating modifier which S&P has revised to "neutral" from "positive,"
as it believes the company is no longer on the stronger end of a
"satisfactory" business risk profile.

Furthermore, the company announced that certain financial guidance
previously provided will not be met.  Specifically, earnings before
interest and taxes margins were 100 basis points lower than
guidance at both the aerospace and transportation divisions.  Given
these initial results, S&P expects that Bombardier will generate
greater-than-anticipated negative free cash flow in fiscal 2014 and
believe that an improvement in credit measures post-2015 will be
further delayed.  

The ratings on Bombardier reflect what S&P views as the company's
"satisfactory" business risk profile and "highly leveraged"
financial risk profile.  S&P's ratings take into consideration the
company's leading market positions in the transportation and
business aircraft segments, as well as its product range and
diversity.  These positive factors are partially offset, in S&P's
opinion, by the continued execution risk associated with the entry
into service of the CSeries jet, high leverage, and reported
profitability that has been weak in both the aerospace and
transportation divisions.

Bombardier is engaged in the manufacture of transport solutions
worldwide.  It operates in two distinct industries: aerospace and
rail transportation.  It has 79 production and engineering sites in
27 countries, and a worldwide network of service centers.  S&P
views the industry risk as "intermediate" and the country risk as
"low."

The negative outlook reflects S&P's view that Bombardier's 2015
performance could remain challenged due to market conditions and
the company's continued large capital spend program, leading to
weaker credit protection measures than S&P previously forecast.
Furthermore, the outlook incorporates S&P's opinion that, given
Bombardier's current leverage and debt-to-cash flow metrics, there
remains very limited room for delays on project execution or margin
deterioration.

S&P could lower the rating on Bombardier should its new aircraft
program experience further delays or order levels do not allow for
profitable production, resulting in a reassessment of the company's
business risk profile.  In addition, S&P could take a negative
rating action should Bombardier face liquidity pressures, which
could result from either deteriorating headroom under its covenants
or an inability to refinance upcoming maturities.

An upgrade would be contingent on Bombardier being able to place
the CSeries into service, effectively removing the execution and
cost risks associated with the program, combined with a recovery of
its credit metrics, specifically funds from operations to debt of
12% or higher, and the company demonstrating an ability to generate
sustained positive free cash flow.



BUCCANEER ENERGY: Chapter 11 Plan Confirmed
-------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Victoria Division, on Jan. 13, 2015, approved the disclosure
statement and confirmed the First Amended Joint Chapter 11 Plan of
Buccaneer Resources, LLC, et al.

The Plan proposes the orderly liquidation of the Debtors' Estates.
On Oct. 31, 2014, the Court approved the sale of the Kenai Loop
Assets to AIX.  The closing of this sale, the transfer of the
Settlement Payment to the Liquidating Trust, and the funding of the
Administrative Claims Account are conditions precedent to the
Effective Date.

                      About Buccaneer Energy

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

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

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

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

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

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

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

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


CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 11% Off
-------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
89.00 cents-on-the-dollar during the week ended Friday, January 16,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 0.83 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 875 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
March 1, 2017, and carries Moody's Caa3 rating and Standard &
Poor's CCC- rating.  The loan is one of the biggest gainers and
losers among 205 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.



CAESARS ENTERTAINMENT: Extending Deadline for Lenders' Support
--------------------------------------------------------------
Caesars Entertainment Operating Company, Inc., disclosed in a
regulatory filing with the U.S. Securities and Exchange Commission
that it is extending the period during which it is seeking consents
from lenders under the Credit Agreement to support restructuring
CEOC's outstanding obligations and liabilities from 9:00 p.m., New
York City time, on Jan. 14, 2015, to 5:00 p.m., New York City time,
on Jan. 26, 2015.

On Jan. 15, 2015, CEOC and certain of CEOC's wholly owned
subsidiaries, in accordance with the Third Amended and Restated
Restructuring Support and Forbearance Agreement, dated as of
Jan. 14, 2015, among CEC, CEOC and holders of claims in respect of
CEOC's first lien notes, filed voluntary petitions for
reorganization under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the Northern
District of Illinois.

CEOC also entered into an Instrument of Resignation, Appointment
and Acceptance, together with Wilmington Savings Fund Society, FSB,
as resigning trustee, and BOKF, N.A., as successor trustee, with
respect to the indenture governing CEOC's 12.75% Second-Priority
Senior Secured Notes due 2018.

                     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, $28.2 billion in total liabilities and a $3.71
billion total deficit.

Appaloosa Investment Limited, et al., filed an involuntary Chapter
11 bankruptcy petition against Caesars Entertainment Operating
Company, Inc. (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015.
CEOC operates hotel and casino properties that are part of the
"Caesars" resort and gaming empire.

The hedge funds hold 10% second lien notes in the company.
Appaloosa Investment Limited Partnership I holds $13,109,250 of the
notes; OCM Opportunities Fund VI, L.P., holds $18,239,186 of the
notes; and Special Value Expansion Fund holds $9,734,458 of the
notes.  The bondholders are represented by Robert S. Brady, Esq.,
at Young, Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOC
announced that holders of more than 60% of claims in respect of
CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior
secured notes due 2020 and CEOC's 9% senior secured notes due 2020
have signed the Amended and Restated Restructuring Support and
Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars
Entertainment, CEOC and the Consenting Creditors.  As a result, the
RSA became effective pursuant to its terms as of Jan. 9, 2015.

CEOC and 172 other affiliates filed Chapter 11 bankruptcy petitions
(Bank. N.D. Ill.  Lead Case No. 15-01145) on Jan. 15, 2015.
Kirkland & Ellis serves as the Debtors' counsel.  Alixpartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  CEOC disclosed total assets of
$12.3 billion and total debts of $19.8 billion as of Sept. 30,
2014.  The petitions were signed by Mary E. Higgins as authorized
individual.  Judge Benjamin Goldgar presides over the cases.


CAESARS ENTERTAINMENT: Fitch Cuts IDR to 'D' on Bankr. Filing
-------------------------------------------------------------
Fitch Ratings, on Jan. 15, 2015, downgraded Caesars Entertainment
Operating Company, Inc.'s (CEOC) IDR to 'D' from 'C' while
affirming CEOC's issue specific ratings. The downgrade reflects
CEOC's missed interest payment on its 10% second-lien notes, Jan.
14's expiration of the 30-day grace period and the Jan. 15
voluntary bankruptcy filing by CEOC.

As Fitch expected, the Jan. 15 filing only includes CEOC. Fitch
affirmed other ratings within Caesars Entertainment Corp.'s (CEC)
corporate family on Dec. 16, 2014 when CEOC missed the interest
payment as Fitch did not believe a filing at CEOC, in of itself,
would directly impact CEC or other subsidiaries. The 'CC' IDR of
CEC continues to reflect the linkage between CEC and CEOC vis-a-vis
CEC's collection guarantee of CEOC's credit facility and the
possibility that CEC will be liable under the payment guarantee of
CEOC's notes. CEOC announced in May 2014 that it released the
guarantee; however, certain first-lien and second-lien noteholders
are contesting the release.

Fitch estimates full recovery for CEOC's credit facility lenders,
with 87% recovery for the first-lien noteholders and less than 10%
recovery for the remainder of the capital structure. The estimate
assumes a 9.6x enterprise value (EV)/EBITDA multiple on
approximately $850 million EBITDA. The recovery analysis also gives
credit to the parent guarantee.

Fitch values the guarantee at $2.8 billion, which is the cash at
CEC and CEC's stake in Caesars Growth Partners (CGP) and Caesars
Entertainment Resort Properties (CERP). Fitch allocates the value
of the guarantee first to CEOC's term loans since loans
indisputably retain the guarantee and then allocates it on a pro
rata basis to other tranches. The recovery estimates takes into
account cash at CEOC (adjusted for cage cash) and an administration
claims assumption equal to 10% of EV.

Fitch's administrative claims assumption is somewhat subjective and
is approximately $800 million, which is high but not unprecedented.
Lehman and Enron liquidation legal and professional fees exceeded
$2 billion and $750 million, respectively. The more comparable
sized Tribune Co.'s bankruptcy cost more than $500 million.

Fitch takes the following rating actions:

Caesars Entertainment Operating Co.

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

Fitch currently rates the other CEC entities as follows:

Caesars Entertainment Corp.

-- Long-term IDR 'CC'.

Caesars Entertainment Resort Properties, LLC

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

Caesars Growth Properties Holdings, LLC

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

Corner Investment PropCo, LLC

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

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

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


CAESARS ENTERTAINMENT: Further Amends Restructuring Agreement
-------------------------------------------------------------
Caesars Entertainment Corporation, Caesars Entertainment Operating
Company, Inc., a majority owned subsidiary of CEC, and certain
holders of claims in respect of CEOC's 11.25% senior secured notes
due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9%
senior secured notes due 2020 agreed to amend and restate the
Second Amended and Restated Restructuring Support and Forbearance
Agreement, on Jan. 14, 2015, according to a regulatory filing with
the U.S. Securities and Exchange Commission.  

Pursuant to the Amendment, transferees and assignees of holders of
First Lien Bond Claims, which holders signed the RSA and became
Consenting Creditors on or prior to 5:00 p.m., New York City time,
on Jan. 12, 2015, with respect to any transfers or assignments
permitted under the RSA of First Lien Bond Claims held by any such
transferee or assignee as of 11:59 p.m., New York City time, on
Jan. 15, 2015, will be entitled to the RSA Forbearance Fees in
respect of such Forbearance Fee First Lien Bond Claims in
accordance with the RSA unless such Forbearance Fee Party elects to
remain the Forbearance Fee Party with respect to such Forbearance
Fee First Lien Bond Claims in accordance with the RSA.

A full-text copy of the Third Amended Restructuring Support
Agreement is available for free at http://is.gd/96yLCX

                    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, $28.2 billion in total liabilities and a $3.71
billion total deficit.

Appaloosa Investment Limited, et al., owed $41 million on account
of 10 percent second lien notes in the company, filed an
involuntary Chapter 11 bankruptcy petition against Caesars
Entertainment Operating Company, Inc. (Bankr. D. Del. Case No.
15-10047) on Jan. 12, 2015.  CEOC operates hotel and casino
properties that are part of the "Caesars" resort and gaming empire.
The bondholders are represented by Robert S. Brady, Esq., at
Young, Conaway, Stargatt & Taylor, LLP.

In January 2015, Caesars Entertainment and subsidiary CEOC
announced that holders of more than 60% of claims in respect of
CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior
secured notes due 2020 and CEOC's 9% senior secured notes due 2020
have signed the Amended and Restated Restructuring Support and
Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars
Entertainment, CEOC and the Consenting Creditors.  As a result, the
RSA became effective pursuant to its terms as of Jan. 9, 2015.

CEOC and 172 other affiliates filed Chapter 11 bankruptcy petitions
(Bank. N.D. Ill.  Lead Case No. 15-01145) on Jan. 15, 2015.
Kirkland & Ellis serves as the Debtors' counsel.  Alixpartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  CEOC disclosed total assets of
$12.3 billion and total debts of $19.8 billion as of Sept. 30,
2014.  The petitions were signed by Mary E. Higgins as authorized
individual.  Judge Benjamin Goldgar presides over the cases.


CAESARS ENTERTAINMENT: Moody's Cuts PDR to 'D-PD' on Ch. 11 Filing
------------------------------------------------------------------
Moody's Investors Service lowered Caesars Entertainment Operating
Company, Inc's Probability of Default Rating to D-PD from Ca-PD
following the company's announcement that it voluntarily filed for
relief under Chapter 11 of the United States Bankruptcy Code.

Rating Rationale

Caesar Entertainment Operating Company, Inc. (CEOC), a majority
owned subsidiary of Caesars Entertainment Corporation, owns and
manages casinos located in most regional markets in the US
including, Las Vegas, NV. CEOC generated approximately $5.5 billion
in annual revenue for the latest 12-month period ended September
30, 2014.

Caesars Entertainment (unrated), Caesars Entertainment Resort
Properties (B3 negative) and Caesars Growth Partners (unrated),
which are separate entities with independent capital structures,
have not filed for bankruptcy relief.

A complete list of CEOC issue-level and issuer-level rating actions
affected by the bankruptcy appears below. Moody's will withdraw
these ratings because CEOC has entered bankruptcy.

CEOC rating lowered:

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

CEOC ratings affirmed:

Corporate Family Rating, at Ca

Senior secured bank facilities, at Caa3 (LGD3)

Senior secured notes, at Caa3 (LGD3)

Senior unsecured notes, at C (LGD6)

CEOC ratings withdrawn:

Speculative Grade Liquidity Rating, withdrawn

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

Senior secured notes, at Caa3(LGD3)

Senior secured second priority notes, at C(LGD5)

Senior unsecured notes, at C(LGD6)

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



CAESARS ENTERTAINMENT: S&P Cuts Rating to 'D' on Chapter 11 Filing
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered, on Jan. 15,
2014, all remaining issue-level ratings on Caesars Entertainment
Operating Co., a majority owned subsidiary of Caesars Entertainment
Corp. (CEC), to 'D' following CEOC's filing for Chapter 11
bankruptcy protection. S&P previously lowered its corporate credit
rating on CEOC to 'D' on Dec. 15, 2014 when the company announced
that it would not make a $225 million interest payment due that day
on the company's second priority senior secured notes.

"The CEOC bankruptcy filing results from CEOC's very highly
leveraged capital structure, and its inability to generate
sufficient cash flow to meet interest and principal payments on its
$18.4 billion of outstanding debt as of Jan. 15, 2015," said
Standard & Poor's credit analyst Melissa Long.

CEOC hopes to implement a Chapter 11 restructuring plan that, as
currently envisioned, would reduce debt by $10 billion and lower
interest expense by about 75% to approximately $450 million, and
would split CEOC into an operating company and a property company.
S&P would expect to be in a position to rate a "restructured" CEOC
once the bankruptcy court has approved a Chapter 11 plan of
reorganization, although the timing of the Chapter 11 process and
the terms of any such plan are highly uncertain.  The venue for
CEOC's Chapter 11 proceeding has yet to be determined.  Certain
second-lien creditors filed an involuntary Chapter 11 petition
against CEOC on Jan. 12 in Delaware bankruptcy court, while CEOC
filed today in Chicago.

S&P intends to update its recovery analysis on CEOC's existing debt
obligations as soon as practical.

S&P's ratings on other related entities, including Caesars
Entertainment Corp., Caesars Entertainment Resorts Properties LLC
(CERP), Chester Downs & Marina, and Caesars Growth Properties
Parent LLC (CGP) are unaffected at this time.  Downward pressure on
each of these ratings reflects uncertainty regarding the outcome of
various legal actions that have been filed against CEC, CERP, CGP,
and CEOC by CEOC's creditors challenging various financing
transactions and asset transfers, including previous transfers of
assets from CEOC to CGP and to CERP.  In the event any one of these
entities is pulled into the Chapter 11 bankruptcy filing, or if
asset transfers are voided in litigation, S&P could lower ratings
on the relevant entity or entities.  S&P notes that CEOC's
restructuring proposal is conditioned upon the release of these
litigation claims against CEC and related parties.



CAL DIVE: Won't Pay $2.2 Mil. in Interest on 5% Sr. Notes Due Jan.
-------------------------------------------------------------------
Cal Dive International, Inc. on Jan. 15 disclosed that it has
decided not to pay approximately $2.2 million in interest due
January 15, 2015 on its 5.00% convertible senior notes due 2017.
Under the terms of the indenture governing the Notes, the Company
has a 30-day grace period during which it may elect to make the
interest payment without being in default for non-payment.

The Company believes it is in the best interests of its debt and
equity holders to continue to focus on actively addressing the
Company's debt and capital structure and intends during the 30-day
grace period to continue discussions with its debt providers.  If
the Company does not make the interest payment before the grace
period expires, the Trustee or the requisite holders of the Notes
could declare the aggregate principal amount of the Notes, plus all
unpaid interest and any other amounts due and owing on the Notes,
immediately due and payable.

Additionally, as previously disclosed, the delisting of the
Company's common stock from trading on the New York Stock Exchange
constituted a "Fundamental Change" under the Notes, and pursuant to
the terms of the Notes and indenture governing the Notes, each note
holder has the right to require the Company to purchase for cash
any or all of the Notes held by the note holders at a price equal
to 100% of the principal, plus accrued and unpaid interest. The
Company provided the Fundamental Change Notice to the note holders
on December 28, 2014, and has until February 2, 2015 to repurchase
any notes that are tendered by note holders on or before January
30, 2015.  The Company currently has no plans to repurchase Notes
that are tendered, which will constitute a separate event of
default under the indenture governing the Notes.

In pursuit of its efforts to deleverage the Company and improve its
balance sheet and liquidity, the Company is continuing to pursue
financing transactions, non-core asset sales and other strategic
efforts that could provide the Company with additional liquidity
and allow for the repayment, restructuring or refinancing of the
Company's first lien revolving credit facility and other funded
debt.  However, there is no assurance that an agreement on such a
transaction will be reached in a timely manner.  Accordingly, the
Company is also evaluating other, potentially less satisfactory
measures, including seeking protection under the bankruptcy laws as
it continues its efforts to restructure its business and capital
structure.

               About Cal Dive International, Inc.

Cal Dive International, Inc., headquartered in Houston, Texas, is a
marine contractor that provides manned diving, pipelay and pipe
burial, platform installation and salvage, and light well
intervention services to the offshore oil and natural gas industry
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.


CANBRIAM ENERGY: S&P Revises Outlook to Stable & Affirms 'B-' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Calgary, Alta.-based Canbriam Energy Inc. to stable from positive.
At the same time, Standard & Poor's affirmed its 'B-' long-term
corporate credit and 'CCC+' senior unsecured debt ratings on the
company.  The recovery rating on the debt remains '5', indicating
S&P's expectation of modest (10%-30%) recovery in a default
scenario.

"The outlook revision reflects our view that the company's
production growth will be pressured as it reduces its 2015 capital
expenditures in response to low commodity prices to protect its
balance sheet," said Standard & Poor's credit analyst Aniki
Saha-Yannopoulos.

Although S&P acknowledges that Canbriam's 2015 expected production
will be higher than 2014 levels, S&P forecasts the company's
production growth profile to be lower than it had forecast.  Given
the company's flexible capital budget and its focus on
balance-sheet protection, S&P expects the lower production growth
and internally generated cash flow to pressure debt-to-EBITDA but
to remain below 4x in the next 12 months.

The "vulnerable" business risk profile assessment reflects S&P's
opinion of the company's exposure to the highly volatile and
capital-intensive exploration and production (E&P) industry,
Canbriam's relatively small reserve and production base, its
limited geographic diversity, and its weak profitability.  S&P
believes Canbriam's competitive cost structure offsets these
weaknesses somewhat.  S&P considers the company's limited scale and
geographic diversity as a credit weakness.  As of Dec. 31, 2013, it
had proved reserves of 46.3 million barrels of oil equivalent
(boe), which is similar to that of other 'B-' rated E&P companies
with a proved-developed reserve life index of about four years.  To
improve those measures, Canbriam's capital spending needs to remain
high, which is unlikely at S&P's current price assumptions.  At the
same time, the company's geographic concentration in the Altares
development area could expose it to third-party infrastructure
constraints or weather conditions, negatively affecting a
significant part of the production portfolio.  S&P expects
Canbriam's profitability (per thousand of cubic feet equivalent
[mcfe]), which is weaker than that of its 'B-' rated similar-sized
peers due to lower realized revenues, will continue to face stress
under current commodity prices.

S&P assess Canbriam's financial policy as "highly leveraged" based
on the company's projected credit measures and financial sponsor
ownership (which S&P characterizes as 'FS-6').  S&P expects
Canbriam to outspend its cash flow in the next 12-18 months.
Although the company plans to hedge about 50% of its annual gas
production, which reduces significant cash-flow volatility, low
production growth and depressed prices will continue to pressure
cash-flow generation and could lead to volatility in credit
measures.

The stable outlook reflects S&P's view Canbriam's production growth
trajectory, although showing a positive trend, is weaker than S&P
had previously forecast, limiting the company's cash flow.
However, due to management's ability to reduce capital
expenditures, S&P projects Canbriam to keep its debt-to-EBITDA
below 4x in 2015.

S&P could lower the ratings if it expects the company's liquidity
to be constrained significantly, for example due to a borrowing
base reduction, such that it hampers ongoing production.  S&P could
also lower the ratings if FFO-to-debt decreases below 10%, which
could happen if Canbriam's production and cash flow decline faster
than forecast.

S&P might consider a positive action if it expects the company to
increase its production level in line with its other 'B' rated
peers while improving its FFO-to-debt above 30%, which S&P views as
highly unlikely with current prices.  S&P might also consider a
positive action if Canbriam demonstrates less reliance on its
financial sponsor.



CAROLINA PEDIATRIC: Case Summary & 4 Top Unsecured Creditors
------------------------------------------------------------
Debtor: Carolina Pediatric Eye Properties, LLC
        1025 Vinehaven Drive
        Concord, NC 28025

Case No.: 15-50036

Chapter 11 Petition Date: January 15, 2015

Court: United States Bankruptcy Court
       Middle District of North Carolina (Winston-Salem)

Judge: Hon. Lena M. James

Debtor's Counsel: James C. White, Esq.
                  LAW OFFICE OF JAMES C. WHITE, P.C.
                  PO Box 16103
                  Chapel Hill, NC 27516-6103
                  Tel: 919-313-4636
                  Fax: 919-246-9113
                  Email: jimwhite@jcwhitelaw.com

Total Assets: $1.15 million

Total Liabilities: $1.21 million

The petition was signed by Buhilda McGriff, member manager.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/ncmb15-50036.pdf


CASPIAN SERVICES: Had $18MM 2014 Loss, Warns Possible Bankruptcy
-----------------------------------------------------------------
Caspian Services, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K for the year ended Sept.
30, 2014, stating that there is uncertainty as to its  ability to
continue as a going concern.

The Company's independent auditors, Haynie & Company, P.C., in Salt
Lake City, Utah, issued a "going concern" qualification on the 2014
consolidated financial statements citing that, "[A] Company
creditor has indicated that it believes the Company may be in
violation of certain covenants of certain substantial financing
agreements.  The financing agreements have acceleration right
features that, in the event of default, allow for the loan and
accrued interest to become immediately due and payable."  According
to the auditors, as a result of this uncertainty, the Company has
included the note payable and all accrued interest as current
liabilities at Sept. 30, 2014.  At Sept. 30, 2014, the Company had
negative working capital of $85.0 million and for the year ended
Sept. 30, 2014, the Company had a net loss of
$16.6 million.

Caspian reported a net loss of $18.8 million on $29.9 million of
total revenue for the year ended Sept. 30, 2014, compared with a
net loss of $11.8 million on $33.08 million of total revenues for
the year ended Sept. 30, 2013.

As of Sept. 30, 2014, Caspian had $67.06 million in assets, $101.5
million in liabilities and a $34.5 million total deficit.

Under the terms of European Bank for Reconstruction and Development
Loan Agreement, as amended, the semi-annual repayment installments
under the EBRD loan are due each year on November 20 and May 20.
As of Jan. 13, 2015, none of the required installment payments has
been made, which may constitute an event of default under the EBRD
Loan Agreement and may constitute a default under the Put Option
Agreement.  The default interest rate of the EBRD Loan of 9% is
applied to the payments due but not paid.

The Company warned that given the difficult equity and credit
markets and its current financial condition, it believes it would
be very difficult, if not impossible, to obtain funding to repay
these obligations.  

"If we were unable to repay the loans or satisfy the put, we
anticipate EBRD could seek any legal remedies available to it to
obtain repayment of its loans and its put right.  These remedies
could include forcing the Company into bankruptcy," the Company
stated.

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

                        http://is.gd/UAjGYh

                       About Caspian Services

Headquartered in Salt Lake City, Caspian Services, Inc., was
incorporated under the laws of the state of Nevada on July 14,
1998.  Since February 2002 the Company has concentrated its
business efforts to provide diversified oilfield services to the
oil and gas industry in western Kazakhstan and the Caspian Sea,
including providing a fleet of vessels, onshore, transition zone
and marine seismic data acquisition and processing services and a
marine supply and support base in the port of Bautino, in Bautino
Bay, Kazakhstan.



CHARDON LLC: Individual Debtors Can't Use FirstMerit Cash
---------------------------------------------------------
U.S. Bankruptcy Judge Thomas M. Lynch denied the motions of
individual debtors David Wolf, Donald Wolf, Jr. and Donald Wolf,
Sr. for authority to use cash collateral of FirstMerit Bank, N.A.,
to pay certain professional fees.

Individual chapter 11 debtors Donald Wolf, Jr. and David Wolf --
the Brothers -- originally sought to pay their attorneys $137,000
and to pay their financial advisor $19,700 for postpetition
services using funds derived from the rental income of 10611-10685
Wolf Dr., Huntley, Illinois.  While the initial request was still
pending, on November 24, 2014, the Brothers filed a second request,
together with a request by their father Donald Wolf, Sr., who is
represented by the same counsel, asking to pay an additional
$115,000 to their attorneys and to pay a real estate appraiser,
Edward Kling $6,600 also from the proceeds of rental income from
the Huntley Building.

The Huntley Building is a commercial property held in a land trust.
Donald Wolf, Sr., holds a 51% beneficial interest in this land
trust. Brothers David and Donald, Jr. each hold a 24.5% beneficial
interest.  As of the Brothers' petition date, Oct. 21, 2013, the
three family members jointly and severally owed FirstMerit National
Bank at least $15.2 million on direct loans and guaranties of
corporate debt.  This debt, which has been cross-collateralized, is
secured by a prepetition mortgage and assignment of rents in the
Huntley Building and by a collateral assignment of the Wolfs'
beneficial interest in the land trust.

The loan balance exceeds the value of the Huntley Building.  It is
also undisputed that the market value of the Huntley Building at
this time is stable and likely will increase over the long-term.

The professional fees sought to be funded, totaling $279,000, were
approved by the bankruptcy court in mid and late-2014.  The orders
approving these fees expressly prohibited payment from the cash
collateral of FirstMerit without the court's further approval.

The Wolfs allege that as of May 6, 2014, the date their initial
motions were filed, they held $198,000 and as of Nov. 24, 2014, the
date of the second motion, they held $326,000 in cash collateral
attributable to rents from the Huntley Building. They further
allege that the current leases on that property generate
approximately $52,400 in monthly rental income.

The Wolfs argue that FirstMerit is adequately protected even if
$279,000 of its cash collateral is paid to the professionals
because the real estate collateral is not diminishing in value and
the cash collateral used to pay the fees will be replenished with
future rents in which the Wolfs will grant FirstMerit replacement
liens.

FirstMerit opposes the motion on the grounds that it already has
valid liens in the future rents and, therefore, the net value of
its collateral interest will diminish if its cash collateral is
paid to professionals as proposed.

"The Wolfs have not demonstrated that FirstMerit Bank, N.A.'s
interest in cash collateral will be adequately protected if it is
used to pay the professional fees of Barrick Switzer, Ronald
Javorek or Edward Kling as proposed. Accordingly, the motions will
be denied," Judge Lynch said in his January 12 Memorandum Opinion
available at http://is.gd/mlm1wEfrom Leagle.com.

Pursuant to the administrative order entered on July 2, 2014, the
bankruptcy cases of Donald Wolf, Jr. (Bankr. N.D. Ill. Case No.
13-B-83571), David Wolf (No. 13-B-83572) and Donald Wolf, Sr. (No.
14-B-81919) were procedurally consolidated for joint administration
with the eight corporate bankruptcy cases previously procedurally
consolidated for joint administration into the lead case of
Chardon, LLC (Bankr. N.D. Ill. Case No. 13-B-81372).

Donald Wolf, Sr. filed his voluntary petition under Chapter 11 on
October 28, 2013, originally in the Middle District of Florida. His
case was transferred to the Northern District of Illinois on June
18, 2014, and has been jointly administered with the Brothers'
cases and the Chardon corporate cases since July 2, 2014.


CHARTER NEX: Moody's Assigns 'B2' CFR & Rates 1st Lien Debt 'B1'
----------------------------------------------------------------
Moody's Investors Service assigned a first-time B2 corporate family
rating and B2-PD probability of default rating to Charter NEX US
Holdings, Inc. (Charter NEX) with a stable outlook. Moody's also
assigned a B1 rating to the proposed $320 million first-lien senior
secured credit facilities and a Caa1 rating to the proposed $110
million second-lien senior secured term loan that will be used to
fund the acquisition of Charter NEX by a private equity company
Pamplona Capital Management, LLP. The acquisition is subject to
regulatory approvals and is expected to close in the first quarter
of 2015. Moody's took the following rating actions:

Charter NEX US Holdings, Inc.

-- Assigned B2 CFR

-- Assigned B2-PD PDR

-- Assigned B1, LGD3 rating to $50 million first-lien senior
secured
    five-year revolver

-- Assigned B1, LGD3 rating to $270 million first-lien senior
secured
    seven-year term loan

-- Assigned Caa1, LGD5 rating to $110 million second-lien senior
secured
    eight-year term loan

The ratings outlook is stable.

The ratings are subject to the receipt and review of the final
documentation.

Ratings Rationale

The B2 corporate family rating reflects the company's high
leverage, small scale and competitive and fragmented industry.
Charter NEX is a producer of specialty polyethylene film for food
and consumer packaging and for industrial and
medical/pharmaceutical applications. Pro forma for the transaction,
Charter NEX debt will more than double and debt/EBITDA will rise to
approximately 6.0 times in the twelve months ended September 30,
2014. The polyethylene film industry is fragmented and competitive
with pricing pressures when supply and demand are not aligned.
Charter NEX competes with other independent polyethylene film
producers, some of which are larger and better capitalized, and its
customers include larger integrated converters and smaller
independent converters. The customer concentration is fairly high
with the top 10 customers generating about half of its revenue,
though no single customer accounts for more than 10% of revenue.
The majority of business is under one-year volume supply agreements
and the lack of long-term contracts is a credit negative. That
said, 75% of the agreements have monthly or quarterly resin
pass-throughs tied to a polyethylene index. Resin is the largest
manufacturing cost accounting for 60% of cost of goods sold. Other
costs such as labor, freight and energy are not contractually
passed through.

The rating is supported by high operating margins, history of
strong cash flow generation and exposure to diverse end markets
including the more stable packaged food segment. Charter NEX
margins are strong for the rating category and reflect the
company's expertise in manufacturing specialty mono- and
multi-layer blown polyethylene film with specialized properties
such as oxygen and moisture barriers. The majority of its film is
used in higher-margin food applications, such as stand-up pouches,
but the company also serves consumer, industrial, food-service and
medical/pharmaceutical end markets. The company benefits from
recent and planned capacity additions as well as from continuing
growth in the flexible packaging segment driven by substitution
from rigid packaging. Despite increasing interest payments, Moody's
expect the company to continue to generate free cash flow given low
capital expenditure requirements. Moody's expect the company to
maintain good liquidity.

The stable rating outlook reflects expectations that volume will
increase following capacity additions supporting credit metrics and
delevering.

Given the company's small size, Moody's don't expect to upgrade its
ratings in the intermediate term. The ratings could be upgraded if
the company increases its revenue base, diversifies its products
and customers and maintains strong EBIT margins and reduces
debt/EBITDA below 4.5 times.

The ratings could be downgraded if free cash flow to debt falls
below 3%, debt/EBITDA rises above 6.5 times and EBIT/Interest falls
below 1 times. The ratings could also be downgraded if volumes and
margins decline, if the company undertakes a sizeable debt-financed
acquisition or dividend recapitalization or if the liquidity
profile deteriorates.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.



CHARTER NEX: S&P Assigns 'B' CCR & Rates $320MM Facilities 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Milton, Wis.-based Charter NEX US Holdings Inc.
(CNEX).  The outlook is stable.

S&P assigned a 'B+' issue rating (one notch higher than the 'B'
corporate credit rating) and a recovery rating of '2' to CNEX's
proposed $320 million first-lien senior secured credit facilities.
The '2' recovery rating indicates S&P's expectation of substantial
(70% to 90%) recovery in the event of a payment default.  The
senior secured credit facilities consist of a $50 million five-year
revolving credit facility and a $270 million seven-year first-lien
term loan.

At the same time, S&P assigned a 'CCC+' issue rating (two notches
below the corporate credit rating) and recovery rating of '6' to
CNEX's second-lien term loan.  The '6' recovery rating indicates
S&P's expectation of negligible (0% to 10%) recovery in the event
of a payment default.

All ratings are based on preliminary terms and conditions.

"Our 'B' rating on CNEX has been derived from our anchor of 'b',
based on our assessments of the company's 'fair' business risk and
'highly leveraged' financial risk profiles," said Standard & Poor's
credit analyst Henry Fukuchi.

The acquisition will be financed with a proposed $270 million
first-lien term loan, $110 million second-lien term loan, and about
$202 million in equity.

S&P's assessment of CNEX's business risk profile as "fair" reflects
the company's narrow product focus, modest scale of operations, and
low geographic and customer diversity.  CNEX primarily produces
high-performance polyethylene films that are sold to film
convertors for the food, consumer, retail, and industrial end
markets.  S&P views the company's low cost structure,
differentiated products, and long-standing relationship with
customers as favorable, which should support its above-average
EBITDA margins.  Moreover, the relative stability of CNEX's end
markets and CNEX's ability to pass through raw material costs would
enable it to maintain relatively stable earnings.  CNEX generates
about 50% of its revenues from the top 10 customers and 9% from its
largest customer, making its earnings vulnerable to loss of key
customers.

S&P's assessment of CNEX's financial risk profile as "highly
leveraged" incorporates its expectation that the company's credit
measures would remain appropriate for a highly leveraged financial
risk profile, including an adjusted debt to EBITDA ratio between 5x
to 6.5x and a funds from operations (FFO) to adjusted debt ratio of
below 12%.  Pro forma for the transaction, the debt to EBITDA ratio
would be around 6.5x.  S&P expects the company to spend a
substantial portion of cash generated from operations to increase
its production capacity, thus limiting the amount of debt
repayment.  Nevertheless, S&P expects the company's leverage to
decline gradually to about 5.5x over the next couple of years.
S&P's view is that the financial policy of private-equity-owned
CNEX will result in the company maintaining a "highly leveraged"
financial risk profile.

The stable outlook reflects S&P's expectation that the company's
high EBITDA margins and good cash flow generation coupled with
supportive financial policies would allow the company to maintain
an adjusted debt to EBITDA ratio of between 5.0x to 6.5x in the
near term, which S&P considers appropriate for the rating.

S&P considers a higher rating to be unlikely in the near term,
reflecting its view of an aggressive financial policy.  S&P could
raise the ratings modestly if leverage decreased to below 5x and
FFO to adjusted debt increased to over 12% and remained stable over
time.  For an upgrade, S&P would also need to believe that future
financial policies would support a higher rating.

S&P could lower the rating if the company's adjusted debt to EBITDA
ratio remains above 6.5x with no clear prospects of recovery, or if
its liquidity deteriorates materially.  This could result from a
decline in EBITDA margin of around 200 basis points from S&P's
base-case scenario.  S&P's downside scenario incorporates an
organic growth strategy and it do not factor in large future
dividends.



COMMUNITY HOME: Trustee Wants Approval to Maintain REO Properties
-----------------------------------------------------------------
Kristina M. Johnson, trustee of the estate of Community Home
Financial Services, Inc., filed a motion asking the Bankruptcy
Court for authority, nunc pro tunc to Jan. 16, 2014, to:

   1. preserve and maintain properties that later become property
of the estate ("REO properties");

   2. establish procedures for employment and compensation of
professionals for REO properties;

   3. establish procedures to sell or lease certain REO properties;
and

   4. supplement a servicing agreement that was previous approved
in the Chapter 11 proceeding.

                      About Community Home

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44.9 million in total assets and $30.3 million in total
liabilities.  Judge Edward Ellington presides over the case.

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

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

                         *     *     *

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



COUNTRY STONE: Has Until Oct. 30 to Decide on Unexpired Leases
--------------------------------------------------------------
udge Thomas L. Perkins, on Jan. 9, 2015, entered an agreed order
regarding Country Stone Holdings, Inc., et al.'s motion to extend
the time period to assume or reject certain unexpired leases of
nonresidential real property; and (ii) Quad City Bank and Trust
Company and R & D Holdings LLC's motion to compel assumption or
rejection of a lease.

The agreed order was submitted and signed by the Debtors, Quad City
Bank and Trust Company, R & D Holdings, LLC, Burnsville Leasing,
Randall M. Faulks and Robert S. Faulks, Ronald Bjustrom, Hyponex
Corporation, Techo-Bloc Inc. and First Midwest Bank.

The stipulation provides that, among other things:

   -- The deadline by which the Debtors must assume or reject the
leases is extended until Oct. 30, 2015; and

   -- Each of Hyponex and Techo-Bloc will have seven days a week,
twenty-four hours a day access to the premises of the locations
leased by the Debtors pursuant to the leases, designated for each
of Hyponex and Techo-Bloc, without interruption or interference by
any party through the extension date.

The Debtors, in their motion, stated that the purchasers (Hyponex
Corporation and Techo-Bloc Inc.) had requested up to nine months
from the closing of the sale to remove the assets they purchased
from the locations leased from the Bjustrom Lessors  -- owned by
the Debtors' principal shareholder, Ronald Bjustrom.  And the
Bjustrom Lessors have provided their written consent to the
extension.

The Debtors on the Petition Date, entered into an asset purchase
agreement for the sale of substantially all of their assets to
Quikrete Holdings, Inc.  On Nov. 20, 2014, the Court approved the
bidding procedures to govern the sale and scheduled the auction for
Dec. 17.  At the conclusion of the auction, two bidders, Hyponex
Corporation and Techo-Bloc Inc., prevailed as the highest and best
bidders for the Debtors' assets.  The purchasers' bids reflect a
substantial run up in the price for the Debtors' assets.

Both purchasers submitted asset purchase agreements memorializing
their bids.  Those agreements contain provisions regarding the
removal of certain of the Debtors' assets from locations leased by
the Debtors from R&D Holdings, LLC, Friedges Holdings, Inc.,
Burnsville Leasing, LLC, Calhoun Lumber, Inc. and Randall M.
Faulks.

                      About Country Stone

Country Stone Holdings, Inc., and its affiliates are in the
business of manufacturing, processing, and packaging lawn and
garden products such as mulch, soil, fertilizer, plant food,
organics, concrete and decorative stone.  The corporate
headquarters are located in Rock Island, Illinois and Milan,
Illinois.  Country Stone operates 17 plants throughout the United
States, including in Illinois, Iowa, Indiana, Minnesota,
Wisconsin, Missouri, and California.

Country Stone Holdings and its affiliates sought bankruptcy
protection (Bankr. C.D. Ill., Lead Case No. 14-81854) in Peoria,
Illinois, on Oct. 23, 2014, with a deal to sell to Quikrete
Holdings, Inc., for $23 million in cash plus the assumption of
liabilities, subject to higher and better offers.  The bankruptcy
cases are assigned to Judge Thomas L. Perkins.

Country Stone listed $0 in assets and $45 million in liabilities.

The Debtors have tapped Katten Muchin Rosenman LLP as counsel;
Silverman Consulting to provide the services of Steven Nerger as
CRO and Michael Compton as cash and restructuring manager; and
Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting
agent.

Nancy J. Gargula, U.S. Trustee for the Central District of
Illinois, appointed five creditors to serve in the official
unsecured creditors committee in the Debtors' cases.

                            *   *   *

The Debtors are liquidating their assets for the benefit of their
pre-bankruptcy secured lender First Midwest Bank.


COUNTRY STONE: Sold for $29 Million to Two Buyers
-------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a bankruptcy judge in Peoria, Illinois,
approved the sale of Country Stone Holdings Inc.'s asserts to
Hyponex Corp. and Techo-Bloc Inc. for a combined purchase price of
at least $29 million.

According to the report, an auction was held on Dec. 17 at which
Hyponex and Techno-Bloc made the highest bids beating the so-called
stalking horse, Quikrete Holdings Inc., which offered an initial
price of $20 million for almost all the assets.  The report related
that Hyponex will acquire the mulch, soil, and grass seed business
for $10 million plus the value of inventory and a prorated portion
of the breakup fee being paid to Quikrete, while for $19 million
plus the value of inventory and part of the breakup fee, Techo-Bloc
will get the concrete block and paver stone business.

                      About Country Stone

Country Stone Holdings, Inc., and its affiliates are in the
business of manufacturing, processing, and packaging lawn and
garden products such as mulch, soil, fertilizer, plant food,
organics, concrete and decorative stone.  The corporate
headquarters are located in Rock Island, Illinois and Milan,
Illinois.  Country Stone operates 17 plants throughout the United
States, including in Illinois, Iowa, Indiana, Minnesota,
Wisconsin, Missouri, and California.

Country Stone Holdings and its affiliates sought bankruptcy
protection (Bankr. C.D. Ill., Lead Case No. 14-81854) in Peoria,
Illinois, on Oct. 23, 2014, with a deal to sell to Quikrete
Holdings, Inc., for $23 million in cash plus the assumption of
liabilities, subject to higher and better offers.  The bankruptcy
cases are assigned to Judge Thomas L. Perkins.

Country Stone listed $0 in assets and $45 million in liabilities.

The Debtors have tapped Katten Muchin Rosenman LLP as counsel;
Silverman Consulting to provide the services of Steven Nerger as
CRO and Michael Compton as cash and restructuring manager; and
Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting
agent.

Nancy J. Gargula, U.S. Trustee for the Central District of
Illinois, has appointed five creditors to serve in the official
unsecured creditors committee in the Debtors' cases.


CROSSFOOT ENERGY: Hires Forshey & Prostok as Attorneys
------------------------------------------------------
CrossFoot Energy, LLC and its debtor-affiliates seek authorization
from the Hon. Russell F. Nelms of the U.S. Bankruptcy Court for the
Northern District of Texas to employ Forshey & Prostok, LLP as
attorneys, as of the Nov. 20, 2014 petition date.

The Debtors require Forshey & Prostok to:

   (a) advise the Debtors of their rights, powers and duties as
       debtors and debtors in possession continuing manage their
       affairs and properties;

   (b) advise the Debtors concerning, and assisting in the
       negotiation and documentation of, agreements, debt
       restructurings, and related transactions;

   (c) review the nature and validity of liens asserted against
       the property of the Debtors and advising the Debtors
       concerning the enforceability of such liens;

   (d) advise the Debtors concerning the actions that they might
       take to collect and to recover property for the benefit of
       the Debtors' estate;

   (e) prepare on behalf of the Debtors all necessary and
       appropriate applications, motions, pleadings, proposed
       orders, notices, schedules and other documents, and review
       all financial and other reports to be filed in this Chapter

       11 case;

   (f) advise the Debtors concerning, and preparing responses to,
       applications, motions, pleadings, notices and other papers
       that may be filed and served in this Chapter 11 case;

   (g) counsel the Debtors in connection with the formulation,
       negotiation and promulgation of a plan of reorganization
       and related documents; and

   (h) perform all other legal services for and on behalf of the
       Debtors that may be necessary or appropriate in the
       administration of these chapter 11 cases or in the
       management of the property of the Debtors' bankruptcy
       estates, including advising and assisting the Debtors with
       respect to debt restructurings, stock or asset dispositions

       and general corporate, securities, tax, finance, real
       estate and litigation matters.

Forshey & Prostok will be paid at these hourly rates:

       Partners          $575
       Associates        $275-$425
       Paralegals        $150-$195

Forshey & Prostok will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Prior to the petition date, the Debtors became obligated to Forshey
& Prostok for legal services rendered and expenses advanced in the
aggregate amount $29,021.50.  Prior to and within 90 days of the
petition date, Forshey & Prostok received a retainer in the amount
of $50,000 on Nov. 18, 2014.  Prior to the petition date, Forshey &
Prostok drew on the retainer to cover prepetition fees and
expenses.  The current unused balance of the prepetition retainers
paid to Forshey & Prostok is $20,978.50.

Jeff P. Prostok, partner of Forshey & Prostok, 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.

Forshey & Prostok can be reached at:

       Jeff P. Prostok, Esq.
       FORSHEY & PROSTOK, LLP
       777 Main Street, Suite 1290
       Fort Worth, TX 76102
       Tel: (817) 877-4223
       Fax: (817) 877-4151
       E-mail: jprostok@forsheyprostok.com

                       About CrossFoot Energy

Based in Fort Worth, Texas, with a field office in Midland, Texas,
CrossFoot Energy, LLC, and its affiliates operate an oil and gas
company focused on the acquisition and improvement of lower-risk,
long live proven reserves.  CrossFoot's primary production occurs
out of the Siluro-Devonian formation with significant additional
shallower reserves behind-pipe in the Spraberry, Wolfcamp, Strawn,
Penn Lime and Mississippian formations.

CrossFoot Energy, LLC, and its affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Case No. 14-44668) in Ft. Worth,
Texas
on Nov. 20, 2014.  The case is assigned to Judge Russell F. Nelms.

Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, in Ft. Worth,
Texas, serves as counsel to the Debtors.

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


CRUMBS BAKE: Stipulation with Brand2 Squared Licensing Approved
---------------------------------------------------------------
U.S. Bankruptcy Judge Michael B. Kaplan approved a stipulation
among Crumbs Bake Shop Inc., et al., Brand2 Squared Licensing and
the Official Committee of Unsecured Creditors.

Pursuant to the stipulation, among other things:

   1. The stay violation motion, the BSL cross-motion, the document
requests and the protective order motion are resolved.

   2. BSL will be entitled to pursue for collection on behalf of
the Debtors' estates, as the estates' exclusive agent, Uncollected
Royalties from the Licensees, for the second, third and fourth
quarters of 2014, and, if any of the Licensees continue to market
goods under the Debtors' name beyond 2014.  In the event of such
election to discontinue its activities, then in that event, BSL
will notify the Debtors and Committee by email through their
respective counsel, or their successor, as the case may be, and the
Debtors or such successor will then be free to either engage a
successor entity to pursue such efforts, or to engage in such
efforts on their own behalf, as they may determine.

   3. All uncollected royalties will, for the purposes of the
stipulation and order, be deemed property of the Debtors' estates,
subject to the provisions of Section 4.

   4. Proceeds received by BSL from the collection of Unpaid
Royalties will be remitted as:

      a. the first $10,000 of any Uncollected Royalties collected
will be paid to the Debtors without any deduction for commissions
or expenses by BSL;

      b. all Uncollected Royalties will be administered as follows:
BSL will retain 10% of all such gross sums collected in full
consideration for its efforts, including any out-of-pocket
expenses that may be incurred in connection with such efforts, and
the remaining 90% of such gross sums will be remitted to the
Debtors.

A copy of the Stipulation is available for free at:

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

                      About Crumbs Bake Shop

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

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

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

                           *     *     *

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

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

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


DEB STORES: Court Approves Hiring of Houlihan Lokey as Advisor
--------------------------------------------------------------
Deb Stores Holding LLC and its debtor-affiliates sought and
obtained authorization from the U.S. Bankruptcy Court for the
District of Delaware to employ Houlihan Lokey Capital, Inc. as
financial advisor and investment banker for the Debtors, nunc pro
tunc to the Dec. 4, 2014.

The Debtors require Houlihan Lokey to:

   (a) assist the Company in the development and distribution of
       selected information, documents and other materials,
       including, if appropriate, advising the Company in the
       preparation of an offering memorandum;

   (b) assist the Company in evaluating indications of interest
       and proposals regarding any Transactions from current
       and potential lenders, equity investors, acquirers and
       strategic partners;

   (c) assist the Company with the negotiation of any
       Transactions, including participating in negotiations with
       creditors and other parties involved in any Transactions;

   (d) provide expert advice and testimony regarding financial
       matters related to any Transactions, if necessary;

   (e) attend meetings of the Company's Board of Directors,
       creditor groups, official constituencies and other
       interested parties, as the Company and Houlihan Lokey
       mutually agree; and

   (f) provide such other financial advisory and investment
       banking services as may be required by additional issues
       and developments not anticipated on the effective date.

Prior to the commencement of these chapter 11 cases and under the
terms of the Engagement Agreement, the Debtors paid Houlihan Lokey
fees of $225,000, and for reasonable out-of-pocket expenses related
thereto of $7,885. As more fully described in the Engagement
Agreement, in consideration of the services provided by Houlihan
Lokey, the Company has agreed to pay Houlihan Lokey during these
chapter 11 cases:

    -- Monthly Fee: A monthly cash fee of $75,000 ("Monthly Fee").

       One hundred percent of the Monthly Fees following the third

       Monthly Fee previously paid on a timely basis to Houlihan
       Lokey shall be credited against the Transaction Fees;

    -- Transaction Fees: In addition to the other fees provided
       for herein, the Company shall pay Houlihan Lokey the
       following transaction fees:

    -- Restructuring Transaction Fee. Upon the earlier to occur of

       (I) in the case of an out-of-court Restructuring
       Transaction, the closing of such Restructuring Transaction;

       and (II) in the case of an in-court Restructuring
       Transaction, the date of confirmation of a plan of
       reorganization under chapter 11 of the Bankruptcy Code
       pursuant to an order of the applicable bankruptcy court,
       Houlihan Lokey shall earn, and the Company shall promptly
       pay to Houlihan Lokey, a cash fee ("Restructuring
       Transaction Fee") of $1,250,000;

    -- Sale Transaction Fee. In addition to any other fees
       payable hereunder, upon the closing of a Sale Transaction,
       Houlihan Lokey shall earn, and the Company shall thereupon
       pay immediately and directly. from the gross proceeds of
       such Sale Transaction, as a cost of such Sale Transaction,
       a cash fee ("Sale Transaction Fee") of (I) $1,250,000 in a
       going concern sale transaction completed through a chapter
       11 plan or under Section 363 and (II) $1,000,000 in a going

       out of business sale.

Derek Pitts, managing director of Houlihan Lokey, 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.

Houlihan Lokey can be reached at:

       Derek Pitts
       HOULIHAN LOKEY CAPITAL, INC.
       245 Park Avenue, 20th Flr.
       New York, NY 10167
       Tel: (212) 497-4161

                         About Deb Stores

Headquartered in Philadelphia, Pennsylvania, Deb Stores is a
mall-based retailer in the juniors "fast-fashion" specialty sector
that operates under the name "DEB" and offers moderately priced,
fashionable, coordinated women's sportswear, dresses, coats,
lingerie, accessories and shoes for junior and plus sizes.  The
company, founded by Philip Rounick and Emma Weiner, opened its
first store under the name JOY Hosiery in Philadelphia,
Pennsylvania in 1932.  As of Sept. 30, 2014, the company operated
a total of 295 retail store locations (primarily in the East and
Midwest, especially Pennsylvania, Ohio and Michigan) as well as an
e-commerce channel.

On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc. and
its subsidiaries -- sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 11-11941) and closed the sale of the assets three
months later to Ableco Finance, LLC, the agent for the first lien
lenders.

Deb Stores Holding LLC and eight affiliated companies commenced
Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014.  The
Debtors are seeking to have their cases jointly administered, with
pleadings maintained on the case docket for Deb Stores Holding
(Case No. 14-12676).  The cases are assigned to Judge Mary F.
Walrath.

Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware, serve as counsel to the Debtors.  Epiq Bankruptcy
Solutions, LLC, is the claims and noticing agent.

As of Dec. 31, 2014, the Debtors' most recent audited consolidated
financial statements reflected assets totaling $90.5 million and
liabilities totaling $120.1 million.


DEB STORES: Court Okays Hiring of Cole Schotz as Corporate Counsel
------------------------------------------------------------------
Deb Stores Holding LLC and its debtor-affiliates sought and
obtained permission from the U.S. Bankruptcy Court for the District
of Delaware to employ Cole, Schotz, Meisel, Forman & Leonard, P.A.
as corporate counsel to the Board of Managers of Debtor Deb Store
Holding LLC, nunc pro tunc to the Dec. 4, 2014 petition date.

Deb Stores Holding LLC anticipates that Cole Schotz will provide
legal services and advice to the Board of Managers with respect to:
(i) decisions relating to the Cases or restructuring of the
Company; (ii) Board of Manager meetings; (iii) correspondence and
other inquiries regarding the role of the Board of Managers; and
(iv) other matters delineated by the Board of Managers.

The scope of Cole Schotz's retention is limited to advising the
Board of Managers of the Debtor Deb Stores Holding LLC only with
regard to general corporate and fiduciary matters and will not
duplicate the efforts of Pachulski, Stang, Ziehl & Jones LLP, the
Debtors' bankruptcy counsel. The Debtors will monitor the work
performed by all of their professionals to ensure that they are
utilized in anon-duplicative and cost-efficient manner.

Cole Schotz will be paid at these hourly rates:

       Michael D. Sirota, member         $825
       David M. Bass                     $665
       Therese A. Scheuer, associate     $360
       Pauline Ratkowiak, paralegal      $250
       Members and Special Counsel       $385-$825
       Associates                        $195-$425
       Paralegals                        $175-$255
       Litigation Support Specialists    $250-$350

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

Cole Schotz received approximately $25,000 in retainer payments
from the Debtors within one year prior to the Petition Date on
account of services rendered to the Board of Managers. Cole Schotz
continues to hold a retainer in the amount of $17,100.50.

Michael D. SiNota, member of Cole Schotz, 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.

Pursuant to the Appendix B Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed Under United
States Code by Attorneys in Larger Chapter 11 Cases (the "2013 UST
Guidelines"), the Firm makes certain disclosures herein.

   -- Cole Schotz did not agree to a variation of its standard or
      customary billing arrangements for this engagement;

   -- None of the Firm's professionals included in this engagement

      have varied their rate based on the geographic location of
      these Chapter 11 Cases;

   -- Cole Schotz was retained by the Debtors pursuant to an
      engagement agreement dated as of Nov. 20, 2014.  The billing

      rates and material terms of the prepetition engagement are
      the same as the rates and terms described in the
      Application.  Effective Sept. 1, 2014, Cole Schotz's rates
      increased, as the Firm's hourly rates are subject to
      periodic adjustments to reflect economic and other
      conditions; and

   -- The Debtors have approved a professional fee budget covering

      Cole Schotz's engagement for the period from the Petition
      Date through Feb. 28, 2015 (the "Budget").  In accordance
      with the U.S. Trustee Guidelines, the budget may be amended
      as necessary to reflect, among other things, changed or
      unanticipated developments.  The Board of Managers and Cole
      Schotz have discussed the staffing of these Chapter 11 Cases

      for Cole Schotz's engagement.

Cole Schotz can be reached at:

      Michael D. SiNota
      COLE, SCHOTZ, MEISEL, FORMAN & LEONARD, P.A.
      Court Plaza North
      25 Main Street
      Hackensack, NJ 07601
      Tel: (201) 525-6262
      Cel: (201) 637-4890
      Fax: (201) 678-6262
      E-mail: msirota@coleschotz.com

                          About Deb Stores

Headquartered in Philadelphia, Pennsylvania, Deb Stores is a
mall-based retailer in the juniors "fast-fashion" specialty sector
that operates under the name "DEB" and offers moderately priced,
fashionable, coordinated women's sportswear, dresses, coats,
lingerie, accessories and shoes for junior and plus sizes.  The
company, founded by Philip Rounick and Emma Weiner, opened its
first store under the name JOY Hosiery in Philadelphia,
Pennsylvania in 1932.  As of Sept. 30, 2014, the company operated
a total of 295 retail store locations (primarily in the East and
Midwest, especially Pennsylvania, Ohio and Michigan) as well as an
e-commerce channel.

On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc. and
its subsidiaries -- sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 11-11941) and closed the sale of the assets three
months later to Ableco Finance, LLC, the agent for the first lien
lenders.

Deb Stores Holding LLC and eight affiliated companies commenced
Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014.  The
Debtors are seeking to have their cases jointly administered, with
pleadings maintained on the case docket for Deb Stores Holding
(Case No. 14-12676).  The cases are assigned to Judge Mary F.
Walrath.

Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware, serve as counsel to the Debtors.  Epiq Bankruptcy
Solutions, LLC, is the claims and noticing agent.

As of Dec. 31, 2014, the Debtors' most recent audited consolidated
financial statements reflected assets totaling $90.5 million and
liabilities totaling $120.1 million.


DENDREON CORP: Case Reassigned to Judge Silverstein
---------------------------------------------------
Chief Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware issued an order on Jan. 7, 2015,
reassigning the Chapter 11 case of Dendreon Corp. to Judge Laurie
Selber Silverstein and terminating Judge Peter J. Walsh's
involvement in the case.

                    About Dendreon Corporation

With corporate headquarters in Seattle, Washington, Dendreon
Corporation -- http://www.dendreon.com/-- a biotechnology company


focused on the development of novel cellular immunotherapies to
significantly improve treatment options for cancer patients.
Dendreon's first product, PROVENGE (sipuleucel-T), was approved by
the U.S. Food and Drug Administration (FDA) and became
commercially available for the treatment of men with asymptomatic
or minimally symptomatic castrate-resistant (hormone-refractory)
prostate cancer in April 2010.  Dendreon is traded on the NASDAQ
Global Market under the symbol DNDN.

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

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

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

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

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


DENDREON CORP: Reports Product Revenue of $304MM in Q4 of 2014
--------------------------------------------------------------
Dendreon Corporation on Jan. 14 disclosed it grew sales in four
quarters successively, exceeded its revenue target for the first
time ever, and achieved cash-flow break even in the fourth quarter
(adjusted for non-recurring items), starting 2015 on a strong
footing.  In addition, the first commercial European patient
initiated treatment with PROVENGE(R) (sipuleucel-T) in Germany --
the first country outside of the U.S. to offer the novel
immunotherapy for advanced prostate cancer since receiving
marketing authorization in the European Union (EU) in 2013.

"The availability of PROVENGE in Europe gives physicians a
brand-new way to fight this difficult-to-treat disease and may
extend the lives of patients, who currently have limited effective
therapies available."

Dendreon finished 2014 strong with a net product revenue for the
year ended December 31, 2014 of $303.8 million compared to $283.7
million for the year ended December 31, 2013.  Net product revenue
for the fourth quarter ended December 31, 2014 was $79.8 million
compared to $74.8 million for the fourth quarter ended December 31,
2013.  As of December 31, 2014, Dendreon had approximately $122
million in cash, cash equivalents, and short-term and long-term
investments.

"Achieving these three major milestones -- delivering four
consecutive quarters of year over year growth, exceeding our target
revenue and commercializing PROVENGE in Europe -- starts 2015 on a
positive note," said W. Thomas Amick, president and chief executive
officer of Dendreon.  "Dendreon is moving in the right direction,
and we are delivering on our commitment to expand access to
PROVENGE for advanced prostate cancer patients worldwide."

In early January, the first commercial patient in Germany began
treatment with PROVENGE for advanced prostate cancer, demonstrating
Dendreon's continued commitment to bring the first personalized
immunotherapy to patients in new markets.  To help meet the need
for innovative therapies for advanced prostate cancer in the EU,
PROVENGE, which stimulates a patient's own immune system to fight
cancer, is being made available through a growing network of
regional cancer treatment centers where select physicians are being
trained in the treatment process.  Initially, PROVENGE is available
at four centers in Germany.  Adding to the product's broadening
access, Dendreon has also registered PROVENGE in Puerto Rico,
making it available for distribution.

"It is a privilege to be the first institution in the EU using a
pioneering therapy like PROVENGE to treat advanced prostate
cancer," said Axel Heidenreich, MD, Uniklinik RWTH Aachen, Klinik
for Urologie, Aachen, Germany.  "The availability of PROVENGE in
Europe gives physicians a brand-new way to fight this
difficult-to-treat disease and may extend the lives of patients,
who currently have limited effective therapies available."

In 2012, approximately 417,000 men were diagnosed with prostate
cancer in Europe, and more than 92,000 men died from the disease.

PROVENGE is approved in the EU for the treatment of asymptomatic or
minimally symptomatic metastatic (non-visceral) castrate-resistant
prostate cancer in male adults in whom chemotherapy is not yet
clinically indicated.  Dendreon received marketing authorization
for PROVENGE from the European Commission in September 2013, which
provides approval for the commercialization of PROVENGE in all 28
countries of the EU as well as Norway, Iceland and Liechtenstein.
The product is also approved by the Food and Drug Administration in
the United States.

On November 10, 2014, Dendreon announced that it reached agreements
on the terms of a financial restructuring with the Senior
Noteholders of the Company's 2.875% Convertible Senior Notes due
2016, representing approximately 84% of the $620 million aggregate
principal amount of the 2016 Notes.  Under the terms of the
agreements, the financial restructuring may take the form of a
stand-alone recapitalization or a sale of the Company or its
assets.  To implement the financial restructuring contemplated
under the agreements with the relevant Senior Noteholders, Dendreon
and its U.S. subsidiaries filed voluntary petitions under Chapter
11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Delaware.  The transactions under the agreements will
enable continued delivery of PROVENGE without disruption or impact
to access for providers and appropriate patients in need of this
revolutionary personalized immunotherapy treatment.

                   About Dendreon Corporation

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

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors
requested that their cases be jointly administered under Case No.
14-12515.  Judge Peter J. Walsh presides over the cases.  

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

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

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

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


DOMARK INTERNATIONAL: Delays Form 10-Q for Nov. 30 Quarter
----------------------------------------------------------
DoMark International, Inc., informed the U.S. Securities and
Exchange Commission that it could not complete the filing of its
quarterly report on Form 10-Q for the period ended Nov. 30, 2014,
due to a delay in obtaining and compiling information required to
be included in the Company's Form 10-Q, which delay could not be
eliminated by the Company without unreasonable effort and expense.
In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, as amended, the Company said it will file its Form 10-Q no
later than the fifth calendar day following the prescribed due
date.

                    About Domark International

Based in Lake Mary, Florida, DoMark International, Inc., was
incorporated under the laws of the State of Nevada on March 30,
2006.  The Company was formed to engage in the acquisition and
refinishing of aged furniture using exotic materials and then
reselling it through interior decorators, high-end consignment
shops and online sales.  The Company abandoned its original
business of exotic furniture sales in May of 2008 and pursued the
acquisition of entities to best bring value to the company and its
shareholders.

The Company's balance sheet at Aug. 31, 2014, showed $1.45 million
in total assets, $2.6 million in total liabilities, and a
stockholders' deficit of $1.15 million.

The Company said in its quarterly report for the period ended
Aug. 31, 2014, that it has inadequate working capital to maintain
or develop its operations, and is dependent upon funds from private
investors and the support of certain stockholders which factors
raise substantial doubt about its ability to continue as a going
concern.


DUNE ENERGY: Eos Tender Offer Extended Until Jan. 23
----------------------------------------------------
In connection with the Agreement and Plan of Merger, dated Sept.
17, 2014, between Dune Energy, Inc., Eos Petro, Inc., and Eos
Merger Sub, Inc., the parties have agreed to extend the expiration
of the tender offer to acquire all of the outstanding shares of
common stock of Dune to Friday, Jan. 23, 2015, at 12:00 Midnight,
New York City time, to allow the parties additional time to
negotiate revised terms to the Merger Agreement.

The tender offer was previously scheduled to expire on Jan. 15,
2015, at 12:00 Midnight, New York City time.  The depositary for
the tender offer has advised that, as of the close of business on
Jan. 15, 2015, a total of approximately 71,926,542 shares or
98.52473% of outstanding shares had been validly tendered and not
properly withdrawn pursuant to the tender offer, which is
sufficient to satisfy the minimum tender condition contemplated by
the Merger Agreement.

Eos has informed Dune that, due to the recent severe decline in oil
prices, Eos cannot proceed to complete the merger and tender
described in the Merger Agreement, at least not on the terms
originally negotiated.  Because of the severe decline in oil
prices, Eos' sources of capital for the merger and tender offer
were withdrawn.  Dune 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 price for the shares of Dune common stock tendered
for purchase in the tender offer.  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 those revised terms are made
publicly available, in order to give Dune's investors adequate time
to consider the revised terms.  However, there is no assurance that
the parties will be able to agree on revised terms.

A copy of the Fourth Amendment to the Agreement and Plan of Merger
is available for free at http://is.gd/Gd2HwP

                          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 $47 million in 2013, a net
loss of $7.85 million in 2012 and a net loss of $60.4 million in
2011.

As of June 30, 2014, the Company had $231 million in total
assets, $143 million in total liabilities and $88.4 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.


DUPONT PERFORMANCE: Bank Debt Trades at 3% Off
----------------------------------------------
Participations in a syndicated loan under which DuPont Performance
Coatings is a borrower traded in the secondary market at 97.20
cents-on-the-dollar during the week ended Friday, January 16,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 0.50 percentage points from the previous week, The
Journal relates.  DuPont Performance Coatings pays 300 basis
points above LIBOR to borrow under the facility.  The bank loan
matures on February 1, 2020, and carries Moody's B1 rating and
Standard & Poor's B+ rating.  The loan is one of the biggest
gainers and losers among 212 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.



EMMAUS LIFE: Director Duane Kurisu Resigns
------------------------------------------
Emmaus Life Sciences, Inc., disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that it received a
notice from Mr. Duane Kurisu of his resignation from the Board of
Directors of the Company.  Mr. Kurisu's resignation was not due to
any disagreement with the Company and, in accordance with the
Company's By-laws, was effective on Jan. 9, 2015.

Emmaus Life Sciences, Inc., is engaged in the discovery,
development, and commercialization of treatments and therapies
primarily for rare and orphan diseases.  This biopharmaceutical
company's headquarters is in Torrance, California.

The Company's balance sheet at Sept. 30, 2014, showed $3.66
million in total assets, $23.6 million in total liabilities and
total stockholders' deficit of $20.0 million.

Emmaus Life reported a net loss of $14.06 million in 2013 following
a net loss of $14.14 million in 2012.

KPMG LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations, has
significant amounts of debt due within a year, and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.


EMPIRE RESORTS: Largest Stockholder Exercises Subscription Rights
------------------------------------------------------------------
Empire Resorts, Inc., announced that Kien Huat Realty III Limited,
its largest stockholder, exercised the basic subscription rights it
was granted in the Company's ongoing rights offering on Thursday,
Jan. 15, 2015, at $7.10 per share.  Such exercise generated $30.7
million of gross proceeds to the Company.

In accordance with a standby purchase agreement executed by the
Company and Kien Huat in relation to the rights offering, Kien Huat
has further agreed it would exercise all rights not otherwise
exercised by the other holders in the rights offering in an
aggregate amount not to exceed $50 million.  The Company will pay
Kien Huat a commitment fee of $250,000 pursuant to the standby
purchase agreement.  In addition, the Company will reimburse Kien
Huat for its expenses related to the standby purchase agreement in
an amount not to exceed $40,000.  The consummation of the
transactions contemplated by the standby purchase agreement is
subject to customary closing conditions.

The Company distributed to its common stock holders and Series B
Preferred Stock holders one non-transferable right to purchase one
share of common stock at a subscription price of $7.10 per share
for each 5.6 shares of common stock owned, or into which their
Series B Preferred Stock was convertible, on Jan. 2, 2015, the
record date for the offering.  In addition to being able to
purchase their pro rata portion of the shares offered based on
their ownership as of Jan. 2, 2015, stockholders may oversubscribe
for additional shares of common stock.  Holders of rights may
exercise their subscription rights to purchase additional shares of
our common stock at the subscription price per share until prior to
5:00 p.m., New York City time, on Feb. 2, 2015, subject to
extension and earlier termination.  Subscription rights not
exercised by such time and date will expire and have no value.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Kien Huat Realty III Limited and Lim Kok Thay disclosed
that as of Jan. 15, 2015, they beneficially owned
28,523,870 shares of common stock of Empire Resorts representing
65.1 percent of the shares outstanding.  A copy of the Schedule
13D/A is available for free at http://is.gd/xuxAYR

                       About Empire Resorts

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

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

The Company's balance sheet at Sept. 30, 2014, showed $42.4
million in total assets, $56.7 million in total liabilities and a
$14.3 million total stockholders' deficit.


ERF WIRELESS: IBF Funds No Longer Owns Shares as of Jan. 16
-----------------------------------------------------------
IBC Funds LLC reported that as of Jan. 16, 2015, it ceased to be
the beneficial owner of shares of common stock of ERF Wireless,
Inc.  IBC Funds previously reported beneficial ownership of 99,172
common shares of ERF Wireless representing 9.9 percent of the
shares outstanding at April 25, 2014.  A copy of the regulatory
filing is available for free at http://is.gd/bGepiH

                        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 of
$4.81 million in 2012, and a net loss of $3.37 million in 2011.

As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.4 million in liabilities, and a $6.84 million
shareholders' deficit.


ERF WIRELESS: Issues 31.5 Million Common Shares
-----------------------------------------------
ERF Wireless, Inc., issued 31,580,457 common stock shares pursuant
to existing Convertible Promissory Notes from January 10 through
Jan. 16, 2015, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

The Company receives no additional compensation at the time of the
conversions beyond that previously received at the time the
Convertible Promissory Notes were originally issued.   The shares
were issued at an average of $0.000655 per share.  The issuance of
the shares constitutes 36.94% of the Company's issued and
outstanding shares based on 85,488,819 shares issued and
outstanding as of Jan. 9, 2015.

                         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 of $4.81 million in 2012, and a
net loss of $3.37 million in 2011.

As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.4 million in liabilities, and a $6.84 million
shareholders' deficit.


ERF WIRELESS: Tonaquint Has 9.9% Stake as of Jan. 15
----------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Tonaquint, Inc., and its affiliates reported
beneficial ownership of 2,498,923 shares of common stock of ERF
Wireless, Inc., representing 9.9 percent of the shares outstanding
as of Jan. 15, 2015.  A copy of the regulatory filing is available
for free at http://is.gd/KqEcGY

                         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 of $4.81 million in 2012, and a
net loss of $3.37 million in 2011.

As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.4 million in liabilities, and a $6.84 million
shareholders' deficit.


ESP RESOURCES: Incurs $666,000 Net Loss in June 30 Quarter
----------------------------------------------------------
ESP Resources, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $666,000 on $2.62 million of net sales for the three months
ended June 30, 2014, compared to a net loss of $2.04 million on
$2.06 million of net sales for the same period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $1.42 million on $5.78 million of net sales compared to a
net loss of $3.33 million on $5.52 million of net sales for the
same period a year ago.

As of June 30, 2014, the Company had $4.79 million in total assets,
$10.05 million in total liabilities and a $5.26 million total
stockholders' deficit.

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

                        http://is.gd/YkXYl7

                        About ESP Resources

The Woodlands, Texas-based ESP Resources, Inc., through its
subsidiaries, manufactures, blends, distributes and markets
specialty chemicals and analytical services to the oil and gas
industry and also provides services for the upstream, midstream
and downstream sectors of the energy industry, including new
construction, major modifications to operational support for
onshore and offshore production, gathering, refining facilities
and pipelines designed to optimize performance and increase
operators' return on investment.

ESP Resources reported a net loss of $5.23 million on $10.6
million of net sales for the year ended Dec. 31, 2013, as compared
with a net loss of $5.08 million on $16.98 million of net sales in
2012.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has incurred net losses through Dec. 31, 2013, and has
a working capital deficit as of Dec. 31, 2013.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


EXIDE TECHNOLOGIES: DIP Amended to Extend Plan Milestones
---------------------------------------------------------
BankruptcyData, citing a Form 8-K filing with the U.S. Securities
and Exchange Commission, reported that Exide Technologies entered
into an amendment to its previously amended and restated
superpriority Debtor-in-Possession Credit Agreement, dated as of
July 12, 2013, with its lenders and agent, JPMorgan Chase Bank, to
extend certain milestones relating to the Company's restructuring
efforts.

Specifically, the Amendment extends the milestones for the (i)
approval of Exide's disclosure statement from January 15, 2015
until February 9, 2015 and (ii) confirmation of Exide's plan of
reorganization from March 10, 2015 until March 25, 2015, the BData
report said, citing the regulatory filing.

                    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.

                            *     *     *

In November 2014, the Bankruptcy Court terminated Exide
Technologies' exclusive period to propose a Chapter 11 plan.  The
Court ordered that any party-in-interest, including the Official
Committee of Unsecured creditors may file and solicit acceptance of
a Chapter 11 Plan.

Exide already has a plan of reorganization in place. Under that
Plan, (a) Reorganized Exide's debt at emergence will comprise: (i)
an estimated $225 million Exit ABL Revolver Facility; (ii) $264
million of New First Lien High Yield Notes; (iii) $284 million of
New Second Lien Convertible Notes.  The Debtor's non-debtor
European subsidiaries are also expected to have approximately $23
million; (b) The New Second Lien Convertible Notes will be
convertible into 80% of the New Exide Common Stock on a fully
diluted basis; and (c) New Exide Common Stock would be allocated as
follows: 15.0% to Holders of Senior Secured Note Claims after
conversion of the New Second Lien Convertible Notes into New Exide
Common Stock; 3.0% on account of the  DIP/Second Lien Conversion
Funding Fee; and 2.0% on account of the DIP/Second Lien Backstop
Commitment Fee.

Exide has entered into an amended and restated plan support
agreement with holders of a majority of the principal amount of its
senior secured notes.

A full-text copy of the Disclosure Statement dated Nov. 17, 2014,
is available at http://bankrupt.com/misc/EXIDEds1117.pdf

In December 2014, Judge Kevin Carey denied the request of Exide
shareholders for appointment of an official equity holders'
committee.  The shareholders have objected to the Plan.


EXIDE TECHNOLOGIES: DIP Lenders Push Back Plan-Related Milestones
-----------------------------------------------------------------
Exide Technologies entered into an amendment dated as of January
14, 2015, to the Amended and Restated Superpriority
Debtor-in-Possession Credit Agreement, dated as of July 12, 2013,
by and among the Company, as US Borrower, Exide Global Holding
Netherlands C.V., as Foreign Borrower, the lenders from time to
time party thereto and JPMorgan Chase Bank, N.A., as Agent.

The Amendment extends certain milestones relating to the
Company’s restructuring efforts. Specifically, the Amendment
extends the milestones for the (i) approval of Exide’s disclosure
statement from January 15, 2015 until February 9, 2015 and (ii)
confirmation of Exide’s plan of reorganization from March 10,
2015 until March 25, 2015.

A copy of Amendment No. 10 to the Amended and Restated
Superpriority Debtor-in-Possession Credit Agreement is available at
http://is.gd/1oeEHY

                  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.

                            *     *     *

In November 2014, the Bankruptcy Court terminated Exide
Technologies' exclusive period to propose a Chapter 11 plan.  The
Court ordered that any party-in-interest, including the Official
Committee of Unsecured creditors may file and solicit acceptance of
a Chapter 11 Plan.

Exide already has a plan of reorganization in place. Under that
Plan, (a) Reorganized Exide's debt at emergence will comprise: (i)
an estimated $225 million Exit ABL Revolver Facility; (ii) $264
million of New First Lien High Yield Notes; (iii) $284 million of
New Second Lien Convertible Notes.  The Debtor's non-debtor
European subsidiaries are also expected to have approximately $23
million; (b) The New Second Lien Convertible Notes will be
convertible into 80% of the New Exide Common Stock on a fully
diluted basis; and (c) New Exide Common Stock would be allocated
as follows: 15.0% to Holders of Senior Secured Note Claims after
conversion of the New Second Lien Convertible Notes into New Exide
Common Stock; 3.0% on account of the  DIP/Second Lien Conversion
Funding Fee; and 2.0% on account of the DIP/Second Lien Backstop
Commitment Fee.

Exide has entered into an amended and restated plan support
agreement with holders of a majority of the principal amount of
its senior secured notes.

A full-text copy of the Disclosure Statement dated Nov. 17, 2014,
is available at http://bankrupt.com/misc/EXIDEds1117.pdf  

In December 2014, Judge Kevin Carey denied the request of Exide
shareholders for appointment of an official equity holders'
committee.  The shareholders have objected to the Plan.


FALCON STEEL: Files Plan to Exit Bankruptcy Protection
------------------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
Texas-based Falcon Steel Co., which makes steel lattice towers for
power lines, filed a plan to emerge from bankruptcy protection,
saying it has secured new orders and reached a deal to refinance a
$17.5 million bank loan.  According to the report, in its
bankruptcy-exit plan, officials at the 243-worker company gave
revenue projections through 2019 tied to new orders for building
transmission towers for the utility industry.

                        About Falcon Steel

Falcon Steel Company and New Falcon Steel, LLC, sought Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas, Fort Worth Division (Case Nos. 14-42585 and 14-42586) on
June 29, 2014.  Falcon Steel claims to be the only American-owned
company that builds steel lattice towers for high electrical
transmission lines.

Falcon Steel was formed in 1963 and has operated continuously since
that time as a manufacturer engaged in fabricating and galvanizing
structural steel for customers in the United States.  New Falcon, a
subsidiary, suspended operations in June 2013 and is being held for
sale.

Falcon has three manufacturing plants in the DFW area in Texas,
with one facility in Haltom City, another in Euless, and the third
facility in Kaufman, Texas.  The company's corporate headquarters
is located at its Haltom City plant.  It currently employs
approximately 255 employees.

Bankruptcy Judge D. Michael Lynn, in an amended order, directed the
joint administration of the case of Falcon Steel Company and New
Falcon Steel, LLC (Lead Case No. 14-42585).

Falcon Steel estimated assets and debt of $10 million to $50
million.

The Debtors have tapped Forshey & Prostok, LLP, as general counsel
and Decker, Jones, McMackin, McClane, Hall & Bates, P.C. as special
corporate counsel.  Ryan LLC acts as property tax consultant.  The
Debtors also tapped Western Operations LLC as financial consultant,
and Rylander, Clay & Opitz, LLP, as accountants.

The U.S. Trustee has appointed a five-member panel to serve as the
official unsecured creditors committee in the Debtors' cases.  The
Committee has tapped McCathern, PLLC, as counsel.


FINJAN HOLDINGS: Amends Employment Agreement with Pres. and CEO
---------------------------------------------------------------
Finjan Holdings, Inc., entered into an amended employment agreement
with Philip Hartstein, the Company's president and chief executive
officer, effective Jan. 1, 2015.

According to a regulatory filing with the U.S. Securities and
Exchange Commission, the Agreement provides that Mr. Hartstein will
continue as the Company's president and chief executive officer at
a base salary of $350,000, subject to adjustment.   During the term
of the Agreement, Mr. Hartstein will also be eligible to receive an
annual bonus in the amount of $200,000, subject to adjustment on an
annual basis, based upon his individual performance and the overall
progress of the Company.  Mr. Hartstein will also be eligible to
participate in the Company's 2014 Incentive Compensation Plan and
benefit plans maintained by the Company.

Pursuant to the Agreement, the Board of Directors awarded Mr.
Hartstein 200,000 shares of restricted stock units on Jan. 14,
2015.  The RSUs are scheduled to vest over a four-year period, with
one-quarter vesting on Jan. 1, 2016, and the remainder vesting
ratably on a quarterly basis for the following three years so that,
subject to employee's continued employment, the RSUs granted shall
be fully vested on Jan. 1, 2019.  The RSUs were awarded pursuant to
the 2014 Plan and an award agreement thereunder.

The Agreement also provides that in the event the daily trading
average price of the Company's shares of common stock has been at
least $12.50 for a period of 20 full consecutive trading days
during the term of the Agreement, the Company will recommend to the
Compensation Committee and the Board of Directors a grant of an
additional 100,000 RSUs.  Subject to employee's employment at the
time of grant, this grant of RSUs would be fully vested immediately
upon grant.  The RSUs would be awarded (if at all) pursuant to the
2014 Plan, as amended, or any successor plan that may then be in
effect and an award agreement thereunder.

Mr. Hartstein's employment may be terminated at any time and for
any reason upon at least 90 days advance written notice of that
termination.

                            About Finjan

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

Finjan Holdings reported a net loss of $6.07 million in 2013
following net income of $51.0 million in 2012.  The Company
reported a net loss of $2 million on $175,000 of revenues for the
three months ended March 31, 2014.

The Company's balance sheet at Sept. 30, 2014, showed $26.1
million in total assets, $2.70 million in total liabilities and
$23.4 million in total stockholders' equity.


FIRST DATA: Bank Debt Trades at 2% Off
--------------------------------------
Participations in a syndicated loan under which First Data Corp. is
a borrower traded in the secondary market at 97.88
cents-on-the-dollar during the week ended Friday, January 16, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
0.47 of percentage points from the previous week, The Journal
relates.  First Data pays 350 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 15, 2018, and
carries Moody's B1 rating and Standard & Poor's BB- rating.  The
loan is one of the biggest gainers and losers among 264 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



FIRST NATIONAL BANK: First NBC Bank Assumes All of Bank's Deposits
------------------------------------------------------------------
First National Bank of Crestview, Crestview, Florida, was closed by
the Office of the Comptroller of the Currency, which appointed the
Federal Deposit Insurance Corporation (FDIC) as receiver.  To
protect the depositors, the FDIC entered into a purchase and
assumption agreement with First NBC Bank, New Orleans, Louisiana,
to assume all of the deposits of First National Bank of Crestview.

The three former branches of First National Bank of Crestview will
reopen as branches of First NBC Bank on Tuesday, the first business
day of the week given the Martin Luther King, Jr., holiday.
Depositors of First National Bank of Crestview will automatically
become depositors of First NBC Bank. Deposits will continue to be
insured by the FDIC, so there is no need for customers to change
their banking relationship in order to retain their deposit
insurance coverage up to applicable limits.

Customers of First National Bank of Crestview should continue to
use their current branch until they receive notice from First NBC
Bank that systems conversions have been completed to allow
full-service banking at all branches of First NBC Bank.

Depositors of First National Bank of Crestview can continue to
access their money by writing checks or using ATM or debit cards.
Checks drawn on the bank will continue to be processed. Loan
customers should continue to make their payments as usual.

As of September 30, 2014, First National Bank of Crestview had
approximately $79.7 million in total assets and $78.6 million in
total deposits. In addition to assuming all of the deposits of
First National Bank of Crestview, First NBC Bank agreed to purchase
approximately $62.0 million of the failed bank's assets. The FDIC
will retain the remaining assets for later disposition.



FL 6801: Z Capital Completes Purchase of Lehman-Owned Condo
-----------------------------------------------------------
Daily Bankruptcy Review reported that Z Capital Partners completed
the purchase of the Canyon Ranch Hotel & Spa in Miami Beach, which
a Lehman Brothers affiliate put into bankruptcy protection earlier
this year.  According to the report, a bankruptcy judge had earlier
approved the $21.6 million sale to the private-equity fund manager,
a deal that a disgruntled group of Canyon Ranch condo owners who
wanted to buy the property had fought in court.

                      About FL 6801 Spirits

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

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

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

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

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


FORTESCUE METALS: Bank Debt Trades at 10% Off
---------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Ltd is a borrower traded in the secondary market at 90.30
cents-on-the-dollar during the week ended Friday, January 16, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents increase of
0.52 percentage points from the previous week, The Journal relates.
Fortescue Metals pays 325 basis points above LIBOR to borrow under
the facility.  The bank loan matures on June 13, 2019, and carries
Moody's Baa3 rating and Standard & Poor's BBB rating.  The loan is
one of the biggest gainers and losers among 212 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



FOUR OAKS: To Issue 1.9 Million Shares Under Stock Plan
-------------------------------------------------------
Four Oaks Fincorp, Inc., filed a Form S-8 registration statement
with the U.S. Securities and Exchange Commission relating to the
offering of 1,920,000 shares of its common under under its 2015
restricted stock plan.  The proposed maximum aggregate offering
price is $2.89 million.  A full-text copy of the Form S-8 is
available for free at http://is.gd/o5Z0qq

                          About Four Oaks

Based in Four Oaks, North Carolina, Four Oaks Fincorp, Inc., is
the bank holding company for Four Oaks Bank & Trust Company.  The
Company has no significant assets other than cash, the capital
stock of the bank and its membership interest in Four Oaks
Mortgage Services, L.L.C., as well as $1.24 million in securities
available for sale as of Dec. 31, 2011.

Four Oaks reported a net loss of $350,000 in 2013, a net loss of
$6.96 million in 2012 and a net loss of $9.09 million in 2011.

As of Sept. 30, 2014, the Company had $838 million in total
assets, $798 million in total liabilities and $40.1 million in
total shareholders' equity.

                          Written Agreement

"In late May 2011, the Company and the Bank entered into a formal
written agreement (the "Written Agreement") with the Federal
Reserve Bank of Richmond (the "FRB") and the North Carolina Office
of the Commissioner of Banks (the "NCCOB").  Under the terms of
the Written Agreement, the Bank developed and submitted for
approval, within the time periods specified, plans to:

   * revise lending and credit administration policies and
     procedures at the Bank and provide relevant training;

   * enhance the Bank's real estate appraisal policies and
     procedures;

   * enhance the Bank's loan grading and independent loan review
     programs;

   * improve the Bank's position with respect to loans,
     relationships, or other assets in excess of $750,000, which
     are now or in the future become past due more than 90 days,
     are on the Bank's problem loan list, or adversely classified
     in any report of examination of the Bank; and

   * review and revise the Bank's policy regarding the Bank's
     allowance for loan and lease losses and maintain a program
     for the maintenance of an adequate allowance.

A material failure to comply with the terms of the Written
Agreement could subject the Company to additional regulatory
actions and further restrictions on its business.  These
regulatory actions and resulting restrictions on the Company's
business may have a material adverse effect on its future results
of operations and financial condition," the Company said in its
quarterly report for the period ended March 31, 2014.


FREESEAS INC: Gets Extension to Comply with NASDAQ Rule
-------------------------------------------------------
FreeSeas Inc. declared that it received a letter from NASDAQ
notifying the Company that it has been provided an additional 180
calendar day period, or until July 13, 2015, to regain compliance
with the minimum $1 bid price per share requirement.  

The Company's eligibility for the additional period was based on
meeting the continued listing requirement for market value of
publicly held shares and all other applicable requirements for
initial listing on the NASDAQ Capital Market with the exception of
the bid price requirement, and the Company's written notice of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.  

If at any time during this additional time period the closing bid
price of the Company's common stock is at least $1 per share for a
minimum of 10 consecutive business days, NASDAQ will provide
written confirmation of compliance and this matter will be closed.
If compliance cannot be demonstrated by July 13, 2015, NASDAQ will
provide written notification that the Company's common stock will
be delisted.  At that time, the Company may appeal NASDAQ's
determination to a Hearings Panel.  If the Company appeals, it will
be asked to provide a plan to regain compliance to the Panel.

                         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 $48.7 million in 2013, a net
loss of $30.88 million in 2012 and a net loss of $88.2 million in
2011.  The Company's balance sheet at March 31, 2014, showed
$79.8 million in total assets, $77.4 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.


FXCM INC: To Get $300 Million Rescue Package From Jefferies
-----------------------------------------------------------
Telis Demos and Christina Rexrod, writing for Daily Bankruptcy
Review, reported that FXCM Inc. will receive a $300 million rescue
package from Jefferies Group LLC that will allow it to meet its
regulatory capital requirements and continue operations.  According
to the report, FXCM and other currency brokers were hit hard after
the Swiss National Bank decided to remove the cap on its currency.


GASFRAC ENERGY: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Ernst & Young Inc.
                       1000, 400-2nd Avenue SW
                       Calgary, AB T2P 5E9

Chapter 15 Debtors:

    Name                              Case No.
    ----                              --------
    GASFRAC Energy Services Inc.      15-50161
    1900, 520-3rd Avenue SW
    Calgary AB T2P 0R3

    GASFRAC Services GP, Inc.         15-50162

    GASFRAC US Holdings, Inc.         15-50163

    GASFRAC Energy Services           15-50164
    Limited Partnership

    GASFRAC Inc.                      15-50166

    GASFRAC Energy Services (US) Inc. 15-50167

Type of Business: The Debtors have pioneered the utilization of
                  the liquid petroleum gas fracturing process.

Chapter 15 Petition Date: January 15, 2015

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Hon. Craig A. Gargotta

Chapter 15 Debtors'    Steve A. Peirce
Counsel:               FULBRIGHT & JAWORSKI, LLP
                       300 Convent, Suite 2200
                       San Antonio, TX 78205-0001
                       Tel: 210-270-7179
                       Fax: 210-270-7205
                       Email: steve.peirce@nortonrosefulbright.com

Chapter 15             Timothy S. Springer, Esq.
Petitioner's           FULBRIGHT & JAWORKSKI LLP
Counsel:               2200 Ross Avenue, Suite 2800
                       Dallas, TX 75201
                       Tel: 214-855-8000
                       Fax: 214-855-8200
                       Email: tim.springer@nortonrosefulbright.com

                         - and -

                       Steve A. Peirce, Esq.
                       FULBRIGHT & JAWORSKI, LLP
                       300 Convent, Suite 2200
                       San Antonio, TX 78205-0001
                       Tel: 210-270-7179
                       Fax: 210-270-7205
                       Email: steve.peirce@nortonrosefulbright.com

                         - and -

                       Louis R. Strubeck, Esq.
                       FULBRIGHT & JAWORSKI LLP
                       2200 Ross Avenue, Suite 2800
                       Dallas, TX 75201
                       Tel: (214) 855-800
                       Fax: (214) 855-8200
                     
Estimated Assets: $100 million to $500 million

Estimated Liabilities: $50 million to $100 million


GENERAL STEEL: Receives Notice of Non-Compliance from NYSE
----------------------------------------------------------
The New York Stock Exchange notified General Steel Holdings, Inc.,
by a letter dated as of Jan. 9, 2015, that General Steel is not in
compliance with the continued listing standards set forth in
Section 802.01B of the NYSE's Listed Company Manual.  

The Company is below NYSE minimum requirements for average market
capitalization over a 30 trading-day period of greater than $50
million and reported stockholders' equity of greater than $50
million.

In accordance with NYSE procedures, the Company has 45 days from
the date of receipt of the NYSE's notice to submit a business plan
to the NYSE demonstrating its ability to achieve compliance with
the continued listing standards of Section 802.01B within 18 months
of the date of receipt of the NYSE's Notice.  The Company intends
to provide the NYSE with the required response to the NYSE's notice
within 10 business days of its receipt, and submit a business plan
subsequently, stating its intent to cure this deficiency.  In the
event the NYSE approves the Company's plan, the Company's common
stock will continue to be listed and traded on the NYSE during this
18-month cure period, subject to NYSE's discretion, under the
symbol "GSI", but will continue to be assigned a ".BC" indicator.

The Company's business operations and United States Securities and
Exchange Commission reporting requirements are not affected by the
receipt of the NYSE's notice.  The Company intends to actively
monitor the closing price of its common stock during the cure
period and will evaluate available options to resolve this
deficiency and regain compliance with the applicable NYSE
regulations.

                   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.  General Steel --
http://www.gshi-steel.com/-- 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.  

The Company reported a net loss of $42.6 million in 2013, a net
loss of $232 million in 2012, a net loss of $283 million in 2011,
and a net loss of $46.3 million in 2010.

The Company's balance sheet at Sept. 30, 2014, showed
$2.76 billion in assets, $3.35 billion in liabilities, and a
$584 million total deficiency.


GENIUS BRANDS: Issues Letter to Shareholders
--------------------------------------------
Genius Brands International, Inc., distributed a letter to its
shareholders on Jan. 14, 2015, from its Chairman & CEO Andy
Heyward.  A copy of the Letter is available for free at:

                        http://is.gd/uFD0Tp

                        About Genius Brands

San Diego, Calif.-based Genius Brands International, Inc., creates
and distributes music-based products which it believes are
entertaining, educational and beneficial to the well-being of
infants and young children under its brands, including Baby Genius
and Little Genius.

Genius Brands reported a net loss of $7.21 million in 2013, a net
loss of $2.06 million in 2012 and a net loss of $1.37 million in
2011.

As of Sept. 30, 2014, the Company had $18.27 million in total
assets, $3.67 million in total liabilities and $14.6 million in
total stockholders' equity.


GEOMET INC: Grace Brothers Reports 18.5% Stake at Dec. 31
---------------------------------------------------------
Grace Brothers, Ltd., Spurgeon Corporation and Bradford T. Whitmore
disclosed that as of Dec. 18, 2014, they beneficially owned
9,176,737 shares of common stock of GeoMet, Inc., representing 18.5
percent of the shares outstanding.  A copy of the schedule 13G
which was filed with the U.S. Securities and Exchange Commission is
available at http://is.gd/icFIcY

                         About Geomet Inc.

Houston, Texas-based GeoMet, Inc., is an independent energy
company primarily engaged in the exploration for and development
and production of natural gas from coal seams (coalbed methane)
and non-conventional shallow gas.  Its principal operations and
producing properties are located in the Cahaba and Black Warrior
Basins in Alabama and the central Appalachian Basin in Virginia
and West Virginia.  It also owns additional coalbed methane and
oil and gas development rights, principally in Alabama, Virginia,
West Virginia, and British Columbia.  As of March 31, 2012, it
owns a total of 192,000 net acres of coalbed methane and oil and
gas development rights.

Hein & Associates LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has suffered recurring losses from operations and has a
net working capital deficiency that raise substantial doubt about
the Company's ability to continue as a going concern.

The Company's balance sheet at Sept. 30, 2014, showed $24.4
million in total assets, $1.06 million in total liabilities, $47.3
million in series A convertible redeemable preferred stock, and a
$23.9 million total stockholders' deficit.


GFI GROUP: Moody's Continues Review for Upgrade on B1 Debt Rating
-----------------------------------------------------------------
Moody's Investors Service announced that it is continuing its
review for upgrade on GFI Group Inc.'s B1 long-term issuer and
senior unsecured debt ratings.

Ratings Rationale

Moody's placed GFI's ratings on review for upgrade on 30 July 2014
following the announcement that CME Group Inc. (Aa3, stable) had
agreed to acquire the company. However, on 22 October 2014, BGC
Partners (unrated) announced a competing offer to acquire all of
the outstanding common shares of GFI it did not own (BGC owned
13.5% at the time of the announcement). There will be a shareholder
vote on 27 January 2015 to determine the final outcome for the
competing bids.

Should shareholders vote for the CME deal, it would be positive for
GFI's bondholders since they would become creditors of the
higher-rated CME. If the vote results in the completion of the BGC
transaction, it would be unlikely to be detrimental to GFI's
current B1 ratings. Moody's will consider the final structure of
the winning acquisition bid and terms of any debt assumption in
concluding its review of GFI's debt ratings after the close of the
winning transaction.

However, downward rating pressure on GFI may develop if either
transaction fails to close, particularly if a significant number of
customers or employees leave during the transaction review period,
leading to deterioration in financial performance.

What Could Change the Rating -- UP

A combination of the following factors could put upward pressure on
the rating:

-- Acquisition and assumption of debt by a firm with a stronger
credit profile

-- Improvement in profitability

-- Lower debt leverage and improved coverage ratios

What Could Change the Rating -- DOWN

A combination of the following factors could put downward pressure
on the rating:

-- Failure of transaction closing resulting in customer attrition

    or deteriorating financial performance

-- Further deterioration of financial performance from current
trends

-- Aggressive financial policy

GFI is the fifth-largest Inter-Dealer Broker (IDB) globally with
operations in the Americas, Europe, the Middle East, and Africa
(EMEA), and Asia Pacific, with a primary focus on various Fixed
Income, Currencies, and Commodities(FICC) and some equity products.
Its subsidiaries provide brokerage, clearing, technology, and
market data services to institutional clients.



GLYECO INC: Amends 2013 Annual Report to Address SEC Comments
-------------------------------------------------------------
GlyEco, Inc., filed an amended annual report with the U.S.
Securities and Exchange Commission for the fiscal year ended
Dec. 31, 2013, in response to comments from the staff of the SEC.

Specifically, this amendment is being furnished to (i) revise Item
11 - Executive Compensation , in order to correct the stock award
values in the Company's Executive Compensation and Director
Compensation tables, (ii) revise Item 13 - Certain Relationships
and Related Transactions, and Director Independence, to order to
include certain previously omitted related party transactions,
(iii) revise Item 15 - Exhibits and Financial Statement Schedules,
in order to include certain previously omitted exhibits; and (iv)
to update the signature page and officer certifications.  No other
items of the Annual Report were affected by these amendments and as
such, all other items contained in this amended report speak to the
original date of filing, April 15, 2014.

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

                         http://is.gd/wF2Lp8

                          About GlyEco, Inc.

Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company
formed to roll-out its proprietary and patent pending glycol
recycling technology that transforms waste glycols, a hazardous
material, into profitable green products.

GlyeCo reported a net loss of $4.01 million in 2013, a net loss of
$1.86 million in 2012, and a net loss of $592,000 in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $15.5
million in total assets, $2.49 million in total liabilities and
$13.03 million in total stockholders' equity.

Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, 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 yet to achieve profitable
operations and is dependent on its ability to raise capital from
stockholders or other sources to sustain operations and to
ultimately achieve viable profitable operations.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


GREEN ENERGY: S&P Assigns 'BB-' Rating on $571 Million Debt
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-' issue
rating to Green Energy Partners/Stonewall LLC's $500 million senior
secured term loan B facility due 2021 and $71 million letter of
credit and working capital facility due 2019.  The outlook is
stable.  The recovery rating on both issues is '2', indicating
substantial (70% to 90%) recovery of principal if a default occurs;
S&P expects the recovery to be at the higher end of that spectrum.

The rating reflects the project's construction phase and
operational phase risk profiles.  S&P's assessment of construction
phase risk is driven by the use of a technology that is considered
a modified proven design, along with reliance on facility drawdowns
during construction.  The operations phase risk profile is driven
by expectation of reasonable performance, coupled with significant
market, financial performance, and refinance risks.

The stable outlook reflects S&P's expectation that the project will
be completed in early 2017, as scheduled, and with minimal cost
overruns.

"We expect that the project will then earn DSCRs of about 2.4x on
average during the term loan B period," said Standard & Poor's
credit analyst Michael Ferguson.  "This hinges on continued
stability in capacity payments and a robust energy market in PJM,
as well as availability of about 93%.  This should yield leverage
of approximately $331 per kilowatt at maturity, leaving the project
with moderate refinancing risk."

S&P would consider lowering the rating during construction if
change orders were to become substantial, leading to considerable
cost overruns, or if delays in the construction process resulted in
an inability to meet the terms of the HRCO agreement for a
prolonged period of time.  Thereafter, lower ratings could stem
from a weaker energy and capacity market or performance that is
beneath S&P's expectations, possibly resulting in minimum DSCRS
under 1.4x or leverage exceeding $400 per kilowatt at maturity.

If market conditions improve significantly in PJM, such that
minimum DSCRs during the term loan B period exceed 2.1x, S&P could
consider higher ratings.  Furthermore, the strengthening of
existing HRCOs beyond the currently contracted period could lead to
lower market risk and possibly higher ratings, but this is unlikely
in the short term.



GREYSTONE LOGISTICS: Delays Nov. 30 Form 10-Q Filing
----------------------------------------------------
Greystone Logistics, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the period
ended Nov. 30, 2014.  The Company said its limited personnel and
resources have impaired its ability to prepare and timely file the
Form 10-Q for the period ended Nov. 30, 2014.

The Company's net income (loss) for the six-month and three-month
periods ended Nov. 30, 2014, is expected to be $(305,000) and
$(658,000), respectively, compared with $1.57 million and $(12,700)
for the corresponding periods of the prior year.

The Company's net income (loss) available to common stockholders
for the six-month and three-month periods ended Nov. 30, 2014, is
expected to be ($582,000), or $(0.02) per share, and $(796,000), or
$(0.03) per share, respectively, compared $1.30 million, or $0.05
per share, and $(150,600), or $(0.01) per share, for the
corresponding periods of the prior year.

The decline in net income and net income available to common
stockholders for the six-month and three-month periods ended
Nov. 30, 2014, compared to the corresponding periods in the prior
year is primarily due to a decrease in sales of approximately
$881,000 and $436,000, respectively, and a decrease in gross profit
of $1.88 million and $1.062 million, respectively.

                     About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

The Company's balance sheet at Aug. 31, 2014, showed $15.4 million
in assets and $16.5 million in liabilities.


GT ADVANCED: Seeks Approval of Incentive and Retention Programs
---------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that GT Advanced Technologies Inc. asked the
bankruptcy judge in New Hampshire to allow it to pay incentive
bonuses to nine senior executives and retention bonuses to 28
non-executive employees.

According to the report, to meet the "aggressive" goals in its
business plan entailing the sale of 2,000 furnaces to pay Apple
Inc., the company said it must have a highly-motivated team of
senior executives and non-executive employees.  The total cost of
the retention program, excluding the discretionary pool and
assuming all bonuses are earned, wouldn't exceed $1.413 million,
the report related.

                  About GT Advanced Technologies

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multiyear supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

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

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

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

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than 2,000
sapphire furnaces that GT Advanced owns and has four years to sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.


IMAGEWARE SYSTEMS: Extends Executives' Terms Until December
-----------------------------------------------------------
Beginning Jan. 9, 2015, ImageWare Systems, Inc., entered into
amendments to the employment agreements for Messrs. James Miller,
Jr., Wayne Wetherell and David Harding, the Company's Chairman of
the Board of Directors and chief executive officer, chief financial
officer, and chief technical officer, respectively. Under the terms
of the Amendments, the term of each executive officer's employment
agreement was extended until Dec. 31, 2015.  

                      About ImageWare Systems

Headquartered in San Diego, California, ImageWare Systems, Inc.,
is a leader in the emerging market for software-based identity
management solutions, providing biometric, secure credential, law
enforcement and enterprise authorization.  Its "flagship" product
is the IWS Biometric Engine.  Scalable for small city business or
worldwide deployment, the Company's biometric engine is a multi-
biometric platform that is hardware and algorithm independent,
enabling the enrollment and management of unlimited population
sizes.  The Company's identification products are used to manage
and issue secure credentials, including national IDs, passports,
driver licenses, smart cards and access control credentials.  Its
law enforcement products provide law enforcement with integrated
mug shot, fingerprint LiveScan and investigative capabilities.
The Company also provides comprehensive authentication security
software.

Imageware Systems incurred a net loss of $9.84 million in 2013, a
net loss of $10.2 million in 2012 and a net loss of $3.18 million
in 2011.

As of Sept. 30, 2014, the Company had $5.67 million in total
assets, $4.51 million in total liabilities and $1.15 million in
total shareholders' equity.


INEOS GROUP: Bank Debt Trades at 3% Off
---------------------------------------
Participations in a syndicated loan under which Ineos Group Plc is
a borrower traded in the secondary market at 97.14 cents-on-the-
dollar during the week ended Friday, January, 16, 2015 according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents an increase of 0.46
percentage points from the previous week, The Journal relates.
Ineos Group pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 2, 2018, and carries
Moody's Ba3 rating and Standard & Poor's BB- rating.  The loan is
one of the biggest gainers and losers among 212 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



INTERLEUKIN GENETICS: Delta Dental Has 6.3% Stake as of Dec. 23
---------------------------------------------------------------
Delta Dental Plan of Michigan, Inc., reported beneficial ownership
of 10,928,961 shares of common stock of Interleukin Genetics, Inc.,
representing 6.3 percent based on Interleukin having 172,683,342
shares of its common stock, par value $0.001 per share outstanding
as of Dec. 23, 2014, which is the sum of the number of outstanding
shares of Common Stock reported in the Company's Form 10-Q filed on
Nov. 13, 2014, plus an aggregate of 50,099,700 shares of Common
Stock issued by the Company to certain purchasers on Dec. 23, 2014.
A copy of the amended Schedule 13D as filed with the U.S.
Securities and Exchange Commission is available at:

                        http://is.gd/X46VLr

                         About Interleukin

Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized
health company that develops unique genetic tests to provide
information to better manage health and specific health risks.

Interleukin Genetics incurred a net loss of $7.05 million on $2.42
million of total revenue for the year ended Dec. 31, 2013, as
compared with a net loss of $5.12 million on $2.23 million of
total revenue in 2012.

As of Sept. 30, 2014, the Company had $4.45 million in total
assets, $3.51 million in total liabilities, all current, and
$937,000 in total stockholders' equity.

Grant Thornton LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred recurring losses from operations and
has an accumulated deficit that raise substantial doubt about the
Company's ability to continue as a going concern.

                         Bankruptcy Warning

The Company warned in its quarterly report for the period ended
Sept. 30, 2014, that it if fails to obtain additional capital by
Feb. 28, 2015, it may have to end its operations and seek
protection under bankruptcy laws.

"We expect that our current and anticipated financial resources
will be adequate to maintain our current and planned operations
only through February 28, 2015.  We need significant additional
capital to fund our continued operations, including for the
continued commercial launch of our PerioPredictTM test, continued
research and development efforts, obtaining and protecting patents
and administrative expenses.  We have retained a financial
advisor, however, based on current economic conditions, additional
financing may not be available, or, if available, it may not be
available on favorable terms.  In addition, the terms of any
financing may adversely affect the holdings or the rights of our
existing shareholders.  For example, if we raise additional funds
by issuing equity securities, further dilution to our then-
existing shareholders will result.  Debt financing, if available,
may involve restrictive covenants that could limit our flexibility
in conducting future business activities.  We also could be
required to seek funds through arrangements with collaborators or
others that may require us to relinquish rights to some of our
technologies, tests or products in development.  If we cannot
obtain additional funding on acceptable terms, we may have to
discontinue operations and seek protection under U.S. bankruptcy
laws."


JACKSONVILLE BANCORP: Has $1.5MM Loan Agreement with Castle Creek
-----------------------------------------------------------------
Jacksonville Bancorp, Inc., entered into a loan agreement with
Castle Creek SSF-D Investors, LP, under which Castle Creek agreed
to make revolving loans to the Company not to exceed $1.5 million
outstanding at any time, according to a Form 8-K filed with the
U.S. Securities and Exchange Commission.  

In connection with the Revolver, the Company executed a revolving
loan note in favor of Castle Creek.  The principal amount of the
Revolver outstanding from time to time will accrue interest at 8%
per annum, payable quarterly in arrears.  All amounts borrowed
under the Revolver will be due and payable by the Company on
Jan. 7, 2017, unless payable sooner pursuant to the provisions of
the Loan Agreement.  To the extent that the Revolver is not fully
drawn, an unused revolver fee will be calculated and paid quarterly
at an annual rate of 2% on the revolving loan commitment less the
daily average principal amount outstanding.  Currently, no amounts
are outstanding under the Revolver.

                    About Jacksonville Bancorp

Jacksonville Bancorp, Inc., a bank holding company, is the parent
of The Jacksonville Bank, a Florida state-chartered bank focusing
on the Northeast Florida market with eight full-service branches
in Jacksonville, Duval County, Florida, as well as the Company's
virtual branch.  The Jacksonville Bank opened for business on
May 28, 1999, and provides a variety of community banking services
to businesses and individuals in Jacksonville, Florida.

Jacksonville Bancorp reported a net loss available to common
shareholders of $32.4 million in 2013, a net loss available to
common shareholders of $43.04 million in 2012 and a net loss
available to common shareholders of $24.05 million in 2011.

The Company's balance sheet at Sept. 30, 2014, the Company had
$510 million in total assets, $474 million in total
liabilities and $36.29 million in total shareholders' equity.


JACOBS FINANCIAL: Files Form 10-K, Incurs $2.9MM 2013 Net Loss
--------------------------------------------------------------
Jacobs Financial Group, Inc., filed with the U.S. Securities and
Exchange Commission on Jan. 16, 2015, its annual report on Form
10-K for the fiscal year ended May 31, 2013.

The Company previously notified the SEC regarding the delay in the
filing of the Form 10-K because it "was unable without unreasonable
effort and expense to prepare its accounting records and schedules
in sufficient time to allow its accountants to complete their
review of the Company's financial statements for the period ended
May 31, 2013, before the required filing date for the subject
annual report on Form 10-K."

The Company disclosed a net loss attributable to common
stockholders of $2.94 million on $1.34 million of total revenues
for the year ended May 31, 2013, compared to a net loss
attributable to common stockholders of $2.06 million on $1.83
million of total revenues for the fiscal year ended May 31, 2012.

As of May 31, 2013, Jacobs Financial had $8.48 million in total
assets, $17.4 million in total liabilities, $1.91 million in total
mandatorily redeemable convertible preferred stock, and a
$10.8 million total stockholders' deficit.

EKS&H LLLP, in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended May 31, 2013.  The independent auditors noted that
the Company has insufficient liquidity and  capitalization, is in
default with respect to certain loan and preferred stock
agreements and has suffered  recurring losses from operations.
These conditions among others 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/t34QxA

                        About Jacobs Financial

Jacobs Financial Group, Inc. (OTC Bulletin Board: JFGI) is a
Charleston, West Virginia-based holding company for First Surety
Corporation, a West Virginia domiciled surety, Triangle Surety
Agency, an insurance agency that specializes in coal reclamation
surety bonds, and Jacobs & Company, a registered investment
advisor.


JB VEGA: IRS Wants Chapter 11 Case Dismissed
--------------------------------------------
The U.S. Internal Revenue Service asks the U.S. Bankruptcy Court
for the Western District of Texas, San Antonio Division, to dismiss
the Chapter 11 case of JB Vega Corporation, saying the Debtor is a
"sham entity," and is the nominee or alter ego of Dr. Robert Beck,
who is the true owner of the Borgfield property, a ranch, which is
the only asset of the Debtor.

According to the IRS, Dr. Beck owes it more than $3.9 million in
federal income, employment, and unemployment tax reduced to
judgment in August 2014.  The IRS notes that the Debtor has no
income and no bank accounts.

The IRS alleges that the Debtor filed its Chapter 11 case in bad
faith in violation of an injunction, to thwart the Government's
attempt to collect Dr. Beck's $3.9 million federal income and
employment tax debt.  The IRS seeks to dismiss the case with
Section 1112(b) of the Bankruptcy Code for cause, to preclude the
Debtor and any related party from filing any other bankruptcy.

In a separate filing, the IRS asks the Bankruptcy Court to lift the
automatic stay to permit it to enforce a judgment and order of
Chief U.S. District Judge Fred Biery in Ana DeBeck v. U.S. v. Dr.
Robert Beck; No. 11-cv-45-FB, U.S. District Court, Western District
of Texas; (2) force the sale of the only asset of the Debtor that
was ordered to be sold by Judge Biery to pay the United States the
$3.9 million income, employment, and unemployment tax debt of Beck;
(3) collect Beck’s federal tax debt reduced to judgment by Judge
Biery in the District Court Case; and (4) enforce the rulings of
Chief U.S. Bankruptcy Judge in In re: Dr. Robert L. Beck, DMD, MD.,
Debtor, Case No. 14-50654-RBK-13, U.S. Bankruptcy Court, Western
District of Texas.

The IRS is represented by:

         Richard L. Durbin, Jr.
         Acting United States Attorney
         Ramona S. Notinger, Esq.
         U.S. Department of Justice
         717 N. Harwood, Suite 400
         Dallas, TX 75201
         Tel: (214) 880-9766
         E-mail: Ramona.S.Notinger@usdoj.gov

JB Vega Corporation filed a Chapter 11 bankruptcy petition (Bank.
W.D. Tex. Case No. 15-50123) on Jan. 8, 2015.  Carl Miller signed
the petition as secretary and director.  The Debtor estimated
assets of $10 million to $50 million and liabilities of $1 million
to $10 million.  Lorenzo W. Tijerina, Esq., at Law Office of
Lorenzo W. Tijerina, serves as the Debtor's counsel.  Judge Craig
A. Gargotta presides over the case.


JOHNSON MEMORIAL: Meeting to Form Creditors' Panel Set for Jan. 23
------------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, will
hold an organizational meeting on Jan. 23, 2015, at 10:00 a.m. in
the bankruptcy case of Johnson Memorial Medical Center, Inc., et
al.

The meeting will be held at:

         150 Court Street, 1st Floor
         New Haven, CT 06510

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.  Section 1103 of the
Bankruptcy Code provides that the Committee may consult with the
debtor, investigate the debtor and its business operations and
participate in the formulation of a plan of reorganization.  The
Committee may also perform other services as are in the interests
of the unsecured creditors whom it represents.

As reported in the Troubled Company Reporter on Jan. 16, 2015, Sara
Randazzo, writing for Daily Bankruptcy Review, reported that a
Connecticut hospital put itself under Chapter 11 protection with
plans to sell itself to a nearby healthcare system, five years
after an unsuccessful bankruptcy reorganization left it saddled
with $40 million in debt.


KAVI INC: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------
Debtor: Kavi, Inc.
        54 E. Grand Ave
        Fox Lake, IL 60020

Case No.: 15-01434

Chapter 11 Petition Date: January 15, 2015

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

Judge: Hon. Pamela S. Hollis

Debtor's Counsel: Robert J Adams, Esq.
                  ROBERT J ADAMS & ASSOCIATES
                  901 W Jackson Suite 202
                  Chicago, IL 60607
                  Tel: 312-346-0100
                  Email: bankruptcy714@gmail.com

Total Assets: $112,636

Total Liabilities: $1.48 million

The petition was signed by Vinesh Virani, COO.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/ilnb15-01434.pdf


KEMET CORP: Royce & Associates Has 7.7% Stake as of Dec. 31
-----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Royce & Associates, LLC, disclosed that as of
Dec. 31, 2014, it beneficially owned 3,508,417 shares of common
stock of KEMET Corporation representing 7.73 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/WLHoNA

                           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."

Kemet Corp's balance sheet at Sept. 30, 2014, showed $817 million
in total assets, $602 million in liabilities and $215 million in
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 KEMET 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 S&P revised its outlook on
KEMET to 'stable' from 'negative'.  S&P affirmed the ratings,
including the 'B-' corporate credit rating.



KEYUAN PETROCHEMICALS: Has $259-Mil. Working Capital Deficit
------------------------------------------------------------
Keyuan Petrochemicals, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $5.66 million on $136 million of
total revenue for the quarter ended Sept. 30, 2014, compared with
net income of $2.24 million on $150.3 million of total revenue for
the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $998 million
in total assets, $917 million in total liabilities, and
stockholders' equity of $63.4 million.

The Company reported net loss and cash flows used in operations of

$8.4 million and $2.2 million, respectively, for the nine months
ended Sept. 30, 2014 and net income and cash flows used in
operations of $4.1 million and $53.1 million, respectively, for the
year ended Dec. 31, 2013.  At Sept. 30, 2014 and Dec. 31, 2013, the
Company had a working capital deficit of $259 million and $210
million, respectively.  These factors 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/mxCHLW

Keyuan Petrochemicals, Inc., through its operating subsidiaries,
Ningbo Keyuan and Ningbo Keyuan Petrochemicals, are engaged in the
manufacture and sale of petrochemical and rubber products in the
People's Republic China.  The Company's operations include
production facility with an annual petrochemical production
capacity of 720,000 metric tons of a variety of petrochemical
products, and facilities for the storage and loading of raw
materials and finished goods.  It manufactures and supply's
petrochemical products, including BenzeneToluene-Xylene Aromatics
(BTX Aromatics), propylene, styrene, liquid petroleum gas (LPG),
Methyl Tertiary Butyl Ether (MTBE), Styrene butadiene styrene
(SBS), and other petrochemicals.  Its BTX Aromatics consists of
benzene, toluene, xylene and other chemical components used for
further processing into plastics, gasoline and solvent materials
used in paint, ink, construction coating and pesticide.


LATONYA WESTRY: 6th Cir. Flips Ruling on Exemptions Amendment
-------------------------------------------------------------
The U.S. Court of Appeals for the Sixth Circuit reversed a district
court's affirmance of a bankruptcy court's order sustaining a
Chapter 7 trustee's objection to the bankrupt individual's
amendment to her schedules of assets and liabilities to increase
the exemptions claimed.

The Sixth Circuit pointed out that the Supreme Court, in Law v.
Siegel, 134 S. Ct. 1188 (2014), strongly suggests that courts
should not disallow on timeliness grounds the type of amendment
involved in the bankrupt's case.  The Sixth Circuit further pointed
out that the Supreme Court, in Law, did not dispute the bankruptcy
court's power to sanction abusive practice, but held that the
bankruptcy court could not exercise its statutory and inherent
powers in contravention of a specific statutory provision.

The appeals case is LATONYA WESTRY, Appellant, v. K. JIN LIM,
Chapter 7 Trustee, Appellee, No. 14-1440 (6th Cir.).  A full-text
copy of the Decision dated Dec. 30, 2014, is available
at http://bankrupt.com/misc/WESTRY1230.pdf


LATTICE INC: Two Directors Appointed to Board
---------------------------------------------
The Board of Directors of Lattice Incorporated appointed Richard
Stewart and Robert Wurwarg as directors of the Company on Dec. 23,
2014, according to a Form 8-K filed with the U.S. Securities and
Exchange Commission.  On the same day, Donald Upson resigned from
the Board and indicated he had no disagreements with either the
Board or its officers.

Lattice previously entered into a consulting services agreement
with Mr. Stewart and his affiliate, Blairsden Resources LLC.
Lattice also entered into a similar agreement with Mr. Wurwarg and
his affiliate, Roxen Advisors LLC.  Messrs. Stewart and Wurwarg
each received 1,000,000 restricted common shares as compensation
for services rendered to Lattice.  Through their respective
affiliates, each will also render additional services to the
Company.  The compensation arrangement for Messrs. Stewart and
Wurwarg and their respective affiliates was previously approved by
the Board, including independent directors.

                         About Lattice Inc.

Pennsauken, New Jersey-based Lattice Incorporated provides
telecommunications services to correctional facilities and
specialized telecommunication service providers in the United
States.

Lattice Incorporated reported a net loss of $1 million on $8.26
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $571,000 on $7.53 million of revenue during the
prior year.

As of Sept. 30, 2014, the Company had $5.57 million in total
assets, $7.48 million in total liabilities, and a $1.91 million
total shareholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,
in Somerset, New Jersey, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has a
history of operating losses, has a working capital deficit and
requires additional working capital to meet its current
liabilities.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


LEHMAN BROTHERS: Trustee, Barclays Scrap Over $1.2B in Assets
-------------------------------------------------------------
Law360 reported that the trustee for bankrupt Lehman Brothers Inc.
scrapped with Barclays Capital Inc. over $1.2 billion beyond the $4
billion he already has paid the British financial giant, arguing
Barclays has no claim to the cash and collateral because they
weren't part of the bank's 2008 purchase of Lehman assets.

According to the report, U.S. District Judge Katherine B. Forrest,
who is hearing the bankruptcy court appeal, withheld judgment and
she would rule in a matter of weeks.

The case is In Re: Lehman Brothers Holdings Inc., Case No.
1:11-cv-06052 (S.D.N.Y.).

                      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.


LEVEL 3: Unit to Sell $500 Million Senior Notes Due 2023
--------------------------------------------------------
Level 3 Communications, Inc., announced that Level 3 Financing,
Inc., its wholly owned subsidiary, has agreed to sell $500 million
aggregate principal amount of its 5.625% Senior Notes due 2023 in a
private offering to "qualified institutional buyers," as defined in
Rule 144A under the Securities Act of 1933, as amended, and
non-U.S. persons outside the United States under Regulation S under
the Securities Act of 1933, as amended.

The new 5.625% Senior Notes were priced to investors at 100 percent
of their principal amount and will mature on Feb. 1, 2023. Level 3
Financing's obligations under the 5.625% Senior Notes will be fully
and unconditionally guaranteed on an unsecured basis by Level 3
Communications, Inc.

The net proceeds from the offering of the notes, together with cash
on hand, will be used to redeem, satisfy and discharge, defease or
otherwise repay or retire all of Level 3 Financing's approximately
$500 million outstanding aggregate principal amount of 9.375%
Senior Notes due 2019.

The offering is expected to be completed on Jan. 29, 2015, subject
to the satisfaction or waiver of customary closing conditions.

The 5.625% Senior Notes will not be registered under the Securities
Act of 1933 or any state securities laws and, unless so registered,
may not be offered or sold except pursuant to an applicable
exemption from the registration requirements of the Securities Act
of 1933 and applicable state securities laws.

                    About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

Level 3 incurred a net loss of $109 million in 2013, a net
loss of $422 million in 2012, and a net loss of $756 million in
2011.  As of Sept. 30, 2014, the Company had $14.0 billion in
total assets, $12.33 billion in total liabilities and $1.64
billion in stockholders' equity.

                           *     *     *

In June 2014, Fitch Ratings upgraded the Issuer Default Rating
(IDR) assigned to Level 3 Communications, Inc. (LVLT) and its
wholly owned subsidiary Level 3 Financing, Inc. (Level 3
Financing) to 'B+' from 'B'.

"The upgrade of LVLT's ratings is supported by the continued
strengthening of the company's credit profile since the close of
the Global Crossing Limited (GLBC) acquisition, positive operating
momentum evidenced by expanding gross and EBITDA margins, and
ongoing revenue growth within the company's Core Network Services
(CNS) segment and its position to generate meaning FCF," Fitch
stated.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.

As reported by the TCR on Oct. 31, 2014, Moody's Investors Service
upgraded Level 3's corporate family rating (CFR) to B2 from B3.

Level 3's B2 CFR is based on the company's ability to generate
relatively modest free cash flow of between $250 million and $300
million in 2016 and, inclusive of debt which is presumed to be
converted to equity in 2015, to de-lever by approximately 0.5x to
4.8x (Moody's adjusted) by the end of 2016.


LIME ENERGY: Richard Kiphart Reports 30% Stake as of Dec. 22
------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Richard P. Kiphart disclosed that as of Dec.
22, 2014, he beneficially owned 4,090,689 shares of common stock of
Lime Energy Co. representing 30 percent of the shares outstanding.
A copy of the regulatory filing is available at
http://is.gd/9Qy2VP

                          About Lime Energy

Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals.  The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation.  The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.

Lime Energy reported a net loss available to common stockholders
of $18.5 million in 2013, a net loss of $31.8 million
in 2012 and a net loss of $18.9 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $31.1
million in total assets, $22.8 million in total liabilities and
$8.33 million in total stockholders' equity.


LONGVIEW POWER: Aon Premium Financing Agreement Approved
--------------------------------------------------------
U.S. Bankruptcy Judge Brendan L. Shannon authorized Longview Power,
LLC, et al., to enter into a premium financing agreement with Aon
Premium Finance, LLC; and honor their obligations thereunder.

The Longview Debtors have historically financed the premium
payments for 10 of their insurance policies pursuant to various
premium financing arrangements.  In light of the magnitude of the
insurance premiums that would otherwise be due under the Longview
Debtors' insurance policies -- approximately $2.3 million -- the
Longview Debtors determined that it would be prudent to conserve
cash and, consistent with their historical practices, to finance
the Insurance Premiums on a secured basis through the PFA.

Pursuant to the PFA, among other things:

   1. The Longview Debtors have renewed the Financed Policies and
replaced those policies, as applicable, from various carriers for
an additional one-year period through Nov. 15, 2015, including by
making a down payment of approximately $507,000 and an initial
premium payment of approximately $183,000. Upon the entry of an
order, Aon will remit the amount of the Insurance Premiums to the
Longview Debtors' insurance carriers with respect to the relevant
Financed Policies.

   2. The Longview Debtors are required to remit to Aon: (a) the
Down Payment, which the Longview Debtors have already paid and is
no more than approximately 22 percent of the financed Insurance
Premiums; and (b) 10 monthly installments in the amount of
approximately $183,000, the first of which the Longview Debtors
paid on Dec. 11, 2014.  The premiums due under the Financed
Policies remaining to be paid for the upcoming policy year after
taking into account the Initial Payments total $1.61 million.

   3. The Longview Debtors provide Aon with a first priority
security interest in all right, title, and interest in the amounts
payable to the Longview Debtors under the Financed Policies,
including: (a) all money that is or may become due under the PFA
because of a loss under the Financed Policies that reduces unearned
premiums (subject to the interest of any applicable mortgagee or
loss payee); and (b) any return of premiums or
unearned premiums under the Financed Policies.  

                        About Longview Power

Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh.  The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.

Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case
13-12211) on Aug. 30, 2013.  The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary.  The Debtor estimated assets and debts of
more than $1 billion.  Judge Brendan Linehan Shannon presides over
the case.  Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel.  Lazard Freres & Company LLC
acts as the Debtors' investment bankers.  Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors.  Ernst &
Young serves as the Debtors' accountants.  The Debtors' claims
agent is Donlin, Recano & Co. Inc.

The Debtor disclosed assets of $1.72 billion plus undisclosed
amounts and liabilities of $1.08 billion plus undisclosed
amounts.

A committee of unsecured creditors has not been appointed in the
case due to insufficient response to the U.S. Trustee's
communication/contact for service on the committee.


LONGVIEW POWER: KPMG Approved to Audit Tax Years 2014 to 2016
-------------------------------------------------------------
The U.S. Bankruptcy Court authorized Longview Power, LLC, et al.,
to employ KPMG LLP as their auditor, nunc pro tunc to Dec. 1,
2014.

The Debtors previously tapped Ernst & Young LLP to provide audit
services for the fiscal year ended 2013.

KPMG is expected to, among other things:

   i. audit the balance sheet of Longview Intermediate Holdings C,
LLC and the related statements of operations, members' equity, and
cash flows for each of the three fiscal years ended 2014, 2015, and
2016;

  ii. audit the balance sheet of non-debtor Dunkard Creek Water
Treatment, and the related statements of operations, members'
equity, and cash flows for each of the three fiscal years ended
2014, 2015, and 2016;

iii. audit of balance sheet of non-debtor AMD Reclamation, Inc.,
and the related statements of operations, members' equity, and cash
flows for each of the three fiscal years ended 2014, 2015, and
2016.

KPMG said that it will cooperate with instructions of the Debtors
in avoiding duplication of services.

The estimated fees for the audit services are as:

         Audit                        2014        2015      2016
         -----                        ----        ----      ----
Audit of the balance sheet of       $260,000    $272,000  $235,000
Longview Intermediate Holdings C,
LLC and the related statements of
operations, members' equity, and
cash flows for each of the three
fiscal years ended 2014, 2015,
and 2016.

Audit of the balance sheet of       $50,000      $50,000   $47,000
Dunkard Creek Water Treatment, and
the related statements of operations,
members' equity, and cash flows for
each of the three fiscal years ended
2014, 2015, and 2016.

Audit of the balance sheet of        $34,000     $34,000   $32,000
AMD Reclamation, Inc., and the
related statements of operations,
members' equity, and cash flows for
each of the three fiscal years ended
2014, 2015, and 2016.

Fresh start accounting and                       $94,000
valuation services related to the
Debtors emergence from bankruptcy.

Total Audit by Year:                $344,000    $450,000  $314,000

The majority of fees to be charged for the out of scope services
reflect a reduction of 25 percent to 50 percent from KPMG's normal
and customary rates, depending on the types of services to be
rendered.  The hourly rates for the out of scope services to be
rendered by KPMG and applicable are:

         Out of Scope Services              Discounted Rate
         ---------------------              ---------------
         Partners/Managing Directors         $458 - $686
         Senior Managers                     $375 - $563
         Managers                            $320 - $480
         Senior Associates                   $263 - $394
         Staff                               $138 - $206

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

                        About Longview Power

Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh.  The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.

Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case
13-12211) on Aug. 30, 2013.  The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary.  The Debtor estimated assets and debts of
more than $1 billion.  Judge Brendan Linehan Shannon presides over
the case.  Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel.  Lazard Freres & Company LLC
acts as the Debtors' investment bankers.  Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors.  Ernst &
Young serves as the Debtors' accountants.  The Debtors' claims
agent is Donlin, Recano & Co. Inc.

The Debtor disclosed assets of $1.72 billion plus undisclosed
amounts and liabilities of $1.08 billion plus undisclosed
amounts.

A committee of unsecured creditors has not been appointed in the
case due to insufficient response to the U.S. Trustee's
communication/contact for service on the committee.


LPATH INC: Hal Mintz Reports 9.9% Equity Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Hal Mintz and his affiliates disclosed that as
of Dec. 31, 2014, they beneficially owned 1,925,832 shares of
common stock of LPath, Inc., representing 9.99 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/NEpxF3

                            About LPath

San Diego, Calif.-based Lpath, Inc. is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.

LPath reported a net loss of $6.56 million in 2013, a net loss of
$2.75 million in 2012, and a net loss of $3.11 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $26.7 million
in total assets, $4.73 million in total liabilities, and $21.9
million in total stockholders' equity.


MARINA BIOTECH: Files Preliminary Prospectus with SEC
-----------------------------------------------------
Marina Biotech, Inc., filed a Form S-1 registration statement with
the U.S. Securities and Exchange Commission to register an
undetermined amount of units, with each unit consisting of:

   (i) one share of the Company's common stock, par value $0.006
       per share; and

  (ii) a warrant to purchase up to [  ] shares of the Company's
       common stock, for a purchase price of $ [  ] per unit.

The Company's common stock is traded on the OTCQB under the symbol
"MRNA."  On Jan. 6, 2015, the last reported sale price for the
Company's common stock as reported on OTCQB was $0.64 per share.
The Company does not intend to list the warrants on any securities
exchange or other trading market and it does not expect that a
public trading market will develop for the warrants.  Without an
active market, the liquidity of the warrants will be limited.

A full-text copy of the Form S-1 prospectus is available at:

                         http://is.gd/QE2zAl

                         About Marina Biotech

Marina Biotech, Inc., headquartered in Bothell, Washington, is a
biotechnology company focused on the discovery, development and
commercialization of nucleic acid-based therapies utilizing gene
silencing approaches such as RNA interference ("RNAi") and
blocking messenger RNA ("mRNA") translation.  The Company's goal
is to improve human health through the development, either through
its own efforts or those of its collaboration partners and
licensees, of these nucleic acid-based therapeutics as well as the
delivery technologies that together provide superior treatment
options for patients.  The Company has multiple proprietary
technologies integrated into a broad nucleic acid-based drug
discovery platform, with the capability to deliver novel nucleic
acid-based therapeutics via systemic, local and oral
administration to target a wide range of human diseases, based on
the unique characteristics of the cells and organs involved in
each disease.

On June 1, 2012, the Company announced that, due to its financial
condition, it had implemented a furlough of approximately 90% of
its employees and ceased substantially all day-to-day operations.
Since that time substantially all of the furloughed employees have
been terminated.  As of Sept. 30, 2012, the Company had
approximately 11 remaining employees, including all of its
executive officers, all of whom are either furloughed or working
on reduced salary.  As a result, since June 1, 2012, its internal
research and development efforts have been minimal, pending
receipt of adequate funding.

As reported by the TCR on May 21, 2014, KPMG LLP was dismissed as
the principal accountants for Marina Biotech, Inc., and Wolf &
Company, P.C., had been engaged as replacement.

In 2013, the Company incurred a net loss of $1.57 million on $2.11
million of license and other revenue, compared to a net loss of
$9.54 million on $4.21 million of license and other revenue in
2012.

As of Sept. 30, 2014, the Company had $9.95 million in total
assets, $20.14 million in total liabilities, and a $10.2 million
stockholders' deficit.


MAUDORE MINERALS: Deadline for BIA Proposal Moved to Feb. 27
------------------------------------------------------------
Maudore Minerals Ltd. on Jan. 14 disclosed that Superior Court of
Quebec has granted an extension of the period in which to make a
proposal under the notice of intention filed on Sept. 8 under the
Bankruptcy and Insolvency Act (Canada).  The Corporation now has
until Friday, Feb. 27, 2015 to complete and present its proposal to
its creditors.

Maudore is a Quebec-based junior gold company with more than 13
exploration projects.  One of these projects is at an advanced
stage of development with reported current and historical resources
and mining.


MCCLATCHY CO: Royce & Associates Holds 6.4% of Class A Shares
-------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Royce & Associates, LLC, disclosed that as of Dec. 31,
2014, it beneficially owned 4,044,869 shares of Class A common
stock of The McClatchy Company representing 6.47 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/UPA2oC

                   About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)
-- http://www.mcclatchy.com/-- is the third largest newspaper
company in the United States, publishing 30 daily newspapers, 43
non-dailies, and direct marketing and direct mail operations.
McClatchy also operates leading local Web sites in each of its
markets which extend its audience reach.  The Web sites offer
users comprehensive news and information, advertising, e-commerce
and other services.  Together with its newspapers and direct
marketing products, these interactive operations make McClatchy
the leading local media company in each of its premium high growth
markets.  McClatchy-owned newspapers include The Miami Herald, The
Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City
Star, The Charlotte Observer, and The News & Observer (Raleigh).

The Company reported net income of $18.80 million for the year
ended Dec. 29, 2013, as compared with a net loss of $144,000 for
the year ended Dec. 30, 2012.  The Company's balance sheet at
Sept. 28, 2014, the Company had $2.63 billion in total assets,
$2.31 billion in total liabilities and $318.07 million in
stockholders' equity.

                           *     *     *

McClatchy carries a 'Caa1' corporate family rating from Moody's
Investors Service.  In May 2011, Moody's changed the rating
outlook from stable to positive following the company's
announcement that it closed on the sale of land in Miami for
$236 million.  The outlook change reflects Moody's expectation
that McClatchy will utilize the net proceeds to reduce debt,
including its underfunded pension position, which will reduce
leverage by approximately half a turn and lower required
contributions to the pension plan over the next few years.

McClatchy Co. carries a 'B-' Corporate Credit Rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 2, 2014, Standard & Poor's Ratings
Services affirmed all ratings on U.S. newspaper company The
McClatchy Co., including the 'B-' corporate credit rating, and
revised the rating outlook to stable from positive.  The outlook
revision to stable reflects S&P's expectation that the
timeframe for a potential upgrade lies beyond the next 12 months,
and could also depend on the company realizing value from its
digital minority interests.


MEGA RV: Gets Court Approval to Settle GE Commercial Claims
-----------------------------------------------------------
Recreational vehicle dealer Mega RV Corp. received court approval
for a deal that would provide the company with up to $4.7 million
to fund a liquidation plan.

U.S. Bankruptcy Judge Mark Wallace approved Mega RV's agreement
with GE Commercial Distribution Finance Corp. to settle their
claims and allow the company to liquidate assets, which would
otherwise be subject to GE Commercial's lien.  

GE Commercial previously extended credit to the company to obtain
and sell recreational vehicles and, in return, was granted a lien
on some of its assets.  

Mega RV expects to receive up to $4.7 million from the liquidation
of its assets, including recreational vehicles and contracts
purchased by financial institutions.

When GE Commercial swept over $5 million from Mega RV's bank
accounts in the days leading up to its bankruptcy filing, it
reportedly interrupted the normal process of those contracts, which
Mega RV will be able to complete with the approval of the
settlement.

Meanwhile, Mega RV investor Brent McMahon, who is also a party to
the settlement, has agreed to have his $8.9 million claim
subordinated to claims of other creditors, according to court
filings.

The bankruptcy judge's order doesn't authorize Mega RV to sell
vehicles that are subject to U.S. Bank N.A.'s lien, or any property
it leased from Altman Colton Properties Inc.  Both creditors
previously objected to the settlement.

                        About Mega RV Corp.

Mega RV Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 14-13770) on June 15, 2014.  Brent McMahon signed the
petition as president.  The Debtor estimated assets and liabilities
of at least $10 million.  Goe & Forsythe, LLP, serves as the
Debtor's counsel.  Judge Mark S Wallace presides over the case.

The U.S. Trustee for Region 16 appointed three creditors of Mega RV
Corp. to serve on the official committee of unsecured creditors.
Greenberg Glusker Fields Claman & Machtinger LLP represents the
Committee as its general bankruptcy counsel.

The Debtor estimated both assets and liabilities between $10
million and $50 million.


METALICO INC: Carlos Aguero Reports 7.5% Equity Stake at Dec. 31
----------------------------------------------------------------
Carlos E. Aguero reported that as of Dec. 31, 2014, it beneficially
owned 5,280,957 shares of common stock of Metalico, Inc.,
representing 7.5 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/LRz5pT

                           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 $34.8
million in 2013 following a net loss attributable to the Company
of $13.1 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.


MGM RESORTS: Bank Debt Trades at 3% Off
---------------------------------------
Participations in a syndicated loan under which MGM Resorts is a
borrower traded in the secondary market at 97.75
cents-on-the-dollar during the week ended Friday, January 16, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
0.92 percentage points from the previous week, The Journal relates.
MGM Resorts pays 250 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Dec. 20, 2019, and carries
Moody's Ba2 rating and Standard & Poor's BB rating.  The loan is
one of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



MIG LLC: Judge Extends Deadline to Remove Suits to Feb. 25
----------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross has given MIG LLC until Feb. 25
to file notices of removal of lawsuits involving the company and
its affiliate IT Cellular LLC.

                        About MIG LLC

Formerly operating under the name "Metromedia International Group,
Inc.," MIG LLC -- http://www.migllc-group.com/-- owned and
operated and sold dozens of companies in diverse industries,
including entertainment, photo finishing, garden equipment and
sporting goods, until the late 1990s.  In 1997 and 1998, MIG
consummated the sale of substantially all of its U.S.-based
entertainment assets and began focusing on expanding into emerging
communications and media businesses.  By 2005, all of MIG's
operating businesses were located in the Republic of Georgia and
operated through its subsidiaries.

MIG LLC and affiliate ITC Cellular, LLC, filed for Chapter 11
bankruptcy protection on June 30, 2014.  The cases are currently
jointly administered under Bankr. D. Del. Lead Case No. 14-11605.
As of the bankruptcy filing, MIG's sole valuable asset, beyond its
existing cash, is its indirect interest in Magticom Ltd.  The cases
are assigned to Judge Kevin Gross.  MIG LLC disclosed
$15.9 million in assets and $254 million in liabilities.

Headquartered in Tbilisi, Georgia, Magticom is the leading mobile
telephony operator in Georgia and is also the largest telephone
operator in Georgia.  Magticom serves 2.4 million subscribers with
a network that covers 97% of the populated regions in Georgia.
Magticom is owned by International Telcell Cellular, LLC, which is
46% owned by MIG unit ITC Cellular, 51% owned by Dr. George
Jokhtaberidze, and 3% owned by Gemstone Management Ltd.

Formerly known as MIG, Inc., MIG was a debtor in a previous case
(Bankr. D. Del. Case NO. 09-12118).  It obtained approval of its
reorganization plan in November 2010.

The Debtors have tapped Greenberg Traurig LLP as counsel, Fox
Rothschild Inc. as financial advisor; Cousins Chipman and Brown,
LLP as conflicts counsel; and Prime Clerk LLC as claims and notice
agent and administrative advisor.  The Debtors have retained
Natalia Alexeeva as chief restructuring officer.

A three-member panel has been appointed in these cases to serve as
the official committee of unsecured creditors, consisting of Walter
M. Grant, Paul N. Kiel, and Lawrence P. Klamon.



MINERAL PARK: Tries to Settle Tax Debt With Mohave County
---------------------------------------------------------
Rodd Cayton at Mohave Valley Daily News reports that the Mineral
Park Mine has attempted to settle its tax debt with Mohave County,
Arizona, and pay 20 to 30 cents on the dollar.  

According to Mohave Valley Daily News, board member Judy Selberg
said conversations with supervisors Hildy Angius and Steve Moss
have assured her that the panel will find a solution and that the
pair understand the seriousness of the potential impact on the
Mohave Community College.  Citing the college's president, Michael
Kearns, the report explains that the mine owes nearly $1.6 million
in back taxes to the college.

Mohave Valley Daily News states that supervisors are expected to
consider the issue at their Jan. 20 or Feb. 2 meeting, and should
the county be unable to reach a settlement, the taxes due would be
processed through bankruptcy court along with all the other amounts
owed by Mineral Park.

Mohave Valley Daily News relates that Mr. Kearns told board members
that to assist about 400 people laid off at the Mineral Park Mine
near Golden Valley in December 2014, the college has participated
in three Mohave County One-Stop workshops and hosted job fairs.
The report adds that the college's staff working to identify which
workers are interested in retraining or in attending college.

                    About Mineral Park

Mineral Park, Inc., Bluefish Energy Corp. and two affiliates
commenced proceedings under Chapter 11 of the Bankruptcy Code in
Delaware on Aug. 25, 2014.  The cases are pending before the
Honorable Kevin J. Carey and are jointly administered under Case
No. 14-11996.

Mineral Park and its affiliated debtors are subsidiaries of
Mercator Minerals Ltd. ("MML"), a mineral resource company engaged
through various subsidiaries in the mining, exploration,
development and operation of its mineral properties in Mohave
County, Arizona, and Sonora, Mexico.

Mineral Park's principal asset is the Mineral Park Mine, a
producing copper-molybdenum mine located near Kingman, Arizona.
Bluefish is the owner and operator of the industrial gas turbine
power generator at the Mine.

British Columbia, Canada-based MML, which has shares trading on
the Toronto Stock Exchange under the trading symbol "ML", is not
included in the bankruptcy filing.

The Debtors have tapped Pachulski Stang Ziehl & Jones LLP as
counsel, Evercore Group LLC as investment banker, FTI Consulting,
Inc., as financial advisor, FTI's David J. Beckman as CRO, and
FTI's Paul Hansen as assistant CRO.  Prime Clerk LLC is the claims
and noticing agent.

The U.S. Trustee for Region 3 appointed three creditors of Mineral
Park, Inc. and its affiliates to serve on the official committee
of unsecured creditors.  The Committee selected Stinson Leonard
Street LLP and Hiller & Arban LLC as its counsel.

Mineral Park reported $286,362,131 in total assets and
$266,035,508 in total liabilities.


MINWIND ENERGY: Files for Chapter 11 Bankruptcy in Minnesota
------------------------------------------------------------
Julie Buntjer, writing for Grandforksherald.com, reports that
MinWind Energy, LLC, filed for Chapter 11 bankruptcy in Minnesota
Bankruptcy Court on Jan. 6, 2015.

According to Grandforksherald.com, a meeting of creditors was
scheduled for Feb. 3, 2015, with creditors' proof of claims due by
May 4, 2015, and government proof of claims due by July 6, 2015.

Grandforksherald.com relates that Chapter 11 would relieve the
Debtor of approximately $1.91 million in fines after it was
determined that it was noncompliant with qualifying facility
self-certification filing requirements under the Public Utility
Regulatory Policies Act.  The bankruptcy would allow for the wind
turbines to be sold, and would also preclude investors from getting
any financial return on the sale, the report states.

MinWind Energy, LLC, is a rural Rock County, Minnesota wind energy
company.


MOBIVITY HOLDINGS: Michael Bynum Quits as Officer and Director
--------------------------------------------------------------
Michael Bynum, president and a member of the board of directors of
Mobivity Holdings Corp, resigned as an officer, director and
employee of the Company and all subsidiaries, according to a
regulatory filing with the U.S. Securities and Exchange Commission.
In connection with Mr. Bynum's resignation, he and the Company
entered into a customary separation agreement providing for mutual
releases and other standard covenants and acknowledgements.  In
addition, the separation agreement modified Mr. Bynum's rights to
severance under his employment agreement dated May 17, 2013, with
the Company.

Pursuant to his employment agreement, Mr. Bynum was entitled to one
year of salary, or $200,000, upon his resignation.  However, under
the separation agreement, Mr. Bynum agreed to accept 260,870 shares
of the common stock of the Company in lieu of cash severance.  In
addition, pursuant to his employment agreement, Mr. Bynum's options
would continue to vest for three months following his resignation
and all vested options would remain exercisable for a period of six
months following his resignation.  However, under the separation
agreement, Mr. Bynum agreed that his options would cease vesting
upon his resignation, all unvested options would expire upon
resignation and all vested options would remain exercisable for a
period of 12 months following his resignation.

                      About Mobivity Holdings

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

Mobivity Holdings reported a net loss of $16.8 million in 2013,
a net loss of $7.33 million in 2012 and a net loss of $16.3
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $11.4
million in total assets, $3.35 million in total liabilities and
$8.07 million in total stockholders' equity.


MOMENTIVE SPECIALTY: Now Known as Hexion Inc.
---------------------------------------------
Momentive Specialty Chemicals Inc.'s sole shareholder acted by
written consent in lieu of a meeting to approve amending the
Company's Restated Certificate of Incorporation to change the name
of the company to Hexion Inc. effective Jan. 15, 2015.  A
Certificate of Amendment to the Restated Certificate of
Incorporation has been filed with the New Jersey Division of
Revenue, according to a regulatory filing with the U.S. Securities
and Exchange Commission.

                     About Momentive Specialty

Momentive Specialty Chemicals, Inc., headquartered in Columbus,
Ohio, is a leading producer of thermoset resins (epoxy,
formaldehyde and acrylic).  The company is also a supplier of
specialty resins for inks and specialty coatings sold to a diverse
customer base as well as a producer of commodities such as
formaldehyde, bisphenol A, epichlorohydrin, versatic acid and
related derivatives.

Momentive Specialty reported a net loss of $634 million on $4.89
billion of net sales for the year ended Dec. 31, 2013, as compared
with net income of $346 million on $4.75 billion of net sales for
the year ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $2.82 billion in total
assets, $5.01 billion total liabilities, and a $2.18 billion total
deficit.

                           *     *     *

The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Momentive
Specialty by one notch to 'CCC+' from 'B-'.  "The downgrade follows
MSC's significant use of cash in the first half of 2014 and our
expectation that lackluster cash flow from operations and elevated
capital spending will cause free operating cash flow to be
significantly negative in 2014 and 2015," said Standard & Poor's
credit analyst Cynthia Werneth.

As reported by the TCR on Dec. 15, 2014, Moody's Investors Service
lowered the Corporate Family Rating of Momentive to 'Caa1' from
'B3'.  "Due to elevated leverage, heavy capital spending on new
capacity in 2014 and 2015, and the lack of meaningful improvement
in financial performance, Moody's have lowered Momentive
Specialty's rating," stated John Rogers, senior vice president at
Moody's.


MOTORS LIQUIDATION: Trustee Seeks to Liquidate New GM Securities
----------------------------------------------------------------
Wilmington Trust Company, solely in its capacity as trust
administrator and trustee of the Motors Liquidation Company GUC
Trust, seeks authority from the U.S. Bankruptcy Court for the
Southern District of New York to liquidate shares of common stock
and warrants of General Motors Company, and extend the duration of
the GUC Trust for an additional 12 months, or through and including
March 31, 2016.

The GUC Trust Administrator intends to use the dividend cash in an
approximate aggregate amount of $8,331,500 for purposes of funding
administrative costs and $3,161,000 for purposes of funding
reporting costs.  

As of Sept. 30, 2014, the GUC Trust was holding 15,247,286 shares
of New GM Common Stock, 13,860,926 of each category of New GM
Warrant, and $13,737,158 in Dividend Cash.

As Jan. 14, 2015, the GUC Trust has exhausted the entirety of the
Wind-Down Budget Cash available for use in the satisfaction of
Administrative Costs.  The GUC Trust projects that, as of the end
of the calendar year 2014, it will hold Other GUC Trust
Administrative Cash designated for Administrative Costs in the
amount of approximately $2,186,100, and Other GUC Trust
Administrative Cash designated for Reporting Costs in the
amount of approximately $888,600.

                     About Motors Liquidation

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

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

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

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


MT LAUREL: Lenders Require Case Dismissal to Provide Funding
------------------------------------------------------------
Mt. Laurel Lodging Associates, LLP is asking the Bankruptcy Court
to dismiss its Chapter 11 case.

The Debtor related that after more than a year of operating in
Chapter 11 and litigation with its secured lender, the Debtor has
formulated an exit strategy that will maximize the value of its
estate for the benefit of all creditors and eliminate the need for
any further costly and risky litigation.   The Debtor has arranged
to refinance its secured debt with a third-party lending source and
to pay all of its other creditors in full.

However, the Debtor cannot implement its reorganization while in
Chapter 11 because traditional lending sources are unwilling to
provide the necessary financing while Debtor remains in Chapter
11.

Accordingly, the Debtor is seeking an order dismissing its Chapter
11 case so that it can execute its restructuring for the benefit of
all creditors.

                About Mt. Laurel Lodging Associates

Mt. Laurel Lodging Associates, LLP and its debtor-affiliates filed
for separate Chapter 11 protection (Bankr. S.D. Ind. Lead Case No.
13-11697) on Nov. 4, 2013.  The debtor-affiliates are Ontario
Lodging Associates, LLC; Riverside Lodging Associates, LLC;
Rosenburg Lodging Associates, LLP; Tampa Palms Lodging Associates,
LLP; Titusville Lodging Associates, LLP; and Conroe Lodging
Associates, LLP.

U.S. Bankruptcy Judge Robyn L. Moberly presides over the case.
David M. Neff, Esq., and Brian A. Audette, Esq., at Perkins Coie
LLP, and Andrew T. Kight, Esq., at Taft, Stettinius & Hollister LLP
represent the Debtor in their restructuring efforts.

The National Republic Bank of Chicago is represented by Bose
McKinney & Evans LLP and Stark & Stark, PC.

The Debtor estimated assets and debts at $10 million to
$50 million.  The petitions were signed by Bharat Patel, general
partner.


MT. GOX: Lawyers Allege Kapeles Was Mastermind of Silk Road
-----------------------------------------------------------
Nicole Hong, writing for The Wall Street Journal, reported that
lawyers for Ross Ulbricht, the alleged ringleader of Silk Road,
told jurors that Mark Karpeles, the head of collapsed bitcoin
exchange Mt. Gox, was the man who controlled Silk Road, a website
that prosecutors say sold millions of dollars of illegal drugs to
buyers around the world.

According to the report, Mr. Ulbricht's lawyers conceded that Mr.
Ulbricht did create Silk Road, but say he left the site after a few
months and was framed by the true Dread Pirate Roberts.  Mr.
Ulbricht's lawyers argued that Mr. Karpeles had an incentive to
start Silk Road as "a way to leverage the value of bitcoin" as Silk
Road's only accepted form of payment was bitcoin.

                          About Mt. Gox

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

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

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

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

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

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

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

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

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


MURRAY ENERGY: Bank Debt Trades at 5% Off
-----------------------------------------
Participations in a syndicated loan under which Murray Energy is a
borrower traded in the secondary market at 95.46 cents-
on-the-dollar during the week ended Friday, January 16, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
0.49 percentage points from the previous week, The Journal relates.
Murray Energy pays 425 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Nov. 21, 2019, and carries
Moody's B1 rating and Standard & Poor's BB rating.  The loan is one
of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



NEIGHBORHOOD HEALTH: Jan. 21 Meeting to Form Creditors' Panel Set
-----------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on Jan. 21, 2015, at 10:00 a.m. in the
bankruptcy case of Neighborhood Health Services Corporation.

The meeting will be held at:

         United States Trustee's Office
         One Newark Center, 1085 Raymond Blvd.
         21st Floor, Room 2106
         Newark, NJ 07102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.



NEXT 1 INTERACTIVE: Delays Nov. 30 Form 10-Q
--------------------------------------------
Next 1 Interactive, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the period
ended Nov. 30, 2014.  The Company said it was not able to obtain
all information prior to filing date and, as a result, the
accountant could not complete the required financial statements by
Jan. 14, 2015.

                      About Next 1 Interactive

Weston, Fla.-based Next 1 Interactive, Inc., is the parent company
of RRTV Network (formerly Resort & Residence TV), Next Trip -- its
travel division, and Next One Realty -- its real estate division.
The Company is positioning itself to emerge as a multi revenue
stream "Next Generation" media-company, representing the
convergence of TV, mobile devices and the Internet by providing
multiple platform dynamics for interactivity on TV, Video On
Demand (VOD) and web solutions.  The Company has worked with
multiple distributors beta testing its platforms as part of its
roll out of TV programming and VOD Networks.  The list of multi-
system operators the Company has worked with includes Comcast,
Cox, Time Warner and Direct TV.  At present the Company operates
the Home Tour Network through its minority owned/joint venture
real estate partner -- RealBiz Media.  As of July 17, 2012, the
Home Tour Network features over 4,300 home listings in four cities
on the Cox Communications network.

The Company incurred a net loss of $18.29 million on $1.56 million
of total revenues for the year ended Feb. 28, 2014, as compared
with a net loss of $4.23 million on $987,000 of total revenues for
the year ended Feb. 28, 2013.

The Company's balance sheet at Aug. 31, 2014, showed $4.43 million
in total assets, $13 million in total liabilities, and a
$8.56 million total stockholders' deficit.

D'Arelli Pruzansky, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Feb. 28, 2014.  The independent auditors noted
that the Company has incurred net losses of $18.3 million and net
cash used in operations of $4.59 million for the year ended
Feb. 28, 2014, and the Company had an accumulated deficit of $87.6
million and a working capital deficit of $13.5 million at Feb. 28,
2014.  These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

                         Bankruptcy Warning

"If we continue to experience liquidity issues and are unable to
generate revenue, we may be unable to repay our outstanding debt
when due and may be forced to seek protection under the federal
bankruptcy laws," the Company said in its fiscal 2013 annual
report.


NII HOLDINGS: Quinn Manuel Okayed to Assist Independent Manager
---------------------------------------------------------------
The U.S. Bankruptcy Court authorized NII International Holdings
S.a.r.l., et al., to employ Quinn Emanuel Urquhart & Sullivan, LLP
as special counsel to LuxCo Holdings, nunc pro tunc to Dec. 12,
2014.

Quinn Emanuel is expected to, among other things, provide legal
advice to the independent manager to assist him in the discharge of
his responsibilities, including by providing legal advice relating
to the independent manager's consideration of the settlement.
Because Quinn Emanuel has a well-defined role in the Chapter 11
cases, Quinn Emanuel will not unnecessarily duplicate the services
provided by any of the Debtors' other retained professionals.

The hourly rates of partners of Quinn Emanuel range from $840 to
$1,175.  Other attorneys' hourly rates, including counsel
positions, range from $490 to $1,010.  The hourly rates charged for
Quinn Emanuel's law clerks and legal assistants range from $300 to
$365.

These professionals are expected to have primary responsibility
for providing services to LuxCo Holdings and the Independent
Manager and their hourly rates are:

         Susheel Kirpalani, partner           $1,045
         Benjamin Finestone, partner            $840
         Scott Shelley, counsel                 $920
         Matthew Scheck, associate              $735
         Kate Scherling, associate              $730
         William Pugh, associate                $535

To the best of LuxCo Holdings' knowledge, Quinn Emanuel does not
represent any entity having an adverse interest to LuxCo Holdings.

These information is provided in response to the request for
additional information set forth in Paragraph D.1. of the U.S.
Trustee Guidelines:

   Question: Did you agree to any variations from, or alternatives

             to, your standard or customary billing arrangements
             for this engagement?

   Response: In accordance with the Local Rules, Quinn Emanuel has
             reduced its standard photocopy charge from $0.24 per
             page to $0.10 per page.  Charges for incoming
             facsimiles will also be reduced to $0.10 per page.
             Additionally, Quinn Emanuel will comply with the
             Local Bankruptcy Rules requiring these expenses be
             billed at actual cost: outside photocopying; outgoing

             facsimile and long distance telephone charges;
             computer-accessed legal research; and reimbursement
             for travel (unless reimbursement sought for mileage
             at the rate set by the Secretary of the Treasury
             pursuant to the Internal Revenue Code).  Quinn
             Emanuel also will comply with any Local Bankruptcy
             Rules, administrative or other order of the
             Court, or, as applicable, the U.S. Trustee
             Guidelines, with respect to billing for non-working
             travel time.  Quinn Emanuel also recognizes that the
             Court may not approve reimbursement for meals, word
             processing, document production, administrative
             charges, or overtime charges.

   Question: Do any of the professionals included in this
             engagement vary their rate based on the geographic
             location of the bankruptcy case?

   Response: No.

   Question: If you represented the client in the 12 months
             prepetition, disclose your billing rates and material

             financial terms for the prepetition engagement,
             including any adjustments during the 12 months
             prepetition.  If your billing rates and material
             financial terms have changed postpetition, explain
             the difference and the reasons for the difference.

   Response: Not Applicable.

   Question: Has your client approved your prospective budget and
             staffing plan, and, if so for what budget period?

   Response: Yes. Quinn Emanuel and LuxCo Holdings developed a
             budget and staffing plan that reflects (a) the
             estimated number of hours and amount of fees that
             Quinn Emanuel will expend providing counsel to the
             Independent Manager during the Review Period (b) the
             estimated type and number of Quinn Emanuel
             professionals and paraprofessionals needed to
             successfully counsel the Independent Manager during
             the Review Period.  LuxCo Holdings approved the
             Budget and Staffing Plan.  However, LuxCo Holdings is

             aware that the stipulation provides that the review
             period may be extended by the Court for good cause
             shown upon the application of the independent
             manager, which would result in the incurrence of
             additional fees and expenses.  The budget and
             staffing Plan will be revised if and as needed.

The firm can be reached at:

         Susheel Kirpalani, Esq.
         Benjamin Finestone, Esq.
         Kate Scherling, Esq
         William Pugh, Esq.
         QUINN EMANUEL URQUHART & SULLIVAN LLP
         51 Madison Avenue, 22nd Floor
         New York, NY 10010
         Tel: (212) 849-7000
         Fax: (212) 849-7100

                         About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina.  NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin
America.  NII Holdings' shares of common stock, par value $0.001,
are publicly traded under the symbol NIHD on the NASDAQ Global
Select Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014.  The Debtors' cases are jointly administered
and are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day as counsel and Prime Clerk LLC
as claims and noticing agent.  NII Holdings disclosed
$1,216,071,340 in assets and $3,068,103,749 in liabilities as of
the Chapter 11 filing.

The U.S. Trustee for Region 2 on Sept. 29 appointed five creditors
of NII Holdings to serve on the official committee of unsecured
creditors.


NII HOLDINGS: Zolfo Cooper's Scott Winn OK'd as Independent Manager
-------------------------------------------------------------------
The U.S. Bankruptcy Court approved NII Holdings, Inc., et al.'s
engagement agreement with Zolfo Cooper Management, LLC, nunc pro
tunc to Dec. 12, 2014.

Pursuant to the engagement agreement, Scott W. Winn will be
employed as the independent manager, and Mr. Winn may enlist the
assistance of additional Zolfo Cooper employees in the performance
of the services.  Mr. Winn will be entitled to separate legal
counsel to assist him in providing the services, which legal
counsel will be separately retained pursuant to Section 327 of the
Bankruptcy Code.

The Debtors have agreed to compensate Zolfo Cooper, the
independent manager and the Zolfo Cooper Associates for the
services based on these agreed hourly rates:

         Mr. Winn                         $925
         Managing Directors           $795 - $925
         Professional Staff           $265 - $790
         Support Personnel             $60 - $310

In addition to the hourly rates, the Debtors and the independent
manager have agreed that the Debtors will reimburse the independent
manager and the Zolfo Cooper Associates for any direct expenses
incurred in connection with providing the services.  

To the best of the Debtors' knowledge, Mr. Winn and Zolfo Cooper
are "disinterested persons" as that term is defined in Section
101(14) of the Bankruptcy Code.

The Debtors are represented by:

         Scott J. Greenberg, Esq.
         Lisa Laukitis, Esq.
         JONES DAY
         222 East 41st Street
         New York, NY 10017
         Tel: (212) 326-3939
         Fax: (212) 755-7306

                  and

         David G. Heiman, Esq.
         Carl E. Black, Esq.
         JONES DAY
         North Point
         901 Lakeside Avenue
         Cleveland, OH 44114
         Tel: (216) 586-3939
         Fax: (216) 579-0212

                         About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina.  NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin
America.  NII Holdings' shares of common stock, par value $0.001,
are publicly traded under the symbol NIHD on the NASDAQ Global
Select Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014.  The Debtors' cases are jointly administered
and are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day as counsel and Prime Clerk LLC
as claims and noticing agent.  NII Holdings disclosed
$1,216,071,340 in assets and $3,068,103,749 in liabilities as of
the Chapter 11 filing.

The Plan of Reorganization will (a) convert all of the outstanding
senior unsecured notes issued by CapCo and LuxCo -- totaling $4.35
billion -- into equity interests in the reorganized Debtors; and
(b) implement a proposed settlement of certain disputed
inter-estate and inter-debtor claims and disputed third party
claims; and (c) provide the reorganized Debtors with $500 million
in new capital to support the continued turnaround of the Debtors'
business.

The U.S. Trustee for Region 2 on Sept. 29 appointed five creditors
of NII Holdings to serve on the official committee of unsecured
creditors.


NNN 3500: Chapter 11 Plan Declared Effective Dec. 23
----------------------------------------------------
NNN 3500 MAPLE 26, LLC, et al., notified the U.S. Bankruptcy Court
that the Effective Date of the Joint Chapter 11 Plan occurred on
Dec. 23, 2014, and, as a result, the Plan has been substantially
consummated.

The Court in November 2014 entered an order confirming the Debtors'
Plan.  The Court also set these deadlines for claims:

   1. Administrative Expense Claim:    Jan. 22, 2015
   2. Professional Fee Claim:          Feb. 23
   3. Rejection Claims:                Jan. 22

The disclosure statement explaining the Plan provides that NNN 3500
Maple and its affiliated debtors are "jointly and severally liable
on all claims."  They do not intend to solicit acceptances on a
separate "debtor-by-debtor" basis.  Approval of the plan will apply
to NNN 3500 Maple and all its affiliated debtors.

The Plan provides for a 100% estimated recovery to all creditors.
As of the effective date of the plan, ownership of the assets of
each company's estate will vest in that company free and clear of
liens, claims, rights, title and interests.

U.S. Bank National Association, as Trustee, successor-in-interest
to Bank of America, N.A., as Trustee for the Registered Holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C23, by and through CWCapital
Asset Management LLC, filed a limited objection to the Plan.

A copy of the Court's Nov. 4, 2014 Findings of Fact, Conclusions of
Law and Order Confirming the Debtors' Joint Chapter 11 Plan is
available at http://bit.ly/1GvgxkIfrom Leagle.com.

                  About NNN 3500 Maple Entities

NNN 3500 Maple 26, LLC, based in Costa Mesa, Calif., filed for
Chapter 11 bankruptcy (Bankr. C.D. Calif. Case No. 12-23718) on
Nov. 30, 2012.  Judge Scott C. Clarkson presided over the case.
In its schedules, the Debtor disclosed $45,563,241 in total assets
and $46,658,593 in total liabilities.

On Jan. 23, 2013, the California Bankruptcy Court entered an order
transferring venue of the bankruptcy case to the U.S. Bankruptcy
Court for the Northern District of Texas (Case No. 13-30402).
Judge Harlin DeWayne Hale in Dallas presides over the case.

On Aug. 29, 2013, 26 other affiliates filed separate Chapter 11
petitions.  These entities are: NNN 3500 Maple 1, LLC, NNN 3500
Maple 2, LLC, NNN 3500 Maple 3, LLC, NNN 3500 Maple 4, LLC, NNN
3500 Maple 5, LLC, NNN 3500 Maple 6, LLC, NNN 3500 Maple 7, LLC,
NNN 3500 Maple 10, LLC, NNN 3500 Maple 12, LLC, NNN 3500 Maple 13,
LLC, NNN 3500 Maple 14, LLC, NNN 3500 Maple 15, LLC, NNN 3500
Maple 16, LLC, NNN 3500 Maple 17, LLC, NNN 3500 Maple 18, LLC, NNN
3500 Maple 20, LLC, NNN 3500 Maple 22, LLC, NNN 3500 Maple 23,
LLC, NNN 3500 Maple 24, LLC, NNN 3500 Maple 27, LLC, NNN 3500
Maple 28, LLC, NNN 3500 Maple 29, LLC, NNN 3500 Maple 30, LLC, NNN
3500 Maple 31, LLC, NNN 3500 Maple 32, LLC, and NNN 3500 Maple 34.

Each Debtor holds an ownership interest as a tenant in common in
an 18-story commercial office building commonly known as 3500
Maple Avenue, Dallas, Texas 75219.

These TICs have not filed for bankruptcy: NNN 3500 Maple 0, LLC,
NNN 3500 Maple 8, LLC, NNN 3500 Maple 9, LLC, NNN 3500 Maple 11,
LLC, NNN 3500 Maple 25, LLC, and NNN 3500 Maple 35, LLC.

Bankruptcy Judge Harlin DeWane Hale denied confirmation of two
competing reorganization plans filed in the Chapter 11 cases of
NNN 3500 Maple 26 LLC and its affiliated debtors.

The Plan is to be funded by an $8.5 million "Cash Infusion" and
"Additional Equity Contributions" of around $10 million.  Under
the Debtors' Plan, the building will undergo substantial
rehabilitation.

The Plan propose by Strategic Acquisition Partners, LLC, a party
that acquired a claim in the case, similar to the Debtors', in an
attempted cure and restatement, will replace the Borrower with
NewCo under the Loan Documents.  NewCo will be divided into Class
A and Class B membership interests.

An official creditors' committee has not been appointed in this
case.  Neither a trustee nor an examiner has been appointed.

The Debtors are represented by Michelle V. Larson, Esq., at
ANDREWS KURTH LLP, and Jeremy B. Reckmeyer, Esq., at ANDREWS KURTH
LLP.

Strategic Acquisition Partners LLC is represented by Joseph J.
Wielebinski, Esq., Davor Rukavina, Esq., Zachery Z. Annable, Esq.,
and Thomas D. Berghman, Esq., at MUNSCH HARDT KOPF & HARR, P.C.

William B. Finkelstein, Esq., Esq., and Jeffrey R. Fine, Esq., at
DYKEMA GOSSETT PLLC serve as counsel to Maple Avenue Tower, LLC.


NORTEL NETWORKS: Committee Follows Samis at Whiteford Taylor
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Nortel Networks
Inc., et al., seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Whiteford, Taylor & Preston
LLC as its successor co-counsel in connection with the Debtors'
chapter 11 cases, nunc pro tunc to Nov. 17, 2014.

The Committee initially hired Fred S. Hodara, Esq., at Akin Gump
Strauss Hauer & Feld LLP, in New York, and Christopher M. Samis,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, as co-counsel.  Mr. Samis recently
moved to Whiteford Taylor.

The Committee submits that it is necessary and appropriate for it
to retain Whiteford Taylor as successor co-counsel to ensure that
the attorney who has had primary responsibility for advising the
Committee on Delaware legal issues and procedure can continue to
provide, among other things, the following services, as the
director of the Committee's lead counsel, Akin Gump:

   (a) advise the Committee of its rights, powers and duties in
       these cases;

   (b) assist and advise the Committee in its consultations with
       the Debtors relative to the administration of these cases;

   (c) assist the Committee in analyzing the claims of the
       Debtors' creditors and in negotiating with such creditors;

   (d) assist with the Committee's investigation of the acts,
       conduct, assets, liabilities and financial condition of the

       Debtors and of the operation of the Debtors' business;

   (e) assist the Committee in its analysis of, and negotiations
       with, the Debtors or their creditors concerning matters
       related to, among other things, the term of a plan or plans

       of reorganization or liquidation for the Debtors;

   (f) prepare on behalf of the Committee all necessary motions,
       applications, answers, orders, reports and papers in
       furtherance of the Committee's interests and objectives;
       and

   (g) perform all other necessary legal services as may be
       required and are deemed to be in the interests of the
       Committee in connection with the Chapter 11 cases.

Whiteford Taylor will be paid at these hourly rates:

       Christopher M. Samis, partner           $515
       L. Katherine Good, counsel              $490
       Partners/Counsel                        $390-$770
       Associates/Associate Counsel/
       Staff Counsel                           $310-$390
       Paraprofessionals                       $220-$310

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

Christopher M. Samis, parner of Whiteford Taylor, 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.

Whiteford Taylor can be reached at:

       Christopher M. Samis, Esq.
       WHITEFORD, TAYLOR & PRESTON LLC
       The Renaissance Centre, Suite 500
       405 N. King Street
       Wilmington, DE 19801
       Tel: (302) 357-3266
       Cel: (302) 245-5069
       Fax: (302) 357-3288

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
business in more than 150 countries around the world.  Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors.  Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group.  That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New
York, serve as the U.S. Debtors' general bankruptcy counsel; Derek
C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in
Wilmington, serves as Delaware counsel.  The Chapter 11 Debtors'
other professionals are Lazard Freres & Co. LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims and notice
agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.  

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of Long-
Term Disability Participants tapped Alvarez & Marsal Healthcare
Industry Group as financial advisor.  The Retiree Committee is
represented by McCarter & English LLP as Delaware counsel, and
Togut Segal & Segal serves as the Retiree Committee.  The
Committee retained Alvarez & Marsal Healthcare Industry Group as
financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.


NORTHERN BLIZZARD: S&P Revises Outlook to Stable & Affirms 'B' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Calgary, Alta.-based Northern Blizzard Resources Inc. (NBRI) to
stable from positive.  At the same time, Standard & Poor's affirmed
its 'B' long-term corporate credit and senior unsecured debt
ratings on NBRI.  The recovery rating on the debt remains '3',
indicating average (50%-70%) recovery in event of default.

"The outlook revision reflects our expectations that NBRI will not
be able to hit its annual 10%-15% production annual growth targets
for the next two years, as we had forecast following the completion
of the company's IPO in August 2014," said Standard & Poor's credit
analyst Aniki Saha-Yannopoulos.  Although S&P acknowledges that
NBRI will improve its production from 2014 levels, it has cut back
its 2015 capital expenditure about 50% from its previous forecasts,
leading to production in 2015 at about 23,000 barrels per day; at
S&P's price assumptions, it expects no production growth for 2016.
S&P expects the lower internally generated cash flow to pressure
debt-to-EBITDA but it expects it to remain below 3x in the next
12-18 months.

NBRI is a small exploration and production (E&P) company.  It had
about 88 million barrels of oil equivalent [boe] of gross proved
reserves as of Dec. 31, 2014, and 20,021 boe per day production for
the first nine months of 2014.  Almost all the company's production
is from the Lloydminster Heavy Oil and Kerrobert Bakken area in
southern Saskatchewan.  

The stable outlook reflects S&P's projection that the company will
keep its debt-to-EBITDA below 3.5x in the next 18 months despite
NBRI's reduced capital spending program that will result in lower
production and cash flow than previously forecast.

S&P could lower the ratings if it expects NBRI's liquidity to be
constrained significantly, for example due to borrowing base
reduction, such that it hampers ongoing production.  Also, if
credit measures deteriorate such that S&P expects debt-to-EBITDA to
move above 5x, which could occur if the company's production and
cash flow declines faster than forecast.

S&P could contemplate a positive action if it expects NBRI to
expand its production at the original positive growth rate of
10%-15% while keeping debt-to-EBITDA below 3x.  However, at S&P's
price assumptions, it views that highly unlikely.



NPS PHARMACEUTICALS: Files Investor Presentation
------------------------------------------------
Flemming Ornskov, MD, chief executive of Shire, gave a presentation
to employees of NPS Pharmaceuticals, Inc., on
Jan. 16, 2015, in connection with Shire's proposed acquisition of
NPS.

"Our culture comes to life through our employees who together form
One Shire.  We value and invest in our employees to ensure they
have the capabilities and support to implement our strategy,
achieve our vision and deliver value to our patients, payors and
shareholders," Mr. Ornskov said.

"This acquisition will allow NPS Pharma's products to transform the
lives of even more patients.  "We look forward to combining the
best of Shire and NPS Pharma on behalf of patients."

A copy of the Presentation is available for free at:

                        http://is.gd/JDwc3b

                     About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

NPS Pharmaceuticals reported a net loss of $13.5 million in 2013,
a net loss of $18.7 million in 2012 and a net loss of $36.3
million in 2011.  The Company posted consolidated net loss of
$31.4 million in 2010 and a net loss of $17.9 million in 2009.

The Company's balance sheet at Sept. 30, 2014, showed $282
million in total assets, $151 million in total liabilities and
$131 million in total stockholders' equity.


NPS PHARMACEUTICALS: Shire Presented at JP Morgan Conference
------------------------------------------------------------
Flemming Ornskov, MD, chief executive officer of Shire, spoke at
the J.P. Morgan 33rd Annual Healthcare Conference on Jan. 13,
2015.

Mr. Ornskov said that the Company's combination with NPS Pharma
"will put us in a great position to continue our growth.  We can
accelerate the growth of their portfolio.  It builds on our rare
disease focus in areas we know.  It builds and we add significant
GI expertise."

As reported by the TCR on Jan. 15, 2015, NPS Pharma and Shire plc
have entered into a merger agreement pursuant to which Shire will
acquire all the outstanding shares of NPS Pharma for $46.00 per
share in cash, for a total consideration of approximately $5.2
billion.

A copy of the presentation is available at:

                      http://is.gd/cvMEOv

                   About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

NPS Pharmaceuticals reported a net loss of $13.50 million in 2013,
a net loss of $18.73 million in 2012 and a net loss of $36.26
million in 2011.  The Company posted consolidated net loss of
$31.44 million in 2010 and a net loss of $17.86 million in 2009.

The Company's balance sheet at Sept. 30, 2014, showed $282
million in total assets, $151 million in total liabilities and
$131 million in total stockholders' equity.


NYTEX ENERGY: Now Known as Sable Natural Resources
--------------------------------------------------
NYTEX Energy Holdings, Inc., filed a Fifth Certificate of Amendment
to its Certificate of Incorporation with the Secretary of State of
the State of Delaware, changing the Company's name to "Sable
Natural Resources Corporation".  The Name Change became effective
upon the filing of the Amendment with the Secretary of State of the
State of Delaware on Jan. 13, 2015.

                         About NYTEX Energy

Located in Dallas, Texas, Nytex Energy Holdings, Inc., is an
energy holding company with operations centralized in two
subsidiaries, Francis Drilling Fluids, Ltd. ("FDF") and NYTEX
Petroleum, Inc. ("NYTEX Petroleum").  FDF is a 35 year old full-
service provider of drilling, completion and specialized fluids
and specialty additives; technical and environmental support
services; industrial cleaning services; equipment rentals; and
transportation, handling and storage of fluids and dry products
for the oil and gas industry.  NYTEX Petroleum, Inc., is an
exploration and production company focusing on early stage
development of minor oil and gas resource plays within the United
States.

NYTEX Energy reported a net loss of $2.67 million in 2013
following a net loss of $5.15 million in 2012.

As of Sept. 30, 2014, the Company had $5.77 million in total
assets, $2.74 million in total liabilities, $3.72 million in
preferred stock, and a $695,000 total stockholders' deficit.

In its report on the Company's consolidated financial statements
for the year ended Dec. 31, 2013, Whitley Penn LLP expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company will need additional
working capital to fund operations.


OCWEN FINANCIAL: CA-DBO Action No Impact Yet on Fitch's 'B-' IDR
----------------------------------------------------------------
Ocwen Financial Corporation's 'B-' IDR' and Negative Rating Outlook
are not immediately impacted by The California Department of
Business Oversight's (CA-DBO) administrative action filed on
October 3 of last year, according to Fitch Ratings.
The action seeks to suspend Ocwen's residential mortgage lender and
loan servicer licenses for up to 12 months. While the CA-DBO's
action is clearly negative, Ocwen's rating is already at a highly
speculative rating level. Along with the Negative Rating Outlook,
the rating incorporates the potential financial-, compliance- and
litigation-related challenges associated with Ocwens heightened
regulatory scrutiny.

Depending on how the administrative action progresses, ratings
could come under pressure. This is particularly true if Ocwen faces
material fines and/or an extended absence from the California
market, which materially impacts its profitability and cash flow
generation. As of Sept. 30, 2014, Ocwen had approximately $300
million of cash, $800 million of annualized cash generated from
operations and leverage, on the basis of debt to tangible equity,
of 3.8x on a consolidated-affiliate basis. Fitch believes current
liquidity, cash flow and consolidated leverage offer Ocwen modest
financial flexibility relative to existing ratings.

The CA-DBO's recommendation to suspend Ocwen's licenses follows the
company's failure to respond to a March 2014 subpoena in a timely
manner, requesting borrower records and information. The records
were sought in conjunction with CA-DBO's examination to ensure
Ocwen's compliance with the California Homeowner Bill of Rights,
which is designed to guarantee fairness and transparency for
homeowners in the foreclosure process.

Should Ocwen lose its license and be forced to sell its mortgage
servicing rights on loans in California, the sales proceeds could
be used to pay fines, service debt and support ongoing operations
elsewhere (albeit as a smaller and less profitable company).
California is Ocwen's largest single state exposure, representing
approximately 24% of the total unpaid principal balance of Ocwen's
servicing portfolio as of Sept. 30, 2014.

Ocwen has stated that it is cooperating with the CA-DBO and expects
that its ongoing cooperation will result in a satisfactory outcome
for all parties. Conferences are expected to occur in February, at
which time Ocwen will seek to reach a settlement on the matter. If
not resolved by then, hearings on the suspension of the CA license
are scheduled for July 2015.

Following Ocwen's New York Department of Financial Services
(NY-DFS) settlement in December 2014, Fitch downgraded the
company's long-term IDR by one-notch to 'B-' with a Negative Rating
Outlook. At the time, the actions reflected increased strategic
uncertainty following the announced departure of the firm's
Executive Chairman, combined with heightened governance concerns
and the expectation of increased earnings pressure as a result of
heightened regulatory scrutiny and compliance standards.

At the same time, Fitch maintained the Negative Rating Watch on
Ocwen's RMBS servicer ratings following its settlement with the
NY-DFS. Fitch noted that the ongoing inquiry by the NY-DFS and
issues identified call into question the corporate governance and
operational control framework, especially as it relates to
oversight of its systems and processes. Additionally, Fitch said
that these issues had the potential to bring about other
investigations; result in monetary and/or other penalties; and
limit Ocwen's operating flexibility.

Fitch expects to resolve the Rating Watch Negative on its RMBS
servicer ratings based on its assessment of the operational,
governance, and financial condition implications of the Consent
Order, Ocwen's ability to comply with all requirements, and
operational and strategic changes which may follow in the wake of
the announced departure of Ocwen's Executive Chairman.


ORCKIT COMMUNICATIONS: Postpones General Meeting to Feb. 19
-----------------------------------------------------------
Orckit Communications Ltd. declared that its extraordinary general
meeting of shareholders will be postponed to Feb. 19, 2015, at 3:30
p.m. (Israel time), at the offices of the temporary liquidator of
the Company, Adv. Lior Dagan, 1 Azrielli Center (Round Building,
35th Floor), Tel Aviv, Israel.  The record date for the meeting is
Feb. 2, 2015.

The agenda of the meeting is the approval of an arrangement between
the Company and its creditors and related transactions pursuant to
Section 350 of the Israeli Companies Law, 5759-1999. The
arrangement requires the affirmative approval of a majority by
number of the shareholders voting their shares, in person or by
proxy, and holding at least 75% of the shares voting on the matter,
unless the District Court of Tel Aviv will rule otherwise. The
arrangement is also subject to the approval of the Company's
creditors and the Court.

In accordance with the ruling of the Court, proxy statements
describing the proposal on the agenda and proxy cards will not be
mailed to shareholders registered through the Company's U.S.
transfer agent (including "street name" shares held via DTC
members).  Instead, the Company will file a proxy statement and a
form of proxy card with the Securities and Exchange Commission on
Form 6-K at least seven days prior to the meeting.  These documents
will be available to the public at the SEC's EDGAR Web site at
http://www.sec.gov/edgar/searchedgar/companysearch.html.Each
shareholder who is unable to attend the meeting in person will be
required to print, complete, date and sign the proxy card and
deliver it to the Company as will be described in the proxy
statement.  Those shareholders who hold ordinary shares in "street
name" will also be required to contact their broker and receive an
authorization to vote the shares on behalf of the broker, and
return such authorization along with their proxy card to the
Company as described in the proxy statement.  Signed proxy cards
(and broker authorizations) will be accepted at the office of the
temporary liquidator until Feb. 19, 2015, at 1:00 p.m. (Israel
time).

The voting of shares held through members of the Tel Aviv Stock
Exchange Clearinghouse will follow customary Israeli procedures.
Specifically, the Company has filed an amended form of written
ballot with the Israel Securities Authority on Jan. 14, 2015, and
will file the terms of the arrangement with the ISA at least seven
days prior to the meeting.  These documents will be available to
the public at the ISA's MAGNA Web site at
http://www.magna.is.gov.iland the Maya Web site of the Tel Aviv
Stock Exchange ("TASE") at http://www.maya.tase.co.il. TASE
members, without charge, will send via email a link to the filing
of those documents to its clients who hold shares of the Company
and who have not duly instructed the broker otherwise in advance.
Such clients are entitled to receive a confirmation of ownership
(ishur baalut) from their brokers upon request.  Signed written
ballots (and confirmations of ownership) will be accepted at the
office of the temporary liquidator until Feb. 19, 2015, at 1:00
p.m. (Israeli time).

For copies of relevant documents, or to send position statements,
you may address Adv. Sivan Lev or Adv. Yonatan Ashkenazi at the
office of the temporary liquidator of the Company at Tel.
+972-3-607-0819 or Fax +972-3-607-0830.

                            About Orckit

Orckit facilitates the delivery by telecommunication providers of
high capacity broadband residential, business and mobile services
over wireline or wireless networks with its Orckit-Corrigent family
of products.  Orckit was founded in 1990 and became publicly traded
in 1996.  Orckit's shares are traded on the OTCQB and the Tel Aviv
Stock Exchange and is headquartered in Tel-Aviv, Israel.

Kesselman & Kesselman, in Tel Aviv, Israel, 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 capital deficiency, recurring losses,
negative cash flows from operating activities and has significant
future commitments to repay its convertible subordinated notes.
These facts raise substantial doubt as to the Company's ability to
continue as a going concern.

Orckit reported a net loss of $5.9 million in 2013, a net loss of
$6.46 million in 2012 and a net loss of $17.4 million in 2011.
As of Dec. 31, 2013, the Company had $7.51 million in total
assets, $21.5 million in total liabilities and a $14.03 million
total capital deficiency.


PALOMAR HEALTH: Fitch Affirms 'BB+' Outstanding Debt Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on Palomar Health, CA's
(PH) outstanding debt.

The Rating Outlook is revised to Stable from Negative.

SECURITY

The bonds are secured by a gross revenue pledge of the obligated
group (OG). The obligated group is comprised of PH's acute care
facilities as well as other healthcare related entities but
excludes Arch Health Partners (AHP), a medical foundation. AHP was
de-consolidated from the audit in fiscal 2014 (June 30 fiscal year
end) so the OG and the consolidated entity were the same in fiscal
2014.

KEY RATING DRIVERS

REBOUND IN FINANCIAL PERFORMANCE: The revision in Outlook to Stable
from Negative reflects improved operating cash flow in fiscal 2014
that has been sustained through the first four months ended Oct.
31, 2014, as well as growth in liquidity. The Negative Outlook was
placed on PH in January 2014 due to very weak performance in fiscal
2013 that led to a violation of its liquidity covenant and barely
meeting its debt service coverage covenant. The improved financial
performance to date has been driven by increased volume, cost
reductions (primarily reduction in force), as well as the sale of
non-core assets.

NON INVESTMENT GRADE FINANCIAL PROFILE: After stabilizing its
performance in fiscal 2014, PH's financial profile is
characteristic of a non-investment grade credit with weak liquidity
and high debt burden. At Oct. 31, 2014, PH had 79.7 days cash on
hand and 22.9% cash to debt (revenue bonds only). Operating EBITDA
margins compare favorably against the non-investment grade medians
with an 11% operating EBITDA margin through the four months ended
Oct. 31, 2014 and 10.2% in fiscal 2014, which led to adequate MADS
coverage of 2.1x and 1.7x, for the respective time periods.

SIGNIFICANT CAPITAL INVESTMENT COMPLETE: In August 2012, PH opened
its 288-bed Palomar Medical Center (PMC) in Escondido, California.
The opening and subsequent relocation of most service lines from
its downtown campus to PMC was the centerpiece of PH's significant
$1.06 billion facilities master plan. PH has an agreement with
Kaiser Permanente (rated 'A+') to provide bed capacity, and Kaiser
volume has consistently been under budget although it has recently
increased.

GOOD MARKET POSITION: Fitch believes PH's main credit strength is
its location in North San Diego County, which makes it an
attractive partner in any plans to develop a larger regional
network and delivery model that is able to manage population
health. In addition, PH has significantly invested in its medical
foundation, AHP, which provides a primary care base that will be
integral in care coordination.

RATING SENSITIVITIES

SUSTAINED SOLID OPERATING CASH FLOW: Fitch expects PH to sustain
its solid operating cash flow due to additional operational
initiatives that are underway. Although there are limited capital
needs going forward, PH continues to make strategic investments,
especially in AHP, which may hinder near-term liquidity growth.

CREDIT PROFILE

PH is a California hospital district that operates three hospitals
in northern San Diego County. For fiscal 2014, PH's consolidated
audited results excluded its medical foundation, AHP (80 physicians
and 10 physician extenders), and numbers for fiscal 2013 were
restated for comparative purposes. Total operating revenue in
fiscal 2014 was $628 million. Since Fitch's last review, there has
been a change in executive leadership with the prior CFO promoted
to CEO as of August 2014. There are several vacant/interim
positions that are expected to be filled in the first half of
2015.

Rebound in Financial Performance

At the time of Fitch's last review in January 2014, PH was
implementing several turnaround initiatives to stem the losses from
fiscal 2013 due to challenges with the transition to its new
facility in August 2012. The benefits from these initiatives were
realized in fiscal 2014 with a $17 million improvement in operating
cash flow driven mainly by a reduction in force. PH continues to
focus on reducing its cost per adjusted discharge with plans to
lower this further in fiscal 2015. In fiscal 2014, operating income
was negative $26.2 million compared to negative $36.2 million the
prior year and operating losses are primarily driven by high
depreciation and interest expense. Operating cash flow is solid
with operating EBITDA margin of 10.2% in fiscal 2014 compared to
7.7% in fiscal 2013 and 11% for the four months ended Oct. 31,
2014. PH has budgeted an operating EBITDA margin of 12.1% for
fiscal 2015 and ongoing operational initiatives include improved
patient throughput, reduction in cost per adjusted discharge,
supply savings, as well as further reduction in labor costs.

Opening of Palomar Medical Center
In August 2012, PH opened its new 288-bed Palomar Medical Center in
North San Diego County and successfully relocated the majority of
its service lines to the new hospital from its downtown Escondido
facility. The downtown facility remains operational and houses an
urgent care center, labor and delivery, behavioral, and acute rehab
service lines. PMC was the key component of PH's sizable $1.06
billion facilities master plan, which also included expanding its
Pomerado Hospital in Poway and building outpatient satellite
clinics. PH operates a total of 508 beds and all the acute care
facilities are seismically compliant.

Volume growth has consistently missed budgeted expectations
especially with its agreement with Kaiser. However, year over year
growth has improved especially with more obstetric and surgery
volume from Kaiser. In fiscal 2014, admissions were up 8% from
prior year and through the four months ended Oct. 31, 2014,
admissions were up 7.1% from the same prior year period. PH's bed
capacity agreement with Kaiser expires in 2020 with an upcoming
renewal date in mid 2015 that will decide if either/both parties
want to extend the agreement beyond 2020.

Investment in Arch Health Partners

AHP is a medical foundation located in Poway, CA with nine other
locations in the service area. PH is the sole corporate member of
AHP and aligned with the medical foundation in 2010. PH has
provided significant support to AHP over the last two years and
ongoing support is expected at approximately $16 million a year,
which may hinder liquidity growth.

Weak Liquidity

As of Oct. 31, 2014, unrestricted cash and investments totaled
$134.6 million, which equated to 79.7 days cash on hand and 22.9%
cash to debt, which is a slight improvement from fiscal 2013 with
73.3 days and 20.6% cash to debt. PH remains challenged by high
accounts receivable with 71.5 days in accounts receivable as of
Oct. 31, 2014 and there is new oversight in revenue cycle, which
should improve cash collections.

PH's days cash on hand covenant calculation excludes interest
expense from total expenses and the bond covenant calculation for
fiscal 2014 was 91 days, above the 80 days cash on hand covenant
for the series 2006 insured bonds (65 days cash on hand covenant
for uninsured bonds).

High Debt Burden

PH has a very high debt burden due to the funding of its facilities
master plan. As of June 30, 2014, total debt outstanding was $1.1
billion and included $560 million of revenue bonds and $574 million
of general obligation (GO) bonds. Fitch rates the GO bonds 'A+'.
The revenue bonds are 68% fixed rate and 32% variable rate (auction
mode; series 2006). MADS of $41.4 million accounted for 6.6% of
total revenue in fiscal 2014 compared to the non-investment grade
median of 4%.

PH has three fixed payor interest rate swaps with Citi related to
the series 2006 bonds and the swaps are insured by Assured
Guaranty. There are currently no collateral posting requirements,
but requirements would be implemented if Assured Guaranty's rating
falls below the 'A' category and would be at a zero threshold based
on PH's current rating. The mark to market valuation as of June 30,
2014 was negative $26.5 million. In addition, there is an
additional termination event if Assured Guaranty's rating falls
below 'BBB'.

Property Tax Revenue
As a California hospital district, PH receives unrestricted
property tax revenues from a fixed share of the 1% property tax
levied by the County of San Diego on all taxable real property in
PH's boundaries. PH received $13.5 million and $12.9 million in
unrestricted property tax revenues in fiscal 2014 and 2013,
respectively. This tax revenue is included in other operating
revenue. PH also receives ad valorem tax revenues generated by the
separate voter-approved tax levy that is pledged solely for the
payment of principal and interest on PH's series 2005, 2007, 2009,
and 2010 GO bonds. Fitch's financial analysis excludes the GO bonds
and related property tax revenue and interest expense.

Disclosure

PH covenants to provide annual audited financial reports and
unaudited quarterly financial statements to bondholders. Quarterly
information, including a balance sheet, income statement, and
statement of changes in net assets will be provided within 45 days
after the end of each of the first three fiscal quarters.

Outstanding Palomar Health, CA Debt:

-- $159,647,000 COPs series 2010;
-- $228,970,000 COPs series 2009;
-- $171,731,000 COPs series 2006A-C.


PETRON ENERGY: KBM Worldwide Reports 9.9% Stake as of Jan. 15
-------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, KBM Worlwide, Inc., disclosed that as of Jan. 15, 2015,
it beneficially owned 2,794,473 shares of common stock of
Petron Energy II, Inc., representing 9.99% (based on the total of
27,972,707 outstanding shares of Common Stock).  A copy of the
regulatory filing is available for free at http://is.gd/sFJdUa

                         About Petron Energy

Dallas-based Petron Energy II, Inc., is engaged primarily in the
acquisition, development, production, exploration for and the sale
of oil, gas and gas liquids in the United States.  As of Dec. 31,
2011, the Company is operating in the states of Texas and
Oklahoma.  In addition, the Company operates two gas gathering
systems located in Tulsa, Wagoner, Rogers and Mayes counties of
Oklahoma.  The pipeline consists of approximately 132 miles of
steel and poly pipe, a gas processing plant and other ancillary
equipment.  The Company sells its oil and gas products primarily
to a domestic pipeline and to another oil company.

Petron Energy reported a net loss of $4.30 million in 2013
following a net loss of $8.32 million in 2012.

As of Sept. 30, 2014, the Company had $3.74 million in total
assets, $13.8 million in total liabilities and a $10.09 million
total stockholders' deficit.

KWCO, PC, in Odessa, TX, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company's
significant operating losses since inception raise substantial
doubt about its ability to continue as a going concern.


PHILADELPHIA AUTHORITY: S&P Puts Bonds' 'BB+' Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' long-term
rating on the Philadelphia Authority for Industrial Development,
Pa.'s project revenue bonds, issued for the Discovery Charter
School, on CreditWatch with negative implications.

This rating action follows repeated attempts by Standard & Poor's
to obtain timely information of satisfactory quality to maintain
its rating on the securities in accordance with our applicable
criteria and policies.

Failure to receive the requested information by Feb. 5, 2015, will
likely result in our withdrawal of the affected rating, preceded,
in accordance with S&P's policies, by any change to the rating that
S&P considers appropriate given available information.



PILGRIM'S PRIDE: S&P Affirms 'BB' CCR on Special Dividend Plans
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate credit
rating on Pilgrim's Pride Corp. (PPC) at 'BB'.  The outlook is
positive.

S&P also affirmed the issue-level rating on the company's senior
secured $700 million revolving credit facility at 'BBB-'.  The
recovery rating is unchanged at '1', indicating S&P's expectation
for very high recovery (90%-100%) in the event of a payment
default.

S&P is also assigning a 'BBB-' issue-level rating to the company's
proposed $1 billion first-lien term loan due 2020 and its new $700
million senior secured revolving credit facility.  The recovery
rating is '1'.  These rating are based on preliminary proposed
terms and conditions.  S&P will withdraw the ratings on the
existing revolving credit facility at the close of the
transaction.

The net proceeds of the first-lien term loan, together with cash,
will be used to pay a $1.5 billion special dividend to
shareholders.

"The rating affirmation reflects our belief that the special
dividend is consistent with the company's existing financial
policy, which includes increasing debt leverage over time via
shareholder returns and acquisitions to a target debt-to-EBITDA
ratio of between 2x and 3x," said Standard & Poor's credit analyst
Chris Johnson.  "We also believe ongoing operating cost reductions
and improved pricing practices have reduced the company's earnings
volatility, which should allow it to perform better during weaker
earnings cycles."

The positive outlook reflects the possibility of a higher rating if
PPC sustains its improved operating performances and if S&P raises
the ratings on JBS.  This could occur if PPC maintains an EBTIDA
margin of more than 10% over the next 12 to 18 months while it
maintains a debt-to-EBITDA ratio below 3x and FFO to debt of more
than 30% (assuming the company remains a strategically important
subsidiary of JBS, and JBS' strong operating and free cash flow
generation continues while it assumes a more conservative approach
to debt-financed acquisitions).



PORT AGGREGATES: Has Interim Access to Cash Collateral
------------------------------------------------------
U.S. Bankruptcy Judge Robert Summerhays entered an interim order
authorizing Port Aggregates, Inc., to

   (x) maintain and continue a current secured credit facility with
Whitney Bank, and

   (y) use Whitney Bank's cash collateral within the confines and
workings of the secured credit facility, particularly the Line of
Credit.  

Use of the line of credit prior to the commencement of the case
operated generally as follows: the Company and its Subsidiaries
operate using a series of Zero Balance Accounts ("ZBA") to
facilitate use of the Line of Credit.  The Company uses its cash to
fund operations out of the Company Operating and Special Accounts,
and also the Company uses the Operating Account as a flow through
account by which it provides funding if necessary to the
Subsidiaries by means of draws upon the Line of Credit.  All of the
ZBA accounts are swept daily (the Subsidiaries' accounts swept to
the Company Operating Account and the Company Operating Account
swept to pay down the Line of Credit).  The transfers to and from
the Company and the Subsidiaries are accounted for through due
to/due from entries on the books of the companies.  The "sweeps"
result either in a pay down on the Line of Credit or a draw against
the Line of Credit, depending upon the amount of checks outstanding
against the cash deposits from operations into the Operating ZBA
accounts.

Because the Company and the Subsidiaries were operating in
accordance with the Secured Credit Facility and the Line of Credit

as of the filing of the Chapter 11 case, and because of the
requirements of Sections 361, 362 and 363 of the Bankruptcy Code
--- that the Company provide adequate protection of the security
interests of Whitney and not use cash collateral without Court
approval -- the filing of the case interrupted the operations of
the Company and its subsidiaries.  The notice of default issued by
Whitney, combined with the filing of the Case generated the right
on behalf of Whitney to suspend further draws under the Line of
Credit and to freeze the operating accounts of the Company and
Subsidiaries.  

Thus, the Company was faced with two basic alternatives: (i) to
institute bankruptcy cases for the Company and the Subsidiaries,
forego the Line of Credit and move for authority to use the
debtors' cash collateral without further advances by Whitney under

the Line of Credit (costly and probably would have created an
adversarial situation with Whitney); or (ii) exclude the
Subsidiaries from bankruptcy filings and make an agreement with
Whitney for the right of the Company to use its cash collateral,
maintain borrowing under the Line of Credit and to allow the
Subsidiaries to continue with normal business operations, with
Whitney forbearing from exercising its rights under its notice of
default as against the Subsidiaries as regards the First and
Second Applications for Receiver (with Whitney reserving all other

rights under the Secured Credit Facility) ("Alternative 2").  The
Company chose the Alternative 2 as being the least costly approach

and the best method for preserving the possibility of maintaining
its banking relationship with Whitney, which the Company believes
was impeccable before the receivership filings that jeopardized
the future of the Company and its Subsidiaries and damaged
(hopefully short term) the relationship with Whitney.

Because the Line of Credit portion of the Secured Credit Facility
employs the enterprise-wide ZBA and sweep mechanisms, the right to

use cash collateral and the authority to maintain financing under
the Line of Credit are mutually dependent, as described herein and

in the Cash Management Motion.  The Company therefore requires
both the authority to use its cash collateral and the authority to

obtain/continue financing under the Line of Credit to meet cash
needs.  The Line of Credit is particularly useful, if not
necessary, to allow the Company to fund the purchases of large
shipments of limestone aggregate from its suppliers, under supply
contracts (for example, the Company purchases on average 3 ships
of limestone aggregate from Vulcan Construction materials, L.P.
per month, particularly during the months of November through
January when the Company builds its inventory to be able to meet
demand once winter weather begins to relent, allowing construction

projects serviced by the Company to pick up speed.

The ability to draw upon the Line of Credit allows the Company to
maintain its good pricing terms with Vulcan and other suppliers
and affords it the ability to maintain its competitive edge within

the area of its business footprint.  As was the case prepetition,
the Company intends to use its cash collateral and the proceeds of

the Secured Credit Facility to fund the payment of operating
expenses incurred on and after the Petition Date (and pursuant to
other motions to be filed to fund certain critical pre-petition
amounts due (to avoid, for example, losing suppliers, section
503(b)(9) claims and to cure defaults under executory contracts
created only by the fact of the filing of this Case)).  The Company
needs immediate access to the Secured Credit Facility and use of
its cash collateral to assure continuity of its business
operations.  

If the Company is unable to continue the financing under the
Secured Credit Facility and the use of cash collateral, the
ability of the Company to effectively reorganize will be
jeopardized.  Further, the Company submits that the use of its
business judgment in choosing Alternative 2 should be approved by
the Court as the most advantageous and least adversarial method of

proceeding.  While the Company possibly could obtain the right to
use cash collateral (along with other debtors once filed) after
dueling with Whitney, the proposal submitted herewith is superior
as it affords the Company and its subsidiaries the wherewithal to
maintain operations as currently configured and continue to reap
the benefits of its excellent pricing structure of materials
purchases.

                      About Port Aggregates

Port Aggregates, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. W.D. La. Case No. 14-51580) in Lafayette, Louisiana, on
Dec. 19, 2014.  The Debtor estimated $10 million to $50 million in
assets and debt.  

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.


PRATT PLACE: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Pratt Place Inn, Inc.
        2115 W. Markham Road
        Fayetteville, AR 72701

Case No.: 15-70114

Chapter 11 Petition Date: January 15, 2015

Court: United States Bankruptcy Court
       Western District of Arkansas (Fayetteville)

Judge: Hon. Ben T Barry

Debtor's Counsel: Stanley V Bond, Esq.
                  BOND LAW OFFICE
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141
                  Email: attybond@me.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Julian Archer, president.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/arwb15-70114.pdf


PRESTON TAYLOR: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: Preston Taylor Projects, LLC
        820 Second Avenue, Ste. 7B
        New York, NY 10017

Case No.: 15-10089

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Stuart M. Bernstein

Debtor's Counsel: W Charles Robinson, Esq.
                  C. ROBINSON & ASSOCIATES, LLC
                  820 Second Avenue, Ste. 7B
                  New York, NY 10017
                  Tel: 212-286-0423
                  Fax: 212-286-0450
                  Email: wcr@crobinsonllc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by W. Charles Robinson, owner.

The Debtor listed The Board of Managers of the Diplomat Condo as
its largest unsecured creditor holding a claim of $199,000.

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

          http://bankrupt.com/misc/nysb15-10089.pdf


PT BERLIAN: Bankruptcy Court Dismisses Chapter 15 Cases
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
dismissed Berlian Laju Tanker's Chapter 15 cases tied to tonnage
controlled by U.S. affiliate Chembulk Tankers, in addition to a
determination that forces opponents of the Indonesian restructuring
process to adhere to the terms of the PKPU plan, Aaron Kelley at
TradeWinds reports.

Citing Chembulk Tankers chief Jack Noonan, TradeWinds relates that
BLT has secured the orders that will allow it to proceed with the
implementation of an overhaul backed by PKPU administrators in
Jakarta, and has won a battle with bondholders that tried to force
the diversified operator to pursue a restructuring under Chapter 11
of the U.S. bankruptcy code.  The report quoted Mr. Noonan as
saying, "These three US Court orders, along with the previously
obtained Singapore High Court Section 210 recognition, essentially
provide for the international recognition of BLT’s restructuring
plan originally sanctioned by the Indonesian court under the
PKPU."

                         About PT Berlian

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.
It has about 70 tankers.

Starting in the latter half of 2008, the financial crisis in the
United States and Europe led to dramatic decreases in various
industrial production capabilities.  As a result BLT suffered
significant financial difficulties.  In January 2012, BLT breached
a covenant to maintain certain cash ratios and some of its
subsidiaries had failed to pay certain charter hires.

In March 2012, PT Berlian put 15 subsidiaries into Chapter
15 proceedings in Manhattan (Bankr. S.D.N.Y. Lead Case No. 12-
11007) to complement a bankruptcy reorganization in Singapore,
where the subsidiaries are based, and to prevent creditors from
seizing the company's vessels when they call on U.S. ports.  In
April 2012 the U.S. judge ruled that Singapore is home to the so-
called foreign main proceeding for the operating subsidiaries.

In June 2012, Indonesian bank PT Bank Mandiri (Persero) Tbk began
involuntary bankruptcy proceedings in Indonesia against the PT
Berlian parent, followed by the involuntary petition the Gramercy
funds filed in New York in December.

PT Berlian was the subject of an involuntary Chapter 11 bankruptcy
filed in New York (Bankr. S.D.N.Y. Case No. 12-14874) on Dec. 13,
2012, by investor Gramercy Distressed Opportunity Fund II along
with two sister funds.  The funds, all located in Greenwhich,
Conn., are allegedly owed $125.5 million.

In addition, more than a dozen subsidiaries have been under
Chapter 11 protection in New York since 2012.

PT Berlian Laju filed a Chapter 15 cross-border bankruptcy (Bankr.
S.D.N.Y. Case No. 13-10901) on March 26, 2013, in New York to
enforce its restructuring in Indonesia.

As reported by the Troubled Company Reporter on July 17, 2013, the
Hon. Stuart M. Bernstein of the Bankruptcy Court for the Southern
District of New York on May 22, 2013, recognized the Indonesian
proceedings of PT Berlian Laju Tanker TB, pending in the Central
Jakarta Commercial Court, as a "foreign main" proceeding pursuant
to Sections 1515 and 1517 of the U.S. Bankruptcy Code.


PVA APARTMENTS: Case Converted to Chapter 7 Liquidation
-------------------------------------------------------
Bankruptcy Judge Roger L. Efremsky converted the Chapter 11 case of
PVA Apartments, LLC, to one under Chapter 7 of the Bankruptcy Code.
The Debtor requested the Bankruptcy Court to convert its case on
grounds that it is eligible to be a debtor under Chapter 7.

Oakland, California-based PVA Apartments, LLC filed for Chapter 11
protection (Bankr. N.D. Cal. Case No. 14-44224) on Oct. 18, 2014.
Bankruptcy Judge Hon. Roger L. Efremsky presided over the case.
Sydney Jay Hall, Esq., at the Law Offices of Sydney Jay Hall,
represented the Debtor.  The Debtor estimated its assets at $10
million to $50 million and its debts at $1 million to $10 million.



QUANTUM CORP: Estimates Third Quarter Revenue of $142 Million
-------------------------------------------------------------
Quantum Corp. disclosed preliminary results for the fiscal third
quarter 2015 ended Dec. 31, 2014.
  
Total revenue was approximately $142 million, slightly below the
low end of the company's October guidance range of $145 million to
$150 million.  This was down slightly year-over-year, primarily due
to a 31 percent decline in revenue from OEM tape automation
partners.  Total OEM revenue was approximately $15 million for the
quarter, representing 12 percent of overall non-royalty revenue.

Total branded revenue was approximately $116 million, an increase
of two percent and the third consecutive quarter of year-over-year
growth.

Scale-out storage and related service revenue was approximately $27
million, up from $15 million.
  
Revenue from DXi and related service revenue was approximately $24
million, an increase of $1 million.
  
Total cash and cash equivalents were approximately $110 million as
of Dec. 31, 2014.

"Our preliminary third quarter results again demonstrate the
leverage in our financial model - while total revenue was slightly
below our guidance, we still delivered bottom line results in line
with guidance," said Jon Gacek, president and CEO of Quantum.  "In
fact, GAAP net income was the highest in more than five years as we
continued to capitalize on the strategic improvements we've made
over the last 18 months and drive further operational efficiencies
throughout the business.

"We're also pleased with the growth in our branded business, which
makes up an increasing percentage of our total revenue.  A key
driver of our branded growth is the tremendous market momentum our
scale-out storage solutions continue to achieve.  With
year-over-year revenue increasing almost 80 percent for the
quarter, scale-out storage revenue in the first three quarters of
our fiscal year grew nearly 60 percent over the comparable period
the year before. In addition, we had our second consecutive quarter
of year-over-year growth in DXi revenue."

Quantum will provide more details on its third quarter results in
its earnings announcement on Jan. 29.

In addition, the company will be discussing its business and plans
to build on its market momentum at the 17th Annual Needham Growth
Conference to be held this week at the New York Palace Hotel in New
York City.

Earnings Conference Call and Audio Webcast Notification

Quantum will issue a news release on its third quarter financial
results on Thursday, Jan. 29, 2015, after the close of the market.
The Company will also hold a conference call and live audio webcast
to discuss these results that same day at 2:00 p.m. PST. Press and
industry analysts are invited to attend in listen-only mode.

Dial-in number: 719-325-2448 (U.S. and International); Access Code
5771187
Replay number: 719-457-0820 (U.S. and International); Access Code
5771187
Replay expiration: Tuesday, February 3, 2015, at 5:00 p.m. PST

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum Corporation incurred a net loss of $21.5 million on
$553 million of total revenue for the year ended March 31,
2014, as compared with a net loss of $52.2 million on $587
million of total revenue for the year ended March 31, 2013.

As of Sept. 30, 2014, the Company had $354 million in total
assets, $440.4 million in total liabilities and a $86.2 million
stockholders' deficit.


QUANTUM CORP: Signs Legal Fees Agreements with Executives
---------------------------------------------------------
Quantum Corporation entered into agreements to advance legal fees
with certain of its executives, including the named executive
officers other than the chief executive officer, according to a
Form 8-K filing with the U.S. Securities and Exchange Commission.

The form of the Legal Fees Agreement had been previously approved
by the Company's Board of Directors.  The Agreement provides that,
in the event an Executive brings an action to enforce or effect
such Executive's rights under a written agreement relating to such
Executive's employment, including the Legal Fees Agreement, the
Company will advance all reasonable attorneys' fees incurred by the
Executive in connection with the action.  The arbitrator in any
such action will determine whether or not the Executive is the
prevailing party and, if the Company is the prevailing party,
whether or not any portion of the advanced payments will be repaid
to the Company.  The Agreement does not apply to amendments or
terminations of employee benefit plans and programs that are
established for employees generally if the amendment or termination
does not otherwise amend an Employment Agreement, or any dispute
regarding any equity plan or award agreement unless such dispute
also arises from and as a result of an Employment Agreement.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum incurred a net loss of $21.5 million on
$553 million of total revenue for the year ended March 31,
2014, as compared with a net loss of $52.2 million on $587
million of total revenue for the year ended March 31, 2013.

As of Sept. 30, 2014, the Company had $354 million in total
assets, $440 million in total liabilities and a $86.2 million
stockholders' deficit.


RADIOSHACK CORP: Had Until Jan. 15 to Meet Liquidity Covenants
--------------------------------------------------------------
Law360 reported that RadioShack Corp. had a Jan. 15 deadline to
come up with $100 million to keep in compliance with its reworked
credit facility, with Standard General LP and other investors,
which had recently replaced GE Capital as the lead lenders in the
company's senior secured asset based credit facility.

The Troubled Company Reporter, citing The Wall Street Journal,
reported on Jan. 16 that RadioShack is preparing to file for
bankruptcy protection as early as next month, people familiar with
the matter said, following a sputtering turnaround effort that left
the electronics chain short on cash.

According to the Journal, citing one of the people, a filing could
come in the first week of February.  The Fort Worth, Texas, company
has reached out to potential lenders who could help fund its
operations during the process, another person said, the Journal
related.

                     About Radioshack Corporation

RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com/--

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

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

                           *     *     *

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

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

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

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


REDPRAIRIE CORP: Bank Debt Trades at 7% Off
-------------------------------------------
Participations in a syndicated loan under RedPrairie Corp is a
borrower traded in the secondary market at 93.75
cents-on-the-dollar during the week ended Friday, January 16, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 0.65 percentage points from the previous week, The Journal
relates.  RedPrairie Corp pays 500 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Dec. 12, 2018.
The bank debt carries Moody's B2 and Standard & Poor's B rating.
The loan is one of the biggest gainers and losers among 204 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



REICHHOLD HOLDINGS: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Reichhold Holdings US, Inc., filed with the U.S. Bankruptcy Court
District of Delaware its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $328,412,282
  E. Creditors Holding
     Unsecured Priority
     Claims                                              $168
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                                $0
                                 -----------      -----------
        Total                             $0     $328,412,450

A copy of the schedules is available for free at

      http://bankrupt.com/misc/ReichholdHoldings_333_SAL.pdf

                         About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, USA, is one of the
world's largest manufacturer of unsaturated polyester resins and a
leading supplier of coating resins for the industrial,
transportation, building and construction, marine, consumer and
graphic arts markets.  Reichhold -- http://www.Reichhold.com/--  
has manufacturing operations throughout North America, Latin
America, the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of
the year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies are pursuing a sale transaction that has
two elements:

   (i) a consensual foreclosure by the holders of senior secured
notes on their security interests in the common and preferred
stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the
ultimate holding company of all of the non-debtor affiliates that
operate outside the U.S., and

  (ii) a purchase of certain assets of the Debtors by Reichhold
Holdings International B.V. through a credit bid pursuant to
Section 363 of the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.  The Creditors' Committee retains Hahn &
Hessen LLP as lead counsel, Blank Rome LLP as co-counsel, and
Capstone Advisory Group, LLC and Capstone Valuation Services, LLC,
as financial advisor.

An Ad Hoc Committee of Asbestos Claimants also appears in the
case.  The Ad Hoc Committee consists of three plaintiff law firms,
Cooney & Conway, Gori Julian & Associates, P.C., and Simmons Hanly
Conroy LLC, each in their capacity as tort counsel for clients of
their firms who have asbestos-related personal injury or wrongful
death claims against the Debtors.  The Committee is represented by
Mark T. Hurford, Esq., at Campbell & Levine, LLC; and Caplin &
Drysdale, Chartered's James P. Wehner, Esq. and Jeffrey A.
Liesemer, Esq.


RETROPHIN INC: Estimates FY 2014 Revenue of $28.3-Million
---------------------------------------------------------
Retrophin, Inc., said it expects net product revenue for the fiscal
year ended Dec. 31, 2014, of approximately $28.3 million. The
Company converted to a direct-to-patient distribution model in the
fourth quarter.  Without this conversion, the Company's preliminary
revenue would have been approximately $28.8 million.

Additionally, Retrophin disclosed that the Office of Orphan
Products Development of the U.S. Food and Drug Administration (FDA)
has granted orphan drug designation for sparsentan (RE-021) for the
treatment of Focal Segmental Glomerulosclerosis (FSGS). Sparsentan
is an investigational therapeutic agent which acts as both a
selective endothelin receptor antagonist and an angiotensin
receptor blocker.  Retrophin is conducting the Phase 2 DUET trial
of sparsentan for the treatment of FSGS, a leading cause of
end-stage renal disease.  There are currently no therapies approved
for the treatment of FSGS in the United States.

The Orphan Drug Designation program is intended to encourage
companies to develop therapeutics for diseases that affect fewer
than 200,000 individuals in the U.S. Orphan designation will
provide sparsentan with seven years of marketing exclusivity for
FSGS if it is approved by the FDA for this indication.  Prior to
FDA approval, orphan designation provides incentives for sponsors
including tax credits for clinical research expenses, the
opportunity to obtain government grant funding to support clinical
research, and an exemption from FDA user fees.

                    Turing Asset Purchase Agreement

On Jan. 9, 2015, Retrophin entered into an asset purchase agreement
with Turing Pharmaceuticals AG pursuant to which the Company sold
Turing Pharmaceuticals its ketamine licenses and assets for a
purchase price of $1 million.  Turing Pharmaceuticals will also
assume all future liabilities related to the Sold Assets.  Martin
Shkreli, the Company's former chief executive officer, is the chief
executive officer of Turing Pharmaceuticals. The Company is
continuing to negotiate the sale of the Company's Vecamyl and
oxytocin assets to Turing Pharmaceuticals pursuant to an agreement
reached between the Company and Mr. Shkreli on
Oct. 13, 2014.  The sale of those other assets is subject to the
negotiation and execution of a binding definitive agreement between
the Company and Turing Pharmaceuticals and the receipt of necessary
third party consents.

               Buys Asklepion's Cholic Acid Assets

On Jan. 10, 2015, the Company entered into an asset purchase
agreement with Asklepion Pharmaceuticals, LLC, pursuant to which
the Company acquired all right, title and interest to Asklepion's
cholic acid assets, including all related contracts, data assets,
intellectual property and regulatory assets.  In exchange for the
Acquired Assets, the Company paid Asklepion an upfront payment of
$5 million, and assumed all future liabilities related to the
Acquired Assets.  In addition, the Company has agreed to pay
Asklepion up to an additional $36 million upon the completion of
various milestones related to regulatory approvals associated with
the Acquired Assets (up to $9 million of which would be payable in
shares of the Company's common stock), up to an additional $37
million upon the completion of milestones related to future net
revenues associated with the Acquired Assets, and will pay tiered
royalties to Asklepion based on future net revenues associated with
the Acquired Assets.  The Asset Agreement contains customary
representations and warranties, each of which survives for a period
of 12 months, and customary indemnification obligations for
potential breaches of representations and warranties and for the
covenants and obligations set forth in the Asset Agreement.

In connection with the execution of the Asset Agreement, the
Company obtained a commitment letter from Athyrium Capital
Management, LLC and Perceptive Credit Opportunities Fund, LP, the
Company's existing lenders, providing a commitment for a senior
secured incremental term loan under the Company's existing term
loan facility in an aggregate principal amount of $30 million,
which can be drawn down at the Company's option to finance the
acquisition of the Acquired Assets.  The Company's ability to draw
down the Incremental Loan in the future is subject to various
conditions and the negotiation and execution of a binding
definitive amendment to the Company's existing term loan agreement
for the Incremental Loan.

As consideration for the commitment letter for the Incremental
Loan, the Company made a cash payment to the Lenders and issued the
Lenders warrants initially exercisable to purchase up to an
aggregate of 125,000 shares of the Company's common stock.  In the
event that the Company draws down the Incremental Loan in the
future, the Company will be required to make a second cash payment
to the Lenders and will issue the Lenders additional warrants
initially exercisable to purchase up to an aggregate of 125,000
shares of the Company's common stock.

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

The Company's balance sheet at Sept. 30, 2014, showed $146 million
in total assets, $156 million in total liabilities, and a
stockholders' deficit of $10.2 million.

"Management believes that the Company will continue to incur losses
for the immediate future.  For the nine months ended Sept. 30,
2014, the Company has generated revenue and is trying to achieve
positive cash flow from operations.  The Company's future depends
on the costs, timing, and outcome of regulatory reviews of its
product candidates, ongoing research and development, the funding
of planned or potential acquisitions, other planned operating
activities, and the costs of commercialization activities,
including ongoing, product marketing, sales and distribution.  The
Company expects to finance its cash needs from results of
operations and depending on the results of operations, the Company
may need additional private and public equity offerings and debt
financings, corporate collaboration and licensing arrangements and
grants from patient advocacy groups, foundations and government
agencies.  Although management believes that the Company has access
to capital resources, there are no commitments for financing in
place at this time, nor can management provide any assurance that
such financing will be available on commercially acceptable terms,
if at all.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern," according to the
quarterly report for the period ended Sept. 30, 2014.


REVSTONE INDUSTRIES: Asks Court to Extend Deadline to Remove Suits
------------------------------------------------------------------
Revstone Industries LLC has filed a motion seeking additional time
to remove civil lawsuits involving the company and its affiliates.

In its motion, the company proposed to extend the deadline for
filing notices of removal of lawsuits filed before and after its
bankruptcy filing to June 30.

The extension would give Revstone the opportunity to make
"fully-informed decisions" concerning removal of the lawsuits,
according to its lawyer, Colin Robinson, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware.

The motion is on Judge Brendan Linehan Shannon's calendar for Feb.
25.

                About Revstone Industries et al.

Lexington, Kentucky-based Revstone Industries LLC, a maker of truck
parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No.
12-13262) on Dec. 3, 2012.  Judge Brendan Linehan Shannon oversees
the case.  Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and
Colin Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP
represent Revstone.  In its petition, Revstone estimated under $50
million in assets and debts.

Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.

Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.

Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool.  

Greenwood estimated $1 million to $10 million in assets and $10
million to $50 million in debts.  US Tool & Engineering estimated
under $1 million in assets and $1 million to $10 million in debts.
The petitions were signed by George S. Homeister, chairman.

Metavation, also known as Hillsdale Automotive, LLC, joined parent
Revstone in Chapter 11 (Bankr. D. Del. Case No. 13-11831) on July
22, 2013, to sell the bulk of its assets to industry rival Dayco
for $25 million, absent higher and better offers.

Metavation has tapped Pachulski as its counsel.  Pachulski also
serves as counsel to Revstone and Spara.  Metavation also has
tapped McDonald Hopkins PLC as special counsel, and Rust
Consulting/Omni Bankruptcy as claims agent and to provide
administrative services.  Stuart Maue is fee examiner.

Mark L. Desgrosseilliers, Esq., Ericka Fredricks Johnson, Esq.,
Steven K. Kortanek, Esq., and Matthew P. Ward, Esq., at Womble
Carlyle Sandridge & Rice, LLP, represent the Official Committee of
Unsecured Creditors in Revstone's case.

Boston Finance Group, LLC, a committee member, also has hired as
counsel Gregg M. Galardi, Esq., and Sarah E. Castle, Esq., at DLA
Piper LLP.


ROCAP MARKETING: Reports $243K Net Loss in Q3 Ending Sept. 30
-------------------------------------------------------------
Rocap Marketing Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $243,000 on $98,600 of total revenue for
the quarter ended Sept. 30, 2014, compared with a net loss of
$47,600 on $nil of total revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $3.82
million in total assets, $397,000 in total liabilities, and
a stockholders' equity of $3.42 million.

The Company had an accumulated deficit at Sept. 30, 2014, a
working capital deficit, a net loss and net cash used in operating

activities for the interim period then ended.  These factors 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/ysHvU2

Agoura Hills, Calif.-based Rocap Marketing Inc., through its
Spiral Toys LLC subsidiary, develops entertainment products in both

physical toys as well as digital media.


ROVER 2014: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Rover 2014 LLC
        1412 Broadway, 18th Floor
        New York, NY 10018

Case No.: 15-70166

Chapter 11 Petition Date: January 15, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Hon. Alan S Trust

Debtor's Counsel: J Ted Donovan, Esq.
                  GOLDBERG, WEPRIN, FINKEL, GOLDSTEIN LLP
                  1501 Broadway, 22nd Floor
                  New York, NY 10036
                  Tel: (212)-301-6943
                  Fax: (212)-422-6836
                  Email: Tdonovan@gwfglaw.com

                     - and -

                  Kevin J. Nash, Esq.
                  GOLDBERG, WEPRIN, FINKEL, GOLDSTEIN, LLP
                  1501 Broadway, 22nd Floor
                  New York, NY 10036
                  Tel: (212)-221-5700
                  Email: KNash@GWFGlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mark Tress, manager.

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


SABINE OIL: Common Stock Delisted From NYSE
-------------------------------------------
The New York Stock Exchange LLC filed a Form 15 with the U.S.
Securities and Exchange Commission to remove from listing or
registration the common stock of Sabine Oil & Gas Corp. on the
Exchange.

                            About Sabine

Sabine Oil & Gas LLC, (formerly Forest Oil Corporation) 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.  See http://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 million in total assets, $1.07 billion in total
liabilities, and a $148 million shareholders' deficit.

                            *    *    *

As reported by the TCR on May 12, 2014, Standard & Poor's Ratings
Services said it affirmed its ratings on Houston-based Sabine Oil &
Gas LLC ratings, including the 'B' corporate credit rating.


SASSAFRAS HILL: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Sassafras Hill Enterprises, Inc.
        2115 W. Markham Road
        Fayetteville, AR 72701

Case No.: 15-70115

Chapter 11 Petition Date: January 15, 2015

Court: United States Bankruptcy Court
       Western District of Arkansas (Fayetteville)

Judge: Hon. Ben T Barry

Debtor's Counsel: Stanley V Bond, Esq.
                  BOND LAW OFFICE
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141
                  Email: attybond@me.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Julian Archer, president.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/arwb15-70115.pdf


SEEGRID CORP: Wins Nod for Ch. 11 Reorganization Plan
-----------------------------------------------------
Law360 reported that U.S. Bankruptcy Judge Brendan L. Shannon in
Delaware confirmed on Jan. 15 Seegrid Corp.'s prepackaged Chapter
11 plan of reorganization, paving the company's exit from Chapter
11 bankruptcy.

According to the report, Judge Shannon agreed to sign off Seegrid's
proposed reorganization and related disclosure statement, over
opposition led by its former chief executive officer, Anthony
Horbal, who complained of the plan's feasibility.

In support for the confirmation of its plan, Seegrid wrapped up the
evidentiary portion of its confirmation battle with its ex-CEO, a
full-day session that saw counsel for both sides elicit a final
round of testimony designed underpin their position on the plan.

As previously reported by The Troubled Company Reporter, Judge
Shannon pushed back the hearing on Seegrid's Chapter 11 plan
confirmation from Dec. 10 to early January, saying the court's
schedule cannot accommodate what promises to be a highly contested
multiday trial on the original requested date.

                    About Seegrid Corporation

Pittsburgh-based Seegrid Corporation is a developer of robotic
vision-guided automated vehicles.  It was founded in 2003 by two
Carnegie Mellon University robotic scientists, Hans Moravec and
Scott Friedman.

Seegrid Corporation filed for Chapter 11 bankruptcy protection
(Bank. D. Del. Case No. 14-12391) on Oct. 21, 2014, estimating its
assets at $1 million to $10 million and its debt at $50 million to
$100 million.  The Hon. Brendan Linehan Shannon presides over the
case.  The petition was signed by David Hellman, president.


SIGA TECHNOLOGIES: Appeals Judgment in PharmAthene Dispute
----------------------------------------------------------
SIGA Technologies, Inc., a company operating under the protection
of the United States Bankruptcy Court for the Southern District of
New York and specializing in the development and commercialization
of solutions for serious unmet medical needs and biothreats, has
filed a notice of appeal from the judgment of the Delaware Court of
Chancery awarding PharmAthene, Inc. expectation damages.

On January 15, 2015, the Court of Chancery entered a judgment
awarding PharmAthene a lump sum of $113,116,985 plus prejudgment
interest, costs and fees.  The total amount of the judgment is
$194,649,041.

William J. Haynes II, SIGA's General Counsel, commented, "We
believe the decision to award expectation damages is not supported
by law with the amount of the award being completely speculative,
conjectural and arbitrary.  We are confident in the strength of our
grounds for appeal, and will ask the Supreme Court of Delaware 8to
overturn this judgment."

Dr. Eric A. Rose, SIGA's Chief Executive Officer, also commented,
"We remain absolutely committed to performing under SIGA's contract
with BARDA, obtaining FDA approval for our smallpox drug,
Tecovirimat, and growing our company, and we have ample resources
to do so."

While SIGA believes it has strong grounds on which to base its
appeal, no assurance can be given that its appeal will be
successful.

                  About SIGA Technologies, Inc.

Publicly held SIGA Technologies, Inc., (Nasdaq:SIGA) with
headquarters in Madison Avenue, New York, is a
biotech/pharmaceutical company that specializes in the development
and commercialization of solutions for serious unmet medical needs
and biothreats.  SIGA's lead product is Tecovirimat, also known as
ST-246, an orally administered antiviral drug that targets
orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor disclosed total assets of $132 million and $7.95 million
in liabilities as of the Chapter 11 filing.


SIGA TECHNOLOGIES: Court Awards $195 Million to PharmAthene
-----------------------------------------------------------
PharmAthene, Inc., on Jan. 15 disclosed that the Delaware Court of
Chancery has entered its Final Order and Judgment in the Company's
litigation against SIGA Technologies, Inc.  The Court's judgment
against SIGA totaled $195 million, including $113 million in lump
sum expectation damages for the value of PharmAthene's lost profits
for SIGA's smallpox antiviral, Tecovirimat, and $81.5 million  in
pre-judgment interest and attorneys' and expert witness fees.  In
addition, SIGA will be required to pay post-judgment interest of
$30,700 per day.

The court's determination, along with the decision itself, will
remain subject to appeal by SIGA to the Delaware Supreme Court.
Because SIGA has filed for protection under the Federal bankruptcy
laws, PharmAthene is automatically stayed from taking any
enforcement action in the Delaware Court of Chancery. PharmAthene's
ability to collect a money judgment from SIGA remains subject to
further proceedings in the Bankruptcy Court.

                       About PharmAthene

PharmAthene is a biodefense company engaged in the development and
commercialization of next generation medical countermeasures
against biological and chemical threats.  PharmAthene's current
biodefense portfolio includes the following product candidates:
   * SparVax(R) - a next generation recombinant protective antigen
(rPA) anthrax vaccine (liquid and lyophilized formulations)

   * rBChE bioscavenger - a medical countermeasure for nerve agent
poisoning by organophosphorous compounds, including nerve gases and
pesticides

   * Valortim(R) - a fully human monoclonal antibody for the
prevention and treatment of anthrax infection

In August 2014, the Delaware Court of Chancery issued a Memorandum
Opinion and Order and awarded to PharmAthene lump sum expectation
damages for the value of PharmAthene's lost profits for SIGA
Technologies, Inc.'s smallpox antiviral, Tecovirimat, also known as
ST-246(R) (formerly referred to as "Arestvyr(TM)" and referred to
by SIGA in its Quarterly Report on Form 10-Q for the quarterly
period ended September 30, 2014 as "Tecovirimat").  In addition,
the Court of Chancery ordered SIGA to pay pre-judgment interest and
varying percentages of PharmAthene's reasonable attorneys' and
expert witness fees.  The court's Final Order and Judgment from
January 15, 2015 will remain subject to appeal.

                    About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in Madison
Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor tapped Weil, Gotshal & Manges LLP, as counsel, and Prime
Clerk LLC as claims agent.

The Debtor disclosed total assets of $132 million and $7.95 million
in liabilities as of the Chapter 11 filing.



SOLAR POWER: Signs EUR12.5 Million SPA with CECEP Solar
-------------------------------------------------------
Solar Power, Inc., and wholly owned subsidiary SPI China (HK)
Limited entered into a stock purchase agreement with CECEP Solar
Energy Hong Kong Co., Limited, according to a regulatory filing
with the U.S. Securities and Exchange Commission.  

Pursuant to the Stock Purchase Agreement, SPI China (HK) agreed to
purchase from CECEP 100% of issued and outstanding shares of
capital stock of (i) CECEP Solar Energy (Luxembourg) Private
Limited Company (S.a.r.l.), and (ii) Italsolar S.r.l., a limited
liability company registered in Italy, owned by CECEP, for an
aggregate consideration of EUR12,500,000 in the form of both shares
of the Company's common stock and cash, subject to customary
closing conditions.

The proposed issuance of the Common Shares is exempt from
registration upon reliance of Regulation S promulgated under the
Securities Act of 1933, as amended.

                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.2 million in 2013
following a net loss of $25.4 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $113 million
in total assets, $61.2 million in total liabilities, and
$51.7 million in stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern, the auditors noted.


SUNTECH AMERICA: Meeting to Form Creditors' Panel Set for Jan. 22
-----------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on Jan. 22, 2015, at 12:30 p.m. in the
bankruptcy case of Suntech America Inc.

The meeting will be held at:

         United States Trustee's Office
         One Newark Center, 1085 Raymond Blvd.
         21st Floor, Room 2106
         Newark, NJ 07102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.  Section 1103 of the
Bankruptcy Code provides that the Committee may consult with the
debtor, investigate the debtor and its business operations and
participate in the formulation of a plan of reorganization.  The
Committee may also perform other services as are in the interests
of the unsecured creditors whom it represents.

                       About Suntech America

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the case.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and $500
million, and their debts at between $100 million and $500 million.

Headquartered in San Francisco, California, Suntech America, aka
Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.


TARGA RESOURCES: Moody's Rates New Unsecured $800MM Notes 'Ba2'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Targa Resources
Partners LP's proposed $800 million senior unsecured notes due
2018. The bonds were co-issued by Targa Resources Partners Finance
Corporation. Targa's other ratings remain unchanged and the outlook
remains positive.

Net proceeds from the senior notes offering, along with borrowings
under Targa's revolver, will be used to fund its tender offer of
$1.55 billion of senior notes of Atlas Pipeline Partners, L.P.
(APL). Concurrently, it is expected to upsize its revolver to $1.6
billion from $1.2 billion.

"The tender offer and the notes offering will enable Targa
Resources Partners to remove Atlas Pipeline Partners' reporting
requirements, covenants, and change of control put rights for APL's
noteholders if the acquisition closes by the end of first quarter,
as expected," said Arvinder Saluja, Moody's Vice President.

Assignments:

Issuer: Targa Resources Partners LP

   Senior Unsecured $800 million Regular Bond/Debenture
   (Local Currency), Assigned Ba2, LGD4

Ratings Rationale

The proposed notes are unsecured and rank pari-passu with Targa's
existing senior usecured notes. Unsecured noteholders have a
subordinated claim to Targa's assets behind the senior secured
revolving credit facility and the accounts receivable
securitization facility. Given the substantial amount of
priority-claim secured debt in the capital structure, the notes are
rated Ba2, one notch below the Ba1 Corporate Family Rating (CFR)
under Moody's Loss Given Default Methodology.

Targa's Ba1 Corporate Family Rating (CFR) is supported by its scale
and baseline EBITDA generation, track record of strong execution of
growth projects, and relatively high proportion of fee-based margin
contribution even after incorporating APL's margin mix. In
addition, Targa will benefit from APL's recent acquisitions,
organic expansion projects and complementary geographic footprint
in Texas and Oklahoma. Targa has increased geographic
diversification, improved business diversification through entry
into crude oil gathering, and grown fee-based business. As a number
of growth projects came online in 2013 and 2014, its distribution
coverage, which remained under 1.0x for a portion of 2013, also
improved with the cash flow from these projects. These positive
attributes are tempered by material exposure to the gathering and
processing business, intensified weakness mainly in natural gas
liquids (NGL) and crude oil markets, commodity price and volume
risks, and its historically aggressive distribution policies.

While the proposed offering does not change the anticipated
post-acquisition consolidated debt (including Targa, APL, and Targa
Resources Corp debt), weaker industry fundamentals due to the lower
commodity price environment will result in Targa's leverage moving
closer to 4.5x in 2015. However, Moody's believe there will be
enough organic growth and synergy opportunities over the next 12-18
months that will help reduce leverage.

Targa's positive outlook reflects Moody's expectation that it will
remain committed to reducing leverage and achieve its projected
EBITDA in 2015. If leverage is sustained above 4.5x beyond 2015,
the outlook may be changed to stable.

An upgrade to Baa3 will be considered if Moody's expect Targa to
sustain leverage near 4x and continue to increase the proportion of
fee-based revenues and EBITDA. The CFR could be downgraded if
Targa's Debt/EBITDA rises over 5x because of a leveraging
transaction and/or weaker than expected earnings.

The principal methodology used in these ratings was Global
Midstream Energy published in December 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Targa Resource Partners LP is a mid-sized midstream master limited
partnership headquartered in Houston, Texas.



TARGA RESOURCES: S&P Assigns 'BB+' Rating on New Sr. Notes Due 2018
-------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
issue-level rating and '4' recovery rating to Targa Resources
Partners L.P.'s and Targa Resources Partners Finance Corp.'s
proposed senior unsecured notes due 2018.  The '4' recovery rating
indicates S&P's expectation of average (30% to 50%) recovery if a
payment default occurs.  S&P's recovery expectations are in the
upper half of the 30% to 50% range.

The partnership intends to use net proceeds, together with
borrowings under its revolving credit facility, to fund the tender
offer for Atlas Pipeline Partners L.P.'s $1.55 billion of senior
unsecured notes.  As of Dec. 31, 2014, Targa had about $1.15
billion available under its secured credit facility and total
balance sheet debt of about $3 billion.

Houston-based Targa is a midstream energy partnership that
specializes in natural gas gathering and processing, fractionating
and distributing natural gas liquids, and crude oil logistics.
S&P's corporate credit rating on Targa is 'BB+' and the outlook is
stable.

RATINGS LIST

Targa Resources Partners L.P.
Corp credit rating             BB+/Stable/--

New Ratings
Targa Resources Partners L.P.
Targa Resources Partners Finance Corp.
Sr unsecd notes due 2018       BB+
Recovery rating                4



TARGET CANADA: Obtains Initial Order to Commence CCAAA Proceedings
------------------------------------------------------------------
Target Corporation disclosed that Target Canada Co. has obtained an
Initial Order from the Ontario Superior Court of Justice
(Commercial List) for creditor protection under the Companies'
Creditors Arrangement Act ("CCAA") on Jan. 15, 2015.

The Initial Order authorizes Target Canada to begin a
court-supervised wind-down of its Canadian businesses.  It also
provides for a broad stay of proceedings against Target Canada and
authorizes Target Corporation to provide a debtor-in-possession
credit facility of US$175 million to finance Target Canada's
operations during the CCAA proceedings.

Under the terms of the Initial Order, Alvarez & Marsal will serve
as the Court-appointed Monitor of Target Canada.  Aaron Alt, most
recently Target Corporation's senior vice president and Treasurer,
has been named Chief Executive Officer of Target Canada to execute
the wind-down process under the supervision of the Monitor and the
Court.  Target Canada stores will remain open during the
liquidation process.

The Court also approved a C$70 million (approximately US$59
million) Employee Trust for the benefit of employees of Target
Canada.  This trust will help ensure fair treatment of

Target Canada's 17,600 employees during the wind-down.  The Initial
Order also appointed representative counsel for Target Canada
employees in the CCAA proceedings.  In addition, the Court also
approved the engagement of Lazard who will advise Target Canada on
the sale of its real estate portfolio.

"We do not take lightly the impact that our decision to discontinue
operations in Canada will have on Target Canada's team members who
have worked tirelessly to make improvements to the guest
experience.  That is why we took the unique step of establishing
the Employee Trust," said Brian Cornell, Target Corporation
Chairman and CEO.  "While this is a difficult decision, we believe
it is the right one for Target.  We had great expectations for
Canada but our early missteps proved too difficult to overcome."

Target Corporation has filed a Form 8-K, which details the
financial implications of this decision.

Target Corporation -- http://www.target.com/-- is engaged in
providing everyday essentials and fashionable, and differentiated
merchandise at discounted prices.  The Company operates in two
segments: U.S. and Canadian.  The U.S. Segment includes all of its
the United States retail operations, including digital sales.  The
Canadian segment offers retail operations in Canada. The Company's
owned brands include Archer Farms, Gilligan & O'Malley, Sutton &
Dodge, Simply Balanced, Market Pantry, Threshold, Boots & Barkley,
Merona, up & up, CHEFS, Room Essentials, Wine Cube, Circo, Smith &
Hawken, Xhilaration, Embark and Spritz, among others.  Target
operates through a network of approximately 1,801 stores.  The
Company sells an assortment of general merchandise and food.  The
Company's general merchandise and City Target stores offer an
edited food assortment, including perishables, dry grocery, dairy
and frozen items.


TARGET CANADA: Parent to Provide $175MM DIP Facility for CCAA
-------------------------------------------------------------
Target Corporation disclosed that it plans to discontinue operating
stores in Canada through its indirect wholly-owned subsidiary,
Target Canada Co.  As a part of that process, on Jan. 15 Target
Canada filed an application for protection under the Companies'
Creditors Arrangement Act (the "CCAA") with the Ontario Superior
Court of Justice (Commercial List) in Toronto.

"When I joined Target, I promised our team and shareholders that I
would take a hard look at our business and operations in an effort
to improve our performance and transform our company.  After a
thorough review of our Canadian performance and careful
consideration of the implications of all options, we were unable to
find a realistic scenario that would get Target Canada to
profitability until at least 2021.  Personally, this was a very
difficult decision, but it was the right decision for our company.
With the full support of Target Corporation's Board of Directors,
we have determined that it is in the best interest of our business
and our shareholders to exit the Canadian market and focus on
driving growth and building further momentum in our U.S. business,"
said Brian Cornell, Target Corporation Chairman and CEO.

Target Canada currently has 133 stores across the country and
employs approximately 17,600 people.  To ensure fair treatment of
Target Canada employees, Target Corporation is seeking the Court's
approval to voluntarily make cash contributions of C$70 million
(approximately US$59 million) into an Employee Trust.  Upon
approval by the Court, the proposed trust would provide that nearly
all Target Canada-based employees receive a minimum of 16 weeks of
compensation, including wages and benefits coverage for employees
who are not required for the full wind-down period.  Target Canada
stores will remain open during the liquidation process.

As part of its application, Target Canada is seeking the
appointment of Alvarez & Marsal Canada as Monitor in the CCAA
proceedings to oversee the liquidation and wind-down process for
Target Canada and its subsidiaries.  Subject to Court approval,
Target Corporation has committed to provide a US$175 million
debtor-in-possession credit facility to finance Target Canada's
operations during the CCAA proceedings.  Target Canada is also
seeking Court approval to engage Lazard to advise Target Canada in
connection with the sale of its real estate assets.

"The Target Canada team has worked tirelessly to improve the
fundamentals, fix operations and build a deeper relationship with
our guests.  We hoped that these efforts in Canada would lead to a
successful holiday season, but we did not see the required
step-change in our holiday performance," said Mr. Cornell.  "There
is no doubt that the next several weeks will be difficult, but we
will make every effort to handle our exit in an appropriate and
orderly way."

As a result of the CCAA filing, Target Corporation has determined
that Target Canada and its subsidiaries will be deconsolidated from
Target Corporation's financial statements as of the date of the
filing.  Target Corporation expects to report approximately $5.4
billion of pre-tax losses on discontinued operations in the fourth
quarter of 2014, driven primarily by the write-down of the
Corporation's investment in Target Canada, along with costs
associated with exit or disposal activities and quarter-to-date
Canadian Segment operating losses prior to the Jan. 15 filing.
Target Corporation expects to report approximately $275 million of
pre-tax losses on discontinued operations in fiscal 2015.

Target Corporation's cash costs to discontinue Canadian operations
are expected to be $500 million to $600 million, most of which will
occur in the Company's 2015 fiscal year or later.  The Company has
sufficient resources to fund these expected costs, including cash
on hand and ongoing cash generation by its U.S. business.          
                         

Target Corporation expects this decision will increase its earnings
in fiscal 2015 and beyond, and increase its cash flow in fiscal
2016 and beyond.

As a result of the decision announced on Jan. 15, Target
Corporation will operate as a single segment that includes all U.S.
operations.  Beginning with the Company's fourth quarter 2014
financial results, Target will report adjusted earnings per share
reflecting operating results from its U.S. operations, excluding
discontinued Canadian operations, the impact of the reduction of
the beneficial interest asset recognized in connection with the
2013 sale of the Company's U.S. consumer credit card portfolio, net
expenses related to the 2013 data breach, and the resolution of
certain tax matters.

Update on expected fourth quarter U.S. performance

Based on performance through November and December, Target
Corporation now expects to report fourth quarter 2014 U.S.
comparable sales of approximately 3 percent, better than prior
guidance of approximately 2 percent, driven primarily by increased
traffic and stronger-than-expected digital sales.  The Company
expects to report fourth quarter adjusted EPS, reflecting results
from continuing operations, of $1.43 to $1.47, about 6 cents ahead
of expectations for U.S. Segment performance at the beginning of
the quarter.

The Company is not able to provide an estimate of its expected
fourth quarter 2014 GAAP EPS.  However, GAAP results are expected
to include:

Losses related to liquidation of Target Canada, as described above,
net of taxes

Net expenses related to the 2013 data breach, which are not
expected to be material

Impact of the reduction of the beneficial interest asset recognized
in connection with the 2013 sale of the Company's credit card
portfolio, which is expected to reduce GAAP EPS by approximately 2
cents

Target Corporation -- http://www.target.com/-- is engaged in
providing everyday essentials and fashionable, and differentiated
merchandise at discounted prices.  The Company operates in two
segments: U.S. and Canadian.  The U.S. Segment includes all of its
the United States retail operations, including digital sales.  The
Canadian segment offers retail operations in Canada. The Company's
owned brands include Archer Farms, Gilligan & O'Malley, Sutton &
Dodge, Simply Balanced, Market Pantry, Threshold, Boots & Barkley,
Merona, up & up, CHEFS, Room Essentials, Wine Cube, Circo, Smith &
Hawken, Xhilaration, Embark and Spritz, among others.  Target
operates through a network of approximately 1,801 stores.  The
Company sells an assortment of general merchandise and food.  The
Company's general merchandise and City Target stores offer an
edited food assortment, including perishables, dry grocery, dairy
and frozen items.


TARGET CORP: Canada Unit's Collapse Triggered by Quick Expansion
----------------------------------------------------------------
Law360 reported that experts said Target Corp.'s surprising
decision to cut ties with Canada and put its 133 Canadian stores
into bankruptcy provides a textbook example of the danger retailers
face when expanding too quickly into another country without giving
themselves time to iron out basic supply problems all merchants
face.

According to Law360, the move, announced on Jan. 15, will mean the
loss of approximately 17,600 jobs and result in $5.4 billion in
pretax losses for the fourth quarter ending Jan. 31 -- a figure
that includes some $200 million in operating losses.

The Troubled Company Reporter, on Jan. 16, reported that Target
Canada Co., Target's division in that country, has filed for
bankruptcy protection under the Companies' Creditors Arrangement
Act with the Ontario Superior
Court of Justice in Toronto.  The announcement comes only four
years after Target made headlines for acquiring the leases of 220
locations that essentially constituted the Canadian discounter
formerly known as Zellers, from Hudson's Bay Co. for $1.8 billion,
the TCR said, citing The Deal.


TRAINOR GLASS: Clawback Suit Against Subcontractor Goes to Trial
----------------------------------------------------------------
Phillip Van Winkle, the trustee for the Trainor Liquidating Trust,
sued 3Form, Inc., to avoid certain transfers. Trainor Glass Co. was
a subcontractor on many building projects around the country. 3Form
was one of Trainor's subcontractors. Trainor paid 3Form for its
work on a construction project for the State of Utah in the 90 days
before Trainor filed for bankruptcy.  Trainor in February 2012 sent
3Form two checks totaling $133,000 to pay it in full for its work
on the project.

The trustee seeks to avoid the transfers as preferential under 11
U.S.C. Sec. 547.

3Form has moved for summary judgment, arguing that the trustee
cannot prove an essential element of his claim -- that the
bankruptcy estate was diminished by the payment to 3Form. It also
contends that it will prevail on its affirmative defense based on a
contemporaneous exchange for new value.  3Form is correct that the
trustee must prove that the estate was diminished by the transfers
to 3Form, and that 3Form provided new value for purposes of its
defense based on a contemporaneous exchange for new value.

"There are questions of material fact regarding each issue,
however, so summary judgment must be denied," Bankruptcy Judge
Carol A. Doyle said in her Jan. 14, 2015 Memorandum Opinion
available at http://is.gd/WZ6Idtfrom Leagle.com.

The case is, Phillip Van Winkle, as Liquidating Trustee for the
Trainor Liquidating Trust, Plaintiff, v. 3Form, Inc., Defendant,
Adv. Proc. No. 13 A 00389 (Bankr. N.D. Ill.).  

                       About Trainor Glass

Trainor Glass Company, doing business as Trainor Modular Walls,
Trainor Solar, and Trainor Florida, filed for Chapter 11
bankruptcy (Bankr. N.D. Ill. Case No. 12-09458) on March 9, 2012.
Trainor was founded in 1953 by Robert J. Trainor Sr. to pursue a
residential glass business in Chicago, Illinois.  Trainor's
business model was focused on quality fabrication, design,
engineering, and installation of glass products and framing
systems in virtually every architectural application, including
(a) new construction, (b) green-building solutions, (c) building
rehabilitation, (d) storefronts and entrances, (e) tenant
interiors, and (f) custom-specialty work.

The Hon. Carol A. Doyle oversees the Chapter 11 case.  George P.
Apostolides, Barry A. Chatz, Esq., Michael L. Gesas, Esq., David
A. Golin, Esq., Kevin H. Morse, Esq., and Michelle G. Novick,
Esq., at Arnstein & Lehr LLP, serve as the Debtor's counsel.

Thomas, Feldman & Wilshusen LLC serves as the Debtor's local
Texas counsel.  The Police Law Group serves as local Michigan
counsel.  Arnold & Arnold, LLP, serves as local Colorado counsel.
Thompson Hine LLP serves as local Maryland counsel.  Kasimer &
Annino, P.C., serves as local Virginia counsel.

High Ridge Partners, Inc., serves as the Debtor's financial
consultant.  The Debtor has tapped Cole, Martin & Co., Ltd., to
render certain auditing services related to the Debtor's 401(k)
and profit sharing plan.

The Debtor scheduled $14.3 million in assets and $64.8 million in
liabilities.

A three-member official committee of unsecured creditors has been
appointed in the case.  The committee retained Sugar Felsenthal
Grais & Hammer LLP as counsel.


TRANSGENOMIC INC: To Launch ICE COLD-PCR Product Line in Q1
-----------------------------------------------------------
Transgenomic, Inc., announced that the commercial launch of its
Multiplexed ICE COLD-PCR (MX-ICP) product line is scheduled in the
first quarter of 2015.  MX-ICP is an ultra-high sensitivity DNA
amplification technology that allows the simultaneous detection of
multiple mutations in multiple genes from either tumor or liquid
samples, such as blood or urine, on all platforms.

Multiplexed ICE COLD-PCR delivers major advantages compared to
current sequencing technologies used on their own.  It delivers at
least a 100-fold improvement in sensitivity, detecting previously
unknown genetic alterations along with those that are already
known.  Its ultra-high sensitivity makes it feasible to conduct
comprehensive genomic analyses using either tissue or liquid
biopsies, by accurately analyzing cell-free tumor DNA circulating
in the blood or other bodily fluids.  Importantly, MX-ICP is
platform agnostic--it works on all the sequencing platforms found
in labs today, greatly enhancing the sensitivity of next-generation
sequencing, Digital PCR, Sanger, and other platforms. MX-ICP is
easy to use, is highly reliable and is easily implemented,
requiring minimal disruption to current sequencing processes or
procedures.

Paul Kinnon, president and chief executive officer of Transgenomic
commented, "Personalized cancer treatment is an idea whose time has
come, as our rapidly increasing ability to understand the disease
based on its distinctive genomic features is matched by advances in
detection and monitoring technologies and innovative new therapies.
We accordingly are pleased to announce that we will be launching
our Multiplexed ICE COLD-PCR technology this quarter, since we
believe that MX-ICP is the first technology that can make
personalized medicine a practical reality.  Its ultra-high
sensitivity, ability to work in tandem with all current sequencing
technologies, ease of use, and cost effectiveness have the
potential to ensure that the benefits of personalized cancer
therapy become widely available to cancer researchers and drug
developers, as well as to patients and their healthcare
providers."

Mr. Kinnon continued, "Since MX-ICP is broadly applicable to cancer
research, drug discovery and development, and ultimately, to
patient care, we intend to work with a wide range of partners and
collaborators globally to ensure rapid dissemination and uptake of
the technology.  We are pleased with the high level of interest
expressed to date by potential partners and expect to announce a
number of commercial agreements over the remainder of the year."

For more information on Transgenomic's Multiplexed ICE COLD-PCR
technology, visit
www.transgenomic.com/pharma-services/technology/ice-cold-pcr.

On Jan. 13, 2015, the chief executive officer of Transgenomic
presented at the OneMed Conference in San Francisco, California
regarding the Company's Multiplexed ICE COLD-PCRTM product line and
its product and commercial roadmap for 2015.  A copy of the
investor presentation is available for free at:

                        http://is.gd/rjLeXX

                         About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

The Company reported a net loss available to common stockholders
of $16.7 million in 2013, a net loss available to common
stockholders of $8.98 million in 2012 and a net loss available to
common stockholders of $10.8 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $30.8
million in total assets, $20.6 million in total liabilities and
$10.2 million in stockholders' equity.


TRAVELPORT WORLDWIDE: Appoints Thomas Murphy as General Counsel
---------------------------------------------------------------
Travelport has appointed Thomas Murphy as its general counsel.  Mr.
Murphy, whose appointment is with immediate effect, brings more
than 16 years of experience as in-house legal counsel, having most
recently served as general counsel and Company secretary at William
Hill plc.

Gordon Wilson, president and CEO of Travelport, said: "Thomas'
experience working as General Counsel in publicly listed companies,
with an international business dimension, across multiple
regulatory environments make him a significant addition to our
global management team as we continue to grow Travelport with our
focus on redefining travel commerce."

Thomas Murphy added: "I am delighted to be joining a business that
is driving real change in its industry and continuously looking at
ways to innovate and improve its offering and operations, from the
way that airline, hotel and other travel products are distributed,
to the way in which B2B payments are made for these services.  I
very much look forward to working with the team to play a role in
continuing the momentum that Travelport has achieved."

During his eight year tenure at William Hill plc, one of the
leading bookmakers in the UK, with a market value in excess of
USD 4 billion, major operations in nine countries and listed on the
London Stock Exchange, Murphy was General Counsel and also recently
Head of Business Systems.  He was responsible for its regulated US
gaming businesses based out of Las Vegas.  Previous roles have
included General Counsel and Company Secretary of RHM, a leading
food business sold to Premier Foods in 2007; General Counsel of the
Automobile Association, then part of Centrica. Originally qualified
as a barrister in England and Wales, he was also a Solicitor with
Clifford Chance, a leading, London-based global law firm, and spent
a period outside the law in financial analysis with HSBC.

The appointment of Murphy as general counsel follows the previously
announced appointment of Matthew Minetola as chief information
officer in December.  Both report directly to the President and CEO
of Travelport, Gordon Wilson.

                    About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry.

The Company's balance sheet at Sept. 30, 2014, showed $2.99
billion in total assets, $3.20 billion in total liabilities and a
$210 million total deficit.

                           *     *     *

As reported by the TCR on Sept. 8, 2014, Standard & Poor's Ratings
Services raised to 'B-' from 'CCC+' its long-term corporate credit
ratings on U.K.-based travel services provider Travelport
Worldwide Limited and its new wholly owned financing entity,
Travelport Finance (Luxembourg) S.a.r.l. (Travelport Finance).
The outlook is stable.


U.S. COAL: $3.5-Mil. Factoring Agreement with Porter Approved
-------------------------------------------------------------
U.S. Bankruptcy Judge Tracey N. Wise has authorized JAD Coal
Company, Inc., and its affiliates to increase the first-priority,
secured postpetition financing in the form of a $3.5 million
factoring agreement with Porter Capital Corporation.  The automatic
stay is also modified to allow Porter and the JAD Debtors to take
actions as necessary to finalize the Factoring Agreement
transaction.

In the years prior to the Petition Date, the Debtors had a
$10,000,000 line of credit with the Commercial Bank, but the
Debtors have been denied access to that line of credit since early

2014.  As part of their overall strategy to reorganize and emerge
from bankruptcy, the Debtors have determined in their business
judgment that it is necessary to obtain new lines of credit that
will assist the Debtors with operating expense needs and working
capital.  Porter previously agreed to provide the JAD Debtors
(JAD, Fox Knob, and Sandlick Coal Company, LLC) with separate
factoring agreement financing.  Porter has also agreed to provide
the Licking River Debtors with separate factoring agreement
financing whereby Porter would pay the Licking River Debtors
80 percent of the value of accounts receivable sold under
the Factoring Agreement up to a maximum amount of $3.50 million.
Provided that there were no outstanding chargebacks or disputes,
Porter will pay the reserve (i.e. 20%), less any sums due to
Porter, to the Licking River Debtors.

The Factoring Agreement specifically requires that the Licking
River Debtors agree that the automatic stay under 11 U.S.C. Sec.
362 will be deemed lifted with respect to the enforcement of all
liens granted to Porter, and also that the stay shall be modified
such that, upon default or other termination of the lending
arrangement with the Licking River Debtors, Porter may exercise
its rights and remedies without a separate order of this Court
lifting the stay.

The salient terms of the Factoring Agreement are:

     a) Total Dollar Amount Requested: $3.50 million based on 80%
        of the accounts receivable sold pursuant to the Factoring
        Agreement.

     b) Use of Funds and Proposed Budget: Proceeds of the
        Factoring Agreement shall be used to fund post-Relief Date

        operating expenses and working capital needs of the
        Licking River Debtors.

     c) Summary of Line of Credit Terms: Upon Court approval,
        Porter will factor the Licking River Debtors' accounts
        receivable.  The Factoring Agreement will bear interest at

        a fixed rate of 12.75% per annum.  The origination fee for

        obtaining the Factoring Agreement is 1.5% of the line
        amount, and the due diligence fee is $1,500.00.

     d) Superpriority Administrative Expense Claim: Upon Court
        approval and upon the Debtors' execution of the Factoring
        Agreement Documents and the issuance of the Factoring
        Agreement, Porter shall be granted a super priority
        administrative expense claim effective as of the date of
        the issuance of the Factoring Agreement against the
        Licking River Debtors.

The Bankruptcy Court ordered the JAD Debtors to deposit $6,700
into the escrow account of Nixon Peabody LLP as a reserve for
adequate protection for Pryor Cashman LLP's asserted prepetition
liens and/or other interests in the Collateral.

                     Pryor & Cashman Objection

Pryor Cashman LLP, a secured creditor in the above-captioned
bankruptcy cases, earlier submitted an objection to the Debtors'
DIP Financing Motion.

In accordance with, inter alia, the terms of a Secured Promissory
Note, the Debtors became indebted jointly and severally to Pryor
Cashman in the amount of $2,204,714.13, with interest to accrue at

the rate of 11%.  The Debtors agreed to a repayment schedule,
incorporated into the Note, which required them to make an initial

payment of $600,000 on March 4, 2013, followed by regular monthly
payments beginning on March 15, 2013, and ending on June 15, 2017.

At the time of the commencement of these bankruptcy cases, the
Note had a balance of approximately $1.8 million plus accrued and
unpaid interest.  The Debtors have scheduled the debt owed to
Pryor Cashman as a secured debt in the amount of approximately
$1.8 million.  

Although the Debtors have obtained authority to use cash
collateral, including the cash collateral of Pryor Cashman, they
are not currently making any adequate protection payments to Pryor

Cashman.  However, other secured creditors who also claim a
security interest in the JAD Debtors' assets, are receiving up to
$50,000 per month in adequate protection payments (in the form of
reimbursement for legal fees) .

The Debtors now seek authority to sell up to $2 million of the JAD

Debtors' accounts receivable to Porter free and clear of all liens

pursuant to the terms of the Factoring Agreement.  Upon Court
approval of the Motion and the Debtors' execution of the Factoring

Agreement, Porter would be granted a super priority administrative

expense claim, and first priority liens on the JAD Debtors'
accounts receivable, proceeds of such accounts and inventory
effective as of the date of the issuance of the Factoring
Agreement.

Although Porter's super priority administrative claim and first
priority liens would effectively prime Pryor Cashman's security
interest in the Collateral, the Debtors do not propose to provide
Pryor Cashman with any form of adequate protection to account for
any resulting diminution in Pryor Caslunan's interest in the
Collateral.

Notwithstanding that the Debtors seek to prime Pryor Cashman's
liens in the Collateral, the Debtors propose to provide Pryor
Cashman with no further adequate protection of any kind.  Rather,
the Debtors cursorily assert that Pryor Cashman will be adequately

protected because the Factoring Agreement will afford the Debtors
the financing and working capital needed to ensure that their
operations continue smoothly.  The Debtors would contend that any
secured party whose liens are primed by a factor always are
adequately protected because the factor would provide the debtor
with much needed liquidity.  This contention is nonsensical.  
Thus, if the Motion is approved, Pryor Cashman would be the only
secured creditor of the JAD Debtors that is not receiving adequate

protection payments.

Pryor Cashman does not believe that the Motion is fair or
reasonable with respect to the treatment of Pryor Cashman's
security interest in the Collateral, and the proposed post-
petition financing arrangement does not adequately protect that
interest.

                    Licking River Responds

The Debtors have satisfied all the conditions imposed on a debtor
seeking post-petition financing under Section 364.  Notably, no
party in interest has objected to the terms of the proposed
financing nor has any concern been raised as to whether this
financing is necessary.  Pryor Cashman has only argued that as a
result of its liens being primed on the Factoring Agreement
Collateral (as defined in the Factoring Agreement), it is no
longer adequately protected.

Given the Debtors' current financial condition and the pending
Chapter 11 cases, the Debtors believe that any sources of
comparable credit, obtainable quickly and on reasonable terms, are

extraordinarily limited.  The Debtors do not believe that they
could obtain the requisite debtor-in-possession financing on terms

better than those provided by the Factoring Agreement.

The Debtors maintain that, to the extent that a secured creditor
whose lien the Debtors propose to prime does not consent to the
priming of its lien, the Debtors have provided secured creditor's
interests with adequate protection under 11 U.S.C. § 364(d)(1)(B).

The Senior Lien Claimants have all consented to having their liens

on the Factoring Agreement Collateral primed by the liens of
Porter to secure the proposed DIP Loan.  The Senior Lien Claimants

have further agreed that their interests will continue to be
adequately protected, even after the Factoring Agreement is
obtained.

Pryor Cashman is the only party claiming a security interest in
the Factoring Agreement Collateral that has not consented to the
relief.  By the Objection, Pryor Cashman argues that its position
is at risk and that, as such, it is entitled to additional
adequate protection in the form of monthly payments of no less
than $6,700.

As Pryor Cashman notes in the Objection, to the extent approved in

subsequent cash collateral budgets, the Debtors propose to pay ECM

I, ECM II, Goodwin and Goggin adequate protection payments until a

Chapter 11 plan is confirmed in these bankruptcy cases.  The
Debtors maintain, however, that the timely payment of adequate
protection amounts towards these senior liens will, in turn,
provide adequate protection to Pryor Cashman's junior lien.

                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.


U.S. COAL: Seeks Approval of IPFS Premium Finance Agreement
-----------------------------------------------------------
Licking River Resources, Inc., and its debtor-affiliates filed a
motion asking the Bankruptcy Court for authority to enter into and
perform under a Premium Finance Agreement with IPFS Corporation.
The Debtors also seek authority to make all the required payments
and grant first-priority liens and security interests.

In the ordinary course of their businesses, the Debtors maintain
multiple types of insurance.  As the parent entity, U.S. Coal has
historically obtained policies providing coverage for certain of
the related Debtors as applicable and necessary.  When larger
policies are required, U.S. Coal has historically financed the
premiums.  The Debtors' automobile, general liability, and umbrella
policies were set to expire on Dec. 31, 2014, if they were not
renewed.

The Debtors have worked diligently with their insurance broker to
obtain the requisite insurance policies and to obtain financing
for the related premiums.  After considering all potential options,
the Debtors have determined in the exercise of their
business judgment that it is in the best interests of their
estates, creditors, and all other parties in interest to obtain
the requisite automobile, general liability, and umbrella
insurance policies identified in the Agreement from Great Midwest
Insurance Co. / HIIG Underwriters Agency Inc. and to finance the
related premiums under the Agreement with the Lender.

Under the terms of the Agreement, the financed premiums for the
Policies total $242,000.  Debtor U.S. Coal is required by the
Agreement to make a required cash down payment of $72,600, leaving
a balance of $169,000 to be financed by the Lender.  Following the
Down Payment, the Agreement requires U.S. Coal to pay eight monthly
installments of $21,800 to the Lender beginning on Feb. 1, 2015.
The installments will accrue interest at a rate of 7.40%, which
will yield a total financing charge of $4,730.  

To secure payment of all amounts due under the Agreement, the
Lender will be granted a security interest in all right, title, and
interest to the Policies, including: (a) all money that is or may
be due insured because of a loss under such policy that reduces the
unearned premiums (subject to the interest
of any applicable mortgagee or loss payee); (b) any unearned
premium under each such policy; and (c) interests arising under a
state guarantee fund.

To ensure there would be no lapse in coverage while the Agreement
and insurance premium financing contemplated thereunder were
presented to this Court, the Debtors renewed the Polices in
December and will pay the Lender $24,200 by Dec. 30, 2014 to
confirm that renewal, both in the ordinary course of their
business.  This payment amount will be credited against the Down
Payment of $72,600 required by the Agreement if the Agreement
is approved.

The Lender has specifically conditioned its consent to enter into
the Agreement upon the Debtors' agreement to the following terms
contemplated in the proposed order tendered herewith, which are
acceptable to the Debtors:

     a) The Agreement grants the Lender a lien and security
        interest in any unearned premium under the Policies
        identified in the Agreement.  Prior to its entry into the
        Agreement, the Lender requires that the Court shall have
        ordered that the Lender's lien and security interest in
        all unearned premiums under the Policies identified in the

        Agreement shall be senior to any security interests and/or

        liens on those assets granted to any other secured
        creditors in the Debtors' cases.

     b) The Agreement grants the Lender a lien and security
        interest in all loss payments under the Policies that
        reduce unearned premiums.  Prior to its entry into the
        Agreement, the Lender requires that the Court shall have
        ordered that the Lender's lien and security interest in
        any loss payments under the Policies shall be senior to
        any security interests and/or liens on those assets
        granted to any other secured creditors in the Debtors'
        cases, but shall be subject to the interest of any
        mortgagees or other payees.

     c) Prior to its entry into the Agreement, the Lender requires

        that the Court will have ordered that the Lender's liens
        and security interests shall be deemed fully perfected
        without further action by the Lender after entry of an
        order granting the Motion.

     d) In the event of a default by the Debtors in making the
        monthly payments under the Agreement, but subject to a 10-
        day notice and cure period, the Agreement allows the
        Lender to cancel the insurance Policies identified in the
        Agreement and apply to the Debtors' account the unearned
        premiums and, subject to the rights of mortgagees or other

        loss payees, any loss payments which reduce the unearned
        premiums.  Prior to its entry into the Agreement, the
        Lender requires that the Court shall have ordered that the

        Lender may exercise its rights under the Agreement in the
        event of such default without moving for relief from the
        automatic stay of 11 U.S.C. Sec. 362 and without further
        order of the Court.

     e) Prior to its entry into the Agreement, the Lender requires

        that the Court shall have ordered that, in the event that
        unearned premiums or other amounts due under the Policies
        are insufficient to pay the total amount owing by the
        Debtors to the Lender, any remaining amount owing to the
        Lender, including reasonable attorneys' fees and costs,
        will be deemed an administrative expense of these Estates
        entitled to priority over any and all administrative
        expenses of the kind specified in 11 U.S.C. Sec. 503(b) or

        507(b), pursuant to 11 U.S.C. Sec. 364(c)(1), whether
        incurred in the Debtors' Chapter 11 cases or after
        conversion of the cases to cases under Chapter 7 of the
        Bankruptcy Code.

     f) Prior to its entry into the Agreement, the Lender requires

        that the Court shall have ordered that any monies due
        under the Agreement not otherwise satisfied through
        unearned premiums or through payment of an allowed
        administrative claim filed by the Lender will not be
        subject to discharge or release in the Chapter 11
        proceedings or any corresponding Chapter 7 proceedings,
        notwithstanding any provision to the contrary set forth in

        any Chapter 11 Plan or Confirmation Order entered in the
        Chapter 11 cases.

The Debtors believe that the terms are commercially fair reasonable
and appropriate under the circumstances and that the Lender is
extending financing under the Agreement in good faith.

                 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.

The Debtors are represented by Amelia Martin Adams, Esq., and
Laura Day DelCotto, Esq. of Delcotto Law Group PLLC; and Dennis J.
Drebsky, Esq., and Christopher M. Desiderio, Esq., of Nixon
Peabody LLP.


UNDERGROUND ENERGY: California Judge Slashes Cooley LLP Fees
------------------------------------------------------------
Bankruptcy Judge Peter H. Carroll granted, in part, and denied, in
part, the First and Final Application of Cooley LLP for
Compensation and Reimbursement of Expenses as Attorneys for the
Official Committee of Unsecured Creditors in the Chapter 11 case of
Underground Energy Inc.

Cooley LLP, former counsel to the Committee, seeks final allowance
of $769,000 in attorneys' fees, plus $19,300 in expenses, for a
total of $788,000, for the period of April 29, 2013 through Dec.
10, 2014.1

Underground Energy, the Committee, and the United States trustee
object to allowance and payment of the fees and expenses sought in
the Application.

"The court will sustain, in part, and overrule, in part, the
objections to the Application and allow as final compensation the
sum of $747,913.82 in reasonable attorneys' fees, plus $16,272.87
in expenses, for a total of $764,186.69," Judge Carroll said in his
January 14, 2015 Memorandum Decision is available at
http://is.gd/RBe8rFfrom Leagle.com.

              About Underground Energy Corporation

Underground -- http://www.ugenergy.com-- is focused on developing
its Zaca Field Extension Project in Santa Barbara County,
California.  In total, Underground currently holds mineral rights
on approximately 21,300 net acres of prospective lands in
California and Nevada with an initial focus on the Monterey Shale
in California.

Underground Energy filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 13-10563) in Santa Barbara, California, on March 4, 2013.

Los Olivios, California-based Underground Energy is the operating
unit of California oil explorer and developer Underground Energy
Corp.  It disclosed about $2.5 million in assets and about $4.1
million in debt.


US BENTONITE: SSG Capital Acted as Investment Banker in Asset Sale
------------------------------------------------------------------
SSG Capital Advisors, LLC ("SSG") acted as the investment banker to
US Bentonite, Inc., Rock Springs Mineral Processing, Rock Springs
Properties, Inc. and Bucknum Properties, Inc. in the sale of
substantially all of its assets to an affiliate of Tolsa S.A., a
Madrid-based mineral products company with over 20 mining
operations worldwide.  The sale was consummated through a 11 U.S.C.
Sec. 363 process approved by the U.S. Bankruptcy Court for the
District of Wyoming.  The transaction closed in December 2014.

US Bentonite was founded in 2001 to acquire, mine, process and
market high quality Wyoming sodium bentonite and related products
and technologies.  The Company's mineral reserves are contained on
approximately 22,000 acres with an estimated 44 million tons.  In
order to provide a reliable and permanent power supply to US
Bentonite's new processing facility in Bucknum, WY, the Company was
in direct dialogue with its electricity supplier on the
construction of a permanent substation.  A subsequent dispute over
the cost of the substation and US Bentonite's proposed contribution
to its construction resulted in the supplier threatening to
disconnect all power.  US Bentonite filed for bankruptcy in order
to maintain power and continue production at the facility.

US Bentonite Processing sought Chapter 11 protection (Bankr. D.
Wyo. Case No. 13-20211) on March 14, 2013, in Cheyenne, Wyoming.
The case is assigned to Judge Peter J. McNiff.  The Debtor tapped
Bradley T. Hunsicker, Esq., at Winship & Winship, P.C., as counsel.
The Debtor estimated $1 million to $10 million in assets and
debt.

SSG was retained as US Bentonite's investment banker in July 2014
to explore a sale of substantially all of the Company's assets.
Working closely with the Company's COO, Dave Kinghorn, SSG marketed
the Company to a broad spectrum of industry and financial parties,
both domestically and internationally, to find a strategic partner
with a significant capital base to grow the business and ensure
long-term viability.  In August 2014, a stalking horse bidder was
approved for the Company's assets and a 363 auction was scheduled
for September 2014.  During the interim, SSG aggressively
re-marketed the stalking horse bid and as a result, received a
qualified overbid from Tolsa S.A.

Tolsa S.A. was ultimately the winner of the 363 auction and the
transaction closed in December 2014.  SSG's ability to move quickly
and access key international industry players enabled stakeholders
to maximize the value of the Company and preserve US Bentonite as a
going concern.

Other professionals who worked on the transaction include:

   -- Bradley T. Hunsicker of Winship & Winship, P.C., counsel to
US Bentonite, Inc. and debtor affiliates;

   -- James M. Sullivan of Moses & Singer LLP, counsel to Tolsa
S.A., and

   -- James T. Markus of Markus Williams Young & Zimmermann LLC,
counsel to secured bondholders.

                About SSG Capital Advisors

SSG Capital Advisors is a boutique investment bank that assists
middle-market companies and their stakeholders in completing
special situation transactions.  It provides its clients with
advisory services in the areas of mergers and acquisitions, private
placements, financial advisory, financial restructurings and
valuations.



US CAPITAL: Tangshan Ganglu Wants Ch 7 Case Converted to Ch 11
--------------------------------------------------------------
Brian Bandell, senior reporter at South Florida Business Journal,
reports that China-based Tangshan Ganglu Iron & Steel Co filed a
motion on Jan. 15, 2015, to convert US Capital/Fashion Mall, LLC's
Chapter 7 case to one under Chapter 11, which could halt the sale
of shuttered Fashion Mall at 321 N. University Drive, Plantation,
Florida.  Business Journal relates that US Capital already got
approval to hire CBRE to find a buyer for the property.

Business Journal recalls that Tangshan Ganglu, which owns the other
99% US Capital, was in the midst of a lawsuit against Wei Chen, who
manages the Debtors and owns 1%, seeking to wrest control of US
Capital away from him, claiming that it has invested more than $186
million into the stalled, 32.1-acre redevelopment since 2004.

Tangshan Ganglu said in court documents, "Mr. Chen did not consult
Ganglu in the decision to seek bankruptcy protection nor did he
consult Ganglu in the decision to seek relief under Chapter 7.  The
Debtors are not, however, entities that should be liquidated.  They
should be reorganized."

According to Business Journal, Tangshan Ganglu proposed to infuse
the Debtors with $7 million to $10 million in cash to fund their
administrative expenses and pay their undisputed claims, and would
set aside a reserve to fund for a disputed construction lien.
Tangshan Ganglu, says Business Journal, proposed to retain Kenneth
A. Welt as the bankruptcy trustee.  

"Ganglu should at the very least have the opportunity to try to
reorganize the entities into which it has already invested nearly
$200 million," Tangshan Ganglu said in court documents.

Tangshan Ganglu filed a motion for corporate dissolution in state
court that was essentially a liquidation, so it's a completed 180
degree turn for that company to demand a reorganization, Business
Journal reports, citing Thomas Messana, Esq., the attorney for U.S.
Capital.  The report quoted Mr. Messana as saying, "That is the
state court equivalent of Chapter 7, so when I filed Chapter 7, how
could they say they weren't consulted?"

According to Business Journal, Mr. Messana denied that Tangshan
Ganglu invested $186 million into the Fashion Mall.  The report
states that after US Capital's 2012 bankruptcy, it was supposed to
get a $50 million cash infusion from Tangshan Ganglu but it
received $43.7 million from 12 different sources, $4 million of
which came directly from Tangshan Ganglu.  Bank statements show
that Tangshan Ganglu executive Zhen Zeng Du took money out of US
Capital.

Business Journal reports that Tangshan Ganglu is represented by:

      Holland & Knight
      701 Brickell Avenue
      Suite 3300
      Miami, FL 33131
      Jose A. Casal, Esq.
      Tel: (305)789-7713
      E-mail: jose.casal@hklaw.com
      Joaquin Alemany, Esq.
      Tel: (305)789-7763
      E-mail: joaquin.alemany@hklaw.com
      Michael Rothenberg, Esq.
      Tel: (305)789-7401
      E-mail: michael.rothenberg@hklaw.com

                    About US Capital Holdings

US Capital/Fashion Mall is the owner of the former "Fashion Mall
at Plantation", now vacant, located at 321 N. University Drive, in
Plantation, Florida.  US Capital Holdings is the 100% owner of US
Capital/Fashion Mall.  The mall -- http://www.321north.com-- is  
presently dormant, in part, as a result of a redevelopment plan
for the mall of a project called 321 North, which is intended to
be a major, retail, office and residential project.  The mall
suffered extensive hurricane damage from Hurricane Wilma.

US Capital Holdings, LLC, and an affiliate, US Capital/Fashion
Mall, LLC, filed Chapter 11 petitions (Bankr. S.D. Fla. Case Nos.
12-14517 and 12-14519) in Forth Lauderdale, Florida, on Feb. 24,
2012.  The Debtor listed assets of $11,496 and liabilities of
$22,777,428.  Judge John K. Olson presides over the case.  

On Oct. 14, 2014, US Capital/Fashion Mall, LLC, filed for Chapter 7
liquidation (Bankr. S.D. Fla. Case No. 14-32819).  Judge John K.
Olson presides over the case.  The Debtor is represented by:

      Thomas M. Messana, Esq.
      Messana P.A.
      Las Olas City Centre, Suite 1400
      401 East Las Olas Boulevard
      Fort Lauderdale, FL 33301
      Tel: (954)712-7415
      E-mail: tmessana@messana-law.com

As reported by the the Troubled Company Reporter on Oct. 16, 2014,
Brian Bandell, Senior Reporter at the South Florida Business
Journal, reported that US Capital listed both its assets and debts
between $10 million and $50 million each.  Business Journal added
that parent company Mapuche LLC also filed for Chapter 7 in the
same month.  Business Journal stated that Wei Chen -- the manager
of Mapuche LLC, the entity that controls the Debtor -- signed the
Chapter 7 liquidation petition on behalf of Mapuche, the Debtor and
U.S. Capital/Fashion Mall.


US COAL: Original Debtors' Have Until March 31 to Decide on Leases
------------------------------------------------------------------
The U.S. Bankruptcy Court extended until March 31, 2015, Licking
River Mining, LLC, et al.'s time to assume or reject unexpired
leases of nonresidential real property.

                 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.

The Debtors are represented by Amelia Martin Adams, Esq., and Laura
Day DelCotto, Esq., at DELCOTTO LAW GROUP PLLC; and Dennis J.
Drebsky, Esq., and Christopher M. Desiderio, Esq., at NIXON PEABODY
LLP.


VALEANT PHARMA: Moody's Affirms Ba3 CFR, Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Valeant
Pharmaceuticals International, Inc., including the Ba3 Corporate
Family Rating, Ba3-PD Probability of Default Rating, Ba1 senior
secured ratings, and B1 senior unsecured ratings. At the same time,
Moody's revised Valeant's rating outlook to positive from stable.
In addition, Moody's assigned a rating of B1 (LGD5) to Valeant's
new senior unsecured note offering. Proceeds of the offering are
for debt repayment and general corporate purposes including
acquisitions.

Ratings affirmed:

Valeant Pharmaceuticals International, Inc.:

Ba3 Corporate Family Rating

Ba3-PD Probability of Default Rating

Ba1 (LGD2) senior secured term loans and revolving credit
agreement

B1 (LGD5) senior unsecured notes

SGL-1 Speculative Grade Liquidity Rating

Valeant Pharmaceuticals International:

B1 (LGD5) senior unsecured notes

Rating assigned:

Valeant Pharmaceuticals International, Inc.:

B1 (LGD5) senior unsecured notes due 2023

Outlook changes:

Valeant Pharmaceuticals International, Inc. and Valeant
Pharmaceuticals International:

Rating outlook changed to positive from stable

The change in outlook reflects Moody's expectation for rising cash
flow and financial flexibility driven by solid underlying growth
rates, new product launches, and the winding down of integration
costs. Valeant has accomplished deleveraging through earnings
growth and debt reduction, with an estimated gross debt/EBITDA
ratio of 3.8 times as of December 31, 2014 compared to near 5 times
(pro forma level) some 18 months ago at the time of the Bausch &
Lomb acquisition. Moody's anticipates that most acquisitions will
be bolt-on, and a higher credit rating may result if the company
continues to deliver strong performance with disciplined
acquisitions. The possibility of transformative acquisitions
similar to the failed pursuit of Allergan for more than $50 billion
cannot be ruled out, but some transactions of this type could have
positive credit implications depending on strategic rationale and
financing.

Ratings Rationale

Valeant's Ba3 Corporate Family Rating reflects its medium albeit
growing scale in the global pharmaceutical industry, its strong
diversity, its high profit margins, and its good cash flow. The
ratings are also supported by low exposure to patent cliff risks,
good near-term organic growth, and a successful acquisition track
record. The rating also reflects the risks associated with an
aggressive acquisition strategy, including moderately high
financial leverage, integration risks, rapid capital structure
changes, and reliance on cost synergies. Notwithstanding recent
deleveraging, Moody's anticipates that Valeant's acquisition
strategy will create leverage volatility, but projected average
debt/EBITDA leverage will be around 4.0 times. In addition, it may
be challenging to sustain solid organic top-line growth after the
initial benefits of an acquisition such as price increases and
product launches, given that Valeant significantly downsizes the
R&D function of acquired companies.

Valeant's SGL-1 rating reflects Moody's expectation of very good
liquidity, given the company's good free cash flow, cash on hand
that will usually exceed $500 million, and good cushion under
credit facility financial maintenance covenants. Valeant is
expected to have a $1.5 billion revolving credit facility
(currently $1.0 billion but expected to be upsized), which may
sometimes be drawn for acquisitions but was undrawn as of September
30, 2014. Combined, both the company's cash balances and revolver
availability should provide good flexibility for unexpected
operational issues and working capital demands over the next 12 to
18 months. Free cash flow will be robust and should exceed $2.0
billion in 2015.

The rating outlook is positive, reflecting Moody's expectations for
rising financial flexibility due to solid performance and good
organic growth. Valeant's ratings could be upgraded if Moody's
believes debt/EBITDA will be sustained at around 4.0 times while
maintaining good organic growth. The ratings could also be upgraded
if a transformative acquisition brings significant scale and
diversity without eroding credit ratios for a prolonged period.
Conversely, Valeant's ratings could be downgraded if Moody's
believes debt/EBITDA will be sustained above 5.0 times or if other
risk factors emerge, such as low organic growth, pipeline
deterioration, or litigation or regulatory compliance issues.

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.

Headquartered in Laval, Quebec, Valeant Pharmaceuticals
International, Inc. is a global specialty pharmaceutical company
with expertise in branded dermatology, eye health, neuroscience
products, branded generics and OTC products. Valeant generated $8.0
billion in revenues during the 12 months ended September 30, 2014.



VALEANT PHARMACEUTICALS: S&P Rates Proposed $1BB Sr. Notes 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
ratings to Laval, Quebec-based pharmaceutical company Valeant
Pharmaceuticals International Inc.'s proposed issuance of $1
billion of senior unsecured notes maturing 2023.  S&P assigned a
recovery rating of '6' to these notes, reflecting its expectation
for negligible (0% to 10%) recovery on these obligations in the
event of a payment default.

The company is also upsizing its $1 billion revolver by $500
million and upsizing its term loan A-3 by $250 million.  S&P's
issue-level ratings on the secured debt remain 'BB' and its
recovery rating of '2' on these obligations reflects its
expectation for substantial (70% to 90%) recovery on these
obligations in the event of a payment default.

The company plans to use the proceeds of this new debt to redeem
the outstanding 6.875% senior notes due 2018, reduce amounts
outstanding under the revolver, and for general corporate purposes.
Pro forma for these transactions, the company will have
approximately $15.9 billion in debt outstanding.

S&P's 'BB-' corporate credit rating on Valeant reflects S&P's
assessment of the company's business risk as "satisfactory" and the
financial risk profile as "aggressive".  The outlook is stable.

The satisfactory business risk assessment reflects the company's,
broad geographic, therapeutic, product, and payer diversification
and strong profitability as characterized by margins of over 40%.
The business risk also incorporates the company's low level of
investment in R&D and an acquisition-driven growth strategy, as
well as the elevated operational risks associated with integrating
the steady stream of acquisitions and managing a large portfolio of
small products.

The aggressive financial risk profile reflects adjusted debt
leverage in the range of 4x to 5x, after incorporating 500 basis
points of incremental R&D and other expenditures which S&P believes
are needed to sustain positive organic growth over the longer
term.

The rating also reflects a one-notch negative impact stemming from
the company's financial policies.  This relates to the company's
tolerance for intermittently increasing debt leverage above current
levels and its strategy of pursuing rapid growth through
acquisitions.

RATINGS LIST

Valeant Pharmaceuticals International Inc.
Corporate Credit Rating                     BB-/Stable/--

New Rating

Valeant Pharmaceuticals International Inc.
$1 Bil. Senior Unsecured Notes Due 2023    B
   Recovery Rating                          6



VERITY CORP: Terminates LLS's Ken Wright as CFO
-----------------------------------------------
Verity Corp. terminated its agreement with LLS Enterprises, Inc.,
and terminated Ken Wright as chief financial officer on Jan. 12,
2015, according to a regulatory filing with the U.S. Securities and
Exchange Commission.

Verity entered into an agreement with LLS Enterprises on Nov. 13,
2013, pursuant to which Mr. Wright agreed to serve as chief
financial officer of the Company on a part time basis.

Due to the termination of Mr. Wright, the Company will be unable to
complete the filing of its Form 10-K for the year ended
Sept. 30, 2014, by the extended due date of Jan. 14, 2015.  The
Company said it is endeavoring to complete such filing as soon as
possible.

                            About Verity

Sioux Falls, South Dakota-based Verity Corp., formerly AquaLiv
Technologies, Inc., is the parent of Verity Farms II, Inc.,
Aistiva Corporation (formerly AquaLiv, Inc.).  Verity Farms II is
dedicated to providing consumers with safe, high-quality and
nutritious food sources through sustainable crop and livestock
production.  Aistiva's technology alters the behavior of
organisms, including plants and humans, without chemical
interaction.  Aistiva's platform technology influences biological
processes naturally and without chemical interaction.  To date,
Aistiva has released products in the industries of water
treatment, skincare, and agriculture.

Verity Corp. reported a net loss attributable to the Company of
$7.59 million for the year ended Sept. 30, 2013, as compared with
a net loss attributable to the Company of $623,079 during the
prior fiscal year.

As of June 30, 2014, the Company had $2.24 million in total
assets, $5.83 million in total liabilities and a $3.59 million
total stockholders' deficit.

Bongiovanni & Associates, CPA's, in Cornelius, North Carolina,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Sept. 30, 2013.  The
independent auditors noted that the Company has suffered recurring
losses, has negative working capital, and has yet to generate an
internal net cash flow that raises substantial doubt about its
ability to continue as a going concern.


VERTICAL COMPUTER: Amends Bylaws; Annual Meeting Set for Feb. 25
----------------------------------------------------------------
The amended and restated bylaws of Vertical Computer Systems, Inc.,
became effective on Jan. 13, 2015, having been approved by the
Board of Directors of the Company.  The following are material
provisions of the Amended Bylaws that modified or amended the
provisions of the prior bylaws of the Company:

   * The Amended ByLaws provide for, amongst other things, advance
     notice requirements for stockholder proposals.  The Prior
     ByLaws did not provide for any mechanism for shareholders to  

     submit formal proposals in accordance with rules and
     regulations of the Securities and Exchange Commission.  The
     Board believes that advance notice requirements are in the
     best interests of both the stockholders and the Company.

   * The Amended Bylaws also provide for a Board ranging from one
     to six directors, as determined by the Board.  The Prior
     ByLaws did not provide for a range with respect to the size
     of the Board and permitted the stockholders to determine the
     size of the Board at any annual meeting.

The Board also resolved that an annual meeting of the stockholders
of the Company be held on Feb. 25, 2015, commencing at 11:00 a.m.,
local time, at 101 W. Renner Road, Richardson, Texas.  Subject to
the required approval of the SEC, the Notice of Meeting and the
Proxy Statement should be mailed on or after Jan. 25, 2015, to the
stockholders of record as of Jan. 5, 2015.  All stockholders who
hold or own the Company's common stock or Series A Preferred Stock
as of the Record Date are entitled to receive notice of and to vote
at the Annual Meeting.

                      About Vertical Computer

Richardson, Tex.-based Vertical Computer Systems, Inc., is a
multinational provider of Internet core technologies, application
software, and software services through its distribution network
with operations or sales in the United States, Canada and Brazil.

Vertical Computer reported a net loss applicable to common
stockholders of $3.08 million in 2013 following a net loss
applicable to common stockholders of $2.07 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $1.01
million in total assets, $17.5 million in total liabilities,
$9.90 million in convertible cumulative preferred stock, and a
$26.4 million total stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company suffered net losses and has a working capital deficiency,
which raises substantial doubt about its ability to continue as a
going concern.


VIGGLE INC: Stockholders Elected 7 Directors to Board
-----------------------------------------------------
Viggle Inc. held its 2015 annual meeting of stockholders on
Jan. 13, 2015, at which the stockholders:

   (i) elected Peter Horan, Michael J. Meyer, John D. Miller,
       Mitchell J. Nelson, Harriet Seitler, Robert F.X. Sillerman
       and Birame N. Sock to serve on the Company's Board of
       Directors until the next annual meeting of stockholders and
       until their respective successors are duly elected and
       qualified;

  (ii) ratified the appointment of BDO USA, LLC, as the Company's
       independent registered public accounting firm for the
       fiscal year ending June 30, 2015; and

(iii) approved the right to exercise warrants for up to
       1,000,000 shares of the Company's common stock in
       connection with funding pursuant to a line of credit with
       Sillerman Investment Company III LLC of up to $20,000,000;
       and the right to exercise warrants for up to 500,000
       shares of the Company's common stock in connection with
       funding the purchase of up to $10,000,000 of the Company's
       Series C Preferred Stock.

         World's Greatest eBook and Audiobook Reward Collection
                      Now Redeemable by Viggle Users

Starting last week, Viggle users can redeem their accrued points
from an expansive ebook and audiobook collection consisting of
almost 460,000 ebooks and 65,000 audiobooks.  Whether members are
into fiction or nonfiction, art, biography, business, mysteries,
religion, travel or sci-fi-or any other genre-the Viggle library
has something for everyone.  Most of the major U.S. publishers are
represented in the collection.  The books are downloadable for
reading and listening pleasure on smartphones or tablets.  With
major new releases anticipated weekly, the collection of titles
will grow.

This addition of audio and ebooks expands the already extensive
collection of redeemable movie, television and music options that
are available to members of the Viggle entertainment marketing
platform that rewards users for watching TV and movies, listening
to music, and watching videos.  Viggle members will now be able to
use their points on viggle.com to download their favorite
audiobooks and ebooks. Best-sellers and classics are also
available.  Since its launch, Viggle members have redeemed over $20
million from a vast selection of rewards for watching their
favorite TV programs and listening to music.

"Viggle point redemptions are increasing as our members recognize
that 'viggling' while watching TV and listening to music makes this
time a valuable experience in a whole new way.  Our digital
entertainment redemptions are up more than 250% since we launched
movies and TV shows as reward options last quarter," says Greg
Consiglio, president and COO of Viggle.  Based on market consensus
numbers from Digital eBook World, in 2013, the eBook marketplace
brought in $1.3 billion in revenue and ebooks accounted for 27% of
all adult trade sales.  "Certainly, we expect Viggle members to
embrace the opportunity to redeem their earned points for ebooks
and audiobooks and that this new option will grow as it is
welcomed."

It is estimated that in an average U.S. home a television is on 6
hours, 47 minutes per day, which totals approximately 250 billion
hours of annual television watching (California State University,
Northridge).  Considering this fact, the free Viggle app offers its
users amazing value and opportunity.  Consumers can now watch TV -
just like they are already doing all week, yet have that habit "pay
off" as they redeem a book or movie download on Viggle. Without a
Viggle membership those extra fun books, movies and music downloads
would be a household expense.  

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VIGGLE INC: To Present at Noble Financial Conference on Jan. 20
---------------------------------------------------------------
John Small, the chief financial officer of Viggle Inc. will be
presenting at the Noble Financial Capital Markets' Eleventh Annual
Investor/Equity Conference on Jan. 20, 2015, at 3:00 p.m. in Port
St. Lucie, Florida.  A copy of the Investor Presentation as filed
with the U.S. Securities and Exchange Commission is available at
http://is.gd/wrqTTL

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


WESTMORELAND COAL: Buckingham Coal Deal No Effect on S&P's 'B' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said that Westmoreland Coal
Co.'s $34 million acquisition of Ohio-based coal supplier
Buckingham Coal Co. LLC and proposed $75 million add-on to its $350
million first-lien term loan due 2020 will not affect its ratings
and outlook on the company.  This is a $25 million upsize to the
initial $50 million add-on discussed in the Jan. 9 media release.

The corporate credit rating on Westmoreland remains 'B' with a
stable outlook.  The issue ratings on the company's senior secured
debt, including the first-lien term loan and $350 million in senior
secured notes due 2022, also remain 'B' with a recovery rating of
'3', indicating S&P's expectation of meaningful (50% to 70%)
recovery in the event of default.

S&P assess Westmoreland's business risk profile as "weak" and
financial risk profile as "highly leveraged."  The stable outlook
is supported by Westmoreland's committed sales position over the
next year, which should result in stable cash flows.  The long
dated cost plus contracts provide protection against price
volatility, while the mine-mouth strategy offers transportation and
delivery advantages.  S&P anticipates liquidity will remain
adequate over the next year given its expectation of manageable
capital spending and positive free cash flow starting in 2015.

Ratings List

Ratings Affirmed

Westmoreland Coal Co.
Corporate Credit Rating                   B/Stable/--
  $425 mil. 1st-lien term loan due 2020*   B
   Recovery Rating                         3
  $350 mil. sr secd notes due 2022         B
   Recovery Rating                         3

*Includes $75 million add-on.



WESTMORELAND RESOURCE: Establishes Unit Dividend Record Date
------------------------------------------------------------
Westmoreland Resource Partners, LP, announced that the record date
and distribution date have been set for Westmoreland LP's
previously announced "25% unit dividend" as a one-time special
distribution of common units of Westmoreland LP.  The Special
Distribution is for an aggregate of approximately 202,184
Westmoreland LP Units, representing an approximately 25% unit
dividend per Westmoreland LP Unit, payable to public unitholders on
a pro rata basis.  The Special Distribution is being effected as
part of the completion of the series of transactions involving
Westmoreland Coal Company previously announced on Jan. 2, 2015.

The record date for the Special Distribution will be Jan. 27, 2015.
The distribution of Westmoreland LP Units is expected to occur on
Jan. 30, 2015.  The transfer agent will not distribute any
fractional Westmoreland LP Units or compensation in lieu thereof.
Each fractional Westmoreland LP Unit will be rounded to the nearest
whole Westmoreland LP Unit (and a 0.5 Westmoreland LP Unit will be
rounded to the next higher Westmoreland LP Unit).

Holders of Westmoreland LP Units on the Record Date are not
required to take any action in order to receive Westmoreland LP
Units in connection with the Special Distribution.  Westmoreland LP
common unitholders entitled to receive Westmoreland LP Units in
connection with the Special Distribution will either receive a
book-entry account statement reflecting their ownership of the
Westmoreland LP Units distributed to them in the Special
Distribution or their brokerage accounts will be credited for the
Westmoreland LP Units distributed to them in the Special
Distribution.

                     About Westmoreland Resource

Oxford Resource Partners, LP, now known as Westmoreland Resource
Partners, LP, is a producer of high value steam coal, and is the
largest producer of surface mined coal in Ohio.

Oxford Resource reported a net loss of $23.7 million in 2013, a net
loss of $26.05 million in 2012 and a net loss of $8.32 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $203.9
million in total assets, $218 million in total liabilities, and a
partners' deficit of $14.2 million.


WET SEAL INC: Case Summary & 40 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                      Case No.
     ------                                      --------
     The Wet Seal, Inc.                          15-10081
     26972 Burbank
     Foothill Ranch, CA 92610

     The Wet Seal Retail, Inc.                   15-10082

     Wet Seal Catalog, Inc.                      15-10083

     Wet Seal GC, LLC                            15-10084

Type of Business: The Debtors are a national multi-channel
                  retailer selling fashion apparel and accessory
                  items designed for female customers aged 13 to   

                  24 years old.

Chapter 11 Petition Date: January 15, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Christopher S. Sontchi

Debtors' Counsel: Maris J. Kandestin, Esq.
                  Michael R. Nestor, Esq.
                  YOUNG CONAWAY STARGATT & TAYLOR, LLP
                  Rodney Square
                  1000 North King Street
                  Wilmington, DE 19801
                  Tel: 302-571-6600
                  Email: bankfilings@ycst.com

                     - and -

                  Lee R. Bogdanoff, Esq.
                  Michael L. Tuchin, Esq.
                  David M. Guess, Esq.
                  Jonathan M. Weiss, Esq.
                  KLEE, TUCHIN, BOGDANOFF & STERN LLP
                  1999 Avenue of the Stars, 39th Floor
                  Los Angeles, CA 90067-6049
                  Tel: (310) 407-4022
                  Fax: (310) 407-9090

                     - and -

                  PAUL HASTINGS LLP

Debtors'          FTI CONSULTING
Restructuring
Advisor:

Debtors'          HOULIHAN LOKEY
Investment
Banker:

Debtors'          DONLIN, RECANO & CO., INC.
Claims and        P.O. Box 899
Noticing Agent:   Madison Square Station
                  New York, NY 10010
                  Tel: (212) 771-1128

Total Assets: $92.8 million as of Nov. 1, 2014

Total Debts: $103.4 million as of Nov. 1, 2014

The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.

Consolidated List of Debtors' 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Hudon Bay Master Fund Ltd.         Convertible       $28,869,306
777 Third Ave, 30th Floor            Notes
New York, NY 10017
Tel: 212-571-1244
Fax: 646-214-7946
Emails:
investments@hudsonbaycapital.com
operations@hudsonbaycapital.com

Simon Property Group, Inc.         Occupancy          $1,037,469
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Hansae Co. Ltd.                    Merchandise        $1,026,493
Yeouido-Dong, 5F                    Payables
29 Eunhaeng,-Ro
Yeongdeungpo-Gu
Seoul, Korea KR
Tel: +02 3779 0779
Fax: +02 3779 5599

Hana Financial                     Merchandise          $998,006
File 5016                            Payables
Los Angeles, CA 90074

- and -

Hana Financial
1000 Wilshire Blvd., 20th Fl.
Los Angeles, CA 90017
Tel: 213-977-7234
Fax: 213-228-3322

Samson Associates                  Occupancy            $853,265   
   
37 West 13th Street                 Charges
New York, NY 10011
Tel: 212-242-8253
Email: samsonllcnyc.aol.com

Simon Property Group, Inc.         Occupancy            $773,072
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $729,151
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

GGP                                Occupancy            $544,552
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

Simon Property Group, Inc.         Occupancy            $457,401
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

New England Development            Occupancy            $439,900
1 East Wacker Drive                 Charges
Suite 3700
Chicago, IL 60601

- and -

New England Development
One Wells Avenue
Newton, MA 02459
Tel: 617-965-8700
Fax: 617-243-7085

GGP                                Occupancy            $428,817
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

Simon Property Group, Inc.         Occupancy            $403,988
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Forbes Company                     Occupancy            $392,701
100 Galleria Officentre, Suite 427  Charges
Southfield, MI 48083

- and -

Forbes Taubman Orlando, LLC
Mall at Millenia
4200 Conroy Road, #300
Orlando, Fl 32839
Tel: 248-827-4600

GGP                                Occupancy            $381,260
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

GGP                                Occupancy            $371,479
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

Simon Property Group, Inc.         Occupancy            $364,516
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Wells Fargo Bank, N.A.             Merchandise          $362,085
PO Box 842468                        Payables
Boston, MA 02284-2468

- and -

Wells Fargo Bank, N.A.
100 Park Avenue
New York, NY 10017
Tel: 212-703-3533
Fax: 866-794-7114

Simon Property Group, Inc.         Occupancy            $356,872
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $352,959
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $349,254
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $345,938
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $338,666
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

GGP                                Occupancy            $336,342
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

New England Development            Occupancy            $334,360
1 East Wacker Drive                 Charges
Suite 3700
Chicago, IL 60601

- and -

New England Development
One Wells Avenue
Newton, MA 02459
Tel: 617-965-8700
Fax: 617-243-7085

GGP                                Occupancy            $332,670
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

GGP                                Occupancy            $325,076
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

Pyaramid                           Occupancy            $324,552
The Clinton Exchange                Charges
4 Clinton Square
Syracuse, NY 13202
Tel: 315-422-7000
Fax: 315-472-4035

Milberg Factors, Inc.              Merchandise          $322,637
99 Park Avenue                      Payables
New York, NY 10016
Tel: 212-697-4200
Fax: 212-697-4866
Email: info@milbergfactors.com

Simon Property Group, Inc.         Occupancy            $320,613
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

GGP                                Occupancy            $316,006
110 N. Wacker                       Charges
Chicago, IL 60606
Tel: 312-960-5000
Fax: 312-960-5475

Simon Property Group, Inc.         Occupancy            $312,625
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $311,398
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $310,845
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Washington Prime Group             Occupancy            $308,786
7315 Wisconsin Avenue               Charges
Suite 500-E
Bethesda, MD 20814
Tel: 240-630-0005
Fax: 240-380-2721

Pyramid                            Occupancy            $307,906
The Clinton Exchange                Charges
4 Clinton Square
Syracuse, NY 13202
Tel: 315-422-7000
Fax: 315-472-4035

Simon Property Group, Inc.         Occupancy            $306,651
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Simon Property Group, Inc.         Occupancy            $306,118
National City Center                Charges
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
Fax: 317-685-7221

Macerich                           Occupancy            $304,367
Santa Monica Corporate Office       Charges
401 Wilshire Boulevard
Suite 700
Santa Monica, CA 90401
Tel: 310-394-6000

Washington Prime Group             Occupancy            $304,261
7315 Wisconsin Avenue               Charges
Suite 500-E
Bethesda, MD 20814
Tel: 240-630-0005
Fax: 240-380-2721

Macerich                           Occupancy            $303,840
Santa Monica Corporate Office       Charges
401 Wilshire Boulevard
Suite 700
Santa Monica, CA 90401
Tel: 310-394-6000


WET SEAL: Files Chapter 11 Bankruptcy for Protection
----------------------------------------------------
The Wet Seal, Inc., together with three other affiliates, has filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the District of Delaware
(Bank. D. Del. Case Nos. 15-10081 to 15-10084) on Jan. 15, 2015.
The petitions were signed by Thomas R. Hillebrandt as interim chief
financial officer.  

Young Conaway Stargatt & Taylor, LLP; Klee, Tuchin, Bogdanoff &
Stern LLP; and Paul Hastings, LLP, serve as the Debtors' counsel.
FTI Consulting acts as the Debtors' restructuring advisor while
Houlihan Lokey serves as investment banker.  Donlin, Recano & Co.,
Inc., is the Debtors' claims and noticing agent.  The Debtors
disclosed total assets of $92.8 million and debts of $103.4 million
as of Nov. 1, 2014.  The cases are assigned to Judge Christopher S.
Sontchi.

The Company will continue to operate its business as
"debtors-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and the orders of the Bankruptcy Court.

In connection with the Chapter 11 cases, the Company has negotiated
a debtor in possession financing arrangement and plan sponsorship
agreement with B. Riley Financial, Inc., the parent of B. Riley &
Co, LLC and Great American Group, LLC and its affiliates and
designees.

The DIP provides for a $20 million term loan facility, subject to
certain limitations and conditions, including a $5 million
availability block at closing, from B. Riley to be funded on an
interim and final basis.  This loan facility will provide
availability to fund the Company's operations during the Chapter 11
cases, including to the Company's vendors and other purveyors of
goods and services.  The Company also expects to continue to fund
operations from cash on hand and cash generated during the cases.
The DIP is subject to Bankruptcy Court approval and the
satisfaction of specified closing conditions.  The Company also
expects to continue to receive certain financial accommodations
from its existing lender, Bank of America, including continued cash
management services.

The PSA provides a comprehensive blueprint for the Company's
emergence from Chapter 11 as a going concern pursuant to a plan of
reorganization, under which B. Riley has agreed to provide funding
and will receive a majority of the stock in the reorganized Company
at emergence.  The PSA contains certain milestones and conditions,
including Bankruptcy Court approval of the Company's assumption of
the PSA.  The transactions contemplated in the PSA, in turn, are
subject to conditions and confirmation and effectiveness of the
plan of reorganization.

In connection with the bankruptcy filing, the Company is seeking
customary authority from the Bankruptcy Court that will enable it
to continue to operate and serve its customers.  The requested
approvals include requests for the authority to make wage and
salary payments, continue various benefits for employees, and honor
certain customer programs, such as gift cards and returns on
merchandise purchased prior to the bankruptcy filing.

As of Jan. 12, 2015, the Company had approximately $31 million of
cash on the balance sheet, including nearly $11 million of cash
used to collateralize letters of credit.  The additional financing
from the DIP is expected to provide the Company with an immediate
source of additional funds.  These funding sources are expected to
enable Wet Seal to satisfy the customary obligations associated
with the daily operation of its business, including the timely
payment of employee wages and other obligations.

"We are pleased to provide financial assistance to The Wet Seal in
its efforts to revive this iconic fashion retailer," said Bryant
Riley, Chairman, of B. Riley Financial, Inc.  "Taking a
collaborative approach, and tapping our vast array of financial
services, we believe that we have developed a financial solution
that should benefit all parties involved."

Ed Thomas, CEO of The Wet Seal Inc., stated, "After careful
consideration, the Board of Directors unanimously concluded that
filing for Chapter 11 was the appropriate course of action for the
Company.  Overall, we continue to believe in The Wet Seal and
remain committed to executing on the strategic steps that we
already started.  We are thrilled to be working with B. Riley and
other constituencies toward the successful and prompt emergence of
the Company from Chapter 11."

The PSA provides that the Company will file and support a plan of
reorganization that will not provide consideration to the holders
of the Company's common stock.

Additional information regarding the bankruptcy filing is available
for free at http://is.gd/pTzROH

                           About Wet Seal

The Wet Seal, Inc. -- http://www.wetsealinc.com/-- is a specialty
retailer of fashionable and contemporary apparel and accessory
items.  The Company was incorporated in Delaware and is
headquartered in Foothill Ranch, California.


XZERES CORP: Incurs $1.5 Million Net Loss in Third Quarter
----------------------------------------------------------
Xzeres Corp. disclosing a net loss attributable to common
stockholders of $1.53 million on $1.23 million of gross revenues
for the three months ended Nov. 30, 2014, compared to a net loss
attributable to common stockholders of $2.35 million on $1.56
million of gross revenues for the same period in 2013.

For the nine months ended Nov. 30, 2014, the Company reported a net
loss attributable to common stockholders of $7.62 million on $2.39
million of gross revenues compared to a net loss attributable to
common stockholders of $5.92 million on $2.70 million of gross
revenues for the same period during the prior year.

As of Nov. 30, 2014, the Company had $9.82 million in assets, $18.2
million in liabilities and a $8.37 million stockholders' deficit.

As of Nov. 30, 2014, the Company had total current assets of $7.47
million consisting of $1.56 million in cash and cash equivalents,
$1.70 million in accounts and notes receivable, $3.98 million in
inventories and inventory deposits and $239,000 in prepaid expenses
and deferred financing costs.  The Company's total current
liabilities as of Nov. 30, 2014, were $4.11 million.  Thus, the
Company has working capital of $3.36 million as of
Nov. 30, 2014.  As of Nov. 30, 2014, the Company had total assets
of $9.83 million.

A full-text copy of the quarterly report on Form 10-Q filed with
the U.S. Securities and Exchange Commission is available for free
at http://is.gd/lm0aLD

                         About XZERES Corp.

Headquartered in Wilsonville, Oregon, XZERES Corp. designs,
develops, and markets distributed generation, wind power systems
for the small wind (2.5kW-100kW) market as well as power
management solutions.

XZERES reported a net loss of $9.49 million for the year ended
Feb. 28, 2014, as compared with a net loss of $7.59 million for
the year ended Feb. 28, 2013.

Silberstein Ungar, PLLC, in Bingham Farms, Michigan, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Feb. 28, 2014.  The independent
auditors noted that the Company has incurred losses from
operations, has negative working capital, and is in need of
additional capital to grow its operations so that it can become
profitable.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.



YSC INC: Judge Barreca Enters Final Decree Closing Chapter 11 Case
------------------------------------------------------------------
U.S. Bankruptcy Judge Marc Barreca entered a final decree closing
the Chapter 11 case of YSC, Inc.  As reported in the TCR on Dec.
19, 2014, the Debtor's plan was confirmed Oct. 7, 2014, and became
effective after Oct. 21, 2014.  According to Sang Yim, the Debtor
has substantially consummated the approved plan as defined in 11
U.S.C. Section 1101(2) through commencement of payments.  The
Debtor said no adversary proceedings were filed in connection with
this case.

                          About YSC Inc.

YSC Inc., owner of a Comfort Inn in Federal Way, Washington, and a
Ramada Inn in Olympia, Washington, filed a petition for Chapter 11
protection (Bankr. W.D. Wash. Case No. 13-17946) on Aug. 30, 2013,
in Seattle.

The owner listed the hotels as worth $17.9 million.  Total debt was
$18.5 million, including $18 million in secured debt.  Among
mortgage holders, Whidbey Island Bank was owed $13.3 million.

Bankruptcy Judge Marc L. Barreca presides over the case.  Wells
and Jarvis, P.S., serves as YSC's counsel.

Scott Hutchison, Esq., represents Whidbey Island Bank.

YSC's principals Sang Kil Yim and Chan Sook Yim filed for personal
Chapter 11 bankruptcy (Case No. 14-10897).



Z TRIM HOLDINGS: Names Aristar's Ed Smith as CEO
------------------------------------------------
Z Trim Holdings, Inc., announced that it has appointed veteran
directors Ed Smith and Morris Garfinkle as CEO and Chairman of the
Board, respectively, effective Jan. 8, 2015.  Outgoing CEO Steve
Cohen will become managing director of Communication and Planning.

Ed Smith is the managing partner of Aristar Capital Management,
LLC, a New York-based investment firm and the Company's controlling
stockholder.  From April 2005 through December 2014, Mr. Smith was
the managing partner of Brightline Capital Management, LLC, a New
York-based investment firm founded in 2005. Prior to founding BCM,
Mr. Smith worked at Gracie Capital from 2004-2005, GTCR Golder
Rauner from 1999-2001 and Credit Suisse First Boston from
1997-1999.  Mr. Smith holds a Bachelor of Arts in Social Studies
from Harvard College and a Masters in Business Administration from
Harvard Business School.  Mr. Smith is also a director of Heat
Biologics, Inc., a development stage biopharmaceutical company that
focuses on the development and commercialization of novel
allogeneic off-the-shelf cellular therapeutic vaccines for a range
of cancers and infectious diseases.
  
"It's extremely exciting to be stepping into this new role at such
a critical time in the Company's development," said Ed Smith.  "Z
Trim's ability to transform organic waste material into functional
ingredients has the potential to create virtually limitless
opportunities and value to match.  As a representative of our
largest group of investors, I have a deep belief in the potential
of this enterprise and a powerful motivation to achieve it."

"Mo" Garfinkle is the founder, Chairman and CEO of Tailwind
Consultants, LLC and co-founder of Kelly Garfinkle Strategic
Restructuring, LLC.  He has over 35 years of experience in
restructuring, mergers and acquisitions, investment assessment,
competitive positioning, strategic planning and capital raising.
His clients have included United Airlines Creditors' Committee,
Pension Benefit Guaranty Corporation, Air China and Dallas-Fort
Worth International Airport.  He received his Juris Doctor from
Georgetown University and his B.S. in Economics (cum Laude) from
the Wharton School of Finance & Commerce, University of
Pennsylvania.  Appointed to the Z Trim Board in 2009, he presently
serves as Chairman of the Audit Committee.

"We owe a debt of gratitude to Steve Cohen," said Mo Garfinkle,
"whose tenure as CEO included such milestones as the scale-up and
optimization of our manufacturing process, the dramatic expansion
of our I/P portfolio and the launch of our industrial division.
We're fortunate to continue to have access to his wealth of
institutional knowledge as we write the Company's next chapter,
which we expect to be characterized by aggressive sales and
marketing, lean, efficient operations and bold use of strategic
partnerships."

Steve Cohen said, "I'm very proud of what our small company has
accomplished so far, and thrilled to welcome Ed and Mo to their
expanded roles at the Company.  I expect that their skills,
experience and resources will help expose our unique products and
groundbreaking technology to a much broader and more diverse
market. Working together, nothing can stop us."

                       To Sell 260,000 Units

On Jan. 8, 2015, Z Trim entered into agreements to sell an
aggregate of 260,000 units to eight accredited investors at a price
per unit of $4.00 with each Unit consisting of (i) one share of
12.5% Redeemable Convertible Preferred Stock and (ii) one warrant,
representing 75% warrant coverage, to acquire 8.56 shares of the
Company's common stock, par value, $0.00005 per share, at an
exercise price of $0.64 per share, for aggregate cash proceeds of
$1,040,000 pursuant to separate purchase agreements entered into
with each investor.  In addition, the Company agreed to issue to
each of the investors in the first round of financing an
additional warrant for each Unit acquired to acquire 3.64 shares of
the Company's Common Stock at an exercise price of $0.64 per share.
The Additional Warrants issued in the initial closing of 260,000
Units are exercisable for an aggregate of 946,400 shares of the
Company's Common Stock.  The Warrants expire on the fifth
anniversary of their issuance, may be exercised on a cashless
basis, are subject to full ratchet price anti-dilution protection
and entitled to registration rights.

In addition, the members of the Company's Board of Directors agreed
to receive an aggregate of 96,589 Units (representing one (1) Unit
for every $4.00 of debt exchanged), 826,806 Initial Warrants and
351,586 Additional Warrants in exchange for previously issued
convertible notes held by the directors or affiliated entities as
follows:

   (i) 71,211 Units, 609,566 Initial Warrants and 259,208
       additional warrants were issued to Edward B. Smith, III,
       the Company's chief executive officer, in exchange for an
       aggregate of $284,844 of notes;

  (ii) 10,084 Units, 86,317 Initial Warrants and 36,705 Additional
       Warrants were issued to Morris Garfinkle in exchange for
       $40,0332 of notes;

(iii) 5,211 Units, 44,606 Initial Warrants and 18,968 additional
       warrants were issued to each of Mark Hershhorn and Brian
       Israel in exchange for an aggregate of $20,844 of notes,
       respectively; and

   (v) 4,873 Units, 41,712 Initial Warrants and 17,737 Additional
       Warrants were issued to CKS Warehouse, an entity in which
       Mr. Hershhorn owns a controlling interest, in exchange for
       an aggregate of $19,491 of principal and interest on notes.

The Company intends to use the net proceeds of the offering for
working capital and general corporate purposes, including without
limitation, to repay certain loans.  The Offering is part of a
private placement offering in which the Company offered for sale on
a "best efforts–all or none" basis up to 250,000 units (gross
proceeds of $1,000,000, including the principal amount of bridge
notes exchanged for Units, and on a "best efforts" basis the
remaining 4,750,000 units for a maximum of 5,000,000 units (gross
proceeds of $20,000,000).  The Offering will be open for a period
terminating on Jan. 31, 2015, and may be extended for an additional
60 days or greater at the election of the Company.

On Jan. 14, 2015, the Company submitted for filing a Statement of
Resolution Establishing the Preferred Shares with the Secretary of
State of the State of Illinois setting forth the rights and
preferences of the Preferred Shares.

A full-text copy of the Form 8-K Report as filed with the U.S.
Securities and Exchange Commission is available for free at:

                        http://is.gd/PMzy9a

                           About Z Trim

Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food
ingredient company which provides custom product solutions that
help answer the food industry's problems.  Z Trim's revolutionary
technology provides value-added ingredients across virtually all
food industry categories.  Z Trim's all-natural products, among
other things, help to reduce fat and calories, add fiber, provide
shelf-stability, prevent oil migration, and add binding capacity
-- all without degrading the taste and texture of the final food
products.

Z Trim Holdings reported a net loss of $13.4 million in 2013, a
net loss of $9.58 million in 2012, and a net loss of $6.94 million
in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $3.17 million
in total assets, $3.28 million in total liabilities, and a $104,600
stockholders' deficit.

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company does not have enough cash on hand to meet its current
liabilities and has had reoccurring losses as of Dec. 31, 2013.
These conditions raise substantial doubt about its ability to
continue as a going concern.


[*] ABI Sides With Credit Bidders, Trademark Holders
----------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the American Bankruptcy Institute, in its
three-year study to propose changes in bankruptcy law, would give
more protections to labor unions and holders of trademark licenses
when businesses are sold in Chapter 11.

According to Bloomberg, the report's authors found few flaws in
current practice allowing entire businesses to be sold quickly,
before a reorganization plan is even proposed.  The commissioners
recommended that the Bankruptcy Code be modified by explicitly
adopting the definition of executory contracts proposed by the late
Vern Countryman in a landmark 1973 law review article, Bloomberg
added.


[*] ABI Would Trim Preference Suits and Help Labor
--------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the American Bankruptcy Institute commission
recommended allowing greater freedom to sue for recovery of
fraudulent transfers while narrowing situations where creditors can
be sued for preferences.

Bloomberg noted that U.S. law historically has allowed suits over
preferences, or payments on overdue debt received within 90 days of
bankruptcy.  Before the 1978 law, preferences were difficult to
recover because the trustee had to show the recipient knew the
bankrupt was insolvent, Bloomberg said, and pointed out that that
requirement was discarded with adoption of the Bankruptcy Code,
although creditors were given defenses that often can defeat a
preference claim.


[*] Automatic Stay No Bar to Ruling on Motion for Remand
--------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a Nov. 18 opinion by U.S. District Judge Thomas
S. Ellis III from Alexandria, Virginia, held that the automatic
stay does not bar a district judge from ruling on a motion for
remand to state court.

According to the report, Judge Ellis disagreed with a Chapter 7
bankrupt individual that the automatic stay prevented him from
ruling on a motion to remand to state court a lawsuit filed against
the bankrupt prior to the bankruptcy filing.

The case is Sanders v. Farina, 14-1214, U.S. District Court,
Eastern District Virginia (Alexandria).


[*] Bankruptcies at Post-Recession Low; Chapter 11s Bottom Out
--------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the data compiled by Epiq Systems Inc. showed
that the 910,000 bankruptcies of all types in 2014 represent a 12
percent drop from 2013 and the fewest since the end of the
recession.  In December, the 63,100 bankruptcies were 9.5 percent
below the same month in 2013, were the fewest in 2014, and the
smallest monthly number since the recession, the Epiq report said,
according to Bloomberg.

Bloomberg added that the 2,500 commercial bankruptcies in December
were 19.4 percent below December 2013 and likewise the fewest in
any month since the recession.  The 35,400 commercial bankruptcies
last year were the fewest since the recession and about one-third
of the recent peak in 2010, Bloomberg further related.


[^] BOND PRICING -- For The Week From January 12 to 16, 2015
------------------------------------------------------------
  Company               Ticker  Coupon  Bid Price Maturity Date
  -------               ------  ------  --------- -------------
Allen Systems
  Group Inc             ALLSYS  10.500    34.000     11/15/2016
Allen Systems
  Group Inc             ALLSYS  10.500    34.000     11/15/2016
Alpha Natural
  Resources Inc         ANR      6.000    27.300       6/1/2019
Alpha Natural
  Resources Inc         ANR      9.750    37.750      4/15/2018
Altegrity Inc           USINV   14.000    38.000       7/1/2020
Altegrity Inc           USINV   13.000    37.625       7/1/2020
Altegrity Inc           USINV   14.000    37.625       7/1/2020
American Eagle
  Energy Corp           AMZG    11.000    39.000       9/1/2019
American Eagle
  Energy Corp           AMZG    11.000    42.000       9/1/2019
Arch Coal Inc           ACI      7.250    23.250      6/15/2021
Arch Coal Inc           ACI      7.000    24.000      6/15/2019
Arch Coal Inc           ACI      9.875    28.840      6/15/2019
Arch Coal Inc           ACI      7.250    26.500      10/1/2020
BPZ Resources Inc       BPZ      8.500    26.800      10/1/2017
Black Elk Energy
  Offshore Operations
  LLC / Black Elk
  Finance Corp          BLELK   13.750    76.500      12/1/2015
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.025     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    20.250       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     12.750    17.500      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    14.011     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      6.500    17.500       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      5.750    14.500      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.750     8.750       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      5.750    15.125      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    14.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    14.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    19.625       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.000    14.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    16.750     12/15/2018
Cal Dive
  International Inc     CDVI     5.000    15.000      7/15/2017
Champion
  Enterprises Inc       CHB      2.750     0.250      11/1/2037
Chassix Holdings Inc    CHASSX  10.000    11.750     12/15/2018
Citigroup Inc           C        2.233    99.040      1/30/2015
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    42.500     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    42.500     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    42.500     11/15/2017
Dendreon Corp           DNDN     2.875    56.000      1/15/2016
Endeavour
  International Corp    END     12.000    35.250       3/1/2018
Endeavour
  International Corp    END     12.000     3.250       6/1/2018
Endeavour
  International Corp    END      5.500     3.750      7/15/2016
Endeavour
  International Corp    END     12.000    34.500       3/1/2018
Endeavour
  International Corp    END     12.000    34.500       3/1/2018
Energy Conversion
  Devices Inc           ENER     3.000     7.875      6/15/2013
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU     10.000     9.250      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU     10.000     9.250      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU      6.875     5.625      8/15/2017
Exide Technologies      XIDE     8.625     5.000       2/1/2018
Exide Technologies      XIDE     8.625     5.125       2/1/2018
Exide Technologies      XIDE     8.625     5.125       2/1/2018
FBOP Corp               FBOPCP  10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP     13.125     1.879       4/2/2018
Federal Farm
  Credit Banks          FFCB     1.020   100.000      1/22/2018
Federal Home Loan
  Mortgage Corp         FHLMC    0.700   100.000      1/30/2017
Federal Home Loan
  Mortgage Corp         FHLMC    1.000   100.000     10/30/2017
Federal Home Loan
  Mortgage Corp         FHLMC    0.163    99.985      7/21/2016
Fleetwood
  Enterprises Inc       FLTW    14.000     3.557     12/15/2011
Goodrich
  Petroleum Corp        GDP      8.875    40.800      3/15/2019
Goodrich
  Petroleum Corp        GDP      5.000    46.875      10/1/2032
Gymboree Corp/The       GYMB     9.125    37.129      12/1/2018
JPMorgan Chase & Co     JPM      3.125    98.528      1/23/2025
James River Coal Co     JRCC    10.000     1.100       6/1/2018
James River Coal Co     JRCC     3.125     0.254      3/15/2018
James River Coal Co     JRCC    10.000     1.000       6/1/2018
Las Vegas Monorail Co   LASVMC   5.500     3.227      7/15/2019
Lehman Brothers
  Holdings Inc          LEH      5.000    12.500       2/7/2009
Lehman Brothers Inc     LEH      7.500     9.125       8/1/2026
MF Global Holdings Ltd  MF       6.250    31.250       8/8/2016
MF Global Holdings Ltd  MF       1.875    31.063       2/1/2016
MF Global Holdings Ltd  MF       3.375    31.000       8/1/2018
MModal Inc              MODL    10.750    10.125      8/15/2020
Molycorp Inc            MCP      6.000    16.500       9/1/2017
Molycorp Inc            MCP      3.250    35.000      6/15/2016
Molycorp Inc            MCP      5.500    19.000       2/1/2018
Momentive Performance
  Materials Inc         MOMENT  11.500     1.875      12/1/2016
NII Capital Corp        NIHD    10.000    35.375      8/15/2016
NII Capital Corp        NIHD     7.625    18.500       4/1/2021
OMX Timber Finance
  Investments II LLC    OMX      5.540    24.438      1/29/2020
Platinum Energy
  Solutions Inc         PLATEN  14.250    74.750       3/1/2015
Powerwave
  Technologies Inc      PWAV     2.750     0.125      7/15/2041
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Quicksilver
  Resources Inc         KWK      7.125     6.060       4/1/2016
Quicksilver
  Resources Inc         KWK      9.125    15.000      8/15/2019
Quicksilver
  Resources Inc         KWK     11.000    25.350       7/1/2021
RAAM Global Energy Co   RAMGEN  12.500    39.700      10/1/2015
RadioShack Corp         RSH      6.750    12.500      5/15/2019
RadioShack Corp         RSH      6.750    11.750      5/15/2019
RadioShack Corp         RSH      6.750    11.750      5/15/2019
Sabine Oil & Gas Corp   SOGC     7.250    25.000      6/15/2019
Sabine Oil & Gas Corp   SOGC     9.750    39.000      2/15/2017
Sabine Oil & Gas Corp   SOGC     7.500    27.000      9/15/2020
Sabine Oil & Gas Corp   SOGC     7.500    25.125      9/15/2020
Sabine Oil & Gas Corp   SOGC     7.500    25.125      9/15/2020
Samson Investment Co    SAIVST   9.750    26.500      2/15/2020
Saratoga
  Resources Inc         SARA    12.500    36.750       7/1/2016
Swift Energy Co         SFY      7.125    44.750       6/1/2017
TMST Inc                THMR     8.000    20.000      5/15/2013
Terrestar Networks Inc  TSTR     6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.250     9.250      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    16.750       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     9.250      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.250     9.125      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    14.800       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.250     8.250      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     9.000      11/1/2016
Tunica-Biloxi
  Gaming Authority      PAGON    9.000    65.250     11/15/2015
Walter Energy Inc       WLT      9.875    15.400     12/15/2020
Walter Energy Inc       WLT      8.500    16.320      4/15/2021
Walter Energy Inc       WLT      9.875    14.875     12/15/2020
Walter Energy Inc       WLT      9.875    14.875     12/15/2020
Western Express Inc     WSTEXP  12.500    89.250      4/15/2015
Western Express Inc     WSTEXP  12.500    93.000      4/15/2015


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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.

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 nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

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