TCR_Public/150206.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, February 6, 2015, Vol. 19, No. 37

                            Headlines

23RD STREET ANGEL: Case Summary & 3 Largest Unsecured Creditors
ALCO STORES: Gets Approval of Amendment to Agency Agreement
ALCO STORES: Settles Dispute with Tiger Capital, et al.
ALICEVILLE GOVERNMENTAL: S&P Raises Rating on 2011 Bonds to 'CCC+'
ALLONHILL LLC: EKS&H to File 2014 Tax Returns

ALLONHILL LLC: William & Connolly to Serve as Appellate Counsel
ALLY FINANCIAL: DBRS Rates Issuer and Senior Debt at 'BB'
ALTEGRITY INC: Moody's Lowers Corporate Family Rating to Ca
ALTEGRITY INC: Providence Equity to Lose $800M Investment in Ch. 11
AMERICAN SEAFOODS: S&P Corrects CCR by Lowering to 'CCC-'

ATLANTIC CITY, NJ: Arranging $12MM Note Sale, Mayor Says
AUXILIUM PHARMACEUTICALS: "Fundamental Change" Occurs
BAPTISH HOME: Bankruptcy Exit Plan Due February 11
BAYOU SHORES: Seeks to Nix US Appeal of Plan Confirmation
BEAR STEARNS: JP Morgan to Pay $500-Mil. in Mortgage Settlement

BERRY PLASTICS: BlackRock Reports 5.2% Stake as of Dec. 31
BIG HEART: Fitch Puts 'B' IDR on CreditWatch Positive
BIG HEART: Moody's Puts B2 CFR on Review for Upgrade
BION ENVIRONMENTAL: Dominic Bassani Reports 15% Stake at Dec. 31
BION ENVIRONMENTAL: Smith Reports 11.6% Stake at Dec. 31

BLACKBOARD INC: Moody's Affirms B2 CFR & Changes Outlook to Neg.
BLACKBOARD INC: S&P Retains 'CCC+' Rating on $75MM Debt Add-On
BON-TON STORES: BlackRock Reports 5.1% Equity Stake as of Dec. 31
CACHE INC: Case Summary & 30 Largest Unsecured Creditors
CACHE INC: Files Voluntary Chapter 11 Bankruptcy Petition

CACHE INC: Secures $22MM in Financing From Salus Capital
CALIFORNIA COMMUNITY: Can Access Cash Collateral Until Feb. 28
CHA CHA ENTERPRISES: Seeks Final Decree Closing Case
CLIFFS NATURAL: Reports $1.3 Billion Net Loss for Fourth Quarter
COLUMBUS EXPLORATION: Fugitive Treasure Hunter Arrested in Fla.

COMMUNITY HOME: Court Names Judge Houston as Mediator
COUNTRYWIDE FIN'L: Supreme Court Rules for Homeowners
COUTURE HOTEL: Seeks to Extend Plan Filing Deadline Until May 5
COUTURE HOTEL: Wants to Hire Robbins Tapp as Accountants
CSG SYSTEMS: S&P Affirms 'BB+' Corporate Credit Rating

D.R. HORTON: Moody's Assigns Ba1 Rating on New $350MM Sr. Notes
D.R. HORTON: S&P Affirms 'BB' CCR & Revises Outlook to Positive
DELL INC: Moody's Raises Corporate Family Rating to Ba2
DENDREON CORP: Enters Into Amended Sale Agreement with Valeant
DENDREON CORP: Multiple Parties Object to Proposed Sale

DETROIT, MI: Few Retirees Continue to Fight Bankruptcy Plan
DETROIT, MI: Kopac, Gleason Author Whitepaper on Bankruptcy
DETROIT, MI: Soaring Auto Insurance Costs Block Comeback
DISH NETWORK: Fitch Puts 'BB-' IDR on CreditWatch Negative
DUNE ENERGY: Signs Second Amended Forbearance Agreement

EASTMAN KODAK: Reaches Deal with Studios to Keep Film Biz Alive
ECOLOGICAL PAPER: Case Summary & 20 Largest Unsecured Creditors
EXIDE TECHNOLOGIES: Document Production Approved
EXIDE TECHNOLOGIES: Tort Claimants Object to UCC Settlement
FANNIE MAE: Iowa Court Dismisses Shareholder Suit

FIFTEEN HUNDRED ASTOR: Case Summary & 4 Top Unsecured Creditors
FIRST SECURITY: Reports $922,000 Net Income for Fourth Quarter
GENERAL MOTORS: To Increase Capital Expenditures to $9B in 2015
GENERAL MOTORS: To Use Financial Lending Arm for Subsidized Leases
GFI GROUP: Moody's Reviews B1 Issuer Rating for Possible Downgrade

GOLD RIVER: Files Schedules of Assets and Liabilities
GOLD RIVER: Section 341(a) Meeting Slated for February 24
GOLD RIVER: Tsangs Wants Chapter 11 Trustee to Oversee Case
HELLAS TELECOM: TPG, Apax Shed Much of $1.1-Bil. Clawback Suit
HIPCRICKET INC: Selects Perkin Coie as Special Corporate Counsel

INFINITY ENERGY: Amends Report on Change of Auditors
JHK INVESTMENTS: Hires Halloran & Sage as Substitute Counsel
JPH LAS VEGAS: Case Summary & 3 Largest Unsecured Creditors
JPH LAS VEGAS: Section 341(a) Meeting Set for March 12
KATE SPADE: S&P Raises CCR to 'B+'; Outlook Remains Stable

KEMET CORP: Invesco Ltd. Reports 8.8% Stake as of Dec. 31
KEMET CORP: Posts $2.91-Million Net Income in Third Quarter
LIBERTY TOWERS: Court Sets April 9 as Claims Bar Date
LIFE PARTNERS: Receives Nasdaq Bid Price Deficiency Notice
MADERA ROOFING: Emerges from Chapter 11 Bankruptcy

MARTIFER SOLAR: Court Approves Hiring of DeLacy as Appraiser
MOUNTAIN PROVINCE: Gets OK for $370 Million Credit Facility
NAARTJIE CUSTOM: Judge Allows Cigna to Cancel Insurance Policy
NAUTILUS HOLDINGS: Wins Approval of Chapter 11 Plan
NELCO DIVERSIFIED: Case Summary & 20 Largest Unsecured Creditors

O.W. BUNKER: Committee Taps Gavin/Somonese as Finc'l. Advisor
OCZ TECHNOLOGY: Trustee and Former Exec Spar Over Investigation
OFFICE DEPOT: Moody's Puts B2 CFR on Review for Upgrade
OFFICE DEPOT: S&P Puts 'B-' CCR on CreditWatch Positive
OW BUNKER: Shippers Pay to Prevent Ship Detention

PLATTSBURGH SUITES: Taps Hodgson Russ as Attorney
POINT BLANK: Motion to Continue Conference Date Approved
PROWLER ACQUISITION: S&P Lowers CCR to 'B-'; Outlook Stable
RADIOSHACK CORP: Case Summary & 50 Largest Unsecured Creditors
RADIOSHACK CORP: Donald Smith Stake Down to 0% as of Dec. 31

RADIOSHACK CORP: Files Voluntary Chapter 11 Bankruptcy Petition
REICHHOLD HOLDINGS: Unloads Underfunded Pension Plan on PBGC
REVEL AC: Exclusive Solicitation Period Extended Until Feb. 28
REVEL AC: Seeks ACR Energy Penalties as it Plans to Cut Power
ROADMARK CORP: Court Issues Order in Aid of Ch. 11 Administration

ROADMARK CORP: Creditors Object to Proposed Cash Collateral Use
ROADMARK CORP: David Rosenthal Directed to Appear for Examination
ROADMARK CORP: Inks Premium Finance Agreement with PAC
SABRE INDUSTRIES: S&P Affirms 'B' Corp. Credit Rating
SCIENTIFIC GAMES: BlackRock Reports 5.1% Stake at Dec. 31

SCRUB ISLAND: Wants to Hire Sinking Fund Agent; PR Bank Reacts
SEANERGY MARITIME: Receives Noncompliance Notice from Nasdaq
SENTINEL MANAGEMENT: Former CEO Gets 14 Years for $665M Fraud
SEVEN ARTS: Tonaquint Reports 9.9% Equity Stake as of Feb. 3
SHARP CORP: Fitch Says CDS Widens at 80%

SHIROKA DEVELOPMENT: Judge Approves Payment to 38th Avenue Realty
SILVERSUN TECHNOLOGIES: CFO Mark Meller Resigns
SKILLED HEALTHCARE: S&P Lowers CCR to B- & Removes From Watch Neg.
SS&C TECHNOLOGIES: Moody's Puts Ba2 CFR on Review for Downgrade
SS&C TECHNOLOGIES: S&P Puts 'BB' CCR on CreditWatch Negative

SULLIVAN FIRST RECYCLING: Case Summary & 20 Top Unsecured Creditors
SUPPLEMENTWAREHOUSE.COM: Feb. 19 Hearing on Cash Collateral Use
SUPPLEMENTWAREHOUSE.COM: Files for Ch 11 to Evade Receivership
T BAR M RANCH: Case Summary & 20 Largest Unsecured Creditors
T-L CHEROKEE: Seeks Approval to Execute Addendum to VVSB Agreement

TOMNIK FOOD: Case Summary & 9 Largest Unsecured Creditors
TRAVELPORT WORLDWIDE: Amalgamated Reports 7.9% Stake as of Dec. 31
TRONOX LTD: S&P Puts 'BB' Corp. Credit Rating on CreditWatch Neg
TS EMPLOYMENT: Corporate Resource Mulls Possible Sale of Assets
UNIVERSAL HEALTH: Trustee Sues Vendors for $5.9-Mil.

VEYANCE TECHNOLOGIES: Moody's Withdraws B2 Corp. Family Rating
WASTE INDUSTRIES: Moody's Rates New $950MM 1st Lien Loans 'B1'
WENDY'S INT'L: Moody's Alters Outlook to Negative & Affirms B1 CFR
WISHING WELL: Case Summary & 20 Largest Unsecured Creditors
XOXLOMA LLC: Voluntary Chapter 11 Case Summary

XRPRO SCIENCES: Swaps Common Shares for Preferred Shares
[*] 11 KMK Attorneys Named Chambers USA "Leaders in Their Fields"
[*] Debt Buyer Faces Fine and Loss of Thousands of Court Judgments
[*] Judge Denies Bank of America's Request for New Hustle Trial
[*] Milestone Deadlines in 1st 60 Days Be Prohibited, ABI Recommend

[*] S&P Said to Settle CalPERS Ratings Lawsuit for $125-Mil.
[^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles

                            *********

23RD STREET ANGEL: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: 23rd Street Angel Investment Holdings, LLC
        1801 Century Park East, Suite 780
        Los Angeles, CA 90067

Case No.: 15-11706

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Debtor's Counsel: George C Panagiotou, Esq.
                  THE COSTA LAW GROUP
                  3645 Ruffin Rd, 100
                  San Diego, CA 92123
                  Tel: 858 300 0033
                  Fax: 858 630 4000
                  Email: gpanagio1@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Adrian Boner, managing member.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb15-11706.pdf


ALCO STORES: Gets Approval of Amendment to Agency Agreement
-----------------------------------------------------------
A federal judge approved the latest amendment to Alco Stores Inc.'s
agreement with a joint venture selected to conduct the sale of its
stores.

The latest amendment approved by U.S. Bankruptcy Judge Stacey
Jernigan extends the sale termination date to March 8.

During the extension, Alco will receive 3.5% of gross sales while
expenses related to the sale will be covered by the joint venture
among Tiger Capital Group LLC, SB Capital Group LLC and Great
American Group WF LLC.

The joint venture will also have additional obligations in
connection with the liquidation of the retailer's assets, according
to court filings.

                         About ALCO Stores

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

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

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

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

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

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

The Debtor received court approval to sell some of its real estate
along with store leases.

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


ALCO STORES: Settles Dispute with Tiger Capital, et al.
-------------------------------------------------------
BankruptcyData reported that ALCO Stores filed with the U.S.
Bankruptcy Court a motion for an order, pursuant to Sections 363(b)
and 105(a) of the Bankruptcy Code and Bankruptcy Rule 9019(a), for
approval of settlement with Tiger Capital Group, SB Capital Group
and Great American Group WF and amendment of the agency agreement.

According to the report, the motion explains, "After extensive
analysis and good-faith negotiations, the Parties have agreed on a
settlement of the dispute over the remaining Guaranteed Amount due
under the Agency Agreement, and have agreed to the Amendment which
extends the Sale Termination Date, resolves the adjustments and
makes various other amendments to the Agency Agreement in
connection with the extension of the Sale Termination Date, all
subject to the approval of this Court. With respect to the
extension, the Parties have agreed to amend Section 6.1 of the
Agency Agreement by deleting 'January 31, 2015' and replacing it
with 'March 8, 2015', all as more fully set forth in Section 8 of
the Amendment, thereby extending the Sale Termination Date through
March 8, 2015...The Amendment provides that that, during the
extension, the Debtor will receive 3.5% of gross sales, while
expenses related to the sale will be covered by the
Agent....Specifically, the Amendment will permit the Debtors to
avoid the costly and time consuming process of litigating the
merits of those claims in connection with the Agency Agreement
while the Agent continues liquidating the Debtors' inventory. It
also provides for the further liquidation of the Debtors' assets,
resulting in a greater return to creditors."

                         About ALCO Stores

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

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

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

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

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

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

The Debtor received court approval to sell some of its real estate
along with store leases.

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


ALICEVILLE GOVERNMENTAL: S&P Raises Rating on 2011 Bonds to 'CCC+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its rating by two
notches, to 'CCC+' from 'CCC-', on Aliceville Governmental
Utilities Services Corp. (GUSC), Ala.'s series 2011 bonds, issued
for its Federal Bureau of Prisons (FBOP) project.  The rating
remains on CreditWatch, with the implications revised to developing
from negative.  The rating has been on CreditWatch since Aug. 19,
2013.

"The upgrade is based upon our understanding that the bond trustee
has received sufficient monies from the GUSC to make the interest
payment on the bonds in full and as scheduled," said Standard &
Poor's credit analyst Theodore Chapman.  An interest payment of
approximately $193,000 was due on Feb. 1, 2015. By Standard &
Poor's calculation, the debt service reserve fund (DSRF)'s current
balance is less than $55,000.

Since August 2013 and at each six-month debt service payment date
since then, the GUSC drew on the DSRF to make timely and full
payments as they became due.  The need to draw from the DSRF
stemmed from a rate dispute between the GUSC and the FBOP.  GUSC
had issued the 2011 bonds to fund the construction of water and
sewer facilities for a federal correctional institution near the
city of Aliceville.

The latest CreditWatch status reflects S&P's opinion that the
apparent resolution of the dispute could immediately result in GUSC
being able to generate sufficient cash flow from operations to make
future debt service payments on time and in full without further
draws on the DSRF.  S&P understands that amendments to the original
water and sewer service contracts has been reached between the two
parties that will also allow the DSRF to be replenished in the next
three years.

Standard & Poor's will continue to monitor the GUSC's revenues over
the next 90 days.  If S&P is able to ascertain that cash from
operations is indeed at levels that have been represented by the
two sides, S&P would raise the rating, likely by multiple notches.
Absent that, S&P could still lower the rating as the Aug. 1, 2015,
principal and interest payment date approaches.

The GUSC has approximately $8.375 million in outstanding revenue
bonds related to the FBOP project.  The DSRF was originally funded
with bond proceeds in the amount of maximum annual debt service, or
$1.43 million.

The facility was constructed to help relieve systemwide
overcrowding among the federal female inmate population.  The
Aliceville location was designed to house up to 1,500
medium-security federal inmates.  Plans in early 2013 to transfer
about 1,100 inmates from a Connecticut facility to the Aliceville
site were delayed after a number of elected officials asked the
U.S. Department of Justice to reconsider the transfer.  The
Aliceville facility did not receive its first inmates (about 100)
until November 2013.  While it currently is at its full population,
the delay led the GUSC to exercise what it deems as its rights
under the service contract to increase rates to the prison, without
limit, to generate sufficient revenues to cover operations and debt
service.  GUSC officials could have chosen to suspend service to
the facility but did not.  The FBOP did make payments to the GUSC
for services but at the lower rate that it believed was correct.

The GUSC constructed the water and sewer facilities specifically to
serve the prison.  The city of Aliceville operates and manages the
FBOP-related water and sewer utilities for the GUSC, separate and
apart from the city's own infrastructure.  The dispute does not
have any recourse to the city of Aliceville's own utility revenue
bonds, which are secured by the city's own customer base.



ALLONHILL LLC: EKS&H to File 2014 Tax Returns
---------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware approved Allonhill LLC's supplemental application to
employ EKS&H LLLP as its tax accountant to prepare and file the
Debtor's 2014 federal and state tax returns.

EKS&H's current hourly rates range from $160 per hour for staff and
$445 per hour for partners.  The firm will also seek reimbursement
of expenses incurred in its representation of the Debtor.

As reported in the Troubled Company Reporter on July 16, 2014,
Judge Gross authorized Allonhill LLC to employ the firm as its tax
accountant and auditor.  EKS&H's services includes the following:
(a) provide Dec. 31, 2013, and stub period 2014 closing employee
benefit plan audits; (b) prepare tax extensions for the 2013 taxes;
and (c) prepare 2013 federal and state returns related to the
taxes.

During the one-year period prior to the Petition Date, EKS&H
provided services for the Debtor, and the Debtor paid EKS&H the
amount of $70,660 in fees.  As of the Petition Date, EKS&H was owed
approximately $3,000 by the Debtor for services invoiced in
February 2014.

Brad McQueen, a certified public accountant and a partner of the
firm of EKS&H LLLP, assures the Court that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.  Mr. McQueen, however, discloses
that his firm performed, currently performs, and in the future may
perform Accuvant, Intellisource, LLC, Margaret Sue Allon,
MeetingOne Conferencing, and Stewart Lender Services, in matters
unrelated to the bankruptcy case.

The firm can be reached at:

   Brad McQueen
   Partner at EKS&H LLLP
   7979 E. Tufts Avenue, Suite 400
   Denver, CO 80237-2521
   Tel: (303) 740-9400
   Fax: (303) 740-9009
   Email: bmcqueen@eksh.com

                     About Allonhill LLC

Allonhill LLC, a professional services firm based in Denver,
Colorado, that previously provided loan due diligence and credit
risk management services for institutions that invest in, sell,
securitize or service mortgage loans, sought protection under
Chapter 11 of the Bankruptcy Code on March 26, 2014.  The case is
In re Allonhill, LLC, Case No. 14-bk-10663 (Bankr. D. Del.).

The Debtor's General Counsel is HOGAN LOVELLS US LLP.  The Debtor's
Local Counsel is Neil B. Glassman, Esq., Justin R. Alberto, Esq.,
and Evan T. Miller, Esq., at BAYARD, P.A., in Wilmington, Delaware.
Upshot Services LLC serves as the Debtor's Claims and Noticing
Agent.

The Debtor disclosed $19,205,062 in assets and $32,918,294 in
liabilities as of the Chapter 11 filing.

Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the
Bankruptcy Court that she was unable to appoint an official
committee of unsecured creditors in the case of Allonhill, LLC. The
U.S. Trustee explained that there were insufficient response to the
communication/contact for service on the committee.


ALLONHILL LLC: William & Connolly to Serve as Appellate Counsel
---------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware approved Allonhill LLC's supplemental application to
employ William & Connolly LLP as special appellate counsel.

As reported in the Troubled Company Reporter on Dec. 16, 2014,
according to the supplemental application, W&C's services will only
encompass these specified purposes, or relate to the administration
of the Debtor's estate to the extent they are within these
specified purposes and only to the extent non-duplicative of the
services authorized to be provided by Hogan Lovells, Bayard, P.A.,
or Haddon, Morgan and Foreman, P.C.:

   a. advise the Debtor in connection with the legal aspects of
      the appeal;

   b. prepare on behalf of the Debtor, all necessary briefs,
      motions, applications, orders, reports and other papers in
      connection with the appeal;

   c. represent the Debtor at hearings and oral argument on the
      appeal, and protecting the interest of the Debtor; and

   d. perform any other necessary legal services in connection
      with the prosecution of the appeal.

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

As reported in the July 16, 2014, the Debtor had won approval of
the original application to employ W&C as special appellate
counsel.

                     About Allonhill LLC

Allonhill LLC, a professional services firm based in Denver,
Colorado, that previously provided loan due diligence and credit
risk management services for institutions that invest in, sell,
securitize or service mortgage loans, sought protection under
Chapter 11 of the Bankruptcy Code on March 26, 2014.  The case is
In re Allonhill, LLC, Case No. 14-bk-10663 (Bankr. D. Del.).

The Debtor's General Counsel is HOGAN LOVELLS US LLP.  The Debtor's
Local Counsel is Neil B. Glassman, Esq., Justin R. Alberto, Esq.,
and Evan T. Miller, Esq., at BAYARD, P.A., in Wilmington, Delaware.
Upshot Services LLC serves as the Debtor's Claims and Noticing
Agent.

The Debtor disclosed $19,205,062 in assets and $32,918,294 in
liabilities as of the Chapter 11 filing.

Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the
Bankruptcy Court that she was unable to appoint an official
committee of unsecured creditors in the case of Allonhill, LLC. The
U.S. Trustee explained that there were insufficient response to the
communication/contact for service on the committee.


ALLY FINANCIAL: DBRS Rates Issuer and Senior Debt at 'BB'
---------------------------------------------------------
DBRS Inc. considers Ally Financial Inc.'s 4Q14 results as solid
despite the impact of normalizing lease yields and seasonality.
Moderating used vehicle values from historically high levels
resulted in lower lease remarketing gains that drove net finance
revenue (excluding OID) lower QoQ to $835 million.  Reduced net
leasing revenue and relatively stable funding costs resulted in net
interest margin (NIM) (excluding OID) contracting 30 basis points
(bps) to 2.35%.  DBRS expects NIM to expand in 2015 supported by
further reductions in funding costs as Ally has $4.9 billion of
legacy high-cost debt maturing.  Further, DBRS expects NIM will
benefit from the continuing shift in portfolio mix both by product
and credit profile, which combined with stabilizing lease yields,
should result in higher asset yields.

In the seasonally weaker fourth quarter, origination volumes were
lower quarter-on-quarter (QoQ), however, volumes were 10% higher
year-on-year (YoY).  Ally achieved this growth while continuing to
broaden the mix of volume.  As a result, the share of volume from
non-GM/Chrysler dealers continues to expand.  In a competitive and
evolving marketplace, DBRS sees this performance as demonstrating
the strength of Ally's dealer-centric auto finance franchise and
the benefits of its deep and wide ranging product set.

Consistent with the seasonal pattern observed in past years, asset
quality metrics were higher quarter-on-quarter in 4Q14. U.S. retail
auto net charge-offs were 17 bps higher sequentially at 1.10% while
delinquencies were 45 bps higher at 2.73%.  While these metrics
were higher YoY reflecting continuing normalization of Ally's
portfolio mix, DBRS notes that on a historical basis, credit
performance remains sound.  Nevertheless, the increase in
charge-offs and delinquencies as well as growth in the portfolio
resulted in seasonally higher provisioning expense.  For 4Q14,
provisions for loan losses totaled $155 million, up from $102
million in 3Q14.

Ally's balance sheet strength remains solid, underpinned by its
strong direct bank franchise and solid capital levels.  Retail
deposits grew 3% in the quarter to $48.0 billion.  Importantly to
the rating, the quality of the deposit base continues to strengthen
with 50% of retail deposits comprised of savings products.  At Dec.
31, 2014, Ally's estimated fully-phased in Basel III Common Equity
Tier 1 ratio was 9.7%.

DBRS rates Ally's Issuer and Long-Term Debt at BB with a Positive
trend.


ALTEGRITY INC: Moody's Lowers Corporate Family Rating to Ca
-----------------------------------------------------------
Moody's Investors Service downgraded Altegrity, Inc.'s corporate
family rating to Ca from Caa3 and its probability of default rating
(PDR) to Ca-PD/LD from Caa3-PD. Moody's appended the limited
default or "LD" designation to Altegrity's PDR to reflect the
company's failure to make the interest payments with respect to its
1st and 2nd lien senior notes within the 30 day grace period under
the indentures, from January 1, 2015, when the interest became
payable. Moody's also affirmed the Caa1 rating for Altegrity's
existing senior 1st lien notes and credit facility and the Ca
rating for senior 2nd lien notes, and downgraded the rating for
senior 3rd lien notes, senior unsecured notes and senior
subordinated notes to C, from Ca.

Ratings Rationale

The downgrade of the PDR reflects Altegrity's failure to make the
interest payments with respect to its 1st and 2nd lien notes. The
downgrade of the CFR reflects Altegrity's failure to make the
interest payments as well as Moody's expectations for recovery of
the variouscreditor classes.

Altegrity announced a restructuring support agreement with holders
of more than 70% of its first lien secured debt and approximately
95% of its second and third lien secured debt, under which second
and third lien noteholders will convert their debt into equity and
become majority shareholders of the reorganized company. Under the
proposed terms of restructuring, the company will reduce debt by
approximately $700 million, or 40%, and Moody's expects the first
lien debt balances to remain unaffected. Altegrity expects to
voluntarily file for relief under chapter 11 of the U.S. Bankruptcy
Code to implement the proposed restructuring. The company also
announced that it completed the sale of its Kroll Factual Data
business and the Global Security and Solutions division of its USIS
segment, and that it plans to use proceeds to repay debt upon the
completion of the proposed restructuring.

Altegrity's ratings reflect a significant debt impairment for
senior debt that ranks below the approximately $1.1 billion of debt
secured by first priority claim. The ratings and negative outlook
additionally incorporate significant uncertainty about the timing
and successful execution of the restructuring under proposed terms,
liquidity for the remaining businesses, their business prospects
and earnings relative to the debt, and resolution of pending legal
proceedings related to its USIS segment.

Moody's expects to revise Altegrity's PDR to "D" and subsequently
withdraw all of the ratings of the company when it files for relief
under chapter 11 of the US Bankruptcy Code. Given the company's
expected bankruptcy filing, no upward rating movement is expected.
A deterioration in operating performance that leads to an
expectation for lower recovery for the debt capitalization at
default, could lead to a further downgrade of the CFR.

Moody's has taken the following ratings action:

Downgrades:

Issuer: Altegrity, Inc.

Corporate Family Rating , Downgraded to Ca from Caa3

Probability of Default Rating, Downgraded to Ca-PD/LD from
Caa3-PD

$60.7 million 15% senior 3rd lien notes due 2021, Downgraded to C
(LGD5), from Ca (LGD5)

$10.9 million 10.5% senior notes due November 2015, Downgraded to
C (LGD6), from Ca (LGD6)

$11.25 million 12% senior notes due November 2015, Downgraded to C
(LGD6), from Ca (LGD6)

$29.2 million 11.75% senior subordinated notes due May 2016,
Downgraded to C (LGD6), from Ca (LGD6)

Affirmations:

Issuer: Altegrity, Inc.

$60 million 1st lien revolving credit facility due 2019, Affirmed
Caa1 (LGD1, revised from LGD2)

$275 million 1st lien term loan due 2019, Affirmed Caa1 (LGD1,
revised from LGD2)

$825 million 9.5% senior 1st lien notes due 2019, Affirmed Caa1
(LGD1, revised from LGD2)

$280 million 10.5% senior 2nd lien notes due 2020, Affirmed Ca
(LGD4, revised from LGD5)

$198 million 12% senior 2nd lien notes due 2020, Affirmed Ca
(LGD4, revised from LGD5)

Outlook -- Negative

Altegrity is a provider of risk and information services. The
company is principally owned by investment funds affiliated with
Providence Equity Partners.

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



ALTEGRITY INC: Providence Equity to Lose $800M Investment in Ch. 11
-------------------------------------------------------------------
Josh Kosman at New York Post reports that Providence Equity
Partners' $800 million investment will be wiped out when Altegrity
Inc. files for Chapter 11 bankruptcy and creditors take control of
the security company in exchange for cutting $700 million of debt.

NY Post relates that the Company said Tuesday that new owners Third
Avenue Management, Litespeed Management and Mudrick Capital
Management have committed "substantial new capital" to fund
operations.

NY Post recalls that the Company struggled after a cyberattack at
U.S. Investigations Services LLC and a reputation of bad
performance cost it key government contracts.

Jill R. Aitoro at Washington Business Journal reports that USIS
wouldn't survive a bankruptcy filing by the Company, but it will
allow HireRight and Kroll, two of the Company's managed businesses,
to survive.  Business Journal states that the Office of Personnel
Management decided not to renew the USIS contracts after a computer
hack exposed the personal information of thousands of government
employees.

Jeffrey Campbell, the Company's president and chief financial
officer, said in a statement, "After the unanticipated decision by
the U.S. government in September 2014 to end two substantial
contracts of the USIS business, the company reevaluated its capital
structure and determined that a comprehensive financial
restructuring is in the best interests of all stakeholders."

The Company, according to Business Journal, divested USIS in
January 2015, selling the division to Pacific Architects and
Engineers Inc. for an undisclosed amount, and its background
investigations business is shuttered.

                     About Altegrity Inc.

Altegrity Inc. provides background investigations for the U.S.
government; employment background and mortgage screening for
commercial customers; technology-driven legal services and
software for data management; and investigative, analytic,
consulting, due diligence, and security services.  Altegrity is
principally owned by investment funds affiliated with Providence
Equity Partners.  Annual revenues are approximately $1.5 billion.

As reported by the Troubled Company Reporter on Feb. 4, 2015, Sara
Randazzo at Daily Bankruptcy Review reported that Altegrity expects
to file for Chapter 11 bankruptcy after reaching the terms of a
restructuring agreement with bondholders owed $1.3 billion.  

                         *     *     *

The Troubled Company Reporter, on Sept. 23, 2014, reported that
Standard & Poor's Ratings Services lowered its corporate credit
rating on Falls Church, Va.-based Altegrity Inc. to 'CCC-' from
'CCC+'.  At the same time, S&P lowered its rating on the senior
secured asset-backed revolver (ABL) and first-lien debt to 'CCC'
from 'B-'.  The recovery ratings on the ABL and first-lien debt
are '2', indicating that lenders could expect substantial (70% to
90%) recovery in the event of a payment default.

On Sept. 16, 2014, the TCR reported that Moody's Investors Service
downgraded Altegrity's corporate family rating (CFR) to Caa3, from
Caa2, its probability of default rating to Caa3-PD, from Caa2-PD,
and changed the outlook for Altegrity's ratings to negative, from
stable.


AMERICAN SEAFOODS: S&P Corrects CCR by Lowering to 'CCC-'
---------------------------------------------------------
Standard & Poor's Ratings Services corrected its corporate credit
rating on American Seafoods Group LLC by lowering it to 'CCC-' from
'CCC+'.  S&P's systems did not lower the corporate credit rating on
this issuer when we downgraded the parent company, ASG Consolidated
LLC, on Jan. 12, 2015.

RATINGS LIST

Downgraded
                             To                 From
American Seafoods Group LLC
Corporate Credit Rating     CCC-/Negative/--   CCC+/Negative/--



ATLANTIC CITY, NJ: Arranging $12MM Note Sale, Mayor Says
--------------------------------------------------------
Terrence Dopp, writing for Bloomberg News, reported that Atlantic
City, the struggling casino hub in New Jersey that had until Feb. 3
to repay a $12.8 million loan, is arranging a deal to sell $12
million in short-term notes, Mayor Don Guardian said.

According to the report, Guardian, speaking at a statewide
Republican convention, said the city had been unable to sell the
debt until receiving three offers Jan. 30: one in which the
interest rate was too high; another that required the city to
pledge state aid; and the winner.

                      *     *     *

The Troubled Company Reporter, on Jan. 23, 2015, citing the
Associated Press reported that New Jersey Gov. Chris Christie named
an emergency manager for Atlantic City, leaving the door open for
the seaside gambling resort to file for bankruptcy if it can't get
its finances under control.  The Republican governor and likely
presidential candidate appointed a corporate turnaround specialist
as the city's emergency manager, and tabbed the man who led Detroit
through its municipal bankruptcy as his assistant, the AP said.

On Jan. 29, the TCR reported that Standard & Poor's Ratings
Services has lowered its general obligation rating on Atlantic
City, N.J., four notches to 'BB' from 'BBB+' and placed it on
CreditWatch with negative implications.

The day before, the TCR reported that Moody's Investors Service has
downgraded Atlantic City's GO debt to Caa1 with a negative outlook
from Ba1, and on Jan. 27, the TCR said Moody's has downgraded
Atlantic City Municipal Utilities Authority's (NJ) water revenue
debt to B2 from Ba1, and assigned a negative outlook.


AUXILIUM PHARMACEUTICALS: "Fundamental Change" Occurs
-----------------------------------------------------
Auxilium Pharmaceuticals, Inc., has delivered a notice to holders
of its 1.50% convertible senior notes due 2018, pursuant to the
indenture governing the Notes, notifying holders that, as a result
of each of the merger contemplated by the Amended and Restated
Agreement and Plan of Merger, dated as of Nov. 17, 2014, among
Auxilium, Endo International plc, Endo U.S. Inc. and Avalon Merger
Sub Inc., and the termination of trading of Auxilium common stock
on NASDAQ, a "Fundamental Change" and a "Make-Whole Fundamental
Change," each as defined in the Indenture, has occurred effective
as of Jan. 29, 2015.

As a result of the Fundamental Change, holders of the Notes have
the right to convert their Notes, at any time until March 5, 2015,
subject to the terms and conditions of the Indenture.  As a result
of the Merger, which constitutes a "Share Exchange Event," as
defined in the Indenture, subject to the terms and conditions of
the Indenture, the Notes are convertible into cash or any such
stock, other securities or other property or assets that a holder
of Auxilium common stock would have been entitled to receive upon
consummation of the Merger, based on the weighted average of cash
and Endo ordinary shares received by the holders of Auxilium common
stock that affirmatively made an election in connection with the
Merger.  As a result of elections made in connection with the
Merger, the weighted average consideration attributable to one
share of Auxilium common stock consists of $9.88 in cash and 0.3430
Endo ordinary shares.  Accordingly, as a result of the Share
Exchange Event, holders of the Notes have the right to exchange
their Notes, subject to the terms of the Indenture, into $408.83 in
cash and 14.1918 Endo ordinary shares per $1,000 aggregate
principal amount of Notes.

Because each of the completion of the Merger and the termination of
trading of Auxilium common stock on NASDAQ also constitutes a
"Make-Whole Fundamental Change" under the Indenture, if a holder of
the Notes surrenders the Notes for conversion at any time from and
including Jan. 29, 2015, until March 4, 2015, such holder would
instead receive, subject to the terms and conditions of the
Indenture, $425.61 in cash and 14.7745 Endo ordinary shares per
$1,000 aggregate principal amount of Notes.  A holder that elects
to convert Notes after the Make-Whole Conversion Period, to the
extent then convertible, would receive only the Reference
Property.

Under the terms of the Indenture, Auxilium has the option to settle
any conversions in the form of units of Reference Property, cash or
a combination of cash and units of Reference Property. Auxilium has
elected to settle conversions of Notes solely in the form of units
of Reference Property.

In connection with the completion of the Merger, on Jan. 29, 2015,
Auxilium and Endo entered into a supplemental indenture with Wells
Fargo Bank, National Association, as trustee, pursuant to which,
among other things, the right of holders of the Notes to convert
each $1,000 principal amount of Notes into cash or shares of
Auxilium common stock was changed into the right to convert such
principal amount of Notes into the Reference Property.

In addition, in connection with the completion of the Merger and
pursuant to the terms of the Indenture, Auxilium has commenced a
tender offer to repurchase, at the option of each holder of Notes,
any and all of the Notes.  Pursuant to the terms of the Notes
Tender Offer and the Indenture, each holder of Notes has the right,
subject to certain conditions, at such holder's option, to require
Auxilium to purchase for cash all of such holder's Notes, or any
portion of the principal thereof that is equal to $1,000 principal
amount or an integral multiple of $1,000 principal amount, on the
Fundamental Change Purchase Date.  This repurchase right is
separate from the right of holders of Notes to convert their Notes.
Auxilium will purchase those Notes at a repurchase price equal to
100% of the principal amount of the Notes to be repurchased, plus
accrued and unpaid interest to, but excluding, the Fundamental
Change Purchase Date.

Tenders of the Notes must be made prior to 5:00 p.m., New York City
time, on the business day prior to the Fundamental Change Purchase
Date, and may be withdrawn at any time prior to 5:00 p.m., New York
City time, on the Fundamental Change Purchase Date through
compliance with the proper withdrawal procedures outlined in the
Fundamental Change Purchase Right Notice, Notice of Right to
Convert and Notice of Entry into Supplemental Indenture and Offer
to Repurchase to Holders Of 1.50% Convertible Senior Notes Due 2018
dated Feb. 3, 2015.  The Trustee has informed Auxilium that, as of
Feb. 2, 2015, all Notes are held through The Depository Trust
Company and that there are no certificated Notes in non-global
form.  Accordingly, all Notes surrendered for repurchase or
conversion must be delivered through the rules and procedures of
DTC.

Holders should review the Offer to Purchase carefully and consult
with their own financial and tax advisors.  None of Auxilium, Endo
or any of their respective affiliates, their respective boards of
directors, employees, advisors or representatives, the trustee, the
paying agent or the conversion agent are making any representation
or recommendation to any holder as to whether or not to tender or
refrain from tendering their Notes in the Notes Tender Offer, or to
exercise their conversion rights (if at all).

The paying agent and conversion agent for the Notes Tender Offer is
Wells Fargo Bank, National Association, MAC N9303-121, PO Box 1517,
Minneapolis, Minnesota 55480, Attn: Corporate Trust Operations.
The Offer to Purchase detailing the purchase option and the
conversion rights is being sent by the Trustee on behalf of
Auxilium to DTC as sole record owner of the Notes.

                           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 million in total liabilities and
total stockholders' equity of $162 million.

                           *     *     *

As reported by the TCR on May 7, 2014, Moody's Investors Service
downgraded the ratings of Auxilium  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.


BAPTISH HOME: Bankruptcy Exit Plan Due February 11
--------------------------------------------------
The Hon. Eric L. Frank of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania further extended the exclusive periods of
Baptist Home of Philadelphia dba Deer Meadows Retirement Community
and its debtor-affiliates to:

  a) file a Chapter 11 plan until Feb. 11, 2015; and
  b) solicit acceptances of that plan until April 10, 2015.

The Debtor's Chapter 11 plan filing deadline was slated to expire
on Jan. 28, 2015, absent the extension.

              About The Baptist Home of Philadelphia

The Baptist Home of Philadelphia and The Baptist Home Foundation
sought Chapter 11 protection (Bankr. E.D. Pa. Case Nos. 14-13305
and 14-13306) in Philadelphia on April 25, 2014.

Baptist Home of Philadelphia is a Pennsylvania nonprofit
corporation that owns and operates a continuing care retirement
community known as "Deer Meadows Retirement Community", which is
located at 8301 Roosevelt Boulevard, Philadelphia, Pennsylvania.
Home offers 126 living accommodations, which vary in size, for
independent living and personal care.  It presently also has 206
skilled nursing beds in the nursing and rehabilitation center that
offers short and long term care.  It has 369 employees.

Baptist Home of Philadelphia disclosed $37.3 million in assets and
$34.6 million in liabilities as of the Chapter 11 filing.

The Debtors have tapped Cozen O'Connor as counsel and KPMG
Corporate Finance LLC as financial advisor and investment banker.

The U.S. Trustee appointed Wilmarie Gonzalez as patient care
ombudsman.

U.S. Bank National Association, the trustee with regard to the
secured bond indebtedness, hired Reed Smith LLP as counsel and
CohnReznick LLP as financial advisor.

Pepper Hamilton LLP represents the Official Committee of Unsecured
Creditors.


BAYOU SHORES: Seeks to Nix US Appeal of Plan Confirmation
---------------------------------------------------------
Law360 reported that Bayou Shores SNF LLC, which operates a Florida
nursing home targeted for lapses in patient care, said that U.S.
health regulators' appeal of its Chapter 11 plan should be
dismissed, saying the issues presented are moot since the plan has
been confirmed and substantially consummated.

According to the report, the nursing home said in a motion before
the U.S. District Court for the Middle District of Florida that the
Jan. 9 effective date of its bankruptcy plan invalidates
controversies over Medicare and Medicaid provider agreements, and
any change over the agreements could harm residents.

The Troubled Company Reporter previously reported that U.S.
Bankruptcy Judge Michael Williamson in Florida said bankruptcy law
does not prohibit state regulators from exercising regulatory
powers by revoking a nursing home's license or refusing to renew it
despite previously saving the same nursing home from being closed
by the federal Medicare and Medicaid programs.

According to the report, Judge Williamson explained the diverging
results, saying the federal regulators were only trying to stop
funding.  The state, by terminating the license, intends to
exercise regulatory powers, the report related, citing the judge.

Judge Williamson has allowed the Florida nursing home to implement
its reorganization plan unless a federal district judge intercedes
on behalf of the federal Medicare and Medicaid programs.  Medicare
and Medicaid appealed plan approval, on top of a pending appeal
from an order compelling continuation of funding.

The district court case is Agency for Health Care Administration v.
Bayou Shores SNF LLC, Case No. 8:14-cv-02816 (M.D. Fla.), before
Judge James S. Moody, Jr.

                        About Bayou Shores

Bayou Shores SNF LLC, c/o Rehabilitation Center of St. Petersburg,
filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No.
14-09521) on Aug. 15, 2014, in Tampa.  Elizabeth A Green, Esq., at
Baker & Hostetler LLP, serves as the Debtor's counsel.  In its
petition, the Debtor estimated assets and liabilities of $1
million
to $10 million.  The petition was signed by Tzvi Bogomilsky,
managing member.

The Troubled Company Reporter, on Jan. 13, 2015, reported that the
Rehabilitation Center of St. Petersburg nursing home has emerged
from bankruptcy -- despite protests from Medicare officials --
after a bankruptcy judge agreed it fixed record-keeping and
patient
care problems.


BEAR STEARNS: JP Morgan to Pay $500-Mil. in Mortgage Settlement
---------------------------------------------------------------
Jonathan Stempel, writing for Reuters, reported that JPMorgan Chase
& Co. has agreed to pay $500 million to end more than six years of
class action litigation over Bear Stearns' sale of $17.58 billion
of mortgage securities that proved defective during the U.S.
housing and financial crises.

According to the report, the settlement, which requires approval by
U.S. District Judge Laura Taylor Swain in Manhattan, resolves
claims that Bear, which JPMorgan bought in 2008, misled investors
when it sold certificates backed by more than 47,000 largely
subprime and low documentation "Alt-A" mortgages in 14 offerings
from May 2006 to April 2007.

The case is In re: Bear Stearns Mortgage Pass-Through Certificates
Litigation, U.S. District Court, Southern District of New York, No.
08-08093.

                        About Bear Stearns

New York City-based The Bear Stearns Companies Inc. (NYSE: BSC)
-- http://www.bearstearns.com/-- was a leading financial services

firm serving governments, corporations, institutions and
individuals worldwide.  The investment bank collapsed in 2008 and
was sold in a distressed sale to JPMorgan Chase in a transaction
backed by the U.S. government.

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. were open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.  On July 30,
2007, the Funds filed winding up petitions under the Companies Law
of the Cayman Islands.  Simon Lovell Clayton Whicker and Kristen
Beighton at KPMG were appointed joint liquidators.  The joint
liquidators filed for Chapter 15 petitions before the U.S.
Bankruptcy Court for the Southern District of New York the next
day.  On August 30, 2007, the Honorable Burton R. Lifland denied
the Funds protection under Chapter 15 of the Bankruptcy Code.


BERRY PLASTICS: BlackRock Reports 5.2% Stake as of Dec. 31
----------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, BlackRock, Inc., reported that as of Dec. 31, 2014, it
beneficially owned 6,182,821 shares of common stock of Berry
Plastics Group Inc. representing 5.2 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at http://is.gd/L38NCE

                       About Berry Plastics

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

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

As of Dec. 27, 2014, Berry Plastics had $5.17 billion in total
assets, $5.26 billion in total liabilities, $13 million in
redeemable non-controlling interest, and a $106 million
stockholders' deficit.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics Group, Inc.
to B1 from B2.  The upgrade of the corporate family rating reflects
the proforma benefits from the recent restructuring and
acquisitions.

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


BIG HEART: Fitch Puts 'B' IDR on CreditWatch Positive
-----------------------------------------------------
Fitch Ratings has placed Big Heart Pet Brands (BHPB) on Rating
Watch Positive as indicated below:

   -- Long-term Issuer Default Rating (IDR) 'B';
   -- $225 million asset based loan (ABL) revolver 'BB/RR1';
   -- $1.7 billion secured term loan B 'BB/RR1';
   -- $900 million unsecured notes 'B/RR4'.

This rating action follows J.M. Smucker's definitive agreement to
acquire BHPB for $5.8 billion.  The transaction includes $2.6
billion of assumed debt, 17.9 million shares of Smucker's common
stock and $1.3 billion in cash.  Smucker's has a commitment for a
$5.5 billion senior unsecured 364-day bridge facility.  Smucker's
plans to finance the deal with a new bank term loan and long-term
public bond issuance.  Smucker's plans a relatively short closing
for the transaction by April 30, 2015, after customary closing
conditions are met.  Smucker's has stated that it plans to
refinance all of BHPB's debt.  Per the BHPB notes agreement, there
is a change of control provision where the company must offer to
purchase the notes at 101 plus accrued interest.

The Positive Watch will be resolved upon the transaction closing,
the repayment of BHPB's debt, or when Fitch gains more clarity on
the combined company's capital structure, annual free cash flow
(FCF) and potential pace of debt reduction.  Fitch anticipates that
the ratings will be upgraded multiple notches based on the current
transaction structure and the company's greatly improved combined
credit profile.

KEY RATING DRIVERS:

Smucker's Has Stronger Credit Profile Than BHPB:

Fitch anticipates that Smucker's credit profile will be much
stronger than BHPB on a stand-alone basis, even with the
incremental debt to finance the acquisition.  Per Fitch, BHPB's
total debt to EBITDA was 6.7x for the latest 12 months (LTM) ended
Oct. 26, 2014, based on $2.6 billion total debt and approximately
$390 million EBITDA.  Smucker's pro forma leverage will be
approximately 4x based on $6.5 billion total debt.  Smuckers has
stated that deleveraging with stronger cash generation will be a
priority.  Fitch estimates that leverage could come down to the low
3x range within approximately two years of the transaction closing
based on preliminary FCF expectations.  However, approximately $150
million cash-related one-time costs for severance and integration
related expenses will reduce FCF in the near term, and will
outweigh $40 million to $50 million synergies that Smucker's
anticipates in the first full year.  Synergies should accelerate in
the second and third year to a level Fitch estimates near $150
million based on similar deals.  Synergies mainly stem from supply
chain and overhead.  Per Smucker, pro forma interest expense is
$200 million, up from the company's stand alone at roughly $75
million.  Fitch estimates Smucker's EBITDA margins will remain in
the 20%+ range, which is among the best in the packaged food
industry.  Based on Fitch's LTM EBITDA, the transaction multiple is
about 17x; however, that factors in BHPB's weaker first half 2015
operating performance due to heightened marketing and cost
inflation, which BHPB anticipates will improve in the second half.

Expanded Market Presence and Brands:

BHPB should benefit from the combined company's much larger North
American retail presence, with $8 billion pro forma net sales in
fiscal 2016, versus approximately $2.3 billion for the LTM on a
stand-alone basis.  Smucker's namesake brand, as well as other
large food and beverage brands such as Folgers, Dunkin' Donuts,
Jif, Crisco, Pillsbury, etc. will complement BHPB's well-known pet
brands which include Meow Mix, Milk-Bone, Kibbles 'n Bits, 9Lives,
Natural Balance, Pup-Peroni, Gravy Train, Nature's Recipe, Canine
Carry Outs, Milo's Kitchen, and others.  Pet food/snacks is
benefiting from significant household dog and cat ownership.
However, even with this larger, more competitive portfolio,
center-of-store retail remains competitive with heightened levels
of promotions and marketing eating into the pet products'
profitability.  The company's greater scale will be balanced with
potential integration risk, Smucker's acquisitive strategy and the
overall lackluster recent operating performance for U.S. mainstream
food retail.  While pet snacks and specialty are growing faster
than pet food, these categories currently represent nearly half of
the pet portfolio with the rest being slower growth mainstream
pet.

Recovery Prospects:

The 'RR1' Recovery Rating on Big Heart Pet's ABL revolver and term
loan B indicate that Fitch views recovery prospects on these
obligations as outstanding at 91% or better.  The 'RR4' rating on
Big Heart Pet's 7.625% notes reflects Fitch's opinion that recovery
for unsecured bondholders could have average recovery prospects
given default of 31% to 50%.  However, as mentioned above,
Smucker's intends to refinance BHPB's debt in its entirety.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead to
a positive rating action include:

  Fitch anticipates that the ratings will be upgraded multiple
  notches based on the current transaction structure and the
  company's greatly improved combined credit profile, which
  includes pro forma leverage of approximately 4x and plans
  for deleveraging with FCF.

Future developments that may, individually or collectively, lead to
a negative rating action include:

  A negative rating action is not currently anticipated based on
  the current definitive agreement and financing plans discussed
  by Smucker's.



BIG HEART: Moody's Puts B2 CFR on Review for Upgrade
----------------------------------------------------
Moody's Investors Service placed the ratings of Big Heart Pet
Brands, including its B2 Corporate Family Rating, on review for
upgrade. This follows the company's announcement that it has
entered into a definitive agreement to be acquired by The J.M.
Smucker Company (A3/RUR DNG). At the same time, Moody's affirmed
Big Heart's SGL-1 Speculative Grade Liquidity Rating. Smucker
announced that it intends to refinance all of Big Heart's debt upon
closing the transaction. If any debt remains outstanding, it could
have a higher rating based upon Smucker's much stronger credit
profile compared to Big Heart. Moody's will withdraw its ratings on
Big Heart if and when all of its debt has been repaid. The
transaction is expected to close by April 30, 2015.

The following ratings were placed on review for upgrade:

  Corporate Family Rating at B2;

  Probability of default at B2-PD;

  Senior secured term loan maturing in March 2020 at B1 (LGD 3);

  Senior unsecured notes maturing in February 2019 at Caa1 (LGD
5).

The following rating was affirmed:

  Speculative Grade Liquidity Rating at SGL-1.

Ratings Rationale

The existing B2 Corporate Family Rating reflects Big Heart Pet
Brands' high financial leverage, limited product and geographic
diversification, and risk of future leveraged acquisitions. These
risks are balanced against high profit margins and attractive sales
and earnings growth potential of the core pet food and pet snacks
business.

San Francisco, California-based Big Heart Pet Brands, Inc. is a
producer, distributor and marketer of branded pet food and pet
snack products for the U.S. retail market. Proforma revenues for
the last twelve months ending October 26, 2014 (excluding the
divested consumer foods business) was approximately $2.3 billion.
The company's pet food and pet snacks brands include Meow Mix,
Milk-Bone, Kibbles 'n Bits, 9Lives, Natural Balance, Pup-Peroni,
Gravy Train, Nature's Recipe, Canine Carry Outs, Milo's Kitchen and
other brand names.

The principal methodology used in these ratings was Global Packaged
Goods published in June 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Big Heart Pet Brands is owned by a private investor group led by
Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners, and
Centerview Capital, L.P.



BION ENVIRONMENTAL: Dominic Bassani Reports 15% Stake at Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Dominic Bassani disclosed that as of Dec. 31,
2014, it beneficially owned 3,197,899 shares of common stock of
Bion Environmental Technologies, Inc., representing 15.7 percent of
the shares outstanding.  A copy of the regulatory filing is
available at http://is.gd/g43t2u

                      About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

In its report on the consolidated financial statements for the
year ended June 30, 2014, GHP Horwath, P.C., expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has not generated significant revenue and
has suffered recurring losses from operations.

The Company reported a net loss of $5.76 million on $5,931 of
revenue for the fiscal year ended June 30, 2014, compared with a
net loss of $8.25 million on $11,862 of revenue in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$4.28 million in total assets, $12.38 million in total
liabilities, $23,900 in series B redeemable convertible preferred
stock, and a total deficit of $8.13 million.


BION ENVIRONMENTAL: Smith Reports 11.6% Stake at Dec. 31
--------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Mark A. Smith disclosed that as of Dec. 31,
2014, he beneficially owned 2,401,791 shares of common stock of
Bion Environmental Technologies, Inc., representing 11.6 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/XGEGPO

                     About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

In its report on the consolidated financial statements for the
year ended June 30, 2014, GHP Horwath, P.C., expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has not generated significant revenue and
has suffered recurring losses from operations.

The Company reported a net loss of $5.76 million on $5,931 of
revenue for the fiscal year ended June 30, 2014, compared with a
net loss of $8.25 million on $11,862 of revenue in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$4.28 million in total assets, $12.38 million in total
liabilities, $23,900 in series B redeemable convertible preferred
stock, and a total deficit of $8.13 million.


BLACKBOARD INC: Moody's Affirms B2 CFR & Changes Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed Blackboard Inc.'s B2
corporate family rating, B2-PD probability of default rating, and
B1 and Caa1 ratings on the company's first lien facilities and
senior unsecured notes, respectively. Moody's also assigned a Caa1
rating to Blackboard's $75 million tack-on senior notes, maturing
in November 2019. Blackboard expects to use cash and the proceeds
from the notes to acquire Schoolwires, a web-based, K-12 learning
community management system provider, for a total of approximately
$97 million (including fees). The outlook has been changed to
negative, from stable.

Ratings Rationale

The B2 CFR and negative outlook reflect Blackboard's aggressive
financial policies at a time when the company is highly leveraged
and its core domestic business lines, with products viewed in some
cases as dated and cumbersome, are being challenged by competitors.
The Schoolwires acquisition represents an additional allocation of
resources devoted to incremental investments in product quality and
innovation, and to aggressive (albeit planned) expansion into the
domestic K-12 markets, in which Blackboard has been particularly
weak of late. Representing about 15% of revenues, the domestic K-12
segment has seen mid-single-digit revenue declines over the past
few years. Even with expected synergies -- which would be realized
through the reduction of duplicative sales and marketing, R&D, and
corporate overhead expenses -- the acquisition represents a
debt-acquisition multiple of 10.0x, which implies a leveraging
scenario relative to Blackboard's current,
Moody's-adjusted-debt-to-EBITDA of about 7.8x.

However, Moody's views the scale of the incremental debt ($75
million represents 6% more debt on a base, also Moody's-adjusted,
of about $1.3 billion) as modest enough so as not to be a
destabilizing factor. The acquisition is fully in line with the
company's efforts to shore up its K-12 product offerings and
customer base. Further, the acquisition does not disrupt Moody's
expectations that, through the successful realignment of the
company's go-to-market strategy and its focus on product quality
and integration, overall revenue and earnings growth will help
Blackboard to realize modest deleveraging, to about 7.5x, by the
end of this year.

The transaction will also weaken liquidity, with cash balances
falling to $28 million, from $50 million -- and at a time when
there are seasonal working-capital demands. Nevertheless, Moody's
consider liquidity adequate given Moody's expectations for positive
annual free cash flow and significant availability under the $100
million revolver, despite seasonal utilization. Given Moody's
expectation of annual free cash flows of about $35 to $40 million
over the next 18 months, and the investments required to maintain
growth rates (e.g., new technology and services to cross sell into
existing customers, and the integration of Schoolwires), Moody's
sees modest improvement from the low-single-digit
free-cash-flow-to-debt ratios this year. Indeed, in order to
capture growth opportunities in a vertical that is rapidly adopting
new technologies, the company has focused not on debt reduction but
rather on spending initiatives to support revenue growth, and
Moody's negative outlook is based partly on this development.
Additionally, a 7.5x leverage measure is still weak compared to
most of Blackboard's software peers, and has constrained the
company as it navigates through a highly competitive environment.
The negative outlook, then, also reflects Moody's view that the
company will in fact need to demonstrate improved top line and
profit measures over the ratings horizon in order for the CFR to
avoid being lowered to a B3.

The following actions were taken:

Issuer: Blackboard, Inc:

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

$963 million senior secured bank credit facilities, maturing
October 2016, 2018, Affirmed B1

$365 million senior unsecured bonds, maturing November 2019,
Affirmed Caa1

$75 million tack-on senior unsecured bonds, maturing November 2019,
Assigned Caa1

Outlook changed to negative, from stable

The principal methodology used in these ratings was Global Software
Industry published in October 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.



BLACKBOARD INC: S&P Retains 'CCC+' Rating on $75MM Debt Add-On
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC+' issue-level
and '6' recovery ratings on Washington, D.C.-based educational
technology company Blackboard Inc.'s (B/Stable/--) existing senior
unsecured notes are unchanged following the proposed $75 million
add-on.  The terms and conditions for the tack-on notes are the
same as those for the existing unsecured senior notes.

Blackboard intends to use the add-on to fund its $91.5 million
acquisition of Schoolwires Inc., a provider of online
communications and Web management solutions to the K-12 education
market.

The acquisition does not affect S&P's corporate credit rating or
outlook on Blackboard.  Despite the slight uptick in pro forma
leverage to 7.5x from the current 7.3x, Standard & Poor's expects
that Blackboard's fairly stable and consistent operating
performance will allow it to reduce pro forma leverage to the
low-7x area over the next 12 months.

The corporate credit rating on Blackboard is based on S&P's
assessment of the company's "fair" business risk profile, which
reflects its leading position in the niche learning management
technology market, strong brand recognition, and fairly good
revenue visibility.  The company's highly leveraged capital
structure and aggressive acquisition strategy partially offset
those factors.  Given the company's leverage in excess of 7x, S&P
views Blackboard's financial risk profile as "highly leveraged."

RATINGS LIST

Blackboard Inc.
Corporate Credit Rating              B/Stable/--
  $440 mil. notes due 2019            
  Senior Secured                      CCC+
   Recovery Rating                    6



BON-TON STORES: BlackRock Reports 5.1% Equity Stake as of Dec. 31
-----------------------------------------------------------------
BlackRock, Inc., disclosed in an amended Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, it beneficially owned 886,148 shares of common stock of
Bon-Ton Stores Inc. representing 5.1 percent of the shares
outstanding.  A copy of the regulatory filing is available at
http://is.gd/1H3sM1

                        About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 273 stores, which
includes 10 furniture galleries and four clearance centers, in 26
states in the Northeast, Midwest and upper Great Plains under the
Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  For further information, please visit the
investor relations section of the Company's Web site at
http://investors.bonton.com  

Bon-Ton Stores reported a net loss of $3.55 million for the fiscal
year ended Feb. 1, 2014, a net loss of $21.6 million for the year
ended Feb. 2, 2013, and a net loss of $12.1 million for the year
ended Jan. 28, 2012.

As of Nov. 1, 2014, the Company had $1.82 billion in total assets,
$1.78 billion in total liabilities, and $48.7 million in total
shareholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Moody's Investors Service
upgraded The Bon-Ton Stores, Inc.'s Corporate Family Rating to B3
from Caa1 and its Probability of Default Rating to B3-PD from
Caa1-PD.

"The upgrade of Bon-Ton's Corporate Family Rating considers the
company's ability to drive modest same store sales growth as well
as operating margin expansion beginning in the second half of 2012
and that these positive trends have continued, with the company
reporting that its same store were positive, and EBITDA margins
expanded, in the first fiscal quarter of 2013," said Moody's Vice
President Scott Tuhy.

As reported by the TCR on May 17, 2013, Standard & Poor's Ratings
Services affirmed the 'B-' corporate credit rating on The Bon-Ton
Stores Inc.


CACHE INC: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                         Case No.
     ------                                         --------
     Cache, Inc.                                    15-10172
     256 W. 38th Street
     New York, NY 10018

     Cache of Las Vegas, Inc.                       15-10173

     Cache of Virginia, Inc.                        15-10174

Type of Business: Cache is an omni-channel women's lifestyle
                  specialty retailer with a large, devoted
                  customer base, an exclusive market niche, and
                  presence in top malls across the United States.

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Mary F. Walrath

Debtors' Counsel: Laura Davis Jones, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: 302 652-4100
                  Fax: 302-652-4400
                  Email: ljones@pszjlaw.com

                    - and -

                  Peter J. Keane, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 North Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: 302-652-4100
                  Fax: 302-652-4400
                  Email: pkeane@pszjlaw.com

                     - and -

                  Colin R. Robinson, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 North Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: 302-778-6426
                  Fax: 302-562-4400
                  Email: crobinson@pszjlaw.com

Debtors'          FTI CONSULTING INC.
Restructuring
Advisors:

Debtors'          THOMPSON HINE
Corporate and
Securities
Counsel:

Debtors'          JACKSON LEWIS P.C.
Employment
Law Counsel:

Debtors'          JANNEY MONTGOMERY SCOTT LLC
Investment
Banker and
Financial
Advisor:

Debtors'          EPIQ SYSTEMS INC.
Communications
Services
Provider:

Debtors'          KURTZMAN CARSON CONSULTANTS
Noticing
and Claims
Management
Services
Provider:

Debtors'          A&G REALTY PARTNERS, LLC
Real Estate
Consultant:

Total Assets: $53.7 million as of Sept. 27, 2014

Total Liabilities: $51.1 million as of Sept. 27, 2014

The petitions were signed by Mark Renzi, chief restructuring
officer.

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Simon Property Group                   Rent           $1,402,400
Cache, Inc.-The Newark Post
Office
Post Office Box 35461
Newark, NJ 7193
Attn: B. Tobin
Tel: 212-421-8200
Email: btobin@simon.com

General Growth Properties              Rent           $1,090,250
SDS-12-2777
PO Box 86
Minneapolis, MN 55486
Attn: Alan Barocas
Tel: 312-960-5000
Email: alan.barocas@ggp.com

UPS Supply Chain Solutions, Inc.       Outbound         $986,819
Contracts and Compliance Dept.         Shipping &
12830 Morris Road                      Transfers,
Alpharetta, GA 30005                   Warehouse
Attn: General Counsel                  Costs &
Tel: 404-828-6000                      Shipping to
Fax: 404-828-6912                      Stores

Betsey & Adam                          Merchandise      $833,224
1400 Broadway
6th Floor
New York, NY 10018
Attn: Marty Sklar
Tel: 212-398-0450
     212-302-3750
Email: michhaels@bbxco.com

KNF International Co., Ltd.            Merchandise      $801,420
13, Samseong-Ro 76-GIL,
Gangnam, GU,
Seoul, Korea 1135-847
Tel: 81-2-550-1445
Email: knf@knfkorea.com

Westfield Bank of America              Rent             $445,454
P.O. Box 742257
Los Angeles, CA 90074
Attn: D. Weinert
Tel: 310-478-456
Email: dweinert@us.westfield.com

Amoseastern Apparel Inc.               Merchandise      $418,647
49 West 38th Street, 7th Floor
New York, NY 10018
Tel: 212-730-6350
Fax: 212-730-6355

Cyrus                                  Merchandise      $294,179
525 7th Avenue Suite 801
New York, NY 10018
Attn: June Gonzalez
Tel: 646-486-7906
Email: June.gonzalez@cyrusknits.com

Debbie Shuchat                         Merchandise      $290,867
6150 Trans Canada Highway
Montreal, Quebec
Canada, H4T 1X5,0
Attn: Debbie Shuchat
Tel: 514-388-5588
Fax: 514-388-1960

LDC                                    Merchandise      $284,169
22 First Street
East Providence, RI 2914
Attn: Ed. Decristofaro
Tel: 401-861-4667
Fax: 401-861-0429

Taubman                                Rent             $277,818
Department 58801
PO Box 67000
Detroit, MI 48267
Attn: W. Taubman
Tel: 248-258-7616
Email: Wtaubman@taubman.com

Veronica M Wholesale Inc.              Merchandise      $270,785
3423 Olympic Blvd.
Los Angeles, CA 90023
Attn: Andie Rarrick
Tel: 323-526-0977
Fax: 323-526-4420

Macerich                               Rent             $266,867
Macerich Mgmt Co as
Agent for Arden Fair
PO Box 849473
Los Angeles, CA 90084
Attn: Robert Perlmutter
Tel: 310-394-6000
Email: robert.perlmutter@macerish.com

J.S. Collections                       Merchandise      $235,388

Envista LLC                            Capital          $211,819
                                       Expenditures

Ebay Enterprise                        Marketing &      $209,968
                                       Advertisting

Nahan Printing                         Marketing &      $205,257
                                       Advertising

Jamm Industries                        Merchandise      $198,627

JAX                                    Merchandise      $187,122

HCM Collective Inc.                    Merchandise      $184,532

CBL & Assoc                            Rent             $183,506

Laundry                                Merchandise      $171,048

Marina                                 Merchandise      $160,079

BKL Trading, Inc.                      Merchandise      $158,379

Starwood                               Rent             $144,507

Fashion 26 Plus, Inc.                  Merchandise      $127,604

Christyne                              Merchandise      $127,046

Wilster Apparel Group, LLC             Merchandise      $119,600

Mignon                                 Merchandise      $111,000

Serge Nivelle Studio Inc.              Marketing &      $108,430
                                       Advertising


CACHE INC: Files Voluntary Chapter 11 Bankruptcy Petition
---------------------------------------------------------
CACHE, Inc., a national omni-channel specialty retailer of women's
apparel and accessories, on Feb. 4 disclosed that it has filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the Bankruptcy Court for the district of
Delaware in Wilmington.  The Company intends to continue to operate
its business in the ordinary course during this time.

"We took this action [Wednes]day with the goal of securing CACHE's
future," said Jay Margolis, CACHE Chairman and CEO.  "Our team has
been working tirelessly to implement a turnaround.  In a short
period of time, we upgraded key stores and closed unprofitable
ones; launched a more vibrant and robust e-commerce site where
conversion has doubled; and have seen same store comp sales from
our 2014 Holiday season increase 9.5%, with this positive momentum
continuing through January.  However, the depressed brick and
mortar retail market, the continued growth of online shopping, and
rapidly changing consumer tastes and habits thwarted our efforts.
Ultimately, we have not had the time or capital to realize all of
the benefits of our hard work."

As part of these proceedings, the Company intends to further reduce
its store count and sell and renegotiate certain of its leases.  In
addition, as part of its contingency planning, the Company and its
representatives have sought proposals from experienced liquidators
to serve as a stalking horse purchaser of the Company's assets.  As
CACHE is working toward a going-concern outcome, the stalking horse
agreement would be subject to potential higher and/or better bids,
and most importantly, potential going-concern bids, at a bankruptcy
auction.

"We believe that this action provides CACHE the greatest
opportunity to secure a strategic partner while maximizing recovery
to our stakeholders," added Mr. Margolis.

As is customary, the Company is seeking authority from the Court to
pay wages and salaries, continue employee benefit programs, pay
vendors on an ongoing basis, and honor customer programs.

To fund operations during the proceeding, the Company has received
a commitment for up to $22 million in debtor-in-possession ("DIP")
financing from Salus Capital Partners, LLC.  The DIP facility is
subject to Court approval.

On January 27, 2015, CACHE received a letter from NASDAQ informing
the Company that delisting procedures have been commenced.  The
Company does not intend to appeal the NASDAQ determination.
Moreover, it is anticipated that CACHE's assets will be
insufficient to satisfy all of its obligations to creditors.
Accordingly, as provided under applicable law, it is expected that
no distributions will be made to holders of the Company's common
stock.

CACHE does not intend to comment further on these proceedings
beyond this announcement and public Court filings at this time.

Pachulski Stang Ziehl & Jones LLP is serving as the Company's legal
advisors, FTI Consulting, Inc. as its financial advisor, Janney
Montgomery Scott LLC as its investment bank, and A&G Realty
Partners, LLC as its real property advisors.

For access to Court documents and other general information about
CACHE's Chapter 11 case, please visit www.kccllc.net/cache or call
866-967-0676 (toll-free) or +1-310-751-2676 outside of the U.S. and
Canada.

                        About CACHE Inc.

Cache, Inc., operates 236 women's apparel specialty stores under
the trade name "Cache."  On Dec. 4, 2014, New York-based Cache
announced that it has received an inquiry from a third party
regarding a potential sale of the Company.

Cache reported a net loss of $34.4 million for the 52 weeks ended
Dec. 28, 2013, following a net loss of $12.07 million for the 52
weeks ended Dec. 29, 2012.


CACHE INC: Secures $22MM in Financing From Salus Capital
--------------------------------------------------------
Tom Murphy at The Associated Press reports that Cache, Inc., is
seeking the Bankruptcy Court's approval to obtain up to $22 million
in financing from Salus Capital Partners to keep operating during
the bankruptcy proceeding.

The Company said it will also seek a stalking horse buyer for its
assets, The AP relates.  Jay Margolis, the Company's chairperson
and CEO, said in a statement, "We believe that this action provides
(Cache) the greatest opportunity to secure a strategic partner
while maximizing recovery to our stakeholders."

                        About Cache, Inc.

Cache, Inc., operates 236 women's apparel specialty stores under
the trade name "Cache."  On Dec. 4, 2014, New York-based Cache
announced that it has received an inquiry from a third party
regarding a potential sale of the Company.

Cache reported a net loss of $34.4 million for the 52 weeks ended
Dec. 28, 2013, following a net loss of $12.07 million for the 52
weeks ended Dec. 29, 2012.

As reported by Troubled Company Reporter on Feb. 5, 2015, Sara
Randazzo at The Wall Street Journal reported that Cache filed for
Chapter 11 bankruptcy-court protection in Delaware.  According to
the report, through the bankruptcy, the Company plans to close some
of its 218 stores and renegotiate its leases.


CALIFORNIA COMMUNITY: Can Access Cash Collateral Until Feb. 28
--------------------------------------------------------------
The Hon. Christopher M. Klein of the U.S. Bankruptcy Court for the
Eastern District of California issued a second interim order
authorizing California Community Collaborative Inc. to continue to
use cash collateral of California Bank & Trust and San Bernardino
County Treasurer and Tax Collector from Feb. 1, 2015, to Feb. 28,
2015, pursuant to the corporate operating budget.

The Debtor said the cash collateral will be used to pay
administrative expenses and operating expenses in the ordinary
course of its business.

The Debtor granted the bank and county a replacement lien and
security interest.

A full-text copy of the corporate operating budget is available for
free at http://is.gd/dDX6aI

                      About California Community

California Community Collaborative filed a Chapter 11 bankruptcy
petition (Bankr. E.D. Cal. Case No. 14-26351) on June 17, 2014.
Merrell G. Schexnydre, the company's president, signed the
petition.  The Debtor estimated assets of at least $10 million and
liabilities of $1 million to $10 million.  The Debtor is
represented by Meegan, Hanschu & Kassenbrock.  Judge Christopher M.
Klein presides over the case.  On Jan. 14, 2014, Kristina M.
Johnson was appointed the Chapter 11 trustee.


CHA CHA ENTERPRISES: Seeks Final Decree Closing Case
----------------------------------------------------
Cha Cha Enterprises LLC sought from the U.S. Bankruptcy Court for
the Northern District of California a final decree closing its
Chapter 11 bankruptcy case because the order confirming its plan is
now final and its case has been fully administered.

The Debtor said it has made post-confirmation payments to the
holders of allowed administrative, secured and general unsecured
claims as authorized under its plan.  The Debtor noted it has also
transferred property and assigned leases as contemplated by the
plan.

In addition, the Debtor said it is current on all of its quarterly
post-confirmation financial reports and all U.S. Trustee fees have
been or will be paid prior to submission of the order for a final
decree and to close the case.  There are no outstanding motions,
contested matters, or adversary proceedings.  In sum, the
administration of the estate is essentially   complete and the
Debtor does not anticipate the need for further Court jurisdiction
over or intervention in this case.

                    About Cha Cha Enterprises

Cha Cha Enterprises, LLC, is a California limited liability company
formed in 1998 to purchase a fee interest in property located at
1775 Story Road, San Jose, California and a leasehold interest in
property located at 1745 Story Road in San Jose.  Cha Cha's primary
business is the rental of real property.

Cha Cha filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
13-53894) on July 22, 2013.  The Debtor estimated at least $10
million in assets and liabilities.

An affiliate, Mi Pueblo San Jose, Inc., sought Chapter 11
protection (Case No. 13-53893) on the same day.  The cases are not
jointly administered.


CLIFFS NATURAL: Reports $1.3 Billion Net Loss for Fourth Quarter
----------------------------------------------------------------
Cliffs Natural Resources Inc. reported a net loss of $1.33 billion
on $1.28 billion of revenues from product sales and services for
the three months ended Dec. 31, 2014.  These results include
Eastern Canadian Iron Ore operating margins, asset impairment
charges and other items.  Excluding these items totaling $1.4
billion, Cliffs reported fourth-quarter adjusted net income of $166
million.

The Company reported a net loss of $14.2 million on $1.51 billion
of revenues from product sales and services in the fourth quarter
of 2013.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $8.27 billion on $4.62 billion of revenues from product sales
and services, compared with net income of $361.8 million on $5.69
billion of revenues from product sales and services during the
prior year

As of Dec. 31, 2014, the Company had $3.19 billion in total assets,
$4.89 billion in total liabilities and a $1.69 billion total
deficit.

Lourenco Goncalves, Cliffs' chairman, president and chief executive
officer, said, "The execution of our strategy is starting to show
results.  We have demonstrated our discipline and commitment to fix
Cliffs by exiting unprofitable operations, divesting non-core
mines, reducing a significant amount of debt and focusing on cost
reductions at all levels of the business." Mr. Goncalves added,
"The new Cliffs is a differentiated mining company, fully committed
to satisfying the requirements of our domestic customers in the
United States and a lot less dependent on the iron ore trade with
China.  While other mining companies will continue to suffer the
consequences of an oversupplied seaborne iron ore market, Cliffs is
focused on its core business in the United States."

A full-text copy of the press release is available at:

                      http://is.gd/4Vq6Xr

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. is a mining and natural resources
company.  The Company is a major supplier of iron ore pellets to
the U.S. steel industry from its mines and pellet plants located in
Michigan and Minnesota.  Cliffs also produces low-volatile
metallurgical coal in the U.S. from its mines located in West
Virginia and Alabama.  Additionally, Cliffs operates an iron ore
mining complex in Western Australia and owns two non-operating iron
ore mines in Eastern Canada. Driven by the core values of social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.

Other information on the Company are available at
http://www.cliffsnaturalresources.com/

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision of
the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Dec. 10, 2014, that Moody's Investors Service
downgraded Cliffs Natural Resources Inc.'s Corporate Family Rating
(CFR) and Probability of Default Rating to Ba3 and Ba3-PD
respectively.  The downgrade in the CFR to Ba3 reflects Cliffs'
weak debt protection metrics as evidenced by the EBIT/interest
ratio of 1.1x for the twelve months ended September 30, 2014 and
increasing leverage position.





COLUMBUS EXPLORATION: Fugitive Treasure Hunter Arrested in Fla.
---------------------------------------------------------------
Melanie Cohen, writing for The Wall Street Journal, reported that
officials from the U.S. Marshals Service said they arrested
fugitive treasure hunter Tommy Thompson, 62, and his girlfriend,
Alison Antekeier, 45, at a Boca Raton hotel.

According to the report, Mr. Thompson is the engineer and undersea
explorer who in the 1980s found the wreck of the SS Central
America, a U.S. mail steamer that went down off the North Carolina
coast in 1857 with 18 tons of gold.  Within a few years, Mr.
Thompson had recovered more than three tons of gold, silver and
other treasures, estimated to be worth at least $100 million, the
report related.

                    About Columbus Exploration

An involuntary Chapter 11 case was lodged against Columbus
Exploration LLC, by five creditors.  The case is assigned Case
Number: 13-10347 and is pending before Judge Peter J. Walsh of the
U.S. Bankruptcy Court for the District of Delaware.

The Petitioners are represented by James E. Huggett, Esq., at
Margolis Edelstein, in Wilmington, Delaware.

Alleged creditors who signed the involuntary petition are Debbie
Burley, Robol Law Office, LLC, Lorz Communications, Inc., Richard
T. Robol, and Stephen Alexander CPA, Inc.

The Troubled Company Reporter, on Sept. 27, 2013, reported that the
U.S. Bankruptcy Court for the District of Delaware has dismissed
the involuntary Chapter 11 bankruptcy action filed against alleged
debtor Columbus Exploration LLC.

The TCR, on Jan. 6, 2014, reported that the Franklin County Court
of Common Pleas appointed Ira O. Kane as receiver to operate
Recovery Limited Partnership and Columbus Exploration LLC.


COMMUNITY HOME: Court Names Judge Houston as Mediator
-----------------------------------------------------
The Hon. Edward Ellington of the U.S. Bankruptcy Court for the
Southern District of Mississippi appointed retired United States
Bankruptcy Judge David W. Houston, III, as mediator/facilitator in
the bankruptcy case of Community Home Financial Service Inc. with
regard to these adversary proceedings and contested matters:

  a. Adv. Proc. No. 12-00091-EE;
  b. Adv. Proc. No. 12-00109-EE;
  c. Adv. Proc. No. 13-00104-EE; and
  d. Fee Applications and Objections thereto found at Docket Nos.
     317, 349, 356, 398, 420, 464, 465, and 582.

The mediator/facilitator has agreed to undertake these services,
including:

  a. a review of the bankruptcy case file and all related
     adversary and contested proceeding files.

  b. participate in settlement discussions and negotiations
     insofar as the administration of the Chapter 11 bankruptcy
     case is concerned, as well as, the potential resolution of
     the Adversary Proceedings and Contested Matters.

  c. if settlements cannot be negotiated, the mediator/facilitator

     will assist the parties in defining the focus of the matters
     in dispute and by attempting to narrow the issues that are
     actually in dispute.

  d. if settlements cannot be negotiated, the mediator/facilitator

     will assist the parties in formulating an orderly litigation
     format for presentation to the Court.

The costs, expenses, and fees of the mediator/facilitator will be
shared equally by:

  1. the bankruptcy estate of Community Home Financial Services,
     Inc., through the Chapter 11 Trustee, Kristina M. Johnson
     (represented by Jones Walker LLP); and

  2. by the creditors, Edwards Family Partnership, LP and Beher
     Holdings Trust (represented by Jim F. Spencer, Jr., and
     Stephanie M. Rippee, Watkins & Eager, PLLC).

                      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.


COUNTRYWIDE FIN'L: Supreme Court Rules for Homeowners
-----------------------------------------------------
Lawrence Hurley, writing for Reuters, reported that the U.S.
Supreme Court ruled in favor of homeowners seeking to back out of
mortgages when lenders are accused of failing to follow a federal
"truth in lending" law.  Reuters related that on a 9-0 vote, the
court handed a win to an Eagan, Minnesota couple, Larry and Cheryle
Jesinoski, over the $611,000 loan they obtained in 2007 from
Countrywide Home Loans Inc., now part of Bank of America Corp.

On the technical question before the justices, the court said
homeowners need only write a letter to the lender, as the
Jesinoskis did, and do not need to file a lawsuit in order to
benefit from a provision of a federal law known as the Truth in
Lending Act, according to Reuters.

The case is Jesinoski v. Countrywide, U.S. Supreme Court, No.
13-684.

                   About Countrywide Financial

Based in Calabasas, California, Countrywide Financial Corporation
(NYSE: CFC) -- http://www.countrywide.com/-- originated,   
purchased, securitized, sold, and serviced residential and
commercial loans.

In mid-2008, Bank of America completed its purchase of Countrywide
for $2.5 billion.  The mortgage lender was originally priced at $4
billion, but the purchase price eventually was whittled down to
$2.5 billion based on BofA's stock prices that fell over 40% since
the time it agreed to buy the ailing lender.


COUTURE HOTEL: Seeks to Extend Plan Filing Deadline Until May 5
---------------------------------------------------------------
Couture Hotel Corporation aka Hugh Black-St Mary Enterprises Inc.
asks the Hon. Barbara J. Houser of the U.S. Bankruptcy Court for
the Northern District of Texas to extend its exclusive period to
file and confirm a plan of reorganization up to and including May
5, 2015, and July 6, 2015 respectively.

The Debtor's initial last day of the exclusive period to confirm a
plan is April 5, 2015, pursuant to Section 1121(c)(3) of the
Bankruptcy Code.

The Debtor tells the Court it is in the process of drafting a plan
or reorganization that would maximize recovery to the estate, based
upon its cash flows and financial statements.  The Debtor says it
has begun negotiations with Mansa Capital LLC, the principal lender
on the Debtor's Wyndham Garden Inn in Dallas, Texas, regarding
treatment of its claim that would lead to a consensual plan of
reorganization.  Furthermore, the Debtor and its counsel have
engaged in conversations with multiple lenders and sources of
capital to assist in confirmation of a plan of reorganization.  A
consensual plan of reorganization would minimize the cost of
confirmation and would additionally maximize recovery to the estate
as a whole, the Debtor adds.

The Debtor say it believes an extension of the exclusivity
deadlines will allow it to propose a plan that is more readily
confirmable.  The proof of claim deadline passed on Feb. 4, 2015,
and thus the Debtor will have a more complete picture of the claims
facing the estate.  Consequently, an extension of the 120-day and
180-day plan and solicitation exclusivity deadlines will not only
allow further negotiations amongst all the parties involved but
will also allow the Debtor to draft a plan with a more complete
picture of the claims against its estate, the Debtor relates.

                        About Couture Hotel

Couture Hotel Corporation, fka Hugh Black-St Mary Enterprises,
Inc., owns and operates four hotels: a Wyndham Garden Inn in
Dallas, Texas, consisting of 356 rooms and remodeled in 2013; a
Howard Johnson in Corpus Christi, Texas, consisting of 140 rooms
and remodeled in 2012; a Howard Johnson in Las Vegas, Nevada,
consisting of 110 rooms and remodeled in 2012; and an independent
hotel in Las Vegas, Nevada (formerly branded as a Value Place),
consisting of 121 rooms and also remodeled in 2012.

The Las Vegas hotels are located at one of the entrances to Nellis
Air Force base in North Las Vegas.  The Debtor owns the real
property and improvements, as well as the franchise rights to the
hotels (except for Las Vegas Value Place).

The Company sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
14-34874) in Dallas, Texas, on Oct. 7, 2014.  The case is assigned
to Judge Barbara J. Houser.  The Debtor has tapped Mark Sean
Toronjo, Esq., at Toronjo & Prosser Law, as counsel.

The Debtor, in an amended schedules, disclosed $20.8 million in
assets and $27.8 million in liabilities as of the Chapter 11
filing.

No creditors' committee or other official committee been appointed
in the case.


COUTURE HOTEL: Wants to Hire Robbins Tapp as Accountants
--------------------------------------------------------
Couture Hotel Corporation aka Hugh Black-St Mary Enterprises Inc.
asks the Hon. Barbara J. Houser of the U.S. Bankruptcy Court for
the Northern District of Texas for permission to employ Robbins
Tapp Cobb & Associates PLLC as accountants.

The firm will advise the Debtor with respect to all tax matters
related to the Debtor's bankruptcy case, including, but not limited
to, providing financial analysis of financial, operational and
other matters, assistance in preparing reports to the Court,
assistance in preparing reports in support of pleadings --
including any plan of reorganization -- and preparing Federal and
State income, franchise and other tax reports as required by
applicable law.

The firm says it will charge for time at its normal billing rates
for accountants and support staff and will request reimbursement
for its out-of-pocket expenses.  All fees and expenses will be
subject to Bankruptcy Court approval.  Debtor's principals have
agreed to provide the firm with a $25,000 post-petition retainer
from personal funds that are not property of the Debtor's
bankruptcy estate.

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

  Robbins Tapp Cobb & Associates PLLC
  600 N. Pearl Suite S2270, LB 146
  Dallas, TX 75201
  Tel: (214) 979-2323
  Fax: (214) 979-242

                        About Couture Hotel

Couture Hotel Corporation, fka Hugh Black-St Mary Enterprises,
Inc., owns and operates four hotels: a Wyndham Garden Inn in
Dallas, Texas, consisting of 356 rooms and remodeled in 2013; a
Howard Johnson in Corpus Christi, Texas, consisting of 140 rooms
and remodeled in 2012; a Howard Johnson in Las Vegas, Nevada,
consisting of 110 rooms and remodeled in 2012; and an independent
hotel in Las Vegas, Nevada (formerly branded as a Value Place),
consisting of 121 rooms and also remodeled in 2012.

The Las Vegas hotels are located at one of the entrances to Nellis
Air Force base in North Las Vegas.  The Debtor owns the real
property and improvements, as well as the franchise rights to the
hotels (except for Las Vegas Value Place).

The Company sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
14-34874) in Dallas, Texas, on Oct. 7, 2014.  The case is assigned
to Judge Barbara J. Houser.  The Debtor has tapped Mark Sean
Toronjo, Esq., at Toronjo & Prosser Law, as counsel.

The Debtor, in an amended schedules, disclosed $20.8 million in
assets and $27.8 million in liabilities as of the Chapter 11
filing.

No creditors' committee or other official committee been appointed
in the case.


CSG SYSTEMS: S&P Affirms 'BB+' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services assigned Englewood,
Colo.–based CSG Systems International Inc.'s new $350 million
first-lien senior  secured credit facility due 2020 a 'BBB'
issue-level rating, with a recovery of '1', indicating S&P's
expectation for very high recovery (90% to 100%) for lenders in the
event of default.

The credit facility consists of a $150 million term loan and $200
million revolver, which was undrawn at close.  The company used
proceeds to repay the existing term loan, which had a balance of
roughly $124 million as of Sept. 30, 2014.  This transaction
increases the available capacity of the company's revolver by $100
million, while pro forma net adjusted leverage will increase
slightly to about 1.1x from 0.9x for the 12-month period ending
Sept. 30, 2014.  The 'BB+' corporate credit rating and stable
outlook are not affected.

CSG is a leading business support solutions provider serving the
telecommunications industry.  The company has a global footprint
and stable recurring revenue base, which results in steady free
cash flow generation.  However, given CSG's smaller size and scale
relative to competitors and its high degree of customer
concentration, S&P assess the company's business risk profile as
"fair."  S&P expects net adjusted leverage will be about 1x in
2015, which is consistent with the 1.5x and below threshold S&P
associates with a "minimal" financial risk profile.

RATINGS LIST

CSG Systems International Inc.
Corporate Credit Rating                   BB+/Stable/--

New Rating

CSG Systems International Inc.
$150 mil. first-lien term loan due 2020
Senior Secured                            BBB
  Recovery Rating                          1
$200 mil. first-lien revolver due 2020
Senior Secured                            BBB
  Recovery Rating                          1



D.R. HORTON: Moody's Assigns Ba1 Rating on New $350MM Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the proposed
$350 million of senior unsecured notes due 2020 of D.R. Horton,
Inc. ("Horton"), proceeds of which will be used for general
corporate purposes including debt repayment.The Ba1 rating on
Horton's existing senior unsecured notes and the SGL-2 speculative
grade liquidity rating were unaffected. The rating outlook is
stable.

The following ratings were taken:

Ba1 (LGD4) assigned to the proposed $350 million of senior
unsecured notes due 2020:

Ba1 corporate family rating unaffected;

Ba1-PD probability of default rating unaffected;

Ba1 (LGD4) on the $3 billion of existing senior unsecured notes
unaffected;

(P)Ba1 on the existing senior unsecured shelf unaffected;

SGL-2 speculative grade liquidity rating unaffected;

Stable rating outlook unaffected.

Ratings Rationale

The Ba1 rating reflects the company's conservative capital
structure, as reflected in one of the lower homebuilding debt
leverage ratios in the industry (i.e., a Moody's-adjusted 40.3% as
of fiscal year-end September 30, 2014); its relatively clean and
transparent balance sheet; its strongly improving earnings; and its
position as one of the largest and most geographically diversified
homebuilders in the U.S. In addition, the Ba1 rating considers
Horton's solid liquidity, supported by $632.5 million of
unrestricted cash and investments as of September 30, 2014, and by
the $582 million of availability under its $975 million senior
unsecured revolving credit facility due 2019. This availability may
eventually be augmented by possible paydown of the revolver balance
with some of the proceeds of the proposed note offering.

At the same time, Horton has a business profile that is riskier
than some of its peers, namely large land positions and a
propensity to build a large proportion of its homes on spec. In
addition, the adjusted EBIT interest coverage of 4.8X during fiscal
2014, while having improved nicely, is still somewhat below what is
expected of a Ba1 homebuilder.

Horton's good liquidity profile is reflected in its SGL-2
speculative-grade liquidity rating, which balances the company's
satisfactory cash position and the availability under its $975
million senior unsecured revolver against Moody's expectation for
negative cash flow generation, the need for the company to maintain
covenant compliance, and its somewhat limited opportunities to
monetize excess assets quickly.

The stable outlook reflects Moody's expectation that homebuilding
debt leverage will remain at or around the 40% level beyond fiscal
year-end 2015 while other key credit metrics will continue to
improve.

For Horton to regain investment grade status, it must achieve two
milestones:

First, because of the substantial volatility exhibited by the
industry in the past, Horton must generate considerable headroom
relative to the minimum investment grade credit metrics, namely
adjusted debt/capitalization of well below 40%, EBIT coverage of
interest considerably higher than 6x, and GAAP gross margins nicely
above 23%. Secondly, it must convince us that it is serious about
wanting the investment grade rating and would avoid actions (such
as large share repurchases, large debt-financed acquisitions, and
other creditor-unfriendly activities) that could jeopardize the
investment grade rating. In addition, Moody's outlook on the
homebuilding industry would need to be positive.

The outlook could be changed to negative if the economic backdrop
suddenly and significantly takes a turn for the worse, and the
company's key credit metrics begin to deteriorate significantly.
The ratings could be lowered if the company's adjusted gross
homebuilding debt leverage increased above 50% on a sustained
basis, and if cash flow generation was significantly negative for a
prolonged period of time without an offsetting and sufficient
increase in earnings.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 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.

D.R. Horton, Inc., headquartered in Fort Worth, Texas, is one of
the largest and most geographically diversified homebuilders in the
United States. The company has a presence in 27 states and 79
markets and generates approximately 98% of its revenues from
homebuilding operations, focusing on the construction and sale of
single-family detached homes. In fiscal 2014, which ended September
30, 2014, the company generated total homebuilding revenues of $7.9
billion and total consolidated net income of $534 million.



D.R. HORTON: S&P Affirms 'BB' CCR & Revises Outlook to Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on D.R. Horton Inc. to positive from stable.  At the same
time, S&P affirmed its 'BB' corporate credit rating on the company
and its 'BB' issue ratings on its debt.  The recovery rating on the
company's senior unsecured debt remains '3', indicating S&P's
expectation for a meaningful (50% to 70%) recovery in the event of
default.

In addition, S&P assigned its 'BB' issue-level rating to the
company's proposed new senior notes due 2020.  The recovery rating
on the notes is '3', indicating S&P's expectation for a meaningful
(50% to 70%) recovery in the event of default.

"The positive outlook reflects our view that D.R. Horton is well
positioned to continue to increase revenue and EBITDA in a slowly
recovering housing market through internally funded cash from
operations such that the company's leverage measures continue to
improve," said Standard & Poor's credit analyst Matthew Lynam.

S&P would consider raising the rating by one notch if the company
can reduce leverage such that it sustains gross debt to EBITDA
comfortably below 3x and its debt to capital held below the 40%
area while it maintains adequate liquidity.

S&P would consider revising the outlook back to stable if the
broader U.S. housing recovery stalls or if land investment or
acquisitions materially exceed S&P's projections and require
additional debt funding, such that expected leverage improvements
are delayed.



DELL INC: Moody's Raises Corporate Family Rating to Ba2
-------------------------------------------------------
Moody's Investors Service upgraded Dell Inc.'s Corporate Family
("CFR") and Probability of Default ("PDR") ratings to Ba2 and
Ba2-PD from Ba3 and Ba3-PD, respectively. In addition, Moody's
upgraded Dell International LLC's (a debt issuing subsidiary of
Dell Inc.) senior secured term loans and first lien notes to Ba1
from Ba2 and Dell Inc.'s unsecured notes to Ba3 from B1. The rating
outlook is stable.

Ratings Rationale

The upgrades reflect Moody's expectation Dell will remain committed
to sizable debt reduction with gross reported debt falling to below
$13.5 billion by the end of fiscal year ending January 2016 (fiscal
year 2016) from nearly $18 billion as of the closing date of the
LBO in late October 2013. Moody's expects adjusted gross leverage
to improve to the mid 3x level by the end of fiscal year 2016 (or
about mid 2x including the adjustment for the finance operations),
supported by over $2 billion of free cash flow and mid single digit
EBITDA growth over the next year.

This pace of de-leveraging is faster than Moody's had anticipated
at the time of the LBO, as Dell has engaged in minimal M&A activity
while benefiting from the rebound in the higher margin corporate PC
market in the U.S. Moody's expects Dell's revenue growth rates from
its PC business to temper to the low single digit range over the
next year as the benefit from Windows operating system upgrades has
largely occurred. But Dell will likely continue to gain market
share through aggressive pricing, scale benefits, and good sales
execution both in the U.S. and emerging countries. PC profit
expansion may be limited by the higher growth of consumer markets,
which will likely see growth from replacement-driven sales after
the slowdown in sales of tablet devices.

Moody's expects the Enterprise Solutions Group (ESG) to grow by mid
single digits over the next year, driven by a server refresh cycle
as Microsoft ends support for its Windows Server 2003 operating
system in July 2015. However, Moody's does not anticipate the same
one-for-one replacement cycle in the server market as with PCs when
Microsoft terminated support for Windows XP in April 2014. The
server industry is affected by data-center consolidation, a
movement to cloud computing, and an ongoing shift to "virtual"
machines. Nonetheless, Moody's still expects Dell to see a boost in
the server business, which accounts for the majority of revenue in
ESG, with replacement units commanding higher selling prices given
the increasing complexity of computing.

The Ba2 rating also incorporates the considerable key man risk
associated with Michael Dell's majority stake and the long term
potential exit of Silver Lake, which may lead to another levering
event. Potential event risk could also arise if Dell is unable to
achieve sustained revenue growth, especially in light of the
possible waning hardware refresh cycle in fiscal year 2017. Moody's
believes that Dell could ramp up its M&A activity to propel the top
line or expand its technology footprint to remain competitive
against technology peers with more diversified product, software
and service offerings. Uncertainty over whether the strategic shift
to higher margin enterprise solutions can be achieved organically
remains a rating constraint. Since the LBO, virtually all of free
cash flow has been used to pay down debt along with some cash on
hand, which may not be a sustainable financial policy in the
future.

The stable outlook is based on Moody's expectation that Dell will
preserve its solid liquidity profile by growing its Enterprise
solutions business in the mid single digits and its PC business in
the low single digits through fiscal year 2016. Moody's anticipates
that free cash flow will be used primarily for debt payments with
some modest M&A activity.

Moody's could upgrade Dell's ratings if the company were to show
greater revenue and profit contribution from the non-hardware
businesses, sustained annual revenue growth of at least mid single
digits, high single digit adjusted operating margins, and gross
debt to EBITDA below 3 times. In addition, the risk of a
significant levering event would have to be considered remote. The
rating could be lowered with sustained erosion of market share,
reported adjusted operating profit margins lower than 3%, or
revenue declines from a contraction of the PC and server markets.
Also, any indications of a change in Dell's financial policies,
such that gross debt to EBITDA is expected to exceed 4 times beyond
fiscal year 2016 could also pressure the rating down.

Ratings upgraded:

Dell Inc.

Corporate Family Rating to Ba2 from Ba3

Probability of Default Rating to Ba2-PD from Ba3-PD

Senior unsecured rating to Ba3 (LGD5) from B1 (LGD5)

Dell International LLC

Term Loans to Ba1 (LGD2) from Ba2 (LGD2)

First lien notes to Ba1 (LGD2) from Ba2 (LGD2)

The rating outlook is stable.

The principal methodology used in these ratings was Global
Technology Hardware published in October 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.



DENDREON CORP: Enters Into Amended Sale Agreement with Valeant
--------------------------------------------------------------
Dendreon Corporation on Feb. 5 disclosed that it has entered into
an amended agreement with Valeant Pharmaceuticals International,
Inc. in connection with the previously announced court-supervised
sales process.  Under the terms of the amended agreement, subject
to bankruptcy court approval, Valeant would acquire the world-wide
rights of PROVENGE(R) (sipuleucel-T) and certain other Dendreon
assets for $400 million, subject to higher and better bids.

As previously disclosed, the bid deadline for interested parties to
submit qualified bids to participate in an auction for the
Company's assets is scheduled for February 10, 2015 at 5:00 p.m.
Eastern Time.  Assuming additional qualified bids are submitted, an
auction would be held on February 12, 2015.  Under the terms of the
amended agreement, Valeant will serve as the "stalking horse"
bidder in conjunction with the court-supervised auction.

The Company is operating in the ordinary course and continues to
produce and deliver PROVENGE without interruption.

The full terms of the amended agreement will be filed with the
Securities and Exchange Commission.  Court documents and additional
information are available through Dendreon's claims agent, Prime
Clerk, at https://cases.primeclerk.com/dendreon or 844-794-3479.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the
Company's legal advisor, AlixPartners is serving as its financial
advisor and Lazard is serving as its investment bank.

Weil, Gotshal & Manges LLP acted as legal advisor to Valeant.

                       About Dendreon Corp

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.  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 appointed five members to the
Official Committee of Unsecured Creditors.


DENDREON CORP: Multiple Parties Object to Proposed Sale
-------------------------------------------------------
BankruptcyData reported that multiple parties -- including Oracle
America, Tulane University, Taos Mountain, Fisher Clinical
Services, Radiant Systems, Recall Total Information Management and
Piedmont Office Realty Trust -- filed with the U.S. Bankruptcy
Court separate objections to Dendreon's motion for an order (i)
approving a sale of the Debtors' assets, (ii) authorizing the
assumption and assignment of certain executory contracts and
unexpired leases and (iii) granting certain related relief and
notice of the cure amount with respect to executory contracts of
unexpired leases to be assumed and assigned.

According to BData, Oracle America asserts that if the Debtors
intend to assume and assign any Oracle agreements via the Sale
Motion, in order to ensure adequate assurance of future performance
by the ultimate purchaser, Oracle requests that Debtors, at a
minimum, provide to Oracle the following information about the
successful bidder: (a) financial bona fides; (b) confirmation of
status as a non-competitor of Oracle's; and (c) confirmation of the
eventual purchaser's willingness to execute an Oracle Assignment
Agreement and related documentation, identifying succinctly and
specifically, all of the executory contracts to be assigned.

                       About Dendreon Corp

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.  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 appointed five members to the
Official Committee of Unsecured Creditors: American Red Cross;
Document Technologies, LLC; New York Blood Center, Inc.; Piedmont
Bridgewater NJ, LLC; and GlaxoSmithKline plc.  The Committee
selected New York Blood Center, Inc. to serve as its Chair.  The
Committee has engaged Sullivan & Cromwell LLP and Young Conaway
Stargatt & Taylor, LLP, as its counsel.  The Committee also tapped
Centerview Partners LLC as its investment banker and Deloitte
Financial Advisory Services LLP as its financial advisor.


DETROIT, MI: Few Retirees Continue to Fight Bankruptcy Plan
-----------------------------------------------------------
Nathan Bomey, writing for Detroit Free Press, reported that a small
group of Detroit city retirees and active employees have banded
together in a long-shot bid to overturn the city's sweeping
bankruptcy plan.

According to the report, the Detroit Active and Retired Employees
Association -- a group formed in early January that is trying to
raise a pool of money to fund a legal challenge -- has appealed the
confirmation of the plan of adjustment, the blueprint the city is
using to slash debt.

                   About the City of Detroit

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

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

The TCR, on Dec. 18, 2014, reported that Detroit has filed a
notice that the effective date of its bankruptcy-exit plan
occurred on Dec. 10, 2014.  U.S. Bankruptcy Judge Steven Rhodes on
Nov. 12, 2014, entered an order confirming the Eighth Amended Plan
for the Adjustment of Debts of the City of Detroit.


DETROIT, MI: Kopac, Gleason Author Whitepaper on Bankruptcy
-----------------------------------------------------------
Marti Kopacz, Senior Managing Director of Phoenix, and Brian
Gleason, Senior Managing Director and Shareholder of Phoenix, have
authored a white paper titled "An Answer to the Question: What is
Feasibility in Chapter 9?" The white paper discusses chapter 9
feasibility in general and the specific feasibility assessment in
the City of Detroit's bankruptcy.

Marti Kopacz was appointed by the U.S. Bankruptcy Judge Steven
Rhodes as his independent expert regarding the question of
feasibility of the City of Detroit's historic bankruptcy plan.
Brian Gleason led Phoenix's team in support of Mr. Kopacz's expert
assignment.  Mr. Kopacz concluded that the City of Detroit's Plan
of Adjustment was feasible and the underlying financial projections
were reasonable. The paper speaks to the thought and research
behind the evolution of the feasibility Standard developed by the
Phoenix team and accepted by the Court.  In addition, the paper
expands upon a variety of feasibility assessment questions that
address both the qualitative and quantitative prongs of the
Standard.

"Our assessment of feasibility in the Detroit bankruptcy concluded
that the POA was feasible.  We are honored and humbled that the
Standard we developed was accepted by the Court.  We believe that
the Standard can be applied to a wide range of municipal insolvency
and restructuring issues in the future, and can guide stakeholders
in working through challenges faced by many of our governmental
entities," says Mr. Kopacz.

To see the full white paper, An Answer to the Question: What is
Feasibility in Chapter 9?, visit
http://www.phoenixmanagement.com/newsroom/recent-phoenix-articles

                     About Phoenix

For over 25 years, Phoenix has provided smarter, operationally
focused solutions for middle market companies in transition.
Phoenix Management Services(R) provides turnaround, crisis and
interim management, specialized advisory and operational due
diligence services for distressed and growth oriented companies as
well as mission based enterprises.  Phoenix Capital Resources(R)
provides seamless investment banking solutions including M&A
advisory, complex restructurings and capital placements. Phoenix
Capital Resources is a U.S. registered broker-dealer and member of
FINRA and SIPC.

                    About the City of Detroit

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

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

The TCR, on Dec. 18, 2014, reported that Detroit has filed a notice
that the effective date of its bankruptcy-exit plan occurred on
Dec. 10, 2014.  U.S. Bankruptcy Judge Steven Rhodes on Nov. 12,
2014, entered an order confirming the Eighth Amended Plan for the
Adjustment of Debts of the City of Detroit.


DETROIT, MI: Soaring Auto Insurance Costs Block Comeback
--------------------------------------------------------
Chris Christoff, writing for Bloomberg News, reported that Detroit,
ridden by crime, blight and poverty, has the five most expensive
zip codes in the U.S. for auto insurance, according to
CarInsurance.com.  According to the report, they produced average
annual rates of about $5,000, 29 percent more than the highest
average premium in New York City.

                   About the City of Detroit

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

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

The TCR, on Dec. 18, 2014, reported that Detroit has filed a
notice that the effective date of its bankruptcy-exit plan
occurred on Dec. 10, 2014.  U.S. Bankruptcy Judge Steven Rhodes on
Nov. 12, 2014, entered an order confirming the Eighth Amended Plan
for the Adjustment of Debts of the City of Detroit.


DISH NETWORK: Fitch Puts 'BB-' IDR on CreditWatch Negative
----------------------------------------------------------
Fitch Ratings has placed the 'BB-' Issuer Default Rating (IDR) and
outstanding debt of DISH Network Corporation (DISH) and its wholly
owned subsidiary DISH DBS Corporation (DDBS) on Rating Watch
Negative.  Fitch has also assigned a 'RR4' recovery rating to the
senior unsecured notes issued by DDBS.  DISH had approximately
$13.4 billion of debt outstanding as of Sept. 30, 2014.

The Negative Watch reflects the uncertainty surrounding DISH's
funding strategy and potential negative affect on DISH's credit
profile arising from DISH's winning bids in the FCC's Advanced
Wireless Services 3 (AWS-3) auction.  DISH may not be able to
monetize all of its marketable securities or utilize its entire
cash balance in order to maintain minimum liquidity requirements.
DISH had $4.8 billion of cash and equivalents and $4.5 billion in
marketable securities as of Sept. 30, 2014.  Following
fourth-quarter refinancing activity, DISH's cash balance totaled
$5.9 billion.  Fitch believes the Rating Watch will be resolved
when the company articulates how it intends to fund the spectrum
purchase.  Fitch believes a negative rating action will likely
coincide with the company's decision to fund the spectrum
acquisition with incremental debt and increasing consolidated
leverage higher than 5x without a clear strategy to de-lever its
balance sheet.  Potential negative rating action is expected to be
limited to one notch.

DISH's designated entities made winning bids totaling approximately
$13.3 billion in the recent AWS-3 spectrum auction. DISH's total
net remaining payment is $9.1 billion--net of $3.3 billion in
bidding credits and a $920 million upfront down payment made prior
to the start of the auction in November 2014.  A payment of $1.1
billion is due Feb. 13 and the final balance is due March 2.

KEY RATING DRIVERS

Wireless Strategy Poses Event Risk: The ratings encompass the lack
of visibility into DISH's wireless strategy, and the potential
capital requirements and execution risk associated with that
strategy.  Fitch acknowledges the significant asset value and
strategic optionality associated with DISH's investment in wireless
spectrum.  However, in Fitch's view, DISH would need to
meaningfully differentiate its wireless services in order for the
strategy to successfully diversify its revenues, and to provide for
potential cash flow growth.  An offering similar to other wireless
operators' services would likely struggle to gain traction, given
the maturing wireless market and entrenched national operators.
Fitch notes that the terms of its wireless spectrum assets require
the company to build out a portion of the spectrum coverage area,
which can pressure the company's credit profile.

DISH's efforts to transform though various wireless initiatives
remain in a development stage.  The company's strategy has
experienced numerous set-backs as the company endeavors to engage
another wireless carrier seeking a partnership, acquisition or
network-sharing agreement.  Event risks remain elevated as the
company contemplates additional acquisitions of spectrum or assets
to support the wireless strategy.  The strategic importance of a
wireless broadband service option has not diminished and, as such,
Fitch expects DISH will likely continue its efforts to engage an
existing national wireless service provider.

Elevated Leverage Threatens Ratings: Leverage rose in 2013, and has
remained higher during 2014, as DISH has built cash to fund the
wireless strategy.  Fitch believes the higher debt levels, along
with elevated execution and integration risks associated with
DISH's potential wireless strategy limit the company's financial
flexibility at the current ratings level.

Pro forma for fourth-quarter 2014 refinancing activity, total debt
outstanding was approximately $14.5 billion. DISH's pro forma
leverage totaled 5.1x for the latest 12 month (LTM) period ended
Sept. 30, 2014, an increase from 4.8x and 4.0x at year-end 2013 and
2012, respectively.  The high leverage limits the company's
financial flexibility within the current rating category.  The cash
proceeds from the company's incremental debt issuances have largely
remained on its balance sheet, and will, in part, support DISH's
wireless strategy.

EBITDA: Higher programming and broadband subscriber acquisition
costs have had an effect on the company's operating margins and
EBITDA generation.  These factors contributed to a 0.2% decline in
EBITDA for the LTM ending Sept. 30, 2014, relative to the full year
2013.

Ratings Reflect Weak Trends: Fitch believes the company's overall
credit profile has limited capacity to accommodate DISH's
inconsistent operating performance as the company struggles to
transform its branding strategy from a value-oriented service
provider to a technology-focused provider targeting high-value
subscribers.  While subscriber metrics remain weak, average revenue
per user (ARPU) has benefited from programming cost increases,
higher hardware-related revenue and increased advertising revenue.
ARPU increased 4.4% for the first nine months of 2014 versus the
prior period.

Fitch's view on the company's liquidity position is largely
dependent on the amount of cash DISH intends to utilize to fund the
spectrum acquisition.  Overall, the company's liquidity position
and financial flexibility is supported by expected free cash flow
(FCF) generation.  The company also benefits from a favorable
maturity schedule, as 32% of the company's outstanding debt is
scheduled to mature through 2018, excluding $900 million repaid on
Oct. 1, 2014.  In 2015, $650 million matures.  DISH had a total of
approximately $9.3 billion of cash and marketable securities
(current portion).  DISH DBS holds approximately $4.5 billion of
the consolidated $4.8 billion cash balance and more than $3.7
billion of consolidated $4.5 billion marketable securities balance.
The high cash balances mitigate the risk caused by the lack of a
revolving credit facility.

DISH's FCF (defined as cash flow from continuing operations less
capital expenditures and dividends) generation rose approximately
15% during the first nine months of 2014 to $869 million when
compared to the same period during 2013.  DISH's capital intensity
has remained relatively stable in the 8% to 9% range in 2014.
Capital expenditures will continue to focus on subscriber retention
and capitalized subscriber premises equipment.  The higher leverage
and weaker operating profile will continue to constrain FCF
generation over the ratings horizon.

Additional rating concerns center on DISH's ability to adapt to the
evolving competitive landscape, DISH's lack of revenue diversity
and narrow product offering relative to its cable MSO and telephone
company video competition, and an operating profile and competitive
position that continue to lag behind its peer group.  DISH's
current operating profile is focused on its maturing video service
offering and lacks growth opportunities relative to its
competition.

RATING SENSITIVITIES

Fitch believes the Rating Watch will be resolved when the company
articulates how it intends to fund the spectrum purchase.
Fitch believes a negative rating action will likely coincide with
the company's decision to fund the spectrum acquisition with
incremental debt and increasing consolidated leverage higher than
5x without a clear strategy to de-lever its balance sheet.
Potential negative rating action is expected to be limited to one
notch.

Fitch has placed these ratings on Rating Watch Negative:

DISH Network Corporation
   -- IDR of 'BB-'.

DISH DBS Corporation
   -- IDR of 'BB-';
   -- Senior unsecured notes of 'BB-'.

Fitch has also assigned a 'RR4' recovery rating to the senior
unsecured notes issued by DDBS.



DUNE ENERGY: Signs Second Amended Forbearance Agreement
-------------------------------------------------------
Dune Energy, Inc., entered into a second amended and restated
forbearance agreement effective as of Jan. 31, 2015, among the
Company, certain of the lenders party to the Amended and Restated
Credit Agreement dated as of Dec. 22, 2011, and Bank of Montreal as
administrative agent for the Lenders.  A full-text copy of the
Second Amended and Restated Forbearance Agreement is available for
free at http://is.gd/oBqMxN

As previously reported, the Company determined that it did not meet
the required Total Debt to EBITDAX ratio under the Credit Agreement
for the four immediately preceding quarters ending
June 30, 2014, and Sept. 30, 2014, and that those defaults are
continuing.  The Company also informed the Lenders that it was
unable to comply with the minimum current ratio requirement in the
Credit Agreement as of Sept. 30, 2014, and that such Default is
continuing.  The Credit Agreement provides that the failure to
observe any financial covenant will constitute an event of default,
and Bank of Montreal, at the request of the majority Lenders, may
terminate the commitments under the Credit Agreement and cause all
of the Company's obligations under the Credit Agreement to
immediately become due and payable, upon notice to the Company.

On Sept. 30, 2014, the Lenders agreed to provide a limited
forbearance from exercising their rights and remedies pursuant to
the Defaults through Dec. 31, 2014, pursuant to the terms of the
Forbearance Agreement and Fourth Amendment to Amended and Restated
Credit Agreement and further extended the limited forbearance
through Jan. 31, 2015, pursuant to the terms of the Amended and
Restated Forbearance Agreement and Fifth Amendment to Amended and
Restated Credit Agreement.  Under the terms of the Forbearance
Amendment, the Lenders agreed to further extend the limited
forbearance from Jan. 31, 2015, until the business day immediately
following the earliest of: (a) the occurrence of any other default
or event of default under the Credit Agreement; (b) the occurrence
of any modification, amendment or express waiver or consent to the
Agreement and Plan of Merger, dated as of Sept. 17, 2014, by and
among EOS Petro, Inc., EOS Merger Sub, Inc., and Dune Energy, Inc.,
as amended, that would result in not paying the amounts owed under
the Credit Agreement in full, without the prior written consent of
the Lenders; and (c) Feb. 25, 2015.  All commitments of the Lenders
under the Credit Agreement will terminate upon termination of the
Forbearance Period without further notice.

                   Amendment to Merger Agreement

On Sept. 17, 2014, the Company, Eos Petro, Inc., and Eos Merger
Sub, Inc., a wholly owned subsidiary of Eos, entered into an
Agreement and Plan of Merger dated Sept. 17, 2014, pursuant to
which, among other things, Merger Subsidiary, agreed to commence a
cash tender offer for all of the issued and outstanding shares of
the Company's common stock, par value $0.001 per share, for $0.30
per share payable to the holder in cash, without interest thereon
and less any applicable withholding taxes.

On Oct. 9, 2014, Eos through Merger Subsidiary commenced the Tender
Offer which was set to expire on Nov. 6, 2014, was subsequently
extended by the parties to Nov. 20, 2014, further extended to Dec.
22, 2014, further extended to Jan. 15, 2015, further extended to
Jan. 23, 2015, and further extended to
Jan. 30, 2015.

On Jan. 30, 2015, the Company, Eos and Merger Subsidiary entered
into an agreement, which amended the Merger Agreement to further
extend the expiration date of the Offer to midnight, New York City
Time, on Feb. 6, 2015, and to extend the end date of the Merger
Agreement to March 8, 2015.

                          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.  The Company's balance sheet at Sept. 30, 2014, showed $229
million in total assets, $144 million in total liabilities and
$85.2 million in total stockholders' equity.

"Our primary sources of liquidity are cash provided by operating
activities, debt financing, sales of non-core properties and
access to capital markets.  As previously discussed, the Company
is now subject to a Forbearance Agreement and Fourth Amendment to
the Credit Agreement.  Under the terms of this agreement, we have
a borrowing base set at $40 million.  Pursuant to the terms of the
agreement, so long as we remain in compliance with the terms of
the agreement, Dune has $1 million of borrowing capacity
available.  Nevertheless, this will not provide sufficient
liquidity to continue normal operations absent a longer-term
solution prior to the end of the forbearance period.  "These and
other factors raise substantial doubt about our ability
to continue as a going concern beyond Dec. 31, 2014, should the
Merger with Eos not occur," the Company stated in its quarterly
report for the period ended Sept. 30, 2014.


EASTMAN KODAK: Reaches Deal with Studios to Keep Film Biz Alive
---------------------------------------------------------------
Ben Fritz, writing for The Wall Street Journal, reported that
Eastman Kodak, attempting a turnaround out of bankruptcy, began
seeking a way to avoid shutting down its motion-picture film
business, it has deals with Hollywood's six major studios --
Twentieth Century Fox, Paramount Pictures, Sony Pictures, Universal
Pictures, Walt Disney Pictures and Warner Bros.

According to the Journal, the studios have all agreed to make
advance purchases of film over the next few years, regardless of
how much they end up needing, in sufficient quantity to allow Kodak
to keep its film plant in operation, Chief Executive Jeff Clarke
said in an interview.  Prominent directors including Christopher
Nolan, Quentin Tarantino and J.J. Abrams who are among the minority
still shooting on film played a key role lobbying studio chiefs,
the Journal said.

                       About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies
with strong balance sheets and an awareness of Kodak's liquidity
challenges.

In recent years, Kodak had been working to transform itself from
a business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.  Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  FTI Consulting,
Inc., is the restructuring advisor.   Lazard Freres & Co. LLC, is
the investment banker.  Kurtzman Carson Consultants LLC is the
claims agent.

The Official Committee of Unsecured Creditors has tapped Milbank,
Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.

The Retirees Committee has hired Haskell Slaughter Young &
Rediker, LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper,
LLC, as Bankruptcy Consultants and Financial Advisors; and the
Segal Company, as Actuarial Advisors.

Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.

Kodak completed the $527 million sale of digital-imaging
technology on Feb. 1, 2013.  Kodak intends to reorganize by
focusing on the commercial printing business.

At the end of April 2013, Kodak filed a reorganization plan
offering 85 percent of the stock to holders of the remaining
$375 million in second-lien notes. The other 15 percent is for
unsecured creditors with $2.7 billion in claims and retirees who
have a $635 million claim from the loss of retirement benefits.

U.S. Bankruptcy Judge Allan Gropper confirmed the plan on August
20, 2013.  Kodak and its affiliated debtors officially emerged
from bankruptcy protection on Sept. 3, 2013.


ECOLOGICAL PAPER: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Ecological Paper Recycling, Inc.
           dba Ecological Waste Systems
        2350 NW 149 Street
        Opa Locka, FL 33054

Case No.: 15-12159

Chapter 11 Petition Date: February 4, 2015

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

Judge: Hon. Laurel M Isicoff

Debtor's Counsel: Jacqueline Calderin, Esq.
                  EHRENSTEIN CHARBONNEAU CALDERIN
                  501 Brickell Key Drive #300
                  Miami, FL 33131
                  Tel: (305) 722-2002
                  Fax: (305) 722-2001
                  Email: jc@ecclegal.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Flores, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb15-12159.pdf


EXIDE TECHNOLOGIES: Document Production Approved
------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved the
motion filed by the Official Committee of Unsecured Creditors
appointed in the Chapter 11 case of Exide Technologies for an order
directing the production of documents by Trafigura Beheer, Impala
Terminals and Impala (Far East).

According to BData, the Document Requests are intended to provide a
more complete picture about the specific conduct of Trafigura,
which has not been available thus far, and will provide the
requisite facts needed to determine whether Exide holds substantial
claims against third parties.  The report added that many of the
Document Requests seek to discern the movement of metals between
warehouses; Trafigura's trading activity and strategies for lead
and similar metals, as well as communications between Trafigura and
various other market participants.  Those Requests, the report
said, citing court papers, are essential to, among other things;
uncover facts as to whether and how Trafigura may have moved the
LME lead prices and whether it used any market power to do so.

                    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's
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) $264.1
million of New First Lien High Yield Notes; (iii) $283.8 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: Tort Claimants Object to UCC Settlement
-----------------------------------------------------------
BankruptcyData reported that Exide Technologies' ad hoc group of
tort claimants filed with the U.S. Bankruptcy Court a limited
objection to the Company's motion to enter into a settlement
agreement with the official committee of unsecured creditors and
consenting creditors of the unofficial noteholders' committee.

According to BData, the Tort Claimants assert: "...the Tort
Claimants do not consent to the proposed treatment of holders of
Vernon Tort Claims as set forth in the Settlement Agreement and
Term Sheet. In fact, those provisions, absent consent by the Tort
Claimants, would render the Proposed Chapter 11 Plan
un-confirmable, as the Plan would provide valuable distributions to
one class of general unsecured creditors and nothing to another
with at least the same (or even more) legal rights against the
Debtor and its estate."

BData adds that separately, certain retail holders of Exide
Technologies' senior notes filed a supplemental objection to the
Plan and related Disclosure Statement, asserting, "The proposed
Amended plan is premised on a colossal failure and loss of value,
real or contrived, to the direct prejudice of the retail holders of
the Senior Secured Notes. The self-congratulatory language of
Debtor's counsel should not hide or excuse the naked truth:
Debtor's nearly $2 billion audited pre-petition value has both been
wasted and lost in this Chapter 11, without explanation or
examination, or proposed plan to convey 100% of the new senior
secured debt, 100% of the new junior convertible debt, and 100% of
the new equity to the institutional holders who are members of the
so-called unofficial committee of senior bond holders('UNC') should
be patently un-confirmable because of the clear and substantial
discrimination against Retail Holders....Debtor's so-called
'implied total equity value of $363.8 million, times the 10%
allocated for senior note holders, divide by the $675 million
outstanding, yields the 5.4% proposed distribution. But that
accords no value to the Institutional Senior Note Holders'
participation rights in the 'Rights offering' or the DIP Term Loan
Refinancing Option', both of which are the key stratagems by which
the proposed new Class a-1, comprised of the institutional members
of the UNC, obtain 100% of the new Debt, warrants, and equity,
while Class A-2 is offered nothing but a vague promise of a future
payment."

                    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's
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) $264.1
million of New First Lien High Yield Notes; (iii) $283.8 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.


FANNIE MAE: Iowa Court Dismisses Shareholder Suit
-------------------------------------------------
StreetInsider.com reported that a judge for the U.S. District Court
in Iowa dismissed a shareholder suit that was brought against the
Federal Housing Finance Agency and the U.S. Treasury Department for
treatment of profits related to the two mortgage giants.  According
to the report, the FHFA and Treasury were sued by Fannie and
Freddie holders based on the government's 2012 decision to sweep
nearly all of the two companies profits into the Treasury.

                          About Fannie Mae

Federal National Mortgage Association, aka Fannie Mae, is a
government-sponsored enterprise that was chartered by U.S.
Congress in 1938 to support liquidity, stability and affordability
in the secondary mortgage market, where existing mortgage-related
assets are purchased and sold.

The U.S. Department of the Treasury owns Fannie Mae's senior
preferred stock and a warrant to purchase 79.9 percent of its
common stock, and Treasury has made a commitment under a senior
preferred stock purchase agreement to provide Fannie with funds
under specified conditions to maintain a positive net worth.

Fannie Mae reported net income of $84.0 billion on $117.54
billion of total interest income for the year ended Dec. 31, 2013,
as compared with net income of $17.2 billion on $129 billion
of total interest income for the year ended Dec. 31, 2012.

As of March 31, 2014, the Company had $3.22 trillion in total
assets, $3.21 trillion in total liabilities and $8.09 billion in
total equity.

                          Conservatorship

Fannie Mae has operated under the conservatorship of the Federal
Housing Finance Agency ("FHFA") since Sept. 6, 2008.  Fannie Mae
has not received funds from Treasury since the first quarter of
2012.  The funding the company has received under its senior
preferred stock purchase agreement with Treasury has provided the
company with the capital and liquidity needed to fulfill its
mission of providing liquidity and support to the nation's housing
finance markets and to avoid a trigger of mandatory receivership
under the Federal Housing Finance Regulatory Reform Act of 2008.
For periods through March 31, 2014, Fannie Mae has requested
cumulative draws totaling $116.1 billion and paid $121.1 billion
in dividends to Treasury.  Under the senior preferred stock
purchase agreement, the payment of dividends cannot be used to
offset prior draws.  As a result, Treasury maintains a liquidation
preference of $117.1 billion on the Company's senior preferred
stock.

                        About Freddie Mac

Based in McLean, Virginia, the Federal Home Loan Mortgage
Corporation, known as Freddie Mac (OTCBB: FMCC) --
http://www.FreddieMac.com/-- was established by Congress in  
1970 to provide liquidity, stability and affordability to the
nation's residential mortgage markets.  Freddie Mac supports
communities across the nation by providing mortgage capital to
lenders.  Over the years, Freddie Mac has made home possible for
one in six homebuyers and more than five million renters.

Freddie Mac is under conservatorship and is dependent upon the
continued support of Treasury and the Federal Housing Finance
Agency acting as conservator to continue operating its
business.


FIFTEEN HUNDRED ASTOR: Case Summary & 4 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Fifteen Hundred Astor, LLC
        33 Capt. Theale Rd
        Bedford, NY 10506

Case No.: 15-10264

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 5, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Debtor's Counsel: Joel Alan Gaffney, Esq.
                  LAW OFFICE OF GREGORY MESSER
                  26 Court Street, Suite 2400
                  Brooklyn, NY 11242
                  Tel: 718-858-1474
                  Fax: 718-797-5360
                  Email: joel.alan.gaffney@gmail.com

Total Assets: $4.62 million

Total Liabilities: $7.44 million

The petition was signed by Howard Camac, member.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb15-10264.pdf


FIRST SECURITY: Reports $922,000 Net Income for Fourth Quarter
--------------------------------------------------------------
First Security Group, Inc., reported net income of $922,000 on
$9.07 million of total interest income for the three months ended
Dec. 31, 2014, compared to a net loss of $648,000 on $8.14 million
of total interest income for the same period in 2013.

For the year ended Dec. 31, 2014, the Company reported net income
of $2.41 million on $35.9 million of total interest income compared
to a net loss of $13.4 million on $31.9 million of total interest
income during the previous year.

As of Dec. 31, 2014, the Company had $1.07 billion in total assets,
$980.26 million in total liabilities and $90.0 million in total
shareholders' equity.

"The primary goals of 2014 were returning to core profitability,
net loan production of $50 million per quarter, and funding the
resulting asset growth with pure deposits," said Michael Kramer,
First Security's president and chief executive officer.  "We
achieved each of these goals.  Total loans, including
held-for-sale, increased by $153 million during 2014, and when
combined with our loan sale transactions, we exceeded our $200
million net production goal.  We also achieved the desired growth
in pure deposits and earned $2.4 million in net income."

"While we are pleased with our progress achieved during 2014, we
remain committed to improving the level of earnings each and every
quarter in 2015," said CEO Kramer.  "We believe the combination of
our team of bankers in the East Tennessee and North Georgia markets
as well as our niche lending initiatives provide a platform to
build a strong community bank that will produce solid returns for
our shareholders."

A full-text copy of the press release is available for free at:

                          http://is.gd/sITHbS

                      About First Security Group

First Security Group, Inc. is a bank holding company headquartered
in Chattanooga, Tennessee.  Founded in 1999, First Security's
community bank subsidiary, FSGBank, N.A. has 26 full-service
banking offices along the interstate corridors of eastern and
middle Tennessee and northern Georgia.  FSGBank --
http://www.FSGBank.com/-- provides retail and commercial banking
services, trust and investment management, mortgage banking,
financial planning, internet banking.

                             *   *    *

This concludes the Troubled Company Reporter's coverage of First
Security until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


GENERAL MOTORS: To Increase Capital Expenditures to $9B in 2015
---------------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
General Motors Co. has laid out plans to boost capital expenditures
by 20% this year to $9 billion while paying out $1.2 billion in
vehicle recall costs.  According to the Journal, Detroit-based GM
expects to boost profits this year, but increased spending to
create new products and pay for quality problems will cap its free
cash flow.  The outlook, the Journal said, is a setback for
investors looking to benefit from GM's recent fortunes via fatter
dividends or stock buybacks.

                       About General Motors

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

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

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

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

                        *     *     *

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

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

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


GENERAL MOTORS: To Use Financial Lending Arm for Subsidized Leases
------------------------------------------------------------------
John D. Stoll, writing for The Wall Street Journal, reported that
General Motors Co. plans to use its GM Financial lending arm as the
exclusive provider of subsidized leases in the U.S., a move that
could help boost earnings while significantly increasing the
Detroit auto giant's exposure to auto loans.

According to the report, the move, which largely edges out Ally
Financial and U.S. Bank from GM's lucrative subsidized leasing
business, comes nearly a decade after GM sold GMAC (later renamed
Ally).  A GM spokesman said the move "is consistent with our
strategy to provide customers with transparent, competitive
financing products.  In this role, the GM Financial team will be
able to help our dealers maintain strong lease loyalty by enhancing
the customer experience (and) providing simplified lease programs,"
the report related.

                       About General Motors

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

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

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

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

                        *     *     *

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

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

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


GFI GROUP: Moody's Reviews B1 Issuer Rating for Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service placed GFI Group Inc.'s B1 long-term
issuer and senior unsecured debt ratings on review for downgrade
following the termination of the Chicago Mercantile Exchange's
(CME; Aa3/Stable) agreement to buy the company.

Ratings Rationale

Previously, Moody's was reviewing GFI's ratings for upgrade based
on the terms of the merger agreement that included CME assuming
GFI's obligations. On 30 January 2015, GFI and CME announced the
termination of their merger agreement.

Moody's said that there is increased uncertainty about GFI's
strategic direction. The company has announced that it is pursing
other strategic alternatives including joint ventures, mergers,
and/or acquisitions. Moody's believes that a prolonged lack of
strategic clarity may lead to an erosion of franchise value
resulting from potential customer and employee defections.

Moody's also said that GFI remains subject to a tender offer from
BGC Partners (unrated), and given that BGC is unrated, it is
unclear whether an acquisition by BGC would be positive for GFI's
credit profile.

During the review period, Moody's will assess the effects on GFI's
credit profile from the strategic uncertainty as well consider the
impact of any potential strategic transaction that the company
pursues.

What Could Change the Rating -- UP

  Given the current review for downgrade, upward rating pressure
  is not foreseen.

What Could Change the Rating -- DOWN

The following factors could put downward pressure on the rating:

-- Prolonged lack of clarity strategic clarity

-- Customer or employee attrition leading to deteriorating
    financial performance

-- 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.

The principal methodology used in these ratings was Global
Securities Industry Methodology published in May 2013.



GOLD RIVER: Files Schedules of Assets and Liabilities
-----------------------------------------------------
Gold River Valley LLC filed with the Bankruptcy Court for the
Central District of California its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $12,000,000
  B. Personal Property           
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $8,715,989
  E. Creditors Holding
     Unsecured Priority
     Claims                                       
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                            $4,921
                                 -----------      -----------
        TOTAL                    $12,000,000      $8,720,911

A full-text copy of the Schedules is available for free
at http://is.gd/QXERuO

Gold River Valley, LLC, sought Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 15-10691) in Los Angeles, on Jan. 16,
2015.  The case is assigned to Judge Vincent P. Zurzolo.

The Debtor estimated $10 million to $50 million in assets and $1
million to $10 million in debt.  The schedules of assets and
liabilities and statement of financial affairs are due Jan. 30,
2015.


GOLD RIVER: Section 341(a) Meeting Slated for February 24
---------------------------------------------------------
A meeting of creditors in the bankruptcy case of Gold River Valley,
LLC, is scheduled for Feb. 24, 2015, at 1:15 a.m. at RM 5, 915
Wilshire Blvd., 10th Floor, in Los Angeles, California.

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

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

Gold River Valley, LLC, sought Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 15-10691) in Los Angeles, on Jan. 16,
2015.  The case is assigned to Judge Vincent P. Zurzolo.

The Debtor estimated $10 million to $50 million in assets and $1
million to $10 million in debt.  The schedules of assets and
liabilities and statement of financial affairs are due Jan. 30,
2015.


GOLD RIVER: Tsangs Wants Chapter 11 Trustee to Oversee Case
-----------------------------------------------------------
Lana Tsang and Elaine Tsang, equity security holders of Gold River
Valley LLC, ask the Hon. Thomas B. Donovan of the U.S. Bankruptcy
Court for the Central District of California to appoint a Chapter
11 trustee to oversee the Debtor's bankruptcy case.

The Tsangs say the Debtor needs an independent fiduciary to make
appropriate business decisions, which will hopefully lead to a
successful reorganization, payment in full to all of Debtors
creditors, and a return to equity security holders.

According to the Tsangs, this is a single asset real estate
bankruptcy case filed by Debtor, an entity that was used as a
vehicle to perpetrate a fraud against the Tsangs, creditors, and
tenants who stand to have their leases eliminated.  Contrary to
Debtor's resolution of authorization and list of equity security
holders, which were both filed under penalty of perjury in this
case, Sunshine Valley LLC, is not the Debtor's sole member.
Together, the Tsangs own a 40% membership interest in Debtor.
These perjuries reflect the latest of a series of bad acts
orchestrated by Debtor's principal, Benny Ko, and non-member,
third-party, Lucy Gao.  Mr. Ko has perpetrated a fraudulent real
estate investment scheme, causing over $3 million in damages to the
Tsangs.

The Tsangs relate Mr. Ko creates entities for the purpose of buying
distressed commercial real property through foreclosure sales.  The
Tsangs were solicited by Mr. Ko and his associates to contribute
over $3 million combined for a combined 40% ownership interest in
Debtor.  Mr. Ko promised the contributions would be used to
purchase, renovate, manage, and sell a 12-unit condominium project.
Mr. Ko took the Tsangs' money, provided them an operating
agreement for Debtor showing their combined 40% ownership interest,
and even caused Debtor to issue Schedule K-1 forms that the Tsangs
used in filing their tax returns.

The Tsangs add Mr. Ko and his cohorts later caused the Debtor to
take out a $4 million loan secured by the Debtor's real property
and sole asset, the 12-unit condominium project.  In obtaining the
loan, Mr. Ko and Ms. Gao presented a different story to the lender
-- that Debtor's sole and managing member was Ms. Gao.  The Tsangs
discovered the existence of the loan when the lender filed a
complaint for judicial foreclosure and the appointment of a
receiver.  A receiver was appointed and the lender had a
non-judicial foreclosure sale scheduled for Jan. 20, 2015.

A hearing is set for March 4, 2015, at 2:00 p.m. in Courtroom 1345
to consider the the equity security holders' request.

The Tsangs retained as counsel:

   Eric R. McDonough, Esq.
   Daniel R. Sable, Esq.
   SEYFARTH SHAW LLP
   333 S. Hope Street, Suite 3900
   Los Angeles, California 90071
   Tel: (213) 270-9600
   Email: emcdonough@seyfarth.com
          dsable@seyfarth.com

     -- and --

   Marianne M. Dickson, Esq.
   SEYFARTH SHAW LLP
   560 Mission Street, Suite 3100
   San Francisco, California 94105
   Tel: (415) 397-2823
   Email: mdickson@seyfarth.com

Gold River Valley, LLC, sought Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 15-10691) in Los Angeles, on Jan. 16,
2015.  The case is assigned to Judge Vincent P. Zurzolo.

The Debtor estimated $10 million to $50 million in assets and $1
million to $10 million in debt.  The schedules of assets and
liabilities and statement of financial affairs are due Jan. 30,
2015.


HELLAS TELECOM: TPG, Apax Shed Much of $1.1-Bil. Clawback Suit
--------------------------------------------------------------
Law360 reported that a New York bankruptcy judge trimmed a lawsuit
alleging TPG Capital and Apax Partners LLP milked $1.1 billion from
Hellas Telecommunications (Luxembourg) II SCA before its
insolvency, limiting potential clawback liability to the firms'
U.S.-based investment funds.

According to the report, in a lengthy opinion, U.S. Bankruptcy
Judge Martin Glenn barred the foreign liquidators charged with
digging up funds for Hellas creditors from suing the private equity
giants under New York state law for taking EUR973.7 million ($1.1
billion) out of the Greek telecom in an allegedly fraudulent
transaction.

                  About Hellas Telecommunications

In February 2007, Hellas Telecommunications was purchased from
TPG Capital LP and Apax Partners by the Italian telecommunications
giant Weather Group.  The Company later suffered liquidity
problems and commenced administration proceedings in the U.K. in
November 2009.  The administrators sold 100% of the shares of Wind
Hellas to the existing owners, the Weather Group.  An order
placing the Company into liquidation was entered on Dec. 1, 2011.

Andrew Lawrence Hosking and Carl Jackson, as Joint Liquidators
petitioned for the Chapter 15 protection for the Company (Bankr.
S.D.N.Y. Case No. 12-10631) on Feb. 16, 2012.  Mr. Jackson was
later succeeded by Simon James Bonney, and then recently by Bruce
Mackay.

Bankruptcy Judge Martin Glenn presides over the Chapter 15 case.

The Debtor estimated assets and debts of more than $100,000,000.
The Debtor did not file a list of creditors together with its
petition.

The Foreign Representatives commenced the lawsuit against various
entities, captioned as, Hosking v. TPG Capital Management, L.P.,
et al., No. 14-01848 (MG) (Bankr. S.D.N.Y. March 13, 2014).  TPG
is represented by Paul M. O'Connor, III, Esq., and Andrew K.
Glenn, Esq., at Kasowitz, Benson, Torres, & Friedman, LLP of New
York, NY.  APAX is represented by Robert S. Fischler, Esq., and
Stephen Moeller-Sally, Esq., at Ropes & Gray LLP of New York, NY.
TCW is presented by Wayne S. Flick, Esq., and Amy C. Quartarolo,
Esq., at Latham & Watkins LLP of Los Angeles, CA.  Nikesh Aurora
is represented by William F. Gray, Jr., Esq., and Alison D. Bauer,
Esq., at Torys LLP of New York, NY and Michael A. Sherman, Esq.,
at Stubbs Alderton & Markiles, LLP of Sherman Oaks, CA.

U.S. counsel to the Foreign Representatives as against all
Defendants except Deutsch Bank AG and Nikesh Arora are Howard
Seife, Esq., Thomas J. McCormack, Esq., Andrew Rosenblatt, Esq.,
and Marc D. Ashley, Esq., at CHADBOURNE & PARKE LLP.

U.S. counsel to the Foreign Representatives as against Deutsch
Bank AG and Nikesh Arora are Alexander H. Schmidt, Esq., Alan
McDowell, Esq., and Jeremy Cohen, Esq., at WOLF HALDENSTEIN ADLER
FREEMAN & HERZ LLP.


HIPCRICKET INC: Selects Perkin Coie as Special Corporate Counsel
----------------------------------------------------------------
Hipcricket Inc. asks the U.S. Bankruptcy Court for the District of
Delaware for permission to employ Perkins Coie LLP as its special
corporate counsel.

A hearing is set for Feb. 18, 2015, at 2:00 p.m., to consider the
Debtor's request.  Objections, if any, are due Feb. 11, 2015, at
4:00 p.m.

The firm will:

   a) continue to render corporate law advice regarding the sale
      of the Debtor's assets are requested by the Debtor;

   b) continue to render corporate law advice and securities law
      advice as requested by the Debtor;

   c) appear, to the extent required of special corporate counsel,
   
      in Court relating to business and corporate matters, and
      matters related or incidental thereto of the Debtor before
     the Court; and

   d) perform other corporate legal services for the Debtor that
      may be necessary and proper in this Chapter 11 case.

The firm's professionals and their current standard hourly rates:

      Professionals           Hourly Rates
      -------------           ------------
      John Kaplan, Esq.       $595
      Faith Wilson, Esq.      $550
      Flore Kanmacher, Esq.   $535

      Designations            Hourly Rates
      ------------            ------------
      Partners                $890
      Junior Associates       $320
      Paralegals              $260-$365

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

      John Kaplan, Esq.
      Faith Wilson, Esq.
      Flore Kanmacher, Esq.
      Perkins Coie LLP
      30 Rockefeller Plaza, 22nd Floor
      New York, NY 10112-0085
      Tel: +1.212.262.6900
      Fax: +1.212.977.1649
      Email: JKaplan@perkinscoie.com
             FWilson@perkinscoie.com
             FKanmacher@perkinscoie.com

Headquartered in Bellevue, Washington, Hipcricket, Inc., formerly
known as Augme Technologies, is a publicly held Delaware
corporation.  Hipcricket is in the business of providing
end-to-end, data-driven mobile advertising and marketing solutions
through its proprietary AD LIFE software-as-a service platform a
proprietary, mobile engagement platform for businesses to
communicate with customers through cellphones, tablets and other
mobile devices.  The Company had 77 full-time employees as of the
bankruptcy filing.

Hipcricket sought Chapter 11 protection (Bankr. D. Del. Case No.
15-10104) on Jan. 20, 2015, with a deal to sell its assets.

The Debtor has tapped Pachulski Stang Ziehl & Jones LLP as counsel,
Canaccord Genuity Inc. as investment banker, Perkins Coie LLP as
special corporate counsel, and Omni Management Group, LLC,
as claims and noticing agent.

As of Jan. 20, 2015, the Company had total assets of $16.8 million
and liabilities of $12.06 million.

The U.S. Trustee for Region 3 appointed five creditors of
Hipcricket Inc. to serve on the official committee of unsecured
creditors.


INFINITY ENERGY: Amends Report on Change of Auditors
----------------------------------------------------
Infinity Energy Resources, Inc., filed has amended its current
report on Form 8-K in response to a request from L.L. Bradford &
Company, LLC, to provide clarification regarding the January 16
Report.

On Jan. 16, 2015, the Company was notified by Bradford that the
firm resigned as its independent registered public accounting firm.
In connection with the resignation, Bradford informed the Company
that it will no longer service SEC reporting companies because
partners in its SEC practice moved to RBSM, LLP.  The report of
Bradford on the Company's  consolidated financial statements for
the year ended Dec. 31, 2013, did not contain an adverse opinion or
disclaimer of opinion, and such reports were not qualified or
modified as to uncertainty, audit scope, or accounting principle.

The report provided by Bradford in connection with the Company's
consolidated financial statements for the fiscal year-ended
Dec. 31, 2013, however, contained an explanatory paragraph
regarding substantial doubt about the Registrant's ability to
continue as a going concern.

There were no disagreements between the Company and Bradford on any
matter, according to the SEC filing.

On Jan. 16, 2015, the Audit Committee appointed RBSM, LLP, to be
the Company's independent registered public accountant for the
fiscal year ending Dec. 31, 2014.  During the two most recent
completed fiscal years and through Jan. 21, 2015, neither the
Company nor anyone on its behalf consulted with RBSM, LLP regarding
any of the following:

   (i) the application of accounting principles to a specific
       transaction, either completed or proposed;

  (ii) the type of audit opinion that might be rendered on the
       company's financial statements, and none of the following
       was provided to the Company (a) a written report, or (b)
       oral advise that RBSM, LLP concluded was an important
       factor considered by the Company in reaching a decision as
       to an accounting, auditing or financial reporting issue; or

(iii) any matter that was subject of a disagreement, as the term
       is defined in Item 304(a)(1)(iv) of Regulation S-K, or a
       reportable event, as described in Item 304(a)(1)(v) of
       Regulation S-K.

                       About Infinity Energy

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

Infinity Energy reported a net loss applicable to common
shareholders of $5.58 million for the year ended Dec. 31, 2013,
compared to net income applicable to common shareholders of
$895,000 for the year ended Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $10.5 million in assets, $11.7
million in liabilities, $1.65 million in redeemable, convertible
preferred stock, and a $2.87 million stockholders' deficit.

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


JHK INVESTMENTS: Hires Halloran & Sage as Substitute Counsel
------------------------------------------------------------
JHK Investments, LLC, seeks authorization from the U.S. Bankruptcy
Court for the District of Connecticut to employ Halloran & Sage as
counsel.

The Debtor contemplates that Halloran & Sage will render general
legal services as needed throughout the course of its Chapter 11
case, including litigation and bankruptcy assistance and advice.
Certain of the legal services that Halloran & Sage will render to
the Debtor are:

   (a) advising the Debtor of its rights, powers and duties as
       Debtor and Debtor-in-possession continuing to operate and
       manager its business and property;

   (b) advising the Debtor concerning and assisting in the
       negotiation and documentation of financing agreements, debt

       restructuring, cash collateral orders and related
       transactions;

   (c) reviewing the nature and validity of liens asserted against

       the property of the Debtor and advising the Debtor
       concerning the enforceablity of such liens;

   (d) advising the Debtor concerning the actions that it might
       take to collect and to recover property for the benefit of
       the Debtor's estate;

   (e) preparing on behalf of the Debtor certain necessary and
       appropriate applications, motions, pleadings, draft orders,

       notices, schedules and other documents, and reviewing all
       financial and other reports to be filed in this Chapter 11
       case;

   (f) advising the Debtor concerning, and preparing responses to,

       applications, motions, pleadings, notices and other papers
       which will be filed and served in this Chapter 11 case;

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

   (h) performing all other legal services for and on behalf of
       the Debtor which will be necessary or appropriate in the
       administration of this Chapter 11 case.

By prior Order of the Court dated Nov. 15, 2012, JHK was authorized
to retain the law firm of Zeisler & Zeisler, P.C., as its general
bankruptcy counsel in the case.  The primary attorney responsible
for the JHK case was Craig Lifland.  As of Jan. 5, 2015, Mr.
Lifland joined the law firm of Halloran & Sage LLP and by this
application, JHK seeks to substitute Halloran & Sage for Zeisler &
Zeisler as its counsel in the case.

Halloran & Sage can be reached at:

       HALLORAN & SAGE, LLP
       Craig I. Lifland, Esq.
       225 Asylum Street
       Hartford, CT 06103
       Tel: (860) 241-4044
       Fax: (860) 548-0006
       E-mail: lifland@halloransage.com

                       About JHK Investments

JHK Investments, LLC, filed a Chapter 11 petition (Bankr. D. Conn.
Case No. 12-51608) in Bridgeport, Conn., on Aug. 29, 2012,
estimating under $100 million in assets and more than $10 million
in liabilities.  Bankruptcy Judge Alan H. Shiff presides over the
case.  James Berman, Esq., Lawrence S. Grossman, Esq., Craig I.
Lifland, Esq., and Aaron Romney, Esq., at Zeisler & Zeisler, P.C.,
represent the Debtor.

Westport, Connecticut-based JHK is an investment company founded
by the former senior management team of United States Surgical
Corporation.  Founded by Leon C. Hirsch in 1963, USSC became a
global medical device manufacturer with sales exceeding
$1.2 billion and employing $4,000 Connecticut residents.  The
Debtor disclosed $38,690,639 in assets and $32,127,278 in
liabilities as of the Chapter 11 filing.

Following the success of USSC, Mr. Hirsch and two other senior
USSC executives created JHK in order to produce and develop new
markets and penetrate established markets throughout the world for
high-tech medical devices.  JHK owns equity in several start-up
medical subsidiaries.  The start-ups include Interventional
Therapies, LLC, Auditory Licensing Company, LLC, Biowave
Corporation, Gorham Enterprises, LLC, and American Bicycle Group,
LLC.

Bay City claims to be owed $31 million for funding provided to the
Debtor since January 2011.  The principals at JHK -- Mr. Hirsch,
Turi Josefsen, and Robert A. Knarr -- guaranteed JHK's
obligations, pledged the property in Wilton, Connecticut to secure
obligations under the guaranty, and pledged all equity interests
of JHK.

In March 2012, Eleuthera, in its capacity as administrative agent
for Bay City, declared an event of default as a result of the
passage of the maturity date and the failure to pay the entire
amount outstanding.  On Aug. 28, 2012, Bay City and Eleuthera
purported to exercise the pledge agreements insofar as they
purported to register the Principals' interest in JHK in the name
of Eleuthera, as nominee for Bay City, and purported to reserve
their right to exercise voting rights in JHK.


JPH LAS VEGAS: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: JPH Las Vegas, LLC
        1101 Crenshaw Blvd.
        Los Angeles, CA 90019

Case No.: 15-10522

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Hon. August B. Landis

Debtor's Counsel: Matthew C. Zirzow, Esq.
                  LARSON & ZIRZOW, LLC
                  810 S. Casino Center Blvd. #101
                  Las Vegas, NV 89101
                  Tel: 702-382-1170
                  Fax: 702-382-1169
                  Email: mzirzow@lzlawnv.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Joan Lee, manager.

List of Debtor's three Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Bert Santis                         Services               $500

Enenstein, Ribakoff, Lavina & Pham  Services           $200,000

Holley Driggs Walch Puzey           Services             $5,000
Thompson


JPH LAS VEGAS: Section 341(a) Meeting Set for March 12
------------------------------------------------------
A meeting of creditors in the bankruptcy case of JPH Las Vegas,
LLC, will be held on March 12, 2015, at 1:00 p.m. at 341s - Foley
Bldg,Rm 1500.  Last day to file proofs of claim will be June 10,
2015.

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

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

JPH Las Vegas, LLC, filed a Chapter 11 bankruptcy petition (Bank.
D. Nev. Case No. 15-10522) on Feb. 4, 2015.  The petition was
signed by Joan Lee as manager.  Judge August B. Landis presides
over the case.  Matthew C. Zirzow, Esq., at LARSON & ZIRZOW, LLC,
acts as the Debtor's counsel.  The Debtor estimated assets and
liabilities of $10 million to $50 million.


KATE SPADE: S&P Raises CCR to 'B+'; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on New York-based Kate Spade & Co. to 'B+' from 'B' on an
improved financial risk profile assessment.  The outlook remains
stable.

At the same time, S&P raised its issue-level rating on the
company's $400 million senior secured term loan due 2021 to 'B+'
from 'B', commensurate with the raised corporate credit rating. The
recovery rating on this debt remains '3', indicating S&P's
expectation for meaningful (50% to 70%) recovery for the term loan
lenders in the event of a payment default.

"The rating action on Kate Spade reflects our forecast for higher
sales growth and a somewhat improved margin outlook versus our
previous forecasts.  We believe the strength exhibited in the Kate
Spade brand will follow through into 2015, where we project sales
growth of about 10%," said credit analyst Helena Song.  "At the
same time, we forecast an improvement in operating metrics based on
the company's restructuring efforts and business model realignment.
We see these improvements leading to debt leverage in the low- to
mid-4x range in 2015 and an overall improvement in funds from
operations (FFO) to debt in the high-teens range."

S&P's rating outlook is stable.  S&P believes operating performance
for Kate Spade will remain relatively stable following the
divestiture of underperforming brands and business model
realignment.  S&P also believes credit metrics will remain in line
with its indicative ratios for an "aggressive" financial risk
profile for the next year.

Downside scenario

S&P could lower the rating if it believes the company will sustain
total debt-to-EBITDA leverage above 5x in conjunction with FFO to
debt below 12%.  This could occur as a result of a
weaker-than-anticipated operating performance or a misstep
resulting from the company's aggressive expansion plans.  S&P
estimates EBITDA would need to decline about 25% from estimated
2015 levels for this to occur, assuming debt levels remain stable.

Upside scenario

Though unlikely in the next year, S&P could raise the rating if it
believes the company can sustain a ratio of FFO-to-debt that
approaches 25%, in line with S&P's indicative ratios for a
"significant" financial risk profile.  Adjusted EBITDA would need
to increase nearly 30% from our estimated 2015 levels for this to
occur, assuming debt levels remain stable.  Additionally, S&P could
consider a higher rating if the company diversifies its brand
portfolio in conjunction with a reduction in the volatility of
profitability.



KEMET CORP: Invesco Ltd. Reports 8.8% Stake as of Dec. 31
---------------------------------------------------------
Invesco Ltd. disclosed in an amended regulatory filing with the
U.S. Securities and Exchange Commission that as of Dec. 31, 2014,
it beneficially owned 3,984,802 shares of common stock of
KEMET Corporation representing 8.8 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at http://is.gd/sLPegU

                           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."

                          *     *     *

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.


KEMET CORP: Posts $2.91-Million Net Income in Third Quarter
-----------------------------------------------------------
Kemet Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $2.91 million on $201.31 million of net sales for the quarter
ended Dec. 31, 2014, compared to a net loss of $5.82 million on
$207.33 million of net sales for the same period in 2013.

For the nine months ended Dec. 31, 2014, the Company reported
net income of $5.70 million on $630 million of net sales compared
to a net loss of $54.05 million on $618 million of net sales for
the same period a year ago.

As of Dec. 31, 2014, the Company had $800 million in total assets,
$584 million in total liabilities and $216 million in total
stockholders' equity.

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

                       http://is.gd/Pnf70u

                           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."

                          *     *     *

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.


LIBERTY TOWERS: Court Sets April 9 as Claims Bar Date
-----------------------------------------------------
The Hon. Elizabeth S. Stong of the U.S. Bankruptcy Court for the
Eastern District of New York has set April 9, 2015, at 5:00 p.m.
(Eastern Time) as deadline for creditors of Liberty Towers Realty
LLC to file their proofs of claim.

The Court has also set June 15, 2015, as deadline governmental
units to file their claims.

All proofs of claim must be filed by mail or by hand to:

   The U.S. Bankruptcy Court
   Eastern District of New York
   271 Cadman Plaza East
   Brooklyn, NY 11201

                  About Liberty Towers

Liberty Towers Realty LLC sought bankruptcy protection in Brooklyn,
New York (Bankr. E.D.N.Y. Case No. 14-45187) on Oct. 15, 2014, just
three years after the dismissal of its previous Chapter 11 case.

The petition was signed by Toby Luria as member.  The Debtor
estimated assets and debts of $10 million to $50 million.  The
Carlebach Law Group serves as the Debtor's counsel.

Liberty Towers' case was initially assigned to Judge Carla E. Craig
but has been reassigned to Judge Elizabeth S. Stong due to
Liberty's previous bankruptcy case (Case 11-42589).  The previous
case was dismissed July 27, 2011.

Related entity Liberty Towers Realty I, LLC, also sought bankruptcy
protection (Case No. 14-45189) on Oct. 15, 2014.


LIFE PARTNERS: Receives Nasdaq Bid Price Deficiency Notice
----------------------------------------------------------
Life Partners Holdings Inc. on Feb. 4 disclosed that on February 2,
2015, the company received a letter from the Nasdaq Listing
Qualifications department notifying the company that the minimum
bid price per share for its common stock was below $1.00 for a
period of 30 consecutive business days and that the company did not
meet the minimum bid price requirement set forth in Nasdaq Listing
Rule 5450(a)(1).

The company has a compliance period of 180 calendar days, or until
August 3, 2015, to regain compliance with Nasdaq's minimum bid
price requirement.  If at any time during the 180-day compliance
period, the closing bid price per share of the company's common
stock is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the company a written confirmation of
compliance and the matter will be closed.  In the event the company
does not regain compliance with Rule 5450(a)(1) within this
compliance period, it may be eligible for additional time.  To
qualify, the company will be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.  If the
Nasdaq staff concludes that the company will not be able to cure
the deficiency, or if the company determines not to submit the
required materials or make the required representations, the
company's common stock will be subject to delisting by Nasdaq.

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is a financial services company engaged in
the secondary market for life insurance known as life settlements.

Life Partners Holdings, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Jan. 20, 2015 (Bankr. N.D. Tex., Case No.
15-40289).  The case is assigned to Judge Russell F. Nelms.

The Debtor's counsel is J. Robert Forshey, Esq., at Forshey &
Prostok, LLP.


MADERA ROOFING: Emerges from Chapter 11 Bankruptcy
--------------------------------------------------
The Business Journal reported that Madera Roofing, one of the
largest roofing contractors in Central California, has emerged from
Chapter 11 bankruptcy proceedings.  According to the report, the
company filed a Chapter 11 plan, which results in 100-percent
payment of all credit claims plus interest, said James Lowe of
Executives Edge, which served as the Chapter 11 trustee.

Madera Roofing, Inc., filed for Chapter 11 bankruptcy (Bankr. E.D.
Cal. Case No. 13-16954) on October 25, 2013, listing under $1
million in both assets and liabilities.  A copy of the petition is
available at http://bankrupt.com/misc/caeb13-16954.pdffrom  
Leagle.com.  The Debtor was represented by Eric J. Fromme, Esq.,
at Rutan & Tucker, LLP.  Fromme later submitted a substitution of
counsel after he moved to the law firm of Jeffer Mangels Butler &
Mitchell LLP.  Three weeks after the substitution was approved,
Fromme filed a motion on behalf of JMBM seeking to withdraw
completely as counsel for the Debtor. That matter was denied. JMBM
and Fromme remain the Debtor's counsel of record.


MARTIFER SOLAR: Court Approves Hiring of DeLacy as Appraiser
------------------------------------------------------------
Martifer Solar USA, Inc. sought and obtained permission from the
Hon. August B. Landis of the U.S. Bankruptcy Court for the District
of Nevada to employ DeLacy Consulting, LLC, as appraiser, effective
Dec. 15, 2014.

The Debtor is retaining DeLacy to complete an appraisal of JeffCo
II.  DeLacy will provide a Market Value valuation of installed
portfolio of roof-mounted solar power arrays.

DeLacy will be paid for its services at these hourly rates:

       Expert Witness Testimony/Depositions     $425
       Meetings/Consultation                    $325
       General Market Research                  $150-$195
       Support Staff                            $100

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

Based on an evaluation of the scope of work, the flat fee for the
final report will be $7,500.  Any additional work will be billed at
DeLacy's blended hourly rates.  DeLacy requires the retainer of
$3,500 to be provided within one day of the Court's approval of the
DeLacy Engagement Agreement.  Additional billable work will not
occur without the Debtor's prior written approval.

P. Barton DeLacy 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.

DeLacy can be reached at:

       DELACY CONSULTING, LLC
       P.Barton Delacy
       330 N. Wabash Ave., Suite 2301
       Chicago, IL 60611
       Tel: (312) 670-1518

                           About Martifer

Martifer Solar USA, Inc., and Martifer Aurora Solar LLC filed
separate Chapter 11 bankruptcy petitions (Bankr. D. Nev. Case Nos.
14-10357 and 14-10355) in Las Vegas on Jan. 21, 2014.  Martifer
Solar USA, which is based in Los Angeles, California, estimated $10
million to $50 million in assets and liabilities.

Bankruptcy Judge August B. Landis oversees the case.  The Debtors
tapped Brett A. Axelrod, Esq., and Micaela Rustia Moore, Esq., at
Fox Rothschild LLP, in Las Vegas, as counsel, and Armory Consulting
Co. as restructuring and financial advisor.  The Debtors tapped
Foley Hoag LLP as special Massachusetts litigation counsel with
respect to a pending litigation relating to EPG Solar, LLC; and
Foley & Lardner LLP as special solar counsel.

The Debtors also won approval to hire FTI and Michael Tucker, a
senior managing director of FTI, to serve as the company's chief
restructuring officer.

Cathay Bank, a prepetition lender, is represented by Michael Gerard
Fletcher, Esq., and Reed S. Waddell, Esq., at Frandzel Robins Bloom
& Csato, L.C.; and Natalie M. Cox, Esq., and Randolph
L. Howard, Esq., at Kolesar & Leatham.

Martifer Solar Inc., the proposed DIP Lender, and ultimate parent
of the Debtors, is represented by Samuel A. Schwartz, Esq., and
Bryan A. Lindsey, Esq., at The Schwartz Law Firm Inc.

Tracy Hope Davis, the U.S. Trustee for Region 17, appointed five
creditors to serve on the Official Committee of Unsecured
Creditors.  The Committee has retained Pachulski Stang Ziehl &
Jones LLP's Bradford J. Sandler, Esq., Shirley S. Cho, Esq., Jason
Rosell, Esq., and Patricia Jeffries, Esq.; and Larson & Zirzow,
Matthew C. Zirzow, Esq., Zachariah Larson, Esq., and Carey
Shurtliff, Esq., as counsel.


MOUNTAIN PROVINCE: Gets OK for $370 Million Credit Facility
-----------------------------------------------------------
Mountain Province Diamonds Inc. has received credit approval for
the previously announced $370 million term loan facility.

For reasons unrelated to the specifics of the transaction or the
Gahcho Kue project, Deutsche Bank A.G. has been replaced as a
mandated lead arranger by the Bank of Nova Scotia.  Natixis S.A.
and Nedbank Limited remain joint mandated lead arrangers with
Scotiabank.

Commenting, Mountain Province CEO Patrick Evans said: "We welcome
Scotiabank to the lending syndicate and are very pleased to have
Canada's leading lender to the mining industry as part of the
lending group.  Significant progress was made to complete due
diligence prior to the end of 2014 and credit approval has now been
received from the lead arrangers."

Finalization of the Facility remains subject to conditions,
including agreement on Facility documentation and syndication,
which are expected shortly.  Drawdown against the Facility is
subject to arrangement of a cost overrun facility.

Mr. Evans added: "As at the end of December, 2014, the overall
project development was more than 50 percent complete and remains
on budget and schedule for first production on H2 2016."

On Dec. 19, 2014, Mountain Province provided written notice to
NYSE-MKT that it expects to voluntarily delist from NYSE-MKT at the
close of trading on Dec. 30, 2014, and intends to transfer the
listing of its common stock to The NASDAQ Stock Market LLC to
commence trading on the next business day, Dec. 31, 2014.  MDM's
common stock has been approved for listing on NASDAQ and will
continue to trade under the stock symbol "MDM."

                 About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province reported a net loss of C$26.60 million in 2013,
a net loss of C$3.33 million in 2012 and a net loss of C$11.53
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed C$200.8
million in total assets, C$41.4 million in total liabilities and
C$159.4 million in total shareholders' equity.


NAARTJIE CUSTOM: Judge Allows Cigna to Cancel Insurance Policy
--------------------------------------------------------------
U.S. Bankruptcy Judge William Thurman lifted the automatic stay
allowing Cigna Health and Life Insurance Co. to cancel an insurance
policy effective Dec. 31, 2014.

Cigna provided group healthcare insurance coverage for Naartjie
Custom Kids Inc.'s employee benefits plan.  The insurance company
decided to cancel the policy after the number of insured Naartjie
employees dropped below the minimum required per group
participation rules, according to court filings.

                     About Naartjie Custom Kids

Naartjie Custom Kids, Inc., which designs, manufactures and sells
children's clothing, accessories and footwear for ages newborn
through 10 years old, sought protection under Chapter 11 of the
Bankruptcy Code on Sept. 12, 2014 (Bankr. D. Utah Case No.
14-29666).  The case is assigned to Judge William T. Thurman.

The Debtor's counsel is Annette W. Jarvis, Esq., Jeffrey M.
Armington, Esq., Benjamin J. Kotter, Esq., and Michael F. Thomson,
Esq., at Dorsey & Whitney LLP, in Salt Lake City, Utah.

The Official Committee of Unsecured Creditors is represented by
Pachulski Stang Ziehl & Jones LLP as its counsel.  Ray Quinney &
Nebeker P.C. serves as local counsel.  FTI Consulting, Inc. serves
as its financial advisor.


NAUTILUS HOLDINGS: Wins Approval of Chapter 11 Plan
---------------------------------------------------
Patrick Fitzgerald and Sara Randazzo, writing for Daily Bankruptcy
Review, reported that Judge Robert Drain of the U.S. Bankruptcy
Court in White Plains has signed off on shipper Nautilus Holdings
Ltd. plan to exit bankruptcy protection, according to the company's
bankruptcy lawyer.

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

Some additions to the Plan include:

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

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

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

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

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

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

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

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

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

                   About Nautilus Holdings

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

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

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

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


NELCO DIVERSIFIED: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Nelco Diversified, Inc.
           dba Nelco Construction
        402 West Martin Luther King Blvd.
        Tampa, FL 33603

Case No.: 15-01091

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: David W Steen, Esq.
                  DAVID W STEEN PA
                  602 S Boulevard
                  Tampa, FL 33606
                  Tel: (813) 251-3000
                  Fax: (813) 251-3100
                  Email: dwsteen@dsteenpa.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Dan Nelson, authorized individual.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb15-01091.pdf


O.W. BUNKER: Committee Taps Gavin/Somonese as Finc'l. Advisor
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of the estates of
O.W. Bunker Holding North America Inc., et al., seeks authorization
from the U.S. Bankruptcy court for the District of Connecticut to
retain Gavin/Solmonese LLC as its financial advisor, nunc pro tunc
to Dec. 9, 2014.

The Committee seeks the employment of Gavin/Solmonese to assist it
in evaluating the Debtors' businesses during these Chapter 11
cases.  

The Committee seeks to retain Gavin/Solmonese to provide financial
advisory services, including, but not limited to:

   (a) reviewing and analyzing the businesses, management,
       operations, properties, financial condition and prospects
       of the Debtors;

   (b) reviewing and analyzing historical financial performance,
       and transactions between and among the Debtors, their
       creditors, affiliates and other entities;

   (c) reviewing the assumptions underlying the business plans and

       cash flow projections for the assets involved in any
       potential asset sale or plan of reorganization;

   (d) determining the reasonableness of the projected performance

       of the Debtors, both historically and future;

   (e) monitoring, evaluating and reporting to the Committee with
       respect to the Debtors' near-term liquidity needs, material

       operational changes and related financial and operational
       issues;

   (f) reviewing and analyzing all material contracts and
       agreements;

   (g) assisting and procuring and assembling any necessary
       validations of asset values;

   (h) providing ongoing assistance to the Committee and the
       Committee's legal counsel;

   (i) evaluating the Debtors' capital structure and making
       recommendations to the Committee with respect to the
       Debtors' efforts to reorganize their business operations
       and confirm a restructuring or liquidating plan;

   (j) assisting the Committee in preparing documentation required

       in connection with creating, supporting or opposing a plan
       and participating in negotiations on behalf of the
       Committee with the Debtors or any groups affected by a
       plan;

   (k) assisting the Committee in marketing the Debtors' assets
       with the intent of maximizing the value received for any
       such assets from any such sale;

   (l) providing ongoing analysis of the Debtors' financial
       condition, business plans, capital spending budgets,
       operating forecasts, management and the prospects for their

       future performance; and

   (m) such other tasks as the Committee or its counsel may
       reasonably request in the course of exercise of the
       Committee's duties in these cases.

Gavin/Solmonese will be paid at these hourly rates:

       Edward T. Gavin, CTP           $625
       Wayne P. Weitz                 $525
       Stanley M. Mastil              $395

From time to time, other Gavin/Solmonese professionals may be
involved in these cases as needed. Hourly rates for these
professionals range from $250 to $650 per hour.  Gavin/Solmonese
has agreed to apply a 15% across-the-board reduction to its regular
hourly fees for this engagement.

Gavin/Solmonese will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Edward T. Gavin, managing director and founding partner of
Gavin/Solmonese, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

The Court for the District of Connecticut will hold a hearing on
the application on Feb. 17, 2015, at 10:00 a.m.  

Gavin/Solmonese can be reached at:

       GAVIN/SOLMONESE LLC
       Edward T. Gavin
       919 N. Market Street, Suite 600
       Wilmington, DE 19801
       Tel No: (302) 655-8997 ext. 151
       E-mail: ted.gavin@gavinsolmonese.com

                          About O.W. Bunker

OW Bunker AS is a global marine fuel (bunker) company founded in
Denmark.

On Nov. 6, 2014, OW Bunker A/S placed OWB Trading and O.W. Bunker
Supply & Trading A/S in an in-court restructuring procedure with
the probate court in Aalborg, Denmark.  By Nov. 7, 2014, the Danish
entities (plus O.W. Bunker Supply & Trading A/S, O.W. Cargo Denmark
A/S, and Dynamic Oil Trading A/S) were placed under formal Danish
bankruptcy (liquidation) proceedings in the Aalborg probate court.
The company declared bankruptcy following its admission that it had
lost US$275 million through a combination of fraud committed by
senior executives at its Singaporean unit.

The Danish company placed its U.S. subsidiaries -- O.W. Bunker
Holding North America Inc., O.W. Bunker North America Inc. and O.W.
Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case
Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014.

The U.S. cases are assigned to Judge Alan H.W. Shiff.  The U.S.
Debtors have tapped Patrick M. Birney, Esq., and Michael R.
Enright, Esq., at Robinson & Cole LLP, as counsel.   McCracken,
Walker & Rhoads LLP is serving as co-counsel.  Alvarez & Marsal is
the financial advisor.

The Office of the United States Trustee formed an official
committee of unsecured creditors of the Debtors on Nov. 26, 2014.


OCZ TECHNOLOGY: Trustee and Former Exec Spar Over Investigation
---------------------------------------------------------------
Law360 reported that both sides of a dispute in Delaware bankruptcy
court over the liquidation trustee for OCZ Technology Group Inc.'s
estate's investigation into whether there are claims for creditors
stemming from settlements in California with the company's former
brass accused the other of flouting judicial rules.

According to the report, at a hearing in Wilmington, R. Adam Swick
of Reid Collins & Tsai LLP, attorney for OCZ liquidation trustee
Peter S. Kravitz, argued cited the move in California federal court
by the company's former directors to quash one of the trustee's
motion.

                             About OCZ

San Jose, Calif.-based OCZ Technology Group, Inc. (Nasdaq: OCZ)
designs, manufactures, and distributes high-performance solid-
state storage solutions and premium computer components.

OCZ and two affiliates on Dec. 2, 2013, filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-13126) with a deal to
sell all assets under 11 U.S.C. Sec. 363 to Toshiba Corporation
for $35 million.

As of the bankruptcy filing, the Debtors had funded indebtedness
of $29.3 million and general unsecured trade obligations of $31.4
million.

The Debtors are represented by Mayer Brown LLP's Sean T. Scott,
Esq., as counsel and Young Conaway Stargatt & Taylor LLP's Michael
R. Nestor, Esq., Matthew B. Lunn, Esq., and Jaime Luton Chapman,
Esq., as Delaware local counsel.  Deutsche Bank is the Debtors'
investment banker.  Mike Rizzo Jr. at RAS Management Advisors,
LLC, serves as financial advisors to the Debtors.  The Hon. Peter
J. Walsh presides over the case.

Kelley Drye & Warren LLP's Eric R. Wilson, Esq., Jason R. Adams,
Esq., and Gilbert R. Saydah Jr., Esq., serve as counsel to the
official committee of unsecured creditors, and Greenberg Traurig,
LLP's Dennis A. Meloro, Esq. serves as local counsel.

OCZ Technology, on Jan. 17, 2014, received approval from the
Bankruptcy Court to sell substantially all of its assets to
Toshiba Corporation for $35 million.  OCZ Technology changed its
name to ZCO Liquidating Corporation.

The Troubled Company Reporter, on Aug. 12, 2014, reported that the
U.S. Bankruptcy Court confirmed OCZ Technology Group's Chapter 11
Plan of Liquidation, dated May 7, 2014.


OFFICE DEPOT: Moody's Puts B2 CFR on Review for Upgrade
-------------------------------------------------------
Moody's Investors Service placed all ratings of Office Depot, Inc.,
which includes the B2 corporate family rating, on review for
upgrade.

"The review action is due to Office Depot's announcement this
morning that it was being acquired by Staples, Inc. (Baa2/Prime-2,
ratings under review for downgrade) in a fully-priced transaction
valued at over $6 billion via a combination of cash/debt and
stock", stated Moody's Vice President Charlie O'Shea. "While there
is much work remaining, including among other things regulatory
review in both the US and Europe, in the event this transaction
closes largely along the lines outlined earlier, an upgrade of
several notches is likely," continued O'Shea. "The review will also
consider the extent to which Staples provides a guarantee or other
form of parental support should Office Depot's existing debt remain
outstanding after the transaction is completed."

On Review for Upgrade:

Issuer: Office Depot, Inc.

  Probability of Default Rating, Placed on Review for Upgrade,
  currently B2-PD

  Corporate Family Rating, Placed on Review for Upgrade, currently

  B2

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Upgrade, currently B2 (LGD4)

Issuer: OfficeMax, Incorporated

  Senior Unsecured Regular Bond/Debenture, Placed on Review
  for Upgrade, currently B3(LGD5)

Issuer: American Foreign Power

  Senior Unsecured Regular Bond/Debenture, Placed on Review
  for Upgrade, currently B3(LGD5)

Issuer: Alabama State Industrial Dev. Auth.

  Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
  currently B3(LGD5)

Issuer: Beauregard (Parish of) LA

  Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
  currently B3(LGD5)

Issuer: International Falls (City of) MN

  Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
  currently B3(LGD5)

Issuer: Rumford (Town of) ME

  Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
  currently B3(LGD5)

Outlook Actions:

Issuer: Office Depot, Inc.

  Outlook, Changed To Rating Under Review From Stable

Issuer: American Foreign Power

  Outlook, Changed To Rating Under Review From Stable

Ratings Rationale

Office Depot's B2 rating primarily considers its credit metrics,
which Moody's believe will remain weak until the integration of
OfficeMax is completed, extraneous stores are closed, and
duplicative expenses eradicated. The rating also recognizes the
difficult macroeconomic operating environment for the office supply
sector in both the U.S. and Europe, which continues to compress
operating performance, as well as the company's challenged
historical execution ability. Moody's expect liquidity to remain
very good, which is a critical factor supporting the B2 rating. An
upgrade would likely result from the company's integration plan
progressing smoothly, leading to an improvement in credit metrics.
Quantitatively, ratings could be upgraded if debt/EBITDA approaches
5.0 times and EBITA/Interest was sustained above 1.75 times, with
liquidity generally maintained at present levels. Ratings could be
downgraded if debt/EBITDA is sustained above 6 times or if
EBITA/interest does not begin to improve sequentially over the next
few quarters, which could result from the integration plan not
proceeding smoothly. Ratings could also be downgraded if liquidity
were to weaken.

Headquartered in Boca Raton, Florida, Office Depot ("ODP") is the
second largest office supply retailer in the US, with annual
revenues of around $17 billion, with over 2,000 stores in North
America.

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



OFFICE DEPOT: S&P Puts 'B-' CCR on CreditWatch Positive
-------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on Boca
Raton, Fla.-based office supplies retailer Office Depot Inc.,
including S&P's 'B-' corporate credit rating, on CreditWatch with
positive implications.

"The CreditWatch placement follows Framingham, Mass.-based Staples
Inc.'s announcement that it has entered into an agreement to
acquire all of the common shares of Office Depot Inc.," said credit
analyst Andy Sookram.  "Staples expects to fund the transaction
with about $4.3 billion of new debt and $2.1 billion of equity.
The transaction is subject to both Staples and Office Depot
shareholder approval, as well as regulatory approval."

In S&P's CreditWatch resolution it could equalize the ratings on
Office Depot with Staples, assuming Office Depot merges into
Staples, with Staples being the surviving entity and all Office
Depot's debt is assumed by Staples if not repaid at closing.  S&P
would then likely withdraw all of the ratings on Office Depot.



OW BUNKER: Shippers Pay to Prevent Ship Detention
-------------------------------------------------
Keith Wallis, writing for Reuters, reported that shipping firms
have paid millions of dollars into U.S. accounts to prevent their
vessels from being detained due to non-payment of bills for fuel
supplied by the bankrupt OW Bunker, indicating the impact from the
collapse of the Danish firm was spreading.

According to the report, citing a maritime lawyer, some 13 cases
involving bunker bills totalling about $12 million have been filed
at New York's southern district court.  The report said U.S. court
documents seen by Reuters show 11 firms, including Germany's Hapag
Lloyd and European gas carrier Exmar, have agreed to pay about
$10.3 million into court and a law firm's trust account since
November.

                          About OW Bunker

OW Bunker A/S is a Danish shipping fuel provider.

On Nov. 7, 2014, OW Bunker A/S, which went public in March,
declared bankruptcy and reported two employees at its Singapore
unit to the police following allegations of fraud.  It owes 15
banks a total of about US$750 million.

OW Bunker said on Nov. 5 it had lost US$275 million through a
combination of fraud committed by senior executives at its
Singapore office and poor risk management.  Trading in its shares
was suspended on Nov. 5 and the company said its banks had
refused to provide more credit.

OW Bunker's U.S. businesses, which opened in 2012 as part of its
global expansion, filed for Chapter 11 bankruptcy protection on
Nov. 13, 2014, in the U.S. Bankruptcy Court for the District of
Connecticut.  The U.S. subsidiaries have assets worth as much as
US$50 million and debt of as much as US$100 million.



PLATTSBURGH SUITES: Taps Hodgson Russ as Attorney
-------------------------------------------------
Plattsburgh Suites LLC asks the U.S. Bankruptcy Court for the
Northern District of New York for permission to employ Hodgson Russ
LLP as its attorney.

The firm will:

  a) evaluate various claims and offsets;
  b) prepare disclosure statement and plan;
  c) recover voidable transfers, if any;
  d) attend 341(a) meeting and valuation hearings, if any; and
  e) negotiate and litigate with secured creditors.

Richard L. Weisz, Esq., partner of the firm, will bill $345 per
hours for services rendered.  

On Jan. 16, 2015, the firm received $25,000 retainer inclusive of
$1,717 filing fee for legal services including prepetition of
schedules, consultation and general bankruptcy advice, and legal
services rendered postpetition.

The Debtor assures the Court that the firm is a "disinterested
person," within the meaning of Section 101(14) of the Bankruptcy
Code.

Mr. Weisz can be reached at:

   Richard L. Weisz, Esq.
   Hodgson Russ LLP
   677 Broadway, Suite 301
   Albany, NY 12207
   Tel: 518.465.2333
   Email: rweisz@hodgsonruss.com

Plattsburgh Suites, LLC, filed for Chapter 11 protection (Bankr.
N.D.N.Y. Case No. 15-10077) in Albany, New York, on Jan. 16, 2015,
disclosing $32.06 million in liabilities.  The case is assigned to
Judge Robert E. Littlefield Jr.  The Debtor has tapped Richard L.
Weisz, Esq., at Hodgson Russ LLP, in Albany, New York, as counsel.


POINT BLANK: Motion to Continue Conference Date Approved
--------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Point Blank Solutions' emergency motion for continuance of the
conference date.

According to the report, "The matters pending in the NY Federal
Court include an ongoing restitution proceeding through which
Debtors hope to recover over $100 million dollars of Mr. Brooks'
assets previously restrained by the U.S. Government. The alleged
victims of the securities fraud also seek to recover the same
restrained assets. Therefore, the Debtors' 'exit strategy' relies
in large measure on what occurs in the restitution proceeding.
Accordingly, it is necessary to have counsels who are involved in
the NY Federal Court restitution proceeding present at the January
30, 2015 status conference in order to fully and accurately advise
the Court of the status of these bankruptcy cases, the NY Federal
Court matters and the Debtors' exit strategy....In order to
preserve resources, Mr. Brooks further requests that the hearing on
the removal Motion also be continued so as to occur at the same
time as the status conference, and that his objection deadline to
the Removal Motion be continued to a date seven days prior to the
rescheduled conference date...it is respectfully requested that the
status conference and conference on the Removal Motion currently
scheduled for January 30, 2015 be continued, and that Mr. Brooks'
response date for the Removal Motion be continued until seven days
prior to the continued conference date." The Court also issued an
order approving the motion to shorten notice period and schedule an
expedited hearing with respect to the emergency motion.

                        About Point Blank

Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and  
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.

The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.

The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a $185
million fraud.

Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010.  Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor.  Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel.  Epiq Bankruptcy Solutions serves as claims
and notice agent.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case.  Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq.,
Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq., at
Baker
& McKenzie LLP, serve as counsel for the Official Committee of
Equity Security Holders.  Robert M. Hirsh, Esq., and George P.
Angelich, Esq., at Arent Fox LLP, serve as counsel to the
Creditors
Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.

In October 2011, the Debtors sold substantially all assets to
Point
Blank Enterprises, Inc.  The lead debtor changed its name to SS
Body Armor I, Inc. following the sale.


PROWLER ACQUISITION: S&P Lowers CCR to 'B-'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based specialty product distributor Prowler
Acquisition Corp. to 'B-' from 'B'.  The outlook is stable.

At the same time, S&P lowered its issue-level rating on the senior
secured first-lien term loan and revolving credit facility one
notch to 'B' from 'B+'.  The recovery rating on the notes remains
'2', indicating a substantial recovery expectation of 70% to 90%
(lower half of the range) in the event of a payment default.

S&P also lowered its senior secured issue-level ratings on the
second-lien term loan to 'CCC' from 'CCC+'.  The '6' recovery
rating on the notes is unchanged, indicating negligible recovery
expectation of 0% to 10% in the event of a payment default.

"The downgrade reflects our view of lower demand for Prowler's
services and pressure on margins due to the slow-down in U.S.
energy infrastructure spending resulting from the sharp decline in
commodity prices," said Standard & Poor's credit analyst Mike
Llanos.

As a result, S&P expects adjusted debt to EBITDA in the 6.25x to
6.5x range for 2015 and funds from operations (FFO) to debt of
about 9%, versus S&P's previous expectations of debt to EBITDA of
4.5x and FFO to debt of 15%.

S&P's "weak" business risk profile is unaffected as it already
incorporate a level of volatility in U.S. energy infrastructure
spending.  The "highly leveraged" financial risk profile assessment
reflects S&P's expectation of leverage between 6.25x to 6.5x.
Nevertheless, S&P's projections assume the company will continue to
generate positive free operating cash flow, benefiting from minimal
capital spending, providing further flexibility for liquidity.
Prowler has been acquisitive over the past 12 months and has grown
the company's scale while diversifying the business both
geographically and into other end markets.  S&P believes the
company will continue its aggressive financial policy given its
ownership by financial sponsor Broad Street Energy Partners but at
the same time being mindful of preserving sufficient liquidity on
hand.  S&P considers liquidity to be "adequate" with forecasted
liquidity sources exceeding uses by about 1.4x over the next 12
months.  The stable outlook reflects S&P's expectation that Prowler
will maintain adequate liquidity during this period of low
commodity prices and will have lower demand and margins such that
leverage remains above 6x for 2015.

If Prowler's liquidity becomes constrained, S&P could lower the
rating into the 'CCC' category.

Though unlikely in the next two years, S&P could raise the rating
if commodity prices improve resulting in stronger demand for energy
infrastructure and if the company maintains its above-average
EBITDA margins while keeping debt to EBITDA below 5.0x.



RADIOSHACK CORP: Case Summary & 50 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                       Case No.
     ------                                       --------
     RadioShack Corporation                       15-10197
     300 RadioShack Circle
     Fort Worth, TX 76102

     Atlantic Retail Ventures, Inc.               15-10199

     Ignition L.P.                                15-10200

     ITC Services, Inc.                           15-10201

     Merchandising Support Services, Inc.         15-10202

     RadioShack Customer Service LLC              15-10203

     RadioShack Global Sourcing Corporation       15-10204

     RadioShack Global Sourcing Limited           15-10206
     Partnership

     RadioShack Global Sourcing, Inc.             15-10207

     RS Ig Holdings Incorporated                  15-10208

     RSIgnite, LLC                                15-10209

     SCK, Inc.                                    15-10210

     Tandy Finance Corporation                    15-10211

     Tandy Holdings, Inc.                         15-10212

     Tandy International Corporation              15-10213

     TE Electronics LP                            15-10214

     Trade and Save LLC                           15-10215

     TRS Quality, Inc.                            15-10217

Type of Business: Radioshack's principal operations consist of two
      
                  platforms: mobility and retail.  The mobility   
                  includes wireless handsets, e-readers, and
                  tablet devices, together associated wireless
                  service plans.  The Company's retail platform
                  includes other consumer electronics product
                  categories and related accessories, batteries,
                  other power products, and technical products.

Chapter 11 Petition Date: February 5, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Kevin J. Carey

Debtors' Counsel: David G. Heiman, Esq.
                  Greg M. Gordon, Esq.
                  Amanda M. Suzuki, Esq.
                  Jonathan M. Fisher, Esq.
                  Thomas A. Howley, Esq.
                  Paul M. Green, Esq.
                  JONES DAY
                  717 Texas Suite 3300
                  Houston, TX 77002
                  Tel: 832.239.3939
                  Fax: 832.239.3600
                  Emails: dgheiman@jonesday.com
                          gmgordon@jonesday.com
                          asuzuki@jonesday.com
                          jmfisher@jonesday.com
                          tahowley@jonesday.com
                          pmgreen@jonesday.com


Debtors'          David M. Fournier, Esq.
Co-Counsel:       Evelyn J. Meltzer, Esq.
                  John H. Schanne, II, Esq.
                  PEPPER HAMILTON LLP
                  Hercules Plaza, Suite 5100
                  1313 Market Street
                  Wilmington, DE 19899-1709
                  Tel: 302-777-6500
                  Fax: 302-421-8390
                  Emails: flbank@pepperlaw.com
                          meltzere@pepperlaw.com
                          schannej@pepperlaw.com

Debtors'          Carlin Adrianopoli
Restructuring     FTI CONSULTING, INC.
Advisors:         227 West Monroe Street, Suite 900
                  Chicago, IL 60606
                  Tel: 312.759.8100
                  Fax: 312.759.8119

Debtors'          MAEVA GROUP, LLC
Turnaround
Advisor:

Debtors'          LAZARD FRERES & CO. LLC
Investment
Banker:

Debtors'          A&G REALTY PARTNERS
Real Estate
Advisor:

Debtors'          PRIME CLERK
Claims and
Noticing Agent:

Total Assets: $1.2 billion

Total Debts: $1.3 billion

The petitions were signed by Joseph C. Maggnacca, chief executive
officer.

Consolidated List of Debtor's 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   -------------
Wilmington Trust, National          Indenture        $329,675,204
Association                         Agreement
Attn: Radioshack Administrator
1100 N. Market Street
Wilmington, DE 19890
Tel: 302-651-8743

Sprint PCS                          Trade Debt         $6,070,924
Attn: Jennifer Johnson
6200 Sprint Parkway
Overland Park, KS 66251
Tel: 913-624-6000

Assurant Service Protection Inc.    Trade Debt         $4,100,000
Attn: Joe Roe
260 Interstate North Pkwy SE
Atlanta, GA 30339-2468
Tel: 770-763-2792

Cellco Partnerships d/b/a           Trade Debt         $2,851,688
Verizon Wireless
Attn: Christina Delduca
One Verizon Way
Basking Ridge, NJ 07920
Tel: 908-306-2939

Federal Express                     Trade Debt         $1,482,811
Attn: Donna Webb
Accounts Payable
2205 SW 74th St.
Oklahoma City, OK 73159
Tel: 405-685-5464

National Distribution Inc.          Trade Debt         $1,360,021
Attn: Seth Green
4809 Avenue N Dock #331
Brooklyn, NY 11234
Tel: 718-204-5038

MagicJack LP                        Trade Debt         $1,335,944
Attn: Peter Russo
5700 Georgia Avenue
W Palm Beach, FL 33405
Tel: 315-463-5954

Freundlich, Jana                    Supplemental       $1,318,482
Attn: Jana Freundlich               Executive
Apartment 1461                      Retirement Plan
2901 Bledsoe St.                    Obligation
Fort Worth, TX 76107
Tel: 817-994-4198

Maker Media Inc.                    Trade Debt         $1,263,340
Attn: Mary Wilson
1005 Gravenstein Hyw North
Sebastopol, CA 95472
Tel: 707-450-1952

Dongguan Tecyea Electronics Ltd.    Trade Debt         $1,250,367
Attn: Fiona Chen
No. 7, Yinhu Road
Dongguan, Guangdong
PRC, 523000
Tel: +86-769-21686211

Rooftop Group USA Inc.              Trade Debt         $1,230,038
Attn: Adam McEnaney
15760 W Hardy Rd, Suite 400
Houston, TX 77060
Tel: 949-266-8959

Tracfone Wireless Inc.              Trade Debt         $1,094,869
Attn: Dan Neely
8200 NW 27th St., Ste. 117
Miami, FL 33122
Tel: 305-418-2696

Master Hill Electric Wire & Cable   Trade Debt         $1,079,166
Attn: Lisa Hong
Unit 505, 5/F, Sunbeam Centre,
27 Shing Yip Street
Kwun Tong, Kowloon
Hong Kong
Tel: +86-755-28131750

Barfield, Mark                      Supplemental       $1,016,931
Attn: Mark Barfield                 Executive
508 Haverhill Lane                  Retirement
Colleyville, TX 76034               Obligation
Tel: 817-726-3810                   Plan

GSI Commerce Solutions Inc.         Trade Debt           $919,363
Attn: Monica Gout
935 First Avenue
King of Prussia PA 19406
Tel: 760-505-7278

Protop International Inc.           Trade Debt          $879,258
Attn: Joyce Ho
5F-3, No. 33, SEC. 1, Min-
Sheng Rd.
Banquiao District
New Taipei, Taiwan, 220
Tel: +88-62-295-9035

Moad, Martin                        Supplemental        $861,327
Attn: Martin Moad                   Executive
2005 Forest Park Blvd               Retirement
Fort Worth, TX 76110                Plan
Tel: 817-924-6502                   Obligation

Wilson Electronics LLC              Trade Debt          $811,656
Attn: Reid Schoneberg
3301 E Deseret Drive
St. George, UT 84790
Tel: 435-656-2432

BBDO Puerto Rico Inc.               Trade Debt          $801,299
Attn: Marizulma Principe
PO Box 11854
San Juan, PR 00922-1854
Tel: 787-406-5972

Toshiba America Information         Trade Debt          $781,977
Systems Inc.
Attn: Kiet Huynh
9740 Irvine Blvd.
Irvine, CA 92618
Tel: 800-866-8674

Seeed Technology Inc.               Trade Debt          $758,126
Attn: Heidi Luo
5th Floor, 8th Building, Shiling
Industrial Park
XiLi Town, Nangang District
ShenZhen, GuangDong, 518055
Tel: +75-53-316-2243

Ryan Inc.                           Trade Debt          $754,829
Attn: Clara Kippes
13155 Noel Road Suite 100
Dallas, TX 75240
Tel: 972-934-0022

Hullinger, Mark                     Supplemental        $702,717
Attn: Mark Hullinger                Executive
2009 Marble Pass Drive              Retirement
Keller, TX 76248                    Plan
Tel: 817-605-7271                   Obligation

Process Displays                    Trade Debt          $697,029
Attn: Ashley Kropelnicki
7108 31st Avenue N
Minneapolis, MN 55427
Tel: 763-546-0821

Motorola Mobility                   Trade Debt          $664,200
Attn: Bryan Bourff
222 W. Merchandise Mart Plaza
Ste. 1800
Chicago, IL 60654
Tel: 770-664-7030

Leader Electronics Inc.             Trade Debt          $652,981
Attn: Ming Lee
8F., No. 138, LN. 235, Baoqiao Rd
Xindian District
New Taipei City
Taiwan, 23145
Tel: +88-62-8195-3058

Samson Technologies Corp.           Trade Debt          $634,406
Attn: Robert Caputo
45 Gilpin Ave #100
Hauppague, NY 11788
Tel: 631-784-2200

Vican Inc.                          Trade Debt          $588,788
Attn: Michael Nubel
1205 S. White Chapel, Ste. 100
Southlake, TX 76092
Tel: 817-749-3600

Ripperton, John                     Supplemental        $559,510
Attn: John Ripperton                Executive
PO Box 1566                         Retirement
Aledo, TX 76008                     Plan
Tel: 817-441-8502                   Obligation

Jebsee Electronics Co., Ltd.        Trade Debt          $508,697
Attn: Kitten Chao
No. 24-3, Sinle Road
Tainan, Taiwan, 702
Tel: +886-6-2647622

GSD&M                               Trade Debt          $495,760
Attn: Sabia Siqqidi
PO Box 685095
Austin, TX 78768
Tel: 512-466-4471

Zylux Acoustic Corporation          Trade Debt          $472,045
Attn: David Meeks
12F, 95 Tun-Hua, S. Rd.,
Sec. 2
Taipei, Taiwan, 100
Tel: +88-62-2703-3488

Tarrant County College District     Landlord            $470,833
Attn: A. Burch Waldron III
1600 West 7th St., Suite 500
Fort Worth, TX 76102-2598
Tel: 817-335-7373

Musical Electronics Limited         Trade Debt          $431,467
Attn: HK Chan
Flat H,J,K, 12/Floor, World
Tech Centre
95 How Ming Street
Kwun Tong, Kowloon
Hong Kong
Tel: 852 2341-9281

Logicsource Inc.                    Trade Debt          $430,514
Attn: David Pennino
Attn Finance Department
20 Marshall Street
Norwalk, CT 06850
Tel: 203-409-9765

Lambert, Linda                      Supplemental        $428,749
Attn: Linda Lambert                 Executive
4509 Ann Way                        Retirement
Alvarado, TX 76009                  Plan
Tel: 972-838-3895                   Obligation

Y.C. Cable Co. Ltd.                 Trade Debt          $401,801
Attn: Jasmine Hiuang
5F, No. 12, Lane 270
Sec. 3, Peishen Rd.
Shenkeng Shiang
Taipei, Taiwan, 22205
Tel: +88-62-2662-9656

Samya Technology Co. Ltd.           Trade Debt          $388,199
Attn: Fui Yang
18F, No. 1223, Chung-Cheng Road
Taoyuan City, Taiwan, 330
Tel: +88-63-3756899

Jeffries, Telvin P                  Severance           $383,304
Attn: Telvin P Jeffries
730 Elk Rdg
Fairview, TX 75069
Tel: 214-722-7543

Shin Chin Ind. Co., Ltd.            Trade Debt          $378,475
Attn: Mark Hung
128, Cheng Pei 1st Rd.,
Yung Kang District
Tainan City, 71042
Tel: +88-6-6253-2186

Facility Solutions Group            Trade Debt          $357,122
Attn: Mandy Brunson
2525 Walnut Hill Lane
Dallas, TX 75229
Tel: 214-351-6266

GN Netcom Inc.                      Trade Debt          $355,522
Attn: Shannon Rogers
700 E Butterfield Rd Ste. 150
Lombard, IL 60148
Tel: 630-442-6900

Good Mind Industries, Ltd.          Trade Debt          $352,514
Attn: Wendy Lin
No. 22, Ta Yeou 2nd St.
Ta Fa Industrial District,
Ta Liau District
Kaohsiung City
Taiwan, 831
Tel: 886-7-7871228

SPS Inc.                            Trade Debt          $335,671
Attn: Daniel Ho
7F., No. 181-2, Sec. 2, Bao-An St.
Shulin City
Taipei, Taiwan, 305
Tel: +886-8688-1705

Nebes, Bill                         Supplemental        $297,764
Attn: William Nebes III             Executive
P.O. Box 7201                       Retirement
Nashua, NH 03060-7201               Plan
Tel: 617-773-0970                   Obligation

Kimberling, Jackie                  Supplemental        $291,909
Attn: Jacqueline Kimberling         Executive
1408 Chisholm Trail S               Retirement
Granbury, TX 76048                  Plan
Tel: 817-773-0970                   Obligation

Cognizant Technology                Trade Debt          $286,571
Attn: Gregory Bossarte
5350 tech Data Drive
Clearwater, FL 33760
Tel: 800-237-8931

Shenshen Chousen Optoelectronics    Trade Debt          $283,193
Attn: Justin Cai
5th & 6th Floor, 3rd Building
No. 129 of 1st Industrial Area
Lisonglang Community
Gong Ming Office
Guangming New District
Shenzhen, 518106
China
Tel: +86-755-2712-4933

Panasonic North America             Trade Debt          $282,926
Attn: Scott Carlson
1795 26th Walk NE
Issaquah, WA 98029
Tel: 952-226-1818

Internal Revenue Service             Tax            Unliquidated
Attn: Centralized Insolvency
Operation
Post Office Box 7346
Philadelphia, PA 19101-7346
Tel: 800-913-9358


RADIOSHACK CORP: Donald Smith Stake Down to 0% as of Dec. 31
------------------------------------------------------------
Donald Smith & Co., Inc., and Donald Smith Long/Short Equities
Fund, L.P., disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, they
did not hold any shares of common stock of RadioShack Corp.  A copy
of the regulatory filing is available at http://is.gd/gx7fAW

                    About Radioshack Corporation

Fort Worth, Texas-based RadioShack (NYSE: RSH) --
http://www.radioshackcorporation.com/-- is a retailer of 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 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 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 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's corporate family rating to 'Caa2' from
'Caa1'.  "The continuing negative trend in RadioShack's sales and
margins has resulted in a precipitous drop in profitability
causing continued deterioration in credit metrics and liquidity,"
Mickey Chadha, Senior Analyst at Moody's said.


RADIOSHACK CORP: Files Voluntary Chapter 11 Bankruptcy Petition
---------------------------------------------------------------
RadioShack Corporation on Feb. 5 announced several actions intended
to maximize value for the Company's stakeholders.

RadioShack has signed an asset purchase agreement with General
Wireless Inc., an affiliate of Standard General L.P.  General
Wireless has agreed to acquire between 1,500 and 2,400 of
RadioShack's U.S. Company-owned stores.  To effectuate this
transaction and an orderly sale of the Company's remaining assets,
RadioShack and certain of its U.S. subsidiaries have filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Delaware.  As part of this process, other parties will have an
opportunity to submit offers for RadioShack's assets in a
court-approved process.  The sale agreement is subject to court
approval and other conditions.  RadioShack's foreign subsidiaries
and its franchisee-owned stores are not included in the filing.
General Wireless, the entity formed to acquire the stores under the
asset purchase agreement, has agreed in principle on terms with
Sprint to establish a new dedicated mobility "store within a store"
retail presence in up to 1,750 of the acquired stores.  This
agreement-in-principle is subject to negotiation of definitive
documentation as well as court approval.

In addition, the Company has filed a motion with the Court to
proceed with the closure of the remaining company-owned stores
under an agreement with Hilco Merchant Resources.  A list of the
stores slated for closure will be posted in the near future on the
restructuring information section of the company's web site at
http://www.radioshackcorporation.com/

Stores that are closing are expected to sell remaining inventory.

RadioShack currently has approximately 4,000 company owned stores
in the U.S.  Its more than 1,000 dealer franchise stores in 25
countries, the stores operated by its Mexican subsidiary, and its
Asia operations are not included in the Chapter 11 filing or the
agreements announced today.  

Discussions are underway with interested parties to sell all of the
company's remaining assets.

Joe Magnacca, RadioShack's chief executive officer, said, "These
steps are the culmination of a thorough process intended to drive
maximum value for our stakeholders."

RadioShack has made customary first-day motions with the Bankruptcy
Court intended to support the continuation of its day-to-day
operations for customers, employees, vendors and suppliers, and
other business partners during the restructuring.  As part of that,
it is seeking Court approval to continue employee wages and certain
benefits and honor certain customer programs.  The motions are
expected to be addressed by the Court in the coming days.

The Company has also secured a commitment for approximately $285
million in debtor-in-possession financing (DIP) from its current
ABL lender group, led by DW Partners, LP.  The DIP is intended to
provide it with liquidity during the sale process. The DIP funding
includes a roll up of the Company's prepetition revolver, letters
of credit, and FILO facility.  In addition, the facility will
provide up to $20 million in incremental borrowing capacity.

Pursuant to the auction process the Company has filed for approval
by the Court, all qualifying parties will have an opportunity to
submit offers for evaluation through a Court-supervised competitive
bidding process.  Any sale will be subject to Court approval and
other closing conditions.  There can be no assurance that a sale
will be consummated at the conclusion of this process.  

The Company's legal advisor is Jones Day, its investment banker is
Lazard Freres, and its financial advisors are The MAEVA Group and
FTI.

Additional information about the process is available in the
Restructuring Information section of www.RadioShackCorporation.com


Claims information is available there and at
http://cases.primeclerk.com/radioshackor by calling the Company's
restructuring hotline at 844-794-3477 or +1-917-606-6439
(international).

                About Radioshack Corporation

Fort Worth, Texas-based RadioShack (NYSE: RSH) --
http://www.radioshackcorporation.com/-- is a retailer of 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 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.

                          


REICHHOLD HOLDINGS: Unloads Underfunded Pension Plan on PBGC
------------------------------------------------------------
William J. Rochelle III, writing for Bloomberg News, reported that
the Pension Benefit Guaranty Corp. is about to take over Reichhold
Inc.'s retirement plan, which covers almost 4,500 current and
former workers at the maker of polyester resins, saying it's
underfunded by $97.4 million.

According to the report, Reichhold arranged a Feb. 23 court hearing
in Wilmington, Delaware, to seek approval of an agreement
terminating the plan and handing the assets over to the PBGC.
Under the agreement, Reichhold doesn't acknowledge the accuracy of
the PBGC's underfunding estimate.

                         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.


REVEL AC: Exclusive Solicitation Period Extended Until Feb. 28
--------------------------------------------------------------
Judge Gloria M. Burns of the U.S. Bankruptcy Court for the District
of New Jersey extended Revel AC LLC's Exclusive Solicitation Period
through and including Feb. 28, 2015.

On Jan. 21, Revel filed a motion seeking extension of its exclusive
solicitation period to and including April 30, 2015, saying it is
still working with Polo North, the purchaser of its assets, towards
closing of the sale.  According to Revel, the extension of the
exclusive solicitation period will afford it an opportunity to
modify and solicit acceptances of the plan.  The expiration of the
exclusive solicitation period and the threat of multiple plans
filed by other parties will likely lead to further contentious
litigation in the Chapter 11 cases and increase the difficulty of
confirming a plan.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates

Revel, a Las Vegas-style, beachfront entertainment resort and
casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19,
2014,
to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No.
13-16253)
on March 25, 2013, with a prepackaged plan that reduced debt by
$1.25 billion.  Less than two months later on May 15, 2013, the
2013 Plan was confirmed and became effective on May 21, 2013.





REVEL AC: Seeks ACR Energy Penalties as it Plans to Cut Power
-------------------------------------------------------------
Michael Bathon, writing for Bloomberg News, reported that Revel AC
Inc. asked a judge to penalize its power provider for planning to
cut off electricity on Feb. 5.  According to the report, Revel said
in court papers that ACR's move is a violation of the bankruptcy
code’s so-called automatic stay and ACR should be fined $10
million for shutting off the power, plus $1 million a day until the
juice is restored.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates

Revel, a Las Vegas-style, beachfront entertainment resort and
casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19,
2014,
to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No.
13-16253)
on March 25, 2013, with a prepackaged plan that reduced debt by
$1.25 billion.  Less than two months later on May 15, 2013, the
2013 Plan was confirmed and became effective on May 21, 2013.


ROADMARK CORP: Court Issues Order in Aid of Ch. 11 Administration
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, issued an order to aid in the
administration of the estate of Roadmark Corporation and to carry
out the provisions of the Bankruptcy Code.

The Court ordered that the Debtor must comply with the requirements
set forth in U.S.C. Section 521, in Local Bankruptcy
Rule 4002−1(c), EDNC, any other applicable provisions contained
in the Local Bankruptcy Rules, EDNC, in the Interim Rules of
Bankruptcy Procedure for the Eastern District of North Carolina, in
the Bankruptcy Code, and in 28 U.S.C. Section 1930 and the Federal
Rules of Bankruptcy Procedure.

The Debtor and/or the Chapter 11 trustee must cooperate with and be
accountable to the bankruptcy administrator and in doing so, must
attend meetings and site visits scheduled by the bankruptcy
administrator and must file with the court regular reports of
operations in the form and frequency as the bankruptcy
administrator will reasonably require.

                     About Roadmark Corporation

Roadmark Corporation is a regional full-service highway paving
striper operating primarily in North Carolina, South Carolina,
Virginia and Maryland.

Roadmark filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C.
Case No. 15-00432) in Raleigh, North Carolina, on Jan. 26, 2015.
The case is assigned to Judge David M. Warren.

The Debtor disclosed $14.5 million in assets and $15.0 million in
liabilities in its schedules.

The Debtor tapped John Paul H. Cournoyer, Esq., and Vicki L.
Parrott, Esq., at Northen Blue, LLP, in Chapel Hill, North
Carolina, as counsel.  The Debtor also tapped Nelson & Company as
accountants and The Finley Group, Inc., as financial consultant.


ROADMARK CORP: Creditors Object to Proposed Cash Collateral Use
---------------------------------------------------------------
DSCH Capital Partners, LLC, d/b/a Far West Capital, and Guarantee
Company of North America, filed separate objections to Roadmark
Corporation's request to use cash collateral securing its
prepetition indebtedness.

GCNA, a surety that provided performance and payment bonds with an
aggregate sum in excess of $14 million to the Debtor in connection
with its work for various state departments of transportation or as
a subcontractor performing work, asserts that bonded contract funds
are a surety's "cash collateral pursuant to Section 363(a) of the
Bankruptcy Code.  Accordingly, to the extent the Debtor is seeking
a cash collateral order authorizing the use of bonded contract
proceeds, GCNA asserts that it is entitled to adequate protection
of its interests.

Far West, to whom the Debtor is indebted to in the amount of
approximately $1.94 million, says the Court can approve the
Debtor's use of the Far West cash collateral only if the Debtor
demonstrates that Far West is adequately protected.

GCNA is represented by:

         Patrick M. Pike, Esq.
         PIKE & GILLISS, LLC
         9475 Deereco Road, Suite 300
         Timonium, MD 21093
         Tel: (443) 761-6500
         Email: pike@pikegilliss.com

            -- and --

         W. Ellis Boyle, Esq.
         ELLIS BOYLE LAW, PLLC
         507 N. Blount Street
         Raleigh, NC 27604
         Tel: (919) 747-8386
         Fax: (919) 882-1222
         Email: ellis@ellisboylelaw.com

Far West is represented by:

         Teresa Ruiz Schober, Esq.
         James M. Schober, Esq.
         SCHOBER & SCHOBER, PC
         400 W. 15th St., Suite 404
         Austin, TX 78701
         Tel: (512) 474-7678
         Fax: (512) 498-1333

            -- and --

         Gerald A. Jeutter, Jr., Esq.
         Attorney at Law, PA
         615 Oberlin Road, Suite 102
         Post Office Box 12585
         Raleigh, NC 27605
         Tel: (919) 334-6633
         Fax: (919) 833-9793
         Email: jeb@jeutterlaw.com

                     About Roadmark Corporation

Roadmark Corporation is a regional full-service highway paving
striper operating primarily in North Carolina, South Carolina,
Virginia and Maryland.

Roadmark filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C.
Case No. 15-00432) in Raleigh, North Carolina, on Jan. 26, 2015.
The case is assigned to Judge David M. Warren.

The Debtor disclosed $14.5 million in assets and $15.0 million in
liabilities in its schedules.

The Debtor tapped John Paul H. Cournoyer, Esq., and Vicki L.
Parrott, Esq., at Northen Blue, LLP, in Chapel Hill, North
Carolina, as counsel.  The Debtor also tapped Nelson & Company as
accountants and The Finley Group, Inc., as financial consultant.


ROADMARK CORP: David Rosenthal Directed to Appear for Examination
-----------------------------------------------------------------
Judge David M. Warren of the U.S. Bankruptcy Court for the Eastern
District of North Carolina, Raleigh Division, ordered David M.
Rosenthal to appear and submit to examination, on behalf of
Roadmark Corporoation, at the 11 U.S.C. Section 341(a) meeting of
creditors scheduled for Tuesday, March 3, 2015, at 10:00 AM.

The designee is further ordered to file schedules and statements
and to do any other act required by the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure and the local rules of the
court which is required by the debtor.

                     About Roadmark Corporation

Roadmark Corporation is a regional full-service highway paving
striper operating primarily in North Carolina, South Carolina,
Virginia and Maryland.

Roadmark filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C.
Case No. 15-00432) in Raleigh, North Carolina, on Jan. 26, 2015.
The case is assigned to Judge David M. Warren.

The Debtor disclosed $14.5 million in assets and $15.0 million in
liabilities in its schedules.

The Debtor tapped John Paul H. Cournoyer, Esq., and Vicki L.
Parrott, Esq., at Northen Blue, LLP, in Chapel Hill, North
Carolina, as counsel.  The Debtor also tapped Nelson & Company as
accountants and The Finley Group, Inc., as financial consultant.


ROADMARK CORP: Inks Premium Finance Agreement with PAC
------------------------------------------------------
Roadmark Corporation seeks authority from the U.S. Bankruptcy Court
for the Eastern District of North Carolina, Raleigh Division, to
enter into a premium finance agreement, which provide that premiums
for various insurance coverages will be financed through regular
monthly installments and which grants Premium Assignment
Corporation a first priority lien on and security interest in
unearned premiums.  The agreement further provides that the liens,
security interests and rights in unearned premiums granted under
the Agreement will be senior to the lien of any DIP Lender and
senior to any claims under Sections 503, 506(b) or 507(b) of the
Bankruptcy Code.

PMC Financial Services Group, LLC, a secured creditor, tells the
Court that there is no need for the motion nor grounds grounds for
postpetition approval of the premium financing agreement with PAC.
PMC points out that the Debtor not only make the $291,442 down
payment required under the agreement prepetition, but also that the
agreement, and the coverage afforded by the policies for which the
premium financing is being provided, all took place prepetition.
Accordingly, the agreement is a prepetition contract and should be
treated accordingly, PMC asserts.

PMC is represented by:

         Paul Arrow, Esq.
         BUCHALTERNEMER
         1000 Wilshire Boulevard
         Suite 1500
         Los Angeles, CA 90017-1730
         Tel: (213) 891-5002
         Email: PARROW@buchalter.com

            -- and --

         Kenneth M. Greene, Esq.
         CARRUTHERS & ROTH, P.A.
         Post Office Box 540
         235 North Edgeworth Street
         Greensboro, NC 27401
         Tel: (336) 478-1124
         Email: kmg@crlaw.com

                     About Roadmark Corporation

Roadmark Corporation is a regional full-service highway paving
striper operating primarily in North Carolina, South Carolina,
Virginia and Maryland.

Roadmark filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C.
Case No. 15-00432) in Raleigh, North Carolina, on Jan. 26, 2015.
The case is assigned to Judge David M. Warren.

The Debtor disclosed $14.5 million in assets and $15.0 million in
liabilities in its schedules.

The Debtor tapped John Paul H. Cournoyer, Esq., and Vicki L.
Parrott, Esq., at Northen Blue, LLP, in Chapel Hill, North
Carolina, as counsel.  The Debtor also tapped Nelson & Company as
accountants and The Finley Group, Inc., as financial consultant.


SABRE INDUSTRIES: S&P Affirms 'B' Corp. Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Alvarado, Texas-based Sabre Industries
Inc.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating to the
company's proposed $320 million senior secured credit facilities
(one-notch higher than the corporate credit rating).  The recovery
rating is '2', indicating S&P's expectation of substantial (70% to
90%) recovery in the event of a payment default (low end of the
range).

"The stable outlook reflects our belief that Sabre's revenues and
EBITDA generation will improve prior to normalizing over the next
12 to 24 months as the company integrates FWT," said Standard &
Poor's credit analyst Pablo Garces.  "The outlook further reflects
our opinion that EBITDA margins will improve over the same time
period as fixed costs are spread over a larger revenue base.  We
believe this will improve Sabre's debt to EBITDA leverage measures,
which could approach and fall below 5x by the end of fiscal 2016.
However, we believe it is likely that Sabre will continue to be
acquisitive within this timeframe, an event that would most likely
be funded by additional debt and thus heighten leverage ratios.  In
this scenario we also expect liquidity to remain adequate."

S&P would downgrade Sabre if the company's leverage were to
increase in a meaningful way, due to either the issuance of more
debt or an unexpected earnings decline, resulting in leverage
increasing beyond 8x.  S&P could envision such a scenario if
Sabre's profit margins dropped due to the pricing environment being
more competitive than currently predicted or if the company borrows
to fund a sizable acquisition.

S&P would upgrade Sabre if S&P was to take a more positive view of
business risk in the longer term, supported by the company
continuing to meaningfully expand and diversify its customer base.
That, in addition to a normalization of earnings (from an EBITDA
margin perspective) over the next 12-24 months, could cause S&P to
reassess Sabre's current "weak" business risk profile as "fair."



SCIENTIFIC GAMES: BlackRock Reports 5.1% Stake at Dec. 31
---------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, BlackRock, Inc., disclosed that as of Dec. 31, 2014, it
beneficially owned 4,349,860 shares of common stock of Scientific
Games Corp. representing 5.1 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/FEvEls

                      About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  For more information, please
visit: www.scientificgames.com.

Scientific Games reported a net loss of $30.2 million in 2013, a
net loss of $62.6 million in 2012 and a net loss of $12.6 million
in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $4.03
billion in total assets, $3.93 billion in total liabilities and
$105.7 million in total stockholders' equity.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to B1.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SCRUB ISLAND: Wants to Hire Sinking Fund Agent; PR Bank Reacts
--------------------------------------------------------------
Scrub Island Development Group Limited asks the U.S. Bankruptcy
Court for the Middle District of Florida to approved its request to
appoint Richard Gaudet of HDH Advisors LLC as the sinking fund
agent in connection with the Section 1111(b) treatment provisions
of the claims of FirstBank Puerto Rico under the First Amended
Joint Plan of Reorganization as modified on Jan. 15, 2015.

The Plan provides for the treatment of FirstBank's claims based on
the bank's having made the election under Section 1111(b)(2).  In
part, the Plan provides that the Debtors will open and maintain an
account for the benefit of the Reorganized Debtors and subject to
the lien of FirstBank.  The Reorganized Debtors will deposit into
the sinking fund account the net proceeds of real estate sales,
operating revenues net of expenses, payments, and reserves, and
payments from any purchaser financing.  The sinking fund account
would be used to fund or reimburse advances for improvements to
FirstBank's collateral, and would be used to fund payments to the
bank as required under the Plan.

The Plan contemplates the appointment of an agent to monitor and
oversee Reorganized SIDG's deposits into and payments from the
sinking fund account.  Specifically, the duties of the sinking fund
agent would include, but not be limited to:

a. Cash and Investment Management:
   
   i. Review and approve releases of collateral in accordance with

      the Plan;

  ii. Accept collateral release proceeds into the Sinking Fund
      Account;

iii. Establish and maintain deposit and investment accounts
      comprising the sinking fund account, to be maintained at the

      Bank of Tampa or such other similar financial institution,
      and which funds may be held in depository accounts, or at
      the discretion of the Sinking Fund Agent, invested in
      securities of the U.S. Government, state and municipal
      entities, or corporate bonds having a Moody's rating of AA
      or better, provided that any investment transactions shall
      be conducted through investment accounts maintained at the
      financial institution or its designated investment banking
      affiliate;

  iv. Monthly reconciliation and reporting to Reorganized SIDG and

      FirstBank of assets of the Sinking Fund Account and any
      Mortgage Financing;

   v. Monitor financial performance of the Reorganized Debtors to
      determine excess cash flow distributions due to the Sinking
      Fund Account;

  vi. Make distributions to FirstBank pursuant to Plan of
      Reorganization.

b. Purchase Money Mortgage Underwriting (consistent with
   procedures to be approved by the Court pursuant to separate
   motion)

   i. Underwrite and close Purchaser Financing portfolio;

  ii. Distribution of net payment proceeds to FirstBank on a
      quarterly basis

c. Review, approve, and fund capital expenditure distributions

   i. Infrastructure development: Distributions based on approved
      development budget and progress billings submitted on AIA
      form G-702 or similar form acceptable to the Sinking Fund
      Agent, Reorganized Debtors, and RCB.

  ii. Repair and replacement:

      1. Distributions based upon annual capital expenditure
         budget submitted by Reorganized SIDG

      2. Distributions based upon submission of invoices for work
         completed and certification of completion.

The Debtors propose that the Sinking Fund Agent be entitled to
these compensation for the performance of the duties:

a. Cash and Investment Management: Fees shall be calculated and
   paid quarterly based on the average assets under management.

   i. 0.25% on the first $10,000,000 (1% Annual Fee);
  ii. 0.125% on balances in excess of $10,000,000 (0.5% Annual
      Fee)

b. Purchaser Financing Underwriting:

   i. Underwriting Fee of $1,000 for each Loan Application;

c. Capital Expenditure Distributions:

   i. Time spent with monitoring and approving capital expenditure
      distributions shall be billed at an hourly rate of
      $250 per Hour.

               Objection to Sinking Fund Agent Appt

FirstBank Puerto Rico, prepetition secured lender to the Debtors,
opposes the appointment of a sinking fund agent and asks the Court
to deny the Debtor's request.  The bank says the the appointment is
inappropriate for three reasons:

a. Given the Debtors' broad formulation of the estate
   administration responsibilities of the Sinking Fund Agent, any
   "appointment of the Sinking Fund Agent should be subject to the

   review, approval, and disinterestedness under section 327(a) of

   the Bankruptcy Code. Based on their own description, the
   Debtors are requesting authorization to task the Sinking Fund
   Agent with the responsibility of administering significant
   components of the 1111(b) Plan and the Debtors' estates post-
   Effective Date, including those impacting payments to
   FirstBank.  The Debtors intend for the Sinking Fund Agent to be

   much more than a mere disbursement agent.  Rather, the Debtors
   now disclose and propose that the Sinking Fund Agent will
   oversee such substantive Plan administration responsibilities
   as the underwriting of homeowner mortgages and the assessment
   and approval of capital expenditures -- two significant
   components of the Plan's administration -- and that the Sinking

   Fund Agent also have standing to appear in the Cases and to
   retain professionals as if the Sinking Fund Agent were a quasi-
   trustee or chief restructuring officer of sorts. As the Debtors

   recently cited in an application to the Court in which they
   seek to dispense with the 327(a) retention requirement for a
   different individual, "Court approval is required for the
   retention of...professional persons...intimately involved in
   the administration of the Debtor's estate.  Matter of Seatrain
   Lines, Inc., 13 B.R. 980, 981 (Bankr. S.D.N.Y. 1981).  
   FirstBank agrees and believes that such approval is and should
   be required here, prior to the Court's approval of a Sinking
   Fund Agent.

b. Even if approval of the Sinking Fund Agent under section 327
   were not required, FirstBank submits that the Debtors'
   appointment of Mr. Gaudet as Sinking Fund Agent is still
   inappropriate on the facts and circumstances presented.  It is
   inappropriate for the Debtors' own expert witness now to
   purport to serve in a capacity that is obviously pivotal to the

   implementation of the Plan.  The individual serving this role
   should be an entirely independent party whose views of the Plan

   and its administration -- and whose willingness to police the
   Debtors' actions under the Plan and seek relief as against the
   Debtors if necessary -- are in no danger of being colored, even

   unintentionally, by the Debtors' litigation campaign or
   strategies against FirstBank or the expert witness relationship

   between the Debtors and Mr. Gaudet.

c. The Motion fails to explain why Mr. Guadet -- among all other
   potential candidates -- is best suited for this specific role.

   The Motion states that the Debtors have "selected Mr. Guadet,
   which implies that the Debtors considered at least one other
   candidate for the Sinking Fund Agent role.  However, the Motion

   fails to discuss any such consideration process.  While the
   quick appointment of Mr. Gaudet may be desirable to the Debtors

   given Mr. Gaudet's prior involvement in these Cases on the
   Debtors' behalf, in light of the markedly different role that
   the Debtors now propose for the Sinking Fund Agent, it is
   incumbent upon the Debtors to demonstrate that any Sinking Fund

   Agent is the best suited for the wide range of specialized
   tasks and estate administration responsibilities that the
   Debtors propose.  It is equally incumbent upon the Debtors to
   demonstrate that the compensation structure for any Sinking
   Fund Agent is the most competitive as possible (particularly as

   it appears that the Debtors intend for the Sinking Fund Agent
   to be paid from the Sinking Fund), which is not addressed in
   the Motion.

FirstBank Puerto Rico retained as counsel:

   W. Keith Fendrick, Esq.
   HOLLAND & KNIGHT LLP
   100 N. Tampa St., Suite 4100
   Tampa, FL 33602
   Tel: 813-227-8500
   Fax: 813-229-0134
   Email: keith.fendrick@hklaw.com

       -- and --

   Zachary H. Smith, Esq.
   MOORE & VAN ALLEN PLLC
   100 North Tryon Street, Suite 4700
   Charlotte, NC 28202-4003
   Tel: 704-331-1000
   Fax: 704-331-1159
   Email: zacharysmith@mvalaw.com

Richard Gaudet can be reached at:

   Richard Gaudet
   HDH Advisors LLC
   2002 Summit Boulevard, Suite 950
   Atlanta, Georgia 30319
   Tel: (770) 790-5012
   Fax: (770) 790-5103
   Email: rgaudet@hdhadvisorsllc.com

                         About Scrub Island

Scrub Island Development Group Ltd., the owner of a British Virgin
Islands luxury resort, and its affiliate, Scrub Island Construction
Limited, sought bankruptcy protection (Bankr. M.D. Fla. Case Nos.
13-15285 and 13-15286) on Nov. 19, 2013, to end a receivership
Scrub Island claims was secretly put in place by its lender.  The
bankruptcy case is assigned to Judge Michael G. Williamson.

The 230-acre resort operates as a Marriott Autograph Collection
property.  It has 52 rooms and suites, a spa and a 55-slip marina.

Scrub Island Development scheduled $126 million in assets and $131
million in liabilities.

The Debtors are represented by Charles A. Postler, Esq., and Harley
E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa,
Florida.

FirstBank Puerto Rico, the prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP, in
Tampa, Florida.

The Debtors are represented by Charles A. Postler, Esq., and Harley
E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa,
Florida.

FirstBank Puerto Rico, the Debtor's prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP, in
Tampa, Florida.

The Official Committee of Unsecured Creditors appointed in Scrub
Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice,
Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A., as
general counsel.


SEANERGY MARITIME: Receives Noncompliance Notice from Nasdaq
------------------------------------------------------------
Seanergy Maritime Holdings Corp. has received written notification
from The Nasdaq Stock Market dated Jan. 28, 2015, indicating that
because the closing bid price of the Company's common stock for 30
consecutive business days, from Dec. 12, 2014, to Jan. 27, 2015,
was below the minimum $1.00 per share bid price requirement for
continued listing on the Nasdaq Capital Market, the Company is not
in compliance with Nasdaq Listing Rule 5550(a)(2).  Pursuant to
Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to
regain compliance is 180 days, or until July 27, 2015.

The Company intends to monitor the closing bid price of its common
stock between now and July 27, 2015, and is considering its
options, including a reverse stock split, in order to regain
compliance with the Nasdaq Capital Market minimum bid price
requirement.  The Company can cure this deficiency if the closing
bid price of its common stock is $1.00 per share or higher for at
least 10 consecutive business days during the grace period.  In the
event the Company does not regain compliance within the 180-day
grace period and it meets all other listing standards and
requirements, the Company may be eligible for additional 180-day
grace period.

The Company intends to cure the deficiency within the prescribed
grace period.  During this time, the Company's common stock will
continue to be listed and trade on the Nasdaq Capital Market.  The
Company's business operations are not affected by the receipt of
the notification.

                          About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

Seanergy Maritime reported net income of $10.90 million on $23.07
million of net vessel revenue for the year ended Dec. 31, 2013, as
compared with a net loss of $194 million on $55.6 million of
net vessel revenue for the year ended Dec. 31, 2012.

Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company, as of
December 31, 2013 continued to be in breach of certain terms and
covenants of the loan facility with its remaining lender, and had
a working capital deficit and an accumulated deficit.  Following
the disposal of its entire fleet subsequent to December 31, 2013
in the context of its restructuring plan, the Company is unable to
generate sufficient cash flow to meet its obligations and sustain
its continuing operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

As of Sept. 30, 2014, the Company had $3.13 million in total
assets, $317,000 in total liabilities and $2.82 million in total
shareholders' equity.


SENTINEL MANAGEMENT: Former CEO Gets 14 Years for $665M Fraud
-------------------------------------------------------------
Law360 reported that Eric A. Bloom, the former Sentinel Management
Group Inc. CEO convicted last year of running a colossal fraud that
bankrupted the investment firm and bilked its customers out of $665
million, was sentenced to 14 years in prison by an Illinois federal
judge.

According to the report, U.S. District Judge Ronald A. Guzman also
ordered Bloom, 49, to pay $665 million in restitution, but stopped
short of the 20-year minimum sentence that prosecutors were seeking
at the hearing in Chicago.

The case is USA v. Bloom et al., Case No. 1:12-cr-00409 (N.D.
Ill.).

                     About Sentinel Management

Based in Northbrook, Illinois, Sentinel Management Group Inc. --
http://www.sentinelmgi.com/-- was a full service firm offering a  

variety of security solutions.  The Company filed a voluntary
Chapter 11 petition (Bankr. N.D. Ill. Case No. 07-14987) on
Aug. 17, 2007.  Ronald Barliant, Esq., Randall Klein, Esq., and
Kathryn A. Pamenter, Esq., at Goldberg, Kohn, Bell & Black
Rosenbloom & Moritz, Ltd., represented the Debtor.  Lawyers at
Quinn, Emanuel Urquhart Oliver & Hedges, LLP, represented the
Official Committee of Unsecured Creditors.  When the Debtor sought
bankruptcy protection, it estimated assets and debts of more than
$100 million.

On Aug. 28, 2007, the Court approved Frederick Grede as the
Debtor's Chapter 11 Trustee.  Marc I. Fenton, Esq., at DLA Piper
US LLP, and Vincent E. Lazar, Esq., at Jenner & Block LLP,
represent the Chapter 11 Trustee.

The Court confirmed the Fourth Amended Chapter 11 Plan of
Liquidation for Sentinel on Dec. 15, 2008, which created a
Liquidation Trust.  The Plan became effective Dec. 17, 2008, and
Mr. Grede was appointed Liquidation Trustee.


SEVEN ARTS: Tonaquint Reports 9.9% Equity Stake as of Feb. 3
------------------------------------------------------------
Tonaquint, Inc., and its affiliates disclosed in an amended
regulatory filing with the U.S. Securities and Exchange Commission
that as of Feb. 3, 2015, they beneficially owned 16,262,147 shares
of common stock of Seven Arts Entertainment representing 9.99
percent of the shares outstanding.  A copy of the regulatory filing
is available at http://is.gd/uGwgBn

                        About Seven Arts

Los Angeles-based Seven Arts Entertainment, Inc. (OTC QB: SAPX)
was founded in 2002 as an independent motion picture production
and distribution company engaged in the development, acquisition,
financing, production and licensing of theatrical motion pictures
for exhibition in domestic (i.e., the United States and Canada)
and foreign theatrical markets, and for subsequent worldwide
release in other forms of media, including home video and pay and
free television.

The Hall Group, CPAs, in Dallas, Texas, expressed substantial
doubt about the Company's ability to continue as a going concern
following the financial results for the year ended June 30, 2013,
citing the Company's recurring losses from operations and net
capital deficiency.

The Company reported a net loss of $22.42 million on $1.52 million
of total revenue for the fiscal year ended June 30, 2013, compared
with a net loss of $11.15 million on $4.06 million of total
revenue in 2012.


SHARP CORP: Fitch Says CDS Widens at 80%
----------------------------------------
Sharp Corporation's five-year Credit Default Swaps (CDS) have
widened 80% over the past month to price at the widest levels
observed since February 2014, according to Fitch Solutions in its
latest case study.

"CDS widening for the Japanese electronics company likely reflects
market concerns stemming from its warning that earnings might fall
short of guidance as a weaker yen hurts the company's profits,"
said Diana Allmendinger, Director, Fitch Solutions.

After consistently pricing in 'BB+'/'BB' space for much of the past
year, credit protection on Sharp's debt is now pricing in line with
'B-' levels.

Furthermore, the CDS curve for Sharp has inverted with investors
pricing in more credit risk for shorter term contracts.

Fitch Solutions case studies build on data from its CDS Pricing
Service and proprietary quantitative models, including CDS Implied
Ratings.  These credit risk indicators are designed to provide
real-time, market-based views of creditworthiness.  As such, they
can and often do reflect more short term market views on factors
such as currencies, seasonal market effects and short-term
technical influences.  This is in contrast to Fitch Ratings' Issuer
Default Ratings (IDRs), which are based on forward-looking
fundamental credit analysis over an extended period of time.



SHIROKA DEVELOPMENT: Judge Approves Payment to 38th Avenue Realty
-----------------------------------------------------------------
Shirokia Development LLC received court approval for a deal that
would allow the receiver managing its real property in Flushing,
New York, to pay a secured creditor.

The agreement approved by U.S. Bankruptcy Judge Nancy Hershey Lord
authorizes Craig Zim, the court-appointed receiver, to release
$20,000 to 38th Avenue Realty LLC as "adequate protection"
payment.

38th Avenue holds claims aggregating $16,999,821 against Shirokia
Development, which are secured by two mortgages on the property.  A
copy of the agreement is available for free at http://is.gd/gptSkc

38th Avenue is represented by:

     James P. Pagano, Esq.
     277 Broadway, Suite 801
     New York, New York 10007
     (212) 732-2889

                          About Shirokia

Shirokia Development, LLC, a real property owner in Flushing, New
York, currently being controlled by a receiver, filed a Chapter 11
bankruptcy petition in Manhattan, on Aug. 12, 2014.

Hong Qin Jiang signed the petition as authorized individual.  The
Debtor disclosed, in an amended schedules total assets of $28.40
million and total liabilities of $16.79 million.  The Debtor has
tapped Dawn Kirby Arnold, Esq., at DelBello Donnellan Weingarten
Wise & Wiederkehr, LLP, as counsel.


SILVERSUN TECHNOLOGIES: CFO Mark Meller Resigns
-----------------------------------------------
Mark Meller has resigned as chief financial officer of SilverSun
Technologies, Inc., according to a regulatory filing with the U.S.
Securities and Exchange Commission.  Mr. Meller will remain chief
executive officer, president and director of the Company.  The
resignation is not the result of any disagreement with the Company
on any matter relating to the Company's operations, policies or
practices, the Company .
  
The Board of Directors of the Company approved by unanimous written
consent the appointment of Crandall Melvin III as CFO of the
Company, effective Jan. 29, 2015.

Melvin, age 58, combines over 30 years of experience in public
accounting and industry, holding a number of senior management
positions following a 5 year career in retail, commercial banking
and equipment leasing.  Mr. Melvin is currently the CFO of SWK, the
Company's operating subsidiary.

From 2002 to 2006, Mr. Melvin was co-founder and chief operating
officer of AMP-Best Consulting, Inc., a company involved in
software sales and implementation.  AMP-Best was acquired by SWK
Technologies in 2006.  From 1993 to 2002, he worked in public
accounting in Alaska and New York.  Mr. Melvin is currently a
Certified Public Accountant licensed in the State of New York and
also holds the designation of Certified Global Management
Accountant.  Mr. Melvin is also currently a director of Community
Baseball of Central New York, Inc., the Minor League AAA affiliate
of The Washington Nationals.  Mr. Melvin has also served on boards
of directors of various not-for-profit organizations located in the
Syracuse Area.   

Mr. Melvin has an undergraduate degree from the University of
Southern California and an MBA from Syracuse University with
additional graduate studies from the University of Alaska at
Anchorage.

In evaluating Mr. Melvin's specific experience, qualifications,
attributes and skills in connection with his appointment as CFO of
the Company, the Company considered his expertise in accounting,
finance and business execution, as well as his extensive experience
as CFO of SWK and as co-founder and Chief Operating Officer of
AMP-Best.

                      Appointment of Director

The Board approved by unanimous written consent the appointment of
Joseph Macaluso as a director of the Company, effective as of Jan.
29, 2015.  Mr. Macaluso will also serve as the Chairman on the
Audit Committee of the Board.

Mr. Macaluso is to be paid a stipend of $1,500 per month, payable
at the end of each fiscal quarter.  Additionally, Mr. Macaluso
shall receive warrants to purchase such number of shares of the
Company's Common Stock, as will equal (A) $20,000 divided by (B)
the closing price of the Common Stock on the OTC Markets on the
date of grant of the Warrant.  The exercise price of the Warrant
will be the closing price on the date of the grant of such Warrant
plus $0.01.  The Warrant will be fully vested upon receipt thereof.


Macaluso, age 63, has over 30 years of experience in financial
management.  Mr. Macaluso has been and continues to be the
principal accounting officer of Tel-Instrument Electronics Corp., a
developer and manufacturer of avionics test equipment for both the
commercial and military markets since 2002.  Previously, he had
been involved in companies in the medical device and technology
industries holding positions including chief financial officer,
treasurer and controller.  He has a B.S. in Accounting from
Fairfield University.

                    Effects Reverse Stock Split

Effective on Jan. 29, 2015, the Company filed a Certificate of
Amendment to Fourth Amended and Restated Certificate of
Incorporation to effectuate a 1-for-30 reverse stock split of the
Company's common stock.  The Amendment also combined the Class B
Common Stock, par value $0.00001 per share and the Class A Common
Stock, par value $0.00001 par value per share, into one class of
general common stock, par value $0.00001 per share.  In addition,
the Amendment reduced the number of authorized shares of Common
Stock from 750,000,000 to 75,000,000.

On Feb. 3, 2015, the Company received notice from Financial
Industry Regulatory Authority that the Reverse Split has been
approved and will take effect on Feb. 4, 2015.

Immediately prior to the Reverse Split, the Company had 118,646,915
shares of common stock issued and outstanding.  After the Reverse
Split, the Company will have 3,954,898 shares of common stock
issued and outstanding.
  
The Company's shares will continue to trade on The OTC Markets
under the symbol "SSNT" with the letter "D" added to the end of the
trading symbol for a period of 20 trading days to indicate that the
Reverse Split has occurred.

The Reverse Split has no impact on shareholders' proportionate
equity interests or voting rights in the Company or the par value
of the Company's common stock, which remains unchanged.

                          About SilverSun

Livingston, N.J.-based SilverSun Technologies, Inc., formerly
known as Trey Resources, Inc., focuses on the business software
and information technology consulting market, and is looking to
acquire other companies in this industry.  SWK Technologies, Inc.,
the Company's subsidiary and the surviving company from the
acquisition and merger with SWK, Inc., is a New Jersey-based
information technology company, value added reseller, and master
developer of licensed accounting and financial software published
by Sage Software.  SWK  Technologies also publishes its own
proprietary supply-chain software, the Electronic Data Interchange
(EDI) solution "MAPADOC."  SWK Technologies sells services and
products to various end users, manufacturers, wholesalers and
distribution industry clients located throughout the United
States, along with network services provided by the Company.

Silversun Technologies posted net income of $322,548 on $17.40
million of net total revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $1.23 million on $13.17 million of net
total revenues for the year ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $5.12 million in total
assets, $4.89 million in total liabilities and $238,410 in total
stockholders' equity.


SKILLED HEALTHCARE: S&P Lowers CCR to B- & Removes From Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Skilled
Healthcare Group Inc., including lowering the corporate credit
rating to 'B-' from 'B'.  S&P is removing the ratings from
CreditWatch, where it placed them with negative implications on
Jan. 20, 2015.  The outlook is stable.

S&P is subsequently withdrawing all ratings on Skilled.

"The rating actions follow the completion of Genesis' merger with
Skilled," said Standard & Poor's credit analyst David Kaplan.



SS&C TECHNOLOGIES: Moody's Puts Ba2 CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the ratings of SS&C Technologies,
Inc. under review for downgrade following SS&C's announcement that
it plans to acquire Advent Software, Inc. for approximately $2.7
billion in cash, including assumption of debt. The acquisition is
subject to regulatory approvals and is expected to close in the
second quarter of 2015.

Ratings Rationale

SS&C plans to fund the acquisition and refinance approximately $600
million of its existing debt with $3 billion of new debt, cash on
hand and $400 million of proceeds from an equity offering. Moody's
estimates that SS&C's total debt to EBITDA will increase from 2.2x
to about 6.8x (including Moody's standard analytical adjustments)
at the close of the acquisition, before including cost synergies of
about $45 million.

Moody's placed SS&C's ratings under review for downgrade to reflect
the significant increase in leverage and execution risks in
integrating SS&C's largest acquisition to date. Although SS&C's has
a solid track record of deleveraging and integrating numerous
acquisitions, the increase in financial risk is substantial and
anticipated revenue and cost synergies will be realized only over
the next several quarters. The acquisition also demonstrates high
financial risk tolerance although management expects to reduce net
leverage by approximately 0.8x annually. The targeted deleveraging
will require flawless execution and maintaining revenue growth
rates in the high single digits while integrating the two
companies. Moody's review will focus on SS&C's integration plan;
revenue and cost synergies; potential revenues at risk; capital
structure, and, capacity to reduce leverage. Moody's expects SS&C's
ratings to be downgraded by more than one notch given the
significant deterioration in SS&C's financial profile.

Although SS&C's financial risk will be elevated in the intermediate
term, the acquisition of Advent will enhance SS&C's operating scale
and the addition of Advent's product portfolio will strengthen its
competitive position. Both companies focus on the investment
management industry and SS&C's strong middle office and back office
capabilities, coupled with Advent's products, will create
significant opportunities to up-sell and cross-sell to an expanded
customer base of the two companies. The increased regulatory and
compliance reporting requirements and the need to automate business
processes in the investment management industry will support a good
demand environment for the combined companies. Pro forma for the
acquisition of Advent, SS&C will have over 90% of its revenues
under software maintenance or subscription contracts and their high
retention rates strongly supports SS&C's credit profile.

Moody's has placed the following ratings under review for
downgrade:

On Review for Downgrade:

Issuer: SS&C Technologies, Inc.

Corporate Family Rating, Placed on Review for Downgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently Ba2 (LGD3)

Issuer: SS&C Technologies Holdings Europe S.a.r.l.

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently Ba2 (LGD3)

Outlook Actions:

Issuer: SS&C Technologies, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: SS&C Technologies Holdings Europe S.a.r.l.

Outlook, Changed To Rating Under Review From Stable

Headquartered in Windsor, CT, SS&C provides software products and
software-enabled services mainly to customers in the institutional
asset management, alternative asset management, alternative
investment management and financial institutions vertical markets.

The principal methodology used in these ratings was Global Software
Industry published in October 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.



SS&C TECHNOLOGIES: S&P Puts 'BB' CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'BB'
corporate credit rating on Windsor, Conn.-based SS&C Technologies
Inc. on CreditWatch with negative implications.  S&P is affirming
the issue-level rating on the senior secured term loans and
revolver as S&P expects them to be refinanced in coordination with
the transaction.

"The CreditWatch listing follows SS&C's announcement on Feb. 2,
2015 that it will acquire Advent Software Inc., a software and
service provider to the investment management industry, for $2.7
billion," said Standard & Poor's credit analyst Peter Bourdon.

Pro forma for the transaction, net leverage will be about 5.3x
compared to the low-2x area at year-end 2014. SS&C has an
aggressive growth strategy and typically uses debt to finance its
acquisitions.  On the other hand, SS&C has a solid track record of
reducing its debt leverage post-acquisitions with its free cash
flow generation.  The significant spike in leverage to above 5x
from the current low-2x and the uncertainty about the pace of
deleveraging support S&P's CreditWatch listing.

S&P will monitor any further developments related to the proposed
acquisition, including S&P's assessment of the company's
acquisitive growth strategy and required regulatory approvals, and
resolve the CreditWatch listing when more information regarding the
transaction and financing becomes available.  In the event that S&P
lowers the rating on SS&C, the downgrade is likely to be limited to
one notch.  S&P will also withdraw the current 'BBB-'-issue-level
ratings on the senior secured term loans and revolver once they are
refinanced.



SULLIVAN FIRST RECYCLING: Case Summary & 20 Top Unsecured Creditors
-------------------------------------------------------------------
Debtor: Sullivan County First Recycling, Inc.
           dba Sullivan County First Recycling & Refuse
        73 Stanton Corners Road
        Swan Lake, NY 12783

Case No.: 15-35197

Chapter 11 Petition Date: February 5, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Poughkeepsie)

Judge: Hon. Cecelia G. Morris

Debtor's Counsel: Dawn Kirby Arnold, Esq.
                  DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR,
LLP
                  One North Lexington Avenue
                  White Plains, NY 10601
                  Tel: (914) 681-0200
                  Fax: 914-681-0288
                  Email: dkirby@ddw-law.com

Total Assets: $968,899

Total Liabilities: $1.14 million

The petition was signed by Shirley Felder, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nysb15-35197.pdf


SUPPLEMENTWAREHOUSE.COM: Feb. 19 Hearing on Cash Collateral Use
---------------------------------------------------------------
The Hon. Susan Kelley of the U.S. Bankruptcy Court for the Eastern
District of Wisconsin will hold a hearing on Feb. 19, 2015, to
decide whether to allow SupplementWarehouse.com Inc. to continue to
operate using Fifth Third Bank's cash collateral and move forward
in an attempt to reorganize, Rick Romell at Milwaukee-Wisconsin
Journal Sentinel reports.

Judge Kelley, according to Journal Sentinel, has allowed the Debtor
to use the cash it pledged to its chief secured lender, Fifth Third
Bank, as collateral for at least two weeks, saying that it is
reasonably likely the Debtor can show it will be able to adequately
safeguard the interests of the lender as the Debtor tries to
restructure.

The Debtor said in court documents that its assets more than cover
the debt.  Forrest B. Lammiman, Esq., at Meltzer, Purtill & Stelle
LLC, the Debtor's bankruptcy counsel, said before the Bankruptcy
Court that this is the busiest season for supplement sales, further
protecting the bank in the near term.  Robert Lauby, the Debtor's
CEO, also said that he was prepared to make "substantial workforce
cuts" to help pare expenses, Journal Sentinel states.

Journal Sentinel relates that Mr. Lauby will have to start
convincing his creditors that the Debtor, which has been beset by
internal theft, a data breach and a warehouse accident, can be
saved.  The report quoted Mr. Lauby as saying, "We've got a plan
that we're putting together.  We're taking a look at a different
business model."

                   About SupplementWarehouse.com

Headquartered in Oak Creek, Wisconsin, SupplementWarehouse.com Inc.
supplies sports-related energy and nutritional supplements.  It
employs 62 people at its headquarters, its online operation and two
retail stores.

SupplementWarehouse.com Inc. filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Wis. Case No. 15-20569) on Jan. 24, 2015,
estimating its assets at between $1 million and $10 million, and
its liabilities at between $1 million and $10 million.  The
petition was signed by Robert Lauby, CEO.

Forrest B. Lammiman, Esq., at Meltzer, Purtill & Stelle LLC, serves
as the Debtor's bankruptcy counsel.


SUPPLEMENTWAREHOUSE.COM: Files for Ch 11 to Evade Receivership
--------------------------------------------------------------
SupplementWarehouse.com Inc. filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Wis. Case No. 15-20569) on Jan. 24, 2015,
estimating its assets at between $1 million and $10 million, and
its liabilities at between $1 million and $10 million.  The
petition was signed by Robert Lauby, CEO.

The Debtor said in court documents that its operational and
profitability problems stem largely from issues related to
inventory management, "inventory leakage" and expense control.

Rick Romell at Milwaukee-Wisconsin Journal Sentinel relates that
the Company began talks with its chief secured lender, Fifth Third
Bank, which it owes some $1.2 million and holds all of its business
assets as collateral.

According to court documents filed by the Debtor, Fifth Third
rejected the Debtor's proposed settlement and restructuring plan
after a series of modifications to the terms of the loan.  
Journal Sentinel reports that Fifth Third, according to the Debtor,
moved to have a receiver appointed and the Debtor's assets sold
off.  This prompted the bankruptcy filing, Journal Sentinel
states.

Forrest B. Lammiman, Esq., at Meltzer, Purtill & Stelle LLC, serves
as the Debtor's bankruptcy counsel.

Headquartered in Oak Creek, Wisconsin, SupplementWarehouse.com Inc.
supplies sports-related energy and nutritional supplements.  It
employs 62 people at its headquarters, its online operation and two
retail stores.


T BAR M RANCH: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                     Case No.
     ------                                     --------
     Tollenaar Holsteins                        15-20840
     a California General Partnership
     11450 Carroll Road
     Elk Grove, CA 95757

     Friendly Pastures, LLC                     15-20842
     an Oklahoma limited liability company
     P.O. Box 189
     Achille, OK 74720

     T Bar M Ranch, LLC                         15-20844
     an Oklahoma limited liability company   
     6992 State Road 78
     Hendrix, OK 74741

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Hon. Christopher D. Jaime

Debtors' Counsel: Jason E. Rios, Esq.
                  FELDERSTEIN FITZGERALD WILLOUGHBY &
                  PASCUZZI LLP
                  400 Capitol Mall, Suite #1750
                  Sacramento, CA 95814
                  Tel: 916-329-7400

                                       Estimated   Estimated
                                        Assets    Liabilities
                                      ----------  -----------
Tollenaar Holsteins                   $1MM-$10MM   $1MM-$10MM
Friendly Pastures                     $1MM-$10MM   $10MM-$50MM
T Bar M Ranch                         $10MM-$50MM  $10MM-$50MM

The petitions were signed by Tami Tollenaar, general partner.

A. List of Tollenaar Holsteins's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
A.L. Gilbert Company                                   $85,389

Boutin Jones, Inc.                                     $58,784

Ag Works                                               $30,250

Elk Grove Dairy Service, Inc.                          $29,341

Gavilon, LLC                                           $28,483

Associated Feed                                        $25,139

Job Farms LLC                                          $21,940

Virgil Ashbaugh Trucking                               $17,666

United States Treasury                                 $15,000

Foster Farms                                           $14,040

The Lyman Group, Inc.                                  $13,230

Sacramento County Tax Collector's Office               $11,921

Laird Manufacturing                                     $8,677

SMUD                                                    $7,910

Bovine Claw Care                                        $7,721

Veterinary Service Inc.                                 $7,599

Ramos Oil                                               $5,750

Cisco Air Systems, Inc.                                 $5,346

All Valley Diesel                                       $4,532

Baglietto Seeds                                         $3,758

B. List of T Bar M Ranch's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
United States Treasury                                 $55,613

Furst McNess Co.                                       $52,814

Alan Ritchey Inc.                                      $36,788

Bryan County Treasurer                                 $28,788

Diversified Ingredients                                $28,341

Animal Health                                          $17,106

Rising Phoenix Farms LLC                               $12,611

Calva Products Inc.                                    $12,528

Veterinary Services Inc.                               $10,575

Luke Bros. Inc.                                        $10,343
  
Mountain West Dairy Services                            $9,769

Southeastern Electric Cooperative                       $9,000

Blue Line Rental                                        $8,000

IPFS Corporation                                        $7,793

Animal Health Intl                                      $7,100

Frontier Trading, Inc.                                  $5,796

Direct Dairy Transport, LLC                             $5,200

Specialty Sales LLC                                     $5,000

Alverson Refrigeration Inc.                             $3,411

CSR Company                                             $3,109


T-L CHEROKEE: Seeks Approval to Execute Addendum to VVSB Agreement
------------------------------------------------------------------
T-L Cherokee South, LLC has filed a motion seeking court approval
to execute an addendum to a loan modification agreement it made
with Valley View State Bank.

The addendum will establish a schedule providing precisely when the
City of Overland Park, Kansas, will make payments to the bank
pursuant to the agreement.

Valley View and T-L Cherokee entered into the agreement to extend
the maturity date for the $1.75 million loan provided by the bank,
and to reduce the interest rate for the loan.

T-L Cherokee availed the loan to pay the costs of the redevelopment
of the Cherokee South Shopping Center in Overland Park, Kansas.
The company bought the shopping center in 2004.

                        About T-L Cherokee

T-L Conyers LLC, T-L Cherokee South, LLC, and two affiliates
sought Chapter 11 protection in Hammond, Indiana, on Feb. 1, 2013.
The Debtors own various shopping centers in Georgia and Kansas.
The Debtors are represented by David K. Welch, Esq., at Crane,
Heyman, Simon, Welch & Clar, in Chicago.

T-L Cherokee South (Bankr. N.D. Ind. Case No. 13-20283) estimated
assets and debts of $10 million to $50 million.  T-L Cherokee owns
and operates a commercial shopping center in Overland Park, Kansas
known as "Cherokee South Shopping Center".

The Debtors are entities managed by Westchester, Illinois-based
Tri-Land Properties, Inc., which sought Chapter 11 protection (Case
No. 12-22623) on July 11, 2012.


TOMNIK FOOD: Case Summary & 9 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Tomnik Food Services South, Inc.
        512 Rte 303
        Orangeburg, NY 10962

Case No.: 15-22171

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Debtor's Counsel: Anne J. Penachio, Esq.
                  PENACHIO MALARA LLP
                  235 Main Street, Sixth Floor
                  White Plains, NY 10601
                  Tel: (914) 946-2889
                  Fax: (914) 946-2882
                  Email: apenachio@pmlawllp.com
                         FMalara@PMLawLLP.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Tom Voustas, president.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb15-22171.pdf


TRAVELPORT WORLDWIDE: Amalgamated Reports 7.9% Stake as of Dec. 31
------------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Amalgamated Gadget, L.P., reported that as of Dec. 31,
2014, it beneficially owned 9,641,471 shares of common stock of
Travelport Worldwide Limited representing 7.9 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available at http://is.gd/DFpPCD

                    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.


TRONOX LTD: S&P Puts 'BB' Corp. Credit Rating on CreditWatch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate credit
on Australia-based Tronox Ltd. on CreditWatch with negative
implications, indicating S&P could lower the ratings upon
completion of its review.  S&P also placed its issue-level ratings
on the company's senior secured and senior unsecured debt on
CreditWatch with negative implications.

"The CreditWatch placement follows the announcement that Tronox has
entered into a definitive agreement to acquire FMC Corp.'s alkali
chemicals business for about $1.6 billion," said Standard & Poor's
credit analyst Seamus Ryan.  "We expect the transaction to close in
the first quarter of 2015," said Mr. Ryan.

Based on S&P's forecast, it believes this transaction could result
in pro forma debt to EBITDA near 5x in 2015 and above 4x in 2016,
before the company reduces leverage over time.  On the other hand,
the acquisition would likely improve Tronox's product and
end-market diversity while increasing the stability of earnings and
cash flow.  S&P will resolve the CreditWatch placement based on its
view of the company's business and financial risk profiles,
including the company's plan to reduce leverage following the close
of the acquisition.

The ratings on Tronox reflect the company's vertically integrated
position in the highly cyclical titanium dioxide market and S&P's
expectation that the company's currently substantial cash balance
and continuing cash flows will support the company's financial risk
profile.  S&P characterizes Tronox's business risk profile as
"fair" and its financial risk profile as "significant."

S&P will assess the impact of the planned transaction on Tronox's
business and financial risk profiles, as well as the company's
plans to reduce leverage following the close of the transaction.
S&P expects to resolve the CreditWatch listing once the transaction
closes.  At that time, S&P could downgrade ratings by one notch if
it do not expect the company to be able to quickly reduce adjusted
debt to EBITDA to below 4x.



TS EMPLOYMENT: Corporate Resource Mulls Possible Sale of Assets
---------------------------------------------------------------
A filing with the U.S. Securities and Exchange Commission states
that Corporate Resource Services Inc. is considering a possible
sale of some or all of its assets, after its PEO service provider
TS Employment Inc. filed for Chapter 11 bankruptcy protection
Monday citing as much as $100 million in federal tax debt.

According to the filing, TS Employment is owned by Robert Cassera,
who also owns more than 80% of Corporate Resource's common stock.

Corporate Resource said in the filing that it was out of compliance
with a finance agreement with its funder, Wells Fargo, and that --
along with the situation at TS Employment, its PEO -- prompted the
bank to reconsider financing.  Staffing Industry Analysts relates
that Corporate Resource is in talks with Wells Fargo to continue
funding while the staffing provider develops a longer term strategy
and the TS situation stabilizes.

                        About TS Employment

Based in New York, TS Employment Inc. is a professional employer
organization (a "PEO") that provides payroll-related services.  Its
only customer is publicly held Corporate Resource Services, Inc., a
diversified technology, staffing, recruiting, and consulting
services firm.  TS processes payroll of up to 30,000 employees.

TS Employment sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 15-10243) in Manhattan on Feb. 2, 2015.  Judge Martin Glenn is
assigned to the case.

The Debtor estimated at least $100 million in assets and debt.

The Debtor tapped Scott S. Markowitz, Esq., at Tarter Krinsky &
Drogin LLP, in New York, as counsel.

The Debtor's Chapter 11 plan and disclosure statement are due June
2, 2015.  The initial case conference is due by March 4, 2015.


UNIVERSAL HEALTH: Trustee Sues Vendors for $5.9-Mil.
----------------------------------------------------
Margie Manning, writing for Tampa Bay Business Journal, reported
that Soneet Kapila, the trustee representing bankrupt Universal
Health Care Group Inc., has filed at least 11 lawsuits, seeking to
recover nearly $5.9 million from vendors.

According to the report, in some cases the payments to the vendors
were made while Universal and a related company, American Managed
Care LLC, were insolvent, while in other cases, the payments caused
the companies to become insolvent, according to the lawsuits.

                About Universal Health Care Group

Universal Health Care Group, Inc., owns an insurance company and
three health-maintenance organizations that provide managed care
services for government sponsored health care programs, focusing
on Medicare and Medicaid.

Universal Health was founded in 2002 by Dr. A.K. Desai and grew
its operations of offering Medicare plans to more than 37,000
members to over 20 states.

Universal Health filed a Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 13-01520) on Feb. 6, 2013, after Florida
regulators moved to put two of the company's subsidiaries in
receivership.  Universal Health Care estimated assets of up to
$100 million and debt of less than $50 million in court filings in
Tampa, Florida.

Harley E. Riedel, Esq., at Stichter Riedel Blain & Prosser, in
Tampa, serves as counsel to the Debtor.

Soneet R. Kapila has been appointed the Chapter 11 Trustee in the
Debtor's case.  He is represented by Roberta A. Colton, Esq., at
Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, PA.
Dennis S. Jennis, Esq., and Jennis & Bowen, P.L., serve as special
conflicts counsel and E-Hounds, Inc., serves as a forensic imaging
consultant to the Chapter 11 trustee.


VEYANCE TECHNOLOGIES: Moody's Withdraws B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Veyance Technologies Inc. The withdrawals follow Veyance's
acquisition by Continental AG, which cleared final regulatory
approvals on January 29, 2015 and closed January 30, 2015, and the
repayment of Veyance's senior secured credit facilities.

The following ratings were withdrawn:

Issuer: Veyance Technologies Inc.

B2 Corporate Family Rating on Review for Upgrade

B2-PD Probability of Default Rating on Review for Upgrade

B2, LGD3 Senior Secured Revolving Credit Facility on Review for
Upgrade

B2, LGD3 Senior Secured First Lien Term Loan Rating on Review for
Upgrade

Outlook Action:

Outlook, Changed To Rating Withdrawn From Rating Under Review

Ratings Rationale

Veyance Technologies Inc., headquartered in Fairlawn Ohio, is
primarily an international manufacturer of conveyor belts,
industrial hoses, power transmission products, and mobile equipment
products.



WASTE INDUSTRIES: Moody's Rates New $950MM 1st Lien Loans 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned B1 ratings to Waste Industries
USA Inc.'s proposed $250 million revolving credit facility and $700
million proposed term loan, both secured by a first lien on Waste
Industry's assets. Proceeds will be applied to refinance the
company's outstanding debt consisting of a term loan, revolver,
unsecured industrial bonds, Waste Industries will also utilize a
small amount of proceeds to repurchase shares and pay a dividend.
The ratings on the outstanding term loan and revolver will be
withdrawn upon retirement of the debt. Moody's also affirmed Waste
Industries B1 Corporate Family Rating ("CFR") and lowered the
company's Probability of Default ("PDR") rating to B2-PD from
B1-PD. The PDR reduction reflects the shift to an all first lien
debt capital structure with a leverage covenant on the revolver,
which features lead to a higher mean family recovery rating. The
previous capital structure consisted of a mix of secured and
unsecured debt. The outlook is stable.

Moody's views the shareholder distributions, increase in debt and
approximate 0.4x increase in debt-to-EBITDA leverage as credit
negative. However, Moody's affirmed the B1 CFR because the
resulting 4.6x leverage is still consistent with the rating.
Moody's also does not expect cash interest expense and free cash
flow to change meaningfully as a result of the transaction.

Ratings Rationale

The B1 CFR is supported by the company's high 20% EBITDA margins,
mid single digit percent free cash flow to debt, and solid interest
coverage (EBIT/interest between 2-3x). The company's margins
reflect its good market share in select areas in the Southeast
United States, with North Carolina, Georgia, and South Carolina
expected to contribute about 80% of revenue in 2015. Though there
is state level concentration, Moody's expects the markets serviced
to continue to generate population and economic growth at modestly
faster rates than the overall US. Projected leverage of just below
4.5 in 2015 on a Moody's adjusted basis is somewhat elevated for
the B1 rating and Moody's expects it will moderate closer to 4.0x
in 2016. Moody's expects acquisitions will remain a part of the
company's growth strategy, leading to only modest leverage
reduction as EBITDA increases faster than debt. Moody's believes
Waste Industries is exposed to leveraging event risks under private
equity ownership.

The stable outlook reflects Moody's expectation for low single
digit percent organic revenue growth, in line with the overall US
solid waste industry, limited margin expansion, and application of
free cash flow to acquisitions and, in their absence, dividends,
leading to only modest improvement in credit metrics.

Liquidity is good due to Moody's expectation for $30-40 million
free cash flow and near full availability of the company's $250
million revolver. Moody's also projects that Waste Industries will
maintain a sizable EBITDA cushion within the 5.75x net leverage
covenant, which applies only to the revolver.

Revenue increasing close to $1 billion, geographic expansion, and
an expectation for Debt to EBITDA sustained close to 3.0 times with
free cash flow to debt approaching 10% could lead to higher
ratings. Moody's would need to anticipate that financial policies
support sustained lower leverage for the company to be considered
for an upgrade. Debt-to-EBITDA leverage sustained at 5.0x, a
deterioration of free cash flow or margins, or weakening of
liquidity would lead to lower ratings.

Moody's took the following rating actions on Waste Industries USA,
Inc.:

Ratings

Affirmed:

Corporate Family Rating at B1

Downgraded:

Probability of Default Rating to B2-PD from B1-PD

Ratings Assigned:

$250 million first lien revolving credit facility: B1/LGD3

$700 million first lien term loan: B1/LGD3

Outlook: Stable

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

Waste Industries USA, Inc., is a regional provider of solid
non-hazardous waste collection, transfer, disposal, and recycling
services to commercial, industrial and residential customers.
Moody's forecasts 2015 revenues of just under $600 million,
including additional acquisitions. The company's collection
business, concentrated in the Southeastern U.S., represents the
bulk of the company's revenues, with a significantly lower revenue
portion derived from transfer stations and landfills. The company
is majority owned by funds affiliated with Macquarie Infrastructure
Partners.



WENDY'S INT'L: Moody's Alters Outlook to Negative & Affirms B1 CFR
------------------------------------------------------------------
Moody's Investors Service changed the outlook for Wendy's
International, LLC, (Wendy's) to negative from stable following the
company's adoption of a more aggressive financial policy and plans
to recapitalize its balance sheet. In addition, Moody's affirmed
Wendy's B1 Corporate Family Rating (CFR), B1-PD Probability of
Default Rating (PDR), B1 senior secured bank ratings and B3 senior
unsecured note rating.

Wendy's recent announcement that it plans to recapitalize its
balance sheet with a target leverage ratio of between 5.0 to 6.0
times net debt to its 2014 adjusted EBITDA of approximately $393
million. In the event the recapitalization occurs as proposed
leverage would be materially above the level Moody's has cited as
what could result in a downgrade with leverage on a gross debt to
EBITDA sustained above 5.0 times.

Proceeds from proposed recapitalization will be used to partially
fund shareholder based initiatives in 2015 such as dividends and
share repurchases.

For the year ended December 28, 2014, Wendy's calculates its
leverage on a net debt to adjusted EBITDA of approximately 3.0
times, which indicates that it would require an additional $800
million to $1.2 billion of additional funded debt to reach its
targeted leverage of between 5.0 to 6.0 times. This compares to
Wendy's calculated leverage on a gross debt basis of about 3.68
times and Moody's lease adjusted leverage of approximately 4.4
times for the same period ended December 28, 2014. With $800 to
$1.2 billion of additional corporate debt, Moody's leverage on a
pro forma basis for 2014 would increase to between 6.0 to 7.0
times. This compares to Moody's publicly stated comment that a
downgrade could occur if debt to EBITDA were sustained above 5.0
times.

Ratings affirmed are;

Corporate Family Rating at B1

Probability of Default Rating at B1-PD

- $100 million 7% senior unsecured notes due 12/15/2025 rated B3
(LGD6)

- $225 million senior secured term loan A, due 5/15/18 rated B1
(LGD 3)

- $200 million revolving credit facility, due 5/15/18 rated B1 (LGD
3)

- $350 million senior secured term loan A, due 5/15/18 rated B1
(LGD 3)

- $770 million senior secured term loan B, due 5/15/19 rated B1
(LGD 3)

The B1 Corporate Family Rating reflects Wendy's strong brand
awareness, relatively strong credit metrics, meaningful scale and
good liquidity. The ratings also consider Wendy's significant
capital expenditure requirements to reimage restaurants as well as
Moody's view that soft consumer spending and high level of
promotions and discounting by competitors will continue to pressure
earnings.

The negative outlook reflects Wendy's adoption of a much more
aggressive financial policy that could result in a material
deterioration of credit metrics if the proposed recapitalization
resulted in significantly higher corporate debt levels on a
sustained basis.

Factors that could result in a downgrade would include a decline in
operating performance that results in a sustained deterioration in
earnings or higher corporate debt levels that caused a
deterioration in credit metrics. Specifically, a downgrade could
occur if debt to EBITDA were sustained above 5.0 times or EBITA
coverage of interest fell below 2.0 times on a sustained basis. A
more aggressive financial policy towards dividends and share
repurchases or deterioration in liquidity for any reason could also
result in negative ratings pressure.

A ratings upgrade would require a sustained improvement in
operating performance, driven in part by positive traffic and
average check that results in stronger earnings, operating margins
and debt protection metrics. Specifically, debt to EBITDA below
4.25 times and EBITA coverage of interest approaching 3.0 times. A
higher rating would also require maintaining good liquidity.

Wendy's International, LLC, (Wendy's) a wholly owned subsidiary of
The Wendy's Company, owns, operates and franchises approximately
6,545 quick-service hamburger restaurants. Annual revenues are
approximately $2.3 billion.

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



WISHING WELL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Wishing Well Property Investments, LLC Series 1
        7566 Spanish Bay Drive
        Las Vegas, NV 89113

Case No.: 15-10525

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Hon. August B. Landis

Debtor's Counsel: Samuel A. Schwartz, Esq.
                  THE SCHWARTZ LAW FIRM, INC.
                  6623 Las Vegas Blvd. SO., Ste 300
                  Las Vegas, NV 89119
                  Tel: (702) 385-5544
                  Fax: (702) 385-2741
                  Email: sam@schwartzlawyers.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Danielle Roth, manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nvb15-10525.pdf


XOXLOMA LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Xoxloma, LLC
        PO Box 776
        Ducktown, TN 37326

Case No.: 15-10478

Chapter 11 Petition Date: February 4, 2015

Court: United States Bankruptcy Court
       Eastern District of Tennessee (Chattanooga)

Judge: Hon. Shelley D. Rucker

Debtor's Counsel: Richard L Banks, Esq.
                  RICHARD BANKS & ASSOCIATES, P.C.
                  393 Broad Street NW
                  P. O. Box 1515
                  Cleveland, TN 37311
                  Tel: (423) 479-4188
                  Email: amiles@rbankslawfirm.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Keith D. Roberson, president.

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


XRPRO SCIENCES: Swaps Common Shares for Preferred Shares
--------------------------------------------------------
In accordance with the terms of the various exchange agreements
entered into between XRpro Sciences, Inc., and the holders of its
outstanding Series B Preferred Stock, each holder of Series B
Preferred Stock exchanged all of their shares of Series B Preferred
Stock for the number of shares of the Company's common stock
determined by dividing the sum of the amount of the holder's
initial investment in the Series B Preferred Stock, plus all
accrued and unpaid dividends owed to the holder, by $1.75.  All
2,133,947 outstanding shares of the Company's Series B Preferred
Stock, including accrued and unpaid dividends thereon, were
exchanged for 3,607,591 shares of the Company's common stock,
resulting in no shares of Series B Preferred Stock remaining
outstanding.

In addition, on Jan. 31, 2015, the Company entered into: (i)
exchange agreements with the holders of the warrants that were
issued as part of the private placement of the Series B Preferred
Stock to exchange both Series B Preferred Stock for Common Stock
and their Existing Series B Warrants, (ii) exchange agreements with
the holders of its warrants that were issued in connection with the
Company's bride note financing, and (iii) exchange agreements with
Taglich Brothers, Inc., and its designees that were issued warrants
as compensation for the placement agent services provided in
connection with the private placement of the Series B Preferred
Stock.  The Existing Series B Warrants, the Existing Bridge
Warrants and the Existing Placement Agent Warrants are collectively
referred to as the "Existing Warrants".  Pursuant to the terms of
the Bridge Warrant Exchange Agreements, the Series B Preferred
Stock and Warrant Exchange Agreements and the Placement Agent
Exchange Agreements, the Existing Bridge Warrants, the Existing
Series B Warrants and the Existing Placement Agent Warrants were
exchanged for new warrants, which have substantially similar terms
to the Existing Warrants except that:

   (i) the exercise price of the Series B Exchange Warrants, the
       Bridge Exchange Warrants and the Placement Agent Exchange
       Warrants are 30% less than the exercise price of the
       Existing Warrants for which they were exchanged (such that:

      (x) the Bridge Exchange Warrants have an exercise price of
       $2.10; (y) the Placement Agent Exchange Warrants have an
       exercise price of $1.925; and (z) the Series B Exchange
       Warrants have an exercise price of $1.75);

  (ii) the Bridge Exchange Warrants, the Series B Exchange
       Warrants and the Placement Agent Exchange Warrants do not
       contain anti-dilution price protection for issuances of
       securities at per share prices that are lower than the
       exercise price;

(iii) the Bridge Exchange Warrants, the Series B Exchange
       Warrants and the Placement Agent Exchange Warrants are
       assignable by their holders; and

  (iv) the Bridge Exchange Warrants, the Series B Exchange
       Warrants and the Placement Agent Exchange Warrants provide
       for certain buy-in-rights in the event that the Company
       fails to deliver shares of common stock underlying the
       warrant in a timely manner.

                             About XRpro

Caldera Pharmaceuticals, Inc., amended its certificate of
incorporation to change its name to XRpro Sciences, Inc., effective
Dec. 4, 2014.

Based in Cambridge, Massachusetts, Caldera is a drug discovery and
pharmaceutical services company that is based on a proprietary
x-ray fluorescence technology, called XRpro(R).

Caldera incurred a net loss applicable to common stock of
$5.88 million in 2013, a net loss of $952,000 in 2012, and a net
loss of $2.35 million in 2011.

The  balance sheet at Sept. 30, 2014, showed $3.96 million in total
assets, $3.60 million in total liabilities, $133,000 in convertible
redeemable preferred stock, and $225,000 of stockholders' equity.


[*] 11 KMK Attorneys Named Chambers USA "Leaders in Their Fields"
-----------------------------------------------------------------
The Cincinnati-based law firm of Keating Muething & Klekamp (KMK
Law(R)) has been recognized as a 2015 Leading Law Firm in Ohio by
Chambers USA in the following three practice areas:
Corporate/Mergers & Acquisitions, General Commercial Litigation and
Bankruptcy/Restructuring.

In addition, 11 attorneys at KMK Law have been selected for
inclusion as "Leaders in Their Fields" in the 2015 edition of
Chambers USA: America's Leading Business Lawyers(R), published by
Chambers & Partners Publishing.  The KMK attorneys designated as
"Leaders in their Field" in Ohio by Chambers USA 2015 are as
follows:

G. Randall (Randy) Ayers — Labor & Employment

James E. (Jim) Burke — General Commercial Litigation

Robert E. (Bob) Coletti — Corporate/Mergers & Acquisitions

D. Brock Denton — Corporate/Mergers & Acquisitions

Kevin E. Irwin — Bankruptcy/Restructuring

Bryan A. Jacobs — Corporate/Mergers & Acquisitions

F. Mark Reuter – Corporate/Mergers & Acquisitions

Robert G. (Bob) Sanker — Bankruptcy/Restructuring

Michael L. (Mike) Scheier — General Commercial Litigation

Edward E. (Ed) Steiner — Corporate/Mergers & Acquisitions

Daniel P. (Dan) Utt — Real Estate

The Chambers & Partners research team spent a year canvassing
clients and lawyers across the country to obtain a consistent
market view of those firms and lawyers that are considered leaders
in their fields.  The directory contains a detailed and
independently-researched editorial describing each listed law firm
and lawyer as well as the firm’s strengths, details of recent
work, quotes from clients and peers and a list of active clients
within each practice area.  Additional information may be found at
www.chambersandpartners.co.uk

             About Keating Muething & Klekamp PLL

Based in Cincinnati, Ohio, the law firm of Keating Muething &
Klekamp PLL (KMK Law(R)) -- http://www.kmklaw.com-- is a
nationally-recognized law firm delivering sophisticated legal
solutions to businesses of all sizes -- from Fortune 100
corporations to start-up companies.  KMK Law earned three National
Rankings in Commercial Litigation, Corporate Law and Venture
Capital Law and 37 Metropolitan Rankings in the 2015 "Best Law
Firms" Report, a publication by U.S. News & World Report and Best
Lawyers.  Founded in 1954, KMK has approximately 110 lawyers and a
support staff of 150 employees.


[*] Debt Buyer Faces Fine and Loss of Thousands of Court Judgments
------------------------------------------------------------------
Jessica Silver-Greenberg, writing for The New York Times' DealBook,
reported that New York's state attorney general, Eric T.
Schneiderman, has reached a settlement with debt buyer Encore
Capital Group, over concerns that the company filed thousands of
flawed debt collection lawsuits against state residents.

According to the DealBook, the settlement, which requires Encore to
pay a $675,000 penalty and vacate more than 4,500 court judgments
against borrowers -- is part of a broader push by state and federal
authorities to root out questionable debt collection practices that
can stymie vulnerable borrowers just as they are trying to dig out
from the financial crisis.




[*] Judge Denies Bank of America's Request for New Hustle Trial
---------------------------------------------------------------
Christina Rexrode, writing for The Wall Street Journal, reported
that a Judge Jed Rakoff in Manhattan said a $1.27 billion fine
against Bank of America Corp. over an old mortgage-lending program
known as Hustle should stick.

According to the report, Bank of America had asked that the
decision be overturned or that the company be given a new trial,
arguing that a jury in 2013 was wrong to find the bank liable for
fraud.  But in his decision on Feb. 3, Judge Rakoff wrote that "the
jury's conclusion that this was a massive and intentional fraud was
amply supported by the evidence."

The Journal related that the Hustle case revolves around a civil
lawsuit the U.S. attorney’s office of Manhattan filed against
Bank of America in 2012 alleging that a precrisis Countrywide
Financial Corp. program called Hustle had churned out shoddy
mortgages with a focus on quantity, not quality, and then
misrepresented those loans when selling them to Fannie Mae and
Freddie Mac.


[*] Milestone Deadlines in 1st 60 Days Be Prohibited, ABI Recommend
-------------------------------------------------------------------
The commission the American Bankruptcy Institute established to
study the reform of Chapter 11 of the U.S. Bankruptcy Code
recommends in the Final Report and Recommendations it issued on
Dec. 8, 2014, that, in connection with debtor-in-possession
financing, "roll-ups," liens on estate avoidance actions, and
"benchmarks" or "milestone" deadlines during the initial 60 days of
the case should be prohibited, and any prepetition contractual
prohibition on subordinated junior secured creditors providing DIP
financing should be invalid.

The ABI Commission recommends that a DIP or trustee should not be
permitted to conduct an auction of, or to receive final approval of
a sale transaction involving, all or substantially all of the
debtor's assets within 60 days of the petition date, with certain
exceptions.

Section 546(e) should be amended to remove protection from
avoidance actions for participants in prepetition LBOs involving
privately issued securities.

A DIP or trustee should be able to assume and assign an
intellectual property license, notwithstanding applicable
nonbankruptcy law or a provision to the contrary in the license.
U.S. trademarks, service marks, and trade names, as well as foreign
patents, copyrights, and trademarks, should be included within the
Bankruptcy Code's definition of IP and therefore entitled to the
protections set forth in section 365(n) in the event that a license
of the IP is rejected.

The ultimate deadline for the DIP or trustee to assume or reject
unexpired nonresidential real property leases should be extended
from 210 days to one year after the petition date.

Except in the context of a sale of all or substantially all of a
debtor's assets, an "enhanced business judgment standard" should
apply to a proposed nonordinarycourse use, sale, or lease of a
debtor's assets.

The court should approve a sale of all or substantially all of a
debtor's assets only if the court finds by a preponderance of the
evidence that the proposed sale is in the best interests of the
estate and satisfies certain specified requirements that otherwise
apply to confirmation of a Chapter 11 plan.

In a section 363 sale, the trustee or DIP should be able to sell
assets free and clear of any successor liability claims (including
tort claims) other than certain specifically excluded interests.

In a section 363 sale of a secured creditor's collateral, the
secured creditor should be permitted to credit bid up to the amount
of its allowed claim relating to such collateral unless the court
orders otherwise for "cause."  The potential bid-chilling effect of
a credit bid alone should not constitute "cause," but the court
should attempt to mitigate any such chilling effect in approving
the process.

The rejection of a collective bargaining agreement under section
1113 should be treated as a breach of the agreement giving rise to
a prepetition claim for monetary damages arising from rejection
(unless the agreement has been previously assumed).

The DIP or trustee should comply with the requirements of section
1114 for all retiree benefits, even if the DIP or trustee contends
that such benefits are terminable at will under the terms of the
benefit plan or applicable nonbankruptcy law.

A DIP's board of directors should be able to act on behalf of the
DIP in the Chapter 11 case without seeking or obtaining approval of
the debtor's shareholders.

Out-of-the-money creditors should be provided with some recovery --
"redemption option value" -- either under a Chapter 11 plan or in
connection with a sale of substantially all of the debtor's assets
if the bankruptcy court determines that the debtor's business might
be worth more over a three-year period following confirmation or
approval of the sale transaction.

A prepetition interest holder, including an insider, should be
permitted to retain or purchase an interest in the reorganized
debtor without violating the absolute priority rule, provided that
such interest holder contributes new money or money's worth to the
debtor's reorganization efforts in an aggregate amount which is
reasonably proportionate to the interest retained or purchased and
which is subject to a reasonable market test.

The DIP or trustee should not be permitted to waive the ability to
surcharge collateral to the extent permitted under section 506(c),
nor should the DIP or trustee be able to waive the right to argue
under section 552(b) that "the equities of the case" warrant a
finding that property acquired by the estate is not subject to a
lender's prepetition liens.

In selecting the appropriate discount rate to apply to deferred
cash payments made to a secured creditor under a Chapter 11 plan,
the court should use the cost of capital for similar debt issued to
companies comparable to the debtor as a reorganized entity.  If
such a market rate is not available, the court should use an
appropriate risk-adjusted rate that reflects the actual risk posed
in the case of the reorganized debtor.  The court should not apply
the "prime plus" formula adopted by the Supreme Court in Till v.
SCS Credit Corp., 541 U.S. 465 (2004), in the Chapter 11 context.
Senior creditors should not be permitted to "gift" consideration
(make class-skipping, class-discriminating, or
intraclass-discriminating transfers to junior creditors or interest
holders) under a Chapter 11 plan if such transfers would violate
the absolute priority rule.

A plan proponent should be permitted to include third-party
releases in a Chapter 11 plan under certain specified conditions.

The confirmation of a Chapter 11 plan should not require the
acceptance of the plan by at least one class of claims impaired
under the plan (as currently required).

A contractual assignment or waiver of voting rights in favor of
senior creditors under an intercreditor, subordination, or similar
agreement should be unenforceable.

The Bankruptcy Code should be amended to clarify that a Chapter 11
case can be resolved only in the following three ways: (i)
confirmation of a plan; (ii) conversion of the case; and (iii)
dismissal of the case, subject to section 349. This would
effectively end structured dismissals that involve dismissal of the
case after a section 363 sale, but without all of the protections
afforded in these other contexts.

New rules should be implemented for a debtor that is a small-or
medium-sized enterprise in place of existing rules governing "small
business debtors," including, with certain exceptions, the
following: (i) the debtor should be permitted to remain in
possession; (ii) no unsecured creditors' committee should be
appointed; (iii) the debtor should file a timeline for soliciting
acceptances to a plan within 60 days of the petition date, after
which the court should establish a schedule, subject to the time
exclusivity deadlines in section 1121 (as distinguished from the
existing requirements for a small business debtor to file a plan
within 300 days of the petition date and obtain confirmation of the
plan within 45 days after the filing date); and (iv) new consensual
and nonconsensual plan confirmation requirements should apply to
SMEs, including the ability to retain equity under the "new value"
exception.

Certain significant matters were not addressed in the Report by
design, including: (i) changes to the bankruptcy venue rules; the
"core" versus "non-core" controversy and recent U.S. Supreme Court
pronouncements on the issue; (iii) claims trading and the
disclosure rules of Fed. R. Bankr. P. 2019; (iv) matters arising in
individual Chapter 11 cases, such as whether postpetition income is
estate property and whether the absolute priority rule applies in
individual Chapter 11 cases; (v) mechanisms to wind up or liquidate
systemically important financial institutions, some of which are
presently being considered by Congress; and (vi) issues affecting
cross-border bankruptcy cases under Chapter 15.

The ABI Commission comprises nearly 130 corporate restructuring
authorities serving on 13 advisory committees.  The approximately
400-page Report, which the ABI Commission hopes to present to
Congress in 2015, contains more than 260 recommendations for
amendments to the 36-year-old Bankruptcy Code, necessitated by
fundamental changes that have undermined the effectiveness of the
current statutory framework.

Robert J. Keach and Albert Togut at ABL Advisor report that a
minority of critics has asserted that adoption of certain of the
Report's recommendations would necessarily lower secured creditor
recoveries.


[*] S&P Said to Settle CalPERS Ratings Lawsuit for $125-Mil.
------------------------------------------------------------
Matthew Robinson and Joel Rosenblatt, writing for Bloomberg News,
reported that Standard & Poor's reached a $125 million lawsuit
settlement with the largest U.S. state pension fund over inflated
ratings on residential-mortgage bond deals, two people familiar
with the matter said.

According to the report, citing the people, who asked not to be
identified because the matter isn't public, S&P will pay the
California Public Employees Retirement System, or Calpers, to
resolve claims over grades on subprime mortgages during the run-up
to the 2008 financial crisis.  California will receive $210 million
as part of S&P's settlement with the Justice Department and
attorneys general of 19 states and the District of Columbia, one of
the people said, the report related.


[^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-------------------------------------------------------------
Author:     Sallie Tisdale
Publisher:  BeardBooks
Softcover:  270 pages
List Price: $34.95
Review by Henry Berry
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her subject
of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.
Again and again, her descriptions of ill individuals and images of
illnesses such as cancer and meningitis make a lasting impression.
Tisdale accomplishes the tricky business of bringing the reader to
an understanding of what persons experience when they are ill; and
in doing this, to understand more about the nature of illness as
well. Her style and aim as a writer are like that of a medical or
science journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable style
is added the probing interest and concern of the philosopher
trying to shed some light on one of the central and most
unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other health-
care professionals are like sorcerer's trying to work magic on
them. They hope to bring improvement, but can never be sure what
they do will bring it about. Tisdale's intent is not to debunk
modern medicine, belittle its resources and ways, or suggest that
the medical profession holds out false hopes. Her intent is do
report on the mystery of serious illness as she has witnessed it
and from this, imagined what it is like in her varied work as a
registered nurse. She also writes from her own experiences in
being chronically ill when she was younger and the pain and
surgery going with this.

She writes, "I want to get at the reasons for the strange state of
amnesia we in the health professions find ourselves in. I want to
find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state of
mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness, to
save lives, to make sick people feel better. Doctors, surgeons,
nurses, and other health-care professionals become primarily
technicians applying the wonders of modern medicine. Because of
the volume of patients, they do not get to spend much time with
any one or a few of them. It's all they can do to apply the
prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem-
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states." This
is not the lesson nearly all other health-care workers come away
with. For them, sick persons are like something that has to be
"fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.

Simply in describing what she observes, Tisdale leads those in the
medical profession as well as other interested readers to see what
they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel and
cuts--the top of the hip to a third of the way down the thigh--and
cuts again through the globular yellow fat, and deeper. The
resident follows with a cautery, holding tiny spraying blood
vessels and burning them shut with an electric current. One small,
throbbing arteriole escapes, and his glasses and cheek are
splattered." One learns more about what is actually going on in an
operation from this and following passages than from seeing one of
those glimpses of operations commonly shown on TV. The author
explains the illness of meningitis, "The brain becomes swollen
with blood and tissue fluid, its entire surface layered with
pus...The pressure in the skull increases until the winding
convolutions of the brain are flattened out...The spreading
infection and pressure from the growing turbulent ocean sitting on
top of the brain cause permanent weakness and paralysis,
blindness, deafness...." This dramatic depiction of meningitis
brings together medical facts, symptoms, and effects on the
patient. Tisdale does this repeatedly to present illness and the
persons whose lives revolve around it from patients and relatives
to doctors and nurses in a light readers could never imagine, even
those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds readers
that the mystery of illness does, and always will, elude the
miracle of medical technology, drugs, and practices. Part of the
mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies are
essentially entropic." This is what many persons, both among the
public and medical professionals, tend to forget. "The Sorcerer's
Apprentice" serves as a reminder that the faith and hope placed in
modern medicine need to be balanced with an awareness of the
mystery of illness which will always be a part of human life.


                            *********

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.

                            *********

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
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firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***