TCR_Public/150417.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, April 17, 2015, Vol. 19, No. 107

                            Headlines

ADMI CORP: Moody's Assigns 'B2' CFR & Rates 1st Lien Loans 'B1'
ADVANCE ENGINEERED: Begins CCAA Process; Initial Stay Thru May 8
ALCO STORES: Asks Court to Extend Employment of DTBA
AMERICAN POWER: Stockholders Elect 3 Directors to Board
APPLIED MINERALS: Provides Corporate Update for 2014 Results

B & M EXCAVATING: State Probe Might Affect Bankr.; May 26 Hearing
BAYOU SHORES: Says CMS Put It in 'Financial Chokehold'
BERNARD L. MADOFF: May 28 Hearing Scheduled for Claim Recoveries
BION ENVIRONMENTAL: AG Stresses Importance of Meeting Targets
BREF HR: Incurs $103 Million Net Loss in 2014

BRIAR'S CREEK: Court Approves Hiring of Keen-Summit as Advisor
BRIAR'S CREEK: Hires Dixon Hughes as Accountants
BUILDING #19: Creditors' Panel Hires Posternak as Special Counsel
CAL DIVE: Bankruptcy Court OKs Jones Walker as Corporate Counsel
CAL DIVE: KCC Approved as Administrative Agent

CAL DIVE: Richards Layton Approved as Bankruptcy Counsel
CAL DIVE: Wants to Hire Derrick Offshore as Vessel Appraiser
CARROLS RESTAURANT: Moody's Rates $200MM 2nd Lien Notes 'B3'
CARROLS RESTAURANT: S&P Affirms 'B-' Corporate Credit Rating
CASA EN DENVER: Files for Chapter 11 in Miami

CCO HOLDINGS: Moody's Assigns B1 Rating on Sr. Unsecured Bonds
CCO HOLDINGS: S&P Assigns BB- Rating on Proposed $500MM Sr. Notes
CHARLES WYLY: Says IRS Claim for Additional Taxes "Absurd"
CHASSIX HOLDINGS: U.S. Trustee Forms 5-Member Creditors Committee
CHRYSLER GROUP: Objects Jones Day Atty as Mediator in Takata MDL

CIVIC PARTNERS: Court Denies Plea to Rehear Bankruptcy Case
CLUB AT SHENANDOAH: Taps Phillips & Rickards as Litigation Counsel
COLLAVINO CONSTRUCTION: Lease Decision Period Extended
COLT DEFENSE: Commences Exchange Offer for 8.75% Senior Notes
COLT DEFENSE: Moody's Says Debt Restructuring is Credit Negative

CORD BLOOD: Inks $724,000 Purchase Agreement with Red Oak, et al.
CORNERSTONE HOMES: Committee Wants Standing to Pursue Claims
CRUMBS BAKESHOP: Conversion Hearing Adjourned Until April 27
DAVITA HEALTHCARE: Upsized Debt No Impact on Moody's Ratings
DENDREON CORP: Files Chapter 11 Plan of Liquidation

DEWEY & LEBOEUF: Aviva Targets More Execs Over $35M Note Fraud
DISCOVERY CHARTER: S&P Affirms 'BB+' Rating on 2012 Project Bonds
DOMARK INTERNATIONAL: Delays Form 10-Q for Feb. 28 Quarter
DORAL FINANCIAL: Hires Rope & Gray as Counsel
DREIER LLP: Ex-Diamond McCarthy Atty Can't Depose Banks

DUNE ENERGY: Court OKs Employment of Haynes and Boone as Attorney
EBENEZER CHURCH: Case Summary & 13 Largest Unsecured Creditors
ELBIT IMAGING: Expert Estimates BUTU'S Equity Fair Value
FIVE S PLUS: Section 341 Meeting of Creditors Set for June 3
GENERAL MOTORS: Judge Gerber's Decision on Ignition Switch Claims

GEOFFREY EDELSTEN: Mortgage Advice Bankrupted Ex-Doctor
GREEN MOUNTAIN: April 24 Deadline on Unexpired Leases Assumption
GREYSTONE LOGISTICS: Posts $199,000 Net Income in Third Quarter
GTA REALTY: Wants More Time to Negotiate With Creditors
GULFPORT ENERGY: S&P Assigns 'B' Rating to $300MM Unsecured Notes

HEBERT GROUP: Case Summary & 8 Largest Unsecured Creditors
HEPAR BIOSCIENCE: Wants Access to Cash Collateral Until June 30
HIPCRICKET INC: $4.5M Financing from ESW Gets Final Approval
IASIS HEALTHCARE: Moody's Puts 'B2' CFR on Review for Downgrade
INTELLIPHARMACEUTICS INT'L: Incurs $914,000 Net Loss in Q1

INTL MANUFACTURING: Court Reaffirms FFWP as Bankruptcy Counsel
INTL MANUFACTURING: Files List of Creditors Holding Unsec. Claims
IPC CORP: $15MM Debt Increase No Impact on Moody's Ratings
IPC CORP: S&P Retainss 'B' Rating on 1st Lien Loan on $15MM Add-On
JAMES RIVER: Coins, Art, Antiques on Auction Block Until April 30

KID BRANDS: Seeks Exclusivity Extension
LEE STEEL: Proposes McDonald Hopkins as Counsel
LEE STEEL: Proposes to Obtain DIP Financing From Huntington
LEE STEEL: Wants to Keep Huron as Financial Advisors
LIGHTSQUARED INC: Ergen Files Appeal on Ch. 11 Injunction

LOUDOUN HEIGHTS: Wants to Hire Joe Bane as Manager
LOW COUNTRY: Case Summary & 18 Largest Unsecured Creditors
MATAGORDA ISLAND: Case Dismissal Hearing Continued Until April 28
MEDICURE INC: Posts C$1.2M Net Income for 7 Months Ended Dec. 31
MOLYCORP INC: Oaktree Capital Reports 2.2% Stake as of March 27

MOTORCAR PARTS: Can't Rely on 2nd Circ. Ruling in Securities Suit
NAARTJIE CUSTOM: Court Sets April 20 as Admin Claims Bar Date
NATIONAL CINEMEDIA: 3-Year Employment Pact with Sales Pres. Okayed
NATIONAL CINEMEDIA: S&P Affirms 'BB-' Corporate Credit Rating
NEWSAT LIMITED: Chapter 15 Case Summary

NEWSTAR FINANCIAL: S&P Rates New $300MM Unsecured Notes 'BB-'
NII HOLDINGS: April 20 Hearing on Approval of Amended KERP
NW VALLEY: Amends Schedules of Assets and Liabilities
NW VALLEY: Hires David Black as Accountant
OAS S.A.: Debtors Seek Joint Administration in the U.S.

OAS S.A.: Seeks U.S. Recognition of Brazilian Proceedings
OHANA GROUP: Court Dismisses Chapter 11 Bankruptcy Case
PETTERS COMPANY: Trustee Okayed to Protect Zink's Assets
PHARMACEUTICAL PRODUCT: S&P Keeps Ratings Over Term Loan Add-On
PREMIER GOLF: Court Sets May 15 as Claims Bar Date

PUERTO RICO ELECTRIC: Forbearance Agreement Extended for 15 Days
PULSE ELECTRONICS: Completely Acquired by Oaktree
PULSE ELECTRONICS: Oaktree Reports100% Stake
RADIOSHACK CORP: Sale to Office Depot Mexico Closed
RESPONSE 1 MEDICAL: Files for Chapter 11 Bankruptcy Protection

RICHMOND CHRISTIAN: Ch. 11 Trustee Sues Pastor for Abusing Funds
ROSETTA GENOMICS: Completes Acquisition of PersonalizeDx
SAN BERNARDINO: Firefighters Sue Over Chapter 9 Plan
SEQUA CORP: S&P Lowers Corporate Credit Rating to 'CCC+'
SKYSTAR BIO-PHARMA: Gets Nasdaq Listing Non-Compliance Notice

SOLAR POWER: Head & Shoulders Holds 17% Stake as of March 4
SPECIALTY HOSPITAL: Nelson Mullins Replaces Wiley Rein as Counsel
SPECIALTY HOSPITAL: Suzanne Koenig Discharged from PCO Duties
TONGJI HEALTHCARE: Reports $462,000 Net Loss in 2014
TRIGEANT HOLDINGS: Wants Plan Solicitation Period Extended to June

TRUMP ENTERTAINMENT: E&Y Okayed to Provide Additional Services
UNIVERSITY GENERAL: Premium Finance Agreement Approved
UNIVISION COMMUNICATIONS: Add-On Notes No Impact on Moody's Ratings
UTEX INDUSTRIES: S&P Cuts Corporate Credit Rating to 'B-'
VERITEQ CORP: Incurs $3.91 Million Net Loss in 2014

WAVE HOLDCO: Moody's Lowers CFR to 'B3', Outlook to Stable
WAVEDIVISION HOLDINGS: S&P Lowers Corporate Credit Rating to 'B'
[*] Charles Moore Joins Alvarez & Marsal as Managing Director
[^] BOOK REVIEW: Risk, Uncertainty and Profit

                            *********

ADMI CORP: Moody's Assigns 'B2' CFR & Rates 1st Lien Loans 'B1'
---------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
B2-PD Probability of Default Rating to ADMI Corp., the direct
parent of Aspen Dental Management, Inc. (collectively "Aspen
Dental"). Moody's also assigned a B1 (LGD 3) rating to the
company's proposed first lien senior secured credit facilities,
including a $35 million revolving credit facility and $380 million
term loan. The rating outlook is stable.

The proceeds from the term loan, a $150 million privately-placed
senior unsecured note offering (not rated by Moody's), and
contribution of common equity, will fund the acquisition of a
majority ownership in the company by American Securities, refinance
existing debt, and pay transaction fees and expenses. As part of
the transaction, American Securities and existing investors,
including Ares Capital, Leonard Green Partners and management, will
contribute approximately $597 million of common equity,
representing approximately 53% of the company's total
capitalization.

All ratings are subject to review of final documentation.

Moody's assigned the following ratings:

ADMI Corp.:

  -- Corporate Family Rating, B2

  -- Probability of Default Rating, B2-PD

  -- Senior secured credit facilities, B1 (LGD 3)

  -- The rating outlook is stable.

Moody's anticipates all of the corporate and instrument ratings at
Aspen Dental Management, Inc. will be withdrawn upon completion of
the proposed transaction and repayment of existing debt.

ADMI's B2 Corporate Family Rating reflects the company's high
financial leverage, small absolute size, and its aggressive de novo
growth strategy, which Moody's expect will constrain profitability
margins and free cash flow. Moody's believes the company's more
aggressive growth strategy reflects the need to add more centers
and be more aggressive to maintain the same rate of growth as the
company gets larger. The rating is also constrained by the risk of
leveraging event risks under private equity ownership. The rating
is supported by the company's flexibility to reduce de novo growth
if necessary, and its ability to then generate positive free cash
flow that could be used to reduce debt. The credit profile also
benefits from the large population of people that are underserved
in terms of access to dental care, which Moody's believe supports
Aspen's growth prospects. However, an ongoing risk in Aspen's
growth profile stems from the company's high proportion of self-pay
revenues, as Aspen's patients typically are responsible for a large
portion of their bill and rely heavily on third party financing
arrangements to pay for services. Aspen is therefore exposed to
changes in consumer spending and credit availability trends.

The stable rating outlook incorporates Moody's expectation that the
company's de novo growth strategy will continue to be financed by
internally-generated cash flow and that the company will reduce
adjusted debt to EBITDA to below 6 times over the next 12 to 18
months. The stable outlook also incorporates Moody's expectation
that the company will maintain at least an adequate liquidity
profile.

The ratings could be downgraded if the company is unable to reduce
adjusted debt to EBITDA to below 6 times over the next 12 to 18
months, if Aspen were to face an escalation of regulatory or legal
risk, if the company engages in any material debt-financed
acquisitions or shareholder initiatives, or if the company's
liquidity position weakens.

The ratings could be upgraded if the company reduces adjusted debt
to EBITDA to below 4.5 times, and Moody's expects it to remain
below that level by exhibiting a more conservative financial
policy, while maintaining growth and increasing scale without
taking on additional leverage.

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.

ADMI Corp. is a holding company whose principal operating
subsidiary is Aspen Dental Management, Inc. ("Aspen Dental").
Headquartered in East Syracuse, New York, Aspen Dental provides
business support services to Aspen Dental branded dental practices
owned by dentist-owned professional corporations ("PC"). Aspen
Dental affiliates with its dentists through two structures: the
Large Group Practice ("LGP")structure and the practice ownership
program ("POP"). Under the LGP model (roughly 47% of offices),
dentists are employees of the PC, where the PC owns the medical
records, patient lists, and operating records. Under the POP
structure (roughly 53% of offices), dentists typically purchase the
medical records from the PCs that own dental offices under the LGP
structure in order to acquire their own smaller practice(s). The
company's audited financials do not consolidate the POP practices.
As of December 31, 2014, excluding POP offices, the company
generated net revenues of approximately $538 million, while the
consolidated net revenues for all dental offices, including POP
offices, was approximately $790 million for the same period.


ADVANCE ENGINEERED: Begins CCAA Process; Initial Stay Thru May 8
----------------------------------------------------------------
Advance Engineered Products Ltd., commenced court-supervised
restructuring proceedings under the Companies' Creditors
Arrrangement Act. The Court of Queen's Bench of Saskatchewan, in
Canada, appointed Ernst & Young Inc. as monitor.

In an initial order dated April 10, 2015, the CCAA Court stayed all
proceedings against the Company through May 8, 2015.

The Initial CCAA Order prohibits AEPL from making payments of
amounts relating to the supply of goods or services prior to May 9,
2015, except as provided in the Initial Order.

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

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

The Monitor may be reached at:

     Mark Quinlan
     Ernst & Young Inc.
     700 West Georgia Street
     Vancouver, BC V7Y 1CY, Canada
     Tel: 604-648-3675


ALCO STORES: Asks Court to Extend Employment of DTBA
----------------------------------------------------
ALCO Stores Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the Northern District of Illinois an amended
request to employ Deloitte Transactions and Business Analytics LLP
to provide the Debtors with a chief restructuring officer and
certain additional personnel, and designate Michael Juniper as the
chief restructuring officer for the Debtors nunc pro tunc to the
petition date.

The Debtors said it is essential that the firm's retention be
extended.  As noted, the firm has carried out its duties as
outlined in the firm retention application.  The Debtors noted they
submit that unless this matter is appropriately resolved, the
Debtors risk losing its CRO and additional personnel who have been
essential in an orderly wind-down of the Debtors' business.

A hearing is set for May 12, 2015 at 1:30 p.m. to consider the
Debtors' request.

On Nov. 24, 2014, the Court approved the Debtors' request to employ
the firm to provide CRO and certain additional personnel.  The firm
is expected to:

  a) assess the Debtors' current business plan and operations to
     identify areas of opportunity, including, but not limited to,

     13 week cash forecasting and debtor-in-possession loan
     reporting, potential profitability, ongoing cash
     requirements, profit center contributions and break-even
     levels, preparation of weekly variance report, reviewing and
     signing weekly borrowing base certificates, assisting in
     preparation of daily inventory roll forward;

  b) assist in developing the Debtors' financial and operational
     turnaround strategy, bankruptcy strategies and associated
     activities for the Board's input and approval;

  c) assist with the implementation of the Debtors' Board-
     approved financial and operational turnaround strategy;

  d) assist with the management of the Debtors' liquidity issues,
     including reviewing the Debtors' primary cash disbursement
     accounts for compliance with the Debtors' debtor-in-
     possession credit facility and reviewing daily and weekly
     disbursements in accordance with Approved Budget;

  e) advise the Debtors on the development of tools and procedures

     that will assist the Debtors in vendor and contract
     management during the bankruptcy;

  f) assist the Debtors with the development and refinement of
     cash management processes and procedures;

  g) advise the Debtors in connection with the Debtors' internal
     and external communications related to the restructuring;

  h) advise and assist the Debtors with respect to their (i)
     financial system cut-off procedures, (ii) evaluation of
     whether liabilities are pre- or post-petition, (iii) accounts

     payable payment process, and (iv) processes regarding
     approval of payment of pre-petition liabilities in accordance
     with this Court's orders and associated reporting with
     respect to those payments;

  i) advise the Debtors in connection with their preparation of
     various financial reports for submission to the Court,
     including the Debtors' monthly operating reports;

  j) advise and assist the Debtors with claims administration and
     reconciliation;

  k) assist the Debtors with their preparation of information for
     both a disclosure statement and plan of reorganization,
     including the Debtors' estimation of various recovery values
     by claims class;

  l) assist the Debtors with distributions to holders of allowed
     claims under a plan of reorganization;

  m) advise and assist the Debtors with respect to their
     understanding the requirements, and coordinating activities
     and processes to determine accounting efforts, in connection
     with a potential fresh-start event, including implementing
     the effects of a plan of reorganization and revaluating the
     new entities' assets and liabilities;

  n) attend and participate in hearings and meetings on
     matters within the scope of the services listed herein;

  o) meet with the Board on a weekly basis to discuss, among
     other things, engagement progress and financial and
     operational reports; and

  p) provide advice and recommendations with respect to other
     related matters as the Debtors may request from time to time,

     as agreed to by DTBA.

The Debtors said these services are necessary to enable them to
maximize the value of their estates and successfully complete their
restructuring.

The Debtors have agreed to compensate DTBA for the services
rendered by Michael Juniper, senior vice president of the firm, as
the CRO at an hourly rate of $450.  The Debtors and DTBA further
agree that the Debtors will compensate DTBA for the services
rendered by Rob Carringer, the engagement principal, at an hourly
rate of $650.  The Debtors agreed to compensate the additional
personnel at these hourly rates:

     Principal/Partner          $650
     Senior Vice President      $450-$475
     Vice President             $400-$425
     Senior Consultant          $325-$375

In connection with DTBA's retention in the period leading up to the
petition date, the Debtors paid a retainer of $735,000 to DTBA in
four payments, during the period June 3 – October 1, 2014.  In
addition, the Debtors paid approximately $1,047,648 to DTBA in the
period prior to the Petition Date for prepetition fees and expenses
excluding the retainer.

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

                         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 serves as local counsel to the
Committee.


AMERICAN POWER: Stockholders Elect 3 Directors to Board
-------------------------------------------------------
American Power Group Corporation disclosed in a document filed with
the Securities and Exchange Commission that it held its 2015 annual
meeting of stockholders on April 9, 2015, at which Maury Needham,
Lyle Jensen and Lew Boyd were elected as directors and the
shareholders ratified Schechter, Dokken, Kanter, Andrews & Selcer,
Ltd.'s appointment as the Company's independent auditors for the
fiscal year ending Sept. 30, 2015.  In addition, the shareholders
approved, on a nonbinding, advisory basis, the compensation of the
Company's named executive officers.

Also on April 9, 2015, the Company's Chief Executive Officer, Lyle
Jensen, delivered a power point summary of accomplishments and
informational items to shareholders at the Annual Meeting.  The
power point presentation is available for free at:

                         http://is.gd/xD16eP

                     About American Power Group

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

American Power reported a net loss available to common
stockholders of $3.25 million on $6.28 million of net sales for
the year ended Sept. 30, 2014, compared with a net loss available
to common stockholders of $2.92 million on $7.01 million of net
sales for the year ended Sept. 30, 2013.

As of Dec. 31, 2014, the Company had $9.53 million in total assets,
$5.55 million in total liabilities and $3.97 million in total
stockholders' equity.


APPLIED MINERALS: Provides Corporate Update for 2014 Results
------------------------------------------------------------
"2014 was a year of continued progress for Applied Minerals," said
Andre Zeitoun, CEO and president of Applied Minerals, Inc.  "We
made significant advancements with respect to moving further along
the path toward commercialization for both our DRAGONITE halloysite
and AMIRON iron oxide product lines.  Our R&D efforts with
potential customers over the last few years are beginning to
generate results.  Further, our marketing and distribution
agreements with The Lorama Group, Inc., Mitsui Plastics, Inc. and
OPF Enterprises, LLC have produced a number of commercial
opportunities for us.  With our recently commissioned processing
facility, we now have up to 55,000 tons of combined annual
production to meet an increase in product demand.

"Looking into 2015, we expect to continue the progress that
characterized our business in 2014.  We currently have an
attractive pipeline of opportunities across a range of industry
verticals.  The time and effort required to commercialize
value-added, disruptive technologies can be significant, but we
feel our efforts are beginning to bear fruit in light of recent
commercial developments.  Management continues to focus intently on
increasing its sales and distribution channels to execute on the
opportunities that lie before it."

Halloysite Clay - DRAGONITE

Adhesive, Elastomer & Thermoset Additives

DRAGONITE continues to attract significant interest from adhesive,
epoxy, and thermoset manufacturers as an all-natural, high value
additive.  Through a combination of reinforcement, impact
resistance, and adhesive properties imparted at low loadings,
DRAGONITE provides an unmatched value proposition.  The Company
estimates the size of the global adhesives market alone to be
approximately 9.4 million tons per annum, presenting a significant
volume opportunity for DRAGONITE even at low loading rates.

During 2014, a Fortune 100 customer and leading global producer of
structural adhesives continued the roll out of its next-generation
acrylic product containing DRAGONITE.  This customer is also
developing a number of new products utilizing DRAGONITE as a high
performance additive.  Also during 2014, a global tire manufacturer
advanced to a large-scale pilot test of an application that
utilized DRAGONITE for rubber reinforcement.

Polymer Additives for Nucleation

Nucleating agents are used to speed up the process of
crystallization of a resin in order to reduce the manufacturing
(cycle) time of molded plastic parts.  Unlike many other nucleating
agents, DRAGONITE has been shown to both improve cycle time and
increase a number of mechanical properties of molded parts.
DRAGONITE allows a molder to reduce costs both through a reduction
in manufacturing time and an ability to thin wall molded parts.

While nucleating agents exist for a wide range of resins, DRAGONITE
is one of only two additives that can nucleate polyethylene, the
largest volume resin in the world.  Only a small percentage of the
50 million tons of polyethylene produced annually are nucleated,
presenting a significant market opportunity for the Company.

DRAGONITE continues to gain traction in the polymer industry.
During 2014, one of Applied Minerals' customers, a large
manufacturer of lawn and garden equipment, expanded the use of
DRAGONITE to a second product offering.  Additionally, in early
2015, the Company successfully acquired a large injection molder as
a new customer.  Management believes the utilization of DRAGONITE
by these large, established customers provides a critical
validation of the product for the industry as a whole. The Company
continues to rigorously market this application and is currently in
various stages of trials with additional customer prospects.

Foaming Additives for Plastics

Foaming agents are used primarily to lightweight molded plastic
parts for applications in industries such as packaging and
automotive components.  Light weighting, however, can often result
in a loss of mechanical properties.  When DRAGONITE is used in
conjunction with a foaming agent, it has been shown to prevent the
degradation of the mechanical integrity of a foamed plastic part,
while retaining the benefit of weight savings.

During 2014, a customer and leading manufacturer of chemical
foaming agents, KibbeChem, successfully achieved several
end-customer wins through the marketing of both a formulation
comprised of DRAGONITE and its proprietary foaming agent as well as
DRAGONITE as a nucleating agent.  To meet initial end-user demand,
KibbeChem purchased product in late 2014.  KibbeChem expects to
realize increased demand in 2015 for both its DRAGONITE-based
foaming agent and DRAGONITE nucleating agent as it expands its
marketing efforts and achieves additional customer wins.

Flame Retardant Additives

Flame retardant additives are widely used in flame retardant and
flame resistant plastics, which are needed for applications such as
electronics, building insulation, polyurethane foam, and jackets
and insulation for wire and cable.  The market for FR additives for
plastics continues to move away from toxic halogenated compounds to
non-toxic, mineral-based compounds such as ATH and MDH.
Unfortunately, ATH and MDH, when used at loading levels necessary
to achieve required UL ratings, often impair the mechanical
properties of a polymer.  DRAGONITE solves this issue when used as
a partial replacement.  Additionally, DRAGONITE has been shown to
be an effective partial replacement for antimony trioxide, a widely
used FR additive that costs approximately $4.50 per pound, a
significant premium to the cost of DRAGONITE. The Company estimates
the annual global demand for FR additives is approximately 2.2
million metric tons, or $6.0 billion.

The Company successfully secured two customers in 2014 for its
flame retardant product.  One of these customers is a Fortune 500
company, which launched, and is currently rolling out, a new flame
retardant coating utilizing DRAGONITE.  Additionally, a specialty
polymer compounder began to incorporate DRAGONITE in a commercial
FR formulation.  A number of cable and wire manufacturers have
ongoing projects developing the use of DRAGONITE as an FR additive
in jacket and insulation applications.

Finally, one of the Company's distributors, Lorama Group, has begun
marketing DRAGONITE to its paints and coatings customers for use in
flame retardant paints.  In late 2014, a large manufacturer in
South America announced its intention to commercialize a new flame
retardant coating based on DRAGONITE.  The formulation was tested
to meet industry requirements and the customer is currently moving
to a pilot-scale trial.  If successful, it is believed that
commercialization of the product will occur during 2015.

Additional commercial-scale trials are expected to continue in 2015
and Lorama has purchased material to meet initial customer demand.

Catalysts & Molecular Sieves

Molecular sieves are used for the purification of gas streams, the
separation of compounds and the drying of reaction-starting
materials.  DRAGONITE is an excellent additive that provides a
combination of strength, porosity and reactivity to catalysts and
molecular sieves, enhancing their performance and productivity in
critical end-use applications.  The global adsorbent market is
estimated to be approximately $2.9 billion.

During 2014, two customers advanced their projects to commercial
field trials.  If successful, both individual opportunities present
attractive volume and revenue potential.

Ceramic Additives

Within the ceramic market, DRAGONITE acts as an effective additive
that enhances the green strength of the ceramic body while also
improving the casting rate, which equates to increased
productivity.  Competing additives are predominantly hectorite and
bentonite-based organoclays, which are organically modified and
cost between $2.00 and $5.00 per pound, a significant premium to
the cost of DRAGONITE.  These organoclays provide similar green
strength but typically reduce productivity. Additionally, Dragonite
contains no chemical modification and is the whitest firing
additive in the market, two especially important product qualities
for porcelain manufacturers.

The Company is currently supplying DRAGONITE as a ceramic additive
to a well-known supplier of ceramic body formulations, which are
used by many high-value ceramic tile and porcelain customers.  The
performance of DRAGONITE has compelled this customer to completely
replace the use of its traditional incumbent binder product with
DRAGONITE.  Applied Minerals continues to aggressively market its
binder product to this industry.  The marketing brochure for
DRAGONITE as a ceramic additive can be found at the following link:
brochure.  The Company will be attending the upcoming 2015 Ceramics
Expo to be held in Cleveland, OH from April 28th through April
30th.  Details of the expo can be found at
http://www.ceramicsexpousa.com/.

Cosmetics

The tubular morphology, absorptive nature and purity of DRAGONITE
position it as a unique material with which cosmetic products can
be developed.  DRAGONITE, among other things, is able to remove
unwanted toxins and oils from skin without the use of harsh
chemicals, hydrate the skin, and deliver a range of beneficial
active ingredients to the skin in a controlled-release fashion. The
Company estimates the total global market for skincare and beauty
products to be approximately $52.8 billion.

In early 2015, the Company signed a term sheet to form a joint
venture with a global leader in cosmetics.  The joint venture will
own and market a brand of cosmetic products utilizing the unique
characteristics of DRAGONITE-PUREWHITE.  A significant amount of
work related to product development and brand creation has occurred
over the past 18 months.  Through a series of clinical trials, the
products developed to date have demonstrated superior performance
characteristics compared to leading benchmark products.  Through
its stake in the joint venture, the Company will obtain a material
ownership interest in the consumer brand. Applied Minerals expects
to finalize the joint venture agreement in the latter half of
2015.

Iron Oxide - AMIRON

Pigmentary

In 2014, the Company launched its AMIRON line of advanced natural
iron oxide pigments to the construction, wood coatings, paints,
industrial coatings, plastics and rubber markets.  Traditionally,
natural iron oxides, due to their variance in quality, have not
been able to compete with synthetic versions in the pigment market.
The consistent purity (high level of Fe2O3) and other
characteristics of the Company's iron oxide resource qualify AMIRON
as an advanced natural iron oxide, enabling it to compete with
higher cost synthetic iron oxides, offering manufacturers a
compelling value proposition.

Additionally, the Company launched a family of semi-transparent
pigment grades for use in interior and exterior wood stains.
Transparent iron oxide colorants are not widespread on the market
because they are prohibitively expensive, difficult to produce, and
extremely challenging and costly to disperse; whereas, AMIRON is an
advanced-natural iron oxide-based pigment line that offers
excellent dispersability in addition to color consistency and UV
protection.

The global iron oxide pigment market is estimated to be
approximately 1.34 million tons, or $1.35 billion. Domestic U.S.
consumption of iron oxide pigments in 2014 was 210,000 metric tons,
170,000 of which were imported. According to USGS data, the average
price realized domestically was approximately $0.73 per pound.
Market prices for synthetic semi-transparent grades range from
$1.50 to $5.00 per pound.  The performance characteristics and low
production costs of AMIRON enable it to be competitively priced
with respect to high value synthetic pigment products.

Lorama is both a customer and an exclusive distributor for the
AMIRON line of iron oxide pigments for paints and coatings. During
2014, they aggressively introduced AMIRON to its paints and
coatings customers located in Europe, Asia, South America and North
America.  These customers have indicated strong interest in the
product and several commercial projects have been initiated and are
ongoing.

Finally, the Company anticipates strong commercial acceptance for
its AMIRON iron oxides for use as an all-natural range of colorants
for decorative landscape mulch.  The U.S. market for iron oxide
mulch colorants is estimated to be 200 million pounds per year,
valued at nearly $140 million.

Technical

The Company's AMIRON OH40, due to its high purity, large surface
area and high reactivity, is an effective hydrogen sulfide
scavenger for applications within the energy and biogas industries.
Hydrogen sulfide is a chemical compound with the formula H2S.  It
is a colorless gas, which, among other things, is both
environmentally damaging and highly corrosive.  To date, most iron
oxide-based desulphurization catalysts have utilized synthetic
oxides.  AMIRON, however, competes effectively with synthetics on
both a performance and cost basis.

During 2014, a company, operating within the energy industry,
successfully carried out product development activities and
pilot-scale tests utilizing AMIRON OH40 as a scavenger material.
This project has successfully advanced to field-testing at the
company's end-customers' locations.  The Company believes
meaningful sales from this opportunity could commence before the
end of 2015.

During the fourth quarter of 2014, Applied Minerals began marketing
AMIRON as a desulphurization catalyst to the biogas market both in
Europe and the United States.  The removal of hydrogen sulfide, a
by-product of the anaerobic conversion of biomass, protects the
reactor from corrosion.  The marketing brochure of AMIRON for use
as a biogas desulphurization catalyst can be found at the following
link: brochure.  The Company will be attending the Biocycle West
Coast Conference 2015 to be held in Portland, OR from April 13th
through April 16th.  Further information can be found at
http://www.biocyclewestcoast.com/.

AMIRON is an effective additive for foundry sands used in the
casting of metals.  Iron oxide is added to foundry sand to reduce
product defects that often occur during the casting process.  The
market for sand additives in metal casting, such as iron oxide, is
driven by product specification and price.  AMIRON meets the
product specification for iron oxide as a foundry sand additive.

Finally, during 2014, a large international producer of foundry
molding additives approved AMIRON as a foundry sand additive for
iron casting.  This potential customer has indicated that it plans
to begin purchasing AMIRON for this application in 2015.  The
customer is also testing AMIRON for use in steel casting, which
could lead to additional opportunities once validated.

                      About Applied Minerals

New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a
leading global producer of halloysite clay used in the development
of advanced polymer, catalytic, environmental remediation, and
controlled release applications.  The Company operates the Dragon
Mine located in Juab County, Utah, the only commercial source of
halloysite clay in the western hemisphere.  Halloysite is an
aluminosilicate clay that forms naturally occurring nanotubes.

Applied Minerals reported a net loss of $10.3 million in 2014, a
net loss of $13.06 million in 2013 and a net loss of $9.73 million
in 2012.  As of Dec. 31, 2014, the Company had $18.5 million in
total assets, $26 million in total liabilities, and a $7.51 million
total stockholders' deficit.


B & M EXCAVATING: State Probe Might Affect Bankr.; May 26 Hearing
-----------------------------------------------------------------
The outcome of a probe by Arizona Registrar of Contractors could
potentially have a huge impact on B & M Excavating and Hauling's
Chapter 11 bankruptcy case, News 4 Tucson investigative reporter
Marisa Mendelson reports.

Marisa Mendelson at KVOA.com relates that the Company is scheduled
to have a hearing with the ROC on May 26, 2015.

According to KVOA.com, ROC said it received 16 complaints against
the Company in 2014.  The report states that ROC cited the
contractor on 16 counts.  The report says that the citations
against the Company include accusations that the Company failed "to
meet minimum construction standards" and "disregarded the building
codes by failing to obtain the necessary permits."

KVOA.com states that ROC has the power to suspend or revoke all of
the Company's contracting licenses.  The report quoted the
Company's attorney as saying, "The effect of such a decision would
render the debtor without any possibility of reorganizing under the
bankruptcy code by depriving the debtor its license to continue
operation."

B & M Excavating & Hauling, Inc, aka B & M Contracting, Inc., is a
construction company in Arizona.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 14-17775) on Dec. 2, 2014.  Charles R. Hyde, Esq.,
at the Law Offices of C.R. Hyde serves as the Company's bankruptcy
counsel.


BAYOU SHORES: Says CMS Put It in 'Financial Chokehold'
------------------------------------------------------
Law360 reported that a nursing home urged a Florida bankruptcy
court on April 9 to enforce its Chapter 11 reorganization plan
despite a pending appeal by the Centers for Medicare and Medicaid
Services, saying the agency is "placing a financial chokehold" on
it in violation of the court's confirmation order.

The report relates that Bayou Shores SNF LLC, owner of the
Rehabilitation Center of St. Petersburg, has been engaged in a
tug-of-war with federal health regulators since August, when they
terminated its Medicare payment agreement after discovering safety
violations at the skilled nursing facility.

                         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.



BERNARD L. MADOFF: May 28 Hearing Scheduled for Claim Recoveries
----------------------------------------------------------------
Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee
for the liquidation of Bernard L. Madoff Investment Securities LLC
(BLMIS), filed a motion on April 15 in the United States Bankruptcy
Court for the Southern District of New York seeking approval for an
allocation of recoveries to the BLMIS Customer Fund and an
authorization for a sixth pro rata interim distribution from the
Customer Fund to BLMIS customers with allowed claims.  A hearing
has been scheduled for Thursday,
May 28, 2015.

In the motion, the SIPA Trustee seeks the release of $1.249 billion
of $1.449 billion that was held in reserve under a September 2012
Bankruptcy Court order.  The reserve was required due to ongoing
litigation of the "time-based damages" issue, in which claimants
asserted that they were entitled to an inflation or interest
adjustment on their claims.  On February 20, 2015, the Second
Circuit affirmed that claimants in the SIPA liquidation of BLMIS
are not entitled to any interest or inflation adjustments on money
deposited at BLMIS.

If the motion is approved, the SIPA Trustee will release $1.249
billion of the reserved $1.449 billion, with $904 million available
for immediate distribution to customers with allowed claims and
approximately $345 million held in reserve for claims that are
"deemed determined" pending the resolution of litigation and other
issues.

"The February 20, 2015 decision by the Second Circuit was an
important milestone in the SIPA liquidation of BLMIS.  First, it
reaffirmed the decision by the late Honorable Burton R. Lifland
that claimants in the SIPA liquidation of BLMIS are not entitled to
time-based damages or some form of interest on the dollars
deposited with BLMIS that were never invested," said David J.
Sheehan, Chief Counsel to the SIPA Trustee.

"Second, and most important, this decision finally allows the SIPA
Trustee to ask the court for permission to release more than $1
billion that had been held in reserve related to this matter.  We
have fought hard to resolve this issue, and the only obstacle that
could stand in the way of the distribution is if defendants
petition the Supreme Court to review the decision.  The SIPA
Trustee is hopeful that no petition will be filed by the appeal
deadline in mid-May, which would cause further delay.  The final
resolution of the time-based damages issue will at long last permit
the SIPA Trustee to make this important distribution to BLMIS
customers with allowed claims."

"This is an incredibly important moment in the Madoff Recovery
Initiative," said Mr. Picard.  "In the more than 20 years this
Ponzi scheme was active, some BLMIS customers never withdrew any of
the money they originally deposited.  Paying time-based damages, or
interest, to some would deprive many of these customers of the
chance to ever be made whole.  My legal teams have worked hard to
litigate this pivotal matter, and we hope that we can move ahead
with this distribution unimpeded by any further appeals, once we
have the approval of the court."

Stephen P. Harbeck, President and CEO of the Securities Investor
Protection Corporation (SIPC), said, "This distribution
demonstrates how the litigation in this case, with the support of
SIPC and SIPC's legal team, continues to result in real progress
for real people.  Madoff's customers will receive significant
recoveries of assets lost to Madoff's theft.  The recoveries for
the victims, to date, far exceed the expectations that existed at
the start of the case. Because SIPC pays the administrative costs,
such as legal fees, 100 percent of the recovered assets will go to
the victims.  We applaud the SIPA Trustee, and his legal and
professional teams, and we are confident that there will be
additional recoveries in the near future."

If approved, the sixth pro rata interim distribution will bring the
amount distributed to eligible claimants to nearly $8.224 billion,
which includes approximately $824.3 million in advances committed
to the SIPA Trustee for distribution to allowed claimants by SIPC.
The sixth pro rata interim distribution will only move forward if
approved by the Bankruptcy Court and no appeal is filed.

The sixth pro rata interim distribution will result in the return
of 6.883 percent of the allowed claim amount for each individual
account, unless the allowed claim has been fully satisfied.  The
average payment for an allowed claim issued in the sixth
distribution will total approximately $855,000.  The smallest
payment totals approximately $1,082 and the largest payment is
approximately $168.5 million.

Currently, the SIPA Trustee has allowed 2,552 claims related to
2,216 BLMIS accounts.  Of these accounts, 1,252 accounts will be
fully satisfied following the sixth interim distribution.  All
allowed claims totaling $1,126,923.91 or less will be fully
satisfied.  The sixth interim distribution, when combined with the
five prior interim distributions, will satisfy up to 55.685 percent
of each customer's allowed claim amount unless the account is fully
satisfied.

As of April 14, 2015, the SIPA Trustee has recovered or reached
agreements to recover approximately $10.571 billion since his
appointment in December 2008.  These recoveries exceed similar
efforts related to prior Ponzi scheme recoveries, in terms of
dollar value and percentage of stolen funds recovered.

Ultimately, 100 percent of the SIPA Trustee's recoveries will be
allocated to the Customer Fund for distribution to BLMIS customers
with allowed claims.  Prior distributions by the SIPA Trustee (as
of April 14, 2015) to BLMIS accounts with allowed claims are as
follows:

The first pro rata interim distribution, which commenced on October
5, 2011, distributed approximately $615.8 million, representing
4.602 percent of the allowed claim amount of each individual
account, unless the claim was fully satisfied.

The second pro rata interim distribution, which commenced on
September 19, 2012, distributed approximately $4.472 billion,
representing 33.556 percent of the allowed claim amount of each
individual account, unless the claim was fully satisfied.

The third pro rata interim distribution, which commenced on March
29, 2013, distributed approximately $625.1 million, representing
4.721 percent of the allowed claim amount of each individual
account, unless the claim was fully satisfied.

The fourth pro rata interim distribution, which commenced on May 5,
2014, distributed approximately $420.3 million, representing 3.180
percent of each individual account, unless the claim was fully
satisfied.

The fifth pro rata interim distribution, which commenced on
February 6, 2015, distributed approximately $362.1 million,
representing 2.743 percent of each individual account, unless the
claim was fully satisfied.

Mr. Sheehan noted that there are 122 deemed determined claims still
subject to litigation.  Once litigation is resolved or settlements
reached, some of these claims may be allowed and would therefore
become eligible for all pro rata distributions to date.

For this potential scenario, as of April 14, 2015, the SIPA Trustee
has reserved approximately $2.232 billion.  Upon final court
approval of the sixth pro rata interim distribution, this reserve
amount will increase to approximately $2.547 billion.  The ultimate
amount of additional allowed claims depends on the outcome of
litigation or negotiation and could add billions of dollars to the
total amount of allowed claims.

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

A hearing on the sixth distribution motion has been set for May 28,
2015 at 10:00 a.m. before the United States Bankruptcy Court.  Upon
approval, record holders of allowed claims as of the court hearing
date of May 28, 2015 will be eligible to receive payments from the
sixth interim distribution.  The Sixth Customer Fund Distribution
Motion can be found on the United States Bankruptcy Court's website
at http://www.nysb.uscourts.gov/;Bankr. S.D.N.Y., No. 08-01789
(SMB). It can also be found on the SIPA Trustee's Web site --
http://www.madofftrustee.com/–- along with more information on
overall recoveries to date, settlements and many other BLMIS
liquidation issues.

Messrs. Picard and Sheehan would like to thank Seanna Brown and
Heather Wlodek, who worked on the sixth pro rata interim
distribution and its related filings.  They also thank all of the
attorneys and professionals of BakerHostetler and Windels Marx,
Vineet Sehgal and the AlixPartners team, as well as Kevin Bell,
Lauren Attard, and their colleagues at SIPC, who work tirelessly on
the ongoing Madoff Recovery Initiative.

                     About Bernard L. Madoff

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

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

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

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

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

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims.  The fifth pro
rata interim distribution slated of Jan. 15, 2015, totaled $322
million, and brought the amount distributed to eligible claimants
to $7.2 billion, which includes more than $823 million in advances
committed to the SIPA Trustee for distribution to allowed claimants
by the SIPC.

As of Nov. 30, 2014, the SIPA Trustee has recovered or reached
agreements to recover approximately $10.5 billion since his
appointment in December 2008.


BION ENVIRONMENTAL: AG Stresses Importance of Meeting Targets
-------------------------------------------------------------
Bion Environmental Technologies, Inc., announced that on April 10,
the Pennsylvania Auditor General issued a Special Report on the
Importance of Meeting Pennsylvania's Chesapeake Bay Nutrient
Reduction Targets.

The report acknowledges that if Pennsylvania fails to comply with
the Chesapeake Bay mandates, the state faces EPA sanctions that
could result in significantly higher costs to the state's
ratepayers.  The report also highlights the need for changes to
Pennsylvania's current strategies in order to avoid these costly
sanctions.

Pennsylvania has already missed its 2013 nitrogen target by 2
million pounds and is projected to miss its 2017 target by 5 to 10
million pounds . The AG report states, "In order to ensure
compliance with the required reductions, the Commonwealth must
accelerate its work to reduce the amount of nitrogen and sediment
released into the Chesapeake Bay watershed by 2017."  Further,
"There would be significant economic consequences for Pennsylvania
taxpayers if the EPA mandates further regulatory changes such as
costly pollution discharge prohibitions."

A key recommendation of the AG report is that Pennsylvania's
Department of Environmental Protection should support using
low-cost solutions and technologies as alternatives to higher-cost
public infrastructure projects, where possible; and that DEP should
work with existing stakeholders to develop and implement a state
offset program.  The report recognizes the opportunity to "provide
direct incentives for innovative investment in nutrient reduction
technologies, such as manure to energy systems", like Bion's
Kreider Farms project.

Craig Scott, Bion's director of communications, stated, "The AG
report demonstrates a clear need for Pennsylvania to expand its
nitrogen reductions in order to meet its Chesapeake Bay mandates,
or face costly penalties.  While, as the Auditor General states,
"there is no silver bullet" to this complex problem, direct
treatment of livestock waste represents a large, virtually untapped
reservoir of low-cost reductions that can deliver substantial
savings in Bay compliance costs to the state and its rate-payers,
while providing a wide range of additional environmental and
economic benefits to local communities.  We look forward to working
with DEP on Kreider Phase 2, as well as other opportunities in the
state, to provide large-scale, low-cost reductions from the
treatment of livestock waste."

Bion's proven and patented technology platform provides verifiable
comprehensive environmental treatment of livestock waste and
recovers renewable energy and valuable nutrients from the waste
stream.  For more information, visit http://www.biontech.com/

                     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).

Bion reported a net loss of $5.76 million for the year ended  
June 30, 2014, following a net loss of $8.24 million for the year
ended June 30, 2013.

The Company's balance sheet at Dec. 31, 2014, showed $4.07 million
in total assets, $12.8 million in total liabilities, $24,400 in
series B Redeemable Convertible Preferred stock and total
stockholders' deficit of $8.77 million.
  
GHP Horwath, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2014, stating that the Company has not generated
significant revenue and has suffered recurring losses from
operations.  These factors raise substantial doubt about its
ability to continue as a going concern.


BREF HR: Incurs $103 Million Net Loss in 2014
---------------------------------------------
BREF HR, LLC filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $103 million on
$200 million of net revenues for the year ended
Dec. 31, 2014, compared with a net loss of $106 million on $195
million of net revenues for the year ended Dec. 31, 2013.  The
Company incurred a net loss of $116 million in 2012.

As of Dec. 31, 2014, the Company had $583 million in total assets,
$887 million in total liabilities and a $303 million total members'
deficit.

Deloitte & Touche LLP, in Las Vegas, Nevada, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that recurring losses from
operations and the contractual debt repayments due April 17, 2015,
raise substantial doubt about its ability to continue as a going
concern.

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

                         http://is.gd/5k8P2Y

BREF HR owns and operates Hard Rock Hotel & Casino Las Vegas.  The
Company, which was formed by certain affiliates of Brookfield
Financial, LLC to acquire the entities which indirectly and
previously owned the Hard Rock Hotel & Casino Las Vegas, is based
in New York.


BRIAR'S CREEK: Court Approves Hiring of Keen-Summit as Advisor
--------------------------------------------------------------
Briar's Creek Golf, LLC dba The Golf Club at Briar's Creek, sought
and obtained permission from the Hon. John E. Waites of the U.S.
Bankruptcy Court for the District of South Carolina to employ
Keen-Summit Capital Partners LLC as real estate advisor for the
Debtor, effective Feb. 26, 2015.

The Debtor requires Keen-Summit Capital to:

   (a) on request, review pertinent documents and consult with the

       Debtor's counsel as appropriate;

   (b) coordinate with the Debtor the development of due diligence

       materials, the cost of which shall be the Debtor's sole
       responsibility;

   (c) develop, subject to the Debtor's review an approval, a
       marketing plan and implement each facet of the marketing
       plan;

   (d) communicate regularly with prospects and maintain records
       of such communications;

   (e) solicit offers from prospective asset purchasers;

   (f) assist the Debtor and its representatives in evaluating,
       structuring, negotiating and implementing the terms and
       conditions of a proposed sale to a higher or otherwise
       better bidder;

   (g) assist the Debtor and its representatives with arranging
       and communicating auction procedures and the qualification
       of potential bidders;

   (h) communicate regularly with the Debtor and its   
       representatives in connection with the status of Keen-
       Summit's efforts; and

   (i) work with the Debtor and its representatives in the
       implementation of a sales transaction and assist with
       negotiations in resolving any problems that may arise.

Keen-Summit seeks payment for compensation on the following terms:

   -- Upon the entry of an Order approving Keen-Summit's
      employment, Keen-Summit shall have earned a nonrefundable
      advisory and consulting fee of $45,000 (the "Engagement
      Fee"), which fee shall not be subject to set off against the
      Transactional Fee described herein below.  The Debtor will
      pay Keen-Summit $25,000 of the Engagement Fee upon entry of
      an Order approving this Application.  A second installment
      of the Engagement Fee in the amount of $10,000 will be due
      from the Debtor on April 1, 2015.  The final $10,000
      installment of the Engagement Fee will be paid in full, off
      the top, from the gross sale proceeds simultaneous with
      closing or other consummation of a sale transaction.  The
      full $45,000 Engagement Fee shall be owed regardless of
      whether there are any competitive bids in this matter.
      The $45,000 Engagement Fee may be paid upon approval of this

      Application, but it shall be subject to Bankruptcy Court
      approval of Keen-Summit's final fee application, which
      Engagement Fee shall be reviewed in accordance with the
      standards set forth in Section 330 of the Bankruptcy Code.

   -- In addition to the Engagement Fee described above, Keen-
      Summit seeks payment of a Transactional Fee of 17.5% (the
      "Transactional Fee") of the amount by which the eventual
      gross sale proceeds exceed the current proposed purchase
      price of $11,300,000 (as more fully described in the
      Debtor's sale motion filed with the Court on February 10,
      2015). The Transactional Fee, if any, will be considered
      earned and shall be paid in full, off the top, from the
      gross sale proceeds simultaneous with closing or other
      consummation of a sale transaction, subject to Bankruptcy
      Court approval of Keen-Summit's final fee application, which

      Transactional Fee shall be reviewed in accordance with the
      standards set forth in Section 328(a) of the Bankruptcy
      Code.

   -- Keen-Summit shall also be entitled to reimbursement for
      reasonable out of pocket costs and expenses incurred by
      Keen-Summit in connection with performing the services
      required by this Agreement, including but not limited to
      travel, lodging, FedEx, postage, telephone charges, and
      photocopying charges, etc., shall be borne by the Debtor.
      Unless additional expenses are pre-approved by the Debtor,
      Keen-Summit has agreed to cap its reimbursable expenses in
      this matter at $2,500 subject to the Debtor's commitment to
      pay, reimburse and/or advance to Keen-Summit up to $17,500
      of marketing expenses as set forth below. Reimbursement of
      Keen-Summit's expenses may only occur after Court approval
      reviewed in accordance with the standards set forth in
      Section 330 of the Bankruptcy Code.

Harold Bordwin, managing director of Keen-Summit, partner of
Robbins Russell, 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.

Keen-Summit can be reached at:

       Harold J. Bordwin
       KEEN-SUMMIT CAPITAL PARTNERS LLC
       10 East 53rd Street, 28th Floor
       New York, NY 10022
       Tel: (646) 381-9201
       E-mail: hbordwin@keen-summit.com

                         About Briar's Creek

Briar's Creek Golf, LLC, sought Chapter 11 protection (Bankr. D.
S.C. Case No. 15-00712) in Charleston, South Carolina, on Feb. 9,
2015.  

The Debtor owns The Golf Club at Briar's Creek, in Johns Island,
South Carolina.  The Debtor disclosed that the property's value is
unknown and the property secures $6.74 million of debt.  Secured
creditors Edward L. Myrick Sr. and South Coast Community Bank are
owed $3.89 million and $2.85 million.

The Debtor is pursuing a sale of substantially all of its assets to
Briar's Creek Holdings, LLC, for a purchase price of $11.3 million,
which consists of $7.4 million in cash and assumption of the $3.9
million secured debt owed to Edward L. Myrick, Sr., plus assumption
of the post-closing liabilities under the Debtor's executor
contracts.

The Hon. John E. Waites presides over the bankruptcy case.

The Debtor is represented by G. William McCarthy, Jr., Esq., Daniel
J. Reynolds, Jr., Esq., and W. Harrison Penn, Esq., at McCarthy Law
Firm, LLC, in Columbia, South Carolina.

The Debtor also filed an application to appoint Ouzts Ouzts &
Company, as the Debtor's accountants, and accounting firm of Dixon
Hughes to file tax returns and do other related accounting
functions.  The Debtor also tapped Keen Summit as its business
broker to assist in the marketing and sale of assets.


BRIAR'S CREEK: Hires Dixon Hughes as Accountants
------------------------------------------------
Briar's Creek Golf, LLC dba The Golf Club at Briar's Creek seeks
permission from the Hon. John E. Waites of the U.S. Bankruptcy
Court for the District of South Carolina to employ Dixon Hughes
Goodman LLP as accountants for the Debtor, effective March 23,
2015.

The Debtor wishes to employ Dixon Hughes pursuant to 11 U.S.C.
section 327 as the Debtor's general accountants for the purposes
of:

  -- liquidation basis audit of 'post-sale' balance sheet prior to

     final distributions (actual balance sheet date to be
     determined).

  -- preparation of 2014 Briar's Creek LLC income tax return and
     Forms K-1, including preparation of Form 3115 as necessitated

     by the recent tangible property tax law changes. Preparation
     of the tax return includes calculation of tax depreciation.

  -- preparation of 2015 'stub year' final Briar's Creek LLC
     income tax return and final Forms K-1; includes reporting
     sale of assets, payout of distributions, and close-out of
     equity and capital.

Dixon Hughes will be paid at these hourly rates:

     David Botzis, Tax Partner             $415
     Bill Smith, Audit Director            $400
     Heather Norton, Audit Manager         $230
     Tracey Erbe, Tax Manager              $210

Hourly rates vary with the experience and seniority of the
individuals assigned, with a blended rate of approximately $170 per
hour for accounting support services.

The fees for Dixon Hughes services will be billed at the foregoing
hourly rates, but Dixon Hughes agrees its fees will not exceed the
following:

  -- Liquidation basis audit of 'post-sale' balance sheet prior to

     final distributions (actual balance sheet date to be
     determined) - $15,000

  -- Preparation of 2014 Briar's Creek LLC income tax return and
     Forms K-1, including preparation of Form 3115 as necessitated

     by the recent tangible property tax law changes. Preparation
     of the tax return includes calculation of tax depreciation -
     $4,500

  -- Preparation of 2015 'stub year' final Briar's Creek LLC
     income tax return and final Forms K-1; includes reporting
     sale of assets, payout of distributions, and close-out of
     equity and capital - $5,000

David Botzis, Tax Partner of Dixon Hughes, 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.

Dixon Hughes can be reached at:

       David Botzis
       DIXON HUGHES GOODMAN LLP
       133 East 1st North Street, Suite 9
       Summerville, SC 29483
       Tel: (843) 937-9710
       Fax: (843) 875-4919
       
                         About Briar's Creek

Briar's Creek Golf, LLC, sought Chapter 11 protection (Bankr. D.
S.C. Case No. 15-00712) in Charleston, South Carolina, on Feb. 9,
2015.  

The Debtor owns The Golf Club at Briar's Creek, in Johns Island,
South Carolina.  The Debtor disclosed that the property's value is
unknown and the property secures $6.74 million of debt.  Secured
creditors Edward L. Myrick Sr. and South Coast Community Bank are
owed $3.89 million and $2.85 million.

The Debtor is pursuing a sale of substantially all of its assets to
Briar's Creek Holdings, LLC, for a purchase price of $11.3 million,
which consists of $7.4 million in cash and assumption of the $3.9
million secured debt owed to Edward L. Myrick, Sr., plus assumption
of the post-closing liabilities under the Debtor's executor
contracts.

The Hon. John E. Waites presides over the bankruptcy case.

The Debtor is represented by G. William McCarthy, Jr., Esq., Daniel
J. Reynolds, Jr., Esq., and W. Harrison Penn, Esq., at McCarthy Law
Firm, LLC, in Columbia, South Carolina.

The Debtor also filed an application to appoint Ouzts Ouzts &
Company, as the Debtor's accountants, and accounting firm of Dixon
Hughes to file tax returns and do other related accounting
functions.  The Debtor aso tapped Keen Summit as its business
broker to assist in the marketing and sale of assets.


BUILDING #19: Creditors' Panel Hires Posternak as Special Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Building #19, Inc.
seeks authorization from the U.S. Bankruptcy Court for the District
of Massachusetts to retain David J. Reier of Posternak Blankstein &
Lund LLP as special counsel.

The Committee asks the Court to grant the following relief:

   (a) approving an expansion of the current employment of the law

       firm Posternak Blankstein & Lund LLP ("Posternak") as
       special counsel to investigate and prosecute, on behalf of
       the bankruptcy estates of Building #19, Inc. ("B19") and
       affiliates derivative claims that the Committee has
       previously been authorized to bring, all as more fully set
       forth herein, initially on an hourly rate basis, and then
       on a contingency fee basis in accordance with a certain
       Engagement/Fee Agreement ("Second Employment Agreement");
       and

   (b) approving the Second Employment Agreement in its entirety,
       and the grant of administrative priority to any and all
       out-of-pocket expenses of Posternak reasonably incurred in
       connection such employment from and after the effective
       date of such employment as further set forth herein.

As set forth in the Second Employment Agreement, Posternak's
employment will be comprised of two phases. In the first phase,
Posternak will initiate a more formal and detailed investigation of
some of the claims the Committee has thus far preliminarily
identified as a result of their informal discovery. This
investigation will take the form of a number of Rule 2004 exams of
some of the Elovitz Entities and other third parties, including,
without limitation, deposition testimony and document production.
Posternak will receive as compensation for such services a fee
based on its customary hourly rates in effect at the time such
services are rendered, plus disbursements. Posternak will have an
administrative expense priority claim for such compensation and
reimbursement of expenses.

Thereafter, Posternak will file one or more adversary complaints or
lawsuits asserting such claims against such Elovitz Entities or
other parties as mutually agreed by and between the Committee and
Posternak. Upon the filing of a complaint by Posternak, the fee
arrangement will be converted to a contingency fee, with all
previously earned fees "rolled into" the contingency fee – that
is – from and after the filing of a complaint by Posternak
initiating an adversary proceeding or other lawsuit, the fees
previously earned by Posternak on an hourly rate basis, together
with all future fees, shall be paid to Posternak solely on the
basis of actual recoveries. Posternak will receive as sole
compensation for services under the Second Employment Agreement one
third of all actual recoveries. Actual recoveries shall include all
cash received by any of the bankruptcy estates in partial or
complete satisfaction of claims brought by Posternak, whether by
enforcement or settlement, and shall be calculated without regard
to any claim or interest asserted by any Elovitz Entity or other
party to any portion thereof on account of distribution of
dividends or otherwise. Posternak shall be retained by the
Committee solely to investigate and prosecute claims and not to
defend the Committee or the bankruptcy estates or otherwise to
object to any claims that have been or might in the future be
asserted by any Elovitz Entity or other party.

David J. Reier, partner of Posternak, 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.

Posternak can be reached at:

       David J. Reier, Esq.
       POSTERNAK BLANKSTEIN & LUND LLP
       The Prudential Tower
       800 Boylston Street
       Boston, MA 02199
       Tel: (617) 973-6145
       Fax: (617) 722-4937
       E-mail: dreier@pbl.com

                   About Building #19, Inc.

Building #19, Inc., and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code on Nov. 1, 2013 (Bankr. D. Mass.
Case No. 13-16429).  The other debtors are (a) Paperworks #19,
Inc., Case No. 13-16430; (b) Beth's Basics, Inc., Case No.
13-16433; (c) Furniture #19, Inc., Case No. 13-16431; (d) PB&J Kids
#19, Inc., Case No. 13-16434; and (e) Footwear #19 Plus, Inc. Case
No. 13-16432.

Donald Ethan Jeffery, Esq., and Harold B. Murphy, Esq., at Murphy &
King, Professional Corporation, in Boston, Massachusetts, serve as
the Debtors' bankruptcy counsel. The Tron Group, LLC, serve as
their financial advisers.

The U.S. Trustee for Region 1 appointed five members to the
official committee of unsecured creditors.  Newburg & Company LLP
is the financial advisor to the Committee.


CAL DIVE: Bankruptcy Court OKs Jones Walker as Corporate Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court authorized Cal Dive International, Inc.,
et al. to employ Jones Walker Jones Walker LLP as corporate counsel
nunc pro tunc to the Petition Date.

As reported in the Troubled Company Reporter on April 13, 2015,
the Debtors related that Walker has served as their outside general
counsel for eight years.  As outside general counsel, Jones Walker
has advised the Debtors on various corporate, litigation,
transactional, investigatory, and general advisory matters.

The Debtors will continue to need Jones Walker's services in
connection with certain non-bankruptcy matters during these Chapter
11 cases.  Indeed, it would be difficult and costly for the Debtors
to replace Jones Walker with substitute counsel for these matters,
and the Debtors believe that any substitute counsel would not be as
effective or valuable to the Debtors as counsel on these matters.

The professional services that Jones Walker will render to the
Debtors may include: advising on compliance and reporting
obligations under federal securities laws, providing general
corporate advice, advising on issues of maritime law, and assisting
in consummating certain transactions that may arise out of the
bankruptcy, such as sales of assets or businesses or similar type
transactions.

Jones Walker intends to apply to the Court for allowance of
compensation and reimbursement of out-of-pocket expenses incurred
after the Petition Date in connection with the Debtors' Chapter 11
cases on an hourly basis, subject to Court approval and in
accordance with the applicable provisions of the Bankruptcy Code,
the Bankruptcy Rules, the Local Rules, and any other applicable
procedures or orders of the Court.

Jones Walker's current hourly rates for matters related to its
representation of the Debtors are expected to be within these
ranges: $300 to $500 for partners, $225 to $275 for associates, and
$125 for paralegals.

According to Jones Walker's books and records for the 90-day period
prior to the Petition Date, Jones Walker has received payment from
the Debtors of $417,000 on account of invoices for legal services
performed and expenses incurred in connection therewith.  Jones
Walker was owed $7,103 on the Petition Date. Jones Walker does not
propose to waive or reduce its claim against the Debtors in the
Chapter 11 cases, but the Debtors do not believe that the claim is
an interest adverse to the Debtors in respect of the matters for
which Jones Walker seeks to represent the Debtors in these chapter
11 cases such that it should limit or otherwise impair Jones
Walker's ability to perform the representation.

On or before Feb. 27, 2015, Jones Walker received a $100,000
retainer from the Debtors.  As of the Petition Date, the balance of
the retainer was $66,377.

Curtis R. Hearn, a partner at the firm, attests that Jones Walker
is a "disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code, as modified by Section 1107(b).

Consistent with the U.S. Trustee Guidelines, Mr. Hearn provided
these information:

   a) Jones Walker did not agree to a variation of its standard or
customary billing arrangements for this engagement;

   b) None of Jones Walker's professionals included in this
engagement have varied their rate based on the geographic location
of the Chapter 11 cases;

   c) Jones Walker represented the Debtors for eight years prior to
the Petition Date.  The billing rates and material financial terms
in connection with such representation have not changed
postpetition, other than due to annual and customary firm-wide
adjustments to Jones Walker's hourly rates in the ordinary course
of Jones Walker's business; and

   d) Jones Walker will consult with the Debtors and agree upon an
approved budget and staffing plan for Jones Walker's engagement for
the period from the Petition Date through June 1, 2015. Consistent
with the U.S. Trustee Guidelines, the budget may be amended as
necessary to reflect changed or unanticipated developments.

                    About Cal Dive International

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

Cal Dive had decided not to pay $2.2 million in interest due
Jan. 15, 2015, on its 5.00% convertible senior notes due 2017.
Cal Dive and its U.S. subsidiaries filed simultaneous voluntary
petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.
Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.  The Debtors also
tapped Carl Marks Advisory Group LLC as crisis managers and
appoint F. Duffield Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the Chapter 11 case of Cal Dive
International, Inc.


CAL DIVE: KCC Approved as Administrative Agent
----------------------------------------------
The Bankruptcy Court authorized Cal Dive International, Inc., et
al., to employ Kutsman Carson Consultants LLC as administrative
agent nunc pro tunc to the Petition Date.

KCC is expected to, among other things:

   a. assist in the solicitation, balloting and tabulation of the
votes in connection with the Chapter 11 plan proposed and in
connection with such services, processing requests for documents
from any parties-in-interest;

  b. prepare the certification of votes of any proposed Chapter 11
plan submitted in connection with the Chapter 11 cases in
accordance with any solicitation order to be issued by the Court
and testifying in support of such certification; and

   3. attend related hearing as may be requested by the Debtors or
their counsel.

                    About Cal Dive International

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

Cal Dive had decided not to pay $2.2 million in interest due
Jan. 15, 2015, on its 5.00% convertible senior notes due 2017.

Cal Dive and its U.S. subsidiaries filed simultaneous voluntary
petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.
Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.  The Debtors also
tapped Carl Marks Advisory Group LLC as crisis managers and
appoint F. Duffield Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the Chapter 11 case of Cal Dive
International, Inc.


CAL DIVE: Richards Layton Approved as Bankruptcy Counsel
--------------------------------------------------------
The U.S. Bankruptcy Court authorized Cal Dive International, Inc.,
et al., to employ Richards, Layton & Finger, P.A. as counsel.  On
April 2, 2015, the Debtors filed a certification of no objection to
their motion to employ RL&F.

                    About Cal Dive International

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

Cal Dive had decided not to pay $2.2 million in interest due
Jan. 15, 2015, on its 5.00% convertible senior notes due 2017.

Cal Dive and its U.S. subsidiaries filed simultaneous voluntary
petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.
Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.  The Debtors also
tapped Carl Marks Advisory Group LLC as crisis managers and
appoint F. Duffield Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the Chapter 11 case of Cal Dive
International, Inc.


CAL DIVE: Wants to Hire Derrick Offshore as Vessel Appraiser
------------------------------------------------------------
Cal Dive International, Inc., et al., ask the Bankruptcy Court for
permission to employ Derrick Offshore Ltd. as vessel appraiser,
nunc pro tunc to April 2, 2015.

Derrick as appraiser will provide appraisal services for certain
vessels.

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

The Debtors propose a hearing on the matter on April 27, at 2:00
p.m.  Objections, if any, are due April 20, at 4:00 p.m.

                    About Cal Dive International

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

Cal Dive had decided not to pay $2.2 million in interest due
Jan. 15, 2015, on its 5.00% convertible senior notes due 2017.

Cal Dive and its U.S. subsidiaries filed simultaneous voluntary
petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.
Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.  The Debtors also
tapped Carl Marks Advisory Group LLC as crisis managers and
appoint F. Duffield Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the Chapter 11 case of Cal Dive
International, Inc.


CARROLS RESTAURANT: Moody's Rates $200MM 2nd Lien Notes 'B3'
------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Carrols
Restaurant Group, Inc.'s proposed $200 million second lien notes
and affirmed the company's B3 Corporate Family Rating and B3-PD
Probability of Default Rating. Moody's also raised the company's
Speculative Grade Liquidity Rating to SGL-3 from SGL-4 and revised
the ratings outlook to stable from negative.

Proceeds from Carrols' proposed debt offering will be used to (1)
fund the repurchase of its existing $150 million 11.25% second lien
notes due 2018 pursuant to a tender offer, and to redeem any 2018
notes that remain outstanding following the consummation of the
tender offer, (2) pay related fees and expenses and (3) increase
balance sheet cash. Proceeds to the balance sheet are expected to
be about $35 million, increasing Carrols' cash balance to nearly
$56 million available to fund working capital, capital expenditures
and possible future acquisitions. Concurrent with the refinancing,
Carrols plans to refresh its existing first lien revolving credit
facility due 2017 with a new $30 million first lien secured
revolving credit facility due 2020 (not rated by Moody's).

The rating actions reflect the improved liquidity that will result
from the transactions, which will include a higher cash balance,
increased unused revolver capacity and an extension of debt
maturities. Since Carrols remains committed to remodeling a
cumulative total 455 Burger King restaurants by the end of 2016,
Moody's expects free cash flow after interest and capital
expenditures to remain negative over the next two years. While the
company may opportunistically seek acquisitions, Moody's expects
that balance sheet cash and revolver availability will remain
sufficient to fund cash flow needs over that timeframe. Financial
covenants under the proposed credit facility are also expected to
be set at levels that will provide the company with ample cushion.


Partially mitigating these benefits is the increase in pro forma
lease-adjusted debt/EBITDA to 6.8x from 6.2x, adjusted for the
proposed transaction and 2014 acquisitions. Moody's expects modest
metric improvement over the next 12-18 months as EBITDA expands
through organic revenue growth, ongoing cost savings initiatives
and integration of acquired units.

Ratings assigned:

  -- $200 million second lien notes at B3 (LGD3)

Ratings affirmed:

  -- Corporate Family Rating (CFR) at B3

  -- Probability of Default Rating (PDR) at B3-PD

Ratings Raised:

  -- Speculative Grade Liquidity Rating to SGL-3 from SGL-4

  -- The ratings outlook was changed to stable from negative.

The B3 rating on Carrols' existing $150 million second lien notes
due 2018 is unchanged and will be withdrawn upon completion of the
transaction.

Carrols' B3 Corporate Family Rating reflects the company's high
debt and weak credit metrics, single brand focus, geographic
concentration in 15 Northeastern, Midwestern and Southeastern
states, and significant integration risks inherent in the company's
acquisitive growth. The rating also reflects Carrols' position as
the largest franchisee in the Burger King system in terms of units,
the significant ownership (approximately 21%) and Board
representation by Burger King Corporation ("BKC"), the brand's
strong position among its peers, and its relatively well balanced
day-part division. Revenue and earnings from recent acquisitions
and sales lift from ongoing unit remodeling should result in modest
improvement in credit metrics over the coming year.

The stable ratings outlook reflects Moody's belief that both BKC's
strategic initiatives and Carrols' experience in operating and
integrating Burger King restaurants should result in modest
profitable growth and credit metric improvement over the next 12-18
months. The outlook also reflects the expectation that Carrols will
maintain adequate liquidity.

Factors that could result in a downgrade include any deterioration
in operating performance, particularly if negative traffic trends
persist or if the company experiences integration issues with
acquired restaurants. Any deterioration in liquidity, particularly
through a faster-than-expected cash burn, could lead to a
downgrade. Specifically, a downgrade could occur if EBITA coverage
of cash interest expense remains below 1.0x or lease adjusted
debt/EBITDA remains above 6.0x through 2016.

Factors that could result in an upgrade include sustained
improvement in credit metrics driven in part by sustainable
positive same store sales trends - particularly traffic, and
improved unit-level economics at acquired units. Quantitatively, a
higher rating would require debt to EBITDA to improve below 5.0x
and EBITA coverage of gross interest of over 2.0x while improving
liquidity.

Carrols Restaurant Group, Inc., through its indirect operating
subsidiary, Carrols LLC, owns and operates 674 Burger King
restaurants through franchise agreements in 15 Northeastern,
Midwestern and Southeastern states. Revenue for the year ended
December 28, 2014 was $693 million.

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.


CARROLS RESTAURANT: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Syracuse, N.Y.-based Carrols Restaurant Group Inc. to stable from
negative.

"At the same time, we affirmed our 'B-' corporate credit rating on
the company. We also assigned a 'B-' issue-level rating to the
company's new $200 million senior secured notes with a '4' recovery
rating. The '4' recovery rating indicates our expectation of
average recovery towards the low end of the 30% to 50% range in the
event of default," said S&P.

"The outlook revision reflects the company's improved liquidity
position and covenant headroom following the refinancing of the
credit facility and senior notes. Although we expect free operating
cash flow (FOCF) will remain negative because of elevated capital
expenditure in 2015, we believe the company will have adequate
sources of liquidity to cover its needs and maintain covenant
headroom in excess of 15% over the next 12 months."

"The stable outlook reflects our expectation that operating
performance will remain generally consistent with recent trends
while the company continues to improve the large number of acquired
units. We also expect liquidity to remain adequate despite
continuing negative FOCF in 2015, supported by improving operating
trends at acquired units and added cash from the $50 million
incremental notes issued in the announced transaction."

"We could consider a negative rating action if weaker-than-expected
performance or aggressive growth activities result in less than
adequate liquidity and we believe the capital structure is
unsustainable. This could happen if operating performance
meaningfully deteriorates with a 250 bps EBITDA margin decline from
current levels, while the company continues to invest heavily in
capital expenditures in 2015, causing its sources of liquidity
exceeds it uses by 1.2.  We could also take a negative rating
action if covenant headroom falls below 15% on a sustained basis."

"Although unlikely in the near term, we could take a positive
rating action if Carrols successfully integrates and meaningfully
improves the operating performance, especially at the acquired
units, and the trend is supported by adequate liquidity and
improved credit metrics, including debt to EBITDA around 5x. This
is possible if EBITDA grows by about 30% in fiscal 2015. Under this
scenario, debt/EBITDA would be approaching the low-5.0x area."



CASA EN DENVER: Files for Chapter 11 in Miami
---------------------------------------------
Casa Media Partners, LLC, and Casa en Denver, Inc. commenced
Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741
and 15-16746) in Miami, Florida on April 15, 2015.

Casa en Denver filed schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $17,757,138
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $7,773,490
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $103,348
                                 -----------      -----------
        TOTAL                     $17,757,138      $7,876,838

Casa en Denver's secured creditor is Commerce Bank, which alleges a
secured lien on all of the Debtor's property and receivables.
Commerce Bank is owed $7,773,490.

In its schedules of assets and liabilities, Casa Media disclosed
$4,251,325 in total assets and $5,528,692 in liabilities.

According to its statement of financial affairs, Casa en Denver had
gross income of $49,173 in 2013, $161,927 in 2014, and $68,000 in
2015 (YTD).

Copies of the schedules filed together with the petitions are
available for free at:

          http://bankrupt.com/misc/flsb15-16741_SAL.pdf
          http://bankrupt.com/misc/flsb15-16746_SAL.pdf

Kristopher Aungst, Esq., at Tripp Scott, P.A., in Fort Lauderdale,
Florida, serves as counsel to the Debtors.

According to the docket, the deadline to file claims for
governmental units is on Oct. 13, 2015.


CCO HOLDINGS: Moody's Assigns B1 Rating on Sr. Unsecured Bonds
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
senior unsecured bonds of CCO Holdings, LLC (CCOH, a wholly owned
subsidiary of Charter Communications Inc. (Charter). The company
expects to use proceeds primarily to repurchase a portion of CCOH's
7% senior notes due 2019 and to pay related fees and expenses.
Charter's Ba3 CFR and stable outlook are unchanged.

The transaction would favorably extend maturities and lower
interest expense.

Issuer: CCO Holdings, LLC

  -- Senior Unsecured Bonds, Assigned B1, LGD5

On March 31, Charter announced plans to acquire Bright House
Networks (Bright House). If Charter consummates this acquisition,
the guarantee of the proposed bonds by Charter will fall away,
while existing CCOH bonds will continue to benefit from this
guarantee. This provision could give existing CCOH bondholders more
contractual protection than bondholders of the proposed bonds would
have. However, all bondholders remain subordinate to first lien
bank debt (approximately $7.5 billion including the amount in
escrow to help fund the previously announced Comcast-Time Warner
Cable transactions). Given that the BrightHouse transaction has not
yet closed and that Moody's expects first lien debt to exceed the
value of assets at Charter, Moody's ranks the proposed CCOH senior
unsecured bonds on par with the existing CCOH senior unsecured
bonds. However, Moody's will continue to evaluate this ranking over
time as the capital structure evolves.

One of the largest domestic cable multiple system operators serving
approximately 4.3 million residential video customers (6.2 million
customers in total), Charter Communications, Inc. (Charter)
maintains its headquarters in Stamford, Connecticut. Its annual
revenue is approximately $9.1 billion.

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

On April 28, 2014, Charter announced an agreement with Comcast
Corporation (Comcast) whereby Charter will acquire approximately
2.9 million former Time Warner Cable (TWC) subscribers. Charter
will also acquire an approximately 33% ownership stake in a new
publicly-traded cable provider (GreatLand) to be spun-off from
Comcast serving approximately 2.5 million customers.


CCO HOLDINGS: S&P Assigns BB- Rating on Proposed $500MM Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating and '4' recovery rating to the proposed $500 million
aggregate principal of senior notes due 2027 to be issued by CCO
Holdings LLC and CCO Holdings Capital Corp., subsidiaries of
Charter Communications Inc. (CCI).

"The '4' recovery rating indicates our expectation for average
(30%-50%; lower half of the range) recovery for noteholders in the
event of a payment default. At the same time, we placed the 'BB-'
issue-level rating on the proposed notes on CreditWatch with
positive implications, in line with the existing senior unsecured
debt," said S&P.

"The proposed notes are guaranteed on a senior unsecured basis by
parent company CCI, similar to the existing senior unsecured notes.
However, the guarantee will fall away upon the completion of the
acquisition of Bright House Networks LLC. Assuming the acquisition
is completed, the proposed notes would rank below the existing
senior unsecured notes under a default scenario,
in respect to the assets that are held in entities between CCO
Holdings and CCI. However, in our opinion, the difference in asset
value is not material enough to warrant a ratings distinction
between the proposed notes and existing unsecured debt. The most
material asset would include Charter Communications Holdings LLC's
33% interest in GreatLand Connections Inc. (a $1.6 billion book
value), along with other assets, intercompany loans, and preferred
stock that have a total book value of about $1.2 billion."

"As a result, the proposed notes could have a modestly lower
recovery than the existing senior unsecured notes within our '4'
recovery band. However, the assets that are held at entities above
CCO Holdings are outside the bond-restricted group, and therefore,
their value may not be available to any of the unsecured lenders at
CCO Holdings in a default scenario," said S&P.

"Proceeds from the notes will be used to redeem a portion of the
company's 7% senior notes due 2019 ($1.4 billion outstanding). The
'BB-' corporate credit rating on CCI remains on CreditWatch with
positive implications, where it was placed on March 31, 2015," said
S&P.

RATINGS LIST

Charter Communications Inc.
Corporate Credit Rating             BB-/Watch Pos/--

New Rating

CCO Holdings LLC
CCO Holdings Capital Corp.
$500 mil. notes due 2027
Senior Unsecured                    BB-/Watch Pos
  Recovery Rating                    4L



CHARLES WYLY: Says IRS Claim for Additional Taxes "Absurd"
----------------------------------------------------------
Hallett & Perrin PC on April 16 disclosed that an attorney
representing the estate of Dallas businessman Charles Wyly and his
brother Sam Wyly says the government's latest attempt to extract
money from them is way out of bounds.

Internal Revenue Service filings with the U.S. Bankruptcy Court in
Dallas allege the two owe $3.219 billion in taxes, interest and
penalties based on "unreported income from foreign entities that is
not reported" on individual income tax returns, dating all the way
back to 1992.  The amount includes approximately $1.2 billion for
Dee Wyly, Charles Wyly's widow, and another $2 billion claimed
against Sam Wyly.  Bankruptcy cases for both parties are pending
with the court.

"We believe the IRS tax claims are unfair and absurd," says Stewart
H. Thomas of Hallett & Perrin PC law firm in Dallas, who represents
the Wyly family.  "Only 23 percent of the claim is for unpaid
taxes.  The remainder is for alleged interest and penalties
accruing since 1992.  The IRS has known about these transactions
for over 20 years, but they never informed the Wylys that they owe
a penny of additional tax.  Now they seek billions of dollars in
interest back to 1992.  This is unjust," Thomas says.

"Dee Wyly, has no idea how they arrived at these figures, nor does
she have the means to pay such a gargantuan sum.  She and her late
husband hired countless attorneys and accountants to advise them
and help them fully comply with the IRS' very complicated tax code.
They have paid huge amounts of taxes every year, always intending
to pay every penny they owe.

The Wyly family believes that the IRS' claims are so far beyond
what is reasonable and expected that they undermine the very
credibility of the agency.  We are confident that the court will
agree."

The IRS filed the documents with the bankruptcy court on April 15,
the day all personal income taxes are due, even though the
documents were not required to be submitted to the court until
later this month.   

Charles Wyly's estate is already under court order to pay the U.S.
Securities and Exchange Commission $101 million, and his brother
Sam Wyly must pay another $198 million, following last year's
verdict in a civil case in which a jury found the brothers failed
to file forms notifying the SEC of their beneficial interests.  The
Wylys are vigorously appealing the SEC judgment.  The SEC's insider
trading claims were dismissed.


CHASSIX HOLDINGS: U.S. Trustee Forms 5-Member Creditors Committee
-----------------------------------------------------------------
William K. Harrington, U.S. Trustee for Region 2, formed a
five-member committee of unsecured creditors in the Chapter 11 case
of Chassix Holdings, Inc., et al.:

   1. Beck Aluminum Corporation
      6150 Parkland Blvd, Suite 260
      Mayfield Heights, OH 44124
      Attn: Jean Robertson, General Counsel and Secretary
      Tel: (440) 684-2980
      Fax: (440) 684-4860
      E-mail: jean@beckalum.com

   2. Delaware Trust Company, as Indenture Trustee
      2711 Centerville Road
      Wilmington, DE 19808
      Attn: Sandra Horwitz, Vice President
      Tel: (302) 636-5401, ext. 62412
      Fax: (302) 636-8666
      E-mail: shorwitz@delawaretrust.com

   3. Advantage Opportunities Fund LP
      1221 Brickell Avenue, Suite 2660
      Miami, FL 33131
      Attn: Nicholas Williams, Senior Analyst
      Tel: (347) 628-2080
      E-mail: nick@advantagecapm.com

   4. Sustained Quality, LLC
      431 East Colfax, Suite 100
      South Bend, IN 46617
      Attn: Jeffrey Miller, Chief Financial Officer/EVP
      Tel: (574) 401-6226
      E-mail: jmiller@peoplelink.com

   5. Koyo Bearings North America, LLC
      4895 Dressler Road
      Canton, OH 44718
      Attn: David Basinski, Director- Law
      Tel: (330) 994-0904
      Fax: (330) 994-0960
      E-mail: David.Basinski@jtekt.com

                     About Chassix Holdings

Chassix is a global manufacturer and supplier of aluminum and iron
chassis sub-frame components and powertrain products with both
casting and machining capabilities.  Based in Southfield, Michigan,
Chassix and its subsidiaries operate 23 manufacturing facilities
across six countries, providing safety critical automotive
components, having content on approximately 64% of the largest
platforms in North America.  Their product mix maintains an even
balance among trucks, minivans and SUVs, as well as small and
medium size cars and cross-over vehicles.

For the twelve months ended Dec. 31, 2014, the Debtors generated
$1.37 billion in revenue on a consolidated basis.  As of Dec. 31,
2014, the Debtors had $833 million in assets and $784 million in
liabilities on a consolidated basis.

Chassix Holdings, Inc., et al., sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12,
2015, with a Chapter 11 plan that was negotiated with lenders and
customers.

Chassix Holdings estimated $500 million to $1 billion in assets and
debt.

The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys;
Lazard Freres & Co, LLC, as investment banker; FTI Consulting,
Inc., to provide an interim CFO and additional restructuring
services; and Prime Clerk LLC, as claims and noticing agent.


CHRYSLER GROUP: Objects Jones Day Atty as Mediator in Takata MDL
----------------------------------------------------------------
Law360 reported that the former Chrysler Group filed an objection
on April 10 in Florida federal court against the appointment of a
Jones Day partner as special mediator in the Takata Corp.
multidistrict litigation over defective air bags, saying his and
the firm’s representation of the old Chrysler entity in
bankruptcy proceedings is a conflict of interest.

Chrysler, officially known as FCA US LLC, asked U.S. District Judge
Federico A. Moreno to reconsider his March 31 appointment of Paul
C. Huck Jr. as special mediator in the case, Law360 relates.

                     About Chrysler Group

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  The U.S. and Canadian governments provided
Chrysler with $4.5 billion to finance its bankruptcy case.

In connection with the bankruptcy filing, Chrysler reached an
agreement to sell all assets to an alliance between Chrysler and
Italian automobile manufacturer Fiat.  Under the terms approved by
the Bankruptcy Court, the company formerly known as Chrysler LLC in
June 2009, formally sold substantially all of its assets to the new
company, named Chrysler Group LLC.

In January 2014, the American car manufacturer officially became
100% Italian when Fiat Spa completed its deal to purchase the 40%
it did not already own of Chrysler.  Fiat has shared ownership of
Chrysler with the health care fund of the United Automobile
Workers unions since Chrysler emerged from bankruptcy in 209.

                           *     *     *

Standard & Poor's Ratings Services raised its ratings on U.S.-
based auto manufacturer Chrysler Group LLC, including the
corporate credit rating to 'BB-' from 'B+' in mid-January 2014.
The outlook is stable.



CIVIC PARTNERS: Court Denies Plea to Rehear Bankruptcy Case
-----------------------------------------------------------
KTIV reports that a federal appeals court has denied a request to
rehear a bankruptcy case from Civic Partners Sioux City, LLC.  

According to KTIV, the request stems from a court ruling in March
in which the justices of the 8th U.S. Circuit Court of Appeals
dismissed the Company's bankruptcy appeal because it wasn't within
that court's jurisdiction.  KTIV relates that the Company asked
that the court rehear its arguments, but the request was denied.

Civic Partners Sioux City, LLC, based in Huntington Beach,
California, filed for Chapter 11 bankruptcy (Bankr. N.D. Iowa Case
No. 11-00829) on April 14, 2011.  A. Frank Baron, Esq., at Baron,
Sar, Goodwin, Gill & Lohr, serves as the Debtor's counsel.  In its
petition, the Debtor estimated $1 million to $10 million in assets
and debts.  The petition was signed by Steven P. Semingson,
managing member.


CLUB AT SHENANDOAH: Taps Phillips & Rickards as Litigation Counsel
------------------------------------------------------------------
The Club at Shenandoah Springs Village, Inc. seeks permission from
the Hon. Mark Houle of the U.S. Bankruptcy Court for the Central
District of California to employ Phillips & Rickards as special
litigation counsel.

Phillips & Rickards will provide legal advice and counseling
regarding the action pending in the Superior Court of the State of
California, County of Riverside, styled Patricia Wood v. The Club
at Shenandoah Springs Village, Inc. Case No. INC203339 (the "Wood
Action").

The Debtor requires Phillips & Rickards to:

   (a) advise the Debtor regarding the rights and remedies of the
       Estate in regards to the Wood Action and the Wood Claim;

   (b) prepare motions, applications, answers, orders, memoranda,
       reports, briefs, and papers, etc. in connection with the
       proposed settlement and resolution of the Wood Action and
       the Wood Claim;

   (c) conduct examinations of witnesses, claimants, or adverse
       parties;

   (d) advise and represent the Debtor in the negotiation,
       formulation, and drafting of any settlement of the Wood
       Action and Wood Claim; and

   (e) render such other advice and services as the Debtor may
       require in connection with the settlement and resolution of

       the Wood Action and the Wood Claim.

Phillips & Rickards will be paid at these hourly rates:

       Wendell Phillips             $250
       Mary Lee Rickards            $250

Phillips & Rickards will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Wendell Phillips, principal of Phillips & Rickards, 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.

Phillips & Rickards can be reached at:

       Wendell Phillips, Esq.
       PHILLIPS & RICKARDS
       33173 Mulholland Hwy
       Malibu, CA 90265
       Tel: (310) 697-6964
       E-mail: wphillipsesq@gmail.com

          About The Club at Shenandoah Springs Village

The Club at Shenandoah Springs Village, Inc., owns The Club At
Shenandoah Springs Village, a golf and leisure resort in Thousand
Palms, a desert region of central California.  It filed for Chapter
11 protection (Bankr. C.D. Cal. Case No. 12-36723) on Dec. 3, 2012.
The Debtor estimated both assets and liabilities of between $10
million and $50 million.  Judge Mark D. Houle presides over the
case.  Daniel A. Lev, Esq., and Steven Worth, Esq., at
SulmeyerKupetz, in Los Angeles, Calif., represent the Debtor as
counsel.


COLLAVINO CONSTRUCTION: Lease Decision Period Extended
------------------------------------------------------
U.S. Bankruptcy Judge Shelley C. Chapman extended Collavino
Construction Company Inc.'s time to assume or reject unexpired
leases of nonresidential real property until the date of the entry
of an order confirming a plan of reorganization.

As reported in the Troubled Company Reporter on Feb. 20, 2015, the
Debtor submitted that an extension of the deadline set forth in
Section 365(d)(4) of the Bankruptcy Code through the date of entry
of an order confirming any exit plan is warranted because, to the
extent the unopposed exclusivity motion is granted, the Debtor will
likely have a chapter 11 plan on file within the 90 days in which
any unexpired leases of nonresidential real property will be
addressed.

Therefore, rather than requiring the Debtor to seek approval of a
second extension of the deadline to assume or reject
non-residential real property leases with respect to the time
between the filing and confirmation of a Chapter 11 plan, the
Debtor submits that judicial economy will be served by granting an
extension through the confirmation date in the first instance.

Elizabeth M. Aboulafia, Esq., at Cullen and Dykman LLP, averred
that "cause" exists to extend the deadline to assume or reject any
unexpired leases of non-residential real property in this chapter
11 case.  Ms. Aboulafia avers that although the Debtor may be party
to certain unexpired leases of nonresidential real property that
the Debtor uses in the ordinary course of business, payments are
made under such leases by the Debtor's related entity, Collavino
Corp., which handles the administrative functions in the Debtor's
business operations such that granting the requested extension
would not cause any harm to the landlords under any such leases
because they will continue to be paid for the use of the property
and will not incur damages beyond the levels provided for in the
Bankruptcy Code.

                   About Collavino Construction

Family-owned The Collavino Group owns entities that operate in
various sectors of the construction industry in the New York-New
Jersey metropolitan area, Canada, and the Detroit metropolitan
area.  With over half a century's experience in the construction
industry, the Collavino Group performs contracts in both the
public and private sectors as a general contractor, design-build
consultant, construction manager and prime subcontractor for
cast-in-place and precast concrete works.

Pursuant to World Trade Center Contract No. WTC-1001.04-1,
Collavino Construction Company Limited ("CCCL") contracted with
The Port Authority of New York and New Jersey on the public
construction project known as the Reconstruction of One World
Trade Center - Freedom Tower.  Collavino Construction Company Inc.
("CCCI"), a subsidiary of CCCL, provides all the necessary labor
to CCCL in connection with the performance of work on the WTC
Project.

As a result of, among other things, delays to the progress of work
caused by conditions beyond the control of CCCL and CCCI, and the
Port Authority's unilateral election to terminate the contract
with CCCL for convenience, effective as of Jan. 18, 2013, CCCL
incurred a multi-million dollar damage claim against the Port
Authority on the WTC Project.

CCCI sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
14-12908) in Manhattan on Oct. 17, 2014, estimating $1 million to
$10 million in assets and debt.  CCCL sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 15-10344) on Feb. 18, 2015.
Collavino Construction Company Limited disclosed $88,418,514 in
assets and $6,274,097 in liabilities as of the Chapter 11 filing.

Judge Shelley C. Chapman presides over the cases.  The Court has
entered an order approving joint administration of the two cases.

The Debtors have tapped Cullen and Dykman LLP as counsel, and
Peckar & Abramson, P.C., as special litigation counsel.

CCCI obtained an order extending by 90 days (a) the exclusive
period during which only the Debtor may file a plan through and
including May 15, 2015, and (b) the exclusive period to solicit
acceptances of a Chapter 11 plan for the Debtor through and
including July 14, 2015.


COLT DEFENSE: Commences Exchange Offer for 8.75% Senior Notes
-------------------------------------------------------------
On April 14, 2015, Colt Defense LLC and Colt Finance Corp.
disclosed that they have commenced an exchange offer for their
8.75% Senior Notes due 2017 and related guarantees.

The Exchange Offer is part of Colt's strategy to restructure its
balance sheet, which began with the refinancing of Colt's $70.0
million senior secured term loan in November 2014 and $33.0 million
senior secured term loan facility in February 2015.  The Exchange
Offer and the issuance of the New Notes are designed to reduce the
overall amount of Colt's debt, reduce total cash interest payments,
extend the maturity for the debt exchanged, and place Colt in a
better position to attract new financing in the years to come.  The
Company believes the Exchange Offer will also improve its
performance and customer relations by addressing the key issues
relating to Colt's viability as a going concern.

The Exchange Offer will offer Colt's and Colt Finance Corp.'s 10.0%
Junior Priority Senior Secured Notes due 2023 and related
guarantees for any and all outstanding Old Notes.  The New Notes
will mature on November 15, 2023.  Unlike the Old Notes, which are
unsecured obligations of Colt and its subsidiary guarantors, the
New Notes will be secured by certain junior liens on substantially
all of the Issuers' assets.  Interest on the New Notes will accrue
from the issue date of the New Notes at the rate of 10.00% per
annum in cash.

The closing of the Exchange Offer is conditioned upon, among other
things, the valid tender of no less than 98% of the aggregate
principal amount of Old Notes.  In the event that the conditions to
the Exchange Offer are not satisfied and such conditions are not
waived by Colt, Colt would need to determine whether it would be
more advantageous to file petitions under Chapter 11 of the
Bankruptcy Code to consummate a prepackaged plan of reorganization.
Therefore, Colt and its subsidiaries are simultaneously soliciting
holders of the Old Notes to approve the Prepackaged Plan as an
alternative to the Exchange Offer.  If the restructuring is
accomplished through the Prepackaged Plan, 100% of the Old Notes,
plus accrued and unpaid interest, will be cancelled and holders of
the Old Notes will receive their pro rata share of the New Notes.
Colt, however, has not made any affirmative decision to proceed
with any bankruptcy filing at this time.

The Exchange Offer

Pursuant to the Exchange Offer, holders of Old Notes who validly
tender their Old Notes on or prior to midnight, New York City time,
on May 11, 2015, unless extended by the Issuers (such time and
date, as the same may be extended, the "Consent Expiration Time"),
and whose Old Notes are accepted by the Issuers in the Exchange
Offer, will receive New Notes in the amount set forth in the table
below, which includes the Consent Payment (as defined below), under
the column "Total Consideration."  Holders who validly tender their
Old Notes after the Consent Expiration Time but on or prior to
midnight, New York City time, on May 11, 2015 unless such date is
extended by the Issuers (such time and date, as the same may be
extended, the "Expiration Date"), and whose Old Notes are accepted
by the Issuers in the Exchange Offer, will receive the New Notes in
the amount set forth in the table below under the column "Exchange
Consideration," but will not be eligible to receive the Consent
Payment.

CUSIP

19686TAA5
19686TAC1

Outstanding Principal Amount (in millions)

$250.0

Title of Old Notes to be Tendered

Colt's 8.75% Senior Notes due 2017

Title of New Notes to be Issued

Colt's 10.0% Junior Priority Senior Secured
Notes due 2023

Exchange Consideration(1)

$300 in New Notes

Consent Payment(2)

$50 in New Notes

Total Consideration(1)

$350 in New Notes

(1) Per $1,000 principal amount of Old Notes and excluding accrued
and unpaid interest.  Holders of Old Notes validly tendered (and
not validly withdrawn) and accepted by Colt in the Exchange Offer
will be entitled to receive accrued and unpaid interest, if any, on
their exchanged Old Notes up to, but not including, the settlement
date in the form of New Notes in the following amounts: per $1,000
of accrued and unpaid interest on their accepted Old Notes, holders
will receive $300 in principal amount of New Notes and the total
principal amount of such New Notes will be rounded down to the
nearest $1,000 principal amount of such New Notes. Such amount will
be in addition to the Exchange Consideration or Total Consideration
that such holder would receive in the Exchange Offer and the
Consent Solicitation, as applicable.

(2) Each holder who validly tenders and does not validly withdraw
Old Notes, and thereby delivers consent to the Proposed Amendments
and votes to accept the Prepackaged Plan, on or prior to the
Consent Expiration Time, will be entitled, subject to the
satisfaction or waiver of the conditions to the consummation of the
Exchange Offer and the Consent Solicitation, to a Consent Payment
of $50 in principal amount of New Notes per $1,000 principal amount
of Old Notes and integral multiples thereof validly tendered and
not validly withdrawn by such holder (the "Consent Payment").  In
order to determine the Consent Payment, the principal amount of the
Old Notes tendered will be rounded down to the nearest $1,000.

In connection with the Exchange Offer, the Issuers are soliciting
(the "Consent Solicitation") the consents (the "Consents") of the
holders of outstanding Old Notes to amend the indenture governing
the Old Notes to eliminate or waive substantially all of the
restrictive covenants, eliminate certain events of default, modify
covenants regarding mergers and consolidations, and modify or
eliminate certain other provisions (the "Proposed Amendments").
Holders who tender their Old Notes pursuant to the Exchange Offer
are obligated to, and are deemed to, consent to the Proposed
Amendments with respect to the entire principal amount of the Old
Notes tendered by such holders.

Throughout the Exchange Offer period, Colt will conduct its
business and operations as usual with no impact on trade vendors,
employees, customers and any related contractual agreements or
obligations.

The Prepackaged Plan of Reorganization

Consummation of the Prepackaged Plan through an in-court
restructuring would have principally the same effect as if 100% of
the holders of Old Notes had tendered their Old Notes in the
Exchange Offer, except the Consent Payment will only be payable
upon successful completion of the Exchange Offer.  To obtain
requisite acceptance of the Prepackaged Plan by virtue of the
Bankruptcy Code's plan confirmation requirements, holders of the
Old Notes representing at least two-thirds in amount and more than
one half in number of those who actually vote must accept the
plan.

In the event Colt decides to proceed with a prepackaged bankruptcy
filing, it will continue to conduct its business and operations in
the ordinary course.  Moreover, trade creditors, vendors, and
customers will be unaffected by the Prepackaged Plan and will
continue to be paid in the ordinary course of business; union
related agreements will also be unaffected and employees will be
paid all wages, salaries and benefits on a timely basis.

Participating in the Exchange Offer and Voting on the Prepackaged
Plan

The Exchange Offer and the Consent Solicitation will expire at the
Expiration Date, unless extended.  Tenders of Old Notes may be
withdrawn and the Consents may be revoked on or prior to midnight,
New York City time, on May 11, 2015, but not thereafter, unless
such deadline is extended by the Issuers.  As noted above, the
Consent Payment will only be payable to holders of Old Notes who
validly tendered their Old Notes on or prior to the Consent
Expiration Time.  Votes to accept or reject the Prepackaged Plan
must be received on or prior to midnight, New York City time, on
May 11, 2015 unless the solicitation period is extended by the
Issuers (such time and date, as the same may be extended, the
"Voting Deadline"). Holders who vote to accept or reject the
Prepackaged Plan but do not participate in the Exchange Offer may
modify their votes on or prior to the Voting Deadline.

Holders may vote to accept the Prepackaged Plan without tendering
their Old Notes in the Exchange Offer and delivering their
Consents.  However, Holders tendering their Old Notes in the
Exchange Offer must vote to accept the Prepackaged Plan or else the
tender of such Old Notes will be deemed not valid.  Holders who
tender their Old Notes in the Exchange Offer will also be deemed to
have delivered Consents to the Proposed Amendments

The New Notes

The New Notes will not be registered under the Securities Act of
1933, as amended (the "Securities Act") or state securities laws.
The New Notes may only be transferred or resold in transactions,
registered, or exempt from registration, under the Securities Act
and applicable state securities laws.  New Notes issued in the
Exchange Offer will have the same status as the corresponding
tendered Old Notes.  If tendered Old Notes are freely tradeable and
not subject to restriction on transfer upon the consummation of the
Exchange Offer, the holder of such Old Notes will receive New Notes
that are also freely tradeable securities and not subject to
restriction on transfer.  If such Old Notes are considered a
"restricted" security under the securities laws, the holder of such
Old Notes will receive New Notes that will also be considered a
"restricted" security.

Additional Information

The Exchange Offer and the solicitation of the Prepackaged Plan are
made only by, and pursuant to, the terms set forth in the Offer to
Exchange, Consent Solicitation Statement, and Disclosure Statement
Soliciting Acceptances of a Prepackaged Plan of Reorganization (the
"Offer to Exchange and Disclosure Statement"), and the information
in this press release is qualified by reference to the Offer to
Exchange and Disclosure Statement and, as applicable, the
accompanying consent and letter of transmittal, ballots and any
supplements thereto (collectively, the "Restructuring Documents").

KCC is acting as the Information Agent and the Exchange Agent for
the Exchange Offer and the Consent Solicitation and as the Voting
Agent for the solicitation of the Prepackaged Plan.  Requests for
any of the Restructuring Documents or questions regarding the
Exchange Offer, the Consent Solicitation or the solicitation of the
Prepackaged Plan may be directed to KCC at 888-251-3076 (toll-free
North America) or 917-281-4800 (bankers and brokers).

This press release shall not constitute a solicitation of consents,
an offer to sell or the solicitation of an offer to buy any
security and shall not constitute an offer, solicitation or sale in
any jurisdiction in which such offering, solicitation or sale would
be unlawful.  No recommendation is made as to whether holders of
the securities should tender their securities or give their
consent.

                       About Colt Defense

Colt Defense LLC, headquartered in West Hartford, CT, manufactures
small arms weapons systems for individual soldiers and law
enforcement personnel for the U.S. military, U.S. law enforcement
agencies, and foreign militaries.  Post the July 2013 acquisition
of New Colt Holding Corp., the parent company of Colt's
MANUFACTURING COMPANY, the company also has direct access to the
commercial end-market for rifles, carbines and handguns.  Revenues
for the last twelve months ended June 30, 2014 totaled $243
million.

The Company's balance sheet at Sept. 28, 2014, showed $247 million
in total assets, $417 million in total liabilities and a $170
million total deficit.

"As it is probable that we may not have sufficient liquidity to be
able to make our May 15, 2015 Senior Notes interest payment without
meeting our internal projections (including addressing our
Senior Notes), our long-term debt has been classified as current in
the consolidated balance sheet.  Currently we do not have
sufficient funds to repay the debt upon an actual acceleration of
maturity.  In the event of an accelerated maturity, our lenders may
take actions to secure their position as creditors and mitigate
their potential risks.  These events would adversely impact our
liquidity.  These factors raise substantial doubt about our ability
to continue as a going concern," the Company stated in the
quarterly report for the period ended Sept. 28, 2014.

                          *     *     *

As reported by the TCR on Nov. 17, 2014, Moody's Investors Service
downgraded Colt Defense's Corporate Family Rating to 'Caa3' from
'Caa2' and Probability of Default Rating to 'Caa3-PD' from
'Caa2-PD'.  Concurrently, Moody's lowered the rating on the
company's $250 million senior unsecured notes to 'Ca' from 'Caa3'.
The downgrade was based on statements made by Colt Defense in its
Nov. 12, 2014 Form NT 10-Q filing.  In the filing the company
indicated that it expects to report a decline in net sales for the
three month period ended Sept. 28, 2014 versus the same period in
2013 of 25 percent together with a decline in operating income of
50 percent.

As reported by the TCR in February 2015, Standard & Poor's Ratings
Services lowered its corporate credit rating on Colt Defense to
'CCC-' from 'CCC'.  The downgrade reflects an increased likelihood
that the company may enter into a debt restructuring in the coming
months that S&P would consider a distressed exchange and, hence, a
default.


COLT DEFENSE: Moody's Says Debt Restructuring is Credit Negative
----------------------------------------------------------------
Moody's Investors Service said Colt Defense LLC's announced debt
restructuring transaction is credit negative, but will not result
in an immediate change in the company's ratings or outlook. Colt
Defense's Caa3 corporate family rating and Caa3-PD probability of
default rating (PDR), with a negative ratings outlook remains
unchanged. However, on execution of the restructuring transaction,
Moody's would consider either the exchange offer or prepackaged
plan of bankruptcy, if the company pursues that option, as a
default per Moody's definitions. If the exchange offer is
completed, Moody's will likely view the proposed transaction as a
distressed exchange and anticipate appending an /LD designation
(limited default) once the transaction is completed. Alternatively,
if the company enters into a prepackaged plan of bankruptcy,
Moody's would lower the company's ratings to reflect the default.

Colt Defense LLC, headquartered in West Hartford, CT, manufactures
small arms weapons systems for individual soldiers and law
enforcement personnel for the U.S. military, U.S. law enforcement
agencies, and foreign militaries. Post the July 2013 acquisition of
New Colt Holding Corp., the parent company of Colt's Manufacturing
Company, the company also has direct access to the commercial
end-market for rifles, carbines and handguns. The company
anticipates approximately $190 million revenues for the fiscal year
ended 2014.


CORD BLOOD: Inks $724,000 Purchase Agreement with Red Oak, et al.
-----------------------------------------------------------------
Cord Blood America, Inc., executed a preferred stock purchase
agreement and a stockholder agreement with Red Oak Fund LP, Red Oak
Long Fund, LP and Pinnacle Opportunities Fund, LP, on
April 9, 2015, according to a document filed with the Securities
and Exchange Commission.  Pursuant to the Purchase Agreement, the
Purchasers are to deliver to the Company, at closing, $724,000, and
the Company is to deliver to the Purchasers 724,000 shares of
Series A Convertible Preferred Stock.

Under the Stockholder Agreement, in the event of a sale or transfer
of more than 50 percent of the assets or shares outstanding of the
Company or any merger that requires approval of the Company's
stockholders and results in a change of control of the Company
where:

   (i) the proposed acquirer is Red Oak or any entity or group in
       which Red Oak and/or David Sandberg has 10% of more of the
       economic interest;

  (ii) within six months prior to the date of a stockholder vote
       to approve such a transaction a Red Oak employee, partner,
       member, manager or officer is or has served as a member of
       the Board of Directors of the Company; and

(iii) Red Oak is the largest shareholder at the time of the
       record date to approve such a transaction, then Red Oak
       shall vote any shares in excess of the number of shares
       held by the next largest stockholder, other than Red Oak,
       pro rata in accordance with the aggregate voting of Company

       shares held by parties other than Red Oak or any entity or
       group which includes Red Oak.

Effective April 9, 2015, as part of the transaction with Red Oak,
the Company entered into an Amendment to executive employment
agreement with Joseph R. Vicente, the Company's president and
chairman of the Board, amending Mr. Vicente's Jan. 1, 2015,
executive employment agreement, as well as an Amendment to
executive employment agreement with Stephen Morgan, the Company's
vice president, general counsel and secretary, amending Mr.
Morgan's April 1, 2015 employment agreement such that Mr. Vicente
and Mr. Morgan no longer have the option, in their sole discretion,
to receive their salary and bonus amounts in the form of Company
stock, rather than cash.

A full-text copy of the Form 8-K report is available for free at:

                        http://is.gd/cG6z3i

                      About Cord Blood America

Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International.  Cord specializes in
providing private cord blood stem cell preservation services to
families.  BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy.  Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.

The Company has been the subject of a going concern opinion by its
independent auditors who have raised substantial doubt as to the
Company's ability to continue as a going concern.  De Joya
Griffith, LLC, in Henderson, NV, noted that the Company has
incurred losses from operations, which losses have caused an
accumulated deficit of approximately $53.46 million as of Dec. 31,
2014.

The Company disclosed net income of $240,000 on $4.33 million of
revenue for the year ended Dec. 31, 2014, compared to a net loss of
$2.97 million on $3.82 million of revenue for the year ended Dec.
31, 2013.

As of Dec. 31, 2014, the Company had $3.86 million in total assets,
$4.55 million in total liabilities, and a $691,000 total
stockholders' deficit.


CORNERSTONE HOMES: Committee Wants Standing to Pursue Claims
------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of Cornerstone Homes Inc., asks the Bankruptcy Court to grant
it standing and authority to prosecute and, if appropriate, settle
certain claims on behalf of Debtor's estate pursuant to Sections
1103(c) and 1109(b) of the Bankruptcy Code.

The Committee notes that on Dec. 12, 2014, the Securities and
Exchange Commission filed a complaint against David L. Fleet in the
U.S. District Court for the Western District of New York.  In the
SEC complaint, the SEC alleges that Fleet violated various
provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934 by "fraudulently selling approximately $16.75
million in unregistered and uncertified notes of his wholly-owned
company to more than 300 mostly elderly, unsophisticated investors
between 1997 and March 2010.  Approximately $15.5 million of that
amount was raised between January 2006 and March 2010."

During the time that Fleet was allegedly defrauding individuals
between 2006 and 2010, the prepetition lenders loaned Debtor in
excess of $26,000,000.  The prepetition lenders made such loans to
Debtor notwithstanding numerous red flags related to the operation
of Debtor's business.

Since its appointment, the Committee says it has been investigating
the financial affairs of the Debtor.  The Committee's investigation
involved examining prepetition and postpetition transactions
between Debtor and Fleet, CNY Homes Holdings, LLC, First Citizens
National Bank, The Community Preservation Corporation, and The
Elmira Savings Bank, FSB, and Lyons National Bank.

The Committee reserves its right to seek authority to commence and
prosecute other claims and causes of action against the prepetition
lenders, and other parties, on behalf of the trustee.

The Committee proposes that the Court consider the matter at a
hearing on May 7, 2015, at 9:00 a.m.

                     About Cornerstone Homes

Cornerstone Homes Inc. is based in Corning, New York and is
engaged in the business of buying, selling and leasing single
family homes in the State of New York, with such properties
primarily located in the South Central and South Western portions
of the State.

Cornerstone Homes Inc., filed a Chapter 11 petition (Bankr.
W.D.N.Y. Case No. 13-21103) on July 15, 2013, in Rochester
alongside a reorganization plan already accepted by 96 percent of
unsecured creditors' claims.

The Debtor disclosed assets of $18.6 million and liabilities of
$36.2 million.  Four secured lenders with $21.8 million in claims
are to be paid in full under the plan.  Unsecured creditors --
chiefly noteholders with $14.5 million in claims -- will have a 7
percent recovery.

Judge Paul R. Warren presides over the case.  Curtiss Alan Johnson,
Esq., and David L. Rasmussen, Esq., at Davidson Fink, LLP, in
Rochester, N.Y., serve as the Debtor's counsel.  The Debtor has
tapped GAR Associates to appraise a selection of its properties to
support the Debtor's liquidation analysis.

The Official Committee of Unsecured Creditors is represented by
Gregory J. Mascitti, Esq., at LeClairRyan PC.  The Committee
retained Getzler Henrich & Associates LLC as financial advisor.

Cornerstone Homes Inc. delivered to the Bankruptcy Court a First
Amended Plan of Reorganization and explanatory Disclosure Statement
on Jan. 3, 2014.  The Amended Plan supersedes the Plan Cornerstone
prepared prior to filing for bankruptcy.  The Debtor intends to
liquidate properties over a period of time, so as to achieve
maximum recovery for the creditors while avoiding a deleterious
affect on the housing market.  The Plan provides for a distribution
of $1 million as an Unsecured Distribution Amount.  

Owner David Fleet will pledge up to $1 million to fund
distributions under the Plan.  It also provides for the
distribution of the stock in the Reorganized Debtor to holders of
Allowed Unsecured Noteholder Claims under Class 5.  The Class 5
Claimants are expected to receive 7% plus distribution of stock on
the Distribution Date.  The Claimants are impaired and entitled to
vote on the Plan.

No hearing was slated to consider the Amended Plan documents.
Instead, the Court accepted the request of the Committee to appoint
a Chapter 11 trustee to replace management.  The Court approved the
appointment of Michael H. Arnold, Esq., as Chapter 11 trustee.  He
is represented by his law firm, Place and Arnold as his counsel.



CRUMBS BAKESHOP: Conversion Hearing Adjourned Until April 27
------------------------------------------------------------
The Bankruptcy Court adjourned until April 27, 2015, at 10:00 a.m.,
the hearing on:

   -- motion to convert the Chapter 11 case of Crumbs Bake Shop,
Inc., et al. to one under Chapter 7 of the Bankruptcy Code;

   -- motion to compel Coastal Foods Baking LLC to perform in
accordance with the terms of its license agreement and for damages
resulting from Coastal Foods' willful violation of the automatic
stay; and

   -- cross-motion to modify the automatic stay as appropriate, and
as necessary, allow the administrative claim of Coastal Foods and
permit Coastal Foods to set off or recoup that administrative claim
against the otherwise due postpetition royalties due from Coastal
Foods.

Crumbs Bake and Coastal Foods asked the Court to adjourn the
hearing on the motions.  The parties requested for the adjournment
of hearing as they explore a potential amicable resolution of these
matters -- the motion to compel/stay violation motion -- Coastal
and the Coastal cross-motion, as the parties.  Coastal is in the
midst of providing documents and information to the Debtors.  In
connection with the agreement to adjourn these matters, the parties
discussed rescheduling them either later in December or early
January, on a date where the Court was sitting in Newark if
possible.

The Debtors requested that Brand2 Squared Licensing consent to an
adjournment but BSL refused (or at least initially has refused) to
consent to an adjournment.

                         Conversion Motion

As reported in the TCR on Oct. 16, 2014, the Debtors told the Court
that they have sold substantially all of their assets, have no
operating business to save and cannot propose a feasible plan of
reorganization.  Accordingly, the Debtors note they have no
alternative but to convert their Chapter 11 proceedings to Chapter
7 pursuant to Section 1112(a) of the Bankruptcy Code.

The Debtors said that they do not have sufficient funds available
to formulate and seek confirmation of a Chapter 11 plan, and the
potential causes of action, while believed to have value, will
take a long time to liquidate.  It is the Debtors' judgment that
in the particular circumstances of these Chapter 11 cases, the
goal of maximizing the net recoveries to creditors will best be
achieved through an orderly process that may be administered by a
Chapter 7 trustee.  The Official Committee of Unsecured Creditors
agrees with the Debtors' decision to convert the Debtors' Chapter
11 cases to Chapter 7.

BSL joined in the Debtors' motion for Chapter 7 conversion.

                      About Crumbs Bake Shop

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

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

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

                           *     *     *

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

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

On Aug. 29, 2014, Crumbs Bake Shops completed the sale of its
assets for a credit bid of $7.14 million and the assumption of
various liabilities.  There are no cash proceeds and the credit
bid resulted in the repayment of all indebtedness to Lemonis
Fischer Acquisition, which held a first priority security interest
in the assets of the Company.  The Company's remaining assets will
be liquidated and the proceeds thereof will be utilized to pay
unsecured liabilities in accordance with applicable law and
certain advisors' fees and expenses.  The Company does not expect
that there will be any proceeds available for distribution to
shareholders.



DAVITA HEALTHCARE: Upsized Debt No Impact on Moody's Ratings
------------------------------------------------------------
Moody's Investors Services said the increase in DaVita HealthCare
Partners Inc.'s 5.00% senior unsecured notes due 2025 to $1.5
billion from $1.25 billion has no immediate impact on the debt
ratings of the company. The incremental $250 million will be used
to refinance the existing 6.625% senior unsecured notes due 2020
($775 million outstanding) and add additional cash for general
corporate purposes, which may include future acquisitions and share
repurchases of up to $1.0 billion, under its new share repurchase
program.

The principal methodology used in this rating was the Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

DaVita is an independent provider of dialysis services primarily in
the US for patients suffering from end-stage renal disease (chronic
kidney failure). The company also provides home dialysis services,
inpatient dialysis services through contractual arrangements with
hospitals, laboratory services and other ancillary services.
Through HealthCare Partners', DaVita provides patient-and
physician-focused integrated health care delivery services that
coordinates outcomes-based medical care in a cost-effective manner.


DENDREON CORP: Files Chapter 11 Plan of Liquidation
---------------------------------------------------
BankruptcyData.com reports that Dendreon filed with the U.S.
Bankruptcy Court a First Amended Chapter 11 Plan of Liquidation and
related Disclosure Statement.

"The Company anticipates that the liquidation process would take
six to twelve months. Wind-down operating costs would include
compensation expenses, insurance, taxes, and the costs of orderly
winding down healthcare and other employee-related plans. Under a
Chapter 7 liquidation, a change in professionals would result in
lost efficiencies, which is reflected in a 25% increase in the
wind-down budget. The Wind-Down Reserve is calculated based on
estimates and is being provided for illustrative purposes only.
Actual expenses may differ materially from the stated value,"
according to the Disclosure Statement cited by BankruptcyData.com.


BankruptcyData.com previously reported that on February 20, 2015,
the Court approved the sale of Dendreon's assets to stalking horse
bidder Valeant Pharmaceuticals International, and this Plan
provides for the proceeds of that sale to be distributed to
creditors. The Court is scheduled to consider the Disclosure
Statement on April 14, 2015. The Court scheduled a June 2, 2015
hearing to consider the Plan, with objections due by May 19, 2015.

                        About Dendreon Corp

With corporate headquarters in Seattle, Washington, Dendreon
Corporation, a biotechnology company focused on the development of
novel cellular immunotherapies to significantly improve treatment
options for cancer patients.

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

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors
requested that their cases be jointly administered under Case No.
14-12515.  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 three members to the
Official Committee of Unsecured Creditors.



DEWEY & LEBOEUF: Aviva Targets More Execs Over $35M Note Fraud
--------------------------------------------------------------
Law360 reported that Aviva Life and Annuity Co. set its sights on
yet another group of former Dewey & LeBouef LLP executives on April
10, filing its third suit in Iowa federal court claiming it was
misled about the firm’s finances when it bought $35 million in
secured notes.

According to the report, Aviva has leveled similar allegations
against Dewey’s top leaders before, including the three currently
awaiting trial against New York County District Attorney Cyrus R.
Vance Jr.’s claims they misled lenders, other lawyers and
investors about the firm’s financial health.

                      About Dewey & LeBoeuf

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

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

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

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

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

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

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

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

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

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



DISCOVERY CHARTER: S&P Affirms 'BB+' Rating on 2012 Project Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services removed the Philadelphia
Authority for Industrial Development's $13.445 million project
revenue bonds, series 2012, issued for the Discovery Charter
School, from CreditWatch, where they were placed with negative
implications Jan. 15, 2015.

At the same time, Standard & Poor's affirmed its 'BB+' rating on
the bonds. The outlook is negative.

"In our view, the negative outlook reflects the continual risks of
operating under an unsigned charter due to disagreements over the
charter enrollment cap," said Standard & Poor's credit analyst
David Hitchcock.

"At the time of the last charter renewal in 2012-2013, Discovery
Charter School asked for an increase to the charter enrollment cap
to 1,050-1,150 students from 620. The charter authorizer, the
School District of Philadelphia, which is governed by five members
of the School Reform Commission (SRC), did not officially vote on
the amendment even though the school was recommended for a
five-year charter renewal. The school appealed to the State Charter
Appeal Board. Initially, the board ruled that the failure of SRC to
vote was not grounds for appeal. However, most recently in March
2015, the Commonwealth Court ruled that the non-vote was
essentially a denial of the amendment and ordered the State Charter
Appeal Board to listen to the case and make a decision about the
amendment. Timing for the board to hear the case is unknown at this
time.  We understand that Discovery Charter School would be able to
appeal to a higher court if the state were to deny the amendment
request," S&P said.

There is also a chance that if no decision is made at the time of
the school's next charter renewal in 2017-2018, the school could
bring the request back to the SRC for a vote.  

"The negative outlook reflects the risks associated with an
unsigned charter and the continuing uncertainty with regard to
future enrollment. We note that the dispute over enrollment caps
may not be resolved in the one year outlook time frame. However, we
believe that a return to a stable outlook would likely not occur
until the charter is signed, which would probably happen once the
enrollment issue is fully resolved. We would consider a negative
rating action if the school was required to lower enrollment to 620
students, and financial metrics fell to levels below the current
rating category."



DOMARK INTERNATIONAL: Delays Form 10-Q for Feb. 28 Quarter
----------------------------------------------------------
Domark International, Inc., notified the Securities and Exchange
Commission it could not complete the filing of its quarterly report
on Form 10-Q for the period ended Feb. 28, 2015, due to a delay in
obtaining and compiling information required to be included in the
Company's Form 10-Q, which delay could not be eliminated by the
Company without unreasonable effort and expense.

In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, as amended, the Company will file its Form 10-Q no later than
the fifth calendar day following the prescribed due date.

                    About Domark International

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

As of Nov. 30, 2014, the Company had $1.39 million in total assets,
$3.20 million in total liabilities, and a $1.81 million
stockholders' deficit.

The Company said in its quarterly report for the period ended
Nov. 30, 2014, that it has inadequate working capital to maintain
or develop its operations, and is dependent upon funds from private
investors, promissory notes from lenders, and the support of
certain stockholders.  The Company maintained these factors raise
substantial doubt about the ability of the Company to continue as a
going concern.


DORAL FINANCIAL: Hires Rope & Gray as Counsel
---------------------------------------------
Doral Financial Corporation seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Ropes & Gray LLP as counsel.

The Debtor requires Ropes & Gray to:

   (a) advise the Debtor with respect to its powers and duties as
       a debtor in possession in the continued management and
       operation of its businesses and properties;

   (b) advise and consult on the conduct of this chapter 11 case,
       including all of the legal and administrative requirements
       of operating in chapter 11;

   (c) take all necessary actions to protect and preserve the
       Debtor's estate, including prosecuting actions on the
       Debtor's behalf, defending any action commenced against the

       Debtor, and representing the Debtor's interests in
       negotiations concerning litigations in which the Debtor is
       involved, including objections to the claims filed against
       the Debtor's estate;

   (d) prepare all pleadings, including motions, applications,
       answers, orders, reports, and any other documents necessary

       or otherwise beneficial to the administration of the
       Debtor's estate;

   (e) advise the Debtor with respect to the negotiation,
       documentation, implementation, closing, and consummation of
       corporate transactions, including sales of assets in this
       chapter 11 case;

   (f) explore and pursue asset value, including value that may be

       derived from tax attributes;

   (g) attend meetings with third parties and participating in
       negotiations with respect to the above matters;

   (h) take any necessary action on behalf of the Debtor to
       negotiate, draft, and obtain approval of a chapter 11 plan
       and all documents related thereto; and

   (i) perform all other legal services and providing all other
       legal advice requested by the Debtor with respect to the
       above matters.

Ropes & Gray will be paid at these hourly rates:

       Mark I. Bane, Partner          $1,295
       Leo P. Arnaboldi, Partner      $1,295
       James A. Wright III, Counsel   $830
       Meredith Tinkham, Associate    $660
       Aaron Krieger, Associate       $515
       Christopher Tarrant Paralegal  $325
       Meir C. Weinberg Paralegal     $240
       Partners                       $795-$,355
       Counsel                        $565-$1,290
       Associates                     $420-$985
       Paraprofessionals              $190-$385

Ropes & Gray will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The Debtor paid $75,000 to Ropes & Gray on December 11, 2014, as a
retainer. On Dec. 31, 2013, the Debtor increased the retainer by
$500,000. As of the Petition Date, the Debtor's retainer balance
with Ropes & Gray is approximately $529,348.44.

Mark I. Bane, partner of Ropes & Gray, 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.

Ropes & Gray can be reached at:

       Mark I. Bane, Esq.
       ROPES & GRAY LLP
       1211 Avenue of the Americas
       New York, NY 10036-8704
       Tel: (212) 841-8808
       Fax: (646) 728-662

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices in
New York City, Coral Gables, Florida and San Juan, Puerto Rico.  

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


DREIER LLP: Ex-Diamond McCarthy Atty Can't Depose Banks
-------------------------------------------------------
Law360 reported that a Houston judge on April 10 quashed two
deposition subpoenas served by a former Diamond McCarthy LLP
partner on Amegy Bank NA and Deutsche Bank Securities Inc. relating
to fees she generated as a Chapter 11 trustee for
Dreier LLP, after Diamond McCarthy argued in part that her request
constituted harassment.

The report relates that former partner Sheila M. Gowan sought to
depose the two banks with what she called a "laser" focus on
documents related to loans and loan applications where a trustees'
commission was pledged or offered as security.

                 About Marc Dreier and Dreier LLP

Marc Dreier founded New York-based law firm Dreier LLP --
http://www.dreierllp.com/-- in 1996. On Dec. 8, 2008, the U.S.
Securities and Exchange Commission filed a suit, alleging that Mr.
Dreier made fraudulent offers and sales of securities in several
cities, selling fake promissory notes to hedge and other private
investment funds. The SEC asserted that Mr. Dreier also
distributed phony financial statements and audit opinions, and
recruited accomplices in connection with that scheme. Mr. Dreier,
currently in prison, was charged by the U.S. government for
conspiracy, securities fraud and wire fraud (S.D.N.Y. Case No.
09-cr-00085).

Dreier LLP sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
08-15051) on Dec. 16, 2008. Stephen J. Shimshak, Esq., at Paul,
Weiss, Rifkind, Wharton & Garrison LLP, was tapped as counsel.
The Debtor estimated assets of $100 million to $500 million, and
debts between $10 million and $50 million in its Chapter 11
petition.

Sheila M. Gowan, a partner with Diamond McCarthy, was appointed
Chapter 11 trustee for the Dreier law firm. Ms. Gowan is
represented by Diamond McCarthy LLP. Dickstein Shapiro LLP is the
trustee's special trial counsel.

Wachovia Bank National Association; the Dreier LLP Chapter 11
Trustee; and Steven J. Reisman as post-confirmation representative
of the bankruptcy estate of 360networks (USA) Inc. signed a
petition that put Mr. Dreier into bankruptcy under Chapter 7 on
Jan. 26, 2009 (Bankr. S.D.N.Y. Case No. 09-10371). Mr. Dreier
pleaded guilty to fraud and other charges in May 2009. The scheme
to sell $700 million in fake notes unraveled in late 2008.  Mr.
Dreier is serving a 20-year sentence in a federal prison in
Minneapolis.

The May 15, 2014, edition of The TCR said the Hon. Stuart M.
Bernstein of the U.S. Bankruptcy Court for the Southern District
of New York confirmed the second amended Chapter 11 plan of
liquidation filed by Sheila M. Gowan, the Chapter 11 trustee for
Dreier LLP, and the Official Committee of Unsecured Creditors.



DUNE ENERGY: Court OKs Employment of Haynes and Boone as Attorney
-----------------------------------------------------------------
U.S. Bankruptcy Judge H. Christopher Mott authorized Dune Energy,
Inc., et al., to employ Haynes and Boone, LLP as counsel.  To the
best of the Debtors' knowledge, Haynes and Boone is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                        About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE), 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.

Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336),
Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and
Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed
separate Chapter 11 bankruptcy petitions on March 8, 2015.  The
petitions were signed by James A. Watt, president and chief
executive officer.

Judge Christopher H. Mott presides over the case.  Charles A.
Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M.
Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors'
bankruptcy counsel.  Deloitte Transactions And Business Analytics
LLP is the Debtors' restructuring advisors.  Parkman Whaling LLC
is the Debtors' sale professionals.

The Debtors listed $229 million in total assets and $144 million in
total debts as of Sept. 30, 2014.

The deadline for creditors to file proofs of claim is July 13,
2015.  For governmental units, the deadline to file proofs of claim
is not later than 180 days from the Petition Date.

The U.S. trustee overseeing the Chapter 11 case of Dune Energy
appointed three creditors to serve on the official committee of
unsecured creditors.


EBENEZER CHURCH: Case Summary & 13 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Ebenezer Church of God in Christ
        1072 W Bartlett Ave.
        Las Vegas, NV 89106

Case No.: 15-12067

Chapter 11 Petition Date: April 15, 2015

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

Judge: Hon. August B. Landis

Debtor's Counsel: Seth D Ballstaedt, Esq.
                  BALLSTAEDT LAW FIRM
                  9480 S Eastern Ave. Suite 213
                  Las Vegas, NV 89123
                  Tel: (702) 715-0000
                  Fax: (702) 666-8215
                  Email: seth@ballstaedtlaw.com

Total Assets: $494,881

Total Liabilities: $3.4 million

The petition was signed by Bill McDonnell, Jr., pastor.

A list of the Debtor's 13 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nvb15-12067.pdf


ELBIT IMAGING: Expert Estimates BUTU'S Equity Fair Value
--------------------------------------------------------
An independent certified expert nominated in accordance with the
provisions of the Romanian law and regulations (Ernst & Young
Services SRL), has determined the estimated shareholders' equity
fair value of Bucuresti Turism S.A, an approximately 77% holding
subsidiary of Elbit Imaging Ltd. which shares are traded on RASDAQ
market, to be Euro 64,630 thousands resulting in a price per share
of BUTU of Euro 4.50, equivalent to a price per share of RON 20.17.
(US$ 4.73)

To the best knowledge of the Company, the maximum amount payable by
BUTU to its shareholders who did not vote in favor of the
resolution detailed in the Previous Announcement to the extent all
such shareholders will exercise their right to withdraw from BUTU,
is therefore approximately Euro 14.5 million (approximately US$
15.2 million), which amount will be financed by BUTU either from
its own resources and/or third party loans and/or controlling
shareholders loans.

At the extraordinary general meeting of shareholders of BUTU that
took place on Feb. 18, 2015, it was resolved, amongst other things,
that BUTU will not take the necessary legal actions for the shares
issued by it to be admitted for trading on a regulated market or to
be listed on an alternate trading system.  The Company's subsidiary
which is the direct owner of the shares in BUTU voted in favor of
the above resolution.  BUTU is the owner of the hotel complex known
as the "Radisson Blu" in Bucharest, Romania.

                       About Elbit Imaging

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

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

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

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

Elbit Imaging Ltd. reported profit of NIS 784 million on NIS 399
million of total revenues for the year ended Dec. 31, 2014,
compared to a loss of NIS 1.56 billion on NIS 211 million of total
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, Elbit had NIS $3.66 billion in total assets,
NIS 2.94 billion in total liabilities, and NIS 712 million in
shareholders' equity.


FIVE S PLUS: Section 341 Meeting of Creditors Set for June 3
------------------------------------------------------------
There will be a meeting of creditors of Five S Plus, LLC on
June 3, 2015, at 10:45 a.m. at 341 Meeting Room, Alexandria, Room
124.

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

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

                         About Five S Plus

Five S Plus, LLC, doing business as River Rouge Plantation of
Louisiana, commenced a Chapter 11 bankruptcy case (Bankr. W.D. La.
Case No. 15-80398) on April 10, 2015, in Alexandria, Louisiana,
without stating a reason.  Aaron L. Slayter, Jr., signed the
petition as managing member.  

The Debtor estimated $10 million to $50 million in total assets and
$1 million to $10 million in debt.  The formal schedules of assets
and liabilities, as well as the statement of financial affairs, are
due April 24, 2015.  The Debtor's Chapter 11 plan and disclosure
statement are due Aug. 10, 2015.  

The case is assigned to Judge Henley A. Hunter.  Laramie Henry,
Esq., serves as counsel to the Debtor.

Five S Plus -- http://www.fivesplus.com/-- owns the River Rouge
Plantation, a 5,000-acre property located on the banks of the Red
River, stretching from Boyce to Colfax, Louisiana.  From then until
now, the property has been used for cattle to graze, farming, and
recreation.  This property, formerly called Mead Plantation, or
Meadland, dates back to the early 1800s, when it was owned by
Joshua R. Mead and his family.  The land changed hands several
times, and in 2003, the farm was purchased by the Slayter family,
owners of Five S Plus cattle company.


GENERAL MOTORS: Judge Gerber's Decision on Ignition Switch Claims
-----------------------------------------------------------------
Bankruptcy Judge Robert E. Gerber on Tuesday issued a decision on
the request of General Motors LLC -- the acquirer of most of Old
GM's assets in a section 363 sale back in July 2009 -- for an order
enforcing provisions of the July 5, 2009 order by which the
bankruptcy court approved New GM's purchase of Old GM's assets.

In March 2014, New GM announced to the public, for the first time,
serious defects in ignition switches that had been installed in
Chevy Cobalts and HHRs, Pontiac G5s and Solstices, and Saturn Ions
and Skys, going back to the 2005 model year. In the Spring of 2014
(though many have queried why Old GM and/or New GM failed to do so
much sooner), New GM then issued a recall of the affected vehicles,
under which New GM would replace the defective switches, and bear
the costs for doing so.

New GM previously had agreed to assume responsibility for any
accident claims involving post-sale deaths, personal injury, and
property damage -- which would include any that might have resulted
from the Ignition Switch Defect. But New GM's announcement was
almost immediately followed by the filing of about 60 class actions
in courts around the United States, seeking compensatory damages,
punitive damages, RICO damages and attorneys fees for other kinds
of losses to consumers -- "Economic Loss" -- alleged to have
resulted from the Ignition Switch Defect. The claims for Economic
Loss include claims for alleged reduction in the resale value of
affected cars, other economic loss (such as unpaid time off from
work when getting an ignition switch replaced), and inconvenience.
The Court has been informed that the number of class actions now
pending against New GM -- the great bulk of which were brought by
or on behalf of individuals claiming Economic Loss -- now exceeds
140. Though the amount sought by Economic Loss Plaintiffs is for
the most part unliquidated, it has been described as from $7
billion to $10 billion. Most of those actions are now being jointly
administered, for pretrial purposes, in a multi-district proceeding
before the Hon. Jesse Furman, U.S.D.J., in the Southern District of
New York.

New GM seeks to enforce the Sale Order's provisions, blocking
economic loss lawsuits against New GM on claims involving vehicles
and parts manufactured by Old GM.  New GM argues that while it had
voluntarily undertaken, under the Sale Order, to take on an array
of Old GM liabilities (for the post-sale accidents involving both
Old GM and New GM vehicles just described; under the express
warranty on the sale of any Old GM or New GM vehicle (the "Glove
Box Warranty"); to satisfy statutory recall obligations with
respect to Old GM and New GM vehicles alike; and under Lemon Laws,
again with respect to Old GM and New GM vehicles alike), the Sale
Order blocked any others -- including those in these suits for
Economic Loss.

The Sale Order plainly so provides. But as to 70 million Old GM
cars whose owners had not been in accidents of which they'd advised
Old GM, the Sale Order was entered with notice only by publication.
And those owning cars with Ignition Switch Defects (again, those
who had not been in accidents known to Old GM) -- an estimated 27
million in number -- were given neither individual mailed notice of
the 363 Sale, nor mailed notice of the opportunity to file claims
for any losses they allegedly suffered. And more importantly, from
the perspective of these car owners, they were not given recall
notices which (in addition to facilitating switch replacement
before accidents took place), they contend were essential to
enabling them to respond to the published notices to object to the
363 Sale or to file claims.

Then, after New GM filed the Motion to Enforce, two other
categories of Plaintiffs came into the picture. One was another
group of Ignition Switch Defect plaintiffs (the "Pre-Closing
Accident Plaintiffs") who (unlike the Economic Loss Plaintiffs) are
suing with respect to actual accidents. But because those accidents
involved Old GM and took place before the 363 Sale Closing -- and
taking on pre-closing accident liability was not commercially
necessary to New GM's future success -- they were not among the
accidents involving Old GM vehicles for which New GM agreed to
assume responsibility. The Pre-Closing Accident Plaintiffs have (or
at least had) the right to assert claims against Old GM (the only
entity that was in existence at the time their accidents took
place), but they nevertheless wish to proceed against New GM.

New GM brought a second motion to enforce the Sale Order with
respect to the Pre-Closing Accident Plaintiffs, and issues with
respect to this Plaintiff group were heard in tandem with the
Motion to Enforce.

The other category of Plaintiffs later coming into the picture
("Non-Ignition Switch Plaintiffs") brought actions asserting
Economic Loss claims as to GM branded cars that did not have
Ignition Switch Defects, including cars made by New GM and Old GM
alike. In fact, most of their cars did not have defects, and/or
were not the subject of recalls, at all. But they contend, in
substance, that the Ignition Switch Defect caused damage to "the
brand," resulting in Economic Loss to them.

New GM brought still another motion to enforce the Sale Order with
respect to them, though this third motion has been deferred pending
the determination of the issues here.

In the Bankruptcy Court, the first two groups of Plaintiffs, whose
issues the Court could consider on a common set of stipulated facts
and is in major respects considering together, contend that by
reason of Old GM's failure to send out recall notices, they never
learned of the Ignition Switch Defect, and that the Sale Order is
unenforceable against them.

Judge Gerber said New GM is right when it says that most of the
claims now asserted against it are proscribed under the Sale Order.
"But that is only the start, and not the end, of the relevant
inquiry. And assuming, as the Plaintiffs argue, that Old GM's and
then New GM's delay in announcing the Ignition Switch Defect to the
driving public was unforgiveable, that too is only the start, and
not the end of the relevant inquiry," the judge said.

According to Judge Geber, the real issues before the Court involve
questions of procedural due process, and what to do about it if due
process is denied: (1) what notice was sufficient; (2) to what
extent an assertedly aggrieved individual's lack of prejudice from
insufficient notice matters; (3) what remedies are appropriate for
any due process denial; and (4) to what extent sale orders can be
modified after the fact at the expense of those who purchased
assets from an estate on the expectation that the sale orders would
be enforced in accordance with their terms. They also involve the
needs and concerns of Old GM creditors whose claims are pending,
and of holders of units of the Old GM General Unsecured Creditors
Trust ("GUC Trust"), formed for the benefit of unsecured creditors
when Old GM confirmed its liquidating plan of reorganization (the
"Plan") -- all of whom would be prejudiced if Old GM's remaining
assets were tapped to satisfy an additional $7 billion to $10
billion in claims.

For the reasons discussed at length, the Bankruptcy Court
concluded, among other things, that:

     1. GM's publication notice, which otherwise would have been
perfectly satisfactory (especially given the time exigencies), was
not by itself enough for those whose cars had Ignition Switch
Defects -- because from Old GM's perspective, the facts that gave
rise to its recall obligation resulted in "known" claims, as that
expression is used in due process jurisprudence. Because owners of
cars with Ignition Switch Defects received neither the notice
required under the Safety Act nor any reasonable substitute (either
of which, if given before Old GM's chapter 11 filing, could have
been followed by the otherwise satisfactory post-filing notice by
publication), they were denied the notice that due process
requires.

     2. Old GM's knowledge of facts sufficient to justify notice of
a recall, and its failure to provide the recall notice, effectively
resulted in a denial of the notice due process requires.

     3. Both groups of Plaintiffs were plainly prejudiced with
respect to the bar date for filing claims. But the Pre-Closing
Accident Plaintiffs were not prejudiced at all, and the Economic
Loss Plaintiffs were prejudiced only in part, by the failure to
give them the requisite notice in connection with the 363 Sale.
Neither the Economic Loss Plaintiffs nor the Pre-Closing Sale
Plaintiffs were prejudiced with respect to the Sale Order's Free
and Clear Provisions. Insofar as successor liability is concerned,
while the Plaintiffs established a failure to provide them with the
notice due process requires, they did not establish a due process
violation. The Free and Clear Provisions stand.

     4. The Economic Loss Plaintiffs were prejudiced in one
respect. Nobody else had argued a point that they argue now: that
the proposed Sale Order was overly broad, and that it should have
allowed them to assert claims involving Old GM vehicles and parts
so long as they were basing their claims solely on New GM conduct,
and not based on any kind of successor liability or any other act
by Old GM. If the Economic Loss Plaintiffs had made that argument
back in 2009, the Court would have agreed with them. And by
contrast to their predictions as to possible results of public
outrage, this is not at all speculative, since the Court had ruled
on closely similar issues before, seven years earlier, and, indeed,
again in that very same Sale Opinion. Here, by contrast, the
failure to provide the notice that due process requires was coupled
with resulting prejudice. The Economic Loss Plaintiffs were not
furnished the opportunity to make the overbreadth argument back in
2009, and in that respect they were prejudiced. The failure to be
heard on this latter argument necessarily must be viewed as having
affected the earlier result.

Thus, with respect to Sale Order overbreadth, the Economic Loss
Plaintiffs suffered a denial of due process, requiring the Court to
then turn to the appropriate remedy.

     5. The Court has rejected the Plaintiffs' contention that
prejudice is irrelevant to a claim for denial of due process. And
it has likewise rejected the notion that the denial of the notice
that due process requires means that the Plaintiffs should
automatically win. But to the extent they were prejudiced (and the
Court has determined that the Economic Loss Plaintiffs were
prejudiced with respect to Sale Order overbreadth), they deserve a
remedy tailored to the prejudice they suffered, to the extent the
law permits.

     6. It is plain that to the extent the Plaintiffs seek to
impose successor liability, or to rely, in suits against New GM, on
any wrongful conduct by Old GM, these are actually claims against
Old GM, and not New GM. It also is plain that any court analyzing
claims that are supposedly against New GM only must be
extraordinarily careful to ensure that they are not in substance
successor liability claims, "dressed up to look like something
else."  Claims premised in any way on Old GM conduct are properly
proscribed under the Sale Agreement and the Sale Order, and by
reason of the Court's other rulings, the prohibitions against the
assertion of such claims stand.

     7. The GUC Trust is right in its mootness contentions, and
that the rights of GUC Trust beneficiaries cannot be impaired at
this late time* * * * Though late claims filed by the Plaintiffs
might still be allowed, assets transferred to the GUC Trust under
the Plan could not now be tapped to pay them. Under the mootness
standards laid down by the Second Circuit in its leading decisions
in the area -- see Official Comm. of Unsecured Creditors of LTV
Aerospace & Defense Co. v. Official Comm. of Unsecured Creditors of
LTV Steel Co. (In re Chateaugay Corp.), 988 F.2d 322 (2d Cir. 1993)
("Chateaugay I"); Frito-Lay, Inc. v. LTV Steel Co. (In re
Chateaugay Corp.), 10 F.3d 944 (2d Cir. 1993) ("Chateaugay II);
Beeman v. BGI Creditors' Liquidating Trust (In re BGI, Inc.), 772
F.3d 102 (2d Cir. 2014) ("BGI") -- GUC Trust Unitholders must be
protected from a modification of the Plan.

"The Court will not allow either the Economic Loss Plaintiffs
(including the Used Car Purchasers subset of Economic Loss
Plaintiffs) or the Pre-Closing Sale Plaintiffs to be exempted from
the Sale Order's Free and Clear Provisions barring the assertion of
claims for successor liability," Judge Gerber said.

The Economic Loss Plaintiffs (but not the Pre-Closing Sale
Claimants) may, however, assert otherwise viable claims against New
GM for any causes of action that might exist arising solely out of
New GM's own, independent, post-Closing acts, so long as those
Plaintiffs' claims do not in any way rely on any acts or conduct by
Old GM, Judge Gerber said.  The Plaintiffs may file late claims,
and to the extent otherwise appropriate such late claims may
hereafter be allowed -- but the assets of the GUC Trust may not be
tapped to satisfy them, nor will Old GM's Plan be modified in this
or any other respect.

Judge Gerber said the parties are to caucus among themselves to see
if there is agreement that no further issues need be determined at
the Bankruptcy Court level.  "If they agree (as the Court is
inclined to believe) that there are none, they are to attempt to
agree on the form of a judgment (without prejudice, of course, to
their respective rights to appeal) consistent with the Court's
rulings here," the judge said.  "If they cannot agree (after good
faith efforts to try to agree), any party may settle a judgment
(or, if deemed preferable, an order), with a time for response
agreed upon in advance by the parties."

A copy of Judge Gerber's April 14 Decision on Motion to Enforce
Sale Order is available at http://is.gd/dsudLsfrom Leagle.com.

Arthur J. Steinberg, Esq. (argued), Scott I. Davidson, Esq., KING &
SPALDING LLP, New York, New York, Counsel for General Motors LLC
(New GM).

Richard C. Godfrey, Esq., Andrew B. Bloomer, Esq., KIRKLAND & ELLIS
LLP, Chicago, Illinois, Counsel for General Motors LLC (New GM).

Edward S. Weisfelner, Esq. (argued), David J. Molton, Esq., May
Orenstein, Esq., Howard S. Steel, Esq., Rebecca L. Fordon, Esq.,
BROWN RUDNICK, New York, New York, Designated Counsel and Counsel
for Economic Loss Plaintiffs.

Sander L. Esserman, Esq. (argued), STUTZMAN, BROMBERG, ESSERMAN &
PLIFKA, P.C., Dallas, Texas, Designated Counsel and Counsel for
Economic Loss Plaintiffs.

William P. Weintraub, Esq. (argued), Eamonn O'Hagan, Esq., Gregory
W. Fox, Esq., GOODWIN PROCTER, LLP, New York, New York, Designated
Counsel and Counsel for Pre-Sale Accident Victim Plaintiffs.

Jonathan L. Flaxer, Esq. (argued), S. Preston Ricardo, Esq.,
GOLENBOCK, EISEMAN, ASSOR, BELL & PESKOE, LLP, New York, New York,
Counsel for Groman Plaintiffs.

Lisa H. Rubin, Esq. (argued), Keith R. Martorana, Esq., Matthew
Williams, Esq., Adam H. Offenhartz, Esq., Aric H. Wu, Esq., GIBSON,
DUNN & CRUTCHER, LLP, New York, New York, Counsel for Wilmington
Trust Company as GUC Trust Administrator.

Daniel Golden, Esq., Deborah J. Newman, Esq. (argued), Jamison A.
Diehl, Esq., Naomi Moss, Esq., AKIN, GUMP, STRAUSS, HAUER & FELD,
LLP, New York, New York, Counsel for Participating GUC Trust Unit
Trust Holders.

                     About General Motors

With its global headquarters in Detroit, Michigan, General Motors
-- http://www.gm.com/-- is one of the world's largest automakers,
traces its roots back to 1908.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government
provided financing.  The deal was closed July 10, 2009, and Old GM
changed its name to Motors Liquidation Co.

Old GM -- General Motors Corporation -- 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.  The Debtors tapped Weil, Gotshal & Manges LLP
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel; and Morgan Stanley, Evercore Partners and the Blackstone
Group LLP as financial advisor.  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 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 Aug. 29, 2014, reported that
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
General Motors Company (GM) and its General Motors Holdings LLC
(GM Holdings) subsidiary at 'BB+'.  In addition, Fitch has
affirmed GM Holdings' secured revolving credit facility rating at
'BBB-' and GM's senior unsecured notes rating at 'BB+'.  The
Rating Outlook for GM and GM Holdings is Positive.


GEOFFREY EDELSTEN: Mortgage Advice Bankrupted Ex-Doctor
-------------------------------------------------------
Law360 reported that the bankruptcy trustee for Geoffrey Edelsten
filed a malpractice suit in Florida federal court against the
disgraced Australian ex-doctor's former attorneys and their former
firm, alleging they conspired to negligently represent him in
connection with his business relationships involving $30 million in
assets, driving him into bankruptcy.

According to the report, Chapter 7 Trustee Soneet Kapila is seeking
monetary damages for a series of alleged wrongful acts by law firm
Archer Bay PA — which appears is no longer active — Springer
Brown LLC and attorneys Jay Christopher Robbins.




GREEN MOUNTAIN: April 24 Deadline on Unexpired Leases Assumption
----------------------------------------------------------------
Bankruptcy Judge Barbara Ellis-Monro signed off an agreed order,
extending until April 24, 2015, the deadline for Green Mountain
Management, LLC, et al., to assume, assume and assign, or reject
unexpired leases of nonresidential real property.

The Debtors and  Solid Waste Disposal Authority of the City of
Adamsville, Alabama, the lessor, had agreed to further extend the
assumption/rejection period, subject to and without prejudice to
the rights of the Debtors and the lessor to submit an agreed order
further extending the assumption/rejection period until Aug. 15,
2015.

The Debtors are represented by:

         David A. Wender, Esq.
         Sage M. Sigler, Esq.
         ALSTON & BIRD LLP
         1201 West Peachtree Street
         Atlanta, GA 30309
         Tel: (404) 881-7000
         Fax: (404) 881-7777
         E-mail: david.wender@alston.com
                 sage.sigler@alston.com

              - and -

         Charles L. Denaburg, Esq.
         Marvin E. Franklin, Esq.
         NAJJAR DENABURG, P.C.
         2125 Morris Avenue
         Birmingham, AL 35203
         Tel: (205) 250-8400
         Fax: (205) 326-3837
         E-mail: cdenaburg@najjar.com
                 mfranklin@najjar.com

                       About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. The
petition was signed by Daniel B. Cowart, sole member of Georgia
Flattop Partners, LLC, and chairman of Green Mountain Management,
LLC.  The Debtor estimated $10 million to $50 million in assets
and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

The Debtor is represented by Sage M. Sigler, Esq., at Alston &
Bird, LLP, in Atlanta.

No official committee of unsecured creditors has been appointed,
and UMB Bank, n.a.'s request for the appointment of a trustee was
resolved consensually pursuant to this Court's order entered on
Nov. 20, 2014.


GREYSTONE LOGISTICS: Posts $199,000 Net Income in Third Quarter
---------------------------------------------------------------
Greystone Logistics, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $383,000 on $13.7 million of
sales for the nine months ended Feb. 28, 2015, compared with net
income attributable to common stockholders of $1.08 million on
$15.4 million of sales for the same period a year ago.

For the three months ended Feb. 28, 2015, the Company reported net
income attributable to common stockholders of $199,000 on $3.68
million of sales compared to a net loss attributable to common
stockholders of $214,000 on $4.53 million of sales for the same
period in 2014.

As of Feb. 28, 2015, Greystone had $15.3 million in total assets,
$16.9 million in total liabilities, and a $1.59 million total
deficit.

Greystone had a working capital deficit of $584,000 at Feb. 28,
2015.  Excluding the accrued interest payable to Robert B. Rosene,
Jr., a member of Greystone's board of directors, Greystone's
working capital at Feb. 28, 2015, was $1.48 million.  To provide
for the funding to meet Greystone's operating activities and
contractual obligations as of Feb. 28, 2015, Greystone will have to
continue to produce positive operating results or explore various
options including additional long-term debt and equity financing.
However, the Company said there is no guarantee that Greystone will
continue to create positive operating results or be able to raise
sufficient capital to meet these obligations.

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

                        http://is.gd/KeiGYo

                     About Greystone Logistics

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


GTA REALTY: Wants More Time to Negotiate With Creditors
-------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on April 28, 2015,
at 9:45 a.m., to consider GTA Realty II, LLC's request for a 90-day
extension of its exclusive periods.  Objections, if any, are due
seven days prior to the hearing date.

The Debtor, in its second application for an exclusivity extension,
explained that it has made progress towards a deal that will pay
creditors in full on the effective date of the plan.  The joint
venture partner appears to have solved the biggest confirmation
problem the Debtor initially faced: affordable financing.

The Debtor needs more time to negotiate with creditors and file
claims objections or claims estimation motions to make confirmation
feasible.  

                        About GTA Realty II

GTA Realty II, LLC, sought bankruptcy protection (Bankr. S.D.N.Y.
Case No. 14-12840) in Manhattan on Oct. 8, 2014.

In its schedules of assets and liabilities, the Debtor disclosed
$18 million in total assets and $7.26 million in liabilities.  The
Debtor owns real property at 184 Prince Street, New York, valued
at
$6 million and a property at 287 Bleeker Street, New York, valued
at $12 million.   U.S. Bank National Association, owed $5.3
million, holds a first mortgage on the property.

The case is assigned to Judge Robert E. Gerber.

The Debtor is represented by Mark A. Frankel, Esq., at Backenroth
Frankel & Krinsky, LLP, in New York.

The Debtor's Chapter 11 plan and disclosure statement are due Feb.
5, 2015.  The initial case conference is due by Nov. 7, 2014.

The Debtor has tapped Backenroth Frankel & Krinsky, LLP as
counsel.

The U.S. Trustee for Region 2 appointed three creditors to serve
on
the official committee of unsecured creditors.


GULFPORT ENERGY: S&P Assigns 'B' Rating to $300MM Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
issue-level rating (the same as the corporate credit rating) and
'4' recovery rating to Oklahoma City-based Gulfport Energy Corp.'s
proposed $300 million senior unsecured notes due 2023.

"The '4' recovery rating indicates our expectation of average (30%
to 50%) recovery in the event of default. Our recovery expectations
are in the lower half of the 30% to 50% range."

"The company plans to use the proceeds from the proposed notes
along with a $350 million concurrent equity offering to fund the
acquisition of Paloma Partners III LLC, repay borrowings under its
credit facility, and for general corporate purposes."

"The ratings on Gulfport continue to reflect its geographic
concentration in the Utica shale, its failure to meet public
production forecasts in 2013 and 2014, and its aggressive capital
spending over the past few years, which we expect will continue at
more moderate levels. The ratings also reflect our view of the
volatility and capital-intensive nature of the oil and gas
exploration and production industry. These weaknesses are partially
buffered by a liquids-rich reserve base with significant growth
potential in the Utica shale. We characterize Gulfport's business
risk as "vulnerable," its financial risk as "significant," and its
liquidity as "adequate."

"The positive outlook reflects our assessment of Gulfport's recent
success in increasing production and reserves in the Utica shale,
albeit at lower rates than expected. If Gulfport can continue to
increase production and reserves and meet its production guidance,
we could raise the rating over the next 12 months."

RATINGS LIST

Gulfport Energy Corp.
Corp credit rating                             B/Positive/--

New Ratings
Gulfport Energy Corp.
$300 mil. proposed sr unsecd notes due 2023   B
   Recovery rating                             4L



HEBERT GROUP: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: The Hebert Group, LLC
           dba Break Time Sports Bar & Grill
           dba Ten Pin Alley
        127 South College Road, Suite 12
        Wilmington, NC 28403

Case No.: 15-02128

Chapter 11 Petition Date: April 15, 2015

Court: United States Bankruptcy Court
       Eastern District of North Carolina
       (Wilmington Division)

Debtor's Counsel: James S. Price, Esq.
                  PRICE & WILLIAMS, PA
                  PO Box 3006
                  Wilmington, NC 28406
                  Tel: 910 791-9422
                  Fax: 910 791-0432
                  Email: jim@jamespricelaw.com

Total Assets: $3.7 million

Total Liabilities: $2.27 million

The petition was signed by Steven A. Hebert, general manager.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/nceb15-02128.pdf


HEPAR BIOSCIENCE: Wants Access to Cash Collateral Until June 30
---------------------------------------------------------------
Hepar Bioscience LLC asks the Bankruptcy Court for authorization to
use the cash collateral in which Northwest Bank asserts an
interest.

The Debtor would use the accounts receivable for cash collateral to
continue its business and proceed in the Chapter 11 for the period
from May 1, 2015, until June 30.

As adequate protection from any diminution in value of the lender'
collateral, the Debtor proposes to grant Northwest Bank a
replacement lien.  Furthermore, the Debtor will grant Northwest
Bank the right to inspect the collateral, upon reasonable notice,
and the Debtor agrees to keep the collateral insured and to
maintain all collateral in its present condition, absent ordinary
wear and tear.

The Debtor is liable to the Bank pursuant to a Promissory Note
dated Sept. 17, 2014, in the initial principal of $19.7 million.
As of Feb. 17, 2015, $19.1 million is due and owing under the
Promissory Note.

                      About Hepar BioScience

Jefferson, South Dakota-based Hepar BioScience LLC in the business
of receiving porcine (pork) by-products (concentrated peptone, a
functional pork protein and animal fat) and other meat by-products
that are primarily used in the porcine animal nutrition feed
industry (concentrated porcine peptone) and biodiesel or animal
feed business (animal fat).

The Company filed a Chapter  11 bankruptcy petition (Bankr. D. S.D.
Case No. 15-40057) in Sioux  Falls, South Dakota, on Feb. 20, 2015.
The case is assigned to Judge Charles L. Nail, Jr.

The meeting of creditors under 11 U.S.C. Sec. 341 is slated for
March 25, 2015.  The deadline for filing claims is May 26, 2015.

The Debtor is represented by Clair R. Gerry, Esq., at Gerry & Kulm

Ask, Prof. LLC, in Sioux Falls, serves as counsel.

The Debtor disclosed $11,987,018 in assets and $22,243,151 in
liabilities as of the chapter 11 filing.


HIPCRICKET INC: $4.5M Financing from ESW Gets Final Approval
------------------------------------------------------------
U.S. Bankruptcy Judge Laurie Selber Silverstein authorized, on a
final basis, Hipcricket, Inc., to:

   i) obtain senior secured postpetition financing in an aggregate
maximum principal amount of $4,500,000 from ESW Capital, LLC; and

  ii) use cash collateral.

The termination date of financing and cash collateral is June 10,
2015.

As adequate protection from any diminution in value of the lender's
collateral, the Debtor will grant the lender a superpriority
administrative claim status subject to certain carve out expenses.
The lender will also have the right to credit bid the full amount
of its claims in connection with any sale of all or any portion of
the Debtor's assets.

On March 13, 2015, the Court approved the bid ESW Capital, LLC to
be the sponsor and co-proponent with the Debtor of a plan of
reorganization.

The Debtor is unable to obtain unsecured credit allowable under
Section 503(b)(1) of the Bankruptcy Code as an administrative
expense.

The DIP lender, pursuant to the interim order, has provided the DIP
financing in an amount necessary to fund the indefeasible payment
of the SITO payoff amount in cash immediately upon entry of the
interim order.

The obligations under the DIP documents with SITO Mobile, Ltd., due
and owing as of March 8, 2015, were $3,396,653 plus up to $50,000
in legal fees due and owing as set forth in the payoff letter.  The
SITO payoff amount consisted of (a) $3,372,389 in respect of unpaid
principal and $23,964 in respect of accrued and unpaid interest.

                       About Hipcricket Inc.

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 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.  Hipcricket Inc., in its
schedules disclosed $4,388,940 in assets and $10,304,588 in
liabilities.

The U.S. Trustee for Region 3 appointed five creditors to serve on
an official committee of unsecured creditors.  The Committee
retained Cooley LLP as lead counsel, Pepper Hamilton LLP as
Delaware counsel, and Getzler Henrich & Associates, LLC, as
financial advisor.


IASIS HEALTHCARE: Moody's Puts 'B2' CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the ratings of IASIS Healthcare
LLC, including the company's B2 Corporate Family Rating and B2-PD
Probability of Default Rating, under review for downgrade. The
rating action follows the company's announcement that it will have
to restate recently issued financial statements for an error that
overstated revenue and EBITDA by about $48 million in the LTM
period ended December 31, 2014. Moody's understand that the error
related to the calculation of program settlements in one of Health
Choice's Arizona Medicaid managed care programs. Health Choice is a
subsidiary of IASIS that delivers healthcare services to members
through multiple health plans, accountable care networks and
managed care solutions. The company's SGL-2 Speculative Grade
Liquidity Rating is affirmed.

The following ratings were placed under review for downgrade.

  -- Corporate Family Rating, B2

  -- Probability of Default Rating, B2-PD

  -- Senior secured credit facilities, Ba3 (LGD 2)

  -- Senior notes, Caa1 (LGD 5)

The following rating was affirmed.

  -- Speculative Grade Liquidity Rating at SGL-2

  -- Outlook, to Rating Under Review from Stable

The review will focus on the impact of the reduction in revenue and
EBITDA on the company's historical and future operating results,
including management's expected improvement in medical loss ratio,
and the related impact on credit metrics. The review will also
focus on the potential impact on existing debt agreements and the
company's ability to extend or refinance its existing bank
revolving credit agreement, which is set to expire in May 2016, if
the restated financial statements are not filed timely.

IASIS' Speculative Grade Liquidity Rating was affirmed at SGL-2.
The restatement does not impact the company's cash position. IASIS
had $295 million of available cash at December 31, 2014 supporting
its liquidity position.

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

IASIS Healthcare LLC, a wholly owned subsidiary of IASIS Healthcare
Corporation (collectively IASIS), headquartered in Franklin,
Tennessee is an owner operator of acute care hospitals in high
growth urban and suburban markets. IASIS also owns and operates
Health Choice, a managed care operation that includes health plans,
third party management and administrative services (MSO) and
accountable care network development and management.


INTELLIPHARMACEUTICS INT'L: Incurs $914,000 Net Loss in Q1
----------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss and
comprehensive loss of $915,000 on $1.13 million of revenue for the
three months ended Feb. 28, 2015, compared with net income and
comprehensive income of $2.2 million on $4.68 million of revenue
for the same period last year.

As of Feb. 28, 2015, the Company had $7.31 million in total assets,
$3.13 million in total liabilities and $4.18 million in
shareholders' equity.

At Feb. 28, 2015, cash totaled $4.2 million, compared with $4.2
million at Nov. 30, 2014.  Cash during the three months ended Feb.
28, 2015, remained effectively the same as a result of higher cash
collections relating to the Company's licensing revenue, an
increase in cash flows related to the exercise of options and
deferred milestone revenue.

"I am pleased with the first quarter progress the Company made in
cash management, followed by positive topline results in its Phase
I Rexista Oxycodone XR trials and in submitting an IND with the
FDA.  This is in addition to positive news on the FDA's acceptance
of a Pre-IND meeting request for Regabatin XR," stated Dr. Isa
Odidi, CEO and co-founder of Intellipharmaceutics.
"Intellipharmaceutics is on a clearer path to realizing its
objective of participating in the specialty new drug space.  We are
also proud of our first ANDS filing with Health Canada for the
Canadian market."

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

                        http://is.gd/s0sCU7

                    About Intellipharmaceutics

Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada.  Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs.  Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals.  Based on this technology,
Intellipharmaceuticshas a pipeline of product candidates in
various stages of development, including filings with the FDA in
therapeutic areas that include neurology, cardiovascular,
gastrointestinal tract, diabetes and pain.

Intellipharmaceutics reported a net loss of $3.85 million on $8.76
million of revenues for the year ended Nov. 30, 2014, compared to a
net loss of $11.5 million on $1.52 million of revenues for the year
ended Nov. 30, 2013.  As at Nov. 30, 2014, the Company had $7.87
million in total assets, $2.96 million in total liabilities and
$4.91 million in shareholders' equity.

Deloitte LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Nov. 30, 2014, citing that the Company's recurring losses
from operations and the accumulated deficit cast substantial doubt
about its ability to continue as a going concern.


INTL MANUFACTURING: Court Reaffirms FFWP as Bankruptcy Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California
approved the motion of Beverly N. McFarland, the Chapter 11 Trustee
for International Manufacturing Group Inc. to reaffirm the
employment of Felderstein Fitzgerald Willoughby & Pascuzzi LLP as
her bankruptcy counsel.  A full-text copy of the Chapter 11
trustee's motion is available for free at http://is.gd/pfDmG9

As reported in the Troubled Company Reporter on Aug. 1, 2014, the
Court authorized the Chapter 11 trustee to employ the firm as her
bankruptcy counsel.  The Chapter 11 trustee requires Felderstein
Fitzgerald to:

   (a) advise and represent the Trustee with respect to bankruptcy
       matters and proceedings in this Bankruptcy Case;

   (b) assist the Trustee in obtaining the use of cash collateral
       and potentially selling the Debtor's assets or business;

   (c) assist the Trustee with the preparation of and confirmation
       of a plan or plans of reorganization or liquidation; and

   (d) advise and represent the Trustee with respect to possible
       motions for relief from stay filed by the Debtor's secured
       creditors.

Felderstein Fitzgerald will be paid at these hourly rates:

       Steven H. Felderstein, managing partner   $495
       Thomas A. Willoughby, partner             $495
       Paul J. Pascuzzi, partner                 $475
       Jason E. Rios, partner                    $405
       Jennifer E. Niemann, counsel              $395
       Holly A. Estioko, associate               $350
       Karen L. Widder, legal assistant          $195

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

Thomas A. Willoughby, partner of Felderstein Fitzgerald, 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.

               About International Manufacturing

Deepal Wannakuwatte, the mastermind of a $150 million Ponzi scheme,
put himself and his company, International Manufacturing Group
Inc., into Chapter 11 after he pleaded guilty to one count of wire
fraud and agreed to a 20-year prison sentence.  The bankruptcy
filing was part of his plea bargain with federal prosecutors.  Mr.
Wannakuwatte is the former owner of the Sacramento Capitols tennis
team.

International Manufacturing sought Chapter 11 bankruptcy protection
(Bankr. E.D. Cal. Case No. 14-25820) in Sacramento, on May 30,
2014.  The case is assigned to Judge Robert S. Bardwil.

The Debtor tapped Marc A. Caraska, in Sacramento, as counsel.

In June 2014, Beverly N. McFarland was appointed as Chapter 11
trustee for the Debtor.  She has tapped Felderstein Fitzgerald
Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond
McCarthy LLP as her special litigation counsel; Gabrielson &
Company as accountant; and Karen Rushing as bookkeeper outside the
ordinary course of business.

The U.S. Trustee for Region 7 appointed a three-member unsecured
creditors panel comprising of Byron Younger, Janine Jones, and
Steve Whitesides.


INTL MANUFACTURING: Files List of Creditors Holding Unsec. Claims
-----------------------------------------------------------------
International Manufacturing Group filed a second amended schedule F
- creditors holding unsecured non-priority claims in the U.S.
Bankruptcy Court for the Eastern District of California.  A
full-text copy of the amended schedule is available for free at
http://is.gd/EFn7Ky

               About International Manufacturing

Deepal Wannakuwatte, the mastermind of a $150 million Ponzi scheme,
put himself and his company, International Manufacturing Group
Inc., into Chapter 11 after he pleaded guilty to one count of wire
fraud and agreed to a 20-year prison sentence.  The bankruptcy
filing was part of his plea bargain with federal prosecutors.  Mr.
Wannakuwatte is the former owner of the Sacramento Capitols tennis
team.

International Manufacturing sought Chapter 11 bankruptcy protection
(Bankr. E.D. Cal. Case No. 14-25820) in Sacramento, on May 30,
2014.  The case is assigned to Judge Robert S. Bardwil.

The Debtor tapped Marc A. Caraska, in Sacramento, as counsel.

In June 2014, Beverly N. McFarland was appointed as Chapter 11
trustee for the Debtor.  She has tapped Felderstein Fitzgerald
Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond
McCarthy LLP as her special litigation counsel; Gabrielson &
Company as accountant; and Karen Rushing as bookkeeper outside the
ordinary course of business.

The U.S. Trustee for Region 7 appointed a three-member unsecured
creditors panel comprising of Byron Younger, Janine Jones, and
Steve Whitesides.


IPC CORP: $15MM Debt Increase No Impact on Moody's Ratings
----------------------------------------------------------
Moody's Investors Service said that there is no impact to IPC
Corp.'s B3 Corporate Family Rating or to the B1 and Caa2 first and
second lien credit facilities ratings, respectively, following the
company's announcement of a $15 million increase to the first lien
Term Loan B (increasing to $610 million from $595 million).


IPC CORP: S&P Retainss 'B' Rating on 1st Lien Loan on $15MM Add-On
------------------------------------------------------------------
Standard & Poor's Ratings Services said its issue-level rating on
Jersey City, N.J.-based trading systems and network services
provider IPC Corp.'s $595 million first-lien term senior secured
loan due 2021 remains 'B' with a recovery rating of '3' following
the company's proposed $15 million add-on to the debt.

"The '3' recovery rating indicates our expectation for meaningful
recovery (50% to 70%; lower half of the range) in the event of
payment default. IPC plans to use the proceeds to pay down the
outstanding balance on its revolving credit facility due 2020. In
addition, the company is seeking a repricing of its first-lien
credit facility, which could lead to modest interest cost savings."


"The issue-level rating on the company's second-lien term loan
remains 'B-' with a recovery rating of '5', indicating our
expectation for modest recovery (10% to 30%; lower half of the
range) in the event of payment default."

"Our corporate credit rating on IPC remains 'B' with a stable
outlook.

RATINGS LIST

IPC Corp.
Corporate Credit Rating                     B/Stable/--
  Senior Secured                                       
  $610 mil. first-lien term loan due 2021    B
   Recovery Rating                           3L
  $305 mil. second-lien term loan due 2023   B-
  Recovery Rating                            5L



JAMES RIVER: Coins, Art, Antiques on Auction Block Until April 30
-----------------------------------------------------------------
Jacob Geiger at Richmond Times-Dispatch reports that more than
14,000 coins, known as mine scrip, are being auctioned along with
art and antiques from James River Coal Company's headquarters.

Times-Dispatch relates that the Bankruptcy Court ordered the
auction, which is being handled by Motleys Asset Distribution Group
and runs through April 30, 2015.  According to the report, the
items for auction will be available for viewing on April 28 at The
Jefferson Hotel.  The report adds that the items can be reviewed
and bids can be submitted at www.motleys.com.

                          About James River

James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States.  James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.

James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014.  The petitions were signed
by Peter T. Socha as president and chief executive officer. Judge
Kevin R. Huennekens oversees the Chapter 11 cases.

On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.

The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian M.
Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY.  Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel.  Perella Weinberg Partners
L.P. is the Debtors' financial advisor.  Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice, claims
and administrative agent.

The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors.  Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.

The Debtors, in August 2014, won authority to sell the Hampden
Mining Complex (including the assets of Logan & Kanawha Coal
Company, LLC), the Hazard Mining Complex (other than the assets of
Laurel Mountain Resources LLC) and the Triad Mining Complex for
$52 million plus the assumption of certain environmental and other
liabilities, to a unit of Blackhawk Mining.  The Buyer is
represented by Mitchell A. Seider, Esq., and Charles E. Carpenter,
Esq., at Latham & Watkins LLP.


KID BRANDS: Seeks Exclusivity Extension
---------------------------------------
BankruptcyData.com reports that Kid Brands filed with the U.S.
Bankruptcy Court a motion to extend the exclusive period during
which the Company can file a Chapter 11 plan and solicit
acceptances thereof through and including June 15, 2015 and
September 14, 2015, respectively.

According to the report, the motion explains, "Since the Petition
Date, the Debtors undertook a comprehensive marketing process for
the sale of their businesses. Since filing these Chapter 11 Cases,
the Debtors have sold substantially all of the assets of Debtors
Sassy, Inc., Kids Line, LLC, CoCaLo, Inc., and certain intellectual
property and inventory of LaJobi, Inc. The Debtors have devoted
significant amounts of time to these sales, which involved
overseeing an extensive marketing process, negotiating with
potential purchasers, negotiating with the Secured Parties,
preparing and negotiating the terms of asset purchase agreements,
cooperating with the consumer privacy ombudsman, drafting and
negotiating the terms of orders approving the sales and appearing
in Court to obtain approval of the sales."

The Court scheduled an April 30, 2015 hearing on the extension
motion.

                     About Kid Brands

Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile consumer
products.  Its operating subsidiaries consist of Kids Line, LLC,
CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.  Providing "everything
but the baby" for a child's nursery, the company sells infant
bedding and accessories under the Kids Line and CoCaLo brands;
nursery furniture under the LaJobi brand; and baby care items under
the Kokopax and Sassy brands.

Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
14-22582) on June 18, 2014.  To preserve the value of their assets,
the Debtors are pursuing a sale of the assets pursuant to section
363 of the Bankruptcy Code.

Judge Donald H. Steckroth oversees the cases.  The Debtors have
sought and obtained an order directing joint administration of
their Chapter 11 cases.

Lowenstein Sandler LLP serves as the Debtors' counsel.
PricewaterhouseCoopers LLP is the Debtors' financial advisor.  GRL
Capital Advisors acts as the Debtors' restructuring advisors.

GRL's Glenn Langberg served as the Debtors' chief restructuring
officer.  Mr. Langberg also oversaw the bankruptcy and sales of Big
M Inc., operator of the Mandee and Annie Sez stores.  Rust
Consulting/Omni Bankruptcy is the Debtors' claims and noticing
agent.

Salus Capital Partners LLC and Sterling National Bank have
committed to provide up to $49 million in DIP financing to the
Debtors.



LEE STEEL: Proposes McDonald Hopkins as Counsel
-----------------------------------------------
Lee Steel Corp. and its affiliated debtors ask the Bankruptcy Court
for approval to hire McDonald Hopkins PLC as counsel, nunc pro tunc
to the Petition Date.

The Debtors contemplate that McDonald Hopkins will render general
legal services to the Debtors as needed throughout the course of
their Chapter 11 cases, including, but not limited to: (a) filing
and monitoring the Debtors' Chapter 11 cases and legal activities
and advising the Debtors on the legal ramifications of certain
actions; (b) advising the Debtors of their obligations and duties
in bankruptcy; (c) executing the Debtors' decisions by filing with
the Court motions, objections, and other relevant documents; and
(d) appearing before the Court on all matters in the Chapter 11
cases relevant to the interests of the Debtors.

McDonald Hopkins will charge the Debtors for legal services on an
hourly basis in accordance with the firm's customary hourly rates.

           Title             Hourly Rate
           -----             -----------
         Members            $350 to $715
         Of Counsel         $295 to $690
         Associates         $210 to $400
         Paralegals         $145 to $275
         Law Clerks          $40 to $155

According to its books and records, the firm was paid $185,900 by
the Debtors for prepetition services rendered within the past year.
The firm currently holds a retainer in the amount of $50,000 paid
to the firm to retain the firm's services in the Chapter 11
proceedings.

Stephen M. Gross, a member of the firm, attests that McDonald
Hopkins is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

                         About Lee Steel

Lee Steel Corp. is in the business of providing a full range of
flat rolled steel, including hot rolled steel, cold rolled steel,
and exposed coated products for automotive and other manufacturing
industries.  Lee Steel operates from special purpose facilities
located in Romulus, Michigan and Wyoming, Michigan.  The corporate
headquarter are located in Novi, Michigan.

On April 13, 2015, Lee Steel and 2 affiliated companies -- Taylor
Industrial Properties, L.L.C., and 4L Ventures, LLC -- each filed a
Chapter 11 bankruptcy petition in Detroit, Michigan (Bankr. D.
Del.).  The cases have been assigned to Judge Marci B McIvor.  The
Debtors are seeking to have their cases jointly administered for
procedural purposes, with all pleadings to be maintained on the
case docket at Case No. 15-45784.

The Debtors have tapped McDonald Hopkins PLC as counsel; Huron
Business Advisory, as financial advisor; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Lee Steel estimated $10 million to $50 million in assets and $50
million to $100 million in debt as of the bankruptcy filing.

The Chapter 11 plan and disclosure statement are due by Aug. 11,
2015.


LEE STEEL: Proposes to Obtain DIP Financing From Huntington
-----------------------------------------------------------
Lee Steel Corp. and its affiliated debtors seek approval from the
U.S. Bankruptcy Court for the District of Delaware to obtain
postpetition financing from existing lender Huntington National
Bank and use Huntington's cash collateral.

As of the Petition Date, the Debtors owed an aggregate principal of
$50.1 million to Huntington, consisting of:

     * $24,581,534 under a revolving line of credit;
     * $1,230,375 under a term loan ("Term Loan A");
     * $573,185 under a second term loan ("Term Loan B");
     * $1,938,391 under an equipment line of credit;
     * $11,364,286 under a second equipment line of credit;
     * $6,545,003 under a 4L Ventures construction loan; and
     * $3,858,929 under a draw-to term loan for 4L Ventures.

The Debtors say they do not have sufficient available sources of
working capital, including cash collateral, to operate their
business in the ordinary course of their business without
postpetition financing from Huntington.

To induce Huntington to provide DIP financing, the Debtors have
agreed, subject to Court approval, to enter into an Amendment and
Ratification Agreement.  The financing, which consists of
continuation of prepetition line of credit advance rates of 85% of
eligible accounts receivable and 65% of eligible inventory,
provides for a static $4.6 million out-of-formula to address the
write down of Lee Steel's inventory to market values, and provides
another variable, the "operational out of formula", which is based
upon the budget to address the Debtors' cash burn.

The Debtors need financing in the amount of $6,051,446 following
entry of an interim order.

The salient terms of the Post-Petition Amendment Agreement are:

   * The maturity dates of each of the Revolver, Term Loan A, Term
Loan B, the Equipment Line of Credit, the Second Equipment Line of
Credit, the 4L Ventures Construction Loan, the Draw-to Term Loan
are extended or reduced to Aug. 28, 2015 or an event of default.

   * During the financing period, (i) all interest payments on the
loans must continue to be paid in accordance with the loan
documents, (ii) all principal payments on the loans are suspended,
(iii) Huntington, in its sole discretion, may advance funds to the
operating debtor under the revolver solely in accordance with the
budget.

   * The Debtors will retain Huron Consulting Group to act as
financial consultant and chief restructuring officer.

   * The Debtors are required to meet certain milestones, including
(i) entry of an order approving sale and bid procedures on or
before July 13, 2014, (ii) conclusion of an auction of all or
substantially all of the assets on or before Aug. 11, 2015; (iii)
entry of an order approving the sale on or before Aug. 14, 2015;
and (iv) consummation of the sale on or before Aug. 28, 2015.

   * As collateral security for the Lender, the Debtors will grant,
pledge, and assign to Lender, and also confirm, reaffirm and
restate at the prior grants to the Lender, continuing security
interests in and liens upon, the rights of setoff against, all of
the Collateral.

A full-text copy of the DIP Financing Motion is available for free
at http://bankrupt.com/misc/Lee_Steel_DIP_F_Motion.pdf

                         About Lee Steel

Lee Steel Corp. is in the business of providing a full range of
flat rolled steel, including hot rolled steel, cold rolled steel,
and exposed coated products for automotive and other manufacturing
industries.  Lee Steel operates from special purpose facilities
located in Romulus, Michigan and Wyoming, Michigan.  The corporate
headquarter are located in Novi, Michigan.

On April 13, 2015, Lee Steel and 2 affiliated companies -- Taylor
Industrial Properties, L.L.C., and 4L Ventures, LLC -- each filed a
Chapter 11 bankruptcy petition in Detroit, Michigan (Bankr. D.
Del.).  The cases have been assigned to Judge Marci B McIvor.  The
Debtors are seeking to have their cases jointly administered for
procedural purposes, with all pleadings to be maintained on the
case docket at Case No. 15-45784.

The Debtors have tapped McDonald Hopkins PLC as counsel; Huron
Business Advisory, as financial advisor; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Lee Steel estimated $10 million to $50 million in assets and $50
million to $100 million in debt as of the bankruptcy filing.

The Chapter 11 plan and disclosure statement are due by Aug. 11,
2015.


LEE STEEL: Wants to Keep Huron as Financial Advisors
----------------------------------------------------
Lee Steel Corp. and its affiliated debtors seek from the Bankruptcy
Court (i) approval to employ Huron Consulting Services LLC as
financial advisors and (ii) authority to continue the appointment
of Laura A. Marcero as CRO, nunc pro tunc to the Petition Date.

In their capacity as the Debtors' prepetition financial and
operational advisors, Huron's professionals have worked closely
with the Debtors' management and other professionals and have
become well-acquainted with the Debtors' operations.  

The Debtors ultimately determined that, due to the breadth and
scope of the Debtors' operations, the Debtors required the services
of an experienced restructuring manager to assist them in managing
their restructuring efforts.  Accordingly, Huron appointed Ms.
Marcero to serve as the Debtors' CRO.

Huron will provide various services, including:

   -- full financial oversight;

   -- weekly budget vs. actual reporting;

   -- updates and roll forward to the weekly and monthly budget;
      and

   -- interface and negotiations with key constituencies.

Ms. Marcero will be focused on all aspects of the Debtors'
restructuring process.  She will report to the Debtors' board of
directors and work collaboratively with the Debtors' management.

Ms. Marcero and other Huron personnel will be compensated by the
Debtors at these hourly rates:

             Title                  Hourly Rate
             -----                  -----------
         Laura A. Marcero              $725
         Senior Director               $625
         Director                   $550 to $600
         Manager                    $400 to $450
         Associate                     $375
         Analyst                       $300

As an accommodation to the Debtors, Huron has agreed to permanently
reduce each month the total of monthly fees invoiced by 31%.
Additionally, Huron has agreed to cap its hourly fees incurred for
the provision of services relating to an asset sale at $500,000.

In an affidavit, Ms. Marcero attests that Huron does not have any
connection with any of the party in interest in matters related to
the proceedings.  She adds that Huron is not a "creditor" of the
Debtors within the meaning of Sec. 101(10) of the Bankruptcy Code.

                         About Lee Steel

Lee Steel Corp. is in the business of providing a full range of
flat rolled steel, including hot rolled steel, cold rolled steel,
and exposed coated products for automotive and other manufacturing
industries.  Lee Steel operates from special purpose facilities
located in Romulus, Michigan and Wyoming, Michigan.  The corporate
headquarter are located in Novi, Michigan.

On April 13, 2015, Lee Steel and 2 affiliated companies -- Taylor
Industrial Properties, L.L.C., and 4L Ventures, LLC -- each filed a
Chapter 11 bankruptcy petition in Detroit, Michigan (Bankr. D.
Del.).  The cases have been assigned to Judge Marci B McIvor.  The
Debtors are seeking to have their cases jointly administered for
procedural purposes, with all pleadings to be maintained on the
case docket at Case No. 15-45784.

The Debtors have tapped McDonald Hopkins PLC as counsel; Huron
Business Advisory, as financial advisor; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Lee Steel estimated $10 million to $50 million in assets and $50
million to $100 million in debt as of the bankruptcy filing.

The Chapter 11 plan and disclosure statement are due by Aug. 11,
2015.


LIGHTSQUARED INC: Ergen Files Appeal on Ch. 11 Injunction
---------------------------------------------------------
Law360 reported that Dish Network Corp. Chairman Charlie Ergen
filed an appeal on April 9, 2015, against an injunction that
LightSquared Inc. obtained under a restructuring strategy limiting
the ability of creditors like him to obstruct the wireless
venture’s efforts at obtaining government approval for its
terrestrial network.

According to the report, the appeal by LightSquared's longtime foe
and largest single creditor disputes aspects of a court-approved
reorganization aimed at positioning the debtor to revive a
nationwide network proposal rejected by the Federal Communications
Commission in 2012.

                      About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.

Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
Financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.

                          *     *     *

Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York on Jan. 20, 2015, approved the
Second amended specific disclosure statement explaining
Lightsquared Inc., et al.'s second amended joint plan, after
determining that the disclosures contain adequate information
within the meaning of Section 1125(a) of the Bankruptcy Code.

As previously reported by The Troubled Company Reporter, the
Debtors, in December, filed a joint plan and disclosure statement,
which contemplate, among other things, (A) new money investments by
the New Investors in exchange for a combination of preferred and
common equity, (B) the conversion of the Prepetition LP Facility
Claims into new second lien debt obligations, (C) the repayment in
full, in cash, of the Inc. Facility Prepetition Inc. Facility
NonSubordinated Claims immediately following confirmation of the
Plan, (D) the payment in full, in cash, of LightSquared's general
unsecured claims, (E) the provision of $1.25 billion in new money
working capital for the Reorganized Debtors, (F) the assumption of
certain liabilities, (G) the resolution of all inter-Estate
disputes, and (H) the contribution by Harbinger of the Harbinger
Litigations.

Judge Chapman commenced a hearing on March 9, 2015, to consider
confirmation of the amended joint plan filed by Lightsquared Inc.
and its debtor-affiliates together with Fortress Credit
Opportunities Advisor LLC, Harbinger Capital Partners LLC, and
Centerbridge Partners LP.  Judge Chapman, in later March, approved
LightSquared Inc.'s Chapter 11 reorganization plan, capping a
bankruptcy odyssey for Philip Falcone's ambitious wireless venture
that filed for bankruptcy nearly three years ago.

U.S. Bankruptcy Judge Shelley C. Chapman in New York, in late
March, approved LightSquared Inc.'s Chapter 11 reorganization plan,
capping a bankruptcy odyssey for Philip Falcone's ambitious
wireless venture that filed for bankruptcy nearly three years ago.



LOUDOUN HEIGHTS: Wants to Hire Joe Bane as Manager
--------------------------------------------------
Loudoun Heights LLC asks the U.S. Bankruptcy Court for the Eastern
District of Virginia for permission to employ Joe Bane as its
manager.

Mr. Bane is expected to manage multiple limited liability
companies, develop and sold multiple properties in Loudoun County,
and create conservation easements.

The Debtor adds it filed an amended motion on Feb. 16, 2015,
requesting that the Court grant the authority sell substantially
all of its assets other than in the ordinary course of business,
free and clear of liens, claims, encumbrances, and other interests.
The Debtor notes it requires the services of the manager to
properly manage its business.

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

                      About Loudoun Heights

Loudoun Heights, LLC, filed a Chapter 11 petition (Bankr. E.D. Va.
Case No. 13-15588) on Dec. 16, 2013.  The Debtor disclosed total
assets of $13.1 million and total debt of $4.84 million.  The
petition was signed by Joe Bane as sole manager.  Frank Bredimus,
Esq., at Law Office of Frank Bredimus, serves as the Debtor's
counsel.  Judge Brian F. Kenney presides over the case.

As reported in the Troubled Company Reporter on April 22, 2014, the
Debtor in early April filed an amended disclosure statement
explaining its proposed plan of reorganization.  According to the
disclosure statement, all classes of creditors will be paid in
full.  The proceeds from the sale of the Debtor's assets will be
sufficient to pay the Claims of all secured, priority unsecured and
general unsecured creditors, and court-approved professionals.  The
Debtor expects $4.37 million to $9.92 million in revenue from the
sale of all assets.


LOW COUNTRY: Case Summary & 18 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Low Country Insulation Inc
        160 NW 16th Street
        Boca Raton, FL 33481

Case No.: 15-16807

Chapter 11 Petition Date: April 15, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (West Palm Beach)

Judge: Hon. Erik P. Kimball

Debtor's Counsel: David A Carter, Esq.
                  DAVID A. CARTER P.A.
                  1900 Glades Rd # 401
                  Boca Raton, FL 33431
                  Tel: 561-750-6999
                  Fax: 561-367-0960
                  Email: dacpa@bellsouth.net

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Roger B. Crawford, president.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb15-16807.pdf


MATAGORDA ISLAND: Case Dismissal Hearing Continued Until April 28
-----------------------------------------------------------------
The Bankruptcy Court continued until April 28, 2015, the hearing to
consider the motion to dismiss the Chapter 11 case of Matagorda
Island Gas Operations, LLC, or in the alternative, convert the case
to Chapter 7 of the Bankruptcy Code.

At the hearing, the Court will also consider objections and
responses to the U.S. Trustee's dismissal/conversion motion.

As reported in the Troubled Company Reporter on March 4, 2015, the
Debtor is asking the Court to deny approval of the motion, stating
that it will have the funds necessary to pay the indicated
insurance premium and obtain a certificate of appropriate
insurance.  The Debtor related that since the filing of the
opposition, it has worked to obtain both a quote for liability
insurance as well as funding to pay the annual premium for such
insurance.  On Jan. 5, 2015, the Debtor obtained a quote from
Donnaway Insurance, Inc., for insurance indicating that the annual
premium would be $96,000.  On Jan. 25, the Debtor received an
executed debtor-in-possession loan term sheet with AIC Investments
Limited dated Jan. 23.

Stallion Offshore Quarters, Inc., a creditor, supports the U.S.
Trustee's motion to convert case.  Stallion notes that the Debtor
has repeatedly failed to obtain insurance for certain high value
assets which are property of the estate, including the offshore
well that the crew quarters are on, which is a ground to convert
the case.  The Debtor contracted with Stallion to provide rental
crew quarters and various other rental services to be delivered and
used on one of the Debtor's offshore wells.  After non-payment,
Stallion filed mineral liens and obtained a state court judgment
against the Debtor.  According to Stallion, the crew quarters have
never been returned and are still sitting on the offshore
platform.

Shamrock Energy Solutions, as reported in the TCR on Jan. 14, 2015,
supports the U.S. Trustee's motion, but believes that it would be
in the best interest of all creditors if the case were converted to
a Chapter 7 and not dismissed.

In its motion for conversion or dismissal, the U.S. Trustee said it
has repeatedly asked the Debtor to obtain and provide proof of
insurance as required by the order to the Debtor starting with the
initial Debtor interview on Sept. 24, 2014, and continuing at the
341 Meetings on Oct. 7, and Nov. 4.  In addition, the attorney and
the analyst for the U.S. Trustee have contacted Debtor's counsel
several times requesting proof of insurance.  According to the U.S.
Trustee, to date, the Debtor has not provided proof to that (1) the
Debtor has general liability insurance and (2) all assets are
covered by property insurance.

                      About Matagorda Island

Matagorda Island Gas Operations, LLC, filed a Chapter 11
bankruptcy petition (Bankr. W.D. La. Case No. 14-51099) in
Lafayette, Louisiana, on Sept. 3, 2014. The case is assigned to
Judge Robert Summerhays.  The Debtor has tapped Lugenbuhl, Wheaton,
Peck, Rankin & Hubbard as counsel.  The Debtor disclosed $891
million in assets and $26.1 million in liabilities as of the
Chapter 11 filing.



MEDICURE INC: Posts C$1.2M Net Income for 7 Months Ended Dec. 31
----------------------------------------------------------------
Medicure Inc. filed with the Securities and Exchange Commission its
results from operations for the seven months ended Dec. 31, 2014.

As reported by the TCR on Dec. 22, 2014, Medicure's Board of
Directors had approved a change in the Company's fiscal year end to
December 31.  The change resulted in a stub period from June 1,
2014, to Dec. 31, 2014, and as a result of the change, the first
full fiscal year will end on Dec. 31, 2015.

The Company disclosed net income of C$1.19 million on C$5.26
million of net product sales for the seven months ended Dec. 31,
2014.  The Company previously reported a net loss of C$1.93 million
on C$5.05 million of net product sales for the year ended May 31,
2014.

As of Dec. 31, 2014, Medicure had C$6.56 million in total assets,
$10.5 million in total liabilities and a $3.91 million total
deficiency.

At Dec. 31, 2014, the Company had cash totaling C$494,000 compared
to C$234,000 as of May 31, 2014.  The increase in cash is primarily
due to the higher net income after adjusting for non-cash items and
higher accounts payable and accrued liabilities at Dec. 31, 2014,
partially offset by higher accounts receivable.  

Prior to the acquisition of AGGRASTAT, the Company had no products
in commercial production or use.  As such, the Company was
considered to be a development-stage enterprise for accounting
purposes prior to the acquisition.  Although the Company has
improved, and is working to further improve, profitability, the
Company may incur losses and may never achieve sustained
profitability, which in turn may harm its future operating
performance and may cause the market price of its stock to
decline.

Ernst & Young LLP, in Winnipeg, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that Medicure Inc. has experienced
losses and has accumulated a deficit of $127 million since
incorporation and has a working capital deficiency of $503,000 as
at Dec. 31, 2014.  These conditions raise substantial doubt about
its ability to continue as a going concern.

A full-text copy of the Annual Report is available for free at:

                        http://is.gd/pj3hHB

                         About Medicure Inc.

Medicure is a specialty pharmaceutical company focused on the
development and commercialization of therapeutics for the U.S.
hospital market.  The primary focus of the Company and its
subsidiaries is the marketing and distribution of AGGRASTAT
(tirofiban HCl) for non-ST elevation acute coronary syndrome in the
United States, where it is sold through the Company's U.S.
subsidiary, Medicure Pharma, Inc.  For more information on Medicure
please visit www.medicure.com.


MOLYCORP INC: Oaktree Capital Reports 2.2% Stake as of March 27
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, OCM MLYCo PT, LLC, OCM FIE, LLC, Oaktree Capital
Management, L.P., et al., disclosed that as of March 27, 2015, they
beneficially own 6,119,340 shares of common stock of Molycorp,
Inc., which represents 2.2 percent of the shares outsanding.  A
copy of the regulatory filing is available for free at
http://is.gd/jcq82q

                          About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- produces specialized  

products from 13 different rare earths (lights, mids and heavies),
the transition metal yttrium, and five rare metals (gallium,
indium, rhenium, tantalum and niobium).  It has 26 locations
across 11 countries.  Through its joint venture with Daido Steel
and the Mitsubishi Corporation, Molycorp manufactures
next-generation, sintered neodymium-iron-boron ("NdFeB") permanent
rare earth magnets.

Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.  At
Dec. 31, 2014, the Company had $2.57 billion in total assets,
$1.77 billion in total liabilities and $804.3 million in total
stockholders' equity.

KPMG LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, stating that the Company continues to incur
operating losses, has yet to achieve break-even cash flows from
operations, has significant debt servicing costs and is currently
not in compliance with the continued listing requirements of the
New York Stock Exchange.  These conditions, among other things,
raise substantial doubt about the Company's ability to continue as
a going concern.

                           *     *     *

In June 2014, Moody's Investors Service downgraded the corporate
family rating of Molycorp to 'Caa2' from 'Caa1'.  The downgrade
reflects continued weakness in rare earths pricing environment,
ongoing negative free cash flows, weak liquidity and high
leverage.

As reported by the TCR on Dec. 12, 2014, Molycorp has a 'CCC+'
corporate credit rating, with negative outlook, from Standard &
Poor's.  "The negative outlook reflects our view that Molycorp's
business and financial condition will become increasingly
precarious unless the Mountain Pass facility can be brought to
full production capacity," said S&P's credit analyst Cheryl Richer.


MOTORCAR PARTS: Can't Rely on 2nd Circ. Ruling in Securities Suit
-----------------------------------------------------------------
A California federal judge has ruled that U.S. securities laws
control Motorcar Parts of America Inc.’s suit accusing a bankrupt
Canadian subsidiary of defrauding it into an acquisition, saying
the Second Circuit's interpretation of the U.S. Supreme Court's
Morrison v. National Australia Bank holds no sway in the case.

U.S. District Judge George H. Wu on April 8 dismissed without
prejudice MPA’s securities claims against Fenwick Automotive
Products Ltd., known as Fenco, because they were not alleged with
sufficient specificity, but notably declined to accept Fenco’s
argument, according to the report.

                        About Motorcar Parts

Torrance, California-based Motorcar Parts of America, Inc.
(Nasdaq: MPAA) is a remanufacturer of alternators and starters
utilized in imported and domestic passenger vehicles, light trucks
and heavy duty applications.  The company has offices in Tennessee,
Mexico, Singapore and Malaysia.

Two separately capitalized subsidiaries, namely Introcan Inc. and
Fenwick Automotive Products Ltd., filed for Chapter 7 liquidation
(Bankr. D. Del. Case No. 13-11499 and 13-11500) on June 10, 2013.
Introcan estimated less than $10 million in assets and $100 million
to $500 million in liabilities.  Fenwick estimated assets of more
than $10 million.  Three other affiliates also sought bankruptcy.

The Debtors are represented by Michael R. Nestor, Sean M. Beach and
Kara Hammond Coyle of Young Conaway Stargatt & Taylor LLP.



NAARTJIE CUSTOM: Court Sets April 20 as Admin Claims Bar Date
-------------------------------------------------------------
The Hon. William T. Thurman of the U.S. Bankruptcy Court for the
District of Utah set April 20, 2015 as deadline for creditors of
Naartjie Custom Kids Inc. to file proofs of claim.

According the Debtor, the relief requested will compel parties to
file administrative expense allowance motions in a timely fashion
and will allow for a uniform and consolidated proceeding to
consider those motions so as to conserve judicial resources and
expenses.  Accordingly, the Debtor requests that the Court grant
the Motion and such other relief as is just and proper.

                    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.


NATIONAL CINEMEDIA: 3-Year Employment Pact with Sales Pres. Okayed
------------------------------------------------------------------
The Compensation Committee of the Board of Directors and the Board
of Directors of National CineMedia, Inc. approved a new three year
employment agreement with Clifford E. Marks, the president of sales
and marketing of the Company, according to a document filed with
the Securities and Exchange Commission.  The Board of Directors and
the Compensation Committee have determined that it is in the
Company's best interest to approve these modifications to secure
Mr. Marks' services for the long term in recognition of his
outstanding past performance and importance to the Company in the
future.

The modifications provide for an increase to Mr. Marks' base salary
of 7.5% to $825,000 per year effective April 15, 2015.  Mr. Marks
will also participate in the Company's annual salary review process
in January 2016 and will receive an increase in base salary of at
least 2%.

Further, effective April 10, 2015, the Compensation Committee
granted Mr. Marks an equity grant with a value of $250,000, which
consisted of 9,422 performance-based restricted stock at target
performance and 6,282 time-based restricted stock.  The
performance-based restricted stock vests based upon achievement of
Free Cash Flow targets measured from April 3, 2015, through
Dec. 28, 2017, subject to continuous service.  A maximum of 4,711
additional shares could be issued if actual cumulative Free Cash
Flow exceeds the target.  The performance-based restricted shares
are scheduled to vest on the 60th day following the end of the
measurement period and include the right to receive regular and
special cash dividends accrued over the vesting period, if and when
the underlying shares vest.  If actual cumulative Free Cash Flow is
between 80% and 110% of the target, the award will be determined by
interpolation.

The time-based restricted shares are scheduled to vest 33.33% on
the first, second and third anniversaries of the grant date,
subject to continuous service.  The time-based restricted shares
include the right to receive regular and special cash dividends, if
and when the underlying shares vest.

The Compensation Committee also approved an increase in Mr. Marks'
January 2016 long-term incentive grant target of 25 percentage
points, compared to Mr. Marks' January 2015 grant.

The Company expects to finalize a new three-year employment
agreement with Mr. Marks containing these modifications and file
that agreement with the Company's Form 10-Q for the period ending
April 2, 2015.

                        About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

As of Jan. 1, 2015, the Company had $991 million in total assets,
$1.20 billion in total liabilities and a $208.7 million total
deficit.

                            *    *     *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NATIONAL CINEMEDIA: S&P Affirms 'BB-' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed all of our
ratings, including its 'BB-' corporate credit rating, on
Centennial, Colo.-based in-theater media network operator
National CineMedia Inc. (NCM) and operating subsidiary National
CineMedia LLC (NCM LLC), and removed the ratings from CreditWatch,
where it placed them with negative implications on Nov. 4, 2014.
The outlook is negative.

"The CreditWatch resolution reflects NCM's announcement that it was
terminating its merger agreement with Screenvision," said Standard
& Poor's credit analyst Jawad Hussain.

"The negative outlook reflects our expectation that improving
utilization rates may not materially offset flat-to-declining
advertising rates, which could result in leverage remaining above
4x on a sustained basis," S&P said.

"We could lower our rating if it becomes apparent that the company
will not experience mid- to high-single-digit EBITDA growth in 2015
because of continued weakness in advertising rates or
slower-than-expected improvements in utilization rates, while
maintaining its financial policy of paying out all of its free cash
flow as dividends. This would result in leverage remaining above 4x
on a sustained basis."

"We could revise the outlook to stable if national advertising
pricing continues to stabilize or modestly improves, coupled with
improving utilization rates. This would likely result in
faster-than-expected EBITDA growth in the high-single-digit to
low-double-digit area in 2015 and leverage approaching 4x by the
end of 2015," said S&P.



NEWSAT LIMITED: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioners: Stephen James Parbery and Marcus William
                        Ayres, of PPB Advisory in Sydney,
                        Australia

Chapter 15 Debtors:

        Name                                      Case No.
        ----                                      --------
        NewSat Limited                            15-10810
        Level 4
        6 Riverside Quay
        Southbank Melbourne
        Victoria 3006

        NSN Holdings Pty Ltd.                     15-10811

        NewSat Services Pty Ltd.                  15-10812

        Jabiru Satellite Holdings Pty Ltd.        15-10813

        NewSat Space Resources Pty Ltd.           15-10814

        NewSat Networks Pty Ltd.                  15-10815

        Jabiru Satellite Ltd.                     15-10816

Type of Business: Satellite communications company

Chapter 15 Petition Date: April 16, 2015

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

Judge: Hon. Kevin J. Carey

Chapter 15 Petitioners'
Counsel:                 Joseph M. Barry, Esq.
                         Matthew B. Lunn, Esq.
                         YOUNG, CONAWAY, STARGATT &  
                         TAYLOR, LLP
                         1000 North King Street
                         Wilmington, DE 19801
                         Tel: 302-571-6600
                         Email: jbarry@ycst.com
                         mlunn@ycst.com

                              - and -

                         Ken Coleman, Esq.
                         Mark Nixdorf, Esq.
                         ALLEN & OVERY LLP
                         1221 Avenue of the Americas
                         New York, NY 10020
                         Tel: (212) 610-6300
                         Fax: (212) 610-6399
                         Email: ken.coleman@allenovery.com
                                mark.nixdorf@allenovery.com

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $100 million to $500 million


NEWSTAR FINANCIAL: S&P Rates New $300MM Unsecured Notes 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue rating
on NewStar Financial Inc.'s proposed $300 million senior unsecured
notes due in 2020.

"At the same time, we affirmed our 'BB-' issuer credit rating on
the company. The outlook remains stable."

"NewStar's proposed debt issuance will increase the company's
leverage, as measured by debt to adjusted total equity, only
modestly from the 3.2x reported at year-end 2014, and provide it
with increased funding to help capitalize on its recently formed
relationship with GSO Capital Partners, the credit division of
Blackstone, and Franklin Square Capital Partners, an alternative
asset manager," said Standard & Poor's credit analyst Brendan
Browne.

"NewStar will use the proceeds from the offering to pay down its
$238.5 million term loan agented by Fortress Credit Corp.
Additionally, the company will use the balance of the proceeds to
grow its business, including co-lending in transactions sourced
through GSO."

"NewStar formed the partnership with GSO and Franklin Square in
November 2014.  As part of the agreement, Franklin Square-managed
funds, which GSO subadvises, agreed to purchase $300 million of
subordinated debt and warrants in NewStar. (It has purchased $200
million of that amount to date.) GSO and Franklin Square also
agreed to refer loans to, and participate in loans with, NewStar."

"On a positive note, we believe that the relationship will make it
easier for NewStar to raise funds and will increase the company's
lending opportunities. GSO, one of the largest credit-oriented
asset managers, has access to billions of dollars of lending
opportunities. We expect GSO to share some of those opportunities
with NewStar. As part of that arrangement, we believe that NewStar
will participate in loans with funds that GSO manages, often taking
the most senior piece of those loans."



NII HOLDINGS: April 20 Hearing on Approval of Amended KERP
----------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on April 20, 2015,
at 2:00 p.m., to consider approval of the first amendment to NII
Holdings, Inc., et al.'s key employee retention plan.

The KERP is amended to:

   a) include the participation of additional individuals in the
KERP; and

   b) authorize payments to the additional participants.

The Debtors also seek, to the extent it applies, a waiver of any
stay of effectiveness of the Order under Rule 6004(h) of the
Federal Rules of Bankruptcy Procedure.

A copy of the Amended KERP Motion is available for free at:

  http://bankrupt.com/misc/NIIHoldings_605_motion_amendedKERP.pdf

                      About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina. NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin
America. NII Holdings' shares of common stock, par value $0.001,
are publicly traded under the symbol NIHD on the NASDAQ Global
Select Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014. The Debtors' cases are jointly administered
and are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day's Scott J. Greenberg, Esq. and
Michael J. Cohen, Esq., as counsel and Prime Clerk LLC as claims
and noticing agent. NII Holdings disclosed $1.22 billion in assets

and $3.068 billion in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured
creditors. The panel is represented by Kenneth H. Eckstein, Esq.
and Adam C. Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP.
Kurtzman Carson Consultants LLC is the panel's information agent.

                            * * *

NII Holdings, Inc., and 12 of its its U.S. and Luxembourg-
domiciled subsidiaries are seeking Court approval of a Backstop
Commitment Agreement in relation to a the rights offering whereby
the NII Debtors seek to raise $250 million in connection with
their proposed plan of reorganization.

Capital Group, one of the Backstop Parties, is represented by
Andrew N. Rosenberg, Esq., Elizabeth R. McColm, Esq. and Lawrence
G. Wee, Esq. of PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP.

Aurelius Investment LLC, another Backstop Party, is represented by

Daniel H. Golden, Esq., David H. Botter, Esq., and Brad M. Kahn,
Esq. of AKIN GUMP STRAUSS HAUER & FELD LLP.


NW VALLEY: Amends Schedules of Assets and Liabilities
-----------------------------------------------------
NW Valley Holdings LLC, filed U.S. Bankruptcy Court for the
District of Nevada amended schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                    
  B. Personal Property              $722,334
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              
  E. Creditors Holding
     Unsecured Priority
     Claims                                      
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                      $424,691,116
                                 -----------     ------------
        Total                       $722,334     $424,691,116

As reported in the Troubled Company Reporter on March 10, 2015, the
Debtor reported $722,344 in total assets, and $428,276,777 in total
liabilities.

A copy of the amended schedules is available for free at
http://is.gd/B4SqAI

                      About NW Valley Holdings

NW Valley Holdings LLC, formerly known as Kyle Acquisition Group
LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case
No. 15-10116) on Jan. 10, 2015, without stating a reason.

The deadline for filing claims is May 13, 2015.

The Debtor is represented by Matthew C. Zirzow, Esq., at Larson &
Zirzow, in Las Vegas.  Asgaard Capital, LLC, serves as manager of
the Debtor.


NW VALLEY: Hires David Black as Accountant
------------------------------------------
NW Valley Holdings LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Nevada to employ David R. Black as
accountant, nunc pro tunc to the Jan. 10, 2015 petition date.

The Debtor requires Mr. Black to:

   (a) provide accounting, bookkeeping, and record keeping
       services;

   (b) process checks for payment of invoices;

   (c) process distributions to creditors;

   (d) maintain current bank records and bank reconciliations in
       respect of Debtor's activities; and

   (e) prepare reports, including monthly operating reports, as
       necessary and any other duties reasonably requested.

As set forth in the Engagement Agreement, Mr. Black will bill at an
hourly rate of $190 per hour.  To the extent Mr. Black is required
to obtain the services of any third party ("Assistant") to assist
him in performing his duties as stated, the Assistant shall be paid
at the hourly rate up to $40 per hour.

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

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

Mr. Black can be reached at:

       David R. Black
       1855 Lakeland Drive, Suite D20
       Jackson, MS 39216

                      About NW Valley Holdings

NW Valley Holdings LLC, formerly known as Kyle Acquisition Group
LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case
No. 15-10116) on Jan. 10, 2015, without stating a reason.

The deadline for filing claims is May 13, 2015.

The Debtor is represented by Matthew C. Zirzow, Esq., at Larson &
Zirzow, in Las Vegas.  Asgaard Capital, LLC, serves as manager of
the Debtor.


OAS S.A.: Debtors Seek Joint Administration in the U.S.
-------------------------------------------------------
OAS S.A. and three other members of the OAS Group ask the U.S.
Bankruptcy Court for the Southern District of New York to enter an
order directing the joint administration, under lead Case No.
15-10937.  John K. Cunningham, Esq., at White & Case LLP, contends
that joint administration of the cases is warranted because:

   * the Debtors' financial affairs and business operations are
closely related;

   * the Debtors are party to a single, jointly administered
bankruptcy proceeding in Brazil; and

   * the joint administration of the Chapter 15 Cases will ease the
administrative burden of the Chapter 15 Cases on the Court and
parties in interest.

                          About OAS S.A.

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients.  The
OAS Group provides services in 22 countries in Latin America, the
Caribbean and Africa.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group.  Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participaçoes e Engenharia Ltda
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money laundering,
and missed interest payments, OAS S.A. and its affiliates
Construtora OAS S.A., OAS Investments GmbH, and OAS Finance Limited
on March 31, 2015, commenced judicial reorganization proceedings
before the First Specialized Bankruptcy Court of Sao Paulo pursuant
to Federal Law No. 11.101 of February 9, 2005 of the laws of the
Federative Republic of Brazil.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan, in
the United States to seek U.S. recognition of the Brazilian
proceedings.  Renato Fermiano Tavares, as foreign representative,
signed the petitions.  The cases are assigned to Judge Stuart M.
Bernstein.  White & Case, LLP, serves as counsel in the U.S.
cases.

OAS S.A. listed at least US$1 billion in assets and liabilities.


OAS S.A.: Seeks U.S. Recognition of Brazilian Proceedings
---------------------------------------------------------
OAS S.A. and three other members of the OAS Group filed Chapter 15
petitions in a bankruptcy court in the U.S. to seek recognition of
their Brazilian bankruptcy proceedings.

Renato Fermiano Tavares, the foreign representative, explains that
on March 31, 2015, the Debtors duly commenced the Brazilian
Bankruptcy Proceedings pursuant to the Brazilian Bankruptcy Law by
filing voluntary bankruptcy petitions in the Brazilian Bankruptcy
Court and, on April 1, 2015, the Brazilian Bankruptcy Court issued
a decision and order approving the continuation of the joint
reorganization proceedings of the Debtors and certain other members
of the OAS Group.  The Debtors are part of an international
engineering construction and infrastructure investment enterprise
based in Sao Paulo, Brazil.

Despite its fundamentally sound business model, the OAS Group's
financial situation was seriously impacted by a severe downturn in
Brazil's economy that began in 2013.  To make matters worse, the
OAS Group recently was implicated in an alleged corruption case
involving contracts with the oil company Petrobras, which is a
state-controlled company the majority of whose shares are owned by
the Brazilian government.  In November 2014, Petrobras included OAS
on a list of 23 firms blocked from obtaining further contracts with
the oil company, leading to successive and significant downgrades
of its credit ratings from the major rating agencies.

Handicapped in its ability to access the credit markets to obtain
the liquidity needed to sustain its operations, the OAS Group
announced, in January 2015, that it would cease payments on its
financial debt in order to maintain operations and avoid collapse
while it began negotiating with its creditors toward a global
resolution of its financial distress.  Despite these efforts, a
total of seven lawsuits have been filed against the OAS Group in
Brazil, which have resulted in orders attaching strategic assets
such as cash, certain unencumbered shares of Investimentos e
Participaçoes em Infraestrutura S.A. (which is one of the OAS
Group's most valuable assets) and 49.60% of shares held by OAS in
Fonte Nova Negocios e Participacoes S.A, a concessionaire
responsible for the maintenance and operation of World Cup stadium,
Fonte Nova.  The threat of an uncontrolled scramble for assets with
its detrimental consequences to going-concern value (and thus to
creditors as a whole) rendered an out-of-court restructuring the
OAS Group's liabilities impossible.  Accordingly, as the number of
such suits increased, OAS and certain of its subsidiaries were left
with no alternative but to commence the Brazilian Bankruptcy
Proceedings.

OAS S.A., et al., ask the U.S. Bankruptcy Court for the Southern
District of New York to recognize the Brazilian proceedings as
"foreign main proceedings", and to stay all collection efforts in
the U.S.

Although the OAS Group's assets in the United States were limited
to New York bank accounts maintained to effect dollar-denominated
international transactions, certain alleged holders of notes issued
by OAS Finance and OAS Investments and guaranteed by OAS and OAS
Construtora have also initiated litigation in the United States.
On Feb. 4, 2014, Aurelius Investment, LLC commenced an action
against the Debtors in the Supreme Court of the State of New York
and a second New York lawsuit was launched by the Alden Global
Adfero BPI Fund, Limited and certain of its affiliates on Feb. 18,
2014.  Then, on March 5, 2015, a third lawsuit was commenced by
Huxley Capital Corporation, an affiliate of Aurelius Investment,
LLC, in the United States District Court for the Southern District
of New York alleging that the merger of OAS Investimentos S.A. with
OAS and certain asset transfers constituted fraudulent conveyances.
In view of these actions, the fact that a major portion of the OAS
Group's financial debt is comprised of New York law-governed, U.S.
dollar-denominated notes along with the urgent need to centralize
and coordinate the OAS Group's reorganization efforts in Brazil,
the Debtors determined that the filing of the Chapter 15 cases and
the concurrent request for immediate provisional relief at this
time was appropriate and necessary.

Mr. Tavares also filed an application seeking certain provisional
relief in order to maintain the status quo pending the U.S. Court's
recognition of the Brazilian bankruptcy proceedings.

A copy of the Motion for Provisional Relief is available for free
at:

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

A copy of the Petition for Recognition is available for free at:

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

                          About OAS S.A.

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients.  The
OAS Group provides services in 22 countries in Latin America, the
Caribbean and Africa.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group.  Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participaçoes e Engenharia Ltda
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money laundering,
and missed interest payments, OAS S.A. and its affiliates
Construtora OAS S.A., OAS Investments GmbH, and OAS Finance Limited
on March 31, 2015, commenced judicial reorganization proceedings
before the First Specialized Bankruptcy Court of Sao Paulo pursuant
to Federal Law No. 11.101 of February 9, 2005 of the laws of the
Federative Republic of Brazil.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan, in
the United States to seek U.S. recognition of the Brazilian
proceedings.  Renato Fermiano Tavares, as foreign representative,
signed the petitions.  The cases are assigned to Judge Stuart M.
Bernstein.  White & Case, LLP, serves as counsel in the U.S.
cases.

OAS S.A. listed at least US$1 billion in assets and liabilities.


OHANA GROUP: Court Dismisses Chapter 11 Bankruptcy Case
-------------------------------------------------------
The Hon. Marc Barreca of the U.S. Bankruptcy Court for the Western
District of Washington dismissed the Chapter 11 bankruptcy case of
Ohana Group LLC at the behest of the U.S. Trustee.

As reported in the Troubled Company Reporter on Aug. 4, 2014, Bush
Strout & Kornfeld LLP, an unsecured creditor holding an allowed but
unpaid administrative expense claim, asks the Bankruptcy Court to
convert the Chapter 11 case of Ohana Group, LLC, to a case under
Chapter 7 of the Bankruptcy Code.

Bush Strout & Kornfeld is prior bankruptcy counsel to Ohana. On
December 20, 2013, counsel successfully obtained confirmation of a
consensual plan of reorganization for Ohana.

The confirmed plan required that all administrative expenses claims
be paid on the later of the effective date of the plan or the date
the claim is allowed. As of confirmation, counsel held an allowed
but unpaid claim for $127,349. Since that time, the Court has
approved counsel's application resulting in a total amount owed of
$99,852.

James L. Day, Esq., at Bush Strout & Kornfeld LLP, in Seattle,
Washington, relates that despite numerous demands and months of
effort seeking Ohana's cooperation in paying the outstanding
balance, Ohana has continually refused to do so.

The confirmed plan also contains detailed provisions for the
treatment of the claim of Ohana's secured lender. The lender
alleges numerous defaults under the confirmed plan. These defaults
have apparently risen to such a level that the lender has commenced
a non-judicial foreclosure of its deed of trust against Ohana's
sole asset, its office building in Fremont. Mr. Day notes that if
that sale goes forward and the property is sold, Ohana will be left
with no assets and no cash flow and unsecured creditors such as
Bush Strout & Kornfeld and Mr. Shorett will have no source for
recovery on their claims.

According to Mr. Day, Ohana is in material default under its plan,
both as to its secured lender and as to holders of allowed
administrative expense claims. The effective date of the plan was
January 7, 2014, and yet five and a half months later no payment on
any allowed administrative expense claims has been made.

Mr. Day points out that it appears that conversion of the case to
Chapter 7 would bring with it a new automatic stay, which would
remove the near-term risk of loss of the property due to the
trustee's sale. There might also be a return on equity as well. In
addition, counsel negotiated a provision in the confirmed plan by
which the property can be sold any time until January 1, 2015,
without payment of the significant prepayment penalty that would
otherwise be payable. This is a significant benefit to all parties
that a trustee could obtain for creditors, says Mr. Day.

                   Wells Fargo Reserves Rights

Wells Fargo Bank, N.A., as trustee for the registered holders of
Credit Suisse First Boston Mortgage Securities Corp., commercial
mortgage pass-through certificates, series 2007-C5, reserved its
rights to oppose or comment on the conversion request of Bush
Strout & Kornfeld.

Alan M. Feld, Esq., at Sheppard, Mullin, Richter & Hampton LLP, in
Los Angeles, California, relates that in light of all the pending
matters before the Court including Wells Fargo's request for
appointment of a custodial receiver and Ohana's request for a
preliminary injunction to enjoin the pending non-judicial
foreclosure sale, it is premature for the noteholder to take
substantive position on the conversion request.

                       About Ohana Group LLC

Ohana Group LLC, in Seattle, Washington, filed for Chapter 11
bankruptcy (Bankr. W.D. Wash. Case No. 12-21904) on Nov. 30, 2012.
Judge Marc Barreca oversees the case.  James L. Day, Esq., at Bush
Strout & Kornfeld LLP, served as bankruptcy counsel.  In its
petition, the Debtor scheduled $16,000,000 in assets and
$11,696,131 in liabilities.


PETTERS COMPANY: Trustee Okayed to Protect Zink's Assets
--------------------------------------------------------
U.S. Bankruptcy Judge Gregory F. Kishel authorized Douglas A.
Kelley, the Chapter 11 trustee for Petters Company, Inc., et al.,
to use property outside the ordinary course of business pursuant to
Section 363(b) of the Bankruptcy Code.

The Trustee is authorized to use property, in an estimated amount
of $400,000 to $500,000, in order to secure, preserve, protect and
monitor the assets of Zink Imaging, Inc., constituting collateral
in which Petters Company has been granted a security interest,
including the payment of continued insurance coverage on personal
and real property, necessary utility services, security services,
and the cost of personnel necessary to assist the Trustee and his
professionals in securing and preserving the collateral while the
trustee explores strategic alternatives to maximize the value of
the collateral.

The Trustee, in its motion, stated that the insurance premium on
Zink's property is currently paid through Jan. 31, 2015, and has a
grace period of 10 days.  Payment of certain utility costs are
necessary to prevent damage to its property, particularly its North
Carolina Property.  It utilizes a boiler system that must be kept
in operation in order to remain valuable.  The Trustee has been
informed that if the boiler were to be shut down, it would become
damaged and likely inoperable.  Additionally, Zink personnel are
necessary to preserve and maintain Zink's business records,
including its servers, the failure of which could ultimately impact
the value of the collateral.

The Court ordered that during the budget period, the Official
Committee of Unsecured Creditors will have the right to object to
the Trustee making protective advances for any item in the budget.

The Committee, in response to the Trustee's motion, said that since
the Trustee's evaluation of Zink is not yet complete, the Committee
requests for continued discussion on the matters with the Trustee
during the proposed budget period, and to object to the use of
estate funds in the event the Committee determines the proposed
expenses are not in the best interest of creditors.   In addition,
if the motion is granted, the Committee understands that the
Trustee will enter into a collateral maintenance and preservation
agreement with Zink that will govern the Trustee's proposed
advances.

                      About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on Oct. 6, 2008.  Petters Aviation is a wholly owned
unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun
Country's parent company.

The Official Committee of Unsecured Creditors is represented by:
David E. Runck, Esq., Lorie A. Klein, Esq., at FAFINSKI MARK &
JOHNSON, P.A.

Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,
Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,
Esq., at Lindquist & Vennum LLP.



PHARMACEUTICAL PRODUCT: S&P Keeps Ratings Over Term Loan Add-On
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Research Triangle, N.C.–based contract research organization
(CRO) Pharmaceutical Product Development LLC (PPD), including its
'B' corporate credit rating, are not affected by the company's
announcement that it will amend its current senior secured debt
agreement to increase the term loan B portion of its facility by
$150 million.

"Our existing rating on this debt, which is issued by Jaguar
Holding Co. II, is 'B+' with a '2' recovery rating. The '2'
recovery rating indicates expectations of substantial (70% to 90%,
at the higher end of the range) recovery in the event of a payment
default."

"The company will use proceeds to partially fund a recent $170
million acquisition. While debt leverage increases slightly, we
already view PPD as "highly leveraged," with adjusted debt leverage
of about 7x and an aggressive financial policy shaped by its
sponsor ownership."

"PPD's narrow business focus on the CRO marketplace, offset by its
position as the second-largest player in an industry that is
growing quickly and where scale confers significant advantages, are
key factors underlying our assessment of a "fair" business risk
profile. While leverage should decline over time from EBITDA
growth, we expect leverage to remain above 5x and funds from
operations to total debt in the single digits, in part because we
believe any debt capacity created by growing EBITDA will be used
for further dividends or moderate-sized tuck-in acquisitions."

RATINGS LIST

Pharmaceutical Product Development LLC
Corporate Credit Rating              B/Stable/--

Pharmaceutical Product Development LLC
Issued by Jaguar Holding Co. II
$1.605 Bil. Senior Secured Term Loan
  Due 2018                            B+
   Recovery Rating                    2H



PREMIER GOLF: Court Sets May 15 as Claims Bar Date
--------------------------------------------------
The Hon. Christopher B. Latham of the U.S. Bankruptcy Court for the
Southern District of California set May 15, 2015 as deadline for
creditors of Premier Golf Properties LP to file proofs of claim.

The Debtor said, in advance of confirming a plan of reorganization,
it is essential to ascertain the full nature, extent and scope of
the prepetition claims asserted against the estate.  establishing a
bar date will allow Debtor to quantify the extent and scope of all
claims asserted against the estate, determine the feasibility and
facilitate the establishment of appropriate reserves under a plan
of reorganization.

Premier Golf Properties, LP filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Cal. Case No. 15-01068) on Feb. 24, 2015.  Daryl Idler
signed the petition as secretary of Premier Golf Property
Management Inc, general partner.  The Debtor estimated assets and
liabilities of $10 million to $50 million.  Jack Fitzmaurice, Esq.,
at Fitzmaurice & Demergian, represents the Debtor as counsel.


PUERTO RICO ELECTRIC: Forbearance Agreement Extended for 15 Days
----------------------------------------------------------------
The Puerto Rico Electric Power Authority (PREPA) bondholders agreed
to extend their forbearance agreement for 15 additional days to
provide the framework for a collaborative dialogue that will
contribute to PREPA's transformation through a comprehensive plan.
During the new forbearance period, PREPA will have the opportunity
to provide information to its creditors and meet on a timely basis
to discuss all the elements of a plan that will improve PREPA.
PREPA has offered to provide a formal response to the bondholder's
revitalization plan by April 24, an informative session between the
authority's rate consultant and creditors' advisors by May 4 and
the presentation of a formal comprehensive plan by early June.

                         *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said that it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.  S&P
originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the $8.6
billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto Rico
Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


PULSE ELECTRONICS: Completely Acquired by Oaktree
-------------------------------------------------
The acquisition of Pulse Electronics Corporation by certain
affiliates of investment funds managed by Oaktree Capital
Management, L.P. has been completed on April 13, 2015.  Pursuant to
previously announced transactions, Oaktree invested a total of $17
million in Pulse and subsequently acquired 100% of its outstanding
shares, making Pulse a private company.

As a result of the transaction closing, Pulse's stock will no
longer trade in any public market.  Pulse shareholders are entitled
to receive $1.50 in cash for each share of common stock they held
as of April 13, 2015.

Pulse will continue to be led by Mark Twaalfhoven as chief
executive officer.

Dentons US LLP acted as counsel to Pulse.  Paul, Weiss, Rifkind,
Wharton and Garrison LLP acted as counsel to Oaktree.  The Pulse
Special Committee was advised by Latham & Watkins LLP as counsel
and Houlihan Lokey Capital, Inc. as financial advisor.

At the Effective Time, the directors of the Company were as
follows: Kenneth Liang, Emily Stephens, and Kaj Vazales.

The Articles of Incorporation and Bylaws of the Company were
amended and restated, pursuant to the Merger Agreement.  The
Amended and Restated Articles of Incorporation provide, among other
things, that the aggregate number of shares which the Company will
have the authority to issue is 31,002,000 shares, divided into two
classes consisting of 31,000,000 shares of common stock, without
par value and 2,000 shares of preferred stock, without par value.

                       About Pulse Electronics

San Diego, California-based Pulse Electronics Corporation --
http://www.pulseelectronics.com/-- is a global producer of
precision-engineered electronic components and modules, operating
in three business segments: Network product group; Power product
group; and Wireless product group.

As reported by the TCR on July 8, 2013, the Company dismissed
KPMG LLP as its independent registered public accounting
firm.  Grant Thornton LLP was hired as replacement.

Pulse Electronics incurred a net loss of $32.9 million for the year
ended Dec. 26, 2014, compared to a net loss of $27.02 million for
the year ended Dec. 27, 2013.

As of Dec. 26, 2014, Pulse Electronics had $165 million in total
assets, $246 million in total liabilities and a $81.3 million total
shareholders' deficit.


PULSE ELECTRONICS: Oaktree Reports100% Stake
--------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, OCM PE Holdings, L.P., Oaktree Capital Group Holdings
GP, LLC, et al., reported that as of April 13, 2015, they
beneficially own 23,420,810 shares of common stock of Pulse
Electronics Corporation, which represents 100 percent of the shares
outstanding.

On April 13, 2015, the merger among certain affiliates of
investment funds managed by Oaktree Capital Management, L.P. and
Pulse Electronis closed and as a result:

   (i) the 65,855 Warrants owned by OCM PE were cancelled and
       retired;

  (ii) OCM PE's interest in the Loan was converted into 11,355,370

       shares of Common Stock;

(iii) OCM PE Merger Sub, Inc. executed a short-form merger with
       and into Pulse Electronics, with Pulse Electronics
       continuing as the surviving corporation; and

  (iv) each outstanding share of Common Stock (other than shares
       held by OCM PE or its affiliates) was cancelled and ceased
       to exist, with holders ceasing to have any rights with
       respect thereto except either (A) the right to receive cash
       in an amount equal to $1.50 per share, without interest, or

       (B) for those shares as to which the holder has exercised
       statutory dissenter's rights under the Pennsylvania
       Business Corporation Law of 1988, as amended, the rights as
       are granted by Subchapter D of Chapter 15 of the PBCL.

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

                        http://is.gd/7Luabu

                       About Pulse Electronics

San Diego, California-based Pulse Electronics Corporation --
http://www.pulseelectronics.com/-- is a global producer of
precision-engineered electronic components and modules, operating
in three business segments: Network product group; Power product
group; and Wireless product group.

As reported by the TCR on July 8, 2013, the Company dismissed
KPMG LLP as its independent registered public accounting
firm.  Grant Thornton LLP was hired as replacement.

Pulse Electronics incurred a net loss of $32.9 million for the year
ended Dec. 26, 2014, compared to a net loss of $27.02 million for
the year ended Dec. 27, 2013.  As of Dec. 26, 2014, Pulse
Electronics had $165 million in total assets, $246 million in total
liabilities and a $81.3 million total shareholders' deficit.


RADIOSHACK CORP: Sale to Office Depot Mexico Closed
---------------------------------------------------
BankruptcyData.com reports that in documents filed with the SEC,
Radio Shack announced that its U.S. Bankruptcy Court-approved
Mexico purchase agreement and sale to Office Depot de Mexico
closed. The $36.4 million cash transaction included the Company's
Mexican subsidiaries and certain trademarks and domain names.

BankruptcyData.com says the purchase agreement, which contains
customary representations, warranties and covenants and is subject
to customary closing conditions, including receipt of required
regulatory approvals, may be terminated by either party in
specified circumstances. One such circumstance includes a situation
in which the sale does not occur on or prior to the six-month
anniversary of the date of the April 7, 2015 U.S. Bankruptcy Court
order approving the sale.

                    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 Corporation and affiliates filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-10197) on
Feb. 5, 2015.  The petitions were signed by Joseph C. Maggnacca,
chief executive officer.  Judge Kevin J. Carey presides over the
case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel.
David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor.  Maeva Group, LLC, is the Debtors'
turnaround advisor.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  A&G Realty Partners is the Debtors' real estate
advisor.  Prime Clerk is the Debtors' claims and noticing agent.

The Debtors disclosed total assets of $1.2 billion, versus total
debt of $1.3 billion.

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.

The U.S. Trustee has appointed seven members to the Official
Committee of Unsecured Creditors.



RESPONSE 1 MEDICAL: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
Response 1 Medical Staffing, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Cal. Case No. 15-22618) on March 31, 2015,
listing $97,200 in total assets and $1.30 million in total
liabilities.  The petition was signed by Tyler Covey, chief
financial officer.

Struggling with an embezzlement and legal costs to deal with the
matter, the Company has a lien against receivables and could not
grow without Chapter 11 bankruptcy reorganization, Kathy Robertson
at Sacramento Business Journal reports, citing the Company's
president, Cheree Love.

According to Business Journal, Tyler Covey, who was hired as chief
financial officer in January, said that the Company spends cash up
front and doesn't get paid for four to six weeks into a placement.

Judge Christopher D. Jaime presides over the case.

Stephen M. Reynolds, Esq., at Reynolds Law Corporation serves as
the Company's bankruptcy counsel.

Response 1 Medical Staffing, Inc., is headquartered in El Dorado
Hills, California.


RICHMOND CHRISTIAN: Ch. 11 Trustee Sues Pastor for Abusing Funds
----------------------------------------------------------------
Michael Schwartz at Richmond BizSense reports that LeClairRyan
attorney Bruce Matson, Esq., who was appointed trustee of Richmond
Christian Center's Chapter 11 bankruptcy case in January, filed on
March 31, 2015, a lawsuit against the Church's pastor Stephen A.
Parson Sr., his sons Stephen Jr. and Mark, and several other
defendants for allegedly using the Church's assets to acquire cars,
real estate and offshore accounts.  According to the report, the
Chapter 11 Trustee wants to recover as much as $3 million for the
bankruptcy estate.

Parson Sr. and others made numerous unauthorized transfers of the
Church's funds after the Church was already in bankruptcy, Richmond
BizSense relates, citing the Chapter 11 Trustee.

According to Richmond BizSense, the Chapter 11 Trustee claims that
among the transfers were: (i) the $54,226 that supposedly was being
used to help the Church start to refinance its debt but was instead
used to purchase a residential property in Akron, Ohio, for one of
the pastor's relatives; and (ii) the $25,000 transferred to the
pastor and Mark Parson which was then deposited in foreign exchange
accounts through a brokerage in the Caribbean island nation of
Dominica.

Richmond BizSense says that the Church also paid for the lease of
two BMWs for the pastor and Mark Parson.  Court documents state
that Mark Parson returned the vehicle to the Church, but he failed
to maintain the vehicle and its repossession was imminent as of
February.  According to the court documents, the pastor remained in
possession of the other BMW as of February and had refused to
assume the lease payments, which were in arrears, and the car is
approaching repossession.

Richmond BizSense reports that several of Parson Jr.'s companies,
including SP-RCC Properties, YES Behavioral Health and Life
Changers Mental Health and Supportive Services of Virginia, are
also named as defendants in the case.

                    About Richmond Christian

Headquartered in Richmond, Virginia, Richmond Christian Center
filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case
No. 13-35141) on Sept. 24, 2013, estimating its assets and debts
at $1 million to $10 million each.  The petition was signed by Dr.
Stephen A. Parson, Sr., pastor.

Ronald A. Page, Jr., Esq., at Ronald Page, PLC, serves as the
Debtor's bankruptcy counsel.  Judge Kevin R. Huennekens presides
over the case.


ROSETTA GENOMICS: Completes Acquisition of PersonalizeDx
--------------------------------------------------------
Rosetta Genomics Ltd. closed its acquisition of CynoGen, Inc.
(d/b/a PersonalizeDx) from Prelude Corporation.

"We are delighted to complete this important, strategic acquisition
and look forward to integrating PersonalizeDx into Rosetta
Genomics," said Kenneth A. Berlin, president and chief executive
officer of Rosetta Genomics.  "There are multiple areas of product
synergies between these two businesses, notably in urologic and
lung cancers.  Furthermore, including the PersonalizeDx pipeline,
Rosetta Genomics is poised to launch five novel, differentiated
assays within the next 12 months.  This acquisition and the near
term product launches will provide a foundation for growth well
into the future and will expand our leadership position in bringing
to market differentiated content in the area of personalized
medicine."

PersonalizeDx is a rapidly growing molecular diagnostics and
services company serving community-based pathologists, urologists,
oncologists and other reference laboratories across the U.S.
PersonalizeDx recorded revenues for 2014 of $6.9 million
(unaudited), a nearly three-fold increase compared with 2013
(unaudited).  Through this transaction Rosetta Genomics gains
proprietary tests in prostate, bladder and lung cancer, strong
commercial and laboratory operations capabilities and a
state-of-the-art, high-complexity CLIA laboratory in Lake Forest,
California.

"The complementary molecular test offerings of PersonalizeDx and
Rosetta Genomics will allow us to provide urologists with a broad
range of unique solutions for the various tumor types they treat,
and assist with difficult clinical decisions for their prostate,
bladder and kidney cancer patients," said Chris Emery, general
manager of PersonalizeDx.  "We are also excited for the combined
companies to maximize the commercial potential of the current
PersonalizeDx offerings and pipeline opportunities in lung and
breast cancer," he added.

PersonalizeDx is focused on the detection of genomic changes
through FISH technology, which helps to detect cancer, measure the
potential aggressiveness of the disease and identify patients most
likely to respond to targeted therapies.  The company offers a
"FISH Local" technical-only service option for all of its
FISH-based tests, which allows pathologists to deliver expert case
results to oncologists and urologists through reports that are
customizable to the local pathology brand.  The FISH service
offered by PersonalizeDx is best-in-class with a highly competitive
success rate in obtaining informative FISH results of 98% and
excellent turnaround time of three to four days.  

PersonalizeDx has the following additional novel content, which
enables clinicians to practice personalized medicine:

   * ERG is a proprietary prognostic test for patients with
     prostate cancer that provides urologists with results of
     favorable versus poor prognosis to help inform the decision
     to proceed with surgery or active surveillance.  This product
     is available as a global or technical-only FISH service and
     is offered in combination with PTEN for a comprehensive
     overall prognostic assessment.  ERG was launched in 2014 and
     the annual U.S. market for ERG/PTEN testing is approximately
     $100 million.

   * FGFR3 mutation analysis identifies low-grade bladder cancer
     from urine and tissue-based specimens.  Test results help
     urologists to monitor patients, and also assist with
     prognosis and tumor grading.  When used in conjunction with
     the company's leading FISH testing, the combined offering
     will provide a highly sensitive and specific diagnostic test
     for all stages of bladder cancer.  FGFR3 addresses an annual
     U.S. market opportunity of approximately $250 million and is
     expected to launch prior to the end of 2015.

In addition to these differentiated products, in connection with
this transaction Rosetta Genomics gains certain rights to market
Prelude's novel assay for ductal carcinoma in situ (DCIS).  Prelude
DCIS is a novel, proprietary prognostic test for breast cancer with
the goal of decreasing radiation overtreatment in patients with
DCIS (stage 0 breast cancer).  This product differentiates DCIS
patients at high risk versus low risk for recurrence, as well as
DCIS patients who are likely to respond to therapy versus those who
are not likely to respond.  Prelude DCIS addresses an approximate
$200 million annual U.S. market opportunity.  Rosetta Genomics
expects to market Prelude DCIS as a laboratory developed test
within the next six months.

                 Financials and Financial Guidance

On an annualized pro forma basis, including the operations of the
PersonalizeDx business, Rosetta Genomics expects 2015 revenues to
be in the range of $10 million to $12 million, and expects 2016
revenues to exceed $18 million.  Rosetta Genomics also expects to
achieve positive EBITDA and positive cash flow from operations
prior to the end of 2017.

                  Product and Commercial Synergies

Rosetta Genomics currently offers the Rosetta Cancer Origin Test,
the Rosetta Lung Cancer Test and the Rosetta Kidney Cancer Test,
and plans to launch its thyroid neoplasia assay in the third
quarter of 2015.  Rosetta Genomics markets the Rosetta Genomics
PGxOne test and the EGFR and KRAS sequencing services for Admera
Health.

The expected expanded commercial capability from combining these
two companies will benefit the launch of Rosetta Genomics' novel
thyroid assay later this year, as well as the launches of new
PersonalizeDx products.

There are multiple areas of product synergies between Rosetta
Genomics and the PersonalizeDx business, notably in urologic and
lung cancers.  For example, the recent combination of Rosetta's
Lung Cancer Test with Admera's genomic markers for targeted
therapies will be strengthened by adding the PersonalizeDx
Fluorescence in situ Hybridization (FISH) and molecular markers for
actionable genomic targets, thereby creating a strong lung cancer
diagnostic franchise.

Including the pipeline from PersonalizeDx, Rosetta Genomics is now
positioned to launch five novel, proprietary assays within the next
12 months, which will provide a foundation for growth well into the
future.

                            About Rosetta

Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to
develop and commercialize new diagnostic tests based on a recently
discovered group of genes known as microRNAs.  MicroRNAs are
naturally expressed, or produced, using instructions encoded in
DNA and are believed to play an important role in normal function
and in various pathologies.  The Company has established a CLIA-
certified laboratory in Philadelphia, which enables the Company to
develop, validate and commercialize its own diagnostic tests
applying its microRNA technology.

Rosetta Genomics reported a loss from continuing operations of
$14.5 million on $1.32 million for the year ended Dec. 31, 2014, a
loss from continuing operations of $13.2 million in 2013 and a loss
from continuing operations of $10.69 million in 2012.

As of Dec. 31, 2014, the Company had $17.3 million in total assets,
$2.21 million in total liabilities and $15.06 million in total
shareholders' equity.

                        Bankruptcy Warning

"We will likely require substantial additional funding and expect
to augment our cash balance through financing transactions,
including the issuance of debt or equity securities and further
strategic collaborations.  On December 7, 2012, we filed a shelf
registration statement on Form F-3 with the SEC for the issuance of
ordinary shares, various series of debt securities and/or warrants
to purchase any of such securities, either individually or in
units, with a total value of up to $75 million, from time to time
at prices and on terms to be determined at the time of such
offerings.  The filing was declared effective on December 19, 2012.
As of the time of the filing of this Annual Report on Form 20-F,
we had sold through the Cantor Sales Agreement an aggregate of
4,736,854 of our ordinary shares for gross proceeds of $19.9
million under this shelf registration statement, leaving an
aggregate of approximately $55.1 million of securities available
for sale under this Form F-3, subject to limitations imposed by the
SEC for companies with a public float of less than $75 million.  If
we need additional funding, there can be no assurance that we will
be able to obtain adequate levels of additional funding on
favorable terms, if at all.  If adequate funds are needed and not
available, we may be required to:

   * delay, reduce the scope of or eliminate certain research and
     development programs;

   * obtain funds through arrangements with collaborators or
     others on terms unfavorable to us or that may require us to
     relinquish rights to certain technologies or products that we

     might otherwise seek to develop or commercialize
     independently;

   * monetize certain of our assets;

   * pursue merger or acquisition strategies; or

   * seek protection under the bankruptcy laws of Israel and the
     United States," the Company said in its annual report for the

     year ended Dec. 31, 2014.


SAN BERNARDINO: Firefighters Sue Over Chapter 9 Plan
----------------------------------------------------
Law360 reported that the San Bernardino's firefighters sued the
city on April 9 over what they say was a second unilateral
modification of their terms of employment after the first
unilateral modification was rejected.

According to the report, the firefighters said the city is trying
to unilaterally impose rules it has no right to, even after
previous attempts to do so have failed.

San Bernardino, California, filed an emergency petition for
municipal bankruptcy under Chapter 9 of the U.S. Bankruptcy Code
(Bankr. C.D. Cal. Case No. 12-28006) on Aug. 1, 2012.  San
Bernardino, a city of about 210,000 residents roughly 65 miles (104
km) east of Los Angeles, estimated assets and debts of more than $1
billion in the bare-bones bankruptcy petition.

The city council voted on July 10, 2012, to file for bankruptcy.
The move lets San Bernardino bypass state-required mediation with
creditors and proceed directly to U.S. Bankruptcy Court.

The city is represented that Paul R. Glassman, Esq., at Stradling
Yocca Carlson & Rauth.

San Bernardino joined two other California cities in bankruptcy:
Stockton, an agricultural center of 292,000 east of San Francisco,
and Mammoth Lakes, a mountain resort town of 8,200 south of
Yosemite National Park.

The City was granted Chapter 9 protection on Aug. 28, 2013.



SEQUA CORP: S&P Lowers Corporate Credit Rating to 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on Sequa Corp. to 'CCC+' from 'B-'. The
outlook is stable.

"At the same time, we lowered our issue-level rating on the
company's $1.5 billion senior secured credit facility (which is
composed of a $200 million revolver and a $1.3 billion term loan)
to 'CCC+' from 'B-'. The '4' recovery rating remains unchanged,
indicating our expectation for average recovery (30%-50%, at the
high end of the range) in a payment default scenario," said S&P.

"In addition, we also lowered our issue-level rating on the
company's unsecured debt to 'CCC-' from 'CCC'. The '6' recovery
rating remains unchanged, indicating our expectation for negligible
recovery (0%-10%) in a payment default scenario," said S&P.

"The downgrade reflects our view that although Sequa Corp.'s
near-term liquidity is adequate, we believe that the company's
long-term financial commitments are unsustainable," said Standard &
Poor's credit analyst Christopher Denicolo. Sequa's 2014 operating
results were well below our expectations, due largely to $650
million of restructuring and impairment charges. In addition to the
impairment charges, there were also some operational problems at
the company's Trac business involving delays in parts being
accepted and conforming to required standards, which also
negatively impacted the firm's revenue and profit. Sales at the
company's largest unit, Chromalloy, remained weak as increased
sales to original equipment manufacturers (OEMs) were offset by
continued weakness in military sales due to a decrease in required
maintenance on the KC-10 program, deferred engine maintenance from
airline customers, and competition from a surplus of spare engine
parts as airlines retired old aircraft. These factors caused the
company's debt-to-EBITDA metric to climb to 35x in 2014 compared
with our expectations of 9x-10x," said S&P.

"The stable outlook on Sequa reflects that despite its weaker
earnings and capital spending to fund growth, the company has been
able to generate positive free cash flow. We expect Sequa's credit
ratios to improve in 2015 as its profitability improves, however,
the ratios will remain very weak and it is questionable whether
these improvements are sustainable. In addition, even with this
improvement, Sequa's long-term financial commitments appear to be
unsustainable," said S&P.

"We could lower our rating on the company if we believe that it
could default within 12 months due to a near-term liquidity crisis
or if we believe it is considering a distressed exchange offer or
redemption."

"We could raise our rating on Sequa if its earnings and cash flow
improve faster than we expect and the company reduces its debt,
causing its debt-to-EBITDA metric to remain below 8x on an ongoing
basis. This could happen if its key markets improve faster than we
expect or if its restructuring efforts result in a
larger-than-forecast improvement in its margins," said S&P.



SKYSTAR BIO-PHARMA: Gets Nasdaq Listing Non-Compliance Notice
-------------------------------------------------------------
Skystar Bio-Pharmaceutical Company, a China-based manufacturer and
distributor of veterinary medicine, vaccines, micro-organisms and
feed additives, on April 15 disclosed that the Company received a
notification from the Nasdaq Stock Market informing the Company
that since it had not filed its Annual Report on Form 10-K for the
fiscal year ended December 31, 2014, the Company was not in
compliance with Nasdaq Listing Rule 5250(c)(1).  The Nasdaq
notification letter does not result in the immediate delisting of
the Company's common stock, and the stock will continue to trade
uninterrupted under its current trading symbol.

The Company must submit a plan of compliance with the foregoing
listing deficiency by no later than June 15, 2015.  If its plan is
approved by the Nasdaq staff, the Company may be eligible for a
listing exception of up to 180 calendar days or until October 12,
2015 to regain compliance.  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.

The Company expects the completion of the 2014 audit and filing of
the 2014 Annual Report by the end of May 2015, but in no event
later than the Plan of Compliance Deadline.

            About Skystar Bio-Pharmaceutical Company

Skystar -- http://www.skystarbio-pharmaceutical.com/-- is a
China-based developer, manufacturer and distributor of veterinary
healthcare and medical care products.  Skystar has four product
lines: veterinary medicines, probiotics, vaccines and feed
additives formulated and packaged in house across several modern
manufacturing and distributions facilities.  Skystar's distribution
network includes almost 3,000 distribution agents of which 360 are
franchised stores with exclusivity agreements covering 29 provinces
throughout China.


SOLAR POWER: Head & Shoulders Holds 17% Stake as of March 4
-----------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Head & Shoulders Global Investment Limited disclosed
that it beneficially owns 106,250,000 shares of common stock of
Solar Power, Inc., which represents 17.69 percent based on
600,770,944 shares outstanding as of March 4, 2015.  A copy of the
regulatory filing is available at http://is.gd/Gfyal1

                         About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $5.19 million in 2014, a net
loss of $32.2 million in 2013 and a net loss of $25.4 million in
2012.  As of Dec. 31, 2014, the Company had $588 million in total
assets, $326 million in total liabilities, and $262 million in
total stockholders' equity.


SPECIALTY HOSPITAL: Nelson Mullins Replaces Wiley Rein as Counsel
-----------------------------------------------------------------
Bankruptcy Judge S. Martin Teel, Jr., authorized the Official
Committee of Unsecured Creditors in the Chapter 11 cases of
Specialty Hospital of Washington, LLC, et al., to retain Nelson
Mullins Riley & Scarborough LLP as its counsel nunc pro tunc
effective as of Jan. 1, 2015.

Nelson Mullins substitute Wiley Rein LLP as counsel to the
Committee.  The services of Wiley Rein was terminated nunc pro tunc
to Dec. 31, 2014.

                    About Specialty Hospital

Specialty Hospital of America LLC operates nursing home
facilities and long-term acute care hospitals.

On April 23, 2014, an involuntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-
10935) was filed against Specialty Hospitals of Washington, LLC
("SHDC").

Capitol Hill Group and five other alleged creditors who signed the
involuntary bankruptcy petition are represented by Stephen W.
Spence, Esq., at Phillips, Goldman & Spence, in Wilmington,
Delaware.  Capitol Hill Group claims to be owed $1.66 million on a
lease for non-residential real property while another creditor,
Metropolitan Medical Group, LLC, claims $837,000 for physician
services.  The petitioners assert $2.69 million in total claims.

On May 9, 2014, the Delaware court transferred the case to
Washington, D.C. (Bankr. D.D.C. Case No. 14-00279).  The Debtor
disclosed $3.12 million in assets and $96.7 million in liabilities
as of the Chapter 11 filing.

On May 21, 2014, SHDC filed an answer and consent for relief under
Chapter 11.  Also on May 21, six affiliates of SHDC, including
Specialty Hospital of America, LLC filed for Chapter 11
protection.  The U.S. Bankruptcy Court entered an order directing
the joint administration the cases under Specialty Hospital of
Washington, LLC, Case No. 14-00279.

The Debtors announced plans to sell all of their assets in
exchange for a $15 million debtor-in-possession loan from Silver
Point Capital, which will allow the Debtors to continue operating
through the bankruptcy process.

The Debtors are represented by Pillsbury Winthrop Shaw Pittman LLP
as counsel.  Alvarez and Marsal Healthcare Industry Group, LLC,
serves as the Debtors' financial advisor.  Cain Brothers &
Company, LLC, is the Debtors' investment banker.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.


SPECIALTY HOSPITAL: Suzanne Koenig Discharged from PCO Duties
-------------------------------------------------------------
U.S. Bankruptcy Judge S. Martin Teel, Jr., discharged Suzanne
Koenig from her duties as the patient care ombudsman in the Chapter
11 cases of Specialty Hospital of America LLC, et al.

Judy A. Robbins, U.S. Trustee for Region 4, had appointed Ms.
Koenig as PCO to monitor the quality of patient care in the
Debtors' bankruptcy cases given the uncertain nature of the
Debtors' operations and the critical threat that a disruption could
cause the patients.

                    About Specialty Hospital

Specialty Hospital of America LLC operates nursing home
facilities and long-term acute care hospitals.

On April 23, 2014, an involuntary petition for relief under
Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-
10935) was filed against Specialty Hospitals of Washington, LLC
("SHDC").

Capitol Hill Group and five other alleged creditors who signed the
involuntary bankruptcy petition are represented by Stephen W.
Spence, Esq., at Phillips, Goldman & Spence, in Wilmington,
Delaware.  Capitol Hill Group claims to be owed $1.66 million on a
lease for non-residential real property while another creditor,
Metropolitan Medical Group, LLC, claims $837,000 for physician
services.  The petitioners assert $2.69 million in total claims.

On May 9, 2014, the Delaware court transferred the case to
Washington, D.C. (Bankr. D.D.C. Case No. 14-00279).  The Debtor
disclosed $3.12 million in assets and $96.7 million in liabilities
as of the Chapter 11 filing.

On May 21, 2014, SHDC filed an answer and consent for relief under
Chapter 11.  Also on May 21, six affiliates of SHDC, including
Specialty Hospital of America, LLC filed for Chapter 11
protection.  The U.S. Bankruptcy Court entered an order directing
the joint administration the cases under Specialty Hospital of
Washington, LLC, Case No. 14-00279.

The Debtors announced plans to sell all of their assets in
exchange for a $15 million debtor-in-possession loan from Silver
Point Capital, which will allow the Debtors to continue operating
through the bankruptcy process.

The Debtors are represented by Pillsbury Winthrop Shaw Pittman LLP
as counsel.  Alvarez and Marsal Healthcare Industry Group, LLC,
serves as the Debtors' financial advisor.  Cain Brothers &
Company, LLC, is the Debtors' investment banker.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.


TONGJI HEALTHCARE: Reports $462,000 Net Loss in 2014
----------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $462,000 on $2.52 million of total operating revenues for
the year ended Dec. 31, 2014, compared with a net loss of $730,000
on $2.37 million of total operating revenues for the year ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $17.1 million in total assets,
$19.5 million in total liabilities, and a $2.4 million total
stockholders' deficit.

"The accompanying consolidated financial statements have been
prepared in conformity with generally accepted accounting
principles, which contemplate continuation of the Company as a
going concern.  However, the Company has negative working capital
of $17,469,780, an accumulated deficit of $2,977,005, and
shareholders' deficit of $2,403,815 as of December 31, 2014.  The
Company's ability to continue as a going concern ultimately is
dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations.  Over the past years, the Company had been
successful in raising funds from related parties to fund the
operation and new hospital construction.  The consolidated
financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or
amounts and classification of liabilities that might be necessary
should the Company not be able to continue as a going concern," the
Company said in the report.  

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

                        http://is.gd/B87INK

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.


TRIGEANT HOLDINGS: Wants Plan Solicitation Period Extended to June
------------------------------------------------------------------
Trigeant Holdings, Ltd., et al., are asking the Bankruptcy Court to
extend until June 22, 2015, their time to solicit acceptances for
their Chapter 11 plan.

The Debtors related that a hearing to consider confirmation of
their Plan is scheduled to commence on May 4, 2015.

The Debtors have filed a Chapter 11 plan.  According to the Debtor,
although they maintain that no classes of claims or interests are
impaired under the their plan, in an abundance of caution they are
soliciting the votes of Class 9 equity interests.  

                     About Trigeant Holdings

Trigeant, owner of a Corpus Christi, Texas oil refinery, provides
fuel and asphalt products to the housing and transportation
industries.  The company is owned by Palm Beach, Florida
billionaire Harry Sargeant III and members of his family.

On Nov. 26, 2014, Trigeant filed its first bankruptcy In re
Trigeant Ltd., 13-38580.  The case was dismissed on April 1, 2014.

Trigeant Holdings, Ltd., and Trigeant, LLC, filed Chapter 11
bankruptcy petitions (Bankr. S.D. Fla. Case Nos. 14-29027 and
14-29030, respectively) on Aug. 25, 2014, amid a dispute among
members of the Sargeant family.  Mr. Sargeant's two brothers,
Daniel and James, and his father, Harry Sargeant II, sent Trigeant
to bankruptcy to fend off Mr. Sargeant III's bid to seize control
of the company's primary asset.  The family says Mr. Sargeant III,
who has a $22 million lien against the plant through a company he
controls called BTB Refining LLC, is attempting to prevent the
refinery from operating in an effort to lower its value and obtain
ownership of it.

Trigeant Holdings estimated both assets and liabilities of
$50 million to $100 million.

Berger Singerman LLP serves as the Debtors' counsel.

The Bankruptcy Court set the general claims bar date as Oct. 17,
2014, and March 31, 2015, as the deadline by which governmental
entities must file proofs of claims.

The Debtors filed on Sept. 16, 2014, their Joint Plan of
Reorganization under Chapter 11 of the Bankruptcy Code.  The Plan
is premised on the sale of substantially all of the Debtors'
assets to Gravity Midstream Corpus Christi, LLC.  The Plan
provides that holders of Allowed Claims will be paid in full, in
cash.

The U.S. Trustee for Region 21 has not appointed a committee of
unsecured creditors.


TRUMP ENTERTAINMENT: E&Y Okayed to Provide Additional Services
--------------------------------------------------------------
The U.S. Bankruptcy Court granted Trump Entertainment Resorts,
Inc., et al.'s request to expand the scope of the employment of
Ernst & Yong LLP, the court-approved auditors and tax advisors.

The Debtors, in their application, stated that they had entered
into two additional engagement letters with EY LLP.  The first
engagement letter deals with E&Y LLP services with respect to the
audit of the Trump Capital Accumulation Plan for the year ended
Dec. 31, 2014.  The second engagement letter covers E&Y LLP's
services with respect to tax compliance services for th fiscal year
ended Dec. 31, 2014.

A copy of the engagement letters are available for free at:

       http://bankrupt.com/misc/TrumpEnt_E&Y_expansion.pdf

As reported in the Troubled Company Reporter on Oct. 29, 2014,
subsequent to the Petition Date, the Debtors engaged EY LLP to
provide financial statement audit services, audit services related
to the Trump Capital Accumulation Plan, 2013 income tax
preparation services, tax advisory services related to the
Debtors' restructuring, and routine on-call tax consulting
services.

EY LLP will perform these services:

   a) financial statement audit services;

   b) Trump Capital accumulation plan audit services;

   c) 2013 Income Tax Return preparation services;

   d) tax advisory services related to restructuring
      assistance; and

   e) routine on-call tax consulting services.

The compensation structure agreed to between the Debtors and EY
LLP is summarized as:

   a) Financial Statement Audit Services -- EY LLP currently
intends to charge the Debtors the following hourly rates

      Partners/Executive Directors              $500
      Senior Managers                           $425
      Managers                                  $350
      Seniors                                   $250
      Staff                                     $150

   b) Trump Capital Accumulation Plan Audit Services -- EY LLP's
estimated fees are $26,500, plus expenses.  However, EY LLP's
actual fees may exceed the amount based on changes to the Trump
Capital Accumulation Plan or additional unplanned effort.

   c) 2013 Income Tax Return Preparation Services -- EY LLP
currently intends to charge the Debtors these hourly rates:

   Partners/Principals/Executive Directors   $475 - $525
   Senior Managers                           $350 - $450
   Managers                                  $275 - $325
   Seniors                                   $225 - $275
   Staff                                     $160 - $190

   d) Tax Advisory Services Related to Restructuring Assistance --
rates are contingent upon the amount of services EY LLP provides.

   Partners/ Principals/Executive Directors  $675 - $850
   Senior Managers                           $475 - $575
   Managers                                  $375 - $450
   Seniors                                   $275 - $350
   Staff                                     $175 - $225

   e) Routine On-Call Tax Consulting Services -- EY LLP currently
intends to charge the Debtors these hourly rates:

   Partners/Principals/Executive Directors   $525 - $650
   Senior Managers                           $425 - $475
   Managers                                  $350 - $400
   Seniors                                   $250 - $325
   Staff                                     $175 - $225

               About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.



UNIVERSITY GENERAL: Premium Finance Agreement Approved
------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
University General Health System's motion to enter into a premium
finance agreement.

As previously reported, "The Debtors require premium financing to
maintain their required insurance coverage. By this motion, the
Debtors seek authority to enter into a Premium Finance Agreement
with AFCO Premium Credit, (AFCO), grant AFCO a security interest in
the unearned premiums, make a down payment of $134,809, and make
the necessary monthly payments to AFCO in the amount of $36,259.66.
The Debtors are in the process of renewing their workers comp
insurance policy (the 'Renewed Policy'). The total premium amount
required to renew such coverage is $385,169. The Debtors do not
have sufficient available cash to satisfy the required premium . .
. Under the terms of the Premium Finance Agreement, the Debtors
must pay a down payment of $134,809. Thereafter, the Debtors must
make 7 monthly payments of $36,259.66 per month starting on May 1,
2015."

                   About University General

University General Health System, Inc., with headquarters in
Houston, Texas, is a multi-specialty health care provider that
delivers concierge physician- and patient-oriented services. UGHS
and its consolidated subsidiaries operate, amongst others, a
general acute care hospital, ambulatory surgical centers,
hyperbaric wound care centers, diagnostic imaging centers, physical
therapy centers, and senior living centers.

UGHS owns the University General Hospital, a 72-bed, general acute
care hospital in the heart of the Texas Medical Center in Houston,
Texas.

UGHS and its affiliated entities sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 15-31086) in Houston, Texas, on
Feb. 27, 2015.  The case is assigned to Judge Letitia Z. Paul.

The Debtors have tapped John F Higgins, IV, Esq., Aaron James
Power, Esq., and Joshua W. Wolfshohl, Esq., at Porter Hedges LLP,
in Houston, Texas, as counsel.  Upshot Services, LLC, is the claims
and noticing agent.

U.S. Trustee Judy A. Robbins formed a nine-member panel of
unsecured creditors in the Chapter 11 cases of the Debtors.



UNIVISION COMMUNICATIONS: Add-On Notes No Impact on Moody's Ratings
-------------------------------------------------------------------
Moody's Investors Service said the increase in Univision
Communications Inc.'s 5.125% senior secured notes due 2025 to $1.56
billion from $1.35 billion has no immediate impact on debt ratings
of the company. The additional $210 million has a nominal effect on
the company's leverage. Proceeds will be used to refinance the
existing 7.875% senior secured notes due 2020 ($750 million
outstanding), resulting in interest expense savings of more than
$17 million per year, and to pay related fees and expenses. Moody's
will withdraw debt ratings on the 7.875% notes when they are
repaid. All other ratings and the positive outlook remain
unchanged.

Univision Communications holds B3 Long-term Corporate Family
Ratings (Domestic).

Univision Communications Inc., headquartered in New York, is a
leading Spanish-language media company in the U.S. The company's
television operations (85% of FY2014 revenue) include owned and
operated broadcast stations; Univision Network; UniMas (formerly
TeleFutura); as well as Univision Cable Networks such as
Galavision, Univision tlnovelas, Univision Deportes, ForoTV, and De
Pelicula. Univision Radio (10% of revenue) includes the company's
owned and operated radio stations. Digital (5% of revenue) includes
a network of online and mobile apps as well as video, music and
advertising services. Univision was acquired by a consortium of
private equity firms (including Madison Dearborn Partners, Inc.,
Providence Equity Partners, Inc, Saban Capital Group, Inc., TPG
Capital, and Thomas H. Lee Partners, L.P.) for $13.7 billion in
2007. Grupo Televisa, S.A.B. (Televisa; Baa1 stable) is a related
entity owning 38% of the company largely due to its $1.2 billion
investment in Univision in 2010 for 5% direct ownership plus an
option to purchase an additional 30% of the company at a fixed
price. For the 12 months ended March 31, 2015 the company's revenue
is estimated to total $2.9 billion.


UTEX INDUSTRIES: S&P Cuts Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based Utex Industries Inc. to 'B-' from 'B'. The
outlook is stable.

"At the same time, we lowered the issue-level rating on the
company's first-lien debt to 'B-' from 'B', and on the second-lien
debt to 'CCC' from 'CCC+'. The recovery rating is '3' on the
first-lien debt, indicating our expectation of meaningful (50% to
70%; upper half of range) recovery, and '6' on the second-lien
debt, indicating our expectation of negligible (0% to 10%)
recovery, in the event of a payment default," said S&P.

"The downgrade reflects our expectation for continued weakening in
oilfield services markets driven by the significant decrease in
capital spending by the exploration and production industry, which
will result in lower-than-expected financial measures for the
company," said Standard & Poor's credit analyst Michael Tsai.

S&P said: "We view UTEX's business risk profile as "weak" due to
its limited scale of operations and end-market diversity, and its
exposure to the volatile oil and gas E&P sector. We assess the
company's profitability as "above average" for its peer group. We
characterize the company's financial risk profile as "highly
leveraged," and assess liquidity as "adequate."

"The stable outlook reflects our expectation the company will
continue to generate positive free operating cash flows and
maintain "adequate" liquidity over the next year, despite debt
leverage increasing to almost 9x and FFO to debt of under 5%."

"We could lower the rating if Utex's revenues and margins decline
more than we expect such that cash flows and liquidity come under
pressure leading us to assess liquidity as "less than adequate," or
if we determine that the company's leverage is unsustainable. This
would likely occur if natural gas and oil prices fail to stabilize
and market conditions weaken further."

"We could raise the rating if revenues and resulting financial
measures improve such that we project FFO to debt sustained above
12%. This would likely occur in conjunction with improving oil and
natural gas prices, which should support higher capital spending
levels by the E&P industry."



VERITEQ CORP: Incurs $3.91 Million Net Loss in 2014
---------------------------------------------------
Veriteq Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$3.91 million on $151,000 of sales for the year ended Dec. 31,
2014, compared to a net loss of $18.2 million on $18,000 of sales
for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, Veriteq had $1.74 million in total assets,
$8.63 million in total liabilities, $1.84 million in series D
preferred stock, and a $8.73 million total stockholders' deficit.

EisnerAmper LLP, in New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has incurred recurring
net losses, and at Dec. 31, 2014, had negative working capital and
a stockholders' deficit.  These events and conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

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

                         http://is.gd/9KSfkG

                            About VeriTeQ

VeriTeQ (formerly known as Digital Angel Corporation) develops
innovative, proprietary RFID technologies for implantable medical
device identification, and dosimeter technologies for use in
radiation therapy treatment.  VeriTeQ --
http://www.veriteqcorp.com/-- offers the world's first FDA
cleared RFID microchip technology that can be used to identify
implantable medical devices, in vivo, on demand, at the point of
care.  VeriTeQ's dosimeters provide patient safety mechanisms
while measuring and recording the dose of radiation delivered to a
patient in real time.

EisnerAmper LLP, in New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has incurred recurring net losses, and at Dec. 31,
2013, had negative working capital and a stockholders' deficit.
These events and conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WAVE HOLDCO: Moody's Lowers CFR to 'B3', Outlook to Stable
----------------------------------------------------------
Moody's Investors Service downgraded Wave Holdco, LLC's corporate
family rating to B3 from B2 following the company's plan to raise
additional debt. Moody's also downgraded Wave's probability of
default rating to B3-PD from B2-PD, its senior unsecured debt
rating to Caa2 from Caa1 and senior unsecured debt at WaveDivision
Holdings, LLC to Caa1 from B3. Moody's affirmed the Ba3 ratings on
Wave's first lien credit facility. The outlook is stable.

Moody's has assigned a Caa1 (LGD-5) rating to Wave's new $125
million senior unsecured notes due 2020 announced. The debt
proceeds will be used to fund a small acquisition, repay revolver
borrowings and fund cash to the balance sheet for general corporate
purposes. The transaction is anticipated to increase debt by
approximately $100 million and increase interest expense by about
$10 million annually, although the final pricing has not been
determined as of this publication date.

A summary of the actions follows:

Borrower: Wave Holdco, LLC

  -- Corporate Family Rating, downgraded to B3 from B2

  -- Probability of Default Rating, downgraded to B3-PD from
     B2-PD

  -- Senior Unsecured Notes, downgraded to Caa2 from Caa1, LGD6

  -- Outlook changed to stable from negative

Borrower: WaveDivision Holdings, LLC

  -- Senior Secured 1st Lien Term Loan, affirmed Ba3, LGD2

  -- Senior Secured 1st Lien Revolving Credit Facility, affirmed
     Ba3, LGD2

  -- Senior Unsecured Notes, downgraded to Caa1 from B3, LGD5

  -- New Senior Unsecured Notes, assigned Caa1, LGD5

The CFR downgrade to B3 from B2 reflects Wave's high leverage, its
small scale and negative free cash flow. Moody's estimates the debt
add-on transaction will increase Wave's leverage to the low 7 times
debt-to-EBITDA (Moody's adjusted) range from the mid 6 times
debt-to-EBITDA range, while the added annual interest expense will
pressure free cash flow. Also, Wave's growth initiatives, primarily
the Fiber-to-the-Tower (FTTT) initiative, will be highly capital
intensive and will further deteriorate Wave's free cash flow
profile over the next 2 years. The ratings are supported by Wave's
strong asset base and competitive position versus its larger peers,
its consistent revenue growth and diverse revenue base across the
residential, business and wholesale (i.e. FTTT) segments.

Moody's anticipates that Wave will have adequate liquidity over the
next 12 months, supported by the company's undrawn $50 million
Revolver, due 2017. Moody's expects the company to have about $100
million of cash on the balance sheet after the transaction, but
anticipates a large use of cash by year end to cover the negative
free cash flow, as Moody's expects Wave's generated EBITDA will be
insufficient to fund its annual interest expense and capital
expenditures.

Moody's would consider an upgrade with progress toward and a
commitment to maintaining leverage towards 5 times debt-to-EBITDA
and consistently positive free cash flow. An upgrade would also
require maintenance of good liquidity. Moody's would likely lower
Wave's ratings further if leverage remains above 7x for an extended
period. Sustained negative free cash flow, deterioration of the
liquidity profile, material weakening of subscriber trends, or
acquisitions that significantly slowed the trajectory to lower
leverage could also result in a negative rating action.

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

Wave Holdco, LLC (Wave Holdco) is the holding company which owns
100% of WaveDivision Holdings, LLC (Wave). Headquartered in
Kirkland, Washington, and owned by Oak Hill Capital Partners, GI
Partners, and management, Wave provides cable television, high
speed data and telephone services to residential and commercial
customers in and around the Seattle, Sacramento, San Francisco, and
Portland markets. Its annual revenue is approximately $377 million.


WAVEDIVISION HOLDINGS: S&P Lowers Corporate Credit Rating to 'B'
----------------------------------------------------------------
Services said it lowered its corporate credit rating on Kirkland,
Wash.-based WaveDivision Holdings LLC (Wave) to 'B' from 'B+'. The
outlook is stable.

"At the same time, we lowered the issue-level ratings on Wave's
senior unsecured notes due 2020 to 'CCC+' from 'B-'. This includes
the company's proposed $125 million tack-on to the existing senior
unsecured notes, proceeds of which will be used to fund its capital
expenditures, including fiber to the tower builds, as well as
potential acquisitions. We also lowered the issue-level ratings on
the company's senior unsecured PIK toggle notes due 2019 to 'CCC+'
from 'B-'. The recovery rating on these debt issues remains '6',
which indicates our expectation for negligible (0%-10%) recovery in
the event of payment default," said S&P.

"We also affirmed the 'BB-' rating on Wave's senior secured debt
and revised the recovery rating to '1' from '2'. The '1' recovery
rating indicates our expectation for very high (90%-100%) recovery
in the event of a payment default. We increased our default
valuation based on contributions from recent acquisitions. The
increase in unsecured debt provides secured creditors with
additional cushion in our hypothetical default scenario."

"The downgrade reflects our view that credit metrics, pro forma for
the transaction, did not support the previous rating," said
Standard & Poor's credit analyst Eric Nietsch. "We expect that pro
forma debt to EBITDA will increase to around 7.5x from 6.7x at
year-end 2014," he added.

"While we believe the company has good prospects to improve
leverage over the next year, the downgrade is based on our belief
that leverage is likely to remain above 6.5x longer term because of
debt-financed acquisitions or dividends to shareholders.
Additionally, we expect that the company will record ongoing free
operating cash flow (FOCF) deficits over the next few years due to
higher capital expenditures to support fiber-to-the-tower
initiatives," said S&P.

"The outlook is stable and reflects our expectation for
low-double-digit percent revenue growth, including acquisitions,
and EBITDA margins in the low-to mid-40% area in 2015. As a result,
we expect leverage will remain above 6.5x over the next 12 months.
Additionally, we believe that financial policy considerations will
impede sustained leverage improvement longer term."  

"We could lower the ratings if aggressive competition resulted in
price compression, higher churn, margin pressure and ongoing FOCF
deficits, which ultimately pressures liquidity," said S&P.

"We could raise the ratings if Wave improved leverage to below 6.5x
and we believed it could sustain that level. However, even under
such a scenario, upgrade prospects are constrained by our view of
Wave's financial policy, which includes debt-financed dividends and
acquisitions."



[*] Charles Moore Joins Alvarez & Marsal as Managing Director
-------------------------------------------------------------
Charles Moore, who recently played a pivotal role in the historic
restructuring of the City of Detroit, has joined global
professional services firm Alvarez & Marsal (A&M) as a Managing
Director in its Detroit office.

A nationally renowned expert in operational restructuring,
turnaround consulting and interim management, Mr. Moore facilitated
the development of the $1.7 billion Reinvestment Plan, one of the
pillars of the Plan of Adjustment for the City of Detroit, which
emerged from bankruptcy in December 2014 following the largest
municipal filing in American history.  He also served as
operational advisor to Detroit Public Schools and provided expert
testimony in the Stockton, California bankruptcy.

"In addition to having played a key role in high profile municipal
bankruptcies, including Detroit, Chuck has an expansive breadth and
depth of experience helping companies in a wide range of industries
navigate complex restructuring situations," said Jeffery Stegenga,
Managing Director and leader of the firm's North American
Commercial Restructuring practice.  "His background and proven
leadership abilities will be invaluable as A&M continues to set the
standard for world-class turnaround and restructuring services.  We
are very excited to have Chuck join the A&M family as a
restructuring leader in Detroit."

Beyond his municipal expertise, Mr. Moore is widely recognized for
his work in the automotive and gaming & hospitality industries.  He
led Greektown Casino and Hotel, the first commercial casino owned
by a Native American Tribe, through its landmark bankruptcy
reorganization.  He holds a gaming license in the State of Michigan
and has worked with gaming clients in New Jersey, Pennsylvania,
Connecticut, Ohio, Maryland, Michigan and Nevada.  Mr. Moore
regularly consults with automotive suppliers on strategic issues,
including mergers and acquisitions and capital raising.  He has
advised more than 75 automotive suppliers, across all component
parts segments, with annual revenues ranging from $25 million to
more than $2 billion.

Mr. Moore regularly advises clients on restructuring issues,
including fiduciary assignments.  He also serves as an expert
witness in bankruptcy and commercial litigation matters.  In
addition, Mr. Moore has significant experience negotiating with
unions.  He was appointed to the Legislative Commission on
Government Efficiency for the State of Michigan and led its
Procurement and Sourcing Work Group.

Mr. Moore joins A&M from Conway MacKenzie, Inc., where he served as
a Senior Managing Director.  Earlier in his career, he served as
Chief Financial Officer for Horizon Technology Group.

Mr. Moore holds a B.A. and M.B.A. from Michigan State University.
He is a Certified Public Account, a Certified Turnaround
Professional and is certified in Financial Forensics.  

Companies, investors and government entities around the world turn
to Alvarez & Marsal (A&M) when conventional approaches are not
enough to drive change and achieve results.

Privately-held since 1983, A&M -- http://www.alvarezandmarsal.com
-- is a global professional services firm that delivers business
performance improvement, turnaround management and advisory
services to organizations seeking to transform operations, catapult
growth and accelerate results through decisive action.  




[^] BOOK REVIEW: Risk, Uncertainty and Profit
---------------------------------------------
Author:  Frank H. Knight
Publisher:  Beard Books
Softcover:  381 pages
List Price:  $34.95
Review by Gail Owens Hoelscher

Order your personal copy today at
http://www.beardbooks.com/beardbooks/risk_uncertainty_and_profit.html

The tenets Frank H. Knight sets out in this, his first book,
have become an integral part of modern economic theory. Still
readable today, it was included as a classic in the 1998 Forbes
reading list. The book grew out of Knight's 1917 Cornell
University doctoral thesis, which took second prize in an essay
contest that year sponsored by Hart, Schaffner and Marx. In it,
he examined the relationship between knowledge on the part of
entrepreneurs and changes in the economy. He, quite famously,
distinguished between two types of change, risk and uncertainty,
defining risk as randomness with knowable probabilities and
uncertainty as randomness with unknowable probabilities. Risk,
he said, arises from repeated changes for which probabilities
can be calculated and insured against, such as the risk of fire.
Uncertainty arises from unpredictable changes in an economy,
such as resources, preferences, and knowledge, changes that
cannot be insured against. Uncertainty, he said "is one of the
fundamental facts of life."

One of the larger issues of Knight's time was how the
entrepreneur, the central figure in a free enterprise system,
earns profits in the face of competition. It was thought that
competition would reduce profits to zero across a sector because
any profits would attract more entrepreneurs into the sector and
increase supply, which would drive prices down, resulting in
competitive equilibrium and zero profit.

Knight argued that uncertainty itself may allow some
entrepreneurs to earn profits despite this equilibrium.
Entrepreneurs, he said, are forced to guess at their expected
total receipts. They cannot foresee the number of products they
will sell because of the unpredictability of consumer
preferences. Still, they must purchase product inputs, so they
base these purchases on the number of products they guess they
will sell. Finally, they have to guess the price at which their
products will sell. These factors are all uncertain and
impossible to know. Profits are earned when uncertainty yields
higher total receipts than forecasted total receipts. Thus,
Knight postulated, profits are merely due to luck. Such
entrepreneurs who "get lucky" will try to reproduce their
success, but will be unable to because their luck will
eventually turn.

At the time, some theorists were saying that when this luck runs
out, entrepreneurs will then rely on and substitute improved
decision making and management for their original
entrepreneurship, and the profits will return. Knight saw
entrepreneurs as poor managers, however, who will in time fail
against new and lucky entrepreneurs. He concluded that economic
change is a result of this constant interplay between new
entrepreneurial action and existing businesses hedging against
uncertainty by improving their internal organization.

Frank H. Knight has been called "among the most broad-ranging
and influential economists of the twentieth century" and "one of
the most eclectic economists and perhaps the deepest thinker and
scholar American economics has produced." He stands among the
giants of American economists that include Schumpeter and Viner.
His students included Nobel Laureates Milton Friedman, George
Stigler and James Buchanan, as well as Paul Samuelson. At the
University of Chicago, Knight specialized in the history of
economic thought. He revolutionized the economics department
there, becoming one the leaders of what has become known as the
Chicago School of Economics. Under his tutelage and guidance,
the University of Chicago became the bulwark against the more
interventionist and anti-market approaches followed elsewhere in
American economic thought. He died in 1972.


                            *********

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
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***