TCR_Public/150519.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, May 19, 2015, Vol. 19, No. 139

                            Headlines

21ST CENTURY ONCOLOGY: Incurs $15.2 Million Net Loss in Q1
800 BUILDING LLC: Case Summary & 18 Largest Unsecured Creditors
800 BUILDING: Files for Chapter 11 with Deal to Sell Skyscraper
ADAMIS PHARMACEUTICALS: Posts $3.14 Million Net Loss in Q1
AFFINION GROUP: Moody's Lowers CFR to Caa2, Outlook Negative

AH'PIZZ CORPORATION: Case Summary & 20 Top Unsecured Creditors
ALLIED NEVADA: Wants Court to Set June 24 Claims Bar Date
ALTEGRITY INC: Plan Confirmation Hearing Set for July 1
AMARILLO BIOSCIENCES: Summarizes New Operating Plan After Ch11 Exit
AMERICAN ENERGY: Moody's Cuts CFR to 'Caa2', Outlook Negative

AMERICAN LIBERTY: Section 341 Meeting Scheduled for June 11
AMERICAN ROCK: Moody's Raises CFR to 'B2', Outlook Stable
AMERICAN ROCK: S&P Raises Corp. Credit Rating to B, Outlook Stable
ARKANOVA ENERGY: Posts $1 Million Net Loss in Second Quarter
ASHLEY'S TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors

AUBURN TRACE: Delray Beach to Become Lead Creditor
AUBURN TRACE: Proposes $9.5M Sale to The Related Group
BALMORAL RACING: Inks Stipulation with Casino Operators
BATTLE CREEK: Files for Ch. 11 with $9.3 Million in Debt
BERRY PLASTICS: Extends Maturity BofA Credit Facility to May 2020

BG MEDICINE: Incurs $1.34 Million Net Loss in First Quarter
BG MEDICINE: Posts $1.34 Million Net Loss in First Quarter
BION ENVIRONMENTAL: Posts $1.68 Million Net Loss in 3rd Quarter
BION ENVIRONMENTAL: Vice Chairman Testifies at Senate Hearing
BPZ RESOURCES: Files Schedules of Assets and Liabilities

BROADWAY FINANCIAL: Amends 18.9M Shares Resale Prospectus
BROADWAY FINANCIAL: Reports $1.3M Net Income in First Quarter
BTB CORPORATION: Case Summary & 20 Largest Unsecured Creditors
BTB CORPORATION: Files for Chapter 11 with $13MM in Debt
CHG HEALTHCARE: S&P Retains 'B' Rating on 1st Lien Debt Add-on

CHINA TELETECH: WWC Resigns as Accountant
COCRYSTAL PHARMA: Incurs $16.5 Million Net Loss in First Quarter
COMDISCO HOLDING: Reports Fiscal 2nd Quarter Financial Results
CONVATEC HEALTHCARE: Moody's Affirms B2 CFR, Outlook Negative
CONVATEC HEALTHCARE: S&P Affirms B+ CCR & Rates $1.85MM Loans B+

CORD BLOOD: Cryo-Cell Reports 7.2% Equity Stake as of May 14
CUMULUS MEDIA: Stockholders Elect 7 Directors to Board
DANDRIT BIOTECH: Robert Wolf Quits From Board of Directors
DAVID'S BRIDAL: Moody's Alters Ratings Outlook to Negative
DIA-DEN LTD: Wants Claims Bar Date Shortened to June 8

DILLARD'S INC: Fitch Affirms 'BB' Rating on Capital Securities
DOLPHIN DIGITAL: Incurs $1.05 Million Net Loss in First Quarter
DR TATTOFF: Delays Q1 Form 10-Q Due to Staffing Issues
DUER WAGNER III OIL: Case Summary & Largest Unsecured Creditors
EAST SAILE: Case Summary & 2 Largest Unsecured Creditors

ECO BUILDING: Needs More Time to File Q1 For 10-Q
ECOSPHERE TECHNOLOGIES: Obtains $250,000 Loan From Brisben Water
ENDEAVOUR INT'L: Proposes Aug. 11 Auction of Assets
EPAZZ INC: Needs More Time to File Q1 Form 10-Q
ESCO MARINE: Taps AP Services to Handle Reorganization

ESP RESOURCES: Delays First Quarter Form 10-Q
ETRADE FINANCIAL: S&P Puts 'BB-' ICR on CreditWatch Positive
EURAMAX HOLDINGS: Reports $31.4 Million Net Loss in First Quarter
EVANS & SUTHERLAND: Posts $103,000 Net Income in First Quarter
FINJAN HOLDINGS: Provides 1st Quarter Shareholder Update

FIVE S PLUS: Files Schedules of Assets and Liabilities
FLETCHER INTERNATIONAL: Administrative Bar Date Moved to May 29
FOUNDATION HEALTHCARE: Files First Quarter Form 10-Q
FOUR OAKS: Files First Quarter Form 10-Q
FRAC SPECIALISTS: Case Summary & 20 Largest Unsecured Creditors

FRAC SPECIALISTS: Permian Basin Services Providers in Chapter 11
FRAC SPECIALISTS: Seeks to Use Cash Collateral
FUEL PERFORMANCE: Posts $471,000 Net Loss in First Quarter
FUSION TELECOMMUNICATIONS: Posts $4.68 Million Net Loss in Q1
GENERAL MOTORS: Does Not Owe UAW Retirees, Appeals Court Rules

GENERAL STEEL: Incurs $74.1 Million Net Loss in First Quarter
GENIUS BRANDS: Reports $636,000 Net Loss in First Quarter
GEORGETOWN MOBILE: Section 341 Meeting Scheduled for June 10
GOLDEN COUNTY FOODS: Frozen Foods Provider Enters Chapter 11
GRASS VALLEY HOLDINGS: Files for Chapter 11 in Salt Lake City

GRASS VALLEY HOLDINGS: Proposes Fabian & Clendenin as Counsel
GRASS VALLEY: Case Summary & 13 Largest Unsecured Creditors
GUIDED THERAPEUTICS: Posts $1.2 Million Net Loss in First Quarter
HART OIL: Citizens Bank Committed Fraud, Liquidation Trustee Says
HCSB FINANCIAL: Posts $95,000 Net Loss in First Quarter

HEALTHWAREHOUSE.COM INC: Posts 9.3% Sales Growth Qtr. Over Qtr.
HNO GREEN FUELS: Case Summary & 10 Largest Unsecured Creditors
HNO GREEN FUELS: Schedules and Statements Due June 1
I.E.C. RENTALS: Shareholders Wants Case Converted to Chap. 7
INTEGRATED BIOPHARMA: Posts $106,000 Net Loss in Third Quarter

INTERLEUKIN GENETICS: Incurs $1.84-Mil. Net Loss in First Quarter
KLM OPTICAL: Case Summary & 20 Largest Unsecured Creditors
LEHMAN BROTHERS: Curacao Unit to Finalize Bankruptcy Proceedings
LSI RETAIL II: Court Approves Hiring of Mountain High as Broker
LSI RETAIL II: Court OKs Allen & Vellone as Special Counsel

LSI RETAIL II: Hires Fox Rothschild as Special Counsel
MAGNETATION LLC: Creditors Object to DIP, Cash Use Request
MARINA BIOTECH: Obtains $400,000 Milestone Payment From Mirna
MARINA BIOTECH: Reports $414,000 Net Income in First Quarter
MCCLATCHY CO: Morgan Stanley Owns 1.6% of Class A Shares

MERRIMACK PHARMACEUTICALS: Stockholders Elect 9 Directors
MILESTONE SCIENTIFIC: Reports $419,000 Net Loss in 1st Quarter
MINT LEASING: Delays First Quarter Form 10-Q
NATEL ENGINEERING: S&P Assigns 'B+' CCR, Outlook Stable
NET ELEMENT: Beno Distribution Holds 9.6% Stake as of April 30

NET ELEMENT: Posts $2.24 Million Net Loss in First Quarter
NEW YORK MILITARY: U.S. Trustee Forms 3-Member Creditors Committee
NEWLEAD HOLDINGS: Incurs $100 Million Net Loss in 2014
NGPL PIPECO: Fitch Lowers Issuer Default Rating to 'CCC'
NJRC CENTER: Voluntary Chapter 11 Case Summary

NY MILITARY ACADEMY: Court OKs Wasserman as Committee Counsel
OAS FINANCE: Chapter 15 Case Summary
ONE SOURCE: Has Until Aug. 3 to Decide on Unxpired Leases
ONE SOURCE: Stipulation on Adequate Protection for CNHI Approved
ORANGE COUNTY POOLS: Case Summary & 17 Top Unsecured Creditors

PARAMOUNT RESOURCES: Moody's Lifts CFR to B1 & Rates New Notes B3
PARAMOUNT RESOURCES: S&P Rates US$400MM Sr. Unsecured Bonds 'BB-'
PARK 91 LLC: Sec. 341(a) Meeting of Creditors Set for June 4
PARK 91: Hires Town Firm as Real Estate Broker
PATRIOT COAL: Proposes $100MM of Financing from Existing Lenders

PGI INCORPORATED: Posts $1.88 Million Net Loss in First Quarter
PHYSICAL PROPERTY: Posts HK$154,000 Net Loss in First Quarter
PITTSBURGH GLASS: Moody's Raises CFR to 'B2', Outlook Stable
POSITRON CORP: Posts $554,000 Net Loss in First Quarter
PRA HOLDINGS: S&P Affirms 'B' CCR & Revises Outlook to Positive

PRECISION OPTICS: Posts $198,000 Net Loss in Third Quarter
PRESIDENTIAL REALTY: Reports $159,000 Net Loss in First Quarter
PRESSURE BIOSCIENCES: Incurs $2.06 Million Net Loss in Q1
PROJECT BARBOUR: Moody's Cuts Ratings on $1.1BB Secured Loans to B2
PURADYN FILTER: Posts $266,000 Net Loss in First Quarter

QUALITY DISTRIBUTION: Postpones 2015 Annual Meeting
QUANTUM CORP: Files Conflict Minerals Report with SEC
RANCH 967 LLC: U.S. Trustee Unable to Form Creditors Committee
RCC CONSULTANTS: May 20 Meeting Set to Form Creditors' Panel
RECOVERY CENTERS OF KING COUNTY: Rehab Facility Enters Ch. 11

RECOVERY CENTERS: Case Summary & 20 Largest Unsecured Creditors
RICEBRAN TECHNOLOGIES: Posts $3.6M Net Loss in First Quarter
RIENZI & SONS: Hires Funaro & Co as Accountants
RIENZI & SONS: UST Forms 5-Member Creditors Committee
SAN JUAN RESORT: Files Amended Schedules of Assets and Debts

SARATOGA RESOURCES: Nevins Joins Board Under Forbearance Agreement
SCOTT JOHNSON CONSTRUCTION: Case Summary & 7 Top Unsec. Creditors
SECOND SKIN: Files for Chapter 11 Bankruptcy Protection
SILVERADO STREET: St. Regis Residence Wants Stay Lifted
SMART TECHNOLOGIES: S&P Lowers CCR to 'B-', Outlook Negative

SPENDSMART NETWORKS: Appoints Bruce Neuschwander as CFO
SUNTECH AMERICA: Seeks Aug. 10 Extension of Lease Decision Date
SUNTECH AMERICA: Seeks Sept. 9 Extension of Plan Filing Date
SUNVALLEY SOLAR: Delays Q1 Form 10-Q for Review
THINKSTREAM INC: Creditors Again Submit Involuntary Petition

TONGJI HEALTHCARE: Incurs $70,200 Net Loss in First Quarter
TRANSDIGM INC: S&P Assigns 'B' Rating on Sr. Secured Term Loan E
TRANSGENOMIC INC: Posts $3.37 Million Net Loss in First Quarter
TROCOM CONSTRUCTION: Section 341 Meeting Set for June 19
TRW AUTOMOTIVE: Moody's Withdraws 'Ba1' Corporate Family Rating

TRW AUTOMOTIVE: S&P Lowers CCR to 'BB', Then Withdraws Rating
VERMILLION INC: Reports Positive Results of OVA2
VICTORY ENERGY: Delays Filing of Q1 Form 10-Q
VICTORY ENERGY: Terminates Proposed Merger with Lucas Energy
VIGGLE INC: Amends $40 Million Securities Prospectus

WAFERGEN BIO-SYSTEMS: Files First Quarter Form 10-Q Report
WBH ENERGY: Seeks Aug. 2 Extension of Exclusive Plan Filing Date
[*] AEG Partners Mourns Loss of Founding Partner Larry Adelman
[*] Duane Morris' Walter Greenhalgh to Receive Manny Katten Award
[^] Large Companies With Insolvent Balance Sheet


                            *********

21ST CENTURY ONCOLOGY: Incurs $15.2 Million Net Loss in Q1
----------------------------------------------------------
21st Century Oncology Holdings, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to the Company's shareholders of $15.2
million on $278 million of total revenues for the three months
ended March 31, 2015, compared to a net loss attributable to the
Company's shareholders of $30.2 million on $233 million of total
revenues for the same period last year.

As of March 31, 2015, the Company had $1.15 billion in total
assets, $1.23 billion in total liabilities, $353 million in series
A convertible redeemable preferred stock, $55.1 million in
noncontrolling interests, and a $496.17 million total deficit.

"The Company is highly leveraged.  As of March 31, 2015, the
Company had approximately $960.8 million of long-term debt
outstanding.  The Company has experienced and continues to
experience losses from its operations.  The Company reported a net
loss of approximately $349.3 million, $78.2 million and $151.1
million for the years ended December 31, 2014, 2013 and 2012,
respectively, and $12.9 million and $29.2 million for the three
month periods ended March 31, 2015 and 2014, respectively.  The
Company's cash from operations has improved from cash used in
operating activities of $0.3 million to cash provided by operating
activities of $22.7 million for the three months ended March 31,
2014 and 2015, respectively," the Company states in the filing.

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

                         http://is.gd/OjTNFk

                          About 21st Century

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.

                            *     *     *

As reported by the TCR on Feb. 27, 2015, Moody's Investors Service
upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and
Probability of Default Rating to B3 and B3-PD, respectively.
The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2
reflects the receipt of a $325 million preferred equity investment
from the Canada Pension Plan Investment Board and subsequent debt
reduction.

In the April 16, 2015, edition of the TCR, Standard & Poor's
Ratings Services affirmed its 'B-' corporate credit rating on Fort
Myers-based cancer care provider 21st Century Oncology Holdings
Inc.


800 BUILDING LLC: Case Summary & 18 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: The 800 Building, LLC
        1016 W. Hollywood Ave.
        Chicago, IL 60660

Case No.: 15-17314

Type of Business: Rental Poperties

Chapter 11 Petition Date: May 15, 2015

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

Judge: Hon. Pamela S. Hollis

Debtor's Counsel: Phillip W. Nelson, Esq.
                  David J. Fischer, Esq.
                  LOCKE LORD LLP
                  111 South Wacker Drive
                  Chicago, IL 60606
                  Tel: 312-201-2575
                  Fax: 855-587-1388
                  Email: phillip.nelson@lockelord.com
                         david.fischer@lockelord.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Leon Petcov, managing member.

List of Debtor's 18 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
2006 Heyburn Building, LLC                              $21,400

Chase Environmental Group, Inc.                         $14,356

Commercial Management, LLC                              $18,000  

Department of the Treasury, IRS                         Unknown

Evens Time, Inc.                                          $1,541

Fine Homes, LLC                                          Unknown

IPFS Corporation                                          $8,661

JBS & Assocs. Accnts and                                  $2,000
Consltants   

Kentucky Department of Revenue                           Unknown

Louisville Gas & Electric                                $11,717

Louisville Gas & Electric                                 $8,489

Louisville Water Company                                 $19,709

Matherly Land Consultants,
PPLC                           $2,500

Rentpath, Inc.                                            $8,260

Rumpke of Kentucky, Inc.                                  $2,469

The Murphy Elevator Co.                                   $5,807

Tikijian Associates                                     $400,000
Attn: George Tikijian,
President
3755 E. 82nd St., Ste. 265
Indianapolis, IN 46240

Wyatt, Tarrant & Combs, LLP                             $210,000


800 BUILDING: Files for Chapter 11 with Deal to Sell Skyscraper
---------------------------------------------------------------
The 800 Building, LLC, sought Chapter 11 protection with a deal to
sell its 246-unit residential high-rise in downtown Louisville,
Kentucky known as "The 800 Building" for $20.65 million, absent
higher and better offers.

Prepetition, the Debtor engaged in an extensive, months-long effort
to market The 800 Building and reached an agreement with a capable,
well-funded purchaser to sell The 800 Building for approximately
$20.65 million.  After paying off the Debtor's secured debts and
costs of sale, the Debtor will be left with approximately $3.5
million in proceeds -- more than enough to pay all of the Debtor's
unsecured debts and pay a dividend to the Debtor's equity owners,
Leon and Helen Petcov.

Unfortunately, the Petcovs are in the midst of a dispute with one
of their creditors who, having learned of the imminent sale of The
800 Building, has filed a lis pendens against The 800 Building to
block the sale.  The Debtor believes that this creditor, Fine Homes
LLC, an Illinois limited liability company owned by the Loyfmans
and managed by Michael Loyfman, in fact, has no claim against the
Debtor or its assets and that -- in any event -- that claim can be
resolved out of the proceeds of the sale. Nevertheless, the title
company has refused to insure over the creditor's lis pendens, and
removal of the lis pendens through available state-court processes
would imperil the Debtor's ability to close the sale and would
result in irreparable harm to the Debtor's estate.

Counsel to the Debtor, Phillip W. Nelson, Esq., at Locke Lord LLP,
notes that the sale of The 800 Building (which was originally
intended to close earlier this year) has already undergone delays
due to the need to resolve diligence concerns regarding an
underground storage tank at the property (which have now been fully
resolved).  However, the proposed purchaser is now facing a hard
deadline on the expiration of its financing commitment on June 15,
2015.  Additionally, under the terms of the Debtor's forbearance
with Republic Bank of Chicago, the Debtor will be obligated to the
bank for a $500,000 forbearance fee if the bank's loans are not
repaid by June 15, 2015.

The Debtor and the proposed purchaser have concluded that sale of
The 800 Building pursuant to Section 363(f) of the Bankruptcy Code,
with all liens, claims, encumbrances, and interests attaching to
the proceeds is certainly the best, and perhaps the only, means for
the Debtor to complete the sale in a timely manner and obtain the
benefits the doing so offers and avoid the costs that failing to do
so will entail.

                           $20.65MM Offer

800 City Apartments LLC, an entity formed by Village Green
Development Holding LLC, will purchase the 800 Building for $20.65
million, absent higher and better offers.

To supplement the Debtor's prepetition marketing efforts, the
proposed purchaser has agreed to serve as a stalking-horse for an
expedited sales process, thus providing additional assurances that
the value to be obtained from the sale will be the highest and best
that can be realized under the circumstances.

The proposed purchaser's agreement to participate in this process
in contingent upon certain stalking-horse protections, and the
Debtor's commitment to complete the sale process and obtain
authority to close The 800 Building sale no later than June 10,
2015.

In the event the Debtor pursues a sale transaction with another
party, the Debtor will pay the stalking horse a break-up fee of
$618,000 and reimbursement of out-of-pocket costs of up to
$50,000.

                        Bankruptcy Auction

The Debtor believes that it is essential to move forward with the
sale process as quickly as possible and, in all events, complete
the sale of The 800 Building by June 10, 2015.

The Debtor proposes to proceed with the sale process in accordance
with this schedule:

    * Bid Deadline: May 28, 2015 at 5:00 p.m. Central Time, as the
deadline by which all bids other than the stalking-horse bid for
The 800 Building must be actually received;

    * Auction: May 30, 2015 at 10:00 a.m. Central Time, as the date
and time the auction, one if one is needed, will be held at the
offices of Locke Lord LLP, 111 South Wacker Drive, Chicago
Illinois;

    * Sale Objection Deadline: June 1, 2015 at 5:00 Central Time,
as the deadline to object to the Sale;

    * Sale Hearing: June 2, 2015 at 9:30 a.m. Central Time, as the
date and time for the Sale Hearing; and

    * Contract Assignment Objection Deadline: June 1, 2015 at 5:00
p.m. Central Time, as the deadline to object to the assignment of
contracts.

To participate in the auction, an initial bid must exceed Village
Green's stalking-horse bid by at least $1,050,000, reflecting an
overbid of $382,000 (or 1.8% of the $20,650,000 proposed purchase
price, plus the $618,000 break-up fee and $50,000 expense
reimbursement).

A hearing on the proposed bidding procedures is slated for may 21,
2015, at 10:00 a.m. Central Time.

                   Prepetition Capital Structure

The Debtor, and its related debtor-affiliate 1016 West Hollywood,
LLC — whose case is presently pending before Judge Jacqueline Cox
in this district — along with certain of their non-debtor
affiliates have reached agreements to resolve their secured debt
with their lenders, International Bank of Chicago and Republic Bank
of Chicago.  To complete that restructuring, the Debtor and its
affiliates need the liquidity that will come from the sale of The
800 Building.

The Debtor is the borrower under a loan agreement with Republic
Bank of Chicago with a balance of approximately $16.46 million,
which is secured by a first-priority lien on substantially all of
the Debtor's assets, including mortgages on The 800 Building and
the Garage.  The Republic Bank Debt is also secured by
first-priority mortgages on two parking lots in Louisville,
Kentucky that are owned by non-debtor affiliates of the Debtor, 233
W. Chestnut, LLC and 601 S. 3rd Street, LLC.

The Debtor is also the borrower under a promissory note issued to
International Bank of Chicago with a balance of approximately
$457,000, which is secured by a second-priority mortgages on The
800 Building and the Garage.

                      About The 800 Building

The 800 Building, LLC, owns and operates two adjacent but related
rental properties in downtown Louisville, Kentucky: (a) a 246-unit
residential apartment building known as The 800 Building, with a
street address of 800 South 4th Street; and (b) a 48-slot parking
garage, with a street address of 820 South 4th Street.  The 800
Building is a 29-story, 290-foot skyscraper built in 1963.  The
company acquired The 800 Building in 2002 for $5.5 million and
renovated the building in 2004.  The company is owned by Leon and
Helen Petcov and is managed by Leon Petcov.

The 800 Building, LLC, sought Chapter 11 protection (Bankr. N.D.
Ill. Case No. 15-17314) in Chicago, Illinois, on May 15, 2015.  The
case is assigned to Judge Pamela S. Hollis

The Debtor tapped Phillip W. Nelson, Esq., at Locke Lord LLP, in
Chicago, as counsel.


ADAMIS PHARMACEUTICALS: Posts $3.14 Million Net Loss in Q1
----------------------------------------------------------
Adamis Pharmaceuticals Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $3.14 million for the three months ended March 31,
2015, compared to a net loss of $1.55 million for the same period
last year.

Adamis had no revenues during the three month periods ended March
31, 2015 and 2014, respectively.

As of March 31, 2015, the Company had $20.01 million in total
assets, $2.27 million in total liabilities and $17.7 million in
total stockholders' equity.

The Company's cash was $11.2 million and $3.77 million at March 31,
2015, and Dec. 31, 2014, respectively.

"Our management intends to attempt to secure additional required
funding through equity or debt financings, sales or out-licensing
of intellectual property assets, seeking partnerships with other
pharmaceutical companies or third parties to co-develop and fund
research and development efforts, or similar transactions. However,
there can be no assurance that we will be able to obtain any
required additional funding.  If we are unsuccessful in securing
funding from any of these sources, we will defer, reduce or
eliminate certain planned expenditures and delay development or
commercialization of some or all of our products.  If we do not
have sufficient funds to continue operations, we could be required
to seek bankruptcy protection or other alternatives that could
result in our stockholders losing some or all of their investment
in us," the Company warns in the report.

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

                        http://is.gd/556cfC

                            About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Mayer Hoffman McCann, P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the transition period ended Dec. 31, 2014, citing
that the Company has incurred recurring losses from operations, and
is dependent on additional financing to fund operations.

The Company disclosed a net loss of $9.31 million on $0 of revenue
for the nine months ended Dec. 31, 2014, compared to a net loss of
$8.15 million on $0 of revenue for the 12 months ended March 31,
2014.


AFFINION GROUP: Moody's Lowers CFR to Caa2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Affinion Group Holdings,
Inc.'s Corporate Family Rating and Probability of Default Rating to
Caa2 and Caa2-PD, respectively. As result of a change in the
company's CFR Moody's also took the following action on all debt
instruments as indicated below. Additionally, the Speculative Grade
Liquidity (SGL) rating was lowered to SGL-4 from SGL-3. The ratings
outlook remains negative.

The downgrade of the CFR to Caa2 reflects Moody's view that the
company's default risk has increased given the absence of material
progress to date in stabilizing persistently negative operating
trends and uncertainty surrounding additional legal obligations
amidst tight near term liquidity. Moody's expects that the
company's highly leveraged capital structure is most likely not
sustainable over the intermediate term and will have to be
addressed, raising the potential for a default. Given these
concerns, Moody's also believes that the company may have limited
time and limited financial flexibility to execute a meaningful
turnaround, and therefore Affinion may face difficulty in
refinancing its debt maturity wall in 2018.

The lowering of Affinion's SGL rating to SGL-4 reflects Moody's
expectation that the company will have a weak liquidity profile in
the near term, characterized by negative free cash flow generation,
modest cash balances and significant revolver borrowings. At March
31, 2015, Affinion had $36.9 million of balance sheet cash and
$30.5 million of availability, after $15.5 million in letters of
credit, under its $80 million senior secured revolver. The company
has approximately $35 million of debt maturing over the next twelve
months, very high annual cash interest expense of roughly $185
million and an estimated $35-40 million of certain legal and
restructuring cash payments over the same period. While Moody's
expects the company will likely meet all of its cash obligations
over the next twelve months, its liquidity will remain weak. The
company is expected to remain in compliance with covenants under
its loan agreement.

Moody's took the following rating actions on Affinion Group
Holdings, Inc.:

  -- Corporate Family Rating, downgraded to Caa2 from Caa1

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

  -- Speculative Grade Liquidity rating , lowered to SGL-4 from
     SGL-3

  -- $325 million ($32.2 million outstanding) senior global notes
     due 2015, downgraded to Ca (LGD6) from Caa3 (LGD5)

  -- $242.8 million senior secured PIK/Toggle notes due 2018,
     downgraded to Ca (LGD6) from Caa3 (LGD5)

  -- Rating outlook is negative

Moody's took the following rating actions on Affinion Group, Inc.:

  -- $80 million senior secured revolver due 2018, affirmed at B1
     (LGD2)

  -- $775 million first lien term loan due 2018, affirmed at B1
     (LGD2)

  -- $425 million second lien term loan due 2018, downgraded to
     Caa1 (LGD3) from B3 (LGD3)

  -- $475 million senior unsecured notes due 2018, downgraded to
     Caa3 (LGD4) from Caa2 (LGD4)

  -- Rating outlook is negative

Moody's took the following rating actions on Affinion Investments,
LLC:

  -- $360 million senior subordinated notes due 2018, affirmed at
     Caa3 (LGD5)

  -- Rating outlook is negative

The Caa2 CFR reflects Affinion's continued challenges of turning
around the company's negative operating trend, exceptionally high
level of debt, with debt/EBITDA (incorporating Moody's adjustments)
expected to be near 9.0 times through 2015, and Moody's concern
that the current capital structure is unsustainable in the absence
of a marked recovery in operating results. The company is facing an
uphill challenge in its business transformation, which includes
fostering the loyalty segment's growth and increasing penetration
into overseas markets. There is, moreover, the specter of ongoing
and possible expanding legal challenges, which could prove both
costly and distracting. Moody's expects Affinion's liquidity will
remain weak over the next twelve months. The rating gives favorable
consideration to the company's good global market presence,
supported by its large membership base, its direct marketing
expertise and strong margins in its global loyalty business.

The negative outlook reflects Moody's expectation that Affinion
will continue to experience declines in consolidated revenues and
EBITDA, resulting in debt/EBITDA approaching 9.0 times by the end
of fiscal 2015. The outlook also incorporates Moody's view that the
company's liquidity will remain weak in the near term. The outlook
could be stabilized if the company can improve its operating
performance such that debt/EBITDA is sustained below 8.0 times and
address its near term liquidity needs.

The ratings could be downgraded if Moody's believes that: i)
Affinion's liquidity profile will deteriorate further than
initially expected, including litigation settlements that would
require significant monetary compensation; ii) Affinion's operating
performance materially deviates from Moody's expectations; iii)
Affinion is unable to refinance its capital structure by end of
2016, or iv) Affinion defaults.

A ratings upgrade is unlikely in the near term in view of the
company's liquidity and operating performance. An upgrade would
require the company to achieve substantial earnings growth and
sustained positive free cash flow generation, and meaningfully
deleveraging ahead of its 2018 debt maturity wall.

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.

Affinion is a leading provider of marketing services and loyalty
programs to many of the largest financial service companies
globally. Affinion provides credit monitoring and identity-theft
resolution, accidental death and dismemberment insurance, discount
travel services, loyalty programs, and various checking account and
credit card enhancement services. Affinion is 70% owned by private
equity sponsor Apollo Management V, L.P. and generates revenues of
about $1.2 billion annually.


AH'PIZZ CORPORATION: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Ah'Pizz Corporation
        4 West Main Street
        Denville, NJ 07834

Case No.: 15-19167

Chapter 11 Petition Date: May 15, 2015

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

Judge: Hon. Novalyn L. Winfield

Debtor's Counsel: Jay L. Lubetkin, Esq.
                  RABINOWITZ LUBETKIN & TULLY, L.L.C.
                  293 Eisenhower Parkway, Suite 100
                  Livingston, NJ 07039
                  Tel: 973-597-9100
                  Fax: 973-597-9119
                  Email: jlubetkin@rltlawfirm.com

Total Assets: $71,033

Total Liabilities: $1.37 million

The petition was signed by John Lamorte, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-19167.pdf


ALLIED NEVADA: Wants Court to Set June 24 Claims Bar Date
---------------------------------------------------------
Allied Nevada Gold Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to set June 24, 2015,
at 4:00 p.m. (prevailing ET) as deadline within which creditors can
file proofs of claim against the Debtors.

The Debtors want the Court to fix Sept. 8, 2015, at 4:00 p.m.
(prevailing ET) as last day for governmental units to file their
claims.

The original proofs of claim must be delivered in person, by
courier service, by hand delivery, or by mail so as to be actually
received by Prime Clerk on or before the applicable Bar Date at:

   Allied Nevada Gold Corp.
   Claims Processing Center
   c/o Prime Clerk LLC
   830 Third Avenue, 9th Floor
   New York, NY 10022

A hearing is set for May 19, 2015, at 2:00 p.m. (prevailing ET) to
consider the Debtors' extension request.  Objections were due May
12, 2015.

                      About Allied Nevada

Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a
publicly traded U.S.-based gold and silver producer engaged in
mining, developing and exploring properties in the State of
Nevada.  ANV's common stock traded on the NYSE and the TSX.

ANV was spun off from Vista Gold Corp. in 2006 and began
operations
in May 2007.  Nevada-based mining properties acquired from Vista
include the Hycroft Mine, an open-pit heap leach operation located
54 miles west of Winnemucca, Nevada.  ANV controls 75 exploration
properties throughout Nevada as of Dec. 31, 2014.

On March 10, 2015, ANV and 13 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the United
States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.  The Debtors have requested that their cases
be jointly administered under Case No. 15-10503.  The cases are
assigned to Judge Mary F. Walrath.

The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer
& Feld LLP as attorneys, FTI Consulting Inc. as financial advisor,
Moelis & Company as financial advisor, and Prime Clerk LLC as
claims and noticing agent.

ANV disclosed $941 million in total assets and $664 million in
total debt as of Dec. 31, 2014.

Andrew R. Vara, Acting United States Trustee for Region 3,
appointed these persons to the Committee of Equity Security
Holders
in connection with the case of debtor Allied Nevada Gold Corp.


ALTEGRITY INC: Plan Confirmation Hearing Set for July 1
-------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware on May 15, 2015, approved the disclosure
statement explaining Altegrity, Inc., et al.'s Joint Chapter 11
Plan and scheduled the confirmation hearing for July 1, 2015, at
10:00 a.m. (prevailing Eastern time).

As reported in the April 1, 2015 edition of the Troubled Company
Reporter, the Debtors filed a Joint Chapter 11 Plan and
accompanying disclosure statement that will delever the Company by
approximately $700 million, or 40% of the Debtors' outstanding
debt.

The Plan provides for a 2.2% estimated recovery of allowed general
unsecured claims, which total approximately $82,510,532.  Holders
of Secured Third Lien Notes Claims are poised to recover 7.7% of
their estimated $66,304,133 total amount of claims.  Holders of
Secured Second Lien Notes Claims are poised to recover 48.4% of
their estimated $519,265,011 total amount of claims.

To evidence their support of the Debtors' restructuring plan,
holders of approximately 78% of the Debtors' first lien debt and
approximately 95% of the Debtors' second and third lien debt have
executed the Restructuring Support Agreement.  The transactions
contemplated by the Restructuring Support Agreement (a) address
certain existing defaults under the First Lien Indebtedness,
modify
change-of-control covenants, and reset financial covenants to
levels that are consistent with the Debtors' revised business
plan,
(b) reduce outstanding debt by 40% and (c) provide the Debtors
with
a new-money junior lien investment of $90 million to fund these
Chapter 11 Cases and post-emergence ongoing business operations.

Prior to the Disclosure Statement hearing, the Debtors modified the
Plan to address the vast majority of the objections to the
Disclosure Statement, by making additions or changes to the
Disclosure Statement and, where applicable, the Plan.  A blacklined
version of the Plan dated May 12, 2015, is available at
http://bankrupt.com/misc/ALTEGRITYds0512.pdf

A full-text copy of the Disclosure Statement dated May 16, 2015, is
available at http://bankrupt.com/misc/ALTEGRITYds0516.pdf

Any objection to confirmation of the Plan must be filed on or
before June 19.

                      About Altegrity Inc.

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

Altegrity Inc. and 37 of its affiliates filed Chapter 11
Bankruptcy petitions (Bankr. D. Del. Lease Case No. 15-10226) on
Feb. 8, 2015.

Jeffrey S. Campbell signed the petitions as president and chief
financial officer.  The Debtors disclosed total assets of $1.7
billion and total liabilities of $2.1 billion as of June 30, 2014.

M. Natasha Labovitz, Esq., Jasmine Ball, Esq., and Craig A. Bruens,
Esq., at Debevoise & Plimpton LLP serve as the Debtors' counsel.
Joseph M. Barry, Esq., Ryan M. Bartley, Esq., and Edmon L. Morton,
Esq., at Young, Conaway, Stargatt & Taylor, LLP, act as the
Debtors' Delaware and conflicts counsel.  Stephen Goldstein and
Lloyd Sprung, at Evercore Group, LLC, are the Debtors' investment
bankers.  Kevin M. McShea and Carrianne J. M. Basler, at
Alixpartners LLP serve as the Debtors' restructuring advisors.
Prime Clerk LLC is the Debtors' claims and noticing agent.
PricewaterhouseCoopers LLP serves as the Debtors' independent
auditors.

The Bankruptcy Court has scheduled for May 5, 2015, the hearing to
consider the approval of the disclosure statement explaining the
Debtor's plan, which proposes to liquidate the US Investigations
Services.  Land Line relates that USIS lost key federal background
check contracts.

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


AMARILLO BIOSCIENCES: Summarizes New Operating Plan After Ch11 Exit
-------------------------------------------------------------------
Amarillo Biosciences, Inc. on May 18 summarized its new operating
plan following the Company's emergence from Chapter 11 Bankruptcy.
ABI disclosed that it had arisen from bankruptcy January 23, 2015,
when the Final Decree closing the case had been signed by Judge
Robert L. Jones of the United States Bankruptcy Court for the
Northern District of Texas in Case No. 13-20393-RJL-11.

The reorganization strategy resulted in the elimination of $4.787
million of debt and still left ABI with a number of important
assets.  ABI begins its new life with a valuable intellectual
property portfolio including issued patents, a pending patent, and
a trademark.  Additionally, ABI has a library of almost thirty
years of scientific and clinical data on the human and animal
applications of low dose oral interferon. The technology and
know-how available in the collection of intellectual property as
well as the proprietary research history will enable ABI to license
out or leverage its core technology and form partnerships with
other pharmaceutical companies to develop new discoveries and
commercialize the resulting products.

An integral part of the ABI Operating Plan is to develop multiple
revenue streams through the implementation of in-licensing programs
of novel medical and health care products and processes. These
in-licensing programs will be the catalyst which allows ABI to
enter markets in Taiwan, China, and other Asian countries for the
distribution of these new medical and health care products. The
overall operating strategy is for ABI to create a world-wide
network of strategic alliances capitalizing on advanced and
emerging technologies in order to engineer a diversified enterprise
having a major impact on every aspect of the healthcare and life
sciences industries; and assemble an exhaustive pipeline of
technologically-advanced, cutting edge products and services with
which to compete in the American and Asian markets.

ABI is committed to expanding its business operations from the
currently narrow focus in biotechnology to a wide variety of
development opportunities in related industry sectors.  In addition
to in-licensing discussed above, the Company will search for joint
venture opportunities with both private and public companies.  The
goal here is to acquire the desired business through acquisition of
the target company with the ownership percentage being anywhere
from 20% to 100%.  Joint-venturing with other companies will
expedite growth and facilitate cash flow.

To continue a healthy but steady growth, ABI may periodically raise
funds through public offerings or private placements. This funding
will enable ABI to acquire other foreign businesses and bring those
companies into the U.S. public markets.  ABI will utilize revenues
gained through its ownership interests in these other companies to
create consolidation synergies which will create even more growth.
When ABI became a public company in 1996, it was listed on the
NASDAQ (exchange). Due to the financial issues that plagued the
Company, ABI dropped down to the Over-The-Counter - Bulletin Board
exchange (OTC-BB).  The reorganization, recapitalization, and
future growth will empower ABI to fulfill a long-time vision -- to
move from the OTC-BB back up to a listing on the NASDAQ.  The
long-term mission is for ABI to become an integrated healthcare
enterprise of global distinction committed to amassing a cadre of
innovative and state-of-the-art technologies, products, and
services in the biotechnology, pharmaceutical, medical, and life
sciences fields.

                   About Amarillo Biosciences

Amarillo Biosciences, Inc., a developer of biologics for the
treatment of human and animal diseases, filed for Chapter 11
protection (Bankr. N.D. Tex. Case No. 13-20393) on Oct. 31, 2013.
Amarillo disclosed assets of $132,000 against $4.8 million in
liabilities as of the bankruptcy filing.  It is represented by
Roger S. Cox, Esq., at Underwood Law Firm.


AMERICAN ENERGY: Moody's Cuts CFR to 'Caa2', Outlook Negative
-------------------------------------------------------------
Moody's downgraded American Energy - Woodford, LLC's (AEW)
Corporate Family Rating to Caa2 from B3 and the Probability of
Default Rating to Caa2-PD from B3-PD. Moody's downgraded the senior
unsecured note rating to Caa3 from Caa1. Moody's also lowered the
Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The ratings
outlook was changed to negative from stable.

Ratings downgraded:

  -- Corporate Family Rating, Downgraded to Caa2 from B3

  -- Probability of Default Rating, Downgraded to Caa2-PD from
     B3-PD

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

  -- $350 million 9.00% senior unsecured notes due 2022, to Caa3
     (LGD4) from Caa1 (LGD4)

Outlook Action:

  -- Outlook, Changed to Negative from Stable

The downgrade reflects growing risks from AEW's high financial
leverage, limited production volumes and reduced cash flows owing
to low commodity prices. Moody's expects debt to average daily
production to exceed $55,000 per barrel of oil equivalent (boe) and
debt to proved developed (PD) reserves to exceed $25 per boe over
the next 12 months. Cash flow coverage of debt, as measured by
retained cash flow to debt, will fall below 5% for 2015. The
reduced cash flow will limit AEW's ability to grow its production
as initially expected and improve its leverage metrics, as capital
expenditures are cut and existing production declines.

AEW's SGL-4 Speculative Grade Liquidity Rating reflects its weak
liquidity profile over the next 12 months. At May 14, 2015, AEW had
roughly $13 million in cash and $58 million in availability under
its $135 million borrowing base revolving credit facility. The
credit facility matures in February 2018. Financial covenants under
the facility as amended, effective as of December 31, 2014, are
EBITDAX / Cash Interest of no less than 1.5x, a current ratio of at
least 1.0x and Senior Net Debt / EBITDAX of no more than 2.5x, and
if borrowing base utilization is greater than 80%, Net Debt /
EBITDAX of no more than 4.5x. The company's ability to comply with
these covenants will be challenged later in 2015 as AEW continues
to outspend cash flow, albeit at a reduced pace going forward, and
as EBITDA fully reflects a lower crude oil price. Consequently
Moody’s expect AEW's liquidity to further diminish over the next
12 months.

AEW notes are rated Caa3, which is one notch below the Caa2 CFR
under Moody's Loss Given Default Methodology. This notching
reflects the size of the potential priority claim given to the
senior secured credit facility over the senior unsecured notes.

The negative outlook reflects the company's highly leveraged
balance sheet, which impedes its ability to raise additional
liquidity with which to sustain production. The outlook could be
returned to stable presuming AEW successfully rebuilds its
available liquidity.

Ratings could be downgraded if the company's liquidity further
deteriorates or production volumes decline significantly. Ratings
could be upgraded if retained cash flow to debt is sustained above
10% and the company sufficiently improves the sustainability of its
capital structure, combined with adequate liquidity.

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

American Energy - Woodford, LLC is an independent exploration &
production company headquartered in Oklahoma City, Oklahoma.


AMERICAN LIBERTY: Section 341 Meeting Scheduled for June 11
-----------------------------------------------------------
A meeting of creditors in the bankruptcy case of American Liberty
Oil Company, LP will be held on June 11, 2015, at 1:30 p.m. at
Dallas, Room 976.  Creditors have until Sept. 9, 2015, to submit
their proofs of claim.

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.

American Liberty Oil Company, LP filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Tex. Case No. 15-32019) on May 6, 2015.
The petition was signed by Wreno S. Wynne, Jr., as managing partner
of ALOC LLC.  The Debtor estimated assets of $10 million to $50
million and debts of $1 million to $10 million in its petition.
Quilling, Selander, Lownds, Winslett & Moser, P.C., serves as the
Debtor's counsel.  The case is assigned to Hon.  Stacey G.
Jernigan.


AMERICAN ROCK: Moody's Raises CFR to 'B2', Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded American Rock Salt Company LLC's
corporate family rating to B2 from B3, and the company's
probability of default rating to B2-PD from B3-PD. Concurrently,
Moody's has upgraded the company's senior secured first-lien term
loan to B2 from B3. The senior secured first-lien term loan is
comprised of an outstanding $347.4 million due 2021, and a proposed
$80 million incremental add-on to the outstanding first-lien term
loan. The proceeds of the proposed incremental first-lien tern loan
will be used, in conjunction with an additional $40 million of
cash, to repay the company's existing $120 million senior secured,
second-lien term loan due 2022. Once repaid, Moody's will withdraw
the rating assigned to the second-lien term loan. The outlook on
all ratings remain stable.

The rating upgrade follows American Rock Salt's recently announced,
transaction that aims to reduce leverage and interest expense by
prepaying the company's outstanding second-lien term loan with an
incremental first-lien term loan add-on and excess cash.

"By using excess cash to reduce leverage and lower interest
expense, instead of pursuing an outsized equity-holder
distribution, American Rock Salt is signaling the adoption of a
financial policy and leverage target more appropriate for the
company's small scale and weather-dependent business model," says
Anthony Hill, a Moody's Vice-President -- Senior Credit Officer and
lead analyst for American Rock Salt.

American Rock Salt ratings affected as a result the action:

Upgrades:

  -- Corporate Family Rating, Upgraded to B2 from B3

  -- Probability of Default Rating, Upgraded to B2-PD from B3-PD

  -- Senior Secured 1st Lien Term Loan due 2021, Upgraded to B2
     from B3

Outlook Actions:

  -- Outlook, Remains Stable

American Rock Salt's B2 CFR is constrained primarily by the
company's high debt levels relative to its scale and
weather-dependent business model. For fiscal year-end September
2014, the company's leverage was 6.6x debt/EBITDA, on a
Moody's-adjusted basis. Pro forma for the proposed transaction and
the strong 2014/2015 snow fall season, Moody's expects American
Rock Salt's leverage to be significantly lower -- around 3.8x
debt/EBITDA at fiscal year-end September 2015. With a single-site
profile and annual revenues of less than $500 million, American
Rock Salt's scale is small relative to other rated companies in the
chemical industry.

Previously, Moody's had noted American Rock Salt's
equity-accommodative financial policy that saw a prioritization of
equity-holder distributions ahead of leverage reduction. However,
the company has (1) recently set an average leverage target of
around 6.0x debt/EBITDA (on a normalized basis, adjusting for
outlier snow fall years), and is (2) executing a transaction that
will show a modest reduction in debt. By fiscal year-end September
2015, American Rock Salt will have nearly $50 million in excess
cash available for distribution to its equity-holders; however, the
proposed transaction will see the equity-holders forgo around half
of this excess cash, with the balance going towards pre-paying the
company's more expensive second-lien debt.

Demand volatility for rock salt can be high as it depends on snow
fall levels throughout the year. As a result, the company's
profitability and cash generation can be equally volatile. American
Rock Salt's improved financial policy and capital structure will
help offset this volatility and support the B2 rating. The rating
is also supported by high barriers to entry in rock salt mining,
and cost advantages due to the company's relatively new mine near
Rochester, N.Y. Additionally, there is a lack of economical
alternatives for rock salt -- which creates a relatively benign
competitive market that yields solid profit margins in the
company's primary markets of upstate New York and central/western
Pennsylvania. The company also benefits from the potential to
generate substantial free cash flow during periods of strong
snowfall and an enterprise value that creates a strong incentive
for sponsor support during periods of exceptionally weak snowfall
(e.g., two or more consecutive warm winters).

The stable outlook reflects Moody's expectation that American Rock
Salt's credit measures and liquidity will remain appropriate for
the rating category over a multi-year snow fall cycle.
Additionally, Moody's expects American Rock Salt to continue to
reduce debt somewhat with excess cash balances.

Moody's sees limited upside to American Rock Salt's ratings due to
its scale and weather-dependent business model.

However, there could be negative pressure on the ratings if the
company were not able to maintain its sales volumes and EBITDA to
levels that could support its debt service requirements, or if
adequate liquidity is not maintained. The ratings also assume that
the company will adhere to its newly established financial policy
and leverage targets. Certainly any significant debt-financed
transactions or equity-holder payments that result in a substantial
increase in leverage or decrease in liquidity would likely have a
negative impact on the company's ratings.

American Rock Salt Company LLC produces highway deicing rock salt.
The company operates a single mine in Upstate New York and sells
primarily to state and local government agencies in the
northeastern United States. The firm is a wholly-owned subsidiary
of American Rock Salt Holdings LLC, which is closely-held by
private investors including some members of management.
Headquartered in Retsof, N.Y., American Rock Salt generated
approximately $291 million in revenue for the twelve months ended
March 31, 2015.

The principal methodology used in these ratings was Global Chemical
Industry Rating Methodology published in December 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.


AMERICAN ROCK: S&P Raises Corp. Credit Rating to B, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Restof, N.Y.-based American Rock Salt Co. LLC to
'B' from 'B-'.  The outlook is stable.  S&P also affirmed its 'B'
issue-level rating on the company's first-lien debt, which includes
the $80 million add-on, and revised the recovery rating on the debt
to '3' from '2', indicating S&P's expectation for meaningful (50%
to 70%; upper half of the range) recovery in the event of a payment
default.

The upgrade is driven by a shift in S&P's view of American Rock
Salt's financial policy given the company's focus on lowering
leverage levels.  Accordingly, S&P do not expect a large dividend
payout over the next year.  The debt repayment reduces American
Rock Salt's total debt and cash interest payments and strengthens
the company's credit measures.  S&P's ratings and outlook take into
account that extreme weather fluctuations can have a significant
effect on short-term operating performance, as well as the
company's financial policies, particularly as it relates to both
tax distributions and dividends to shareholders.

"The stable rating outlook reflects our view that credit measures
will remain within the current range over the next 12 months.  We
assume that management will maintain tax distributions at levels
consistent with our expectations, with no material debt-financed
dividends, and weather patterns in line with historical averages,"
said Standard & Poor's credit analyst Ryan Gilmore.

S&P would consider a negative rating action if American Rock Salt's
liquidity deteriorated to a level S&P viewed to be "less than
adequate."  This could result from higher-than-anticipated cash
distributions or poor operating results, particularly if they lead
to revolving credit facility borrowing limitations due to covenant
restrictions.

A positive rating action is unlikely over the next year based on
S&P's expectation that American Rock Salt will remain highly
leveraged for the next several years.  However, S&P could raise the
rating if it achieved a sustainable improvement in credit measures,
with leverage of less than 5x and FFO to debt more than 12%.



ARKANOVA ENERGY: Posts $1 Million Net Loss in Second Quarter
------------------------------------------------------------
Arkanova Energy Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.05 million on $92,200 of total revenue for the three months
ended March 31, 2015, compared with a net loss of $791,000 on
$192,300 of total revenue for the same period in 2014.

For the six months ended March 31, 2015, the Company reported a net
loss of $1.78 million on $250,000 of total revenue compared to  a
net loss of $1.43 million on $426,000 of total revenue for the same
period last year.

As of March 31, 2015, the Company had $5.22 million in total
assets, $18.6 million in total liabilities and a $13.4 million
total stockholders' deficit.

The Company had cash and cash equivalents of $4.14 million compared
to cash and cash equivalents of $647,000 as at its financial
year-end of Sept. 30, 2014.  This increase is largely due to the
additional loan proceeds of $2,475,000 and project advance of $2.03
million received during the six months ended March 31, 2015.

"Arkanova is primarily engaged in the acquisition, exploration and
development of oil and gas resource properties.  Arkanova has
incurred losses of $32,851,031 since inception at March 31, 2015.
Management plans to raise additional capital through equity and/or
debt financings.  These factors raise substantial doubt regarding
Arkanova's ability to continue as a going concern," the Company
said in the report.

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

                       http://is.gd/GPacOQ

                         About Arkanova

Austin, Tex.-based Arkanova Energy Corporation is a junior
producing oil and gas company and is also engaged in the
acquisition, exploration and development of prospective oil and
gas properties.  It holds mineral leases in Delores County, Lone
Mesa State Park, Colorado and leasehold interests located in
Pondera and Glacier Counties, Montana.

The Company reported a net loss of $3 million on $844,000 of total
revenue for the year ended Sept. 30, 2014, compared with a net loss
of $2.73 million on $849,900 of total revenue for the year ended
Sept. 30, 2013.


ASHLEY'S TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors
------------------------------------------------------------------
Debtor: Ashley's Transportation, LLC
        605 Bradford Hills Court
        Nashville, TN 37211

Case No.: 15-03366

Chapter 11 Petition Date: May 15, 2015

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Hon. Keith M Lundin

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  LAW OFFICES LEFKOVITZ & LEFKOVITZ
                  618 Church St Ste 410
                  Nashville, TN 37219
                  Tel: 615 256-8300
                  Fax: 615 255-4516
                  Email: slefkovitz@lefkovitz.com

Total Assets: $75,000

Total Liabilities: $1.23 million

The petition was signed by Chad Brock, member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/tnmb15-03366.pdf


AUBURN TRACE: Delray Beach to Become Lead Creditor
--------------------------------------------------
Randy Schultz at Bocamag.com reports that the Federal Deposit
Insurance Corp. has approved Delray Beach's purchase of
IberiaBank's first mortgage on the 152-unit and the roughly 18
acres in the City's southwest neighborhood.

According to Bocamag.com, the FDIC had to sign off on the price
because Iberia gave Delray Beach -- the second mortgage-holder -- a
roughly $500,000 discount from the $4.7-million-plus price of the
note.  The report says that Delray Beach will be the lead creditor
with a claim on Auburn Trace Ltd., the entity that owns and manages
the complex.

The closing must happen by May 29, Bocamag.com relates, citing City
Attorney Noel Pfeffer.

Bocamag.com recalls that the city loaned the developer $3.84
million 26 years ago.  The report states that with the interest,
the City's stake is now between $4.2 million and $4.3 million.

                         About Auburn Trace

Auburn Trace filed a Chapter 11 bankruptcy petition (Bank. S.D.
Fla. Case No. 15-10317) on Jan. 7, 2015.  The petition was signed
by Brian J. Hinners as president.  The Debtor disclosed $9.61
million  in assets and $9.54 million in liabilities as of the
Chapter 11 filing.  The case is assigned to Judge Paul G. Hyman,
Jr. Bradley S Shraiberg, Esq., at Shraiberg, Ferrara & Landau,
P.A., serves as the Debtor's counsel.

The U.S. Trustee notified the U.S. Bankruptcy Court that until
further notice, it will not appoint a committee of creditors.


AUBURN TRACE: Proposes $9.5M Sale to The Related Group
------------------------------------------------------
Randy Schultz, writing for Bocamag.com, reports that Auburn Trace
proposes to sell the project to The Related Group.

Citing documents filed with the Palm Beach County Housing Finance
Authority, Bocamag.com relates that Related, under an entity called
PRH Investments, would buy Auburn Trace for $9.5 million.

Bocamag.com states that to make the sale happen, the Authority has
to approve up to $9 million in financing by June 30.  The report
adds that there's only a certain amount available in this area of
Florida for authorization by the end of the state fiscal year.

The financing is a 4% federal tax credit that would provide between
20% and 25% of the equity, Bocamag.com says, citing the Authority's
executive director, David Brandt.  The report states that the
housing finance authority board approved an "inducement
resolution", which is a placeholder action to make the financing
available if the parties can work out a deal.

                         About Auburn Trace

Auburn Trace filed a Chapter 11 bankruptcy petition (Bank. S.D.
Fla. Case No. 15-10317) on Jan. 7, 2015.  The petition was signed
by Brian J. Hinners as president.  The Debtor disclosed $9.61
million  in assets and $9.54 million in liabilities as of the
Chapter 11 filing.  The case is assigned to Judge Paul G. Hyman,
Jr. Bradley S Shraiberg, Esq., at Shraiberg, Ferrara & Landau,
P.A., serves as the Debtor's counsel.

The U.S. Trustee notified the U.S. Bankruptcy Court that until
further notice, it will not appoint a committee of creditors.


BALMORAL RACING: Inks Stipulation with Casino Operators
-------------------------------------------------------
Balmoral Racing Club, Inc., and Maywood Park Trotting Association,
Inc., asked the United States Bankruptcy Court for the Northern
District of Illinois, Eastern Division, to approve a stipulation
they entered into with Empress Casino Joliet Corporation, Des
Plaines Development Limited Partnership, d/b/a Harrah's Casino
Cruises Joliet, Hollywood Casino-Aurora, Inc., and Elgin Riverboat
Resort-Riverboat Casino, d/b/a Grand Victoria Casino (the "Judgment
Creditors"), and John A. Johnston.

The Judgment Creditors hold the largest unsecured claim in each of
Chapter 11 Cases by virtue of a judgment entered in their favor
against the Debtors in the case styled Empress Casino Joliet
Corporation et al. v. John Johnston et al., pending in the United
States District Court for the Northern District of Illinois.  The
Debtors intend on appealing the Judgment to the Seventh Circuit
Court of Appeals.

According to Empress Casino, et al.'s counsel, Michael M. Eidelman,
Esq., at Vedder Price P.C., in Chicago, Illinois, the parties
expressed their desire to focus their immediate attention toward
resolution of the Chapter 11 Cases, the Judgment and the Appeal.
The Stipulation provides, among other things, that each of the
Debtors will use their best efforts to identify a purchaser of the
Judgment or a purchaser of the Racetracks' assets and businesses.

As previously reported by The Troubled Company Reporter, the casino
operators won an $82 million judgment against the tracks' owners
over an alleged bribery scheme involving disgraced ex-Illinois Gov.
Rod Blagojevich.  As part of a negotiated settlement between the
gambling-industry competitors, racetrack officials face a June 29
deadline to hire an investment banker to help look for buyers.

The Judgment Creditors are represented by:

         Michael M. Eidelman
         Stephanie Hor Chen
         VEDDER PRICE P.C.
         222 North LaSalle Street, Suite 2600
         Chicago, IL 60601
         Tel: (312) 609 7500
         Fax: (312) 609-5005
         Email: meidelman@vedderprice.com
                schen@vedderprice.com

            -- and --

         Robert M. Andalman, Esq.
         Andrew R. Greene, Esq.
         A&G LAW LLC
         542 South Dearborn, 10th Floor
         Chicago, IL 60605
         Tel: (312) 341-3900
         Fax: (312) 341-0700
         Email:  randalman@aandglaw.com
                 agreene@aandglaw.com

Mr. Johnston is represented by:

         Scott R. Clar, Esq.
         CRANE HEYMAN SIMON WELCH & CLAR
         135 S. LaSalle Street, Suite 3705
         Chicago, IL 60603
         Tel: (312) 641 6777
         Fax: (312) 641 7114
         Email: sclar@craneheyman.com

The Debtors are represented by:

         Chad H. Gettleman, Esq.
         Nathan Q. Rugg, Esq.
         Erich S. Buck, Esq.
         Alexander F. Brougham, Esq.
         ADELMAN & GETTLEMAN, LTD.
         53 West Jackson Blvd., Suite 1050
         Chicago, IL 60604
         Tel: (312) 435-1050
         Fax: (312) 435-1059
         Email: chg@ag-ltd.com
                nrugg@ag-ltd.com
                ebuck@ag-ltd.com

                     About Balmoral Racing

Balmoral Racing Club, Inc., and Maywood Park Trotting Association,
Inc. operate pari-mutuel wagering at the Balmoral Park and Maywood
Park racetracks in Illinois under a license granted by the State of
Illinois pursuant to the Illinois Horse Racing Act of 1975.

Balmoral Racing Club (Bankr. N.D. Ill. Case No. 14-45711) and
Maywood Park Trotting Association (Bankr. N.D. Ill. Case No.
14-45718) filed for Chapter 11 bankruptcy protection on Dec. 24,
2014, to continue operations into 2015 and protect themselves
against property seizure.  Both cases were consolidated on Dec. 31,
2014.

Alexander F Brougham, Esq., Chad H. Gettleman, Esq., and Nathan Q.
Rugg, Esq., at Adelman & Gettleman, Ltd., serve as the Debtors'
bankruptcy counsel.  

Neither a trustee nor a committee of unsecured creditors has been
appointed in the Chapter 11 Cases.


BATTLE CREEK: Files for Ch. 11 with $9.3 Million in Debt
--------------------------------------------------------
Battle Creek Conservation Ventures, LLC, sought bankruptcy
protection, disclosing $9.30 million in debt against assets of
$11.0 million:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $11,000,000
  B. Personal Property                $6,804
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $8,608,262
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $712,590
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                                $0
                                 -----------      -----------
        TOTAL                    $11,006,804       $9,320,852

The Debtor owns the property at 19315 Jellys Ferry Road, Red Bluff,
California, with a current value of $11 million, and secures an
$8.61 million debt to Charles A. Orwick III, as trustee.

Yi Sun Kim of Greenberg & Bass serves as counsel to the Debtor.

The Debtor has two affiliates with pending bankruptcy cases:

   * Spring & Ash Creeks WMU, LLC; Case No. 1:14-bk-15496-MT. Filed
12/11/2014.

   * Circle C Ranchlands W.M.U. LLC, Case No.: 1:15-bk-10873-M;
Filed 3/13/201515.

Battle Creek Conservation Ventures, LLC, commenced a Chapter 11
bankruptcy case (Bankr. C.D. Cal. Case No. 15-11683) on May 13,
2015.  Judge Maureen Tighe presides over the case.

A copy of the schedules filed together with the petition is
available for free at:

       http://bankrupt.com/misc/cacb15-11683_SAL.pdf


BERRY PLASTICS: Extends Maturity BofA Credit Facility to May 2020
-----------------------------------------------------------------
Berry Plastics Group, Inc., its wholly owned subsidiary, Berry
Plastics Corporation and certain of its subsidiaries entered into
an Amendment No. 4 to the Amended and Restated Revolving Credit
Agreement, which amended the existing Amended and Restated
Revolving Credit Amendment, dated as of April 3, 2007, with Bank of
America, N.A. and certain other financial institutions, relating to
BPC's existing $650 million secured, revolving credit facility.
According to a document filed with the Securities and Exchange
Commission, the purpose of the amendment was to, among other
things, extend the maturity date of the Revolving Facility to May
14, 2020 (subject to certain conditions) and to reduce interest
margins and certain commitment fees.

Under the terms of the Amended Revolving Credit Agreement, the
applicable interest rate margin on borrowings bearing interest at a
prime-rate based rate is 0.50% until Aug. 14, 2015, and ranges from
0.25% to 0.75% on and after that date.  The applicable interest
rate margin on borrowings bearing interest at a reserve-adjusted
LIBOR-based rate is 1.50% until Aug. 14, 2015, and ranges from
1.25% to 1.75% on or after that date.  Adjustments in the
applicable margins on and after Aug. 14, 2015, are determined based
on the quarterly average daily borrowing availability under the
Revolving Facility.  Commitment fees on the Revolving Facility from
and after May 14, 2015, range from 0.25% to 0.325%, depending upon
the quarterly average daily unused availability under the Revolving
Facility.

                       About Berry Plastics

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

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a manufacturer of
films and flexible packaging for food, personal care, medical,
agricultural and industrial applications.

As of March 28, 2015, the Company had $5.21 billion in total
assets, $5.28 billion in total liabilities, and a $86 million total
stockholders' deficit.

                           *     *     *

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


BG MEDICINE: Incurs $1.34 Million Net Loss in First Quarter
-----------------------------------------------------------
BG Medicine, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $1.34
million on $437,000 of product revenues for the three months ended
March 31, 2015, compared to a net loss of $2.17 million on $739,000
of product revenues for the same period last year.

As of March 31, 2015, the Company had $2.59 million in total
assets, $3.15 million in total liabilities and a $566,000 total
stockholders' deficit.

"We need immediate additional funding to continue our operations
and support our capital expenditures, which may not be available to
us.  Without modifications to our existing payment obligations or
receipt of additional funding, our existing cash and other sources
of liquidity may only be sufficient to fund our limited operations
through July 2015.  If additional capital is not available, we may
have to further curtail our operations, or take other actions that
could adversely impact our shareholders," the Company said in the
report.

As of March 31, 2015, the Company had $1.6 million of cash.  As of
April 30, 2015, the Company had cash totaling $0.7 million and an
outstanding balance of $1.5 million under its secured term loan
facility.

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

                        http://is.gd/2k4MIZ

                         About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.

BG Medicine reported a net loss of $8.06 million on $2.78 million
of total revenues for the year ended Dec. 31, 2014, compared to a
net loss of $15.8 million on $4.07 million of total revenues for
the year ended Dec. 31, 2013.  The Company previously reported a
net loss of $23.8 million in 2012.

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's recurring
losses from operations, recurring cash used in operating activities
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.


BG MEDICINE: Posts $1.34 Million Net Loss in First Quarter
----------------------------------------------------------
BG Medicine, Inc. reported a net loss of $1.34 million on $437,000
of product revenues for the three months ended March 31, 2015,
compared to a net loss of $2.17 million on $739,000 of product
revenues for the same period in 2014.

As of March 31, 2015, the Company had $2.59 million in total
assets, $3.15 million in total liabilities and a $566,000 total
stockholders' deficit.

"We continue to prepare for the U.S. market introduction of
automated galectin-3 testing," said Paul R. Sohmer, M.D., president
and chief executive officer of BG Medicine.  "To this end, we
continue to manage our operating expenses and reduce our operating
cash burn, we continue to build the case for galectin-3, we have
updated our agreement with Abbott Laboratories and we have closed
on the first tranche of a financing to provide resources to support
our role in the imminent U.S. market introduction of automated
galectin-3 testing."

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

                        http://is.gd/TNdxqp

                          About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.

BG Medicine reported a net loss of $8.06 million on $2.78 million
of total revenues for the year ended Dec. 31, 2014, compared to a
net loss of $15.8 million on $4.07 million of total revenues for
the year ended Dec. 31, 2013.  The Company previously reported a
net loss of $23.8 million in 2012.

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's recurring
losses from operations, recurring cash used in operating activities
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.


BION ENVIRONMENTAL: Posts $1.68 Million Net Loss in 3rd Quarter
---------------------------------------------------------------
Bion Environmental Technologies, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.68 million on $3,700 of revenue for the three months
ended March 31, 2015, compared to a net loss of $773,000 on $4,450
of revenue for the same period last year.

For the nine months ended March 31, 2015, the Company reported a
net loss of $3.05 million on $3,660 of revenue compared to a net
loss of $3.01 million on $4,450 of revenue for the same period
during the prior year.

As of March 31, 2015, the Company had $4.4 million in total assets,
$12.7 million in total liabilities, $24,900 in series B redeemable
convertible preferred stock and a $8.32 million total deficit.

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

                        http://is.gd/inyM7r

                      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.

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.


BION ENVIRONMENTAL: Vice Chairman Testifies at Senate Hearing
-------------------------------------------------------------
Bion Environmental Technologies, Inc., announced that its Vice
Chairman, Ed Schafer, gave testimony in support of Pennsylvania
Senate Bill (SB) 724.  Mr. Schafer addressed the Pennsylvania
Senate Majority Policy Committee at its public hearing on the bill
that was held on May 6, 2015.

Speakers that testified before the Committee included:

Mike McCloskey

Vice Chairman, National Milk Producers Federation

Phil Durgin

Executive Director, Pennsylvania Legislative Budget and Finance
Committee

Ed Schafer

Chairman, Coalition for an Affordable Bay Solution

Ron Kreider

President, Kreider Farms

Elliot Keller

General Manager, JBS-Souderton

Mr. Schafer, a former U.S. Secretary of Agriculture and Governor of
North Dakota, testified as Chairman of the Coalition for an
Affordable Bay Solution in support of SB 724.  He emphasized the
need for action now, since the Commonwealth has already missed its
mandated Chesapeake Bay pollution reduction targets, and the
potential economic impacts from EPA sanctions for continued failure
to comply could be devastating for Pennsylvania.  

Mr. McCloskey, who is also the co-owner/manager of Fair Oaks Dairy
Farm, a 15,000-head dairy in Fair Oaks, Indiana, made the case for
national policy change, stating in his testimony, "This bill is
extremely important to us, as a dairy industry.  We have supported
it as an entire U.S. dairy industry from the beginning...I assure
you that your leadership will be followed by many, many states
quickly, after you pass this bill.  This is really the solution for
farmers around the country to be innovative and become part of a
solution we are not part of [now].

Mr. McCloskey added, "We represent, through the Council, 80 percent
of all the milk in the nation, together with all the processors in
the nation...and support [SB 724]."

Complete testimony from the hearing can be viewed on the Senate
Majority Policy Committee Website at
http://policy.pasenategop.com/2015/05/01/wastewater-storm-water-issues/.

Several other events have occurred recently that bear on these same
and related issues:

  -- In April 2015, EPA issued its Community Based Public-Private
Partnerships (CBP3's) and Alternative Market-Based Tools for
Integrated Green Solutions.  The document presents a model for
municipalities in the Chesapeake Bay to "optimize their limited
resources" by engaging the private sector to provide alternative
solutions to traditional clean water compliance strategies.  

  -- A settlement has been announced (but not yet published) in the
precedent-setting Cow Palace Dairy lawsuit in the U.S. District
Court in Washington.  In January 2015, a federal court judge ruled
for the first time that manure from livestock facilities can be
regulated as solid waste under the federal Resource Conservation
and Recovery Act, which governs the disposal of solid and hazardous
waste.  The judicial ruling has the potential for wide-ranging
impacts to the livestock industry and the way it handles manure.
The final settlement and its ramifications for the industry have
not yet been made public.

  -- According to a May 2015 white paper by Veolia (EPA: VIE) and
the International Food Policy Research Institute (IFPRI), global
water quality is expected to deteriorate in the coming years; and
that even under a best-case scenario, "water quality is still
projected to deteriorate dramatically,"  According to the paper,
"Globally, the most prevalent water quality problem is
eutrophication, a result of high-nutrient loads (mainly phosphorus
and nitrogen)..."

The paper's recommendations included "continued development of new
models of water management such as watershed scale approaches,
alternative utility governance that includes improvement of
upstream practices, as well as nutrient trading to encourage
upstream best practices and reduce non-point source runoff of
contaminants."

Craig Scott, Bion's Director of Communications, stated, "The
continued advancement of competitive bidding programs, consistent
with the blueprint as outlined by SB 724 , will spur efforts by
other states to inject private sector competition into their clean
water compliance programs, to achieve large-scale low-cost nutrient
reductions.

Federal Office of Management & Budget has endorsed shifting federal
funds to the procurement of results, rather than the continued
funding of projects that promise solutions; and, EPA has approved
the use of Clean Water Funds, which are provided to the states, for
the purchase of credits.  A combination of shovel-ready
technologies and support by the livestock industry at both the
national and local levels, coupled with taxpayer fatigue from
existing costs and failures to meet compliance targets, are now
driving these initiatives."

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 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.


BPZ RESOURCES: Files Schedules of Assets and Liabilities
--------------------------------------------------------
BPZ Resources Inc. filed with the U.S. Bankruptcy Court for the
Southern District of Texas its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property          $242,379,786
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $28,731
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $238,543,126
                                ------------     ------------
        TOTAL                   $242,379,786     $238,571,858

A copy of the Debtor's Schedules is available for free at
http://is.gd/Ld2Zo4

                        About BPZ Resources

BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ  
Resources, Inc., under ticker symbol BPZ on the New York Stock
Exchange and the Bolsa de Valores in Lima, is an independent oil
and gas exploration and production company which has license
contracts covering 1.9 million net acres in offshore and onshore
Peru.  BPZ Resources maintains an office in Victoria, Texas, and
through its subsidiaries maintains offices in Lima and Tumbes,
Peru, and Quito, Ecuador.

BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case
No. 15-60016) in Victoria, Texas, on March 9, 2015.  The case is
pending before the Honorable David R. Jones.

The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy
counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas
counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker
Hostetler, as the audit committee's special counsel; and Kurtzman
Carson Consultants as claims and noticing agent.

The Debtor disclosed total assets of $364 million and debt of $275
million.

The U.S. trustee overseeing the Chapter 11 case of BPZ Resources
Inc. appointed five creditors of the company to serve on the
official committee of unsecured creditors..


BROADWAY FINANCIAL: Amends 18.9M Shares Resale Prospectus
---------------------------------------------------------
Broadway Financial Corporation has amended its Form S-1
registration statement relating to the resale or other disposition
by Broadway Federal Bank, f.s.b. Employee Stock Ownership Plan, CJA
Private Equity Financial Restructuring Master Fund I L.P., Economic
Resources Corporation, et al., of up to 18,975,549 shares of common
stock, which would constitute 65.26% of the Company's outstanding
common stock if all those shares are sold.

The Company amended the Registration Statement to delay its
effective date.

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

The Company's common stock is currently traded on the NASDAQ
Capital Market under the symbol "BYFC."  On May 12, 2015, the
closing sale price for the Company's common stock, as reported by
the NASDAQ Capital Market, was $1.50 per share.

A full-text copy of the amended prospectus is available at:

                         http://is.gd/bkB7rn

                       About Broadway Financial

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

As of March 31, 2015, the Company had $354.03 million in total
assets, $315.42 million in total liabilities and $38.61 million in
total stockholders' equity.

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

                         Regulatory Matters

As a result of significant deficiencies in the Company's and the
Bank's operations noted in a regulatory examination in early 2010,
the Company and the Bank were declared to be in "troubled
condition" and agreed to the issuance of the cease and desist
orders by the regulatory predecessor of the Office of the
Comptroller of the Currency for the Bank and the Board of Governors
of the Federal Reserve System for the Company effective Sept. 9,
2010, requiring, among other things, that the Company and the Bank
take remedial actions to improve the Bank's loan underwriting and
internal asset review procedures, to reduce the amount of its
non-performing assets and to improve other aspects of the Bank's
business, as well as the Company's management of its business and
the oversight of the Company's business by the Board of Directors.
Effective Oct. 30, 2013, the Order for the Bank was superseded by a
Consent Order entered into by the Bank with the OCC.  As part of
the Consent Order, the Bank is required to attain, and thereafter
maintain, a Tier 1 (Core) Capital to Adjusted Total Assets ratio of
at least 9% and a Total Risk-Based Capital to Risk-Weighted Assets
ratio of at least 13%, both of which ratios are greater than the
respective 4% and 8% levels for such ratios that are generally
required under OCC regulations.  The Bank's regulatory capital
exceeded both of these higher capital ratios at Dec. 31, 2014, and
2013.


BROADWAY FINANCIAL: Reports $1.3M Net Income in First Quarter
-------------------------------------------------------------
Broadway Financial Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $1.29 million on $3.9 million of total interest
income for the three months ended March 31, 2015, compared to net
income of $989,000 on $3.79 million of total interest income for
the same period in 2014.

As of March 31, 2015, the Company had $354.03 million in total
assets, $315 million in total liabilities and $38.6 million in
total stockholders' equity.

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

                        http://is.gd/Hl5typ

                      About Broadway Financial

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

As of Dec. 31, 2014, Broadway Financial had $351 million in total
assets, $314 million in total liabilities and $37.3 million in
total stockholders' equity.

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

                         Regulatory Matters

As a result of significant deficiencies in the Company's and the
Bank's operations noted in a regulatory examination in early 2010,
the Company and the Bank were declared to be in "troubled
condition" and agreed to the issuance of the cease and desist
orders by the regulatory predecessor of the Office of the
Comptroller of the Currency for the Bank and the Board of Governors
of the Federal Reserve System for the Company effective Sept. 9,
2010, requiring, among other things, that the Company and the Bank
take remedial actions to improve the Bank's loan underwriting and
internal asset review procedures, to reduce the amount of its
non-performing assets and to improve other aspects of the Bank's
business, as well as the Company's management of its business and
the oversight of the Company's business by the Board of Directors.
Effective Oct. 30, 2013, the Order for the Bank was superseded by a
Consent Order entered into by the Bank with the OCC.  As part of
the Consent Order, the Bank is required to attain, and thereafter
maintain, a Tier 1 (Core) Capital to Adjusted Total Assets ratio of
at least 9% and a Total Risk-Based Capital to Risk-Weighted Assets
ratio of at least 13%, both of which ratios are greater than the
respective 4% and 8% levels for such ratios that are generally
required under OCC regulations.  The Bank's regulatory capital
exceeded both of these higher capital ratios at Dec. 31, 2014, and
2013.


BTB CORPORATION: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: BTB Corporation
        Road 165, KM 2.4
        Pueblo Viejo Ward
        Guaynabo, PR 00965

Case No.: 15-03681

Chapter 11 Petition Date: May 17, 2015

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

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  PO BOX 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  Email: alex@fuentes-law.com

Total Assets: $16.5 million

Total Liabilities: $13.2 million

The petition was signed by Samuel Lizardi, interim president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
US Department of Justice                               $3,105,629
350 Carlos Chardon St.
San Juan PR 00918

Asphaltos Trade S.A.                                   $1,895,882
Ave. Manuel Espinosa
Panama Republic of Panama

Global Asphalt Logistics and Trading                   $1,238,514
Sagl Viale Stazione
Bellizona Switzerland

Olein Recovery Corp.                                     $229,054

Juan R. Robles Transport, Corp.                          $204,864

Tropigas De Pr, Inc.                                     $135,812

Super Asphalt Pavement Corporation                       $112,137

Enersys Engineering Corporation                           $90,342

Coliseo De Puerto Rico                                    $62,500

Puerto Rico Wire, Inc.                                    $28,228

Banco Popular, Credit Card                                $27,299

Raymond B. Huddleston                                     $25,528

Blacklidge Emulsions, Inc.                                $25,265

IPFS Corporation                                          $23,132

Tripe-S Salud                                             $16,513

Caribbean Sign Supply                                     $16,084

J.R Insulation Sales & Service                            $15,275

American Petroleum Co., Inc.                              $14,220

Reichard & Escalera                                        $8,000

R/O Rental Equipment, Inc.                                 $7,686


BTB CORPORATION: Files for Chapter 11 with $13MM in Debt
--------------------------------------------------------
BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor filed schedules of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $16,567,214
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $5,940,035
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $7,350,373
                                 -----------      -----------
        TOTAL                    $16,567,214      $13,290,408

A copy of the schedules filed together with the petition is
available for free at:

        http://bankrupt.com/misc/prb15-03681_SAL.pdf

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as counsel.



CHG HEALTHCARE: S&P Retains 'B' Rating on 1st Lien Debt Add-on
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' issue-level
rating on CHG Healthcare Services Inc.'s first-lien debt remains
unchanged following the company's announcement that it plans to
increase the proposed first-lien term loan by $225 million. Earlier
this week, the company announced that it planned to increase the
first-lien term loan by $200 million.  The outstanding pro forma
balance on the first-lien term loan will be $796 million.  The
recovery rating remains '4,' indicating our expectation of average
(30% to 50%, at the high end of the range) recovery in the event of
a payment default.

The company will use proceeds of the incremental debt to retire its
second-lien debt and for a dividend to the sponsors.

S&P's 'B' corporate credit rating and stable outlook on CHG
Healthcare are unchanged.  The rating continues to reflect S&P's
expectation that the company's financial policy will remain
aggressive under financial sponsorship ownership as evidenced by a
history of debt-financed dividends that has taken leverage up to
7x.  The rating also reflects the company's narrow focus in a
highly competitive, and in some areas, highly cyclical health care
staffing business.

RATINGS LIST

CHG Healthcare Services Inc.
Corporate Credit Rating           B/Stable/--
  $810 Mil. First-Lien Term Loan   B
   Recovery Rating                 4H



CHINA TELETECH: WWC Resigns as Accountant
-----------------------------------------
WWC, professional corporation, resigned as China Teletech Holding,
Inc.'s independent registered public accounting firm on May 8,
2015, according to a document filed with the Securities and
Exchange Commission.  

The Company engaged WWC effective Nov. 12, 2014, as its independent
accounting firm to conduct an interim review of its financial
statements for the quarter ended Sep. 30, 2014, and the audit of
its financial statements for the fiscal year ended
Dec. 31, 2014.

Since the commencement of WWC's engagement through WWC's
resignation, WWC did not issue an audit report on the Company's
financial statements containing an adverse opinion or disclaimer of
opinion, nor did WWC issue a report that was qualified or modified
as to uncertainty, audit scope or accounting principles, except in
its report dated April 15, 2015, for the fiscal year ended Dec. 31,
2014, with respect to the Company's ability to continue as a going
concern.  During the Engagement Period, there were no disagreements
between the Company and WWC on any matter of accounting principles
or practices, financial statement disclosure or auditing scope or
procedures, the Company said in the SEC filing.

                        About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City, China.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech reported a net loss of $907,000 on $4.29 million of
sales for the year ended Dec. 31, 2014, compared with a net loss of
$295,000 on $5.03 million of sales for the same period in 2013.

As of Dec. 31, 2014, the Company had $11.8 million in total assets,
$14.6 million in total liabilities and a $2.77 million total
deficit.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.


COCRYSTAL PHARMA: Incurs $16.5 Million Net Loss in First Quarter
----------------------------------------------------------------
Cocrystal Pharma, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $16.5 million on $27,000 of grant revenues for the three months
ended March 31, 2015, compared to a net loss of $372,000 on $0 of
grant revenues for the same period in 2014.

As of March 31, 2015, the Company had $269 million in total assets,
$79.9 million in total liabilities, and $189 million in total
stockholders' equity.

"The Company has no products approved for sale, has not generated
any revenues to date from product sales, and has incurred
significant operating losses since inception.  The Company has
never been profitable and has incurred losses from operations of
$5.8 million and $4.1 million in the years ended December 31, 2014
and 2013, respectively.  Subsequent to December 31, 2014, the
Company received $15,680,000 in a private placement.  The Company
believes that its cash on hand of $17 million as of May 14, 2015,
will be sufficient to allow the Company to fund its current
operating plan for at least the next 12 months.  As the Company
continues to incur losses, achieving profitability is dependent
upon the successful development, approval and commercialization of
its product candidates, and achieving a level of revenues adequate
to support the Company's cost structure.  The Company may never
achieve profitability, and unless and until it does, the Company
will continue to need to raise additional capital.  Management
intends to fund future operations through additional private or
public equity offering and may seek additional capital through
arrangements with strategic partners or from other sources.  There
can be no assurances, however, that additional funding will be
available on terms acceptable to the Company, or at all.  Any
equity financing may be very dilutive to existing shareholders,"
the Company states in the report.

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

                        http://is.gd/FLsRgE

                       About Cocrystal Pharma

Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals,
Inc., is a pharmaceutical company with a mission to discover novel
antiviral therapeutics as treatments for serious and/or chronic
viral diseases.  Cocrystal Pharma employs unique technologies and
Nobel Prize winning expertise to create first- and best-in-class
antiviral drugs.  These technologies and the Company's market-
focused approach to drug discovery are designed to efficiently
deliver small molecule therapeutics that are safe, effective and
convenient to administer.

The Company's primary business going forward is to develop novel
medicines for use in the treatment of human viral diseases.
Cocrystal has been developing novel technologies and approaches to
create first-in-class and best-in-class antiviral drug candidates
since its initial funding in 2008.  Subsequent funding was
provided to Cocrystal Discovery, Inc., by Teva Pharmaceuticals
Industries, Ltd., or Teva, in 2011.  The Company's focus is to
pursue the development and commercialization of broad-spectrum
antiviral drug candidates that will transform the treatment and
prophylaxis of viral diseases in humans.  By concentrating the
Company's research and development efforts on viral replication
inhibitors, the Company plans to leverage its infrastructure and
expertise in these areas.

Biozone incurred a net loss of $19.6 million in 2013, a net loss
of $7.96 million in 2012, and a net loss of $5.45 million in 2011.


COMDISCO HOLDING: Reports Fiscal 2nd Quarter Financial Results
--------------------------------------------------------------
Comdisco Holding Company, Inc., reported financial results for its
fiscal second quarter ended March 31, 2015.  Comdisco emerged from
Chapter 11 bankruptcy proceedings on Aug. 12, 2002.  Under
Comdisco's First Amended Joint Plan of Reorganization, Comdisco was
charged with, and has been, liquidating its assets.  While there
have been no changes either to the Plan, or Comdisco's obligations
under it, Comdisco adopted ASU 2013-07, Liquidation Basis of
Accounting as of Oct. 1, 2014, and accordingly, determined that
liquidation was imminent.  Therefore, effective Oct. 1, 2014,
Comdisco applied the liquidation basis of accounting on a
prospective basis.  The reporting discloses Comdisco's estimate of
the value of the net assets available in liquidation for the Common
Shareholders.  The liquidation basis of accounting requires the
Company to estimate net cash flows from operations and to accrue
all costs associated with implementing and completing the plan of
liquidation and requires management to make estimates that affect
the amounts reported in the consolidated financial statements and
the related notes.

As of the quarter ended March 31, 2015, there was approximately
$37,776,000 in total assets, and approximately $19,456,000 in total
liabilities resulting in net assets in liquidation of approximately
$18,320,000.  The net assets in liquidation as of the quarter ended
March 31, 2015 would result in liquidating distributions of
approximately $4.55 per common share, based on 4,028,951 shares of
common stock outstanding on March 31, 2015.  This estimate of
liquidating distributions includes projections of costs and
expenses to be incurred during the time period estimated to
complete the plan of liquidation.  There is inherent uncertainty
with these estimates, and they could change materially based on the
timing of the completion of all the steps necessary for the
liquidation.  Actual results could differ from these estimates and
may affect net assets in liquidation and actual cash flows.

During the period of Jan. 1, 2015, through March 31, 2015, the
Company's estimated net assets in liquidation decreased by
$9,664,000.  The reasons for the decline in net assets were due to
a dividend payment of approximately $9,450,000 paid on March 12,
2015, and various changes in the estimated liquidation value of
other assets.

As a result of bankruptcy restructuring transactions, the adoption
of fresh-start reporting, multiple asset sales, and the adoption of
liquidation basis of accounting, Comdisco's financial results are
not comparable to those of its predecessor company, Comdisco, Inc.


                        About Comdisco

Comdisco emerged from Chapter 11 bankruptcy proceedings on Aug. 12,
2002.  The purpose of reorganized Comdisco is to sell, collect or
otherwise reduce to money in an orderly manner the remaining assets
of the corporation.  Pursuant to the Plan and restrictions
contained in its certificate of incorporation, Comdisco is
specifically prohibited from engaging in any business activities
inconsistent with its limited business purpose.  Accordingly,
within the next few years, it is anticipated that Comdisco will
have reduced all of its assets to cash and made distributions of
all available cash to holders of its common stock and contingent
distribution rights in the manner and priorities set forth in the
Plan.  At that point, the Company will cease operations.  The
Company filed on Aug. 12, 2004, a Certificate of Dissolution with
the Secretary of State of the State of Delaware to formally
extinguish Comdisco Holding Company, Inc.'s corporate existence
with the State of Delaware except for the purpose of completing the
wind-down contemplated by the Plan.  Under the Plan, Comdisco was
charged with, and has been, liquidating its assets. While there
have been no changes either to the Plan, or Comdisco's obligations
under it, Comdisco adopted ASU 2013-07, Liquidation Basis of
Accounting as of Oct. 1, 2014, and accordingly, determined that
liquidation was imminent.  Therefore, effective Oct. 1, 2014,
Comdisco applied the liquidation basis of accounting on a
prospective basis, and, as such, the results of operations under
liquidation basis of accounting are not comparable to the
historical results under a going concern basis.


CONVATEC HEALTHCARE: Moody's Affirms B2 CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
$1.85 billion senior secured credit facilities by ConvaTec Inc. and
ConvaTec Healthcare E.S.A., the subsidiary companies of ConvaTec
Healthcare A S.a.r.l (collectively "ConvaTec"). At the same time,
Moody's affirmed ConvaTec Healthcare A S.a.r.l's B2 Corporate
Family Rating and B2-PD Probability of Default Rating. The rating
outlook remains negative.

The proceeds of the debt offering will be used to refinance the
company's existing senior secured term loan due 2016 and senior
secured notes due 2017, and to pay related fees and expenses. The
new credit facility will be comprised of a $200 revolving credit
facility (undrawn upon closing) and $1.65 billion term loans
denominated in Euro and USD. The new revolver will replace the
existing $250 million senior secured revolving credit facility that
expires this year.

The affirmation of the B2 CFR assumes timely completion of the
proposed refinancing. Moody's expects operating performance to
stabilize in the coming year despite the company's recently
reported weak operating performance and near-term earnings
headwinds from unfavorable foreign exchange movements. ConvaTec's
diversified business franchise, solid market positions across
business units and recurring nature of some of its revenue base
provide a buffer against operating challenges. Moody's expects
ConvaTec's EBITDA to stabilize over the next 6-12 months amid
foreign exchange headwinds, then gradually improve in 2016, leading
to steady deleveraging over time. The proposed refinancing will
improve the company's debt maturity profile, thus enhancing
liquidity. Moody's notes the company's liquidity is weak absent the
refinancing.

"There is significant downside risk to the rating should operating
performance and the pace of deleveraging deviate from our current
expectations hence we are maintaining the negative outlook,"
commented Moody's senior analyst, John Zhao, a Vice President.
ConvaTec's new management faces many challenges to turn around the
weak operating results in 2014. These challenges stem from product
quality related recalls, inventory write-downs and on-going pricing
pressure due to competition and reimbursement cuts. Moody's also
remains concerned about outstanding or recently-developed
regulatory, legal and compliance issues, ranging from FDA warning
letters and 483 observations, Department of Justice subpoenas,
product liability litigation and internal control deficiencies in
financial reporting. "While it's difficult to assess potential
impact at this juncture, we believe ConvaTec's overall business
risk has increased due to uncertainty related to these events,"
Added Zhao. Should the expected recovery in operating performance
fail to materialize and the company is unable to de-lever in 2015,
or the refinancing does not transpire, Moody's could downgrade the
rating.

Moody's also revised the ratings on ConvaTec's existing senior
secured revolving credit facility and term loan to Ba2 from Ba3 to
reflect the repayment of senior secured debt in the past year,
which has resulted in improved recovery prospects for the remaining
secured debt in a distressed scenario.

Following is a summary of Moody's rating actions: (subject to
Moody's review of final documents)

Issuer: Convatec Healthcare A S.a.r.l

  -- Corporate Family Rating affirmed at B2

  -- Probably of Default Rating affirmed at B2-PD

  -- Rating outlook: negative

Issuer: ConvaTec Healthcare E.S.A.

  -- $200 million senior secured revolver due 2020, rated at Ba2,
     LGD2

  -- Senior unsecured notes due 2018, affirmed at B3, LGD4
     (revised up from LGD5)

  -- $250 million senior secured revolver due 2015, revised to
     Ba2, LGD2 from Ba3, LGD2 (to be withdrawn upon closing)

  -- Senior secured notes due 2017, revised to Ba2, LGD2 from
     Ba3, LGD2 (to be withdrawn upon closing)

Issuer: ConvaTec Inc.

  -- Senior secured term loan due 2020, rated at Ba2, LGD2

  -- Senior secured term loan due 2016, revised to Ba2, LGD2 from
     Ba3, LGD2 (to be withdrawn upon closing)

Issuer: ConvaTec Finance International S.A.

  -- Subordinated PIK notes due 2019, affirmed at Caa1, LGD6

ConvaTec's B2 corporate family rating (CFR) reflects its high
financial leverage, with debt/EBITDA above 7.0x and modest free
cash flow. The rating also incorporates the company's heightened
business risks due to on-going operational challenges as well as
compliance, legal and regulatory issues. While Moody's expects the
company's leverage to decline gradually in the next 12 months,
there is a significant downside risk to earnings and cash flows due
to uncertainty potentially arising from these challenges, thus
hindering the company's ability to de-lever. Moody's is also
mindful of the company's historically aggressive financial policies
that resulted in repeated re-leveraging in recent years, either via
acquisitions or a significant dividend payment.

ConvaTec's B2 rating also reflects Moody's expectation of an
attractive EBITDA margin of around 30% and good liquidity following
the refinancing transaction. The company has a leading position in
non-cyclical, predictable markets and a recurring revenue stream.
It also has a broad product portfolio and track record of product
life-cycle management and innovation, which together with its solid
geographic diversification and limited customer concentration
partially mitigate the company's high leverage.

Moody's could downgrade ConvaTec if debt/EBITDA remains sustainably
above 7.0x. A material adverse event, debt-funded acquisition,
and/or sizeable restructuring costs could also trigger a downgrade.
Also, a weakening of the company's liquidity profile could lead to
a downgrade.

For Moody's to consider a rating upgrade to B1, ConvaTec would need
to (1) deliver sustained deleveraging towards 5.5x debt/EBITDA; (2)
achieve FCF/debt that is trending towards 5%; and (3) establish a
track record of a more conservative financial policy. Resolution of
the FDA warning letters, improvement in compliance and regulatory
practices, and remediation of material weaknesses in internal
control over financial reporting would also support an upgrade.

The principal methodology used in these ratings was Global Medical
Product and Device Industry published in October 2012. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

ConvaTec Healthcare A S.a.r.l. ("ConvaTec") is a leading developer,
manufacturer and marketer of products for ostomy management,
advanced chronic and acute wound care, continence & critical care
(CCC), sterile single-use medical devices for hospitals, and
infusion sets used in diabetes treatment. ConvaTec generated
approximately $1.7 billion of revenues for the 12 months ended
December 31, 2014. ConvaTec is owned by Nordic Capital and Avista
Capital Partners.


CONVATEC HEALTHCARE: S&P Affirms B+ CCR & Rates $1.85MM Loans B+
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on ConvaTec Healthcare B S.a.r.l.  The outlook is
stable.

S&P assigned a 'B+' issue-level rating to its new credit facility,
which consists of approximately $1.65 million term loans
denominated in euro and U.S. dollars, and a $200 million revolver
credit facility.  The recovery rating is '3', indicating
expectations for meaningful (50% to 70%; at the higher end of the
range) recovery in the event of default.

S&P also affirmed the 'B' issue-level rating on its $745 million
U.S.-dollar-denominated senior unsecured notes and EUR250 million
euro-denominated unsecured notes.  The recovery rating is '5',
indicating expectations for modest (10% to 30%; at the lower end of
the range) recovery in the event of default.

In addition, S&P affirmed its 'B-' issue-level rating on the
company's $900 million holdco payment-in-kind (PIK) notes.  The
recovery rating of '6' indicates expectations of negligible (0% to
10%) recovery in the event of default.

"Our rating outlook on ConvaTec is stable, reflecting our
expectation that the company will maintain relatively steady
operating performance and continue to generate healthy levels of
cash flow despite high leverage," said Standard & Poor's credit
analyst Tahira Wright.

Given an already highly leveraged capital structure, S&P believes a
downgrade would occur if the company incurred a material loss in
market share or S&P expects poor operating trends to continue over
a substantial period.  This could result in a downward assessment
of the company's business risk.

S&P considers an upgrade to be unlikely given its significant debt
burden that includes the PECs and PIK holdco notes.  A higher
rating could result from a significant deleveraging of the capital
structure, possibly from an initial public offering.



CORD BLOOD: Cryo-Cell Reports 7.2% Equity Stake as of May 14
------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Cryo-Cell International, Inc. disclosed that as of
May 14, 2015, it beneficially owns 91,916,496 shares of common
stock of Cord Blood America, Inc., which represents 7.23 percent of
the shares outstanding.

Cryo-Cell previously filed a lawsuit in the Pinellas County Court,
Florida, in order to compel Cord Blood to hold an annual meeting of
shareholders for the purpose of electing directors.  On May 8,
2015, Cord Blood filed a Form 8-K with the Securities and Exchange
Commission announcing that it would hold an annual meeting of
shareholders on July 14, 2015, to, amongst other matters, elect
directors.

In the fourth quarter of 2014, Cryo-Cell conducted due diligence on
the Company and was in negotiations at that time with the Company
to engage in a business combination with, or make a capital
investment in, Cord Blood.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/2q7NVq

                       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.


CUMULUS MEDIA: Stockholders Elect 7 Directors to Board
------------------------------------------------------
The 2015 annual meeting of stockholders of Cumulus Media Inc. was
held on May 14, 2015, at which the stockholders elected Lewis W.
Dickey, Jr., Mary G. Berner, Brian Cassidy, Ralph B. Everett,
Alexis Glick, Jeffrey A. Marcus and David M. Tolley as directors.

The stockholders also approved, on an advisory basis, the
compensation of the Company's executive officers and ratified the
appointment of PricewaterhouseCoopers LLP as the Company's
independent registered public accounting firm for 2015.

                        About Cumulus Media

Cumulus Media Inc. (CMLS) combines high-quality local programming
with iconic, nationally syndicated media, sports and entertainment
brands in order to deliver premium choices for listeners, provide
substantial reach for advertisers and create opportunities for
shareholders.  As the largest pure-play radio broadcaster in the
United States, Cumulus provides exclusive content that is fully
distributed through approximately 460 owned-and-operated stations
in 90 U.S. media markets (including eight of the top 10), more
than 10,000 broadcast radio affiliates and numerous digital
channels.  Cumulus is well-positioned in the widening digital
audio space through a significant stake in the Rdio digital music
service, featuring 30 million songs on-demand in addition to
custom playlists and exclusive curated channels.  Cumulus is also
the leading provider of country music and lifestyle content
through its NASH brand, which will serve country fans through
radio programming, NASH magazine, concerts, licensed products and
television/video. For more information, visit www.cumulus.com

Cumulus Media put AR Broadcasting Holdings Inc. and three other
units to Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-13674) in 2011 after struggling to pay off debts that topped
$97 million as of June 30, 2011.

As of March 31, 2015, the Company had $3.71 billion in total
assets, $3.18 billion in total liabilities, and $533 million in
total stockholders' equity.

                         Bankruptcy Warning

"The lenders under the Credit Agreement have taken security
interests in substantially all of our consolidated assets, and we
have pledged the stock of certain of our subsidiaries to secure the
debt under the Credit Agreement.  If the lenders accelerate the
required repayment of borrowings, we may be forced to liquidate
certain assets to repay all or part of such borrowings, and we
cannot assure you that sufficient assets will remain after we have
paid all of the borrowings under such Credit Agreement.  If we were
unable to repay those amounts, the lenders could proceed against
the collateral granted to them to secure that indebtedness and we
could be forced into bankruptcy or liquidation.  Our ability to
liquidate assets could also be affected by the regulatory
restrictions associated with radio stations, including FCC
licensing, which may make the market for these assets less liquid
and increase the chances that these assets would be liquidated at a
significant loss.  Any requirement for us to liquidate assets would
likely have a material adverse effect on our business," the Company
said in its annual report for the year ended Dec. 31, 2014.

                           *     *     *

Standard & Poor's Ratings Services, in September 2014, revised its
rating outlook on Atlanta, Ga.-based Cumulus Media to stable from
positive.  S&P also affirmed its 'B' corporate credit and existing
debt ratings on the company.

As reported by the TCR in April 2013, Moody's Investors Service
downgraded Cumulus Media's Corporate Family Rating to 'B2' from
'B1' and Probability of Default Rating to 'B2-PD' from 'B1-PD'.
The downgrades reflect Moody's view that the pace of debt repayment
and delevering will be slower than expected.  Although EBITDA for
fourth quarter of 2012 reflects growth over the same period in the
prior year, results fell short of Moody's expectations.


DANDRIT BIOTECH: Robert Wolf Quits From Board of Directors
----------------------------------------------------------
The board of directors of DanDrit Biotech USA, Inc., accepted the
amicable resignation of Robert Wolf as director, effective May 10,
2015, according to a document filed with the Securities and
Exchange Commission.  There were no disagreements between Mr. Wolf
and the Company and Mr. Wolf does not serve on any committees of
the Board, the Company said in the filing.

                           About DanDrit

DanDrit Biotech USA, Inc., a biotechnology company, develops
vaccine for the treatment of colorectal cancer primarily in the
United States, Europe, and Asia.  Its lead compound includes
MelCancerVac(MCV), a cellular therapy, which is in a comparative
Phase IIb/III clinical trial for advanced colorectal cancer.  It
also develops MelVaxin that is similar to the lysate component of
MCV for injecting into the skin to promote natural dendritic cell
responses that will attack the tumor expressing cancer/testis
antigens.  The company was founded in 2001 and is headquartered in
Copenhagen, Denmark.

Dandrit Biotech reported a net loss of $2.37 million on $0 of net
sales for the year ended Dec. 31, 2014, compared to a net loss of
$2.14 million on $32,800 of net sales for the year ended Dec. 31,
2013.

As of March 31, 2015, the Company had $3.64 million in total
assets, $971,968 in total liabilities and $2.67 million in total
stockholders' equity.


DAVID'S BRIDAL: Moody's Alters Ratings Outlook to Negative
----------------------------------------------------------
Moody's Investors Service changed David's Bridal, Inc.'s rating
outlook to negative from stable. Concurrently, Moody's affirmed all
of the company's ratings, including the B3 Corporate Family Rating,
B3-PD Probability of Default Rating, B2 senior secured term loan
rating and Caa2 senior unsecured notes rating.

The change in outlook to negative reflects David Bridal's weak
operating performance and risk that the company may not be able to
demonstrate sufficient growth to delever and position itself to
refinance debt maturities without principal impairment.
Management-reported adjusted EBITDA declined by 19% in calendar
2014 following a 5% decline in 2013, as a result of missteps with
its promotional messages, catch-up investment in ecommerce, and
continued weak demand from lower end customers. Moody's projects
moderate EBITDA growth and breakeven to positive free cash flow
generation in the near term, supported by strong positive momentum
in Q1 2016. However, the company will need to sustain a meaningful
operational turnaround to diminish refinancing risk.

Moody's took the following rating actions on David's Bridal, Inc.:

Ratings affirmed:

  -- Corporate Family Rating, at B3

  -- Probability of Default Rating, at B3-PD

  -- $497 million ($520 million face value) Senior Secured Bank
     Credit Facility due 2019, at B2(LGD3)

  -- $270 million Senior Unsecured Regular Bond due 2020, at
     Caa2(LGD5)

  -- Outlook, Changed To Negative From Stable

The B3 Corporate Family Rating reflects the company's highly
leveraged capital structure with debt/EBITDA of low-8 times as of
April 4, 2015 and EBITDA/interest expense of low-1 time. The
ratings also reflect the company's modest scale, and limited
product diversity as a specialty retailer in a niche industry.
Earnings have deteriorated since the 2012 leveraged buy-out as a
result of both marriage delays among David's Bridal core
lower-income customers purchasing under $600 bridal gowns, the
company's challenges in also catering to more affluent consumers,
and catch-up digital investment. In light of the high leverage and
uncertainty regarding the company's ability to turn around its
operating performance on a sustained basis, the company is weakly
positioned in the B3 rating category. However, the rating derives
key support from David's Bridal's good liquidity, including lack of
maturities until the 2017 asset-based revolver expiration,
break-even to positive annual free cash flow, sufficient
availability under the $125 million revolver and springing
covenant-only debt structure. In addition, the rating is supported
by the company's well-recognized banner and broad product selection
and competitive prices as these characteristics give David's Bridal
a credible market position in the highly fragmented bridal sector.
The bridal niche is somewhat recession-resistant, though not immune
to the negative impact of high unemployment on consumer demand. The
business is also subject to limited fashion risk, although earnings
are vulnerable to changing consumer preferences including accessory
conversion rates.

The negative rating outlook reflects the risk that David Bridal's
earnings may not sufficiently improve in the near term to put the
company on track towards a sustainable capital structure when its
maturities approach. The outlook could revert back to stable if
David's Bridal extends its revolver maturity such that it does not
face maturities before 2019. A stable outlook would also require
positive free cash flow generation and sustained earnings growth.

The ratings could be downgraded if liquidity were to deteriorate
for any reason, including weak or negative free cash flow or
failure to proactively address its ABL maturity such that it does
not face maturities before 2019. The ratings could also be
downgraded if operating performance does not meaningfully improve
in the next 12-18 months such that the risk of a discounted debt
repurchases or other distressed exchange increases.

In view of the company's weak position in the B3 rating category, a
ratings upgrade is unlikely in the near term. The ratings could be
upgraded if the company exhibits a commitment towards lower
leverage, including by reducing outstanding debt, such that
debt/EBITDA is maintained below 6 times and EBITA/interest expense
is sustained above 1.75 times.

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

David's Bridal, Inc., headquartered in Conshohocken, PA, is a
bridal retailer with 313 stores throughout the U.S., 11 in Canada,
1 in Puerto Rico and 1 in the UK. The company sells both
value-oriented wedding gowns at under $800 and higher price point
gowns up to $2,000, as well as other wedding- and special-occasions
apparel and accessories. Revenues for the twelve months ended April
4, 2015 were approximately $766 million. The company has been
controlled by Clayton, Dubilier & Rice, LLC (75%) and Leonard Green
& Partners, L.P. (25%) since the October 2012 buyout from Leonard
Green & Partners, L.P.


DIA-DEN LTD: Wants Claims Bar Date Shortened to June 8
------------------------------------------------------
Dia-Den Ltd. filed with the U.S. Bankruptcy Court for the Southern
District of Texas a motion to reduce the time for filing proofs of
claim for non-governmental entities to June 8, 2015.  The Debtor
has already filed its Plan and Disclosure Statement together with
the bankruptcy petition.  The Debtor seeks to proceed through
Chapter 11 on an expedited basis.  

T. Josh Judd, Esq., at Hoover Slovacek LLP, explains that because
the Debtor's property is stable and income and expenses remain
fairly predictable, the Debtor does not require an extended amount
of time to reorganize its business.  In addition, upon information
and belief, Wells Fargo may seek imposition of default interest
rate from the Petition Date until the Effective Date of the Plan.
The Debtor disputes that the factual circumstances in this case
would justify the imposition of the default rate (which is
discretionary).  Regardless, to avoid a protracted dispute, the
Debtor seeks to proceed through the Chapter 11 bankruptcy process
on an expedited basis.

The Debtor filed its Plan and Disclosure Statement on the Petition
Date and are prepared to proceed to Plan confirmation no later than
June 30, 2015.  The Debtor needs to fully understand the nature and
amount of claims against the Debtor (including whether Wells Fargo
has redeemed or purchased the Series 2007 Bonds) in order to
proceed with plan confirmation and in order to make additional (if
necessary) appropriate disclosures related to such a plan and the
treatment of creditor claims thereunder.

Additionally, other parties-in-interest require time to evaluate
the claims against the Debtor's estate prior to confirmation in
order to determine whether or not to support the plan. Shortening
the bar date to June 8, 2015 (for non-governmental entities), would
allow ample time for all the parties involved in this chapter 11
case to make analyze claims while also providing sufficient time
for creditors to prepare their proofs of claim, Mr. Judd tells the
Court.

                        About Dia-Den Ltd.

Dia-Den Ltd. is a Texas limited partnership with its principal
place of business in Harris County, Texas.  Dia-Den owns and leases
to single tenant the industrial complex located at 24310 State
Highway 249, Tomball, Texas 77375.

Dia-Den Ltd. sought Chapter 11 bankruptcy protection (Bankr. S.D.
Tex. Case No. 15-32626) in Houston, Texas, on May 8, 2015.  The
case is assigned to Judge Jeff Bohm.

The Debtor tapped Hoover Slovacek, LLP, as counsel.

The Debtor disclosed $12 million in assets and $8.09 million in
liabilities in its schedules.


DILLARD'S INC: Fitch Affirms 'BB' Rating on Capital Securities
--------------------------------------------------------------
Fitch Ratings has assigned a 'BBB-' rating to Dillard's Inc.'s new
$1 billion senior unsecured revolving credit facility due to mature
on May 13, 2020.  This replaces its previous $1 billion senior
secured revolving credit facility due July 2018.  Fitch currently
rates Dillard's Long-term Issuer Default Rating (IDR) 'BBB-'.  As
of Jan. 31, 2015, Dillard's had $815 million of debt outstanding.

The revolver contains financial covenants which include minimum
fixed-charge coverage (EBITDAR over rent and interest expense) of
at least 2.5x and maximum leverage (total debt-to-EBITDA) of 4.0x.
Dillard's fixed charge coverage was 9.6x and leverage ratio 1.0x at
the end of 2014 based on covenant calculations.

The new revolving credit facility is unconditionally guaranteed,
jointly and severally, on a senior unsecured basis, by all of the
company's U.S. subsidiaries, except the unrestricted and excluded
subsidiaries as defined by the credit agreement, a structural
enhancement relative to its existing unsecured debt.  Other key
covenants include:

   -- Negative pledge on inventory;

Total indebtedness subject to pro forma leverage of 4.0x with the
ability to:

   -- Issue secured debt (or 'Priority Debt") backed by real
      estate at its operating subsidiaries (including debt at
      Dillard's Properties, Inc.) subject to the greater of $2
      billion and Priority Debt/consolidated EBITDA ratio of 2.5x;


   -- Issue general financing on capital expenditures not to
      exceed $100 million in each fiscal year;

   -- Provide liens on purchase money and capital leases not to
      exceed $100 million in each fiscal year;

   -- Sales of assets to include (a) sales of inventory in the
      ordinary course of business and (b) other dispositions in an

      aggregate amount not to exceed 50% of the book value of the
      consolidated total assets of the borrower and its
      subsidiaries;

   -- Other usual and customary covenants for an investment grade
      profile.

KEY RATING DRIVERS

The ratings reflect Dillard's positive comparable store sales
(comps) trends over the past five years, which have exceeded the
industry average for most of this time frame, and an EBITDA margin
that has stabilized in the 12% range over the last two years.
Dillard's has significantly narrowed the gap with the strong
operators that have EBITDA margins in the 13%-14% range.  Fitch
expects Dillard's to generate comps growth of around 1%-2% over the
next 24 months and EBITDA margin to remain flat-to-modestly
higher.

While Dillard's credit metrics are strong for the 'BBB-' rating
category with adjusted debt/EBITDAR currently at 1.1x, the ratings
continue to incorporate Dillard's below industry-average sales
productivity (as measured by sales per square foot) and operating
profitability and geographical concentration relative to its higher
rated investment-grade department store peers.  Fitch expects
Dillard's will continue to maintain or modestly grow its market
share of the overall apparel and accessories category in the near-
to intermediate-term, although long-term secular trends in the
department store space remain negative and the decline in mall
traffic has accelerated.  Fitch expects Dillard's leverage to
remain in the low-1x range over the next three years.

Dillard's is the sixth largest department store chain in the U.S.
in terms of sales, with retail revenue of $6.5 billion on 274
stores and 23 clearance centers in 29 states concentrated in the
southeast, central and southwestern U.S.  Dillard's comps have
continued their positive trajectory since 2010, although growth
moderated since 2013 to 1% versus the 3%-4% range between 2010 and
2012.  Dillard's has experienced positive comp growth by improving
its merchandise assortment towards more upscale brands, better
in-store execution, and strong inventory control.

The company continues to focus on closing underperforming stores,
closing a net 29 units or approximately 10% of its square footage
since the end of 2007.  However, Dillard's annual sales per square
foot at approximately $130 is significantly lower than other
well-operated mid-tier department store peers, which are in the
$180-$200 range (based on gross square footage) and could constrain
further improvement in EBITDA margin.

From a store investment perspective, capex is expected to
moderately increase to around $160 million in 2015, from $152
million in 2014, versus an average of roughly $110 million in 2010
- 2013, to support increasing investments in store updates (in the
higher sales generating or more productive areas of the store),
online growth initiatives and some modest new store openings
expected in 2015/2016.

Liquidity remains strong, supported by a cash balance of $404
million as of Jan. 31, 2015, and $904 million available under its
$1 billion credit facility, net of letters of credit outstanding.
The company generated approximately $450 million in free cash flow
(FCF; before special dividends) in 2014, the highest level since
2009, reflecting EBITDA growth and some working capital benefit.
FCF generation has been approximately $400 million on average over
the last five years, and Fitch expects Dillard's to maintain this
level going forward, assuming modest working capital uses and a
modest increase in capex.  Given no debt maturities until early
2018, Fitch expects Dillard's will direct excess cash flow toward
share buybacks and/or increased dividends including any one-time
special dividends.

The new $1 billion senior unsecured credit facility, which is due
to mature in May 2020 and the $615 million of senior unsecured
notes are rated at par with the IDR at 'BBB-', while the $200
million in capital securities due 2038 are rated two notches below
the IDR reflecting their structural subordination.  Fitch notes
that Dillard's owns 88% of its retail square footage, which is
unencumbered.

KEY ASSUMPTIONS

   -- Comps growth in the 1%-2% range over the next 24 months and
      EBITDA margin to remain flat-to-modestly higher;

   -- Leverage to remain in the low-1x range;

   -- FCF of approximately $400 million annually, which Fitch
      expects will be directed toward share buybacks and/or
      increased dividends including any one-time special
      dividends.

RATING SENSITIVITIES

A positive rating action could result in the event that Dillard's
continues to generate above-industry-average comparable store gains
and EBITDA margin improves to the 13% - 14% range.

A negative rating action could result in the event of a return to
negative sales trends and/or a more aggressive financial posture,
leading to an increase in leverage ratio of more than 2.5x and/or
reduced financial flexibility.

Fitch has assigned these rating:

   -- $1 billion revolving credit facility 'BBB-'.

Fitch currently rates Dillard's as:

   -- Long-term IDR at 'BBB-';
   -- Senior unsecured notes at 'BBB-';
   -- Capital securities at 'BB'.

The Rating Outlook is Stable.



DOLPHIN DIGITAL: Incurs $1.05 Million Net Loss in First Quarter
---------------------------------------------------------------
Dolphin Digital Media Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.05 million on $3,750 of total revenues for the three months
ended March 31, 2015, compared to a net loss of $459,000 on
$503,000 of total revenues for the same period in 2014.

As of March 31, 2015, the Company had $2.48 million in total
assets, $12.3 million in total liabilities, all current, and a
$9.84 million total stockholders' deficit.

As of March 31, 2015, and March 31, 2014, the Company had cash of
approximately $0.3 million and approximately $0.8 million,
respectively, and a working capital deficit of approximately $11.9
million and approximately $8.2 million, respectively.

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

                       http://is.gd/kij3D5

                      About Dolphin Digital

Coral Gables, Florida-based Dolphin Digital Media, Inc., is
dedicated to the twin causes of online safety for children and
high quality digital entertainment.  By creating and managing
child-friendly social networking websites utilizing state-of the-
art fingerprint identification technology, Dolphin Digital Media,
Inc. has taken an industry-leading position with respect to
internet safety, as well as digital entertainment.

Dolphin Digital reported a net loss of $1.87 million on $2.07
million of total revenue for the year ended Dec. 31, 2014, compared
to a net loss of $2.46 million on $2.29 million of total revenue
for the year ended Dec. 31, 2013.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations, and
does not have sufficient working capital.  These events raise
substantial doubt about the Company's ability to continue as a
going concern.


DR TATTOFF: Delays Q1 Form 10-Q Due to Staffing Issues
------------------------------------------------------
Dr. Tattoff, Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
March 31, 2015.   The Company said the Form 10-Q could not be filed
within the prescribed time period because of issues with the
staffing of the Company's finance department and the need to
collect certain information that would make the report on the Form
10-Q complete which could not be done in a timely manner.

                          About Dr. Tattoff

Beverly Hills, Calif.-based Dr. Tattoff, Inc., currently operates
or provides management services to five laser tattoo and hair
removal clinics located in Texas and California, all of which
operate under the Company's registered trademark "Dr. Tattoff."

Dr. Tattoff reported a net loss of $6.58 million on $4.31 million
of revenues for the year ended Dec. 31, 2014, compared with a net
loss of $4.3 million on $3.65 million of revenues for the same
period a year ago.

As of Dec. 31, 2014, the Company had $2.25 million in total assets,
$12.1 million in total liabilities and a $9.86 million total
shareholders' deficit.

SingerLewak LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's current
liabilities exceeded its current assets by approximately $6.49
million, has a shareholders' deficit of $9.86 million, has
suffered recurring losses and negative cash flows from operations,
and has an accumulated deficit of approximately $18.3 million at
Dec. 31, 2014.  This raises substantial doubt about the Company's
ability to continue as a going concern, according to the regulatory
filing.


DUER WAGNER III OIL: Case Summary & Largest Unsecured Creditors
---------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                        Case No.
      ------                                        --------
      Duer Wagner III Oil & Gas, LP                 15-41961
      301 Commerce Street, Suite 1830
      Fort Worth, TX 76102

      Duer Wagner III & Partners, LLC               15-41962      

      301 Commerce Street, Suite 1830
      Fort Worth, tx 76102

      Duer Wagner III, Inc.                         15-41963
      301 Commerce Street, Suite 1830
      Fort Worth, TX 76102

      Duer Wagner III Energy, LLC                   15-41964

      Norton Oil & Gas, LP                          15-41966

      Jeffcoat, LP                                  15-41967
    
      Lett Oil & Gas, LP                            15-41968

      Woodson Oil & Gas, LP                         15-41969

      Modano Oil & Gas, LP                          15-41970

      Teixeira Oil & Gas, LP                        15-41971

      Nowitzki Oil & Gas, LP                        15-41972

      Bodine Oil & Gas, LP                          15-41973
      301 Commerce Street, Suite 1830  
      Fort Worth, TX 76102
   
Chapter 11 Petition Date: May 15, 2015

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

Judge: Hon. Russell F. Nelms [15-41961, 15-41963 and 15-41973]
       Hon. D. Michael Lynn [15-41962]
      
Debtors' Counsel: Joshua N. Eppich, Esq.
                  SHANNON, GRACEY, RATLIFF & MILLER, LLP
                  1301 McKinney, Suite 2900
                  Houston, TX 77010
                  Tel: (713) 255-4700
                  Fax: (713) 655-1597
                  Email: jeppich@shannongracey.com

                    - and -

                  Hunter Brandon Jones, Esq.
                  John Y. Bonds, III, Esq.
                  SHANNON, GRACEY, RATLIFF & MILLER, LLP
                  420 Commerce Street Ste 500
                  Fort Worth, TX 76102
                  Tel: (817) 877-8165
                  Fax: (817) 336-3735
                  Email: bjones@shannongracey.com                  
                                          
                         jbonds@shannongracey.com

                                        Estimated     Estimated
                                          Assets     Liabilities
                                      ------------  -------------
Duer Wagner III Oil & Gas, LP         $1MM-$10MM    $100MM-$500MM
Duer Wagner III & Partners            $0-$50K       $100MM-$500MM
Duer Wagner III, Inc.                 $100K-$500K   $100MM-$500MM
Bodine Oil & Gas, LP                  $1MM-$10MM    $100MM-$500MM

The petition was signed by Roy E. Guinnup, manager of Duer Wagner
III & Partners, LLC, the general partner.

A list of Duer Wagner III Oil's three largest unsecured creditors
is available for free at http://bankrupt.com/misc/txnb15-41961.pdf

A list Duer Wagner III, Inc.'s 17 largest unsecured creditors is
available for free at http://bankrupt.com/misc/txnb15-41963.pdf


EAST SAILE: Case Summary & 2 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: East Saile Properties, LLC
        4736 East Saile Drive
        Batavia, NY 14020

Case No.: 15-11050

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: May 15, 2015

Court: United States Bankruptcy Court
       Western District of New York (Buffalo)

Judge: Hon. Michael J. Kaplan

Debtor's Counsel: David H. Ealy, Esq.
                  TREVETT, CRISTO, SALZER & ANDOLINA P.C.
                  2 State Street, Suite 1000
                  Rochester, NY 14614
                  Tel: (585) 454-2181
                  Fax: (585) 454-4026
                  Email: dealy@trevettlaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nash A. Dsylva, sole member.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/nywb15-11050.pdf


ECO BUILDING: Needs More Time to File Q1 For 10-Q
-------------------------------------------------
Eco Building Products Inc. said it was unable, without unreasonable
effort or expense, to file its quarterly report on Form 10-Q for
the period ended March 31, 2015, by the filing date applicable to
smaller reporting companies due to a delay experienced by the
Company in completing its financial statements and other
disclosures in the Quarterly Report.  

According to the Company, it is still in the process of compiling
required information to complete the Quarterly Report and its
independent registered public accounting firm requires additional
time to complete its review of the financial statements for the
period ended March 31, 2015, to be incorporated in the Quarterly
Report.

The Company anticipates that it will file the Quarterly Report no
later than the 15th calendar day following the prescribed filing
date.

                         About Eco Building

Vista, Calif.-based Eco Building Products is a manufacturer of
proprietary wood products treated with an eco-friendly proprietary
chemistry that protects against mold, rot, decay, termites and
fire.

The Company reported a net income of $532,000 on $876,000 of total
revenue for the three months ended Sept. 30, 2014, compared with a
net loss of $1.87 million on $408,328 of total revenue for the same
period a year ago.

As of Sept. 30, 2014, the Company had $1.74 million in total
assets, $24.03 million in total liabilities and a $22.3 million
total stockholders' deficit.


ECOSPHERE TECHNOLOGIES: Obtains $250,000 Loan From Brisben Water
----------------------------------------------------------------
Ecosphere Technologies, Inc., received a loan of $250,000 from
Brisben Water Solutions, LLC, on May 8, 2015, according to a Form
8-K filed with the Securities and Exchange Commission.

In connection with this loan, the Company delivered to Brisben
Water a 10% secured convertible promissory note due Sept. 12, 2015,
and convertible at $0.115 per share.  Additionally, the Company
issued the Lender a warrant to purchase 4,347,826 shares of the
Company's common stock exercisable at $0.115 per share.  

The Note is secured by first liens on the Company's Ecos GrowCubeO
unit, the Company's patent pertaining to the Company's technology
related to treating the waters of Lake Okeechobee, and a patent
pending on the Company's Ecos GrowCubeO unit.  In addition, the
Note is secured by collateral the Lender previously had on other
notes evidencing prior loans totaling $1,500,000, consisting of the
Ecos PowerCube unit and the right to proceeds from any sale of the
Company's interest in Fidelity National Environmental Solutions,
LLC.  In the event of any sale of the Collateral upon a default
under the Note or any of the Company's prior notes held by the
Lender, which are also secured by the Collateral, the Company would
be entitled to any proceeds remaining after satisfaction of any
amounts outstanding under the Note, the prior notes held by the
Lender, and related costs.  

                    About Ecosphere Technologies

Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) --
http://www.ecospheretech.com/-- is a water engineering,       
technology licensing and environmental services company that
designs, develops and manufactures wastewater treatment solutions
for industrial markets.  Ecosphere, through its majority-owned
subsidiary Ecosphere Energy Services, LLC, provides energy
exploration companies with an onsite, chemical free method to kill
bacteria and reduce scaling during fracturing and flowback
operations.

Ecosphere reported a net loss of $11.5 million on $1.11 million of
total revenues for the year ended Dec. 31, 2014, compared with net
income of $19.2 million on $6.71 million of total revenues for the
year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $15.05 million in total
assets, $3.82 million in total liabilities, $3.8 million in total
redeemable convertible cumulative preferred stock, and $7.42
million in total equity.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company reported a
net loss of $11.5 million in 2014, and cash used in operating
activities of $4.55 million and $10.3 million in 2014 and 2013,
respectively.  At Dec. 31, 2014, the Company had a working capital
deficiency, and accumulated deficit of $2.86 million, and $109
million, respectively.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.


ENDEAVOUR INT'L: Proposes Aug. 11 Auction of Assets
---------------------------------------------------
Endeavour Operating Corporation, et al., seek authority from the
U.S. Bankruptcy Court for the District of Delaware to sell
substantially all of their U.S. assets and implement procedures
governing the auction and sale of the assets.

The Debtors' counsel, Zachary I. Shapiro, Esq., at Richards, Layton
& Finger, P.A., in Wilmington, Delaware tells the Court that after
evaluating different courses of action, the Debtors have determined
in their business judgment that a timely sale of all or part of the
Assets is in the best interests of the Debtors, their estates and
creditors, and all parties in interest under the circumstances.

A protracted Chapter 11 case could, among other things, permanently
deplete the value of the Debtors' estates, while the Sale
Transaction will preserve and protect the value of the Assets with
the ultimate goal of maximizing the benefit to the Debtors' estates
and their stakeholders, Mr. Shapiro adds.

In furtherance of the same goal, certain non-Debtor affiliates are
exploring restructuring alternatives, including preparing for the
commencement of a separate marketing process in the U.K. for the
sale of substantially all of their U.K.-based oil and gas assets.

The proposed bid procedures establishes the following timeline:

   Deadline to Serve Sale Notice and
   Notice of Assumption and Assignment    -- May 22, 2015
   Sale Notice Publication Deadline       -- June 10, 2015
   Assumption and Assignment Objection
   Deadline                               -- June 10, 2014
   Stalking Horse Bid Deadline            -- June 22, 2015

   Stalking Horse Designation Deadline    -- July 8, 2015
   Stalking Horse Objection Deadline      -- July 14, 2015
   Stalking Horse Reply Deadline          -- July 17, 2015
   Stalking Horse Hearing                 -- July 21, 2015
   Stalking Horse Defect Notice Deadline  -- August 3, 2015
   Bid Deadline                           -- August 4, 2015
   Deadline to Notify Qualified Bidders   -- August 7, 2015
   Auction                                -- August 11, 2015
   Deadline to Publish Auction Results    -- August 14, 2015
   Sale Objection Deadline                -- August 18, 2015
   Sale Reply Deadline                    -- August 24, 2015
   Sale Hearing                           -- August 25, 2015

The Bid Procedures Hearing is scheduled for May 20, 2015, at 3:00
p.m.

The ad hoc committee of certain holders of the 12% Priority Notes
due 2018 filed a statement and reservation of rights, saying that
while the Ad Hoc Committee does not oppose the approval of the Bid
Procedures in order to market the Assets and receive bids, it is
not apparent at this time that a Sale Transaction would be a value
maximizing transaction for the Debtor's estates.  This process
might ultimately not be in the best interests of the creditors of
such estates, the Ad Hoc Committee argues.

Daniel B. Butz, Esq., at Morris, Nichols, Arsht & Tunnel LLP, in
Wilmington, Delaware, the Ad Hoc Committee's counsel, asserts that
the panel's concerns with respect to the sale process arise, in
part, from the improving commodity pricing environment that the
Debtors and the oil and gas industry have experienced over recent
months.  In addition, the price of West Texas Intermediate crude
oil and Henry Hub natural gas have shown signs of improvement
recently, Mr. Butz tells the Court.  Thus, it is not at this time
clear to the Ad Hoc Committee that a sale of the Assets will be the
optimal path forward compared to other restructuring alternatives
for the Debtors, Mr. Butz asserts.

The Debtors are represented by:

         Mark D. Collins, Esq.
         Zachary I. Shapiro, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         One Rodney Square
         920 North King Street
         Wilmington, DE 19801
         Tel: (302) 651-7700
         Fax: (302) 651-7701
         Email: collins@rlf.com
                shapiro@rlf.com

            -- and --

         Gary T. Holtzer, Esq.
         Stephen A. Youngman, Esq.
         WEIL, GOTSHAL & MANGES LLP
         767 Fifth Avenue
         New York, NY 10153
         Tel: (212) 310-8000
         Fax: (212) 310-8007
         Email: gary.holtzer@weil.com
                stephen.youngman@weil.com

The Ad Hoc Committee of Noteholders is represented by:

         Robert J. Dehney, Esq.
         Daniel B. Butz, Esq.
         MORRIS, NICHOLS, ARSHT & TUNNELL LLP
         1201 North Market Street
         Wilmington, DE 19801
         Tel: (302) 658-9200
         Fax: (302) 658-3989
         Email: rdehney@mnat.com
                dbutz@mnat.com

            -- and --

         Dennis F. Dunne, Esq.
         Matthew S. Barr, Esq.
         Michael E. Comerford, Esq.
         MILBANK, TWEED, HADLEY & McCLOY LLP
         1 Chase Manhattan Plaza
         New York, NY 10005
         Tel: (212) 530-5000
         Email: ddunne@milbank.com
                mbarr@milbank.com
                mcomerford@milbank.com

                   About Endeavour International

Houston, Texas-based Endeavour International Corporation (OTC:
ENDRQ) (LSE: ENDV) is an oil and gas exploration and production
company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the United States.

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
series c convertible preferred stock, and a $41.5 million
stockholders' deficit.

Endeavour Operating Corporation, in its schedules, disclosed
$808,358,297 in assets and $1,242,480,297 in liabilities as of the
Chapter 11 filing.

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.

The U.S. Trustee for Region 3 has appointed three members to the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Endeavour Operating Corporation and its debtor affiliates.  The
Committee is represented by David M. Bennett, Esq., Cassandra
Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson
& Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq.,
and Evan T. Miller, Esq., at Bayard, P.A.  Alvarez & Marsal North
America, LLC, serves as financial advisors to the Committee, while
UpShot Services LLC serves as website administrator.

                        *     *     *

U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22,
2014, approved the disclosure statement explaining Endeavour
Operating Corporation, et al.'s joint plan of reorganization.

The Amended Plan, dated Dec. 19, 2014, provides that it is
supported by creditors who collectively hold 82.99% of the March
2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims
(Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5),
and 69.08% of the Convertible Notes Claims (Class 6).  The Amended
Plan also provides that holders of general unsecured claims will
recover an estimated 15% of the total claims amount, which is
estimated to be $6,000,000.

The hearing to consider confirmation of the Amended Joint Plan of
Reorganization, dated Dec. 23, 2014, of Endeavour Operating
Corporation and its affiliated debtors, including Endeavour
International Corporation, has been adjourned to a date to be
determined.

On April 29, 2015, the Debtor announced that, as a result of
recent
declines in oil and gas prices, the Company withdrew the proposed
Plan.


EPAZZ INC: Needs More Time to File Q1 Form 10-Q
-----------------------------------------------
Epazz, Inc., filed with the U.S. Securities and Exchange Commission
a Notification of Late Filing on Form 12b-25 with respect to its
quarterly report on Form 10-Q for the quarter ended March 31, 2015.
The Company said it was unable to file the subject report in a
timely manner because it was not able to complete timely its
financial statements without unreasonable effort or expense.

                          About EPAZZ Inc.

Chicago, Ill.-based EPAZZ, Inc., was incorporated in the State of
Illinois on March 23, 2000, to create software to help college
students organize their college information and resources.  The
idea behind the Company was that if the information and resources
provided by colleges and universities was better organized and
targeted toward each individual, the students would encounter a
personal experience with the college or university that could lead
to a lifetime relationship with the institution.  This concept is
already used by business software designed to retain relationships
with clients, employees, vendors and partners.

Epazz reported a net loss of $3.37 million on $750,100 of revenue
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.90 million on $1.19 million of revenue for the year ended
Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $2.38 million in total
assets, $4.29 million in total liabilities and a $1.91 million
total stockholders' deficit.

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has an accumulated deficit of $7.50 million and a
working capital deficit of $1.28 million, which raises substantial
doubt about its ability to continue as a going concern.

                        Bankruptcy Warning

The Company said in the 2013 Annual Report that it will need to
raise additional funds to continue to operate as a going concern.

"We cannot be certain that any such financing will be available on
acceptable terms, or at all, and our failure to raise capital when
needed could limit our ability to continue and expand our
business.  We intend to overcome the circumstances that impact our
ability to remain a going concern through a combination of the
commencement of additional revenues, of which there can be no
assurance, with interim cash flow deficiencies being addressed
through additional equity and debt financing.  Our ability to
obtain additional funding for the remainder of the 2014 year and
thereafter will determine our ability to continue as a going
concern.  There can be no assurances that these plans for
additional financing will be successful.  Failure to secure
additional financing in a timely manner to repay our obligations
and supply us sufficient funds to continue our business operations
and on favorable terms if and when needed in the future could have
a material adverse effect on our financial performance, results of
operations and stock price and require us to implement cost
reduction initiatives and curtail operations.  Furthermore,
additional equity financing may be dilutive to the holders of our
common stock, and debt financing, if available, may involve
restrictive covenants, and strategic relationships, if necessary
to raise additional funds, and may require that we relinquish
valuable rights.  In the event that we are unable to repay our
current and long-term obligations as they come due, we could be
forced to curtail or abandon our business operations, and/or file
for bankruptcy protection; the result of which would likely be
that our securities would decline in value and/or become
worthless."


ESCO MARINE: Taps AP Services to Handle Reorganization
------------------------------------------------------
Steve Clark at Valley Morning Star reports that ESCO Marine, Inc.,
hired AP Services LLC, a crisis management firm that handled
General Motor's massive restructuring after the auto maker filed
for bankruptcy in 2009.

According to the Company's motion filed with the U.S. Bankruptcy
Court for the Southern District of Texas on April 29, 2015, sought
the Bankruptcy Court's approval to hire AP Services and to
designate a chief restructuring officer.

The Company, in a motion filed with the Bankruptcy Court on April
23, 2015, sought authorization to obtain debtor-in-possession
financing.

                        About ESCO Marine

ESCO Marine, Inc., and four affiliates sought Chapter 11 bankruptcy
protection in Corpus Christi, Texas (Bankr. S.D. Tex.) on March 7,
2015.

ESCO Marine disclosed $28.8 million in assets and $35.5 million in
debt as of Jan. 31, 2015.

The cases are assigned to Judge Richard S. Schmidt.  The Debtors
filed an emergency motion seeking joint administration of their
Chapter 11 cases, requesting to designate as the "main case" the
proceedings of ESCO Marine, Inc., Case No. 15-20107.

ESCO Metals, LLC, ESCO Shredding, LLC, Texas Best Recycling, LLC,
and Texas Best Equipment LLC are affiliates of ESCO Marine.  ESCO
Marine is the operating parent company.

The Debtors have tapped Roderick Glen Ayers, Jr., Esq., at Langley
Banack Inc., in San Antonio, as counsel.


ESP RESOURCES: Delays First Quarter Form 10-Q
---------------------------------------------
ESP Resources, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
March 31, 2015.

"The compilation, dissemination and review of the information
required to be presented in the Form 10-Q for the period ending
March 31, 2015 could not be completed and filed by the prescribed
due date without undue hardship and expense to the registrant.  The
registrant anticipates it will file such report no later than five
days after its original prescribed due date," the Company states in
the regulatory filing.

                        About ESP Resources

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

ESP Resources reported a net loss of $2.06 million on $11.91
million of net sales for the year ended Dec. 31, 2014, compared to
a net loss of $5.23 million on $10.59 million of net sales in
2013.

As of Dec. 31, 2014, the Company had $5.78 million in total assets,
$10.3 million in total liabilities, and a $4.53 million total
stockholders' deficit.

Turner, Stone & Company, LLP, in Dallas, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
net losses through Dec. 31, 2014, and has a working capital deficit
as of Dec. 31, 2014.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


ETRADE FINANCIAL: S&P Puts 'BB-' ICR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'BB-' issuer
credit and senior unsecured debt ratings on E*TRADE Financial Corp.
(E*Trade) on CreditWatch with positive implications.  At the same
time, S&P placed its 'BB+/B' long- and short-term issuer credit
ratings on E*TRADE Bank on CreditWatch positive.

"We placed the ratings on CreditWatch positive to reflect further
easing of regulatory restrictions on the firm, including the recent
lifting of E*TRADE Bank's MOU with its regulator, the Office of the
Comptroller of the Currency," said Standard & Poor's credit analyst
Bob Hoban.  "We believe the lifting of the MOU is an important
milestone in E*Trade's recovery and efforts to normalize its
regulatory status, but the firm remains under material regulatory
restrictions."  These include restrictions on capital and
liquidity, which constrain the rating, including regulatory
approval required for all dividends from E*TRADE Bank, and the need
to maintain a 9% Tier I ratio at the bank.

To resolve the CreditWatch, S&P will meet with management and
assess the firm's capital and liquidity plans and regulatory
developments.  S&P anticipates that material improvement in the
regulatory restrictions will likely lead S&P to upgrade E*Trade by
at least one notch given that its liquidity coverage metric is
currently a strong 430%.  However, any upgrade will be driven by
S&P's view of the sustainability of risk-adjusted capital (RAC) and
liquidity adequacy over the next year and a half given S&P's
expectation of rising credit costs from home equity line of credit
(HELOC) loans starting to fully amortize in the third quarter.

Should S&P believes the firm's capital or liquidity would be drawn
down, such that, under its loss expections, its RAC ratio would be
vulnerable to falling below 10% and its liquidity coverage metric
below 110%, S&P would affirm ratings.



EURAMAX HOLDINGS: Reports $31.4 Million Net Loss in First Quarter
-----------------------------------------------------------------
Euramax Holdings, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $31.4 million on $186 million of net sales for the three months
ended April 3, 2015, compared to a net loss of $19.3 million on
$170 million of net sales for the three months ended March 28,
2014.

As of April 3, 2015, Euramax had $529 million in total assets, $733
million in total liabilities and a $204 million total shareholders'
deficit.

As of April 3, 2015, the Company had cash and cash equivalents of
$1.9 million.  Net cash used in operating activities was $32.5
million for the three months ended April 3, 2015, compared to net
cash used in operating activities of $3.9 million for the three
months ended March 28, 2014.  As of April 3, 2015, the Company had
$59.8 million outstanding and availability of $10.2 million under
its ABL Credit Facility and $14.2 million outstanding and
availability of $2.3 million on our Dutch Revolving Credit
Facility.

Hugh Sawyer, interim president, commented, "The Company's Adjusted
EBITDA for the first quarter of 2015, excluding a $1.1 million
negative impact of foreign currency exchange and a $1.2 million
one-time impact as the result of a customer bankruptcy in the UK,
improved $4.5 million, or 102.3%, over the first quarter of 2014.
This represents the Company's fourth consecutive quarter of
improvement in net sales, operating income and Adjusted EBITDA
versus the corresponding prior year quarter.  The Company believes
that, among other factors, this significant improvement has been
substantially driven by the ongoing execution of transformative
initiatives implemented during the second half of 2014."

Mr. Sawyer added, "We believe that the cost saving initiatives
related to procurement, logistics and headcount could ultimately
yield an additional annualized aggregate benefit that we currently
estimate to be in the range of $15-20 million in the next 12-18
months.  The substantial elements of the estimated $15-20 million
improvement relate to modifications in the design and execution of
our Procurement and Logistics programs.  These changes to our
former practices were largely implemented during the last few
quarters and we anticipate that these discreet and identified cost
savings will begin flowing thru to Adjusted EBITDA over the course
of 2015."

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

                        http://is.gd/LHmWG8

                          About Euramax

Based in Norcross, Georgia, Euramax International, Inc., is a
leading international producer of aluminum, steel, vinyl and
fiberglass products for original equipment manufacturers,
distributors, contractors and home centers in North America and
Western Europe.  The Company was acquired for $1 billion in 2005
by management and Goldman Sachs Capital Partners.

Euramax Int'l has subsidiaries in Canada (Euramax Canada, Inc.),
United Kingdom (Ellbee Limited and Euramax Coated Products
Limited), and The Netherlands (Euramax Coated Products B.V.), and
France (Euramax Industries S.A.).

Euramax reported a net loss of $59.27 million in 2014, a net loss
of $24.89 million in 2013 and a net loss of $36.76 million in
2012.

                        Bankruptcy Warning

"...[A]approximately $500 million of our outstanding indebtedness,
under the Notes and the Senior Unsecured Loan Facility, is
currently scheduled to mature between April 1 and October 1, 2016.
Under the terms of our ABL Credit Facility, we are required to
obtain an extension of the maturity of the debt that matures in
2016 to a date that is at least 90 days after March 1, 2018, which
is the scheduled maturity date of the ABL Credit Facility.  In the
event that we do not refinance the debt or obtain such an extension
on or before December 31, 2015, then the maturity date for our ABL
Credit Facility will accelerate to January 31, 2016. Accordingly,
we must complete a refinancing of those debt facilities and/or
enter into an amendment to the terms of the Notes and the Senior
Unsecured Loan Facility prior to the end of 2015.  In order to do
so, we must negotiate satisfactory agreements with the holders of
the Notes and the lenders under the Senior Unsecured Loan Facility
and/or obtain equity or debt financing on terms that are acceptable
to the Company.  There can be no assurance that the holders of the
Notes or the lenders under the Senior Unsecured Loan Facility will
agree to any such amendments or there can be no assurance that we
can complete a refinancing prior to December 31, 2015, or that the
terms of any such equity or debt financing would be acceptable to
the Company. In the event that we are unable to obtain such
amendments or extensions, or complete such refinancing, the Company
would need to explore other alternatives, which could include a
potential restructuring or reorganization under the bankruptcy
laws," the Company states in its 2014 annual report.

                            *     *     *

As reported by the TCR on Dec. 13, 2012, Moody's Investors Service
downgraded Euramax International, Inc.'s corporate family rating
and probability of default rating to Caa2 from Caa1.  The
downgrade reflects Moody's expectation that the turmoil in
global financial markets and weakness in Europe will continue to
hamper Euramax's revenues and operating margins as well as weaken
key credit metrics.

As reported by the TCR on July 30, 2009, Standard & Poor's Ratings
Services raised its ratings on Norcross, Georgia-based Euramax
International Inc., including the long-term corporate credit
rating, to 'B-' from 'D'.

"The ratings upgrade reflects the company's highly leveraged,
although somewhat improved, financial risk profile following a
recent out-of-court restructuring," said Standard & Poor's credit
analyst Dan Picciotto.  "As a result of the restructuring,
Euramax's second-lien debtholders received equity and about half
of its new $513 million of first-lien debt is pay-in-kind,
providing some cash flow benefit," he continued.


EVANS & SUTHERLAND: Posts $103,000 Net Income in First Quarter
--------------------------------------------------------------
Evans & Sutherland Computer Corporation filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income of $103,000 on $8 million of sales for the
three months ended April 3, 2015, compared to a net loss of
$551,000 on $6.67 million of sales for the three months ended
March 28, 2014.

As of April 3, 2015, the Company had $26.74 million in total
assets, $57.13 million in total liabilities and a $30.39 million
total stockholders' deficit.

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

                        http://is.gd/caDKrM

                     About Evans & Sutherland

Salt Lake City, Utah-based Evans & Sutherland Computer Corporation
in conjunction with its wholly owned subsidiary, Spitz Inc.,
creates innovative digital planetarium systems and cutting-edge,
fulldome show content.  E&S has developed Digistar 5, the world's
leading digital planetarium with fulldome video playback, real-
time computer graphics, and a complete 3D digital astronomy
package fully integrated into a single theater system.  This
technology allows audiences to be immersed in full-color, 3D
computer-generated interactive worlds.  As a full-service system
provider, E&S also offers Spitz domes, hybrid planetarium systems
integrated with Digistar and a full range of theater systems from
audio and lighting to theater automation.  E&S markets include
planetariums, science centers, themed attraction venues, and
premium large-format theaters.  E&S products have been installed
in over 1,300 theaters worldwide.

Evans & Sutherland reported a net loss of $1.30 million on $26.5
million of sales for the year ended Dec. 31, 2014, compared with
net income of $1.17 million on $29.6 million of sales for the same
period in 2013.


FINJAN HOLDINGS: Provides 1st Quarter Shareholder Update
--------------------------------------------------------
Finjan Holdings, Inc., provided an update and highlights for the
first quarter ended March 31, 2015, as well as other subsequent
events.

Strategic Highlights:

  * Reported approximately $15 million in cash with an additional
    $3 million to be received from existing license agreements
    over the next 12 months

  * Expecting early returns on its investment in Jerusalem Venture

    Partners Fund VII, Cyber Strategic Partners.
  
  * Entered into a license agreement, subsequent to the first
    quarter with F-Secure Corporation, which requires F-Secure to
    pay Finjan $1 million

  * Began the development of new mobile security applications to
    protect consumer data and information

Establishing a new cybersecurity consulting service business

"In the first quarter of 2015 we focused our attention on
furthering our licensing and litigation programs as well as
realizing returns on our early investments," commented, Phil
Hartstein, president and CEO of Finjan.  "We will be re-investing
those returns into new opportunities, including mobile security
applications and a new cybersecurity focused consulting service
business.  We expect to accomplish these new investments with out
significantly impacting our cash position, within existing budget
forecasts, and without distraction from our core operations."

First Quarter Licensing and Litigation Review

Finjan has an active Markman Hearing schedule with two Markman
Hearings already concluded in favor of the Company and two
additional Markman Hearings to be held in the second quarter of
2015.  The company has a two-week trial against Blue Coat set to
commence on July 20th, 2015 with Blue Coat.  

Subsequent to the quarter end, Finjan entered into a negotiated
License Agreement with F-Secure Corporation, a company incorporated
in Finland.  The Agreement provides for F-Secure to pay Finjan the
sum of $1,000,000 in cash, to be paid in two installments,
consisting of $700,000 which was received on
April 22, 2015, and $300,000 on or before March 31, 2016.  The
Agreement also provides for the assignment by F-Secure to Finjan of
two patents, U.S. Patent Nos. 8,474,048 and 7,749,991.

Finjan has patent infringement lawsuits against FireEye, BlueCoat,
Proofpoint, Sophos, Symantec, and Palo Alto Networks relating to,
collectively, more than 20 patents in the Finjan portfolio.  The
court dockets for the foregoing cases are publicly available on the
Public Access to Court Electronic Records (PACER) Web site,
www.pacer.gov, which is operated by the Administrative Office of
the U.S. Courts.

JVP Cyber Strategic Partners Update

Finjan's investment in JVP Cyber Strategic Partners has had a
successful exit of one of the portfolio companies, CyActive.  As
recently reported by JVP, CyActive was sold to PayPal for
approximately $60 million with a commitment by PayPal to build a
center for cybersecurity excellence in Israel, which will further
develop the technology.  CyActive's technology is focused on next
generation predictive analytics for enhanced cybersecurity
protection.  Finjan expects to receive a distribution from its JVP
investment.  Other investors in JVP Cyber Strategic Partners
include Cisco, Qihoo 360 and Alibaba.

Cybersecurity Mobile Applications

Finjan was previously bound to a non-compete exclusion for products
or services in the cybersecurity space as a result of its 2008
divestiture of its hardware business.  As of March that exclusion
expired and Finjan initiated a software development program focused
on securing data on mobile devices.  Currently, the company is
developing two applications for mobile devices and is sponsoring a
Mobile Defense Challenge with eight Universities to identify a next
generation focus.

Cybersecurity Consulting Services

Finjan plans to launch a cybersecurity focused services business
around identifying, managing, and mitigating cyber security related
risks across technology, retail, and financial services companies.
The services will range from highly technical advanced attack and
penetration services, maturity modeling of security operating
centers, and cyber risk quantification and governance for board
level consideration.  Generally these services will be targeted at
the segment between the "Server Room and the Board Room."

                            About Finjan

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

Finjan reported a net loss of $10.47 million on $4.99 million of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $6.07 million on $0 of revenues in 2013.

As of March 31, 2015, the Company had $16.5 million in total
assets, $2.19 million in total liabilities, and $14.3 million in
total stockholders' equity.


FIVE S PLUS: Files Schedules of Assets and Liabilities
------------------------------------------------------
Five S Plus, LLC, filed its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $11,340,000
  B. Personal Property              $130,150
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $ 3,438,415
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $87,242
                                 -----------      -----------
        TOTAL                    $11,470,150       $3,525,657

A copy of the schedules of assets and liabilities and the statement
of financial affairs is available for free at:

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

                         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 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.



FLETCHER INTERNATIONAL: Administrative Bar Date Moved to May 29
---------------------------------------------------------------
The Hon. Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York extended the administrative bar date
until May 29, 2015 at 5:00 p.m. Eastern time for the Soundview
Parties pursuant to the confirmation order for the second amended
plan of liquidation for Fletcher International Ltd.

The Soundview Debtors comprised of Soundview Elite Ltd., Soundview
Premium, Ltd., Soundview Star Ltd.; Elite Designated; Premium
Designated; and Star Designated.  Soundview Parties are Soundview
Debtors and the Soundview Trustee.

Corinne Ball serves as Chapter 11 trustee for the Soundview
Debtors.

Veerle Roovers, Esq., partner at Jones Day, represents the
Soundview Trustee.  Ms. Roover can be reached at:

   Veerle Rovers, Esq.
   Jones Day
   222 East 41st Street
   New York, NY 10017-6702
   Tel +1.212.326.3945
   Fax: +1.212.755.7306
   Email: vroovers@jonesday.com

The effective date of the Plan occurred on April 7, 2014.

                   About Fletcher International

Fletcher International, Ltd., filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 12-12796) on June 29, 2012, in Manhattan.  The
Bermuda exempted company estimated assets and debts of $10 million
to $50 million.  The bankruptcy documents were signed by its
president and director, Floyd Saunders.

David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel and Appleby (Bermuda) Limited serves
as special Bermuda counsel.  The Debtor disclosed $52,163,709 in
assets and $22,997,848 in liabilities as of the Chapter 11 filing.

Fletcher International Ltd. was managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

Fletcher Asset Management was founded in 1991.  During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.

The Debtor is a master fund in the Fletcher Fund structure.  As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.

The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively.  Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.

After filing for Chapter 11 protection, Fletcher immediately
started a lawsuit in bankruptcy court to stop the involuntary
bankruptcy in Bermuda.  Judge Gerber at least temporarily halted
liquidators appointed in the Cayman Islands from moving ahead with
proceedings in Bermuda.  The lawsuit to halt the Bermuda
liquidation is Fletcher International Ltd. v. Fletcher Income
Arbitrage Fund, 12-01740, in the same court.

Richard J. Davis, Chapter 11 trustee appointed in the case, has
hired Michael Luskin, Esq., Lucia T. Chapman, Esq., and Stephanie
E. Hornung, Esq., at Luskin, Stern & Eisler LLP as his
counsel.

The Chapter 11 trustee filed a proposed liquidating Plan in
November 2013.  The disclosure statement was approved on Jan. 17,
2014.  Judge Gerber has confirmed the Second Amended Plan of
Liquidation late in March 2014.


FOUNDATION HEALTHCARE: Files First Quarter Form 10-Q
----------------------------------------------------
Foundation Healthcare, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to the Company's common stock of $1.33 million on
$29.5 million of revenues for the three months ended March 31,
2015, compared to a net loss attributable to the Company's common
stock of $1.89 million on $21.5 million of revenues for the same
period last year.

As of March 31, 2015, the Company had $58.13 million in total
assets, $66.3 million in total liabilities, $8.7 million in
preferred noncontrolling interest and a $16.9 million total
deficit.

"Generally our liquidity and capital resource needs are funded from
operations, loan proceeds, equity offerings and more recently,
lease and other real estate financing transactions.  As of March
31, 2015, our liquidity and capital resources included cash and
cash equivalents of 3.5 million and working capital of $1.2
million.  We have a working capital deficit of $0.6 million after
adjusting for $1.7 million of redemption payments due to preferred
noncontrolling interest holders during the remainder of 2015.  As
of December 31, 2014, our liquidity and capital resources included
cash and cash equivalents of $2.9 million and a working capital
deficit of $0.2 million (adjusted for $1.7 million of redemption
payments due to preferred interest holders during 2015)," the
Company said in the report.

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

                        http://is.gd/NQzms6

                    About Foundation Healthcare

Oklahoma-based Foundation Healthcare is a healthcare services
company primarily focused on owning controlling interests in
surgical hospitals and the inclusion of ancillary service lines.
The Company currently owns controlling and noncontrolling
interests in surgical hospitals located in Texas.  The Company
also owns noncontrolling interests in ambulatory surgery centers
("ASCs") located in Texas, Oklahoma, Pennsylvania, New Jersey,
Maryland and Ohio.

Additionally, the Company provides sleep testing management
services to various rural hospitals in Iowa, Minnesota, Missouri,
Nebraska and South Dakota under management contracts with the
hospitals.  The Company provides management services to a majority
of its Affiliates under the terms of various management
agreements.  Prior to Dec. 2, 2013, the Company's name was
Graymark Healthcare, Inc.

Foundation Healthcare reported a net loss attributable to the
Company common stock of $2.09 million on $101.9 million of
revenues for the year ended Dec. 31, 2014, compared to a net loss
attributable to the Company common stock of $20.4 million on $87.2
million of revenues in 2013.

Hein & Associates LLP, in Denver, Colorado, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had insufficient working capital as of Dec. 31, 2014 to
fund anticipated working capital needs over the next twelve
months.



FOUR OAKS: Files First Quarter Form 10-Q
----------------------------------------
Four Oaks Fincorp, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $978,000 on $7.46 million of total interest and dividend income
for the three months ended March 31, 2015, compared to net income
of $1.35 million on $7.26 million of total interest and dividend
income for the same period in 2014.

As of March 31, 2015, Four Oaks had $767 million in total assets,
$725 million in total liabilities and $42.4 million in total
shareholders' equity.

Management believes that the Company's liquidity sources are
adequate to meet its operating needs for the next eighteen months.


Supplementing customer deposits as a source of funding, the Company
has available lines of credit from various correspondent banks to
purchase federal funds on a short-term basis of approximately $19
million that remains unused at March 31, 2015. As of March 31,
2015, the Company has the credit capacity to borrow up to $153.4
million from the FHLB with $90.0 million outstanding.

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

                        http://is.gd/7RardD

                          About Four Oaks

Four Oaks Bank & Trust Company is a state chartered bank
headquartered in Four Oaks, North Carolina, where it was chartered
in 1912.  The wholly-owned subsidiary of Four Oaks Fincorp, Inc.,
the single bank holding company trading under the symbol FOFN on
the OTCQX Marketplace, the Bank had $820.8 million in assets as of
Dec. 31, 2014.  The Bank presently operates thirteen branches
located in Four Oaks, Clayton, Garner, Smithfield, Benson,
Fuquay-Varina, Holly Springs, Wallace, Harrells, Zebulon, Dunn and
Raleigh and loan production offices in Southern Pines and in
Raleigh, North Carolina.

Four Oaks Fincorp reported a net loss of $4.18 million in 2014, a
net loss of $350,000 in 2013, a net loss of $6.96 million in 2012
and a net loss of $9.09 million in 2011.  As of Dec. 31, 2014, the
Company had $821 million in total assets, $780 million in total
liabilities and $40.7 million in total shareholders' equity.

                         Written Agreement

In late May 2011, the Company and the Bank entered into a Written
Agreement with the Federal Reserve Bank of Richmond and the North
Carolina Commissioner of Banks.  Under the terms of the Written
Agreement, the Bank developed and submitted for approval, within
the time periods specified, plans to:
  
   * revise lending and credit administration policies and  
     procedures at the Bank and provide relevant training
  
   * enhance the Bank's real estate appraisal policies and
     procedures

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

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

  * review and revise the Bank's current policy regarding the     

    Bank's allowance for loan and lease losses and maintain a
    program for the maintenance of an adequate allowance.


FRAC SPECIALISTS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                     Case No.
       ------                                     --------
       Frac Specialists, LLC                      15-41974
       P. O. Box 11342
       Midland, TX 79702

       Cement Specialists, LLC                    15-41975

       Acid Specialists, LLC                      15-41976

Type of Business: Oilfield Service Provider

Chapter 11 Petition Date: May 17, 2015

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

Judge: Hon. D. Michael Lynn

Debtors' Counsel: Lynda L. Lankford, Esq.
                  FORSHEY & PROSTOK, LLP
                  777 Main Street, Ste. 1290
                  Fort Worth, TX 76102
                  Tel: (817) 878-2022
                  Fax: (817) 877-4151
                  Email: llankford@forsheyprostok.com

                    - and -

                  Jeff P. Prostok, Esq.
                  FORSHEY & PROSTOK, LLP
                  777 Main St., Suite 1290
                  Ft. Worth, TX 76102
                  Tel: 817-877-8855
                  Email: jpp@forsheyprostok.com

Estimated Assets: $50 million to $100 million

Estimated Debts: $50 million to $100 million

The petition was signed by Larry P. Noble, manager.

List of Frac Specialists' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Pel-State Services                   Trade Debt        $879,903
PO Box 95386
Grapevine, TX 76099

Dragon Products, Ltd.                Trade Debt        $868,993
PO Box 3127
Beaumont, TX 77704-3127

Chemplex Advanced Materials, LLC    Trade Debt         $708,367
PO Box 203576
Dallas, TX 75320-3576

L&O Xtreme Hauling, LLC             Trade Debt         $467,174
PO Box 1191
Midland, TX 79702

TSI Flow Products                   Trade Debt         $347,022
TSI-Accounting
BO Box 38709
Houston, TX 77238

Forum Flow Equipment                Trade Debt         $343,437
Forum US, Inc.
PO Box 203440
Dallas, TX 75320-3440

IV Kings                            Trade Debt         $339,065
PO box 216
Andrews, TX 79714

ASK Industries, Inc.                Trade Debt         $336,831
Community National Bank
PO Box 1191
Midland, TX 79702

Warren Cat                          Trade Debt         $250,000
Cat Commercial Accounts
PO Box 905229
Charlotte, NC 28290-5229

Economy Polymers & Chemicals        Trade Debt         $188,821

Energy & Environmental Services     Trade Debt         $150,667

Kendrick Oil Co.                    Trade Debt         $134,560

Soil Mender Products, LP            Trade Debt          $65,818

Catalyst Oilfield Services          Trade Debt          $53,386

Sun Coast Resources, Inc.           Trade Debt          $47,951

Precision Hydraulic Technology      Trade Debt          $44,445
Inc.

Texas Department of Transporation   Trade Debt          $36,971

Diamond Fleet Parts                 Trade Debt          $34,549

L & W Diesel Service                Trade Debt          $33,676

WadeCo Specialties, LLC             Trade Debt          $33,222


FRAC SPECIALISTS: Permian Basin Services Providers in Chapter 11
----------------------------------------------------------------
Frac Specialists, LLC, Cement Specialists, LLC, and Acid
Specialists, LLC, have sought bankruptcy protection after the
substantial dramatic decrease in activity at the Permian Basin
affected its cash flow.  The Companies though believe that the U.S.
oil industry is again on the rise and expect to be able to file a
reorganization plan.

The Companies are affiliated with Noble Natural Resources, LLC,
which is not part of the bankruptcy filing.

The Companies currently operate exclusively in the Permian Basin,
which is considered one of the most prolific oil plays in the
United States and has become increasingly more attractive for large
oil and gas drillers.  As of April 2015, the Permian Basin is the
largest oil producing basin and the fourth largest gas producing
basin in the United States at 1,981 Mbbls/day and 6,437 MMcf/day,
respectively.

Acid Specialists was founded in 2008 and provides acid and related
chemical pressure pumping services to enhance and maintain
production, typically in older, existing oil and gas wells.  Acid
Specialists currently has nine pumps, sixteen acid transports and a
highly loyal and skilled team of operators. Acid Specialists owns
the original 11.59 acre yard and office/shop facilities in Midland,
Texas.

Cement Specialists was founded in late 2010 and provides a complete
range of cementing services including remedial work, squeeze jobs,
production, intermediate and surface casing, liners and plug and
abandonment services.  Cement Specialists currently has four single
pump cementers and three double pump cementers, along with ten bulk
trailers, two field bins and other support equipment.  In April
2013, Cement Specialists completed the construction of its state of
the art cement plant that is located towards the rear of Acid
Specialist's yard.

Frac Specialists was founded in late 2011 and provides energized
fluid fracs, slick water fracs, cross-linked fracs and gelled water
fracs.  Frac Specialists expanded steadily throughout 2012, 2013,
and 2014 and is capable of pumping any frac design currently used
in the Permian Basin.  Its equipment is almost all late model (most
of it purchased within the last two years), and can be divided into
either two complete horizontal zipper frac crews (21 pumps each),
or as many as four vertical frac crews (10 pumps each).  Frac
Specialists owns a 28 acre yard across the street from Acid
Specialist's yard that has 4,000,000 tons of sand storage, along
with 130,000 gallons of HCL acid storage, and a second facility in
Snyder, Texas that consists of 22 acres in an industrial area that
has rail access. Frac Specialists also leases a 30,000,000 ton sand
storage facility with full rail unloading capabilities in Kress,
Texas.

Since 2011, the Companies have grown from $17.1mm and $6.6mm in
revenue and EBITDA, respectively, to $204.1 million and $6.8
million in revenue and EBITDA, respectively, in 2014.

However, the dramatic decrease in U.S. oilfield service intensity
starting in December 2014 caused profit margins and net cash flow
to drop dramatically in the 1st quarter of 2015.  The Companies
believe that activity levels have hit bottom and are again on the
rise.  The Companies are aggressively cutting operating expenses,
becoming more efficient during the downturn, and believes their
profitability will return as these internal changes are implemented
and the overall oil industry activity increases.

Due to heavy investments in capital assets and a subsequent decline
in drilling operations in the Permian Basin, the Companies are now
seeking the benefit of a Chapter 11 reorganization to create
efficiencies, reorganize their debt and capital leases, and
leverage their existing relationships and infrastructure to grow
revenue and profits as the market improves.

                        Capital One Debt

The Debtors are obligated to Capital One, N.A. pursuant to that
certain Revolving Loan Promissory Note dated Sept. 19, 2014
providing Debtors with a revolving borrowing facility of up to $25
million.  As of the Petition Date, the outstanding balance under
the Note was approximately $7 million.

Since January 2015, the Debtors have reduced their collective
secured debt to the Bank from about $22 million to $7 million.
Nevertheless, the Bank insisted that the Debtors pledge additional
collateral to secure the indebtedness.  The Debtors became
concerned that the Bank intended to offset funds in the Debtors'
operating accounts if the Debtors did not agree to pledge
additional collateral to the Bank.  These bankruptcy cases were
filed in part as a preventative measure to preserve all assets,
including working capital, for the benefit of all creditors and to
provide the Debtors with sufficient cash reserves to successfully
reorganize.

                       First Day Motions

The Debtors on the Petition Date filed a motion to jointly
administer their Chapter 11 cases, as well as a motion to use cash
collateral.

                      About Frac Specialists

Frac Specialists, LLC, Cement Specialists, LLC, and Acid
Specialists, LLC, sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Lead Case No. 15-41974) in Ft. Worth, Texas, on May 17,
2015.

The Companies are oilfield service providers serving the
exploration and production industry within the Permian Basin.
Noble Natural Resources, LLC, Javier Urias and Alex Hinojos
collectively own 100% of the membership interests in the
Companies.

The Debtors tapped Lynda L. Lankford, Esq., and Jeff P. Prostok,
Esq., at Forshey & Prostok, LLP, as counsel.



FRAC SPECIALISTS: Seeks to Use Cash Collateral
----------------------------------------------
Frac Specialists, LLC, Cement Specialists, LLC, and Acid
Specialists, LLC, ask the U.S. Bankruptcy Court for the Northern
District of Texas to enter interim and final orders authorizing the
use of cash collateral.

The Debtors are obligated to Capital One, N.A., pursuant to a
Revolving Loan Promissory Note dated Sept. 19, 2014, providing the
Debtors with a revolving borrowing facility of up to $25 million.
As of the Petition Date, the outstanding balance under the Note was
$7 million.

The Note is subject to the terms of a Loan and Security Agreement
between the Bank and Debtors dated as of Sept. 19, 2014.  As
provided in the Loan Agreement, the Note is secured by the Debtors'
accounts, deposit accounts, and proceeds, all as defined therein.
Accordingly, the Bank likely asserts a security interest in certain
of the Debtors' cash and cash equivalents on hand as of the
Petition Date.

The Debtors estimate that, as of the Petition Date, they held cash
deposits in various bank accounts totaling $5 million and held
receivables of $6 million.  As such, there exists significant
equity in the prepetition collateral over and above the Bank's
claim of $7 million.  Accordingly, the Bank is adequately protected
by its Prepetition Collateral.  Nevertheless, to the extent of any
diminution in value in the Bank's cash collateral occasioned by the
Debtors' use of the cash collateral, the Debtors propose to grant
the Bank replacement liens in cash generated postpetition.

Jeff P. Prostok, Esq., at Forshey & Prostok, L.L.P., avers that the
Companies have no material source of income other than from their
operations and the collection of their accounts receivable. At the
present time, an immediate and critical need exists for the
Companies to be permitted access to funds in order to continue the
operation of their businesses, to pay their employees, and to
protect their ability to reorganize in accordance with chapter 11
of the Bankruptcy Code.

                      About Frac Specialists

Frac Specialists, LLC, Cement Specialists, LLC, and Acid
Specialists, LLC, sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Lead Case No. 15-41974) in Ft. Worth, Texas, on May 17,
2015.

The Companies are oilfield service providers serving the
exploration and production industry within the Permian Basin.
Noble Natural Resources, LLC, Javier Urias and Alex Hinojos
collectively own 100% of the membership interests in the
Companies.

The Debtors tapped Lynda L. Lankford, Esq., and Jeff P. Prostok,
Esq., at Forshey & Prostok, LLP, as counsel.


FUEL PERFORMANCE: Posts $471,000 Net Loss in First Quarter
----------------------------------------------------------
Fuel Performance Solutions, Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $471,000 on $134,000 of net revenues for the three
months ended March 31, 2015, compared to net income of $1.33
million on $374,000 of net revenue for the same period in 2014.

As of March 31, 2015, the Company had $2.69 million in total
assets, $3.09 million in total liabilities and a $392,000 total
stockholders' deficit.

Working capital deficit at March 31, 2015, was $1.87 million, as
compared to $826,000 at Dec. 31, 2014.  The negative working
capital balance for March 31, 2015, is negatively impacted by the
reclassification of the convertible note related items from long
term to current liabilities during the first quarter of 2015 and a
net $(319,000) impact of the deferred financing cost asset and the
derivative liability recorded as March 31, 2015.  The negative
working capital balance for Dec. 31, 2014, is negatively impacted
by the net $(330,000) impact of the deferred financing cost asset
and the derivative liability recorded as of Dec. 31, 2014.

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

                        http://is.gd/kGVUhj

                      About Fuel Performance

Fuel Performance Solutions, Inc., was incorporated in Nevada on
April 9, 1996, by a team of individuals who sought to address the
challenges of reducing harmful emissions while at the same time
improving the operating performance of internal combustion
engines, especially with respect to fuel economy and engine
cleanliness.  After the Company's incorporation, its initial focus
was product research and development, but over the past few years,
the Company's efforts have been directed to commercializing its
product slate, primarily DiesoLiFTTM and the PerfoLiFTTM BD-
Series, for use with diesel fuel and bio-diesel fuel blends, by
focusing on marketing, sales and distribution efforts in
conjunction with our distribution partners.  On Feb. 5, 2014, the
Company changed its name from International Fuel Technology, Inc.,
to Fuel Performance Solutions, Inc.

Fuel Performance reported a net loss of $1.65 million on $1.72
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $1.39 million on $704,000 of net revenues for
the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.32 million in total assets,
$3.28 million in total liabilities, and $40,800 in total
stockholders' equity.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company has suffered recurring
loss from operations and has a working capital deficit. This
factor, the auditors said, raises substantial doubt about the
Company's ability to continue as a going concern.


FUSION TELECOMMUNICATIONS: Posts $4.68 Million Net Loss in Q1
-------------------------------------------------------------
Fusion Telecommunications International, Inc. filed with the
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss attributable to common stockholders of
$4.68 million on $25.3 million of revenues for the three months
ended March 31, 2015, compared to net income attributable to common
stockholders of $999,700 on $22.9 million of revenues for the same
period last year.

As of March 31, 2015, the Company had $71.2 million in total
assets, $62.0 million in total liabilities and $9.19 million in
total stockholders' equity.

"Since our inception, we have incurred significant net losses.  In
addition, we have only recently begun to generate positive cash
flow from operations.  At March 31, 2015, we had working capital of
approximately $1.0 million and stockholders’ equity of $9.2
million.  At December 31, 2014, we had working capital of $2.1
million and stockholders' equity of approximately $13.3 million.
Our consolidated cash balance at March 31, 2015 was $5.4 million as
compared to $6.4 million at December 31, 2014.  While we believe
that we have sufficient cash to fund our operations and meet our
operating and debt obligations for the next twelve months, we may
be required to raise additional capital to support our business
plan. There are no current commitments for such funds and there can
be no assurances that such funds will be available to the Company
as and when needed," the Company states in the report.  

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

                        http://is.gd/eCiLtc

                 About Fusion Telecommunications

New York City-based Fusion Telecommunications International, Inc.,
(OTC BB: FSNN) is a provider of Internet Protocol ("IP") based
digital voice and data communications services to corporations and
carriers worldwide.

Fusion incurred a net loss applicable to common shareholders of
$4.31 million in 2014, a net loss applicable to common shareholders
of $5.48 million in 2013 and a net loss applicable to common
stockholders of $5.61 million in 2012.


GENERAL MOTORS: Does Not Owe UAW Retirees, Appeals Court Rules
--------------------------------------------------------------
Greg Gardner at Detroit Free Press reports that a three-judge panel
of the 6th U.S. Circuit Court of Appeals in Cincinnati upheld a
lower court ruling that General Motors does not have to make a $450
million contribution to the United Auto Workers trust responsible
for healthcare covering union members who retired from the
Company's former parts unit.

Daniel Wiessner at Reuters relates that the the UAW claimed in the
dismissed lawsuit that the Company was required to pay $450 million
to cover medical benefits for an affiliate's retirees.

According to Free Press, the court found that the Company assumed
the healthcare obligations of Delphi Corp., its one-time parts
division that was spun off into a separate company in 1999.  Free
Press relates that the UAW later agreed in the Company's 2009
bankruptcy to free GM from that responsibility.

Free Press states that the UAW did not provide a comment as to
whether it will appeal the case to the U.S. Supreme Court.

                    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.


GENERAL STEEL: Incurs $74.1 Million Net Loss in First Quarter
-------------------------------------------------------------
General Steel Holdings, Inc., reported a net loss of $74.1 million
on $271 million of sales for the three months ended March 31, 2015,
compared with a net loss of $69.6 million on $512 million of sales
for the same period in 2014.

As of March 31, 2015, the Company had $2.5 billion in total assets,
$3.14 billion in total liabilities and a $636.9 million total
deficiency.

John Chen, chief financial officer of General Steel, commented,
"Facing macro-environment challenges for steel operations, we
continue to focus on those factors that we can control, including
management of our operating expenses and working capital, closely
aligning with SOEs and local government for financial support, and
continuing to optimize our upgraded manufacturing equipment.  As we
march forward with our business transformation strategy, we will
allocate capital and human resources into our RFID joint venture,
as well as unlocking hidden value in our land reserves in an effort
to drive greater value for our shareholders."

Henry Yu, chairman and chief executive officer of General Steel
commented, "The first quarter of 2015 was very tough for China's
iron and steel industry, as the combination of the government's
stricter environmental enforcement and a slowdown in demand sharply
pressured average selling price and profitability.  The average
price of rebar encountered a steep double-digit sequential decline
during the first quarter to the lowest price level in 13 years.
Correspondingly, we reduced production volume to preserve working
capital, and we took the opportunity to temporarily shut down in
the second half of the first quarter in order to perform
maintenance on our production equipment."

As of March 31, 2015, the Company had cash and restricted cash of
approximately $260 million, compared to $367 million as of Dec. 31,
2014.  The Company had an inventory balance of $148 million as of
March 31, 2015, compared to $156 million as of Dec. 31, 2014.

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

                         http://is.gd/WkffTQ

                    About General Steel Holdings

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

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net loss
of $42.6 million on $2 billion of sales for the year ended Dec. 31,
2013.

Friedman 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 an accumulated deficit, has
incurred a gross loss from operations, and has a working capital
deficiency at Dec. 31, 2014.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


GENIUS BRANDS: Reports $636,000 Net Loss in First Quarter
---------------------------------------------------------
Genius Brands International, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $636,000 on $297,000 of total revenues for the three
months ended March 31, 2015, compared with a net loss of $854,000
on $176,000 of total revenues for the same period last year.

As of March 31, 2015, the Company had $17.5 million in total
assets, $4.44 million in total liabilities and $13.09 million in
total equity.

Historically, the Company has incurred net losses.  As of March 31,
2015, the Company had an accumulated deficit of $21.8 million and a
total stockholders' equity of $13.1 million.  At March 31, 2015,
the Company had current assets of $4.62 million, including cash of
$3.96 million and current liabilities of $2.38 million, including
short-term debt to related parties which bears no interest and has
no stated maturity of $411,000 and certain trade payables of
$925,000 to which the Company disputes the claim, resulting in
working capital of $2.25 million.  For the three months ended March
31, 2015, and 2014, the Company reported a net loss of $636,000 and
$854,000, respectively, and reported net cash used by operating
activities during three months ended March 31, 2015 of $914,000.

During the three months ended March 31, 2015, the Company received
$750,000 in proceeds from the second payment of its long term
supply chain services agreement.  While the Company believes that
these funds plus its working capital will be sufficient to fund
operations for the next twelve months, there can be no assurance
that cash flows from operations will continue to improve in the
near future.  If the Company is unable to attain profitable
operations and positive operating cash flows in a reasonable period
of time, it may need to (i) seek additional funding, (ii) scale
back its development plans, or (iii) reduce certain operations.

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

                        http://is.gd/zMzYgi

On May 14, 2015, Genius Brands distributed a letter to its
shareholders, a copy of which is available for free at:

                        http://is.gd/oMuu6L

                       About Genius Brands

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

Genius Brands reported a net loss of $3.72 million in 2014, a net
loss of $7.21 million in 2013, a net loss of $2.06 million in
2012 and a net loss of $1.37 million in 2011.


GEORGETOWN MOBILE: Section 341 Meeting Scheduled for June 10
------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Georgetown Mobile
Estates, LLC, has been scheduled for June 10, 2015, at 11:00 a.m.
at US Trustee Hearing Room 529, Lexington.

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 Georgetown Mobile Estates

Georgetown Mobile Estates, LLC, is a Kentucky corporation with
headquarters in Georgetown, Scott County, Kentucky.  Originally
incorporated on Jan. 23, 2006, the Company operates a mobile home
park in three areas on the county line of Scott and Fayette,
Kentucky.  The park can take up to 504 customers and, historically,
had an occupancy rate of 92%.

Georgetown Mobile Estates filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Ky. Case No. 15-50945) in Lexington, Kentucky, on
May 11, 2015, to take back control of the mobile home park from a
receiver.  Daniel E. Sexton, the present owner, signed the
petition.

The bankruptcy case is assigned to Judge Tracey N. Wise.
The Debtor estimated $10 million to $50 million in assets and
debt.

The Debtor tapped Bunch & Brock of Lexington, Kentucky, as counsel;
Randy Reynolds of Magnum Capital Consultants, LLC, as financial
advisor; Bradford Burgess of The Thayer Group as financial advisor;
and Glen Dellavalle of Dellavalle Management Group as manager of
business operations.


GOLDEN COUNTY FOODS: Frozen Foods Provider Enters Chapter 11
------------------------------------------------------------
Golden County Foods, Inc., sought bankruptcy protection (Bankr. D.
Del. Case No. 15-11062) in Delaware on May 15, 2015, without
stating a reason.

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

Founded in 1991 and based in Plover, Wisconsin, Golden County
Foods, Inc. produces frozen appetizers and snacks on contract
basis.  The products include battered and breaded items, dips,
entrees, fried potato products, sides, and twice baked/stuffed
products.  Its brands include the Snapps snacks and appetizers, and
the IHOP at Home frozen breakfast products.

Related entities GCF Holdings II, Inc., and GCF Holdings II, Inc.,
also sought bankruptcy protection.

The Debtors tapped Neligan Folley LLP as bankruptcy counsel, and
Richards, Layton & Finger, P.A., as local counsel.

Dave Wiggins, chief executive officer, signed the bankruptcy
petitions.



GRASS VALLEY HOLDINGS: Files for Chapter 11 in Salt Lake City
-------------------------------------------------------------
Grass Valley Holdings, L.P., commenced a Chapter 11 bankruptcy case
(Bankr. D. Utah Case No. 15-24513) in Salt Lake City, Utah, on May
15, 2015, without stating a reason.

The Debtor is in the business of acting as a holding company for
real property located in Utah as well as an interest in real
property located in Idaho Falls, Idaho.  Its principal place of
business is 940 South 2000 West, Springville, Utah.

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

The case is assigned to Judge R. Kimball Mosier.

The Debtor is represented by Gary E. Jubber, Esq., and Douglas J.
Payne, Esq., at Fabian and Clendinin, in Salt Lake City.

Randall Harward, a manager of Grass Valley Management, L.C., the
general partner of the Debtor, signed the petition.


GRASS VALLEY HOLDINGS: Proposes Fabian & Clendenin as Counsel
-------------------------------------------------------------
Grass Valley Holdings, L.P., seeks approval from the U.S.
Bankruptcy Court for the District of Utah to employ Fabian &
Clendenin as its general bankruptcy counsel.

F&C is a professional law corporation with offices in Salt Lake
City, Utah and Las Vegas.  F&C has substantial experience in
bankruptcy law and Chapter 11 business reorganizations in the U.S.
Bankruptcy Court for the District of Utah, and is familiar with the
local rules of practice of such Court.

The Debtor will pay the firm at its customary hourly rates, plus
reimbursement of actual and necessary expenses.

The Debtor paid F&C a prepetition retainer of $19,132.

To the best of the Debtor's knowledge, F&C has no direct or
indirect relationship to, connection with, or interest in the
Debtor, any of the Debtor's creditors, any other party in interest,
any of their respective attorneys and accountants, the U.S.
Trustee, or any person employed in the office of the U.S. Trustee.

                        About Grass Valley

Based in Springville, Utah, Grass Valley Holdings, L.P., is a
holding company for real property located in Utah as well as an
interest in real property located in Idaho Falls, Idaho.

Grass Valley Holdings commenced a Chapter 11 bankruptcy case
(Bankr. D. Utah Case No. 15-24513) in Salt Lake City, Utah, on May
15, 2015.

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

The case is assigned to Judge R. Kimball Mosier.

The Debtor is represented by Gary E. Jubber, Esq., and Douglas J.
Payne, Esq., at Fabian and Clendinin, in Salt Lake City.


GRASS VALLEY: Case Summary & 13 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Grass Valley Holdings, L.P.
        940 South 2000 West
        Springville, UT 84663

Case No.: 15-24513

Chapter 11 Petition Date: May 15, 2015

Court: United States Bankruptcy Court
       District of Utah (Salt Lake City)

Judge: Hon. R. Kimball Mosier

Debtor's Counsel: Gary E. Jubber, Esq.
                  FABIAN AND CLENDENIN
                  215 South State Street, Suite 1200
                  Salt Lake City, UT 84111
                  Tel: (801) 531-8900
                  Fax: (801) 596-2814
                  Email: gjubber@fabianlaw.com

                     - and -

                  Douglas J. Payne, Esq.
                  FABIAN & CLENDENIN
                  215 South State Street, Suite 1200
                  Salt Lake City, UT 84111-2323
                  Tel: (801) 531-8900
                  Fax: (801) 596-2814
                  Email: dpayne@fabianlaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Randall Harward, Manager of Grass Valley
Management, L.C.

List of Debtor's 13 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Coldwell Banker                     Commissions            $3,479

City of Lehi                        Utility Bills          $1,255

Durham Jones & Pinegar              Attorney Services     $25,000

Garth O. Green                                            Unknown

Garth O. Green Enterprises, Inc.                          Unknown

GEMSA                                                  $1,955,822
929 Gessner
Suite 1700
Houston, TX 77024

Intermountain Door                                           $217

Janna Johnson                         Accounting           $1,300

Michael Green                                             Unknown

Mountain America Credit Union         2007 Chevy          $13,930
                                      Silverado     

Springville City                      Utility Bills        $2,254

Squire                                Accounting          $16,298
                                      Services

Veracity                                                     $353


GUIDED THERAPEUTICS: Posts $1.2 Million Net Loss in First Quarter
-----------------------------------------------------------------
Guided Therapeutics, Inc., announced its operating results for the
first quarter ended March 31, 2015.

Revenue and other income for the first quarter ended March 31,
2015, was approximately $142,000, including approximately $127,000
in sales of LuViva Advanced Cervical Scan devices and disposables.
Related costs of sales and net realizable value expenses were
approximately $107,000, which resulted in a gross profit on the
device and disposables of approximately $20,000.  Contract and
grant income was $15,000 in the first quarter of 2015.  Revenue for
the quarter ended March 31, 2014, was comprised of product sales of
approximately $122,000 and contract and grant income of
approximately $19,000.  The Company reported a gross loss of
$70,000 in the year ago period.

Research and development expenses decreased to $373,000 in the
first quarter from $607,000 in the first quarter of 2014, primarily
related to a reduction in staffing and a transition to product
manufacturing.

Sales and marketing expenses decreased to $172,000 in the first
quarter, from $283,000 in the year ago period, due to the
Company-wide expense reduction and cost savings efforts.

General and administrative costs declined in the quarter to
$963,000, down from $1.1 million in the same period last year, due
to a continued focus on reducing operating expenses.

The net loss attributable to common stockholders for the first
quarter of 2015 was approximately $1.2 million, or $0.01 per share,
compared to approximately $1.6 million, or $0.02 per share, in the
first quarter of 2014.

Cash on hand at March 31, 2015, was approximately $18,000, as
compared to approximately $162,000 at Dec. 31, 2014.  Net inventory
on hand at the end of the quarter was approximately $1.1 million.
After the quarter end, the Company entered into a subscription
agreement to sell an aggregate of 4 million shares of its common
stock and warrants to purchase an additional 2 million shares, for
an aggregate purchase price of $720,000 in a private placement and,
as of May 11, 2015, have closed on the entire $720,000.  The
Company continues to focus on keeping a reduced burn rate, which
currently stands at approximately $400,000 per month, however, the
Company will likely be required to raise additional funds through
public or private financing, new collaborative relationships or
grants, if available.

"We continue to work with our distributors in key international
screening markets to educate ministries of health and thought
leaders on the benefits of LuViva as a front-line tool for the
quick and easy detection of the disease that leads to cervical
cancer," said Gene Cartwright, chief executive officer of Guided
Therapeutics.  "That work is beginning to bear fruit in the Middle
East, Latin America and Africa.  In Kenya, our distributor was
recently awarded a contract with the Nairobi County Health Services
Sector to supply the first LuViva Advanced Cervical Scan for the
agency's cervical cancer screening program.  The LuViva was
delivered Tuesday of this week and the first patients have
undergone scans.  We believe this is the first step to what could
be a very significant order for the company, as well as a lever to
expand throughout Kenya and elsewhere in East Africa."

"We also have high expectations in the coming weeks and months for
Turkey, which remains our largest market to date.  We expect to
begin receiving reimbursement for LuViva as soon as this quarter,
which has the potential to open up the entire Turkish market for
us.  Key opinion leaders throughout the country have lined up
behind LuViva, and in addition to the Ministry of Health, where
screening is now set to begin, we are also anticipating additional
demand from private hospitals later this year."

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

                        http://is.gd/lx7xUT

                     About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

For the year ended Dec. 31, 2014, the Company reported a net loss
attributable to common stockholders of $10.03 million on $65,000 of
contract and grant revenue compared to a net loss attributable to
common stockholders of $10.4 million on $820,000 of contract and
grant revenue in 2013.

As of Dec. 31, 2014, the Company had $3.03 million in total assets,
$7.49 million in total liabilities, and a $4.46 million total
stockholders' deficit.

                        Bankruptcy Warning

"The Company's capital-raising efforts are ongoing.  If sufficient
capital cannot be raised during the second quarter of 2015, the
Company has plans to curtail operations by reducing discretionary
spending and staffing levels, and attempting to operate by only
pursuing activities for which it has external financial support and
additional NCI, NHI or other grant funding.  However, there can be
no assurance that such external financial support will be
sufficient to maintain even limited operations or that the Company
will be able to raise additional funds on acceptable terms, or at
all.  In such a case, the Company might be required to enter into
unfavorable agreements or, if that is not possible, be unable to
continue operations, and to the extent practicable, liquidate
and/or file for bankruptcy protection," the Company said in its
annual report for the year ended Dec. 31, 2014.  NCI stands for
National Cancer Institute.


HART OIL: Citizens Bank Committed Fraud, Liquidation Trustee Says
-----------------------------------------------------------------
Marilyn Smelcer, the liquidation trustee for Hart Oil & Gas, Inc.,
filed an objection on May 5 to claims that Citizens Bank of Kilgore
is owed more than $1 million from the sale of Hart Oil's assets due
to a loan the bank made to the Company in June 2008, Steve Garrison
at The Daily Times reports.

According to The Daily Times, Ms. Smelcer claims that the Bank sold
its $1 million loan to Palo Petroleum on Sept. 24, 2012, a day
before the Company filed for Chapter 11 bankruptcy protection.

The Bank has falsely claimed throughout the almost three and a half
years of bankruptcy proceedings that it is a secured creditor, a
violation of federal law, The Daily Times relates, citing Ms.
Smelcer.

The Daily Times states that Ms. Smelcer included with the objection
a contract signed by Executive Vice President Kenneth Plunk, on
behalf of the Bank.  According to the report, the contract appears
to show that the loan was assigned to Palo Petroleum on the date in
question.

The Daily Times reports that Nancy Cusack, Esq., at Hinkle Shanor
LLC and Scott Ritcheson, Esq., at Ritcheson, Lauffer & Vincent are
representing the Bank.

                          About Hart Oil

Hart Oil & Gas, Inc., based in Austin, Texas, filed for Chapter 11
(Bankr. D.N.M. Case No. 12-13558) on Sept. 25, 2012.  Judge Robert
H. Jacobvitz was first assigned to the case.  William F. Davis,
Esq. -- daviswf@nmbankruptcy.com -- at William F. Davis &
Associates, P.C., serves as the Debtor's counsel.  In its
petition, the Debtor estimated $100,001 to $500,000 in assets, and
$1 million to $10 million in debts.  A list of the Company's 20
largest unsecured creditors filed with the petition is available
for free at http://bankrupt.com/misc/nmb12-13558.pdf The petition

was signed by Andrew Brian Saied, president.


HCSB FINANCIAL: Posts $95,000 Net Loss in First Quarter
-------------------------------------------------------
HCSB Financial Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss available to common shareholders of $95,000 on $3.34
million of total interest income for the three months ended March
31, 2015, compared to net income available to common shareholders
of $95,000 on $4.13 million of total interest income for the same
period a year ago.

As of March 31, 2015, the Company had $425.1 million in total
assets, $436 million in total liabilities and a $10.5 million total
shareholders' deficit.

                       Bankruptcy Warning

"The Company has been deferring interest payments on its trust
preferred securities since March 2011 and has deferred interest
payments for 17 consecutive quarters.  The Company is allowed to
defer payments for up to 20 consecutive quarterly periods, although
interest will also accrue and compound quarterly from the date such
deferred interest would have been payable were it not for the
extension period.  All of the deferred interest, including interest
accrued on such deferred interest, is due and payable at the end of
the applicable deferral period, which is in March 2016. At March
31, 2015, total accrued interest equaled $759 thousand. If we are
not able to raise a sufficient amount of additional capital, the
Company will not be able to pay this interest when it becomes due
and the Bank may be unable to remain in compliance with the Consent
Order.  In addition, the Company must first make interest payments
under the subordinated notes, which are senior to the trust
preferred securities.  Even if the Company succeeds in raising
capital, it will have to be released from the Written Agreement or
obtain approval from the Federal Reserve Bank of Richmond to pay
interest on the trust preferred securities.  If this interest is
not paid by March 2016, the Company will be in default under the
terms of the indenture related to the trust preferred securities.
If the Company fails to pay the deferred and compounded interest at
the end of the deferral period the trustee or the holders of 25% of
the aggregate trust preferred securities outstanding, by providing
written notice to the Company, may declare the entire principal and
unpaid interest amounts of the trust preferred securities
immediately due and payable.  The aggregate principal amount of
these trust preferred securities is $6.0 million.  The trust
preferred securities are junior to the subordinated notes, so even
if a default is declared the trust preferred securities cannot be
repaid prior to repayment of the subordinated notes.  However, if
the trustee or the holders of the trust preferred securities
declares a default under the trust preferred securities, the
Company could be forced into involuntary bankruptcy," the Company
warns in the report.

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

                       http://is.gd/yDu4Tf

                        About HCSB Financial

Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank.  The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988.  From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services.  During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach.  All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.

HCSB Financial reported a net loss available to common shareholders
of $1.4 million on $16.09 million of total interest income for the
year ended Dec. 31, 2014, compared to net income available to
common shareholders of $911,000 on $17.07 million of total interest
income for the year ended Dec. 31, 2013.

Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has suffered recurring losses that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation that requires, among other
provisions, capital ratios to be maintained at certain levels.  As
of Dec. 31, 2014, the Company's subsidiary is considered
significantly undercapitalized based on its regulatory capital
levels.  These considerations raise substantial doubt about the
Company's ability to continue as a going concern.  The Company also
has deferred interest payments on its junior subordinated
debentures for 16 consecutive quarters as of Dec. 31, 2014.  Under
the terms of the debentures, the Company may defer payments for up
to 20 consecutive quarters without creating a default.  Payment for
the 20th quarter interest deferral period will be due in March
2016.  If the Company fails to pay the deferred and compounded
interest at the end of the deferral period, the trustees of the
corresponding trusts, would have the right, after any applicable
grace period, to exercise various remedies, including demanding
immediate payment in full of the entire outstanding principal
amount of the debentures.  The balance of the debentures and
accrued interest as of December 31, 2014 were $6.19 million and
$714,000, respectively.  These events also raise substantial doubt
about the Company's ability to continue as a going concern as of
Dec. 31, 2014.


HEALTHWAREHOUSE.COM INC: Posts 9.3% Sales Growth Qtr. Over Qtr.
---------------------------------------------------------------
HealthWarehouse.com, Inc. announced financial results for the
quarter ended March 31, 2015.

For the quarter ended March 31, 2015, net sales improved to
$1,612,676 up 9.3% from the prior quarter ended Dec. 31, 2014.
Gross margin remained steady at 61% while net loss narrowed by
65.6% to ($200,788) from the quarter ended March 31, 2015, from
($582,340) for the quarter ended Dec. 31, 2014.

For the quarter ended March 31, 2015, the Company reported adjusted
EBITDAS of ($65,406), vs. adjusted EBITDAS of ($392,436) for the
quarter ended Dec. 31, 2014, an improvement of 82.9%.  The Company
believes that adjusted EBITDAS (Earnings Before Interest, Taxes,
Depreciation, Amortization and Stock-Based Compensation), a
non-GAAP financial measure, is useful in evaluating its operating
performance compared to that of other companies in the Company's
industry.

"Our renewed focus to serve online consumers who pay out of pocket
for their prescriptions has begun to show gains financially with
core online prescription and over-the-counter (OTC) revenue growth
and significantly reduced net losses.  Moreover, evidence that we
are providing a valuable service is shared daily in our customer
reviews," said Mr. Lalit Dhadphale, president & CEO of
HealthWarehouse.com.

A customer recently shared the following review, "These guys are
awesome! I've been dealing with HealthWarehouse.com for a good many
years and have never been anything but satisfied.  I take quite a
bit of medication and their prices for generics have been even
lower than my copay with my insurance when I had been working.  Now
that I'm on Medicare, I have a Part D plan for medication. Some
generic drugs I take aren't even covered by the plan.  So, I get
them through HealthWarehouse.com.  Reasonable prices, quick
delivery, exceptional customer service."

1st Quarter 2015 Highlights:

Net Sales:  Increased by $137,421 or 9.3% compared to the 4th
Quarter of 2014, due to increased advertising activity,
specifically with Google.

Gross Profit: Increased by $75,498 or 8.3% compared to the 4th
Quarter of 2014 due to the sales growth while holding margins
steady at 61% .

SG&A Expenses:  Declined by $576,756 or 34.2% compared to the 4th
Quarter of 2014, primarily due to reductions in stock based
compensation, litigation settlement and legal expenses.

Net Loss:  Declined by $381,552 or 65.5% compared to the 4th
Quarter of 2014 as a result of the increased net sales and reduced
operating expenses.

                     About HealthWarehouse.com

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

Healthwarehouse.com reported a net loss attributable to common
stockholders of $2.08 million on $6.12 million of net sales for the
year ended Dec. 31, 2014, compared with a net loss attributable to
common stockholders of $7.3 million on $10.23 million of net sales
in 2013.

Marcum 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 significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

As of March 31, 2015, the Company had $1.39 million in total
assets, $4.87 million in total liabilities, and a $3.48 million
total stockholders' deficiency.

                        Bankruptcy Warning

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


HNO GREEN FUELS: Case Summary & 10 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: HNO Green Fuels, Inc.
        42309 Winchester Road, Suite E
        Temecula, CA 92590

Case No.: 15-14946

Chapter 11 Petition Date: May 16, 2015

Court: United States Bankruptcy Court
       Central District of California (Riverside)

Judge: Hon. Mark D. Houle

Debtor's Counsel: Eve H Karasik, Esq.
                  LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
                  10250 Constellation Blvd., Ste. 1700
                  Los Angeles, CA 90067
                  Tel: 310-229-1234
                  Fax: 310-229-1244
                  Email: ehk@lnbyb.com

Estimated Assets: $50 million to $100 million

Estimated Debts: $1 million to $10 million

The petition was signed by Donald Owens, chief executive officer.

List of Debtor's 10 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Brundidge and Stanger                                  $110,000

Image Statistics                                        $20,000

Allstate Insurance                                       $2,700

Hossein Haririnia, CPA, LLC                              $2,500

John Young Design, Inc.                                  $1,200

Verizon Wireless                                         $1,000

Titan Insurance Company                                  $1,000

Falcon West Insurance Brokers                              $970

Rapid Sheet Metal                                          $503

Southern California Edison                                 $300


HNO GREEN FUELS: Schedules and Statements Due June 1
----------------------------------------------------
HNO Green Fuels, Inc., sought Chapter 11 protection (Bankr. C.D.
Cal. Case No. 15-14946) in Riverside, California, on May 16, 2015.
The Debtor estimated $50 million to $100 million in assets and $1
million to $10 million in debt.  According to the docket, the
official schedules of assets and liabilities, as well as the
statement of financial affairs, are due June 1, 2015.  The Debtor
tapped Levene, Neale, Bender, Yoo & Brill L.L.P, as counsel.


I.E.C. RENTALS: Shareholders Wants Case Converted to Chap. 7
------------------------------------------------------------
Ivy Jean Nebus, a creditor and shareholder of I.E.C. Rentals, Inc.,
filed a motion asking the U.S. Bankruptcy Court for the Middle
District of Florida, Fort Meyers Division, to convert IEC's Chapter
11 case to a case under Chapter 7 of the Bankruptcy Code.

According to Ms. Nebus' counsel, Robert A. Cooper, Esq., at Hahn
Loeser & Parks LLP, in Fort Meyers, Florida, cause exists for the
conversion of the Debtor's Chapter 11 bankruptcy case to a case
under Chapter 7.

Mr. Cooper states that IEC meets all three of the criteria provided
under Section 1112 on what constitutes "cause" for the conversion
to a Chapter 7 case: (1) the inability or refusal to pay the
judgment entered in favor of Leigh Hanson, Inc., suggests that IEC
continues to experience losses; (2) as the State Court found, the
management of IEC has been, at the very least incompetent and
certainly has mismanaged IEC's affairs; and (3) IEC cannot
demonstrate that it has maintained insurance on its assets,
including at least one motor vehicle.

Ms. Nebus is represented by:

         Robert A. Cooper, Esq.
         HAHN LOESER & PARKS LLP  
         2400 First Street, Suite 300
         Fort Myers, FL 33901
         Tel: 239-337-6700
         Fax: 239-337-6701  
         Email: racooper@hahnlaw.com

                     About I.E.C. Rentals

I.E.C. Rentals, Inc., sought Chapter 11 protection (Bankr. M.D.
Fla. Case No. 15-02491) in Ft. Myers, Florida, on March 12, 2015,
without stating a reason.

Naples, Florida-based I.E.C. Rentals estimated $10 million to $50
million in assets and less than $10 million in debt.

According to the docket, the Chapter 11 plan and disclosure
statement are due by July 10, 2015.

Robert E. Cadenhead signed the petition as director.  The Debtor
is
represented by Joey M Grant, Esq., at Marshall Socarras Grant, in
Boca Raton, Florida, as counsel.


INTEGRATED BIOPHARMA: Posts $106,000 Net Loss in Third Quarter
--------------------------------------------------------------
Integrated Biopharma, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $106,000 on $9.67 million of net sales for the three months
ended March 31, 2015, compared to a net loss of $450,000 on $7.52
million of net sales for the same period last year.

For the nine months ended March 31, 2015, the Company reported net
income of $845,000 on $28.5 million of net sales compared to net
income of $245,000 on $25.5 million of net sales for the same
period in 2014.

As of March 31, 2015, the Company had $12.4 million in total
assets, $21.7 million in total liabilities and a $9.3 million total
stockholders' deficiency.

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

                        http://is.gd/qH4qHG

                     About Integrated BioPharma

Based in Hillside, N.J., Integrated BioPharma, Inc. (INBP.OB) --
-- http://www.healthproductscorp.us/-- is engaged primarily in
manufacturing, distributing, marketing and sales of vitamins,
nutritional supplements and herbal products.  The Company's
customers are located primarily in the United States.  The Company
was previously known as Integrated Health Technologies, Inc., and,
prior to that, as Chem International, Inc.  The Company was
reincorporated in its current form in Delaware in 1995.  The
Company continues to do business as Chem International, Inc., with
certain of its customers and certain vendors.

Integrated Biopharma reported net income of $131,000 for the year
ended June 30, 2014, compared to net income of $93,000 for the
year ended June 30, 2013.


INTERLEUKIN GENETICS: Incurs $1.84-Mil. Net Loss in First Quarter
-----------------------------------------------------------------
Interleukin Genetics, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.84 million on $403,000 of total revenue for the three months
ended March 31, 2015, compared with a net loss of $1.66 million on
$488,000 of total revenue for the same period last year.

As of March 31, 2015, the Company had $11.5 million in total
assets, $8.66 million in total liabilities, and $2.82 million in
total stockholders' equity.

The Company has experienced net operating losses since its
inception through March 31, 2015.  The Company had net losses of
$6.3 million and $7.1 million for the years ended Dec. 31, 2014,
and 2013, respectively, and $1.8 million for the three months ended
March 31, 2015, contributing to an accumulated deficit of $122.9
million as of March 31, 2015.

The Company continues to take steps to reduce genetic test
processing costs.  Cost savings are primarily achieved through test
process improvements.  Management believes that the current
laboratory space is adequate to process high volumes of genetic
tests.

"The amount of cash we generate from operations is currently not
sufficient to continue to fund operations and grow our business. We
expect that our current and anticipated financial resources will be
adequate to maintain our current and planned operations for at
least the next 12 months.  If we are unable to obtain funding from
our current or new investors, we may have to end our operations and
seek protection under bankruptcy laws," the Company warns in the
report.

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

                        http://is.gd/7gUi29

                         About Interleukin

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

Grant Thornton LLP, in Boston, Massachusetts, issued a "going
concern" qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred recurring losses from operations and has an
accumulated deficit that raise substantial doubt about the
Company's ability to continue as a going concern.


KLM OPTICAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: KLM Optical, Inc.
          dba Pearle Vision
        1085 Northern Blvd
        Roslyn, NY 11576

Case No.: 15-72145

Chapter 11 Petition Date: May 15, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Hon. Robert E. Grossman

Debtor's Counsel: J. Logan Rappaport, Esq.
                  PRYOR & MANDELUP, L.L.P.
                  675 Old Country Road
                  Westbury, NY 11590
                  Tel: (516) 997-0999
                  Fax: (516) 333-7333
                  Email: lr@pryormandelup.com

Total Assets: $319,046

Total Liabilities: $1.83 million

The petition was signed by Wayne Kelly, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb15-72145.pdf


LEHMAN BROTHERS: Curacao Unit to Finalize Bankruptcy Proceedings
----------------------------------------------------------------
With the final cash distribution to be executed on May 19, 2015,
Lehman Brothers Securities N.V. in Curacao (Dutch Caribbean) will
be one of the first Lehman Brothers companies worldwide to finalize
its bankruptcy proceedings.  The final cash distribution to the
creditors will be made by bankruptcy trustee Michiel Gorsira of law
firm VanEps Kunneman VanDoorne.

Following the worldwide collapse of Lehman Brothers in September
2008 in New York, Lehman Brothers Securities N.V. in Curacao was
declared bankrupt by the Curacao bankruptcy court in January 2009.
The main activity of LBS was the issuance of complex financial
structured products -- warrants and certificates.  At the time of
the bankruptcy LBS had only USD 400 on its local bank account.
Mr. Gorsira, who co-led the international team of advisors together
with co-trustee Robert van Beemen: "In January 2009, we had no
funding and insufficient access to information and documents.  Six
and a half years later, we have settled intercompany claims of more
than USD11 billion, valued the LBS derivative portfolio of 332
securities at approximately USD 900 million, and have paid out more
than a USD1 billion to its creditors."

In the summer of 2014, the first discussions with creditors and
market participants took place to determine whether the remaining
intercompany receivables against other Lehman companies could be
sold, in order to make one final cash distribution.  These
intercompany receivables varied from USD1.2 million to USD5.2
billion.  Eventually, the claims were sold in April and the final
cash distribution will be made on May 19, 2015.  Mr. Gorsira:
"Although the settlement of the Lehman bankruptcy will continue in
New York, London, Hong Kong and various other jurisdictions, with
the final cash distribution to be made next week, the Curacao LBS
bankruptcy comes to an end."

                      About Lehman Brothers

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

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

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

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

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

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

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

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

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


LSI RETAIL II: Court Approves Hiring of Mountain High as Broker
---------------------------------------------------------------
LSI Retail II, LLC sought and obtained permission from the U.S.
Bankruptcy court for the District of Colorado to employ Mountain
High Real Estate Advisors, Inc. as brokerage firm for the estate.

The Debtor requires Mountain High to sell the Debtor's real
property located at 8355 N. Rampart Range Road, Littleton, CO 80125
("Real Property").

The Debtor and Mountain High have agreed upon a listing price of
$15,750,000.

Mountain High said that the firm is well qualified to provide the
services upon which it is being employed and the sales commission
for which it will be compensated is reasonable and similar to those
commissions being charged by other brokers for similar services.

Rob Galanis, broker of Mountain High, 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.

Mountain High can be reached at:

       Rob Galanis
       MOUNTAIN HIGH REAL ESTATE ADVISORS, INC.
       1100 East 6600 South, Suite 100
       Salt Lake City, UT 84121

                     About LSI Retail II, LLC

LSI Retail II, LLC filed a Chapter 11 bankruptcy petition (Bank. D.
Colo. Case No. 15-13375) on April 2, 2015.  Alan R. Fishman signed
the petition as president of manager Sunset Management Services.
The Debtor estimated assets and debts of $10 million to $50
million.

Jeffrey Weinman, Esq., at Weinman & Associates, P.C., serves as the
Debtor's counsel.  The case has been reassigned to Judge Michael E.
Romero from Judge Sidney B. Brooks.


LSI RETAIL II: Court OKs Allen & Vellone as Special Counsel
-----------------------------------------------------------
LSI Retail II, LLC sought and obtained permission from the U.S.
Bankruptcy court for the District of Colorado to employ Allen &
Vellone, P.C. as special counsel, nunc pro tunc to April 2, 2015.

The Debtor requires Allen & Vellone to act as special counsel to to
assist the Debtor in this case and specifically to represent the
Debtor in connection with contested matters which may require an
evidentiary hearing and/or adversary litigation arising in this
case, including any matters arising under 11 U.S.C. sections 544,
547, 548 and 549.

Allen & Vellone will be paid at these hourly rates:

       Patrick D. Vellone           $425
       Matthew M. Wolf              $315
       Mark A. Larson               $265
       Tatiana G. Popacondria       $195
       Nicole M. Detweiler          $185
       Paralegal                    $130

Allen & Vellone will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Patrick D. Vellone, partner of Allen & Vellone, 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.

Allen & Vellone can be reached at:

       Patrick D. Vellone, Esq.
       ALLEN & VELLONE, P.C.
       1600 Stout Street, Suite 1100
       Denver, CO 80202
       Tel: (303) 534-4499
       Fax: (303) 893-8332
       E-mail: pvellone@allen-vellone.com

                     About LSI Retail II, LLC

LSI Retail II, LLC filed a Chapter 11 bankruptcy petition (Bank. D.
Colo. Case No. 15-13375) on April 2, 2015.  Alan R. Fishman signed
the petition as president of manager Sunset Management Services.
The Debtor estimated assets and debts of $10 million to $50
million.

Jeffrey Weinman, Esq., at Weinman & Associates, P.C., serves as the
Debtor's counsel.  The case has been reassigned to Judge Michael E.
Romero from Judge Sidney B. Brooks.


LSI RETAIL II: Hires Fox Rothschild as Special Counsel
------------------------------------------------------
LSI Retail II, LLC seeks authorization from the U.S. Bankruptcy
court for the District of Colorado to employ Fox Rothschild, LLP as
special counsel, nunc pro tunc to April 2, 2015.

The Debtor requires Fox Rothschild to to represent it in connection
with the sale of the Debtor's real property located at 8351-8361 N.
Rampart Range Road, Littleton, Colorado 80125 and 1.2 acres of
undeveloped land located on Waterton Canyon Road, Douglas County,
Colorado ("Real Property").

The Debtor wishes to retain the services of Fox Rothschild to
provide legal counsel and representation with respect to the sale
of the Real Property. Fox Rothschild has assisted the Debtor with
its sale of the Real Property to SUSO 4 Roxborough, LP for
$15,618,000. The Debtor needs further representation in connection
with its sale of the Real Property. Fox Rothschild provided
pre-petition services to the Debtor and has continued to represent
the Debtor since the Debtor filed its Chapter 11 petition. Such
services have been both necessary and beneficial to the Debtor with
respect to the sale of the Real Property. The Debtor needs
continued representation with respect to this matter.

All fees and expenses associated with Fox Rothschild's retention
and services will be paid by the Debtor's Chapter 11 estate only
upon approval by the Court after a request made in accordance with
the requirements of the United States Bankruptcy Code and
applicable rules.

Fox Rothschild is owed for pre-petition legal services in the
approximate amount of $28,456.

Rick Rubin, partner of Fox Rothschild, 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.

Fox Rothschild can be reached at:

       Rick Rubin, Esq.
       FOX ROTHSCHILD, LLP
       1225 17th Street, Suite 2200
       Denver, CO 80202
       Tel: (303) 383-7620

                     About LSI Retail II, LLC

LSI Retail II, LLC filed a Chapter 11 bankruptcy petition (Bank. D.
Colo. Case No. 15-13375) on April 2, 2015.  Alan R. Fishman signed
the petition as president of manager Sunset Management Services.
The Debtor estimated assets and debts of $10 million to $50
million.

Jeffrey Weinman, Esq., at Weinman & Associates, P.C., serves as the
Debtor's counsel.  The case has been reassigned to Judge Michael E.
Romero from Judge Sidney B. Brooks.


MAGNETATION LLC: Creditors Object to DIP, Cash Use Request
----------------------------------------------------------
VFS Leasing Co.; Scheck Industrial Corporation; Caterpillar
Financial Services Corporation and Progress Rail Leasing
Corporation; and Allete, Inc., d/b/a Minnesota Power; object to
Magnetation, LLC, et al.'s request to obtain postpetition financing
and use cash collateral.

According to VFS Leasing, an equipment lease creditor of Debtors
Magnetation, LLC and Mag Mining, LLC, with more than $7.0 million
of current/future lease payments at risk, the DIP Financing Motion
is wholly insufficient to establish that "adequate protection" will
be provided to VFS Leasing for Debtors' use of its equipment
collateral.  VFS Leasing complains that Exhibit C to Debtors' DIP
Financing Motion is markedly deficient in that it does not identify
the equipment lease creditors included in the category of "Mobile
Equipment Lease - Various" and does not identify the amount of
adequate protection that would be provided to each lease creditor.

Scheck, a national turnkey Industrial Contractor, with core
construction expertie in numerous industries including the
manufacturing, energy and chemical industries, owed $3,953,089,
complains that the Debtors have not offered to provide any form of
adequate protection to Scheck.  Accordingly, Scheck asks the Court
not to authorize the Debtors to grant a senior security interest or
lien on the property that is subject to Scheck's mechanic's lien.

CFSC and PRL complain that it is unclear whether the budgeted
amounts for "equipment" are adequate to satisfy the Debtors'
obligations to CFSC, PRL, and other equipment lessors.  While CFSC
and PRL support the Debtors' reorganization efforts, because of the
confusion caused by the "Rail Car Lease - CAT" line item, and in
order to preserve their rights, CFSC and PRL filed the response to
seek clarification on the record that the Debtors intend to make
full monthly payments under the Master Leases and the Miscellaneous
Equipment Leases.

VFS Leasing is represented by:

        Caren W. Stanley, Esq.
        VOGEL LAW FIRM
        218 NP Avenue
        PO Box 1389
        Fargo, ND 58107
        Tel: (701) 237-6983
        Email: cstanley@vogellaw.com

Scheck is represented by:

        Phillip Bohl, Esq.,
        GRAY, PLANT, MOOTY, MOOTY & BENNETT, P.A.
        500 IDS Center
        80 South Eighth Street
        Minneapolis, MN 55402
        Tel: (612) 632-3000
        Fax: (612) 632-4400
        Email: Phillip.Bohl@gpmlaw.com

CFSC and PRL are represented by:

        Monica Clark, Esq.
        Elizabeth A. Hulsebos, Esq.
        DORSEY & WHITNEY LLP
        50 South Sixth Street, Suite 1500
        Minneapolis, MN 55402-1498
        Tel: (612) 340-2600
        Email: clark.marilyn@dorsey.com
               hulsebos.elizabeth@dorsey.com

                  About Magnetation LLC

Magnetation LLC -- http://www.magnetation.com/-- is a joint  
venture between Magnetation, Inc. (50.1% owner) and AK Iron
Resources, LLC, an affiliate of AK Steel Corporation (49.9%
owner).
Magnetation LLC recovers high-quality iron ore concentrate from
previously abandoned iron ore waste stockpiles and tailings
basins.
Magnetation LLC owns iron ore concentrate plants located in
Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore
pellet plant in Reynolds, IN.  

Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth,
Minnesota, on May 5, 2015, after reaching a deal with secured
noteholders on a balance sheet restructuring.  The cases are
assigned to Chief Judge Gregory F Kishel.

The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra,
Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone
Advisory
Partners LP as financial advisor; and Donlin, Recano & Company,
Inc., as the claims agent.

The Debtor's exclusive period for filing a plan and disclosure
statement ends Sept. 2, 2015.


MARINA BIOTECH: Obtains $400,000 Milestone Payment From Mirna
-------------------------------------------------------------
Marina Biotech, Inc., entered into an amendment No. 2 to the
license agreement effective as of Dec. 22, 2011, with Mirna
Therapeutics, Inc., pursuant to which Mirna agreed to make a
pre-payment to the Company in the amount of $400,000 in full and
complete satisfaction of the milestone payment that would otherwise
have been payable to the Company upon the date the first patient is
dosed in the first Phase 2 trial for a licensed product containing
or incorporating Mirna's proprietary compound miR-34. The payment
was received by the Company on May 12, 2015.  A copy of Amendment
No. 2 is available for free at http://is.gd/Vym3HC

                        About Marina Biotech

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

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

Marina Biotech reported a net loss of $6.47 million on $500,000 of
license and other revenue for the year ended Dec. 31, 2014,
compared to a net loss of $1.57 million on $2.11 million of license
and other revenue in 2013.

As of March 31, 2015, the Company had $8.04 million in total
assets, $11.69 million in total liabilities and a $3.65 million
total stockholders' deficit.

Wolf & Company, P.C., in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing the Company has suffered
recurring losses from operations, has a significant accumulated
deficit and has been unable to raise sufficient capital to fund its
operations through the end of 2015.  This raises substantial doubt
about the Company's ability to continue as a going concern, the
auditors noted.


MARINA BIOTECH: Reports $414,000 Net Income in First Quarter
------------------------------------------------------------
Marina Biotech, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
applicable to common stockholders of $414,000 for the three months
ended March 31, 2015, compared to a net loss applicable to common
stockholders of $15.07 million for the same period last year.

As of March 31, 2015, the Company had $8.04 million in total
assets, $11.69 million in total liabilities and a $3.65 million
total stockholders' deficit.

"With the milestone payment we recently received from Mirna, we
have improved our cash position allowing us to continue to move our
corporate initiatives forward," stated J. Michael French, president
& CEO of Marina Biotech.  "We are focused on advancing our clinical
and preclinical programs as well as bringing in additional capital
through near-term licensing and collaboration transactions."

At March 31, 2015, the Company had cash of $1.2 million and assets
totaling $8 million, compared to cash of $5.5 million, and assets
totaling $12.4 million at March 31, 2014.

At March 31, 2015, the Company had an accumulated deficit of
approximately $337 million, $112 million of which has been
accumulated since we focused on RNA therapeutics in June 2008.  

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

                       http://is.gd/iPqNEY

                       About Marina Biotech

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

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

Marina Biotech reported a net loss of $6.47 million on $500,000 of
license and other revenue for the year ended Dec. 31, 2014,
compared to a net loss of $1.57 million on $2.11 million of license
and other revenue in 2013.

Wolf & Company, P.C., in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing the Company has suffered
recurring losses from operations, has a significant accumulated
deficit and has been unable to raise sufficient capital to fund its
operations through the end of 2015.  This raises substantial doubt
about the Company's ability to continue as a going concern, the
auditors noted.


MCCLATCHY CO: Morgan Stanley Owns 1.6% of Class A Shares
--------------------------------------------------------
Morgan Stanley disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of April 30, 2015, it
beneficially owns 1,009,838 shares of class A common stock of
McClatchy Co which represents 1.6 percent of the shares
outstanding.  A copy of the regulatory filing is avaiable for free
at http://is.gd/c4vaDw

                    About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)
-- http://www.mcclatchy.com/-- is a media company that provides
both print and digital news and advertising services.  Its
operations include 30 daily newspapers, community newspapers,
websites, mobile news and advertising, niche publications, direct
marketing and direct mail services.  Its owned newspapers include,
among others, the (Fort Worth) Star-Telegram, The Sacramento Bee,
The Kansas City Star, the Miami Herald, The Charlotte Observer, and
The (Raleigh) News & Observer.  The Company holds interest in
digital assets which include CareerBuilder, LLC, Classified
Ventures, LLC, HomeFinder, LLC, and Wanderful Media.

McClatchy Co reported net income of $374 million on $1.14 billion
of net revenues for the year ended Dec. 28, 2014, compared with net
income of $18.8 million on $1.21 billion of net revenues for the
year ended Dec. 29, 2013.

As of March 29, 2015, the Company had $2.35 billion in total
assets, $1.85 billion in total liabilities, and $496 million in
stockholders' equity.

                           *     *     *

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

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


MERRIMACK PHARMACEUTICALS: Stockholders Elect 9 Directors
---------------------------------------------------------
At the 2015 annual meeting of stockholders of Merrimack
Pharmaceuticals, Inc. held on May 12, 2015, the Company's
stockholders elected Gary L. Crocker, Gordon J. Fehr, Vivian S.
Lee, M.D., Ph.D., John Mendelsohn, M.D., Robert J. Mulroy,
Ulrik B. Nielsen, Ph.D., Michael E. Porter, Ph.D., James H. Quigley
and Russell T. Ray as directors each for a one year term ending at
the Company's 2016 annual meeting of stockholders.

The stockholders approved, on a non-binding advisory basis, the
compensation of the Company's named executive officers and
recommended, on a non-binding advisory basis, that future advisory
votes to approve executive compensation be held every year.

The stockholders also ratified the selection of
PricewaterhouseCoopers LLP as the Company's independent registered
public accounting firm for the fiscal year ending Dec. 31, 2015.

                          About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $83.6 million on $103 million of
collaboration revenues for the year ended Dec. 31, 2014, compared
with a net loss of $131 million on $47.8 million of collaboration
revenues during the prior year.

As of March 31, 2015, Merrimack had $127 million in total assets,
$256 million in total liabilities, $396,000 in noncontrolling
interest, and a $129 million total stockholders' deficit.


MILESTONE SCIENTIFIC: Reports $419,000 Net Loss in 1st Quarter
--------------------------------------------------------------
Milestone Scientific Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to the Company of $419,000 on $2.77 million of net
product sales for the three months ended March 31, 2015, compared
with net income attributable to the Company of $195,000 on $2.62
million of net product sales for the same period last year.

As of March 31, 2015, the Company had $16.7 million in total
assets, $1.85 million in total liabilities, all current, and $14.8
million in total equity.

As of March 31, 2015, Milestone had cash and cash equivalents of
$9.33 million and positive working capital of $13.2 million.

The working capital at March 31, 2015, was $13.2 million as
compared to the working capital at Dec. 31, 2014, of $13.1 million.
The increase of $64,500 in working capital was primarily
attributable to a net current asset decrease of $513,900 including,
an increase in current accounts receivable of $101,460, an increase
in due from related party of $185,000, a decrease in cash and cash
equivalents of $1.037 million and an increase in inventory of
$269,000 offset by a net decrease in current liabilities of
$578,000.

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

                       http://is.gd/VGzxxA

                    About Milestone Scientific

Livingston, N.J.-based Milestone Scientific Inc. is engaged in
pioneering proprietary, innovative, computer-controlled injection
technologies and solutions for the medical and dental markets.

The Company reported a net loss attributable to the Company of $1.7
million on $10.33 million of net product sales for the year ended
Dec. 31, 2014, compared to net income attributable to the Company
of $1.46 million on $10.01 million of net product sales for the
year ended Dec. 31, 2013.


MINT LEASING: Delays First Quarter Form 10-Q
--------------------------------------------
The Mint Leasing, Inc. filed with the U.S. Securities and Exchange

Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the period ended
March 31, 2015.
     
The Company said it has experienced delays in completing its
financial statements for the said period as it has recently engaged
a new auditing firm that has not had sufficient time to finalize
its review of its financial statements for the quarter ended March
31, 2015.

                        About Mint Leasing

Houston, Texas-based The Mint Leasing, Inc., is in the business of
leasing automobiles and fleet vehicles throughout the United
States.

Mint Leasing reported a net loss of $3.08 million in 2014,
following net income of $3.22 million in 2013.  As of Dec. 31,
2014, the Company had $15.2 million in total assets, $13.7 million
in total liabilities, and $1.56 million in total stockholders'
equity.


NATEL ENGINEERING: S&P Assigns 'B+' CCR, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' corporate credit
rating to Chatsworth, Calif.-based Natel Engineering Co. Inc.  The
outlook is stable.

At the same time, S&P assigned a 'BB-' issue-level rating and '2'
recovery rating to the company's $300 million senior secured term
loan due 2020.  The '2' recovery rating indicates S&P's expectation
for substantial recovery (70% to 90%; at the lower end of the
range) in the event of payment default.

"The rating on Natel reflects our adjusted leverage, which we
expect will fall to less than 4x during the next 12 to 18 months as
the company realizes cost savings in the OnCore business, as well
as the company's small scale, meaningful customer concentration,
and fragmented, competitive, and cyclical operating environment,"
said Standard & Poor's credit analyst Christian Frank.

The stable outlook reflects S&P's expectation that consistent end
market demand and cost saving opportunities are likely to result in
leverage falling to less than 4x during the next 12 to 18 months.



NET ELEMENT: Beno Distribution Holds 9.6% Stake as of April 30
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Nurlan Abduov and Beno Distribution, Ltd. disclosed
that as of April 30, 2015, they beneficially own 4,538,737 shares
of common stock of Net Element, Inc., which represents 9.6 percent
of 47,460,032, which was the number of the outstanding shares of
Common Stock as of March 30, 2015.

As of April 30, 2015, Beno may be deemed to have formed a "group"
as defined by Section 13(d) of the Securities and Exchange Act of
1934 upon entering into two separate Voting Agreements, and as such
may be deemed to be a beneficial owner of 25,081,961 shares of
Common Stock of the Company or 53.47% of the total outstanding
Common Stock.  The group is composed of Beno, Cayman Invest S.A.,
Kenges Rakishev, Novatus Holding PTE. Ltd., Oleg Firer, Mayor Trans
Ltd., Steven Wolberg, James Caan, Jonathan New, David P. Kelley II,
and William Healy.  

A full-text copy of the regulatory filing is available at:

                       http://is.gd/EUWEAO

                        About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

As of March 31, 2015, the Company had $14.02 million in total
assets, $10.29 million in total liabilities and $3.73 million in
total stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The accounting firm
said that the Company has suffered recurring losses from operations
and has used substantial amounts of cash to fund its operating
activities that raise substantial doubt about its ability to
continue as a going concern.


NET ELEMENT: Posts $2.24 Million Net Loss in First Quarter
----------------------------------------------------------
Net Element, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $2.24
million on $5.54 million of net revenues for the three months ended
March 31, 2015, compared to a net loss of $3.62 million on $4.84
million of net revenues for the same period last year.

As of March 31, 2015, the Company had $14.02 million in total
assets, $10.29 million in total liabilities and $3.73 million in
total stockholders' equity.

At March 31, 2015, the Company had a working capital deficit of
approximately $1.9 million and an accumulated deficit of
approximately $131.4 million.  These conditions raise substantial
doubt about our ability to continue as a going concern.

"Failure to successfully continue developing our payment processing
operations and maintain contracts with merchants, mobile phone
carriers and content providers to use TOT Group's services could
harm our revenues and materially adversely affect our financial
condition and results of operations.  We face risks including the
need for additional capital, our management's potential
underestimation of initial and ongoing costs, and potential delays
and other problems in connection with developing our technologies
and operations.

We are continuing with our plan to further grow and expand our
payment processing operations in emerging markets, particularly in
Russia and surrounding countries.  Management believes that its
current operating strategy will provide the opportunity for us to
continue as a going concern so long as we are able to secure
additional long-term financing; however, there is no assurance this
will occur, or on terms favorable to us."

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

                        http://is.gd/VRjo7i

                        About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
used substantial amounts of cash to fund its operating activities
that raise substantial doubt about its ability to continue as a
going concern.


NEW YORK MILITARY: U.S. Trustee Forms 3-Member Creditors Committee
------------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2,
appointed three  unsecured creditors who are willing to serve on
the Official Committee of Unsecured Creditors in the Chapter 11
case of New York Military Academy:

      1. A. Jon Prusmack
         837 Sherry Drive
         Valley Cottage, NY 10989
         Telephone (845) 268-4698
         Cell No. (914) 806-3471
         E-mail: JPrusmack@ailbrands.com

      2. The Brunetti Foundation
         2200 East 4th Avenue
         P.O. Box 158
         Hialeah, FL 33011
         Attn: John J. Brunetti, President
         Telephone (305) 885-8000 Ext. 7202
         Fax No. (305) 887-8006
         E-mail: smartinez@hialeahpark.com
                 cheriehialeah@aol.com

         Represented by:
         Richard J. Laiks, Esq.
         77 Passaic Avenue, Suite 203
         Passaic, NJ 07055
         Telephone (973) 777-2600
         Fax No. (973) 777-2098
         E-mail: rlaiks@heller-laiks.com

      3. Morgan Fuel & Heating Co., Inc.
         2785 W. Main Street
         Wappingers Falls, NY 12590
         Attn: Mark Bottini, Secretary
         Telephone (845) 297-5580
         E-mail: mbottini@bottinifuel.com

         Represented by:
         Kenneth Gobetz, Esq.
         Wichler & Gobetz, P.C.
         400 Rella Boulevard, Suite 213
         Suffern, NY 10901
         Telephone (845) 368-1710
         Fax No. (845) 368-1470
         E-mail: kgobetz@wichlergobetz.com

                About New York Military Academy

New York Military Academy, a private coeducational boarding school,
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.
15-35379) on March 3, 2015.  David B. Fields signed the petition as
first vice-president.  The Debtor reported total assets of $10.5
million and total debts of $10.9 million.  Lewis D. Wrobel, Esq.,
at Lewis D. Wrobel, represents the Debtor as counsel.

The U.S. trustee overseeing the Chapter 11 case of New York
Military Academy said it wasn't able to form a committee of
unsecured creditors.



NEWLEAD HOLDINGS: Incurs $100 Million Net Loss in 2014
------------------------------------------------------
Newlead Holdings Ltd. filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss
attributable to the Company's shareholders of $100 million on $12.6
million of revenues for the year ended Dec. 31, 2014, compared to a
net loss attributable to the Company's shareholders of $158 million
on $7.34 million of revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $190 million in total assets,
$300 million in total liabilities, and a $110 million total
shareholders' deficit.

Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
a net loss, has negative cash flows from operations, negative
working capital, an accumulated deficit and has defaulted under its
credit facility agreements resulting in all of its debt being
reclassified to current liabilities all of which raise substantial
doubt about its ability to continue as a going concern.

A full-text copy of the Form 20-F is available for free at:

                      http://is.gd/U8sUGe

                   About NewLead Holdings Ltd.

Based in Athina, Greece, NewLead Holdings Ltd. --
http://www.newleadholdings.com/-- is an international, vertically
integrated shipping company that owns and manages product tankers
and dry bulk vessels.  NewLead currently controls 22 vessels,
including six double-hull product tankers and 16 dry bulk vessels
of which two are newbuildings.  NewLead's common shares are traded
under the symbol "NEWL" on the NASDAQ Global Select Market.



NGPL PIPECO: Fitch Lowers Issuer Default Rating to 'CCC'
--------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) for
NGPL PipeCo LLC (NGPL) to 'CCC' from 'B-.'  Also, downgraded to
'CCC+/RR3' from 'B-/RR4' are NGPL's senior secured notes and
secured Term Loan B.  A total of $2.95 billion of outstanding
senior debt is affected by the rating downgrade.

The downgrade reflects continued deterioration in NGPL's credit
metrics as of the yearend 2014, with leverage remaining well above
prior expectations.  Fitch had previously listed a breach of
covenants as a trigger for downgrades and NGPL had to receive a
waiver for its financial covenants to remain in compliance for 4Q
2014.  Fitch does believe that NGPL's owners will take steps
necessary to avoid defaulting on its obligations at least in the
near term.  In association with the covenant waivers through 3Q
2015, NGPL's owners have committed an equity contribution of up to
$50 million (contingent on a variety of factors) that can be used
to pay principal on secured borrowings, for interest payments,
equity cures or capital spending subject to some limitations.

NGPL expects cash outflows to exceed inflows in 2015.  This is
obviously unsustainable, and NGPL is pursuing strategic
alternatives to address the situation.  Leverage is expected to
remain extremely elevated with EBITDA for 2015 expected to be
roughly $285 million, and expected Debt/EBITDA of over 10x.  Fitch
believes that NGPL HoldCo, (NGPL's parent company) will have to
contribute the $50 million in equity being held there for the
purpose of providing NGPL with liquidity that will help in 2015,
but is not likely enough to help in 2016 absent increased
profitability on the pipeline system.

KEY RATING DRIVERS

EBITDA Weakness: The downgrade reflects EBITDA weakness at the
pipeline due to supply and demand fundamentals that began to
unfavorably change for NGPL years ago, its prior FERC rate
reduction and a slight rise in costs for 2014.  NGPL's EBITDA for
the yearend 2014 was $284 million, a decline of roughly 6% versus
2013 results, due in part to non-recurring expenses including a $13
million loss on operational gas as a result of higher than expected
fuel usage to run the pipe during last winter's (2013/2014) cold
weather.  The other non-recurring expense was a $14 million
non-cash charge for a lower cost or market adjustment to gas
inventory due to gas prices falling below inventory basis. For
yearend 2014, NGPL's leverage increased to over 10x, prompting the
need for covenant waivers.

Generally, NGPL's earnings weakness stems from the combination of
FERC mandated phase-in decreases in operating subsidiary Natural
Gas Pipeline of America's base recourse rate, fuel retention
factors, and unfavorable market conditions.  Marcellus shale area
production growth has displaced historical supplies shipped on the
pipelines historical west-to-east transport path, particularly its
Louisiana line, as well as impacting historical north to south
flows.

Exploring Strategic Alternatives: NGPL is exploring strategic
alternatives, including a sale of the company, recapitalizations,
restructuring, or a sale of assets.  There is significant
uncertainty around what ultimately gets completed, while the recent
waivers of covenants gives the company until roughly early December
to get a feasible plan in place to address its cash flow needs
before it would need another covenant amendment or would violate
covenant.  In the event that NGPL is unable to cure any covenant
violation, NGPL's outstanding debt could be accelerated by lenders.
A credit facility default can trigger cross payment default and
cross acceleration provisions in NGPL's existing senior notes.
Management has committed to an equity injection of up to $50
million subject to certain specific conditions.  Fitch currently
believes that this equity injection should prevent a default in
2015.

Recontracting Stabilizing: There are some signs that the financial
impact of gas displacement on NGPL is finally waning.  During 2014,
NGPL saw its existing transportation revenue stabilize and contract
rollover stayed steady for the first time in several years.  All of
NGPL's higher rate contracts have rolled over at this point and
management does not expect much more downside to revenue going
forward.  Additionally, NGPL was able to secure binding commitments
for a northbound expansion project into Chicago that will provide
roughly $17 million in incremental EBITDA.  Construction of this
project, at a cost of roughly $80 million, is expected to start in
2016 with the expansion in service towards the end of 2016.
Financing of the project is uncertain at this time.

Other credit concerns include the limiting effect of the reduced
cash flows on the company's operating flexibility and strategies;
the refinancing of $1.25 billion senior notes and the Term Loan B
(currently $598 million) in 2017.  Favorable considerations include
NGPL's Chicago/Midwest market franchise, which accounts for a
significant portion of total EBITDA, and its associated
high-quality, reliable utility customer base and demand for storage
services.

KEY ASSUMPTIONS

   -- Revenue consistent with existing contract profile;
   -- $50 million equity injection from HoldCo in 2015; revolver
      fully maxed out at $75 million in 2015.
   -- For the recovery rating, Fitch projects a going concern
      enterprise valuation of $2.1 billion, using an 8x multiple
      and EBITDA of approximately $285.  After deducting Fitch's
      standard of 10% for administrative claims, Fitch estimates
      recovery of the senior notes and Term Loan B at their
      current outstanding amount of roughly 70%, towards the high
      end of 'RR3' (51%-70%).

RATINGS SENSITIVITIES

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

   -- Lack of viable strategic alternative plan by end of 3Q 2015
      would likely lead to further downgrade.

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

   -- Ability to achieve sustainable liquidity;
   -- Improving credit metrics through some combination of revenue

      growth and debt reduction with sustained leverage below
      7.0x;
   -- Successfully refinancing 2017 debt maturities.

NGPL is 80% owned by Myria Acquisition Inc., a consortium of
investors including Brookfield Infrastructure Partners, SteelRiver
Infrastructure Fund North America, a Canadian pension fund and a
Netherlands pension fund, and 20% owned by Kinder Morgan, Inc. (IDR
'BBB-'/Rating Outlook Stable by Fitch).

Fitch downgrades these ratings:

NGPL PipeCo LLC

   -- IDR to 'CCC' from 'B-';
   -- Senior secured notes to 'CCC+/RR3' from 'B-/RR4';
   -- Term Loan B to 'CCC+/RR3' from 'B-/RR4'.



NJRC CENTER: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: NJRC Center, LLC
        3092 Shafto Road
        Eatontown, NJ 07724

Case No.: 15-19221

Chapter 11 Petition Date: May 15, 2015

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

Judge: Hon. Michael B. Kaplan

Debtor's Counsel: Joseph Casello, Esq.
                  COLLINS, VELLA & CASELLO
                  2317 Route 34 South, Suite 1A
                  Manasquan, NJ 08736
                  Tel: (732) 751-1766
                  Fax: (732) 751-1866
                  Email: jcasello@cvclaw.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David Angstadt, managing member.

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


NY MILITARY ACADEMY: Court OKs Wasserman as Committee Counsel
-------------------------------------------------------------
The Brunetti Foundation, Creditors' Committee, by proxy of Richard
J. Laiks, the Chairman of the Official Committee of Unsecured
Creditors of New York Military Academy, sought and obtained
permission from the U.S. Bankruptcy Court for the Southern District
of New York to retain Wasserman, Jurista &
Stolz, P.C. ("WJ&S") as counsel to the committee.

By this Application, the Committee seeks entry of an Order
authorizing and approving the employment of WJ&S as its counsel to
perform services relating to the Debtor's bankruptcy case,
effective as of the date the Application is filed with the Court.

WJ&S will also be reimbursed for reasonable out-of-pocket expenses
incurred.

WJ&S 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.

WJ&S can be reached at:

       Steven Z. Jurista, Esq.
       WASSERMAN, JURISTA & STOLZ, P.C.
       110 Allen Road, Suite 304
       Basking Ridge, NJ 07920
       Tel: (973) 467-2700
       Fax: (973) 467-8126

                   About New York Military Academy

New York Military Academy, a private coeducational boarding
school, filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y.
Case No. 15-35379) on March 3, 2015.  David B. Fields signed the
petition as first vice-president.  The Debtor reported total assets
of $10.5 million and total debts of $10.9 million.  Lewis D.
Wrobel, Esq., at Lewis D. Wrobel, represents the Debtor as
counsel.

The U.S. trustee overseeing the Chapter 11 case of New York
Military Academy said it wasn't able to form a committee of
unsecured creditors.


OAS FINANCE: Chapter 15 Case Summary
------------------------------------
Chapter 15 Petitioners: Marcus Allender Wide and Mark T. McDonald

Chapter 15 Debtor: OAS Finance Limited (in provisional
                   liquidation)
                   c/o Trident Chambers, P.O. Box 146
                   Road Town, Tortola VG 1110
                   British Virgin Islands

Chapter 15 Case No.: 15-11304

Type of Business: Finance/SPV

Chapter 15 Petition Date: May 18, 2015

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

Chapter 15 Petitioners'   Andrew Rosenblatt, Esq.
Counsel:                  Eric Daucher, Esq.
                          Howard Seife, Esq.
                          CHADBOURNE & PARKE LLP
                          1301 Avenue of the Americas
                          New York, NY 10019-6022
                          Tel: (212) 408-5559
                          Fax: (212) 541-5369
                          Email: andrew.rosenblatt@chadbourne.com
                                 edaucher@chadbourne.com
                                 hseife@chadbourne.com

Estimated Assets: $500 million to $1 billion

Estimated Debts: $500 million to $1 billion


ONE SOURCE: Has Until Aug. 3 to Decide on Unxpired Leases
---------------------------------------------------------
U.S. Bankruptcy Judge Russel F. Nelms extended until Aug. 3, 2015,
One Source Industrial Holdings, LLC, and One Source Industrial
LLC's time to assume or reject unexpired leases of nonresidential
real property.  The Debtors explained that they needed an extension
to evaluate their space equipment, and personal needs and operate
in the new world of the oil and gas industry before they can
proceed with formulating a plan of reorganization.

                    About One Source Industrial

One Source Industrial Holdings, LLC, and One Source Industrial LLC
are both limited liability companies that are part of a corporate
family of affiliated companies.

One Source Industrial Holdings holds equipment utilized by various
related entities which provide rental equipment and industrial
services to businesses in the oil and gas, refining,
manufacturing, pipeline, shipping, and construction industries.
The types of equipment possessed by One Source include, e.g.,
hazardous material transportation vehicles, frac tanks, tank
trailers, barrel mix tank and vacuum tankers, air machines, and
waste and other industrial boxes and tanks.  Industrial provides
executive management, accounting, and overhead services for
Holdings.

One Source Holdings sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-44996) in Ft. Worth, Texas, on
Dec. 16, 2014.  One Industrial sought Chapter 11 bankruptcy
protection (Bankr. N.D. Tex. Case No. 15-400038) on Jan. 4, 2015.
Holdings' case is assigned to Judge Russell F. Nelms.

The Debtor disclosed $12,036,897 in assets and $15,890,063 in
liabilities as of the Chapter 11 filing.

The Debtors are represented by J. Robert Forshey, Esq., and Suzanne
K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas.
The Debtors tapped EJC Ventures LP as financial consultant.

The U.S. Trustee appointed five creditors to serve on the official
committee of unsecured creditors.


ONE SOURCE: Stipulation on Adequate Protection for CNHI Approved
----------------------------------------------------------------
One Source Industrial Holdings, LLC, et al., and CNH Industrial
Capital America LLC, formerly known as CNH Capital America LLC, won
approval from the bankruptcy court of an agreed order relating to
adequate protection as to one New Holland Tractor Loader/ Backhoe.

CNHI asserts a properly perfected purchase money security interest
in one New Holland Tractor Loader/Backhoe Model B95C.

The Agreed Order provides that:

   1. The automatic stay currently in effect in the case will
remain in effect with respect to CNHI contingent upon Debtors
making payments to CNHI in the amount of $1,000 per month beginning
in April 2015 so that it is received no later than seven days after
the order is signed and each subsequent monthly payment delivered
so as to be received by CNHI by May 10, 2015, June 10 and July 10,
for the period ending July 31.

   2. The Debtors will continue to insure the collateral with CNHI
reflected as an additional loss payee as its interest may appear in
the Collateral and the Debtors will provide CNHI with proof of
insurance no later than ten days after the order is signed.

   3. The Debtors will maintain and service the collateral and CNHI
will have access to and the right to inspect the collateral during
normal business hours or any other time agreed to by the parties.

   4. If the Debtors fail to perform, CNHI will provide written
notice of the event(s) of default to Debtors through their counsel
of record in the case.  If Debtors fail to cure any event of
default within 10 days after the date of CNHI's written notice,
then the automatic stay will terminated with respect to CNHI's
rights to recover, market and dispose of the collateral.

CNHI holds one retail installment sale contract and security
agreement secured by a New Holland Tractor Loader/Backhoe Model
B95C in which Debtor One Source Industrial Holdings, LLC, is the
obligor.

CNHI is represented by:

         Howard C. Rubin, Esq.
         Daniel P. Callahan, Esq.
         KESSLER & COLLINS, P.C.
         2100 Ross Avenue, Suite 750
         DALLAS, TX 75201
         Tel: (214) 379-0722
         Fax: (214) 373-4714

                    About One Source Industrial

One Source Industrial Holdings, LLC, and One Source Industrial LLC
are both limited liability companies that are part of a corporate
family of affiliated companies.

One Source Industrial Holdings holds equipment utilized by various
related entities which provide rental equipment and industrial
services to businesses in the oil and gas, refining,
manufacturing, pipeline, shipping, and construction industries.
The types of equipment possessed by One Source include, e.g.,
hazardous material transportation vehicles, frac tanks, tank
trailers, barrel mix tank and vacuum tankers, air machines, and
waste and other industrial boxes and tanks.  Industrial provides
executive management, accounting, and overhead services for
Holdings.

One Source Holdings sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-44996) in Ft. Worth, Texas, on
Dec. 16, 2014.  One Industrial sought Chapter 11 bankruptcy
protection (Bankr. N.D. Tex. Case No. 15-400038) on Jan. 4, 2015.
Holdings' case is assigned to Judge Russell F. Nelms.

The Debtor disclosed $12,036,897 in assets and $15,890,063 in
liabilities as of the Chapter 11 filing.

The Debtors are represented by J. Robert Forshey, Esq., and Suzanne
K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas.
The Debtors tapped EJC Ventures LP as financial consultant.

The U.S. Trustee appointed five creditors to serve on the official
committee of unsecured creditors.



ORANGE COUNTY POOLS: Case Summary & 17 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Orange County Pools, Inc.
        275 Windsor Highway
        New Windsor, NY 12553

Case No.: 15-35902

Nature of Business: Pool and spa construction

Chapter 11 Petition Date: May 18, 2015

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

Debtor's Counsel: Thomas Genova, Esq.
                  GENOVA & MALIN
                  Hampton Business Center
                  1136 Route 9
                  Wappingers Falls, NY 12590-4332
                  Tel: (845) 298-1600
                  Fax: (845) 298-1265
                  Email: genmallaw@optonline.net

Estimated Assets: $500,001 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Vincent Moscatello, president.

A list of the Debtor's 17 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nysb15-35902.pdf


PARAMOUNT RESOURCES: Moody's Lifts CFR to B1 & Rates New Notes B3
-----------------------------------------------------------------
Moody's Investor's Services upgraded Paramount Resources Ltd.'s
Corporate Family Rating to B1 from B2 and Probability of Default
Rating to B1-PD from B2-PD. Moody's assigned a B3 rating to the
proposed US$400 million senior unsecured notes due 2023 and
affirmed the B3 senior unsecured notes ratings. The SGL-3
Speculative Grade Liquidity Rating remained unchanged and the
outlook was changed to stable from positive.

Proceeds from the notes will be used to repay the company's C$370
million senior unsecured notes due December 2017, with the
remainder going to capital expenditures and general corporate
purposes including repayment of drawings under the revolving credit
facility.

Issuer: Paramount Resources LTD

Upgrades:

  -- Probability of Default Rating, Upgraded to B1-PD from B2-PD

  -- Corporate Family Rating, Upgraded to B1 from B2

Assignments:

  -- Senior Unsecured Regular Bond/Debenture, Assigned B3(LGD5)

Affirmations:

  -- Senior Unsecured Regular Bond/Debenture, Affirmed B3(LGD5)

  -- Senior Unsecured Shelf, Affirmed (P)B3

Outlook Actions:

  -- Outlook, Changed To Stable From Positive

Paramount's B1 CFR is primarily driven by an expectation that
production will reach 60,000 barrels of oil equivalent (boe)/day by
the second half of 2015. The rating is further supported by the
solid margins and leveraged full-cycle ratio, and reasonable cash
flow based leverage in 2016. The rating is constrained by the
limited cash flow and revolver availability to fund capital
expenditures through 2016.

In accordance with Moody's Loss Given Default Methodology the
notching of the senior unsecured notes at B3, two notches below the
B1 CFR, reflects priority ranking debt in the form of the C$900
million secured revolving credit facility relative to the unsecured
notes.

The stable outlook reflects expectation that Paramount's production
will reach about 60,000 boe/day in the second half of 2015 and that
leverage improves from current levels.

The rating could be upgraded if production increases towards 70,000
boe/d with retained cash flow to debt rising towards 30% and E&P
debt to production was likely to remain below US$30,000/boe.

The rating could be downgraded if Paramount's production decreases
materially or if debt funded negative free cash flow leads to
retained cash flow to debt is sustained below 20% or E&P debt to
production increasing above US$40,000/boe.

Paramount is a Calgary, Alberta-based exploration and production
company with principal properties in the Montney formation in
Alberta. First quarter 2015 production was about 37,000 boe per day
(net of royalties).

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


PARAMOUNT RESOURCES: S&P Rates US$400MM Sr. Unsecured Bonds 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
issue-level rating, and '1' recovery rating, to Calgary,
Alta.-based Paramount Resources Ltd.'s proposed US$400 million
senior unsecured bond issue.  The '1' recovery rating reflects
S&P's expectation of very high (90%-100%) recovery for the
company's unsecured lenders in S&P's simulated default scenario.
Bond proceeds will refinance Paramount's C$370 million 8.25% senior
unsecured notes maturing in 2017.  As a result, S&P has removed the
C$370 million debt issue from our pro forma debt waterfall. The 'B'
long-term corporate credit rating and positive outlook on the
company are unchanged.

"Given recent issuance activity in the Canadian and U.S. debt
capital markets, we expect Paramount's proposed issue should be
priced at a lower coupon than the existing 8.25% notes," said
Standard & Poor's credit analyst Michelle Dathorne.  "Although the
company's gross debt levels will increase following the
refinancing, we estimate the company's pro forma three-year
weighted average cash flow metrics, specifically its fully adjusted
funds from operations-to-debt, will remain consistent with the
base-case scenario ratios estimated when we raised the corporate
credit rating to 'B' in February," Ms. Dathorne added.

The ratings on Paramount reflect Standard & Poor's view of the
company's small, regionally focused oil and gas operations; our
expectations of heightened volatility in profitability and cash
flow leverage metrics during the hydrocarbon price trough; and
Paramount's high debt levels (incurred during the construction of
its recently completed infrastructure projects).  S&P believes the
company's improving product mix diversification and unit
profitability metrics, which currently rank in the mid-range of the
global exploration and production (E&P) peer group, somewhat offset
these weaknesses.  Paramount is an E&P company operating primarily
in the Kaybob area in west-central Alberta.  With the recent
completion of the company's gas processing infrastructure projects
and third-party capacity expansions, Paramount expects the mix of
its liquids and gas production to shift to a balanced product mix,
with liquids representing about 50% of its annual daily average
production in 2015.

The positive outlook reflects Standard & Poor's view that
Paramount's daily average production and cash flow generation will
strengthen materially throughout 2015 and 2016 as the company
expands its internal and contracted natural gas processing
capacity.  As such, it should be able to realize increasing
economies of scale, which could strengthen the scale and scope of
Paramount's upstream operations and its operating efficiency. This,
in turn, could strengthen the company's overall business risk
profile and the rating.

S&P could raise the rating if Paramount improves either its
business risk or its financial risk profile.  An upgrade would most
likely occur if the company shows improved economies of scale, due
to access to increased natural gas processing infrastructure,
higher production levels, and reduced full-cycle costs.  In S&P's
opinion, improvements in these operating parameters would
illustrate a strengthened operating efficiency and overall business
risk profile.  As well, S&P could raise the rating if Paramount's
financial risk profile strengthened materially.  Specifically, the
three-year weighted average funds from operations (FFO)-to-debt
would have to increase and stay above 45% to support a 'B+' rating
with the current business risk profile.  An upgrade is also
contingent on the company consistently maintaining an adequate
liquidity profile.

S&P would revise the outlook to stable if the operating efficiency
improvements S&P has incorporated in its base-case scenario do not
occur, due to either a material delay in expected production
ramp-up or a failure to reduce costs through increasing economies
of scale.  An outlook revision to stable could also result if
Paramount's three-year, weighted-average FFO-to-debt fell and
remained below 20% throughout the 12-month outlook period, and S&P
believed its cash flow metrics would remain at these levels.

RATINGS LIST

Paramount Resources Ltd.
Corporate credit rating                      B/Positive/--

Ratings Assigned
Senior unsecured debt
  Prop. US$400 million notes                  BB-
  Recovery rating                             1



PARK 91 LLC: Sec. 341(a) Meeting of Creditors Set for June 4
------------------------------------------------------------
A meeting of creditors will be convened in the Chapter 11 case of
Park 91 LLC on June 4, 2015, at 2:00 p.m. at 80 Broad St., 4th
Floor, USTM, in Manhattan.

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 Park 91

Park 91 LLC is the fee simple owner of a townhouse located at 1145
Park Avenue, New York.  The townhouse is located in the Carnegie
Hill Historic District on Park Avenue and 91st Street.  The
Townhouse was built in 1885 and redesigned in 1903 by Emery Roth,
one of the most famous architects of his time.  The townhouse has
approximately 5,200 square feet and is comprised 4.5 stories in one
of the most desirable locations in Manhattan.

Park 91 sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 15-10957) in Manhattan on April 17, 2015.  The case is
assigned to Judge James L. Garrity Jr.

The Debtor is represented by Scott S. Markowitz, Esq., at Tarter
Krinsky & Drogin LLP, in New York.

According to the docket, the Chapter 11 plan and disclosure
statement are due by Aug. 17, 2015.



PARK 91: Hires Town Firm as Real Estate Broker
----------------------------------------------
Park 91 LLC asks for permission from the Hon. James L. Garrity of
the U.S. Bankruptcy Court for the Southern District of New York to
employ Town Fifth Avenue LLC and Town 79th Street LLC ("Town") as
real estate broker.

The Debtor requires Town to market and sell the Debtor's townhouse
located at 1145 Park Avenue, New York, NY.

Additionally, Town will, among other things, (i) vet any potential
buyers, (ii) conduct all property tours, and (iii) assist in price
negotiations. Town will provide the Debtor with real time updates
as to the status of all marketing efforts, as well as feedback from
potential buyers.

Under the Agreement, in the event Town procures an acceptable,
qualified buyer for the Townhouse and the sale is approved by the
Court pursuant to Bankruptcy Code section 363, the total
commission, which the Debtor will be responsible for, will not
exceed 5% of the total sale price of the Townhouse (the
"Commission").

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

Juliet Clapp, managing director of Town, 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.

Town can be reached at:

       Juliet Clapp
       TOWN FIFTH AVENUE LLC
       730 Fifth Avenue
       New York, NY 10019
       Tel: (646) 532-4902  
       Fax: (212) 242-9901
       E-mail: jclapp@townrealestate.com

                           About Park 91

Park 91 LLC is the fee simple owner of a townhouse located at 1145
Park Avenue, New York.  The townhouse is located in the Carnegie
Hill Historic District on Park Avenue and 91st Street.  The
Townhouse was built in 1885 and redesigned in 1903 by Emery Roth,
one of the most famous architects of his time.  The townhouse has
approximately 5,200 square feet and is comprised 4.5 stories in one
of the most desirable locations in Manhattan.

Park 91 sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 15-10957) in Manhattan on April 17, 2015.  The case is
assigned to Judge James L. Garrity Jr.

The Debtor is represented by Scott S. Markowitz, Esq., at Tarter
Krinsky & Drogin LLP, in New York.

According to the docket, the Chapter 11 plan and disclosure
statement are due by Aug. 17, 2015.  


PATRIOT COAL: Proposes $100MM of Financing from Existing Lenders
----------------------------------------------------------------
Patriot Coal Corp. and its debtor subsidiaries seek approval from
the U.S. Bankruptcy Court for the Eastern District of Virginia to
use cash collateral and obtain senior secured postpetition
financing on a priming basis pursuant to a term loan facility.

The Debtors have secured a fully committed $100 million
debtor-in-possession facility from a subset of their prepetition
lenders that control a majority of the Debtors' prepetition term
loan debt and second lien notes.  

The Debtors' prepetition capital structure is generally comprised
of: (a) a senior secured asset-based revolving credit facility with
a maximum availability of $65 million (b) a $247 million term loan
and $200 million letter of credit facility; and (c) approximately
$306 million in second lien notes secured by a junior lien on the
ABL Collateral and the Term Loan Collateral.

The proceeds from the DIP Facility will be used to honor employee
wages and benefits, procure goods and services integral to the
Debtors' ongoing business operations, fund operational expenses,
and allow the Debtors to maintain favorable relationships with
their vendors, suppliers, employees, and customers -- each of which
is necessary to effectuate a value-maximizing going concern sale
and/or restructuring transaction, which must occur by the end of
November 2015 in accordance with the milestones set forth in the
DIP Loan Agreement.

The DIP Facility generally provides for:

   * a multi-draw term loan of approximately $100 million secured
by first priority priming liens on substantially all of the
Debtors' assets, subject only to the a carve out for fees of
retained professionals and the U.S. Trustee, liens that were senior
to the liens of the Debtors' prepetition lenders as of the Petition
Date, and, with respect to the Debtors' collateral under their ABL
facility, the ABL lenders' liens;

   * interest payable at a rate of 12 percent plus 2 percent
default interest, as applicable, payable in kind;

   * borrowings and disbursements to be made pursuant to the terms
of an agreed 13-week budget;

   * an initial interim advance of $30 million to be funded upon
entry of the Interim DIP Order, followed by intermittent borrowings
after entry of the Final DIP Order, pursuant to the terms and
conditions set forth in the DIP Loan Agreement;

   * the Debtors' agreement to provide a 2% upfront fee to each DIP
Lender on each DIP Lender's commitment and a 3% exit fee on
repayment or termination of the DIP Facility pursuant to a
Commitment Letter and a payment of $75,000 to the DIP Agent
pursuant to a DIP Agent Fee Letter; and

   * adequate protection for the Debtors' prepetition secured
creditors in the form of, among other things, replacement liens,
superpriority claims, and the payment of certain fees and expenses
for certain of the Debtors' prepetition lenders.

The DIP Facility is secured by the collateral securing the Debtors'
prepetition secured credit facilities plus unencumbered property,
including nonresidential real property leases.  

The DIP facility has a termination date of Nov. 30, 2015.  However,
the Debtors are required to achieve certain milestones, the failure
of which to satisfy would constitute an event of default.  Failure
of which to satisfy would constitute an event of default
thereunder, including, milestones relating to filing a plan of
reorganization, reaching agreements with the Debtors' prepetition
unions or otherwise commencing Section 1113 and/or 1114
proceedings, filing a motion for a sale of the Debtors' assets, and
confirmation and consummation of a Plan.

As adequate protection of the interests of the lenders owed $38
million under prepetition ABL revolving facility, the proposed
interim order approving the DIP financing provides that unless
otherwise agreed-to by Deutsche Bank AG, New York Branch, as
Prepetition ABL Agent, or ordered by the Court, the use of cash
collateral will terminate after seven days of the Debtors' failure
to achieve any of these milestones (the "ABL/LC Milestones"):

  (i) entry into a binding stalking horse asset purchase agreement
for the sale of at least four mines and related assets through an
auction to be consummated through a chapter 11 plan by June 30,
2015;

(ii) entry of a Court order approving the winning bidder at the
auction by Sept. 18, 2015; and

(iii) closing/effective date of the Plan by Nov. 30, 2015;

Cantor Fitzgerald Securities, as postpetition administrative agent,
may extend the ABL/LC Milestones in its sole discretion for a
period up to but no more than four weeks, and any such extension
will be binding on the Prepetition ABL Agent and Prepetition ABL
Lenders.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) -- and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter
11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond,
Virginia, on May 12, 2015.  The cases are assigned to Judge Keith
L. Phillips.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

Patriot Coal estimated more than $1 billion in assets and debt.


PGI INCORPORATED: Posts $1.88 Million Net Loss in First Quarter
---------------------------------------------------------------
PGI Incorporated filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $1.88
million on $3,000 of revenues for the three months ended March 31,
2015, compared to a net loss of $1.85 million on $4,000 of revenues
for the same period in 2014.

As of March 31, 2015, the Company had $994,000 in total assets, $86
million in total liabilities and a $85.01 million stockholders'
deficiency.

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

                        http://is.gd/ttf7j6

                      About PGI Incorporated

St. Louis, Mo.-based PGI Incorporated, a Florida corporation, was
founded in 1958, and up until the mid 1990's was in the business
of building and selling homes, developing and selling home sites
and selling undeveloped or partially developed tracts of land.
Over approximately the last 15 years, the Company's business focus
and emphasis changed substantially as it concentrated its sales
and marketing efforts almost exclusively on the disposition of its
remaining real estate.  This change was prompted by its continuing
financial difficulties due to the principal and interest owed on
its debt.

Presently, the most valuable remaining asset of the Company is a
parcel of 366 acres located in Hernando County, Florida.  The
Company also owns a number of scattered sites in Charlotte County,
Florida (the "Charlotte Property"), but most of these sites are
subject to easements which markedly reduce their value and/or
consist of wetlands of indeterminate value.  As of Dec. 31, 2011,
the Company also owned six single family lots, located in Citrus
County, Florida.

PGI incurred a net loss of $6.51 million in 2014 following a net
loss of $6.9 million in 2013.

BKD, LLP, in St. Louis, Missouri, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has a significant
accumulated deficit, and is in default on its primary debt, certain
sinking fund and interest payments on its convertible subordinat


PHYSICAL PROPERTY: Posts HK$154,000 Net Loss in First Quarter
-------------------------------------------------------------
Physical Property Holdings Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss and comprehensive loss of HK$154,000 on HK$288,000 of
total operating revenues for the three months ended March 31, 2015,
compared to a net loss and comprehensive loss of HK$178,000 on
HK$277,000 of total operating revenues for the same period last
year.

As of March 31, 2015, the Company had HK$9.32 million in total
assets, HK$11.8 million in total liabilities, all current, and a
$2.48 million total stockholders' deficit.

Cash and cash equivalent balances as of March 31, 2015, and Dec.
31, 2014, were HK$63,000 (US$8,000).

The Company had negative working capital of HK$11.7 million as of
March 31, 2015, and incurred losses of HK$154,000 and HK$178,000
for the three months ended March 31, 2015, and 2014 respectively.
These conditions raised substantial doubt about the Company's
ability to continue as a going concern, according to the regulatory
filing.

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

                        http://is.gd/Fdw7zo

                     Physical Property Holdings Inc.

Physical Property disclosed a net loss and comprehensive loss of
HK$820,000 on HK$1.05 million of rental revenue for the year ended
Dec. 31, 2014, compared with a net loss and comprehensive loss of
HK$459,000 on HK$1.05 million of rental revenue for the year ended
Dec. 31, 2013.  As of Dec. 31, 2014, the Company had HK$9.39
million in total assets, HK$11.7 million in total liabilities, all
current, and a $2.32 million total stockholders' deficit.

Mazars CPA Limited, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company had a negative working
capital as of Dec. 31, 2014, and incurred loss for the year then
ended, which raised substantial doubt about its ability to continue
as a going concern.


PITTSBURGH GLASS: Moody's Raises CFR to 'B2', Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded Pittsburgh Glass Works, LLC's
Corporate Family Rating to B2 from B3 and Probability of Default
Rating to B2-PD from B3-PD. In a related action, the rating on the
company's $324 million 8% senior secured notes was upgraded to B2
from B3. The rating outlook is stable.

The upgrade of PGW's CFR to B2 from B3 reflects the continued
operating performance improvement in the business driven by strong
sales growth in both the company's OEM and aftermarket replacement
glass segments. The upgrade further reflects the use of proceeds
from the sale of the Insurance & Services business which were
partially utilized to reduce outstanding debt, accelerating credit
metric improvement and improving the company's liquidity profile.

The following rating actions were taken:

  -- Corporate Family Rating, upgraded to B2 from B3;

  -- Probability of Default, upgraded to B2-PD from B3-PD;

  -- $324 million 8% senior secured notes due 2018, upgraded to
     B2 (LGD4) from B3 (LGD4);

  -- Outlook is stable.

PGW's B2 Corporate Family Rating reflects the company's reduced
leverage levels, good liquidity profile, leadership position in the
automotive glass industry, and the progress that the company has
made toward improving operating performance in its domestic and
foreign facilities. PGW has benefitted from improved volume and
pricing in both its automotive OEM and automotive replacement glass
segments, as well as better manufacturing performance. Moody's
expects the improving North American and European automotive
conditions throughout 2015 to modestly help the company's operating
performance. The rating is constrained by the company's exposure to
the cyclical automotive end market, North American regional and
customer concentrations, and the competitive automotive glass
industry.

The stable outlook reflects Moody's expectation that PGW's growth
will be supported by positive regional automotive demand trends in
North America over the intermediate-term, while maintaining a good
liquidity profile.

Future events that have the potential to drive PGW's outlook or
ratings lower include: reduced automotive demand which inhibits the
company's ability to improve profitability and margins; customer or
market share losses in either of the company's segments,
disruptions in the company's manufacturing operations; or a
deterioration in liquidity. Consideration for a lower rating could
arise if any combination of these factors results in Debt/EBITDA
over 5x, EBITA/interest coverage maintained below 1.5x, or the lack
of positive free cash flow generation. Debt financed dividends or
acquisitions could also result in a downgrade.

Future events that have the potential to drive PGW's outlook or
ratings higher include: improvement in operating performance which
results in Debt/EBITDA below 3.5x, and EBITA/Interest sustained
above 2.5x, combined with free cash flow to adjusted debt in the
high single digits.

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

Pittsburgh Glass Works manufactures, fabricates and delivers glass
products and solutions to automotive OEMs directly or through third
party suppliers; manufactures automotive replacement glass ("ARG")
and distributes related sundries to the glass replacement
aftermarket. The company is owned by affiliates of Kohlberg and
Company, and PPG Industries, Inc. Net sales for last twelve month
period ended March 31, 2015 were approximately $1 billion.


POSITRON CORP: Posts $554,000 Net Loss in First Quarter
-------------------------------------------------------
Positron Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $554,000 on $346,000 of sales for the three months ended
March 31, 2015, compared to a net loss of $861,000 on $456,000 of
sales for the same period in 2014.

As of March 31, 2015, the Company had $1.68 million in total
assets, $2.63 million in total liabilities and a $953,000 total
stockholders' deficit.

"The Company had cash and cash equivalents of $79,000 at March 31,
2015.  At the same date, the Company had accounts payable and
accrued liabilities of $807,000 and a negative working capital of
$2,034,000.  Working capital requirements for the upcoming year
will reach beyond our current cash balances.  The Company plans to
continue to raise funds as required through equity and debt
financing to sustain business operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern," according to the report.

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

                        http://is.gd/7ojQPl

                    About Positron Corporation

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



Positron reported a net loss of $2.58 million on $1.46 million of
sales for the year ended Dec. 31, 2014, compared to a net loss of
$7.1 million on $1.63 million of sales for the year ended Dec. 31,
2013.

Sassetti LLC, in Oak Park, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has a significant
accumulated deficit which raises substantial doubt about the
Company's ability to continue as a going concern.


PRA HOLDINGS: S&P Affirms 'B' CCR & Revises Outlook to Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Raleigh, N.C.-based PRA Holdings Inc. and revised
the outlook to positive from stable.

At the same time, S&P raised the rating on the senior secured
first-lien credit facility to 'B+' from 'B' and revised the
recovery rating on this debt to '2' from '4', indicating S&P's
expectation for substantial (70% to 90%; at the low end of the
range) recovery in the event of payment default.  S&P also raised
the rating on the senior unsecured debt to 'B-' from 'CCC+' and
revised its recovery rating on this debt to '5' from '6',
indicating S&P's expectations for modest recovery (10% to 30%; at
the low end of the range) in the event of default.

"The rating on PRA continues to reflect our assessment of a 'highly
leveraged' financial risk profile, highlighted by adjusted debt
leverage of over 5x and majority-owned sponsor ownership," said
Standard & Poor's credit analyst Arthur Wong.  S&P's assessment of
a "fair" business risk profile reflects the company's size and
scale, diversity of clients, and top five position in the
fragmented CRO industry.

PRA is one of the leading players in the CRO industry, which S&P
projects to grow in the mid-single-digit range, benefiting from
increasing R&D activity among the midsized pharmaceutical and
biotech participants as well as increased rates of outsourcing
among Big Pharma.  S&P expects both the large pharmaceutical
companies and their smaller biotechnology counterparts to continue
outsourcing a growing portion of their development efforts because
of internal cost pressures, a focus on core competencies, the lack
of infrastructure to perform functions in-house, and the increasing
complexity of U.S. Food and Drug Administration (FDA) requirements
and protocols.

PRA historically has relied heavily on the more volatile contracts
of biotechnology and smaller drug companies, but has expanded the
large pharmaceutical client portion of its business with the
acquisition of ReSearch Pharmaceutical Services (RPS).  The
addition of RPS lends some stability due to the recurring nature of
the embedded business, and may allow PRA to diversify its business
further into the larger pharmaceutical company segment. Margins
declined following the acquisition, given the lower margins of the
RPS book of business, though S&P projects that margins will
steadily increase.  EBITDA margins are roughly at 16%, climbing
from low-double-digit rates immediately following the acquisition
of RPS, though this is still slightly below the 17% plus prior to
the acquisition.

The positive outlook on PRA reflects the possibility of an upgrade
if, as S&P expects, the company continues to steadily de-lever to
under 5x and improves free cash flow.

S&P projects that the company will continue to execute on its RPS
integration, and that leverage will steadily decline to under 5x by
the end of 2015, through a combination of increasing margins and
EBITDA and steady debt reduction.  If leverage remains under 5x
over the longer term, S&P could raise the ratings as early as the
end of 2015.

S&P could revise the outlook to stable if it believes that PRA's
adjusted debt to EBITDA would remain above 5x over the longer term
as a result of a significant debt-financed acquisition, an unlikely
setback in operating performance, or an unforeseen share repurchase
program.  While S&P do not believe its majority owner, KKR, would
divest it share holdings over the next year, it would view a move
by the company to repurchase shares via a significant debt
financing negatively.



PRECISION OPTICS: Posts $198,000 Net Loss in Third Quarter
----------------------------------------------------------
Precision Optics Corporation, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $198,000 on $1.14 million of revenue for the three
months ended March 31, 2015, compared to a net loss of $380,000 on
$833,000 of revenue for the same period in 2014.

For the nine months ended March 31, 2015, the Company reported a
net loss of $816,000 on $2.94 million of revenues compared to a net
loss of $844,000 on $2.74 million of revenues for the same period
last year.

As of March 31, 2015, the Company had $2.22 million in total
assets, $1.31 million in total liabilities, all current, and
$914,000 in total stockholders' equity.

As of March 31, 2015, cash and cash equivalents were $283,000,
accounts receivable were $542,000, and current liabilities were
$1.31 million.  As of June 30, 2014, cash and cash equivalents were
$202,000, accounts receivable were $531,000, and current
liabilities were $1.096 million.

"We have traditionally funded working capital needs through product
sales, management of working capital components of our business,
and by cash received from public and private offerings of our
common stock, warrants to purchase shares of our common stock or
convertible notes.  We have incurred quarter to quarter operating
losses during our efforts to develop current products including
Microprecision optical elements, micro medical camera assemblies
and 3D endoscopes.  Our management believes that the opportunities
represented by these products have the potential to generate sales
increases to achieve breakeven and profitable results," the Company
said.

"Until we achieve breakeven and profitable results, we will be
required to pursue several options to manage cash flow and raise
capital, including issuing debt or equity or entering into a
strategic alliance.  The sale of additional equity or convertible
debt securities, if converted into common stock, would result in
additional dilution to our current stockholders, and debt
financing, if available, may involve restrictive covenants that
could restrict our operations or finances.  Financing may not be
available in amounts or on terms acceptable to us, if at all.  If
we cannot raise funds on acceptable terms or achieve positive cash
flow, we may not be able to continue to conduct operations, develop
new products, grow market share, take advantage of future
opportunities or respond to competitive pressures or unanticipated
requirements, any of which would negatively impact our business,
operating results and financial condition."

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

                        http://is.gd/CHRaKB

                       About Precision Optics

Headquartered in Gardner, Massachusetts, Precision Optics
Corporation, Inc., has been a developer and manufacturer of
advanced optical instruments since 1982.  The Company designs and
produces high-quality micro-optics, medical instruments and other
advanced optical systems.  The Company's medical instrumentation
line includes laparoscopes, arthroscopes and endocouplers and a
world-class product line of 3-D endoscopes for use in minimally
invasive surgical procedures.

Precision Optics reported a net loss of $1.16 million on $3.65
million of revenues for the year ended June 30, 2014, compared to
a net loss of $1.78 million on $2.51 million of revenues for the
year ended June 30, 2013.  Precision Optics reported a net loss of
$380,000 for the quarter ended March 31, 2014.


PRESIDENTIAL REALTY: Reports $159,000 Net Loss in First Quarter
---------------------------------------------------------------
Presidential Realty Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $159,000 on $231,000 of total revenues for the three
months ended March 31, 2015, compared to a net loss of $265,000 on
$220,000 of total revenues for the same period last year.

As of March 31, 2015, the Company had $1.1 million in total assets,
$1.97 million in total liabilities and a $865,290 total deficit.

At March 31, 2015, the Company had $390,000 in available cash, a
decrease of $53,100 from $443,000 available at Dec. 31, 2014.  This
decrease in cash and cash equivalents was due to cash used in
operating activities of $45,600, cash used in investing activities
of $1,094, and $6,436 of principal payments made on the Mapletree
Industrial Center mortgage.

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

                       http://is.gd/3e6bh6

                    About Presidential Realty

Headquartered in White Plains, New York, Presidential Realty
Corporation, a real estate investment trust, is engaged
principally in the ownership of income-producing real estate and
in the holding of notes and mortgages secured by real estate or
interests in real estate.  On Jan. 20, 2011, Presidential
stockholders approved a plan of liquidation, which provides for
the sale of all of the Company's assets over time and the
distribution of the net proceeds of sale to the stockholders after
satisfaction of the Company's liabilities.

Presidential Realty reported net income of $2.47 million on
$847,000 of total revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $2.33 million on $780,000 of total
revenues in 2012.

Baker Tilly Virchow Krause, LLP, in Melville, 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 suffered recurring losses from
operations and has a working capital deficiency.  These factors
raise substantial doubt about its ability to continue as a going
concern.


PRESSURE BIOSCIENCES: Incurs $2.06 Million Net Loss in Q1
---------------------------------------------------------
Pressure Biosciences, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
applicable to common shareholders of $2.06 million on $440,000 of
total revenue for the three months ended March 31, 2015, compared
to a net loss applicable to common shareholders of $3.08 million on
$404,000 of total revenue for the same period in 2014.

As of March 31, 2015, the Company had $1.5 million in total assets,
$4.72 million in total liabilities and a $3.22 million total
stockholders' deficit.

"We have experienced negative cash flows from operations with
respect to our pressure cycling technology business since our
inception.  As of March 31, 2015, we did not have adequate working
capital resources to satisfy our current liabilities and as a
result, we have substantial doubt regarding our ability to continue
as a going concern.  We have been successful in raising cash
through debt and equity offerings in the past and ... completed
debt-financing subsequent to March 31, 2015.  We have efforts in
place to continue to raise cash through debt and equity offerings.

We will need substantial additional capital to fund our operations
in future periods.  In the event that we are unable to obtain
financing on acceptable terms, or at all, we will likely be
required to cease our operations, pursue a plan to sell our
operating assets, or otherwise modify our business strategy, which
could materially harm our future business prospects," the Company
said in the filing.

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

                        http://is.gd/G4PW7X

                    About Pressure Biosciences

Pressure BioSciences, Inc., headquartered in South Easton,
Massachusetts, holds 14 United States and 10 foreign patents
covering multiple applications of pressure cycling technology in
the life sciences field.

Pressure Biosciences reported a net loss applicable to common
shareholders of $6.25 million on $1.37 million of revenue for the
year ended Dec. 31, 2014, compared to a net loss applicable to
common shareholders of $5.24 million on $1.5 million of total
revenue for the year ended Dec. 31, 2013.

Marcum LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company has had recurring net
losses and continues to experience negative cash flows from
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.


PROJECT BARBOUR: Moody's Cuts Ratings on $1.1BB Secured Loans to B2
-------------------------------------------------------------------
Moody's Investors Service changed the ratings for Project Barbour
Holdings Corporation's proposed senior secured credit facilities to
B2, from B1, as a result of the announced change in the company's
capital structure. Concurrently, Moody's affirmed Project Barbour
Holdings Corporation's B3 Corporate Family Rating (CFR), B3-PD
Probability of Default Rating and the Caa2 rating for its proposed
senior unsecured notes. The ratings outlook remains stable. Under
the revised capital structure, the senior secured credit facilities
will be increased by $100 million with a commensurate reduction in
the issue size of the senior unsecured notes.

Ratings downgraded:

  -- $100 million Senior Secured First Lien Revolving Credit
     Facility due 2020, to B2 (LGD3), from B1 (LGD3)

  -- $1,150 million (upsized from $1,050 million) Senior Secured
     First Lien Term Loan due 2022, to B2 (LGD3), from B1 (LGD3)

Ratings affirmed:

  -- Corporate Family Rating -- B3

  -- Probability of Default Rating -- B3-PD

  -- $470 million (downsized from $570 million) Senior Notes due
     2023 -- Caa2 (LGD5)

  -- Outlook:Stable

In accordance with its Loss Given Default methodology, Moody's
revised Project Barbour Holdings Corporation's senior secured
credit facilities to B2, from B1. The downgrade reflects a higher
expected loss for the first lien credit facilities as a result of
the increase in the first lien debt relative to total debt in the
capital structure. The company also announced it expects a slightly
lower pricing on the first lien credit facilities than previously
contemplated, which coupled with the changes in capital structure,
will yield modest interest expense savings. Project Barbour
Holdings Corporation's legal name is expected to change to Blue
Coat Holdings, Inc. ("Blue Coat") upon the completion of Blue Coat
Systems, Inc.'s proposed acquisition by funds affiliated with Bain
Capital, from Thoma Bravo LLC.

The B3 CFR principally reflects Blue Coat's very high initial
leverage of approximately 8x (Moody's adjusted), its narrow product
portfolio and reliance on one-time product sales that comprise a
high proportion of product revenues. Although leverage is expected
to decline from earnings growth, Blue Coat has limited margin for
execution missteps over the next 12 to 24 months because of its
elevated leverage.

The B3 CFR is supported by its leading position in the niche Secure
Web Gateway appliances market and its recurring services revenues
that are expected to grow faster than the product revenues and now
comprise about 52% of its total revenues. Blue Coat has a large and
diverse installed base of Secure Web Gateway customers that account
for majority of its new product sales and a significant portion of
its services revenue. Although Moody's expects Blue Coat's revenue
growth to accelerate to about 7% to 8% over the next 12 to 24
months, total debt to EBITDA (Moody's adjusted) will remain high
and decline to about 7x by fiscal year ending in April 2017. High
debt service costs will also limit free cash flow to about 3% to 4%
of total debt over this period. Moody's expects Blue Coat to
maintain good liquidity.

The stable ratings outlook reflects Moody's expectations of good
revenue growth and deleveraging toward 7x over the next 12 to 18
months.

Moody's could raise Blue Coat's ratings if revenue growth remains
in the high single digit percentages, total debt to EBITDA (Moody's
adjusted) declines and could be sustained below 6.5x, and free cash
flow increases to the mid-to-high single digit percentages of total
debt.

Blue Coat's ratings could be downgraded if liquidity deteriorates
or revenue and operating cash flow growth declines to the low
single digit percentages for an extended period of time as a result
of intensifying competition or execution challenges. Moody's could
downgrade Blue Coat's ratings if total debt-to-EBITDA (Moody's
adjusted) is unlikely to be sustained below 7.5x and free cash flow
declines to the low single digit percentages of total debt on other
than a temporary basis.

Headquartered in Sunnyvale, CA, Blue Coat Systems, Inc., is a
leading provider of Internet security and wide area network
acceleration solutions. Blue Coat reported $613 million in revenues
under U.S. GAAP for the twelve months ended January 2015.

The principal methodology used in these ratings was Global Software
Industry published in October 2012. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.


PURADYN FILTER: Posts $266,000 Net Loss in First Quarter
--------------------------------------------------------
Puradyn Filter Technologies Incorporated filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $266,000 on $707,000 of net sales for the
three months ended March 31, 2015, compared to a net loss of
$218,000 on $894,000 of net sales for the same period in 2014.

As of March 31, 2015, the Company had $1.67 million in total
assets, $13.1 million in total liabilities and a $11.4 million
total stockholders' deficit.

Kevin G. Kroger, president and COO, commented, "Our Q1 results were
certainly impacted by reduced activity in our targeted markets as
well as port congestion that delayed shipment of a sizeable order.
However, we still are positive regarding 2015 as our product
continues to gain awareness for its ability to reduce operating
costs and improve utilization of maintenance resources.
Importantly, we are seeing very solid interest and demand for our
new Millennium Technology System (MTS) filtration systems with
patented Polydry replacement filter element technology.

"We continue to work hard to initiate long-term growth of the
filtration system population with a major global company in Europe
that recently completed a lengthy evaluation of our solutions.
Additionally, new partnerships with distributors based outside the
U.S. may help support our international sales effort.  Finally, we
have several substantial customer prospects in various stages of
product testing, including a large contractor that recently
commenced offshore testing of our systems as well as several
commercial marine fleets. For these reasons, as well as those
mentioned above, we remain optimistic about our outlook for the
balance of 2015."

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

                       http://is.gd/y6Ohhj

                       About Puradyn Filter

Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated
(OTC BB: PFTI) designs, manufactures and markets the puraDYN's Oil
Filtration System.

Puradyn Filter reported a net loss of $1.15 million on $3.11
million of net sales for the year ended Dec. 31, 2014, compared to
a net loss of $1.33 million on $2.53 million of net sales for the
year ended Dec. 31, 2013.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014.  The independent
auditors noted that the Company has incurred net losses each year
since inception and has relied on the sale of its stock and loans
from third parties and related parties to fund its operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


QUALITY DISTRIBUTION: Postpones 2015 Annual Meeting
---------------------------------------------------
Quality Distribution, Inc.'s Board of Directors has determined to
postpone the 2015 Annual Meeting of Shareholders, originally
scheduled for May 28, 2015.  The postponement is due to the
Company's recent announcement that it has entered into a definitive
merger agreement, dated May 6, 2015, to be acquired by funds
advised by Apax Partners, L.P.

At a later date, the Company will provide information related to a
rescheduled shareholder meeting.

                     About Quality Distribution

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

As of March 31, 2015, the Company had $418 million in total assets,
$445 million in total liabilities and a $26.9 million total
shareholders' deficit.

                        Bankruptcy Warning

"We have substantial indebtedness and may not be able to make
required payments on our indebtedness.

We had consolidated indebtedness and capital lease obligations,
including current maturities of $351.3 million, as of December 31,
2014.  We must make regular payments under the ABL Facility,
including the Term Loan, thereunder, and our capital leases and
semi-annual interest payments under our 2018 Notes.

The ABL will mature at the earlier of November 2019 and the date
that is 91 days prior to the maturity of the Company's currently
outstanding 2018 Notes or any replacement notes if the outstanding
amount of such debt is above a certain threshold.  The Term Loan
matures on November 3, 2017 but we are subject to mandatory
prepayment of the principal amount of the Term Loan in equal
quarterly payments beginning as early as November 2015.  The
maturity date of the ABL Facility, including the Term Loan, may be
accelerated if we default on our obligations.  If the maturity of
the ABL Facility and/or such other debt is accelerated, we may not
have sufficient cash on hand to repay the ABL Facility and/or such
other debt or be able to refinance the ABL Facility and/or such
other debt on acceptable terms, or at all.  The failure to repay
or
refinance the ABL Facility and/or such other debt at maturity would
have a material adverse effect on our business and financial
condition, would cause substantial liquidity problems and may
result in the bankruptcy of us and/or our subsidiaries.  Any actual
or potential bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company states in its 2014 annual report.

                           *     *     *

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

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


QUANTUM CORP: Files Conflict Minerals Report with SEC
-----------------------------------------------------
Quantum Corporation has evaluated its current products and
determined that certain products it manufactures or contract to
manufacture contain tin, tungsten, tantalum and/or gold.

"Following our initial determination that our hardware products
contain components that contain 3TG minerals, Quantum conducted an
RCOI to determine which components contain 3TG minerals and whether
such 3TG minerals originated in the Covered Countries.  Our RCOI
was based on a survey of our direct suppliers of parts, components
and assemblies containing conflict minerals.  We requested that the
EICC GeSI conflict minerals reporting template be completed.  Over
75% of our suppliers responded.  Based on those responses, Quantum
determined that 3TG minerals present in certain of its products may
have originated in the Covered Countries and were not from scrap or
recycled sources.  Therefore, in accordance with Rule 13p-1,
Quantum proceeded to engage in due diligence regarding the sources
and chain of custody of its 3TG minerals," the Company said.

"We have identified over 200 direct suppliers whose components may
contain 3TG minerals.  We rely on these suppliers to provide us
with information about the source of conflict minerals contained in
the components supplied to us based on the EICC GeSI conflict
minerals reporting template.  Our direct suppliers are similarly
reliant upon information provided by their suppliers.  Many of the
largest suppliers are also SEC registrants and subject to Rule
13p-1.

A copy of the Company's Conflict Minerals Report is available for
free at http://is.gd/yN6ktL

                         About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum Corporation incurred a net loss of $21.5 million on
$553 million of total revenue for the year ended March 31,
2014, as compared with a net loss of $52.2 million on $587
million of total revenue for the year ended March 31, 2013.

The Company's balance sheet at Dec. 31, 2014, showed $374 million
in total assets, $451 million in total liabilities and a $76.7
million total stockholders' deficit.


RANCH 967 LLC: U.S. Trustee Unable to Form Creditors Committee
--------------------------------------------------------------
Judy A. Robbins, United States Trustee for Region 7, informed the
U.S. Bankruptcy Court for the Western District of Texas that there
was no interest in forming a creditors committee at the creditors
meeting for Ranch 967 LLC held on March 31, 2015 because an
insufficient number of unsecured creditors appeared at that
meeting.  The U.S. Trustee has been unable to appoint an Unsecured
Creditors Committee as contemplated by 11 U.S.C. Sec. 1102.

Ranch 967 LLC, a single asset real estate, filed a Chapter 11
bankruptcy petition (Bankr. W.D. Tex. Case No. 15-10314) on March
3, 2015.  The petition was signed by Frank J. Carmel as managing
member.  The Debtor estimated assets and liabilities of $10 million
to $50 million.  Eric J. Taube, Esq., at Hohmann Taube & Summers,
LLP, represents the Debtor as counsel.  Judge Tony M. Davis
presides over the case.



RCC CONSULTANTS: May 20 Meeting Set to Form Creditors' Panel
------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on May 20, 2015, at 10:00 a.m. in the
bankruptcy case of RCC Consultants, Inc.

The meeting will be held at:

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

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

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

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

Corinthian Colleges, which in 2014 had more than 100 campuses all
over the U.S. and Canada, sought bankruptcy protection to complete
an orderly wind down of its operations.

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015.  The cases are
assigned to Judge Kevin J. Carey.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel;
FTI Consulting, Inc., as restructuring advisors; and
Rust Consulting/Omni Bankruptcy as claims and noticing agent.

Corinthian Colleges estimated $10 million to $50 million in assets
and $100 million to $500 million in debt.

As of the Petition Date, Corinthian has outstanding obligations of
$94.4 million in aggregate principal amount, in respect of
prepetition domestic loans, $8.9 million in aggregate principal
amount, in respect of domestic letters of credit issued, and
CAD$2.3 million in aggregate principal amount, in respect of
Canadian letters of credit issued under a credit agreement with
Bank of America, N.A., as administrative agent.

As reported in the Troubled Company Reporter on May 8, 2015, RCC
Consultants, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. D. N.J. Case No. 15-18274) on May 1, 2015, estimating its
assets and liabilities at between $1 million and $10 million each.
The petition was signed by Michael W. Hunter, president and chief
executive officer.




RECOVERY CENTERS OF KING COUNTY: Rehab Facility Enters Ch. 11
-------------------------------------------------------------
Recovery Centers of King County, a Seattle, Washington-based
provider of treatment and related services for people suffering
with alcoholism or drug addiction, has sought Chapter 11 bankruptcy
protection.

The Company promptly filed schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $9,890,600
  B. Personal Property              $692,291
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $4,735,436
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $129,278
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $206,136
                                 -----------      -----------
        TOTAL                    $10,582,891       $5,070,850

According to the Schedules, the Debtor owns three properties: 1701
18th Ave. So, in Seattle (current value of $3.86 million), 464 12th
Ave., in Seattle ($4.10 million), and 505 Washington Ave So, in
Kent ($1.93 million).

In its statement of financial affairs, the Company disclosed that
income from business operations was $5.69 million in 2013, $5.65
million in 2014, and $1.21 million in 2015 to date.

A copy of the SALs and SOFA, filed together with the bankruptcy
petition, is available for free at:

            http://bankrupt.com/misc/wawb15-13060_SAL.pdf

                           *     *     *

According to reporting by The Stranger, RCKC was a contractor with
King County but the nonprofit went out of business this year,
abruptly closing its 27-bed facility in King County.

               About Recovery Centers of King County

Recovery Centers of King County -- http://www.rckc.org/-- provides
Central Seattle and South King County residents with a continuum of
care for those who suffer with alcoholism or other drug addiction.

RCKC filed a Chapter 11 case (Bankr. W.D. Wash. Case No. 15-13060)
in its hometown in Seattle, Washington on May 15, 2015.  The case
is assigned to Judge Timothy W. Dore.

The Debtor tapped Jeffrey B Wells, Esq., at Wells and Jarvis, P.S.,
in Seattle, as counsel.

According to the docket, the appointment of a health care ombudsman
is due by June 15, 2015.


RECOVERY CENTERS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Recovery Centers Of King County
        464 12th Ave
        Seattle, WA 98122

Case No.: 15-13060

Nature of Business: Health Care

Chapter 11 Petition Date: May 15, 2015

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Hon. Timothy W. Dore

Debtor's Counsel: Jeffrey B Wells, Esq.
                  WELLS AND JARVIS, P.S.
                  500 Union St Ste 502
                  Seattle, WA 98101
                  Tel: 206-624-0088
                  Email: paralegal@wellsandjarvis.com

Total Assets: $10.58 million

Total Liabilities: $5.07 million

The petition was signed by James Nickerson, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
501 C Agencies Trust                                   $25,000

Pioneer Human Services                                 $22,579

Group Health Cooperative                               $19,000

ONCALL 24/7                                             $15,135

Evergreen Manor                                         $15,000

ALSCO                                                   $12,054

Clark Nuber PS                                           $9,042

Sterling Reference Laboratories                          $8,592

Business Card                                            $8,000

Jazmin Carter-Allen                                      $7,950

Ryan Parry                                               $7,552

City Of Seattle Utilities                                $7,500

Karis Bjerke                                             $6,459

Lisa Roger                                               $6,282

Ameeca Akram                                             $6,161

Stephanie Reavis                                         $5,947

Liana Martinez                                           $5,752

Gregory Berry                                            $5,460

Lighthouse Consulting                                    $5,429

Marilyn Rusness                                          $5,100


RICEBRAN TECHNOLOGIES: Posts $3.6M Net Loss in First Quarter
------------------------------------------------------------
RiceBran Technologies filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $3.64 million on $9.65 million of revenues for the three months
ended March 31, 2015, compared to a net loss of $2.78 million on
$7.68 million of revenues for the same period in 2014.

As of March 31, 2015, the Company had $39.7 million in total
assets, $26.3 million in total liabilities, $1.37 million in
temporary equity, and $12.0 million in total equity.

"In 2014 and the first three months of 2015, we continued to
experience losses and negative cash flows from operations which
raises substantial doubt about our ability to continue as a going
concern.  We believe that we will be able to obtain additional
funds to operate our business, should it be necessary, however,
there can be no assurances that our efforts will prove successful,"
the Company said in the filing.  

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

                        http://is.gd/171J9G

                           About RiceBran

Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.

RiceBran Technologies reported a net loss of $17.6 million on
$35.05 million of revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $11.1 million on $37.7 million of
revenues for the year ended Dec. 31, 2012.

BDO USA, LLP, in Phoenix, Arizona, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations
resulting in an accumulated deficit of $219 million at Dec. 31,
2013.  This factor among other things, raises substantial doubt
about its ability to continue as a going concern.


RIENZI & SONS: Hires Funaro & Co as Accountants
-----------------------------------------------
Rienzi & Sons, Inc. seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Funaro & Co.,
P.C. as accountants, nunc pro tunc to March 3, 2015.

The Debtor requires the services of Funaro & Co to prepare
financial statements and file corporate taxes.

Funaro & Co's requested compensation for professional services
rendered to the Debtor shall be $380 per hour.

Funaro & Co will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Sheldon Satlin, of Counsel to Funaro & Co, 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.

Funaro & Co can be reached at:

       Sheldon Satlin
       FUNARO & CO., P.C.
       Empire State Building
       350 Fifth Avenue, 41st Floor
       New York, NY 10118
       Tel: (212) 947-3333
       Fax: (212) 947-4725
       E-mail: sheldon.satlin@funaro.com

Rienzi & Sons, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 15-40926) on March 3, 2015.  The petition was
signed by Michael Rienzi as president.  The Debtor estimated assets
and debts of $10 million to $50 million. Vincent J Roldan, Esq.,
and Michael J. Sheppeard, Esq., at Ballon Stoll Bader & Nadler
P.C., serve as counsel to the Debtor.  Judge Nancy Hershey Lord
presides over the Chapter 11 case.


RIENZI & SONS: UST Forms 5-Member Creditors Committee
-----------------------------------------------------
William K. Harrington, the United States Trustee for Region 2,
under 11 U.S.C. Sec. 1102(a) and (b), appointed five unsecured
creditors who are willing to serve on the Official Committee of
Unsecured Creditors of Rienzi & Sons, Inc.:

      1. Banco Popolare Societa Cooperative
         Piazza Nogara, 2
         37121 Verona, Italy
         Attn: Paola Maria Di Leonardo
         Tel. +39045-867-5321

      2. Franzese SPA
         Via Traverso Corso Nuovo, 33
         80036 Palma Campania, Napoli, Italy
         Attn: Franzese Salvatore Miefiele
         Tel. 0039-081-824-6505

      3. N. Puglisi & F. Industria Pasta Alimentaria S.PA.
         Studio Barila
         Via Osservatorio, 1
         98121 Messina, Italy
         Attn: Francesco Pulejo
         Tel. (212) 269-5600, ext. 200

      4. Colombo Importing US Inc.
         3700 Steeles Ave. W. Suite 702
         Woodbridge, Ontario L4L 8K8
         Attn: Patrick Pelliccione
         Tel. (905) 850-9010, ext. 2231

      5. Acetificio Marcello de Nigris SRL
         Via Badagnano, 1
         80021 Afragola – Naples, Italy
         Attn: Raffaele de Nigris
         Tel. +39 0818526000

Rienzi & Sons, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 15-40926) on March 3, 2015.  The petition was
signed by Michael Rienzi, the president.  The Debtor estimated
assets and debts of $10 million to $50 million.  Vincent J Roldan,
Esq., and Michael J. Sheppeard, Esq., at Ballon Stoll Bader &
Nadler P.C., serve as counsel to the Debtor.  Judge Nancy Hershey
Lord presides over the Chapter 11 case.



SAN JUAN RESORT: Files Amended Schedules of Assets and Debts
------------------------------------------------------------
San Juan Resort Owners Inc. filed with the U.S. Bankruptcy Court
for the District of Puerto Rico an amended summary of schedules of
assets and liabilities, and statements of financial affairs,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $11,000,000     
  B. Personal Property            $1,787,943
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $17,625,152
  E. Creditors Holding
     Unsecured Priority
     Claims                                         $929,627       
                    
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                      $14,459,439
                                 -----------    ------------
        Total                    $12,787,943     $33,014,219

A full-text copy of the Debtor's schedules is available for free at
http://is.gd/wQtJ9z

                     About San Juan Resort

San Juan Resort Owners Inc. sought Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-01627) in Old San Juan,
Puerto Rico on March 5, 2015. The petition was signed by Luis A.
Carreras Perez as president.  The Debtor is represented by William
M. Vidal, Esq., at William Vidal Carvajal Law Offices in San Juan,
Puerto Rico.

The Debtor disclosed total assets of $12.7 million and total
liabilities and $32.9 million as of the bankruptcy filing. The
Debtor owns a parcel of land of 1,637 square meters, with
commercial property known as the San Juan Beach Hotel, a 96-room
hotel.  The hotel is located at 1045, Ashford Avenue, Condado, San
Juan, Puerto Rico.  The company claims the property is worth $11
million based on appraised value.  Banco Popular de Puerto Rico is
owed $17.5 million, of which $6.56 million is unsecured.


SARATOGA RESOURCES: Nevins Joins Board Under Forbearance Agreement
------------------------------------------------------------------
Saratoga Resources, Inc. on May 18 disclosed that it has appointed
Richard Nevins to its board of directors and as a member of the
board's existing independent committee.

Mr. Nevins has served as an independent financial advisor since
2010 and previously from 2007 to 2008, in which capacity he served
as Interim CEO of Insight Health Services Holdings Corp from 2007
to 2008, as Interim CEO of US Energy Systems, Inc. during 2007, and
as Examiner in the 2007 bankruptcy of Northwest Airlines.  From
1998 to 2007 and again from 2008 to 2010, Mr. Nevins served as
Managing Director and, during the 1998 to 2007 period, Co-Head of
the Recapitalization and Restructuring Group of Jefferies &
Company, Inc., a full service investment bank.  Prior to his tenure
at Jefferies & Company, Mr. Nevins served in several leadership
positions as a director, financial advisor and corporate executive.
Mr. Nevins holds an MBA from the Stanford Graduate School of
Business and a Bachelor of Arts in Economics from the University of
California, Riverside.

Mr. Nevins' appointment was made pursuant to the terms of an
amendment to the existing forbearance agreements with the Company's
senior lenders.  Under that amendment, if an additional independent
director acceptable to the senior lenders was appointed to the
board and independent committee, the forbearance period would be
extended until May 22, 2105.  By separate agreement, the lenders
agreed to extend the forbearance period until June 5, 2015.

                   About Saratoga Resources

Saratoga Resources -- http://www.saratogaresources.com-- is an
independent exploration and production company with offices in
Houston, Texas and Covington, Louisiana.  Principal holdings cover
approximately 52,000 gross/net acres, mostly held by production,
located in the transitional coastline and protected in-bay
environment on parish and state leases of south Louisiana and in
the shallow Gulf of Mexico Shelf.  Most of the company's large
drilling inventory has multiple pay objectives that range from as
shallow as 1,000 feet to the ultra-deep prospects below 20,000 feet
in water depths ranging from less than 10 feet to a maximum of
approximately 80 feet.


SCOTT JOHNSON CONSTRUCTION: Case Summary & 7 Top Unsec. Creditors
-----------------------------------------------------------------
Debtor: Scott Johnson Construction, Inc.
        P.O. Box 605
        Odenville, AL 35120

Case No.: 15-40791

Chapter 11 Petition Date: May 15, 2015

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

Judge: Hon. James J. Robinson

Debtor's Counsel: Kevin D. Heard, Esq.
                  HEARD ARY, LLC
                  303 Williams Avenue SW
                  Park Plaza Suite 921
                  Huntsville, AL 35801
                  Tel: (256) 535-0817
                  Fax: (256) 535-0818
                  Email: kheard@heardlaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Scott Johnson, owner.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/alnb15-40791.pdf


SECOND SKIN: Files for Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Crain's New York Business reports that Second Skin filed for
Chapter 11 bankruptcy protection on May 5, 2015.  The Company,
according to the report, estimated its assets and liabilities at
between $100,001 and $500,000 each.

Second Skin is headquartered in Broadway, New York.


SILVERADO STREET: St. Regis Residence Wants Stay Lifted
-------------------------------------------------------
St. Regis Residence Club of Colorado filed a motion asking the U.S.
Bankruptcy Court for the Southern District of California for relief
from the automatic stay in the Chapter 11 case of Silverado Street,
LLC.

According to James P. Hill, Esq., at Sullivan Hill Lewin Rez &
Engel, APLC, in San Diego, California, the Debtor owes St. Regis
the sum of $391,591, which is secured by a property at 315 Dean
Street, in Aspen, Colorado.  The real property is valued at
$450,000.

Mr. Hill asserts that: (1) St. Regis' interest in the property was
not adequately protected; (2) the Debtor has no equity in the real
property; and (3) the case was filed in bad faith.

St. Regis is represented by:

         James P. Hill, Esq.
         Jonathan S. Dabbieri, Esq.
         SULLIVAN HILL LEWIN REZ & ENGEL, APLC
         550 West "C" Street, Suite 1500
         San Diego, CA 92101
         Tel: (619)233-4100
         Fax: (619)231-4372
         Email: hill@sullivanhill.com

                      About Silverado Street

Silverado Street, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Cal. Case No. 14-09543) on Dec. 9, 2014, disclosing
$11.3 million in total liabilities and total assets of $21.8
million.  The petition was signed by Amr Aljassim, the managing
member.  James Lee, Esq., at Legal Offices of James J. Lee, serves
as the Debtor's counsel.  Judge Christopher B. Latham presides
over
the case.

The U.S. trustee wasn't able to form a committee to represent the
company's unsecured creditors due to an insufficient number of
unsecured creditors.


SMART TECHNOLOGIES: S&P Lowers CCR to 'B-', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Calgary, Alta.-based interactive display producer
SMART Technologies Inc. to 'B-' from 'B'.  The outlook is
negative.

At the same time, S&P lowered its issue-level rating on SMART's
US$125 million term loan.  The '1' recovery rating on this loan is
unchanged, and indicates S&P's expectation for very high (90%-100%)
recovery in the event of a default.

"We base the downgrade on our expectation that the company's
operating performance will materially weaken in the next 12 months
owing to continued revenue declines in its key education segment,"
said Standard & Poor's credit analyst David Fisher.  S&P expects
this will lead to a material deterioration in SMART's credit
measures and result in the company consuming cash as it invests in
several growth initiatives aimed at offsetting the decline in its
legacy interactive whiteboard (IWB) business.  S&P has revised its
financial risk profile to "highly leveraged" from "aggressive,"
resulting in the downgrade.

SMART's first-quarter fiscal 2016 guidance (announced May 15, 2015,
concurrent with fiscal 2015 year-end results) was significantly
weaker than S&P expected, with management expecting continued
meaningful revenue declines.  At the same time, S&P expects margins
to contract meaningfully due to a mix shift toward interactive flat
panels.  Despite this, the company plans to invest significant
resources into new products (mainly SMART Kapp and software
solutions, as well as SMART Room Systems) that have, to date,
largely failed to gain meaningful traction either due to sales or
execution challenges.  These investments include US$25 million of
efficiencies harvested from other parts that the company plans to
redeploy to SMART Kapp.  While some of SMART's new products have
received accolades and could eventually offset declines in the IWB
business, S&P is skeptical this will happen in the near term.

Given this, S&P expects SMART's credit ratios to deteriorate
meaningfully in fiscal 2016.  Based on S&P's expectations, adjusted
debt-to-EBITDA, which was already weak at 5.6x for year-end fiscal
2015, could increase to more than 10x as declining sales and margin
compression cut against a relatively fixed cost base.  This led to
the financial risk profile revision.

The negative outlook reflects S&P's view that SMART's debt levels
might be unsustainable if its emerging products and services fail
to offset the decline in its legacy IWB business.

S&P could lower the rating if SMART cannot improve its operating
performance such that it appears likely the company will generate
positive sustained free operating cash flow.

S&P could revise the outlook to stable if SMART achieved positive
revenue and earnings growth leading to positive free operating cash
flow.



SPENDSMART NETWORKS: Appoints Bruce Neuschwander as CFO
-------------------------------------------------------
SpendSmart Networks, Inc. entered into an employment agreement with
Bruce Neuschwander pursuant to which Mr. Neuschwander was appointed
chief financial officer of the Company effective May 19, 2015.  

According to a Form 8-K filed with the Securities and Exchange
Commission, Mr. Neuschwander is to receive a base salary at an
annual rate of $150,000.  The Company may terminate the employment
for cause without notice and may terminate the employment without
cause with 30 days notice.  He will also receive a grant of
five-year options to purchase 75,000 shares at an exercise price of
$0.65 per share which will vest over two years.

Mr. Neuschwander replaces David Horin who resigned as chief
financial officer effective May 14, 2015.  Mr. Horin will
transition into a consulting role with the Company.

Mr. Neuschwander, age 63, served as controller and CFO for various
startups for the past six years including Finis, Inc. and Eat Club.
From 2005 to 2008, Mr. Neuschwander was controller at Mblox and
Taleo (a previously publicly traded company acquired by Oracle).
Mr. Neuschwander held similar positions with other technology and
software companies, including Nemerix, Unisys, and Centillium
Communications.  Mr. Neuschwander earned his BA in Economics from
Willamette University and an MS from the University of California,
Irvine-The Paul Merage School of Business.

                     About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systems
and a suite of digital engagement and marketing services that help
local merchants build relationships with consumers and drive
revenues.  These services are implemented and supported by a vast
network of certified digital marketing specialists, aka "Certified
Masterminds," who drive revenue and consumer relationships for
merchants via loyalty programs, mobile marketing, mobile commerce
and financial tools, such as prepaid card and reward systems.  We
enter into licensing agreements for our proprietary loyalty
marketing solution with "Certified Masterminds" which sell and
support the technology in their respective markets.  The Company's
products aim to make Consumers' dollars go further when they spend
it with merchants in the SpendSmart network of merchants, as they
receive exclusive deals, earn rewards and ultimately build a
connection with their favorite merchants.

SpendSmart Networks incurred a net loss of $12.2 million on $4.03
million of total revenues for the year ended Dec. 31, 2014,
compared to a net loss of $14.09 million on $0 of total revenues
for the year ended Dec. 31, 2013.  As of Dec. 31, 2014, the Company
had $10.02 million in total assets, $2.65 million in total
liabilities and $7.36 million in total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has recurring net
losses since inception and has yet to establish a profitable
operation.  These factors among others raise substantial doubt
about the ability of the Company to continue as a going concern,
according to the regulatory filing.


SUNTECH AMERICA: Seeks Aug. 10 Extension of Lease Decision Date
---------------------------------------------------------------
Suntech America, Inc., et al., ask the U.S. Bankruptcy Court for
the District of Delaware to extend the time within which they may
assume or reject unexpired leases of nonresidential real property
through and including August 10, 2015.

Joseph C. Barsalona II, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, asserts that the Unexpired Leases relate
to property that represents the entirety of the Debtors' locations
where they conduct their businesses.  All of the Unexpired Leases
are necessary for the Debtors to maintain operations, store
valuable assets, and manage their businesses.  Without the relief
requested, rejection by operation of law at this time would result
in significant expense and disruption to the Debtors' operations,
and would result in irreparable harm to the Debtors' estates, Mr.
Barsalona tells the Court.  Therefore, it is imperative that the
Unexpired Leases not be rejected by operation of law at this time.


The Motion is scheduled for hearing on June 26, 2015, at 11:00 a.m.
The deadline for submission of objections to the Motion is set at
May 26.

The Debtors are represented by:

         Mark D. Collins, Esq.
         Paul N. Heath, Esq.
         Zachary I. Shapiro, Esq.
         Joseph C. Barsalona II, Esq.
         RICHARDS, LAYTON & FINGER, P.A.,
         920 N. King Street
         Wilmington, DE 19801
         Tel: 302-651-7700
         Fax: 302-651-7701
         E-mail: collins@rlf.com
                 heath@rlf.com
                 shapiro@rlf.com
                 barsalona@rlf.com

                       About Suntech America

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the case.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and
$500
million, and their debts at between $100 million and $500 million.

Headquartered in San Francisco, California, Suntech America, aka
Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.


SUNTECH AMERICA: Seeks Sept. 9 Extension of Plan Filing Date
------------------------------------------------------------
Suntech America, Inc., et al., ask the U.S. Bankruptcy Court for
the District of Delaware to extend their exclusive right to file a
Chapter 11 plan through and including Sept. 9, 2015, and their
exclusive right to solicit votes thereon through and including Nov.
10, 2015.

According to Zachary I. Shapiro, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, since mediation, the
Debtors, the Solyndra Residual Trust, and Suntech Power Holdings
Co., Ltd., have worked diligently to finalize and incorporate the
terms of that deal into the plan term sheet and obtain approval of
the Official Committee of Unsecured Creditors, including, most
importantly, Wuxi Suntech Power Co., Ltd., to its terms.
Unfortunately, notwithstanding these efforts, all of the critical
parties necessary for a consensual plan in the cases have been
unable to reach final agreement on the Plan Term Sheet or an
alternative thereto, Mr. Shapiro tells the Court.

Although steps towards a consensual plan remain the Debtors' goal,
the Debtors must retain the ability to focus on the remaining items
that are important to their emergence from Chapter 11 without the
distraction, disruption, and expense of competing Chapter 11 plans,
Mr. Shapiro asserts.  Among other items, assuming consensual
treatment of material disputed claims in a plan cannot otherwise be
reached, the Debtors must resolve significant and complex claims
that have been asserted against the Debtors' estates, including
Wuxi's disputed claim, Solyndra's disputed claim and warranty
claims that implicate Wuxi, he further asserts.

Maintaining the exclusive right to file and solicit votes on a
Chapter 11 plan is critical to the Debtors' ability to complete
these necessary steps as efficiently and expeditiously as possible,
Mr. Shapiro argues.  Accordingly, the Debtors request an extension
of the Exclusivity Periods to allow the Debtors to continue
focusing on negotiating, finalizing, filing, and obtaining
confirmation of a plan of reorganization and to preclude the costly
disruption that would occur if competing plans were to be proposed
at this time, Mr. Shapiro adds.

The Debtors are also represented by Mark D. Collins, Esq., and Paul
N. Heath, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.

                       About Suntech America

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the case.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and
$500
million, and their debts at between $100 million and $500 million.

Headquartered in San Francisco, California, Suntech America, aka
Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.


SUNVALLEY SOLAR: Delays Q1 Form 10-Q for Review
-----------------------------------------------
Sunvalley Solar, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
March 31, 2015.  The Company said its auditor was not given
sufficient time to complete its review of the Company's financial
statements before the filing deadline for the report.

                      About Sunvalley Solar

Sunvalley Solar, Inc., is a California-based solar power
technology and system integration company.  Since the inception of
its business in 2007, the company has focused on developing its
expertise and proprietary technology to install residential,
commercial and governmental solar power systems.

Sunvalley Solar reported a net loss of $1.28 million on $3.31
million of revenues for the year ended Dec. 31, 2014, compared with
net income of $764,000 on $4.09 million of revenues for the year
ended Dec. 31, 2013.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has an accumulated deficit of $3.65 million, which raises
substantial doubt about its ability to continue as a going concern.


THINKSTREAM INC: Creditors Again Submit Involuntary Petition
------------------------------------------------------------
Creditors want Thinkstream Incorporated of Delaware, formerly known
as Thinkstream Incorporated of Colorado, to be placed again under
Chapter 11 bankruptcy after the company lost its $17 million
contract with the state of Florida.

TSB Ventures, LLC, Grossman Family Limited Partnership, Rainbow
Investments Company, Michael Chadwick, Kevin C. Kling GST Trust,
Tim O'Leary and John Zapalac on May 11 submitted an involuntary
Chapter 11 bankruptcy petition for Thinkstream, only 6 months after
the U.S. Bankruptcy Court for the Middle District of Louisiana
dismissed Thinkstream's previous Chapter 11 bankruptcy case.

In September 2014, TSB Ventures, et al., filed an involuntary
Chapter 11 petition for Thinkstream.  But a month later,
Thinkstream and the Petitioning Creditors jointly asked Judge
Douglas D. Dodd to dismiss the case so that the Debtor can
negotiate a contract with the Florida Department of Law Enforcement
that will replace the agency's computerized criminal history
database.

However, as reported in the April 14, 2015 edition of the TCR, the
Florida Department of Law Enforcement took back the $17 million
contract for Thinkstream to operate the agency's Computerized
Criminal History system.  The Agency cancelled the contract after
Computer Projects of Illinois filed on March 6, 2015, a bid protest
saying that the Company's failure to disclose its bankruptcy
breached the terms of the invitation to negotiate issued by the
Agency.

                      About Thinkstream Inc.

Thinkstream Incorporated of Delaware, fka Thinkstream Incorporated
of Colorado, is a technology company that engages in developing
and expanding standard and Web-based distributed information
networks to meet the communication and interoperability demands of
public safety and criminal justice markets.  The company serves
federal agencies, departments, and municipalities in California,
Florida, Texas, Louisiana, Mississippi, and Georgia.

On Sept. 19, 2014, petitioning creditors led by TSB Ventures, LLC,
asserting $9.33 million in total claims on account of debentures
and promissory notes allegedly issued by Thinkstream Incorporated
of Delaware or its predecessor, filed an involuntary Chapter 11
petition for Thinkstream in Baton Rouge (Bankr. M.D. La. Case No.
14-11204).  In November 2014, Judge Douglas D. Dodd dismissed the
bankruptcy case after the Debtor and the petitioning creditors
announced a settlement.

TSB Ventures, which is owed $9.09 million, and other alleged
creditors again filed an involuntary Chapter 11 petition (Bankr.
M.D. La. Case No. 15-10553) for Thinkstream on May 11, 2015, in
Baton Rouge, Louisiana.

TSB is represented by Brandon A. Brown, Esq., and Ryan James, Esq.,
Stewart Robbins, in Baton Rouge, Louisiana.  Other petitioning
creditors, namely, Rainbow Investments, Kevin Kling GST Trust, Tim
O'Leary and John Zapalac, are represented by J. Eric Lockridge,
Esq. -- eric.lockridge@keanmiller.com -- of Kean Miller.


TONGJI HEALTHCARE: Incurs $70,200 Net Loss in First Quarter
-----------------------------------------------------------
Tongji Healthcare Group, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $70,200 on $551,000 of total operating revenue for the
three months ended March 31, 2015, compared to a net loss of
$63,000 on $541,000 of total operating revenue for the same period
last year.

As of March 31, 2015, the Company had $17.1 million in total
assets, $19.6 million in total liabilities, and a $2.47 million
total stockholders' deficit.

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

                        http://is.gd/INO1YI

                      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.

Tongji Healthcare reported 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.


TRANSDIGM INC: S&P Assigns 'B' Rating on Sr. Secured Term Loan E
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating and '3' recovery rating on TransDigm Inc.'s senior secured
term loan E due 2022.  The '3' recovery rating indicates S&P's
expectation that noteholders will receive meaningful recovery
(50%-70%; high-end of the range) in a payment default scenario.

TransDigm used the proceeds from the new term loan E tranche along
with $450 million in new subordinated notes to fund acquisitions,
refinance its existing debt, add cash to its balance sheet, and pay
fees and expenses related to the transaction.  The company opted to
create the term loan E tranche rather than increase the size of its
term loan D as it had previously proposed.  TransDigm has already
issued $1.04 billion of debt under the new tranche E and S&P
expects the company to shift $500 million from the existing tranche
C term loan to the tranche E term loan in the coming days.  This
will leave TransDigm with a total of $1.54 billion outstanding
under its tranche E term loan and $2.053 billion outstanding under
its tranche C term loan.  Following these changes to the company's
capital structure, S&P expects that its total leverage will remain
largely unchanged from its previous assumptions.

S&P's corporate credit rating on TransDigm reflects the company's
leading positions in niche markets for highly engineered aircraft
components, solid operating performance, efficient operations, and
good product diversity, but also incorporates the risks associated
with its exposure to the cyclical and competitive commercial
aerospace industry.  The company has adopted a more aggressive
financial policy in recent years, demonstrating an appetite for
high leverage, and S&P expects its credit measures to remain weak
as TransDigm continues to use its excess cash and debt to fund
acquisitions and periodic large special dividends, with
debt-to-EBITDA remaining over 6.0x.  However, the company continues
to generate solid earnings and cash flows and high margins, which
have partially offset its increased leverage.

RECOVERY ANALYSIS

Key Analytical Factors

S&P's default scenario simulates a default occurring in 2018 as a
result of a decline in global air travel due to weak economic
conditions.  S&P also believes its debtholders would achieve a
higher recovery value through reorganization rather than a
liquidation of the business.  S&P assumes the $510 million revolver
is 85% drawn at default.

Simulated Default Assumptions:

   -- Simulated year of default: 2018
   -- EBITDA at Emergence: $550 million
   -- EBITDA Multiple: 6x

Simplified Waterfall

   -- Net enterprise value (after 5% administrative costs): $3.135

      billion
   -- Valuation split (obligors/nonobligors): 95%/5%
   -- Collateral value available to secured creditors: $2.943
      billion
   -- Secured first-lien debt: $4.86 billion
      --Recovery expectations: 50%-70% (high end of the range)
   -- Total value available to unsecured claims: $55 million
   -- Structurally subordinated debt: $3.98 billion
      --Recovery expectations: 0%-10%

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.

RATINGS LIST

TransDigm Inc.
Corporate Credit Rating                    B/Stable/--

New Ratings

TransDigm Inc.
Senior secured term loan E due 2022        B
  Recovery Rating                           3H



TRANSGENOMIC INC: Posts $3.37 Million Net Loss in First Quarter
---------------------------------------------------------------
Transgenomic, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
available to common stockholders of $3.37 million on $6.51 million
of net sales for the three months ended March 31, 2015, compared to
a net loss available to common stockholders of $4.4 million on
$6.25 million of net sales for the same period last year.

As of March 31, 2015, the Company had $34.5 million in total
assets, $24.4 million in total liabilities and $10.0 million in
total stockholders' equity.

Cash and cash equivalents were $5.4 million at March 31, 2015,
compared with $1.6 million at Dec. 31, 2014.  As previously
announced, during the first quarter of 2015 the company completed
financings that raised approximately $7.3 million in net proceeds.
These proceeds are being used for working capital and other general
corporate purposes.

"The company made good progress in the first quarter in
strengthening our historical businesses while preparing for the
imminent launch of our breakthrough technology: Multiplexed
ICE-COLD PCR," said Paul Kinnon, president and chief executive
officer.  "We achieved a double digit percentage increase in
overall net sales excluding the divested Surveyor product line,
including a robust 32% increase in the critical Laboratory Services
segment.  We also reduced expenses and improved our gross
margins."

The Company has incurred substantial operating losses and has used
cash in its operating activities for the past few years.  As of
March 31, 2015, the Company had working capital of approximately
$7.2 million.

"The Company's ability to continue as a going concern is dependent
upon a combination of generating additional revenue, improving cash
collections, potentially selling underutilized assets and, if
necessary, raising necessary financing to meet its obligations and
pay its liabilities arising from normal business operations when
they come due.  The outcome of these matters cannot be predicted
with any certainty at this time and raises substantial doubt that
the Company will be able to continue as a going concern.  These
condensed consolidated financial statements do not include any
adjustments to the amounts and classification of assets and
liabilities that may be necessary should the Company be unable to
continue as a going concern.  The Company cannot be certain that
additional financing will be available on acceptable terms, or at
all, and its failure to raise capital when needed could limit its
ability to continue its operations," the Company said in the Form
10-Q.

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

                        http://is.gd/UaqnVK

                         About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global  

biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic reported a net loss available to common stockholders
of $15.1 million in 2014, a net loss available to common
stockholders of $16.7 million in 2013 and a net loss available to
common stockholders of $8.98 million in 2012.

Ernst & Young LLP, in Hartford, Connecticut, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.


TROCOM CONSTRUCTION: Section 341 Meeting Set for June 19
--------------------------------------------------------
There will be a meeting of creditors of Trocom Construction Corp.
on June 19, 2015, at 2:00 p.m. at Room 2579, 271-C Cadman Plaza
East, Brooklyn, New York.

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 Trocom Construction

Trocom Construction Corp. formed in 1969 by Salvatore Trovato.
Trocom is in the heavy construction business.  Its primary customer
is the City of New York through its various agencies.  The company
has 75 employees, the majority of whom are members of various
unions.  Joseph Trovato is presently the president and holder of
100% of the voting shares of Trocom.

Trocom commenced a Chapter 11 bankruptcy case (Bankr. E.D.N.Y. Case
No. 15-42145) on May 7, 2015, in Brooklyn.  The case is assigned to
Judge Nancy Hershey Lord.

The Debtor tapped Cullen & Dykman, LLP, as its general bankruptcy
counsel.

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

According to the docket, the Chapter 11 plan and disclosure
statement are due Sept. 4, 2015.


TRW AUTOMOTIVE: Moody's Withdraws 'Ba1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service withdrew the Corporate Family and
Probability of Default Ratings of TRW Automotive, Inc., following
the announcement by ZF Friedrichshafen AG (ZF AG) that they have
completed the acquisition of TRW Automotive Holdings Corporation
(the parent holding company of TRW, "Holdings") for $13.5 billion.
This action concludes the review for downgrade initiated on
September 15, 2014.

The Ba1 rating of TRW's existing senior unsecured notes have been
confirmed with the outlook for these notes changed to negative. The
indentures for TRW's senior unsecured notes contain a change of
control triggering event under which TRW is required to offer to
repurchase the senior notes, for a certain period of time, at a
price of 101% of par, plus accrued and unpaid interest. To the
extent any amounts of TRW's unsecured notes remain outstanding
following the completion of the offer to repurchase, Moody's will
assess the ratings of the senior unsecured notes at that time.

The TRW senior unsecured notes, rated Ba1, benefit from existing
guarantees from certain of TRW's domestic subsidiaries. The senior
unsecured notes (rated Ba2) at ZF North America Capital, Inc.
("ZFNA"), - a domestic holding company used by ZF AG to partially
fund the acquisition of Holdings, do not benefit from these
guarantees. The ZFNA debt does benefit from a guarantee from ZF AG
(both an operating and holding company) which the TRW unsecured
notes do not. Other considerations for the negative outlook will be
whether Holdings will continue to report financial statement for
its consolidated operations independently of ZF AG, and to what
extent the operations of TRW could migrate within ZF AG over the
intermediate-term.

The rating of TRW's senior unsecured revolving credit facility is
withdrawn, as TRW has announced the termination of this facility.

The following ratings are withdrawn:

TRW Automotive, Inc.

  -- Ba1, Corporate Family Rating;

  -- Ba1-PD, Probability of Default Rating;

  -- SGL-2, Speculative Grade Liquidity Rating,

  -- Ba1 (LDG4), $1.4 billion senior unsecured revolving credit
facility

The following ratings are confirmed with their outlook changed to
negative:

TRW Automotive, Inc.

  -- Ba1 (LDG4), 7.25% senior unsecured notes due 2017;

  -- Ba1 (LDG4), 4.5% senior unsecured notes due 2021;

  -- Ba1 (LGD4), 4.45% senior unsecured notes due 2023

The ratings of ZF Friedrichshafen AG were assigned on April 10,
2015 - Corporate Family and Probability of Default Ratings at Ba2
and Ba2-PD, respectively with a positive outlook. Holdings is
renamed ZF TRW Automotive Holdings and will operate as a subsidiary
of ZF Friedrichshafen AG.

TRW Automotive, Inc.'s ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against other
issuers both within and outside TRW Automotive, Inc.'s core
industry and believes TRW Automotive, Inc.'s ratings are comparable
to those of other issuers with similar credit risk. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009. Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.

ZF TRW Automotive Holdings, the parent company of TRW Automotive,
Inc., located in Livonia, MI, is among the world's largest and most
diversified suppliers of automotive systems, modules and components
to global automotive original equipment manufacturers ("OEMs") and
related aftermarkets. Revenues in 2014 were approximately $17.5
billion. The shareholders of ZF Friedrichshafen AG are the Zeppelin
Foundation, administered by the City of Friedrichshafen, Germany
(93.8%), and the Dr. Jurgen and Irmgard Ulderup Foundation,
Lemforde (6.2%).


TRW AUTOMOTIVE: S&P Lowers CCR to 'BB', Then Withdraws Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on TRW Automotive Inc. to 'BB' from 'BBB-'
and removed it from CreditWatch, where S&P placed it with negative
implications on April 13, 2015.  The outlook is stable.

Subsequent to these actions, S&P withdrew its corporate credit
rating on TRW.

At the same time, S&P withdrew its 'BBB-' issue ratings on the
company's $1.4 billion revolver as S&P assumes that TRW will
terminate its syndicated credit agreement concurrent with the
merger.  S&P also withdrew its 'BB+' issue ratings on the company's
3.50% exchangeable senior unsecured notes, all of which had been
redeemed by April 9, 2015.

Additionally, S&P lowered its issue ratings on TRW's senior
unsecured notes to 'BB' from 'BBB-' to align the ratings with those
on ZF's unsecured bonds that have a recovery rating of '3',
indicating S&P's expectation for meaningful (50%-70%; lower half of
the range) recovery in a default scenario.  These ratings will
remain outstanding until all balances are repaid, after which S&P
will withdraw the ratings.

"We downgraded TRW and removed our rating on the company from
CreditWatch negative to reflect our view that the company's credit
quality is now aligned with ZF's following the May 15, 2015,
closing of ZF's acquisition of TRW," said Standard & Poor's credit
analyst Nishit Madlani.  "We subsequently withdrew our corporate
credit rating on TRW."



VERMILLION INC: Reports Positive Results of OVA2
------------------------------------------------
Vermillion, Inc., announced publication of two abstracts reporting
initial positive top-line results regarding the development and
validation of OVA2, Vermillion's second-generation OVA1 ovarian
cancer triage test.  The results will be presented in two posters
at the 2015 American Society for Clinical Oncology (ASCO) annual
meeting, which takes place in Chicago, May 29 through June 2.

The abstracts represent the first publication of data from OVA2
development, and underpin Vermillion's submission of OVA2 for
510(k) clearance to the FDA.  The data show significant improvement
in OVA2 specificity compared to OVA1, while maintaining strong
sensitivity (92% for OVA1 in a 2013 pivotal study).  Vermillion's
goal is to launch OVA2 by the third quarter of this year, dependent
on successful and timely FDA clearance.

"Validation of a second-generation MIA (MIA2G) for triage of
adnexal masses" reported on the validation of OVA2 (under a generic
name, MIA2G).

* Across all subjects, 33% fewer benign positives were seen with
   OVA2 compared with OVA1.

* The validation study showed statistically significant
   improvement in specificity as a risk stratification test (OVA2
   alone), with no significant reduction of sensitivity or
   negative predictive value (NPV).  Sensitivity and NPV were not
   reported in the abstract, but will be shown in the poster
   itself as compared to OVA1.

* The large validation cohort also showed statistically
   significant improvement in positive predictive value (PPV), as
   well as a 12% improvement in overall test accuracy, defined as
  (true positives + true negatives) ÷ (N) compared to OVA1.

"Derivation of a second generation multivariate index assay (MIA2G)
to improve specificity in pre-surgical evaluation of adnexal masses
for risk of ovarian cancer" reported on the development and design
verification of the OVA2 test.

* Led by Dr. Zhen Zhang of the Johns Hopkins School of Medicine's
   Center for Biomarker Discovery and Translation, extensive
   statistical resampling was conducted with 7 biomarkers in a
   block-randomized selection, ranking, optimization and
   verification exercise.

* Top-performing biomarker panels were combined as algorithm
   ensembles for pre- and post-menopausal patients, respectively.
   The optimized algorithm utilized 5 Roche cobas 6000
   immunoassays as inputs: CA 125-II, Apolipoprotein A-1 (ApoA1),
   transferrin (TRF), follicle-stimulating hormone (FSH) and human

   epididymal protein-4 (HE4).

As a result of the development work, OVA2 will measure a woman's
risk of cancer using a 0 to 10 scale, as with the OVA1 test.  OVA2,
however, has a single cutoff; less than 5.0 for low risk and
greater than or equal to 5.0 for high risk.  This design greatly
simplifies testing procedures and interpretation.

Vermillion's Chief Medical Officer and validation study primary
investigator, Dr. Judith Wolf, stated: "The importance of early
detection of ovarian cancer and appropriate referral before the
first surgery cannot be overstated.  From more than 20 years
practicing as a gynecologic oncologist caring for women with
ovarian cancer, I am very aware of the terrible statistics and
personal toll inflicted on women by this disease.  The data on OVA2
reported at ASCO show evidence of how this new test can be a true
'win-win' for physicians and patients.  Our results suggest that
high sensitivity triage is now possible without sacrificing the
ability to identify a solid majority of benign patients who can be
confidently operated locally with their customary OB/Gyn
care-giver."

Valerie Palmieri, Vermillion's President and CEO, added, "Our
mission is to directly improve the care of 100,000 - 300,000 women
who undergo surgery for a pelvic mass in the US each year. As shown
in recent studies, as many as two-thirds of women with ovarian
cancer receive inadequate treatment in their first episode of care,
seriously compromising their chance of survival.  So we see OVA2 as
our mission in action: an unrelenting focus on improving the
effectiveness and efficiency of pre-surgical triage, together with
top clinical collaborators and partners.  These first validation
results give us high hopes that OVA2 will soon be added to the
'best practice' arsenal of physicians in our ongoing battle against
ovarian cancer."

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

                        http://is.gd/sEl3cz

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.2 million in 2014, a net loss
of $8.81 million in 2013 and a net loss of $7.14 million in 2012.

As of March 31, 2015, the Company had $18.67 million in total
assets, $3.48 million in total liabilities and $15.19 million in
total stockholders' equity.


VICTORY ENERGY: Delays Filing of Q1 Form 10-Q
---------------------------------------------
Victory Energy Corporation said its quarterly report on Form 10-Q
for the period ended March 31, 2015, cannot be filed within the
prescribed time as a result of the recent termination of certain
agreements related to negotiations for a proposed business
combination.  Due to the fact that the Termination occurred
immediately before the filing deadline for the Quarterly Report,
the Company and its auditors need additional time to evaluate the
implications of the Termination on the financial reporting and
other information to be included in the Quarterly Report, according
to a Form 12b-25 filed with the Securities and Exchange
Commission.

                       About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

Victory Energy reported a net loss of $4.22 million in 2014
following a net loss of $2.11 million in 2013.  As of Dec. 31,
2014, the Company had $1.2 million in total assets, $2.67 million
in total liabilities and a $1.46 million total stockholders'
deficit.

Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has
experienced recurring losses since its inception and has an
accumulated deficit, which raise substantial doubt regarding the
Company's ability to continue as a going concern.


VICTORY ENERGY: Terminates Proposed Merger with Lucas Energy
------------------------------------------------------------
Victory Energy Corporation said it will not proceed with the
proposed business combination with Lucas Energy, Inc., which was
the subject of a letter of intent that was previously announced on
Feb. 6, 2015.  

The Company notified Lucas on May 11, 2015, that it does not intend
to proceed with the Merger and thereby terminated the Letter of
Intent.  The Company also notified Lucas pursuant to the Pre-Merger
Loan and Funding Agreement between the Company and Lucas, dated
Feb. 26, 2015, and the related promissory note, that it will not
extend any further credit to Lucas under the Loan Agreement.

The Company and its affiliates are working collaboratively with
Lucas toward the finalization of terms of a mutual settlement and
release agreement.

"Although the merger with Lucas is no longer moving forward, we
remain in a very good position to rapidly grow the company and have
done so in the last few months.  We have added an estimated 65
barrels of oil equivalent per day (BOE/PD) to company production
and reserves since January and we anticipate exiting Q2 at over 103
BOE/PD.  That's quite an increase from the 30 BOE/PD at which we
exited the year ended December 31, 2014," said Kenny Hill, Victory
Energy's CEO.

                       About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

Victory Energy reported a net loss of $4.22 million in 2014
following a net loss of $2.11 million in 2013.  As of Dec. 31,
2014, the Company had $1.2 million in total assets, $2.67 million
in total liabilities and a $1.46 million total stockholders'
deficit.

Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has
experienced recurring losses since its inception and has an
accumulated deficit, which raise substantial doubt regarding the
Company's ability to continue as a going concern.


VIGGLE INC: Amends $40 Million Securities Prospectus
----------------------------------------------------
Viggle Inc. has amended its Form S-3 registration statement with
the Securities and Exchange Commission relating to the sale of its
common stock, preferred stock, warrants, or a combination of these
securities, or units, for an aggregate initial offering price of up
to $40,000,000.

The Company amended the Registration Statement to delay its
effective date.

The Company's common stock is traded on the NASDAQ Capital Market
under the symbol "VGGL."  On May 11, 2015, the last reported sales
price for the Company's common stock was $3.76 per share.  As of
that date, the aggregate market value of the Company's outstanding
common stock held by non-affiliates was approximately $31,325,315
based on 17,271,072 shares of the Company's outstanding common
stock, of which approximately 8,331,201 shares were held by
non-affiliates.

A full-text copy of the Form S-3 registration statement, as
amended, is available for free at http://is.gd/flX3Qc

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

As of March 31, 2015, the Company had $70.9 million in total
assets, $54.6 million in total liabilities, $11.4 million in series
C convertible redeemable preferred stock, and $4.87 million in
total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


WAFERGEN BIO-SYSTEMS: Files First Quarter Form 10-Q Report
----------------------------------------------------------
WaferGen Bio-systems, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q for the period ended
March 31, 2015.

As of March 31, 2015, the Company's principal source of liquidity
was $11.2 million in cash and cash equivalents.  The Company had
working capital of $9.7 million.  The Company's funding has
primarily been generated by the issuance of equity securities,
which includes $18 million and $13.4 million raised, net of
offering costs, in 2014 and 2013, respectively.  The Company also
had, as of March 31, 2015, Notes with a principal amount of $5.2
million owing to MTDC, repayable in August 2020.

The Company disclosed a net loss of $4.8 million on $1.14 million
of total revenue for the three months ended March 31, 2015,
compared to a net loss of $2.54 million on $1.4 million of total
revenue for the same period in 2014.

As of March 31, 2015, the Company had $16.49 million in total
assets, $6.47 million in total liabilities and $10.02 million in
total stockholders' equity.

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

                         http://is.gd/li99fL

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen Bio-systems reported a net loss of $10.7 million in 2014,
a net loss of $16.3 million in 2013 and a net loss of $8.97 million
in 2012.


WBH ENERGY: Seeks Aug. 2 Extension of Exclusive Plan Filing Date
----------------------------------------------------------------
WBH Energy, LP, et al., ask the U.S. Bankruptcy Court for the
Western District of Texas, Austin Division, to extend the time
period by which they have exclusive right to file a plan through
and including Aug. 2, 2015, and the time period by which they have
exclusive right to solicit acceptances of that plan through and
including Oct. 10, 2015.

Under Section 1121(b) of the Bankruptcy Code, the Debtors have the
exclusive right to file plans of reorganization within the first
120 days from the Petition Date.  This time period is commonly
referred to as the "Exclusivity Period."  If the Debtors file plans
within the first 120 days of the Petition Date, the Exclusivity
Period is automatically extended for an additional 60 days to allow
the Debtors time to obtain acceptance of their plans.  Based on the
Petition Date, the Debtors' statutory Exclusivity Period expires on
May 4, 2015, and the Debtors' time in which to solicit votes for
any plans of reorganization expires on July 3, 2015.

According to the Debtors' counsel, William A. (Trey) Wood III,
Esq., at Bracewell & Giuliani LLP, in Houston, Texas, the Debtors
are not seeking the extension as a means to pressure creditors.
Rather, the Debtors seek this extension so that the Debtors can
have adequate time to devote resources to developing plans of
reorganization that will benefit all creditors and interest
holders, Mr. Wood asserts.

The Debtors are represented by:

         William A. (Trey) Wood III, Esq.
         Jason G. Cohen, Esq.
         BRACEWELL & GIULIANI LLP
         711 Louisiana, Suite 2300
         Houston, TX 77002
         Tel: (713) 223-2300
         Fax: (713) 221-1212
         Email: Trey.Wood@bgllp.com  
                Jason.Cohen@bgllp.com

                         About WBH Energy

WBH Energy Partners LLC (Bankr. W.D. Tex. Case No. 15-10004) and
its affiliates -- WBH Energy, LP (Bankr. W.D. Tex. Case No.
15-10003) and WBH Energy GP, LLC (Bankr. W.D. Tex. Case No.
15-10005) separately filed for Chapter 11 bankruptcy protection on
Jan. 4, 2015.  The petitions were signed by Joseph S. Warnock, vice
president.

Judge Christopher Mott presides over WBH Energy, LP's case, while
Judge Tony M. Davis presides over WBH Energy Partners' and WBH
Energy GP's cases.

William A. (Trey) Wood, III, Esq., at Bracewell & Giuliani LLP,
serves as the Debtors' bankruptcy counsel.

WBH Energy, LP, and WBH Energy Partners estimated their assets and
liabilities at between $10 million and $50 million each.  WBH
Energy, LP disclosed $557,045 plus an unknown amount and
$48,950,652 in liabilities as of the Chapter 11 filing.  WBH Energy
GP estimated its assets at up to $50,000, and its liabilities at
between $10 million and $50 million.

The U.S. Trustee for Region 7 appointed seven creditors to serve
On the official committee of unsecured creditors.


[*] AEG Partners Mourns Loss of Founding Partner Larry Adelman
--------------------------------------------------------------
Lawrence "Larry" M. Adelman, a founding partner and principal of
AEG Partners, passed away on May 12, 2015 after a valiant fight
against MDS.  He was 69.

Mr. Adelman was integral to the growth of AEG Partners, a firm he
co-founded in 2000.  He helped expand the firm's business lines
from turnaround and restructuring services, to a range of business
advisory offerings, including the launch of a new capital markets
affiliate, AEG Capital, of which Larry served as a board director.
He had a long and distinguished career, holding numerous CEO and
board positions across a range of industries.

"We are deeply saddened by the loss of our friend and partner,"
shared Craig S. Dean, principal at AEG, who joined Larry shortly
after the firm's founding.  "Larry was a brilliant businessman. Far
more defining than his many professional accomplishments, Larry
will be remembered best for the difference he made in other
people's lives.  He was an inspiring leader and a remarkable human
being who will be missed greatly by many."

A champion of many causes, Larry generously gave his time and
leadership to numerous civic and professional organizations.  One
closest to his heart was the American Jewish Committee (AJC).  He
served as President of the AJC Chicago Board, was elected to the
Board of Governors, and later became Vice Chair of the national
Regional Offices Committee.  Last year, he became a member of the
board of AJC's Transatlantic Institute (TAI), where he chaired its
10th Anniversary mission to Brussels, leading a delegation of 50 to
help raise the prominence of TAI.  He also served on numerous other
local and national committees and participated in several AJC
national leadership programs.

Mr. Adelman was a committed member of American Friends of NATAL,
the Writers Theatre, and for over 30 years was involved in
Congregation Solel, where he served on the board and as an officer.
Professionally, he was active in the National Association of
Corporate Directors, the American Bankruptcy Institute and the
Turnaround Management Association, where he was a long-time member
and served as the Chicago/Midwest Chapter's third president,
holding the title for two terms.  Additionally, he was a member of
Lake Shore Country Club and The Standard Club.

Above all else, Mr. Adelman cherished his family and was a caring
father, grandfather, husband and friend.  He is survived by his
loving wife, Carol, nee Appelman, his children Lisa (Adam) Kaplan,
and Ryan (Kassin) Adelman, and four grandchildren, Max, Ella, Sara
and Ava.


[*] Duane Morris' Walter Greenhalgh to Receive Manny Katten Award
-----------------------------------------------------------------
The Association of Insolvency & Restructuring Advisors will present
Duane Morris partner Walter J. Greenhalgh with the Manny Katten
Award at its 31st annual Bankruptcy and Restructuring Conference to
be held on June 3–6, 2015 in Philadelphia.  The award is given
annually to an individual selected by the association’s board of
directors who has demonstrated exceptional leadership, dedication
and service to the bankruptcy, restructuring and turnaround field.

Mr. Greenhalgh is the managing partner of Duane Morris' Newark
office and a member of the firm's national governing Partners
Board.  He practices in the areas of commercial litigation and
bankruptcy law, insolvency law and chapter 11 corporate and
commercial reorganization.  A past chair of the executive committee
of the Bankruptcy Law Section of the New Jersey State Bar
Association, he has been an officer of the section for more than 10
years.  He is a founding master of the Bankruptcy Inn of Court and
board certified as a Business Bankruptcy Law specialist by the
American Board of Certification.  A member of the American
Bankruptcy Institute, Mr. Greenhalgh is also a member of the
American and Hudson County bar associations and the Debtor-Creditor
Section of the Essex County Bar Association.  From 2009–2014,
Chambers USA: America's Leading Lawyers for Business included Mr.
Greenhalgh in its listing of leading bankruptcy lawyers in New
Jersey.

Mr. Greenhalgh is a 1974 graduate of the Seton Hall University
School of Law and a 1971 graduate of St. Peter's College.

                          About AIRA

AIRA is a nonprofit professional association serving the
bankruptcy, restructuring and turnaround practice area.  AIRA's
membership consists of accountants, financial advisors, investment
bankers, attorneys, workout consultants, trustees, and others in
the field of business turnaround, restructuring and bankruptcy.
AIRA members are among the most trusted and sought-after
professionals in matters dealing with limited capital resources and
deteriorating operating performance.

                        About Duane Morris

Duane Morris LLP, a law firm with more than 700 attorneys in
offices across the United States and internationally, is asked by a
broad array of clients to provide innovative solutions to today's
legal and business challenges.


[^] Large Companies With Insolvent Balance Sheet
------------------------------------------------
                                               Total
                                              Share-      Total
                                   Total    Holders'    Working
                                  Assets      Equity    Capital
   Company        Ticker            ($MM)       ($MM)      ($MM)
   -------        ------          ------    --------    -------
ABSOLUTE SOFTWRE  ABT CN           138.6       (11.0)      (2.4)
ABSOLUTE SOFTWRE  ALSWF US         138.6       (11.0)      (2.4)
ABSOLUTE SOFTWRE  ABT2EUR EU       138.6       (11.0)      (2.4)
ABSOLUTE SOFTWRE  OU1 GR           138.6       (11.0)      (2.4)
AC SIMMONDS & SO  ACSXE US           1.4        (0.4)      (1.5)
ACCRETIVE HEALTH  ACHI US          510.0       (85.6)     (17.7)
ADVANCED EMISSIO  OXQ1 GR          106.4       (46.1)     (15.3)
ADVANCED EMISSIO  ADES US          106.4       (46.1)     (15.3)
ADVENT SOFTWARE   ADVS US          424.8       (50.1)    (110.8)
ADVENT SOFTWARE   AXQ GR           424.8       (50.1)    (110.8)
AEROJET ROCKETDY  AJRD US        1,911.7      (126.4)     109.8
AEROJET ROCKETDY  GCY TH         1,911.7      (126.4)     109.8
AEROJET ROCKETDY  GCY GR         1,911.7      (126.4)     109.8
AIR CANADA        AC CN         11,581.0    (1,213.0)     (95.0)
AIR CANADA        ACDVF US      11,581.0    (1,213.0)     (95.0)
AIR CANADA        ADH2 TH       11,581.0    (1,213.0)     (95.0)
AIR CANADA        ACEUR EU      11,581.0    (1,213.0)     (95.0)
AIR CANADA        ADH2 GR       11,581.0    (1,213.0)     (95.0)
AK STEEL HLDG     AKS US         4,556.3      (392.9)     949.0
AK STEEL HLDG     AK2 TH         4,556.3      (392.9)     949.0
AK STEEL HLDG     AK2 GR         4,556.3      (392.9)     949.0
AK STEEL HLDG     AKS* MM        4,556.3      (392.9)     949.0
ALLIANCE HEALTHC  AIQ US           551.6       (88.9)      46.7
AMC NETWORKS-A    AMCX US        4,049.4       (89.4)     597.5
AMC NETWORKS-A    AMCX* MM       4,049.4       (89.4)     597.5
AMC NETWORKS-A    9AC GR         4,049.4       (89.4)     597.5
AMER RESTAUR-LP   ICTPU US          33.5        (4.0)      (6.2)
AMYLIN PHARMACEU  AMLN US        1,998.7       (42.4)     263.0
ANGIE'S LIST INC  8AL TH           178.8       (15.6)     (13.1)
ANGIE'S LIST INC  8AL GR           178.8       (15.6)     (13.1)
ANGIE'S LIST INC  ANGI US          178.8       (15.6)     (13.1)
ANTHERA PHARMACE  6TA1 GR            3.5        (2.3)      (2.7)
ANTHERA PHARMACE  6TA1 TH            3.5        (2.3)      (2.7)
ANTHERA PHARMACE  ANTH US            3.5        (2.3)      (2.7)
ASPEN TECHNOLOGY  AZPN US          317.1       (26.8)     (17.4)
ASPEN TECHNOLOGY  AST GR           317.1       (26.8)     (17.4)
AUTOZONE INC      AZ5 TH         7,950.0    (1,468.7)    (709.5)
AUTOZONE INC      AZ5 GR         7,950.0    (1,468.7)    (709.5)
AUTOZONE INC      AZOEUR EU      7,950.0    (1,468.7)    (709.5)
AUTOZONE INC      AZO US         7,950.0    (1,468.7)    (709.5)
AVID TECHNOLOGY   AVID US          182.0      (344.7)    (165.7)
AVID TECHNOLOGY   AVD GR           182.0      (344.7)    (165.7)
BARRACUDA NETWOR  CUDA US          389.3       (39.1)      29.1
BARRACUDA NETWOR  7BM GR           389.3       (39.1)      29.1
BERRY PLASTICS G  BERY US        5,214.0       (73.0)     758.0
BERRY PLASTICS G  BP0 GR         5,214.0       (73.0)     758.0
BRINKER INTL      BKJ GR         1,437.3       (32.1)    (216.6)
BRINKER INTL      EAT US         1,437.3       (32.1)    (216.6)
BRP INC/CA-SUB V  B15A GR        2,347.9       (26.9)     291.8
BRP INC/CA-SUB V  BRPIF US       2,347.9       (26.9)     291.8
BRP INC/CA-SUB V  DOO CN         2,347.9       (26.9)     291.8
BURLINGTON STORE  BURL US        2,624.6       (66.0)      54.4
BURLINGTON STORE  BUI GR         2,624.6       (66.0)      54.4
BURLINGTON STORE  BURL* MM       2,624.6       (66.0)      54.4
CABLEVISION SY-A  CVCEUR EU      6,701.2    (5,022.6)      50.8
CABLEVISION SY-A  CVC US         6,701.2    (5,022.6)      50.8
CABLEVISION SY-A  CVY TH         6,701.2    (5,022.6)      50.8
CABLEVISION SY-A  CVY GR         6,701.2    (5,022.6)      50.8
CABLEVISION-W/I   8441293Q US    6,701.2    (5,022.6)      50.8
CABLEVISION-W/I   CVC-W US       6,701.2    (5,022.6)      50.8
CAMBIUM LEARNING  ABCD US          154.9       (77.3)     (19.9)
CARBYLAN THERAPE  CBYL US           10.9        (0.1)       1.9
CASELLA WASTE     WA3 GR           649.9        (8.5)     (18.9)
CASELLA WASTE     CWST US          649.9        (8.5)     (18.9)
CEDAR FAIR LP     FUN US         2,005.9       (21.2)     (74.4)
CEDAR FAIR LP     7CF GR         2,005.9       (21.2)     (74.4)
CENTENNIAL COMM   CYCL US        1,480.9      (925.9)     (52.1)
CHOICE HOTELS     CHH US           661.1      (413.5)     175.4
CHOICE HOTELS     CZH GR           661.1      (413.5)     175.4
CIENA CORP        CIEN US        2,056.2       (88.6)     902.8
CIENA CORP        CIE1 GR        2,056.2       (88.6)     902.8
CIENA CORP        CIE1 TH        2,056.2       (88.6)     902.8
CIENA CORP        CIEN TE        2,056.2       (88.6)     902.8
CINCINNATI BELL   CBB US         1,733.0      (599.6)      46.3
CINCINNATI BELL   CIB GR         1,733.0      (599.6)      46.3
CLEAR CHANNEL-A   C7C GR         6,179.8      (255.3)     410.7
CLEAR CHANNEL-A   CCO US         6,179.8      (255.3)     410.7
CLIFFS NATURAL R  CLF US         2,702.6    (1,782.1)     677.9
CLIFFS NATURAL R  CLF2EUR EU     2,702.6    (1,782.1)     677.9
CLIFFS NATURAL R  CVA GR         2,702.6    (1,782.1)     677.9
CLIFFS NATURAL R  CVA TH         2,702.6    (1,782.1)     677.9
CLIFFS NATURAL R  CLF* MM        2,702.6    (1,782.1)     677.9
COLLEGIUM PHARMA  COLL US            5.1       (12.2)      (5.9)
CONNECTURE INC    CNXR US          112.3       (28.8)     (19.1)
CONNECTURE INC    2U7 GR           112.3       (28.8)     (19.1)
CORINDUS VASCULA  CVRS US            0.0        (0.0)      (0.0)
CORIUM INTERNATI  6CU GR            62.7        (0.4)      35.9
CORIUM INTERNATI  CORI US           62.7        (0.4)      35.9
CYAN INC          CYNI US          112.1       (18.4)      56.9
CYAN INC          YCN GR           112.1       (18.4)      56.9
DELEK LOGISTICS   DKL US           332.6       (20.6)      11.8
DELEK LOGISTICS   D6L GR           332.6       (20.6)      11.8
DIRECTV           DTV US        24,301.0    (4,280.0)     482.0
DIRECTV           DTV CI        24,301.0    (4,280.0)     482.0
DIRECTV           DIG1 GR       24,301.0    (4,280.0)     482.0
DIRECTV           DTVEUR EU     24,301.0    (4,280.0)     482.0
DOMINO'S PIZZA    EZV TH           637.0    (1,213.6)     170.7
DOMINO'S PIZZA    DPZ US           637.0    (1,213.6)     170.7
DOMINO'S PIZZA    EZV GR           637.0    (1,213.6)     170.7
DUN & BRADSTREET  DB5 GR         2,027.7    (1,201.3)    (276.7)
DUN & BRADSTREET  DNB1EUR EU     2,027.7    (1,201.3)    (276.7)
DUN & BRADSTREET  DB5 TH         2,027.7    (1,201.3)    (276.7)
DUN & BRADSTREET  DNB US         2,027.7    (1,201.3)    (276.7)
DUNKIN' BRANDS G  2DB TH         3,360.1       (84.9)     278.7
DUNKIN' BRANDS G  2DB GR         3,360.1       (84.9)     278.7
DUNKIN' BRANDS G  DNKN US        3,360.1       (84.9)     278.7
DURATA THERAPEUT  DRTX US           82.1       (16.1)      11.7
DURATA THERAPEUT  DTA GR            82.1       (16.1)      11.7
DURATA THERAPEUT  DRTXEUR EU        82.1       (16.1)      11.7
EDGEN GROUP INC   EDG US           883.8        (0.8)     409.2
EMPIRE RESORTS I  LHC1 GR           39.9       (17.1)       3.2
EMPIRE RESORTS I  NYNY US           39.9       (17.1)       3.2
ENTELLUS MEDICAL  29E GR            14.0        (8.0)       4.8
ENTELLUS MEDICAL  ENTL US           14.0        (8.0)       4.8
EOS PETRO INC     EOPT US            1.4       (20.5)     (21.7)
EXELIXIS INC      EXEL US          282.9      (146.8)      66.4
FAIRWAY GROUP HO  FWM US           372.2       (16.5)      17.9
FAIRWAY GROUP HO  FGWA GR          372.2       (16.5)      17.9
FENIX PARTS INC   FENX US            0.8        (1.1)      (1.1)
FERRELLGAS-LP     FEG GR         1,747.0      (128.0)      (6.4)
FERRELLGAS-LP     FGP US         1,747.0      (128.0)      (6.4)
FREESCALE SEMICO  1FS TH         3,096.0    (3,454.0)   1,174.0
FREESCALE SEMICO  FSLEUR EU      3,096.0    (3,454.0)   1,174.0
FREESCALE SEMICO  1FS GR         3,096.0    (3,454.0)   1,174.0
FREESCALE SEMICO  FSL US         3,096.0    (3,454.0)   1,174.0
FUELSTREAM INC    S4HF GR            0.1        (6.4)      (6.4)
GAMING AND LEISU  GLPI US        2,552.5      (125.5)       1.1
GAMING AND LEISU  2GL GR         2,552.5      (125.5)       1.1
GARDA WRLD -CL A  GW CN          1,482.9      (332.3)      47.7
GARTNER INC       IT US          1,789.4      (139.5)    (420.1)
GARTNER INC       GGRA GR        1,789.4      (139.5)    (420.1)
GENESIS HEALTHCA  GEN US         6,031.4      (205.5)     209.3
GENESIS HEALTHCA  SH11 GR        6,031.4      (205.5)     209.3
GENTIVA HEALTH    GTIV US        1,225.2      (285.2)     130.0
GENTIVA HEALTH    GHT GR         1,225.2      (285.2)     130.0
GLG PARTNERS INC  GLG US           400.0      (285.6)     156.9
GLG PARTNERS-UTS  GLG/U US         400.0      (285.6)     156.9
GOLD RESERVE INC  GRZ CN            19.4       (21.0)     (31.4)
GOLD RESERVE INC  GDRZF US          19.4       (21.0)     (31.4)
GOLD RESERVE INC  GOD GR            19.4       (21.0)     (31.4)
GRAHAM PACKAGING  GRM US         2,947.5      (520.8)     298.5
GYMBOREE CORP/TH  GYMB US        1,187.9      (332.3)      43.0
HCA HOLDINGS INC  HCA US        31,288.0    (6,222.0)   1,958.0
HCA HOLDINGS INC  2BH TH        31,288.0    (6,222.0)   1,958.0
HCA HOLDINGS INC  2BH GR        31,288.0    (6,222.0)   1,958.0
HD SUPPLY HOLDIN  5HD GR         6,060.0      (760.0)   1,163.0
HD SUPPLY HOLDIN  HDS US         6,060.0      (760.0)   1,163.0
HERBALIFE LTD     HLF US         2,388.9      (301.2)     259.3
HERBALIFE LTD     HOO GR         2,388.9      (301.2)     259.3
HERBALIFE LTD     HLFEUR EU      2,388.9      (301.2)     259.3
HOVNANIAN ENT-A   HOV US         2,461.4      (130.0)   1,608.3
HOVNANIAN ENT-B   HOVVB US       2,461.4      (130.0)   1,608.3
HOVNANIAN-A-WI    HOV-W US       2,461.4      (130.0)   1,608.3
HUGHES TELEMATIC  HUTCU US         110.2      (101.6)    (113.8)
IHEARTMEDIA INC   IHRT US       13,581.9   (10,153.7)     683.9
INCYTE CORP       INCY US          862.6       (41.4)     466.6
INCYTE CORP       ICY TH           862.6       (41.4)     466.6
INCYTE CORP       ICY GR           862.6       (41.4)     466.6
INCYTE CORP       INCYEUR EU       862.6       (41.4)     466.6
INFOR US INC      LWSN US        6,778.1      (460.0)    (305.9)
IPCS INC          IPCS US          559.2       (33.0)      72.1
ISTA PHARMACEUTI  ISTA US          124.7       (64.8)       2.2
JUST ENERGY GROU  JE CN          1,205.7      (539.0)    (119.7)
JUST ENERGY GROU  1JE GR         1,205.7      (539.0)    (119.7)
JUST ENERGY GROU  JE US          1,205.7      (539.0)    (119.7)
KEMPHARM INC      KMPH US           13.7       (24.3)       6.3
LEAP WIRELESS     LEAP US        4,662.9      (125.1)     346.9
LEAP WIRELESS     LWI TH         4,662.9      (125.1)     346.9
LEAP WIRELESS     LWI GR         4,662.9      (125.1)     346.9
LEE ENTERPRISES   LEE US           779.6      (165.1)     (20.2)
LENNOX INTL INC   LXI GR         1,879.5       (16.2)     369.8
LENNOX INTL INC   LII US         1,879.5       (16.2)     369.8
LORILLARD INC     LLV GR         4,154.0    (2,134.0)   1,135.0
LORILLARD INC     LO US          4,154.0    (2,134.0)   1,135.0
LORILLARD INC     LLV TH         4,154.0    (2,134.0)   1,135.0
MANNKIND CORP     NNF1 GR          360.0       (97.0)    (222.5)
MANNKIND CORP     MNKD US          360.0       (97.0)    (222.5)
MANNKIND CORP     NNF1 TH          360.0       (97.0)    (222.5)
MARRIOTT INTL-A   MAQ GR         6,803.0    (2,537.0)  (1,202.0)
MARRIOTT INTL-A   MAQ TH         6,803.0    (2,537.0)  (1,202.0)
MARRIOTT INTL-A   MAR US         6,803.0    (2,537.0)  (1,202.0)
MDC COMM-W/I      MDZ/W CN       1,640.1      (196.6)    (284.0)
MDC PARTNERS-A    MDCA US        1,640.1      (196.6)    (284.0)
MDC PARTNERS-A    MD7A GR        1,640.1      (196.6)    (284.0)
MDC PARTNERS-A    MDZ/A CN       1,640.1      (196.6)    (284.0)
MDC PARTNERS-EXC  MDZ/N CN       1,640.1      (196.6)    (284.0)
MERITOR INC       AID1 GR        2,317.0      (570.0)     268.0
MERITOR INC       MTOR US        2,317.0      (570.0)     268.0
MERRIMACK PHARMA  MACK US          127.0      (128.8)      (4.4)
MERRIMACK PHARMA  MP6 GR           127.0      (128.8)      (4.4)
MICHAELS COS INC  MIK US         2,005.0    (2,111.0)     572.0
MICHAELS COS INC  MIM GR         2,005.0    (2,111.0)     572.0
MONEYGRAM INTERN  MGI US         4,578.9      (261.8)     (45.4)
MOODY'S CORP      DUT GR         4,976.0      (146.2)   1,901.1
MOODY'S CORP      MCOEUR EU      4,976.0      (146.2)   1,901.1
MOODY'S CORP      MCO US         4,976.0      (146.2)   1,901.1
MOODY'S CORP      DUT TH         4,976.0      (146.2)   1,901.1
MORGANS HOTEL GR  MHGC US          532.4      (246.2)      31.0
MORGANS HOTEL GR  M1U GR           532.4      (246.2)      31.0
MOXIAN CHINA INC  MOXC US            2.3        (5.4)      (5.8)
MPG OFFICE TRUST  1052394D US    1,280.0      (437.3)       -
NATIONAL CINEMED  XWM GR           985.6      (219.8)      63.5
NATIONAL CINEMED  NCMI US          985.6      (219.8)      63.5
NAVISTAR INTL     IHR TH         6,785.0    (4,688.0)     844.0
NAVISTAR INTL     IHR GR         6,785.0    (4,688.0)     844.0
NAVISTAR INTL     NAV US         6,785.0    (4,688.0)     844.0
NEFF CORP-CL A    NEFF US          634.4      (202.7)     (12.8)
NEW ENG RLTY-LP   NEN US           177.8       (27.4)       -
NORTHWEST BIO     NWBO US           58.4       (35.0)     (54.2)
NORTHWEST BIO     NBYA GR           58.4       (35.0)     (54.2)
NTELOS HOLDINGS   NTLS US          708.5       (16.6)     203.7
OCATA THERAPEUTI  T2N1 GR            5.7        (2.7)      (0.9)
OCATA THERAPEUTI  OCAT US            5.7        (2.7)      (0.9)
OMEROS CORP       OMER US           11.1       (42.7)      (9.3)
OMEROS CORP       3O8 GR            11.1       (42.7)      (9.3)
OMTHERA PHARMACE  OMTH US           18.3        (8.5)     (12.0)
PALM INC          PALM US        1,007.2        (6.2)     141.7
PBF LOGISTICS LP  PBFX US          402.3      (112.0)      30.1
PBF LOGISTICS LP  11P GR           402.3      (112.0)      30.1
PHILIP MORRIS IN  PM US         33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  PM1 TE        33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  PM1CHF EU     33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  PMI SW        33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  PM1EUR EU     33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  4I1 GR        33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  4I1 TH        33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  4I1 QT        33,255.0   (12,246.0)    (705.0)
PHILIP MORRIS IN  PM FP         33,255.0   (12,246.0)    (705.0)
PLAYBOY ENTERP-A  PLA/A US         165.8       (54.4)     (16.9)
PLAYBOY ENTERP-B  PLA US           165.8       (54.4)     (16.9)
PLY GEM HOLDINGS  PGEM US        1,231.9      (150.1)     241.4
PLY GEM HOLDINGS  PG6 GR         1,231.9      (150.1)     241.4
POLYMER GROUP IN  POLGA US       1,901.8       (12.6)     315.2
POLYMER GROUP-B   POLGB US       1,901.8       (12.6)     315.2
PROTALEX INC      PRTX US            0.6       (11.5)       0.0
PROTECTION ONE    PONE US          562.9       (61.8)      (7.6)
PUREBASE CORP     PUBC US            0.3        (1.0)      (0.3)
QUALITY DISTRIBU  QDZ GR           417.9       (26.9)     110.6
QUALITY DISTRIBU  QLTY US          417.9       (26.9)     110.6
QUINTILES TRANSN  QTS GR         3,236.7      (612.3)     778.1
QUINTILES TRANSN  Q US           3,236.7      (612.3)     778.1
RAYONIER ADV      RYAM US        1,281.8       (52.6)     179.2
RAYONIER ADV      RYQ GR         1,281.8       (52.6)     179.2
RE/MAX HOLDINGS   2RM GR           362.5        (0.2)      41.0
RE/MAX HOLDINGS   RMAX US          362.5        (0.2)      41.0
REGAL ENTERTAI-A  RGC* MM        2,484.4      (911.5)    (118.6)
REGAL ENTERTAI-A  RGC US         2,484.4      (911.5)    (118.6)
REGAL ENTERTAI-A  RETA GR        2,484.4      (911.5)    (118.6)
RENAISSANCE LEA   RLRN US           57.0       (28.2)     (31.4)
RENTPATH INC      PRM US           208.0       (91.7)       3.6
RETROPHIN INC     RTRX US          135.5       (37.3)     (70.2)
RETROPHIN INC     17R GR           135.5       (37.3)     (70.2)
REVLON INC-A      RVL1 GR        1,873.7      (658.9)     315.1
REVLON INC-A      REV US         1,873.7      (658.9)     315.1
ROUNDY'S INC      RNDY US        1,112.5       (87.0)      80.0
ROUNDY'S INC      4R1 GR         1,112.5       (87.0)      80.0
RURAL/METRO CORP  RURL US          303.7       (92.1)      72.4
RYERSON HOLDING   7RY GR         1,903.2      (135.0)     706.3
RYERSON HOLDING   7RY TH         1,903.2      (135.0)     706.3
RYERSON HOLDING   RYI US         1,903.2      (135.0)     706.3
SALLY BEAUTY HOL  S7V GR         2,134.9      (261.0)     766.9
SALLY BEAUTY HOL  SBH US         2,134.9      (261.0)     766.9
SBA COMM CORP-A   SBAC US        7,527.3    (1,036.8)      38.5
SBA COMM CORP-A   SBJ TH         7,527.3    (1,036.8)      38.5
SBA COMM CORP-A   SBACEUR EU     7,527.3    (1,036.8)      38.5
SBA COMM CORP-A   SBJ GR         7,527.3    (1,036.8)      38.5
SCIENTIFIC GAM-A  TJW GR         9,703.4      (189.4)     686.9
SCIENTIFIC GAM-A  SGMS US        9,703.4      (189.4)     686.9
SEARS HOLDINGS    SEE TH        13,209.0      (945.0)    (213.0)
SEARS HOLDINGS    SHLD US       13,209.0      (945.0)    (213.0)
SEARS HOLDINGS    SEE GR        13,209.0      (945.0)    (213.0)
SEQUENOM INC      QNMA QT          145.5       (15.1)      84.4
SEQUENOM INC      SQNM US          145.5       (15.1)      84.4
SEQUENOM INC      QNMA TH          145.5       (15.1)      84.4
SEQUENOM INC      SQNMEUR EU       145.5       (15.1)      84.4
SEQUENOM INC      QNMA GR          145.5       (15.1)      84.4
SILVER SPRING NE  9SI GR           528.2       (94.3)     (10.2)
SILVER SPRING NE  SSNI US          528.2       (94.3)     (10.2)
SILVER SPRING NE  9SI TH           528.2       (94.3)     (10.2)
SIRIUS XM CANADA  XSR CN           298.2      (128.5)    (173.7)
SIRIUS XM CANADA  SIICF US         298.2      (128.5)    (173.7)
SONIC CORP        SONC US          625.8        (0.3)      13.7
SONIC CORP        SO4 GR           625.8        (0.3)      13.7
SONIC CORP        SONCEUR EU       625.8        (0.3)      13.7
SPORTSMAN'S WARE  SPWH US          270.7       (31.3)      86.4
SPORTSMAN'S WARE  06S GR           270.7       (31.3)      86.4
SUPERVALU INC     SVU US         4,485.0      (636.0)     167.0
SUPERVALU INC     SJ1 GR         4,485.0      (636.0)     167.0
SUPERVALU INC     SJ1 TH         4,485.0      (636.0)     167.0
SYNERGY PHARMACE  SGYP US          194.8       (24.7)     163.1
SYNERGY PHARMACE  SGYPEUR EU       194.8       (24.7)     163.1
SYNERGY PHARMACE  SGYP GR          194.8       (24.7)     163.1
THERAVANCE        THRX US          488.7      (260.1)     251.4
THERAVANCE        HVE GR           488.7      (260.1)     251.4
THRESHOLD PHARMA  NZW1 GR           88.0       (19.9)      53.1
THRESHOLD PHARMA  THLD US           88.0       (19.9)      53.1
TRANSDIGM GROUP   T7D GR         7,226.2    (1,326.2)     853.8
TRANSDIGM GROUP   TDG US         7,226.2    (1,326.2)     853.8
TRINET GROUP INC  TN3 GR         1,620.2       (15.1)      15.2
TRINET GROUP INC  TN3 TH         1,620.2       (15.1)      15.2
TRINET GROUP INC  TNETEUR EU     1,620.2       (15.1)      15.2
TRINET GROUP INC  TNET US        1,620.2       (15.1)      15.2
TRYCERA FINANCIA  TRYF US            0.0        (3.3)      (3.2)
UNISYS CORP       UIS US         2,131.5    (1,421.3)     242.8
UNISYS CORP       UIS1 SW        2,131.5    (1,421.3)     242.8
UNISYS CORP       UISCHF EU      2,131.5    (1,421.3)     242.8
UNISYS CORP       USY1 GR        2,131.5    (1,421.3)     242.8
UNISYS CORP       USY1 TH        2,131.5    (1,421.3)     242.8
UNISYS CORP       UISEUR EU      2,131.5    (1,421.3)     242.8
VENOCO INC        VQ US            596.0       (31.1)      52.2
VERISIGN INC      VRSN US        2,607.7      (947.9)      17.8
VERISIGN INC      VRS GR         2,607.7      (947.9)      17.8
VERISIGN INC      VRS TH         2,607.7      (947.9)      17.8
VERIZON TELEMATI  HUTC US          110.2      (101.6)    (113.8)
VIKING THERAPEUT  1VT GR             3.0       (22.1)     (21.7)
VIRGIN MOBILE-A   VM US            307.4      (244.2)    (138.3)
WEIGHT WATCHERS   WW6 GR         1,446.4    (1,385.2)    (260.9)
WEIGHT WATCHERS   WW6 TH         1,446.4    (1,385.2)    (260.9)
WEIGHT WATCHERS   WTW US         1,446.4    (1,385.2)    (260.9)
WEIGHT WATCHERS   WTWEUR EU      1,446.4    (1,385.2)    (260.9)
WEST CORP         WSTC US        3,546.2      (647.7)     247.3
WEST CORP         WT2 GR         3,546.2      (647.7)     247.3
WESTERN REFINING  WNRL US          434.0       (27.4)      71.5
WESTERN REFINING  WR2 GR           434.0       (27.4)      71.5
WESTMORELAND COA  WLB US         1,829.7      (388.7)      59.0
WESTMORELAND COA  WME GR         1,829.7      (388.7)      59.0
WESTMORELAND RES  2OR1 GR          204.0       (14.2)     (57.7)
WESTMORELAND RES  WMLP US          204.0       (14.2)     (57.7)
WYNN RESORTS LTD  WYR GR         9,151.7      (147.2)   1,135.3
WYNN RESORTS LTD  WYR TH         9,151.7      (147.2)   1,135.3
WYNN RESORTS LTD  WYNN SW        9,151.7      (147.2)   1,135.3
WYNN RESORTS LTD  WYR QT         9,151.7      (147.2)   1,135.3
WYNN RESORTS LTD  WYNN US        9,151.7      (147.2)   1,135.3
WYNN RESORTS LTD  WYNN* MM       9,151.7      (147.2)   1,135.3
XERIUM TECHNOLOG  XRM US           561.0      (102.9)      81.5
XERIUM TECHNOLOG  TXRN GR          561.0      (102.9)      81.5
XOMA CORP         XOMA US           78.1       (13.4)      46.2
XOMA CORP         XOMA TH           78.1       (13.4)      46.2
YRC WORLDWIDE IN  YEL1 TH        1,966.2      (479.7)     148.7
YRC WORLDWIDE IN  YEL1 GR        1,966.2      (479.7)     148.7
YRC WORLDWIDE IN  YRCW US        1,966.2      (479.7)     148.7


                            *********

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 ***