TCR_Public/150629.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, June 29, 2015, Vol. 19, No. 180

                            Headlines

100 MONTADITOS: Unit Seeks Time to Cut Deal with Franchisees
ALEXZA PHARMACEUTICALS: Stockholders Re-Elect Seven Directors
ALISAL WATER: Fitch Affirms 'BB+' Rating on $6.5MM Taxable Bonds
ALLEGIANT TRAVEL: S&P Raises CCR to 'BB', Outlook Stable
ALLIED NEVADA: Court Okays Key Employee Incentive Program

ALLIED NEVADA: Has OK to Sell Exploration Properties to Clover
ALLIED NEVADA: Judge Extends Deadline to Remove Suits to Oct. 6
AMERICAN APPAREL: Annual Stockholders Meeting Set for July 16
AMERICAN APPAREL: Dov Charney Files Two More Lawsuits
AMERICAN ENERGY - WOODFORD: Moody's Affirms 'Caa2' CFR

AMERICAN ENERGY - WOODFORD: S&P Lowers CCR to 'SD', Off CreditWatch
APPLIED MINERALS: Registers 51.9 Million Common Shares with SEC
APX GROUP: S&P Affirms 'B' CCR & Revises Outlook to Negative
ARCADIA INDUSTRIAL: Case Summary & 18 Largest Unsecured Creditors
ARCH COAL: Unit Receives Imminent Danger Order

ARCHDIOCESE OF MILWAUKEE: Says Charitable Gifts Not Estate Property
ARCHDIOCESE OF MILWAUKEE: Says Clergy Fund Not Property of Estate
ARKANSAS CITY: Moody's Cuts $22MM Lease Rental Bonds Rating to Caa1
ASHLAND INC: Moody's Assigns 'Ba1' to $1.1BB Unsecured Term Loan A
BIOMET INC: S&P Raises Corp. Credit Rating From B+, Outlook Stable

BION ENVIRONMENTAL: Report Affirms Need for Water Spending Change
BOTANICAL REALTY: Hires David Carlebach as Counsel
BPZ RESOURCES: 2015 Annual Shareholders' Meeting Held
BRAND ENERGY: Bank Debt Trades at 2% Off
CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 13% Off

CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 6% Off
CAESARS ENTERTAINMENT: Gets Approval of Deal With Credit Suisse
CALMARE THERAPEUTICS: Awarded GSA Contract Extension
CALMARE THERAPEUTICS: Posts $3.4 Million Net Loss for 2014
CALMARE THERAPEUTICS: Reports 2014 Year End Results

COATES INTERNATIONAL: Registers 205 Million Common Shares with SEC
COLT DEFENSE: Projects $20.7M Net Loss in April 5 Quarter
CONSOLIDATED CONTAINER: S&P Alters Outlook to Neg, Affirms B- CCR
CROWN MEDIA: Closes $425 Million Credit Facility
DAEGIS INC: NASDAQ Extends Listing Compliance Period Until Oct. 12

DAYTON SUPERIOR: Moody's Assigns 'B2' Corporate Family Rating
DREAMWORKS ANIMATION: S&P Lowers CCR to 'B-', Outlook Stable
ERG INTERMEDIATE: Hires DLA Piper as Special Counsel
EVERYWARE GLOBAL: Clinton Group No Longer Owns Shares
FINJAN HOLDINGS: Stockholders Elect Two Directors

FIRST DATA: Fitch Assigns 'BB/RR1' Rating on 2022 Sec. Term Loans
FIRST NICKEL: Receives TSX Delisting Review Notice
FORTESCUE METALS: Bank Debt Trades at 10% Off
FRAC TECH: Bank Debt Trades at 16% Off
FREESEAS INC: Effects Reverse Common Stock Split

GENE CHARLES: Court Denies Motion to Sell West Lake Building
GENIUS BRANDS: Appoints Michael Handelman as New CFO
GLOBALSTAR INC: Issues 13.9M Common Shares to Terrapin & Hughes
GREAT HANDS: Case Summary & 15 Largest Unsecured Creditors
H.J. HEINZ: Fitch Raises Issuer Default Rating From 'BB-'

HAMILTON SUNDSTRAND: Bank Debt Trades at 3% Off
HIGH RIDGE: US Trustee Objects to Hiring of Bayshore as Banker
HOSPITAL ACQUISITION: S&P Alters Outlook to Stable & Affirms B- CCR
HYDROCARB ENERGY: KBM Reports 9.9% Stake as of June 26
IAC/INTERACTIVECORP: IPO No Impact on Moody's 'Ba1' CFR

INTEGRATED FREIGHT: Posts $330,000 Net Loss in Dec. 31 Quarter
ISTAR FINANCIAL: Tender Offer Commenced June 26
ITUS CORP: Effects a 1-for-25 Reverse Stock Split
J. CREW: Debt Trades at 13% Off
JACKSON HEWITT: Moody's Assigns 'B2' Corporate Family Rating

JTS LLC: Can Use Northrim Bank Cash Collateral Until July 31
JTS LLC: Proposes to Employ David Bundy as Bankruptcy Counsel
LATTICE INC: Stockholders Elect Five Directors
LEE STEEL: Court Approves Conway MacKenzie as Committee Advisor
LEE STEEL: Court OKs Hiring of Wolfson Bolton as Panel's Counsel

LIFE PARTNERS: Court Extends Deadline to Remove Suits to Aug. 18
LOCAL CORP: Section 341 Meeting Scheduled for July 30
MANUEL MEDIAVILLA: Chapter 7 Conversion Bid Denied
METALICO INC: First Amendment to Merger Agreement Filed
METALICO INC: Total Merchant Reports 7.2% Stake as of June 15

MOLYCORP INC: Moody's Withdraws 'Ca' CFR Over Bankr. Filing
MORGAN DREXEN: Judge Approves Closing Plan
MORGAN HILL PARTNERS: Judge Approves $80,000 Unsecured Loan
MUSCLEPHARM CORP: Names Ryan Drexler as Chairman
MUSCLEPHARM CORP: Wynnefield Sells 400,000 Common Shares

NEXT 1 INTERACTIVE: Changes Name to Monaker Group
NEXT GENERATION: Case Summary & 20 Largest Unsecured Creditors
NII HOLDINGS: Plan of Reorganization Declared Effective
OCEAN RIG: Bank Debt Trades at 13% Off
ORCKIT COMMUNICATIONS: Adds Proposed Sale to Meeting Agenda

PARAGON OFFSHORE: Bank Debt Trades at 24% Off
PEABODY ENERGY: Debt Trades at 16% Off
PEABODY ENERGY: Moody's Cuts Corporate Family Rating to 'B3'
PETERSBURG REGENCY: Burt Wants Disbursement of Insurance Proceeds
PETERSBURG REGENCY: Fights LeClairRyan's Motion to Dismiss Case

PHOTOMEDEX INC: Completes Sale of XTRAC and VTRAC Businesses
PRESSURE BIOSCIENCES: Hires MaloneBailey as New Accountants
PRINTPACK HOLDINGS: Plant Closure No Impact on Moody's B3 Rating
RADIAN GROUP: Moody's Hikes Senior Unsecured Debt Rating to 'B1'
RADIOSHACK CORP: Fights Salus' Bid to Convert Case to Ch. 7

RADIOSHACK CORP: Hello, RS Legacy Corporation!
RADIOSHACK CORP: Judge Approves Protocols Protecting Customer Data
REICHHOLD HOLDINGS: Sells 4 Surplus Properties for $5.135-Mil.
RESEARCH SOLUTIONS: Elects Ex-Elsevier CEO John Regazzi to Board
RITE AID: Completes Acquisition of EnvisionRx

ROADRUNNER ENTERPRISES: Automatic Stay Lifted on Four Properties
SAVANNA ENERGY: S&P Raises Rating on Sr. Unsecured Debt to 'B+'
SEADRILL LTD: 2021 Bank Debt Trades at 22% Off
SEANERGY MARITIME: Registers $200 Million Worth of Securities
SEQUENOM INC: KPMG Replaces Ernst & Young as Auditors

SIGA TECHNOLOGIES: Bankruptcy Filing Prompted Nasdaq Delisting
SPIRE CORP: Issues $250,000 Promissory Note to Roger Little
STAFFORD LOGISTICS: S&P Affirms 'B-' CCR, Outlook Stable
STANDARD REGISTER: Committee Defends Retention of Professionals
TALLGRASS OPERATIONS: Moody's Withdraws 'Ba3' CFR

TH AGRICULTURE: Ruling Favors Insurers in Audit Right Suit
TORNANTE-MDP JOE: S&P Revises Outlook to Stable & Affirms 'B' CCR
TRANS-LUX CORP: Files Form S-1 Registration Statement with SEC
TROCOM CONSTRUCTION: M&T Bank Balks at Surety Program Motion
UNIVERSITY GENERAL: Donald Sapaugh Steps Down From Board

VANTAGE DRILLING: 2017 Bank Debt Trades at 18% Off
VANTAGE DRILLING: 2019 Bank Debt Trades at 30% Off
VUZIX CORP: Stockholders Elect Five Directors
WALTER ENERGY: Debt Trades at 49% Off
WASHINGTON HEIGHTS: Case Summary & 5 Largest Unsecured Creditors

WEST CORP: Closes Secondary Stock Offering and Share Repurchase
WORLD SURVEILLANCE: Defaults on DeCarlo & La Jolla Settlements
XZERES CORP: Reports $10.7 Million Net Loss for Fiscal 2015
ZIONS BANCORP: Moody's Assigns Ba1 Subordinated Debt Rating
[*] Robert Burns Joins Deloitte's Advisory Practice as Director

[^] BOND PRICING: For the Week from June 22 to 26, 2015

                            *********

100 MONTADITOS: Unit Seeks Time to Cut Deal with Franchisees
------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that the U.S. arm of Spanish sandwich chain 100 Montaditos
wants an extra month in bankruptcy so it can try to resolve a
brewing battle with its former franchisees.

According to the report, citing court papers, 100 M Holding Inc. is
asking the U.S. Bankruptcy Court in Miami to extend its exclusive
right to file a creditor-payment plan through Aug. 3.

The Troubled Company Reporter, on March 6, 2015, reported that 14
U.S. subsidiaries of the much-lauded Spanish sandwich chain 100
Montaditos filed for Chapter 11 bankruptcy protection on March 4.

According to the the TCR, the filing was presented to the U.S.
Bankruptcy Court in Miami without explanation regarding how and
whether the company plans to restructure under Chapter 11.  The
filing was signed by 100 Montaditos Chief Executive Francisco J.
Cernuda, and the companies in bankruptcy are majority-owned by
Restalia Group, the Spanish company that owns the international
chain.


ALEXZA PHARMACEUTICALS: Stockholders Re-Elect Seven Directors
-------------------------------------------------------------
At an annual meeting of stockholders held on June 23, 2015, each of
Thomas B. King, Kevin Buchi, Deepika R. Pakianathan, Ph.D.,
Leighton Read, M.D., Gordon Ringold, Ph.D., Isaac Stein and Joseph
L. Turner was re-elected as a director of Alexza Pharmaceuticals,
Inc.

The stockholders of the Company approved the adoption of the 2015
Equity Incentive Plan, the 2015 Employee Stock Purchase Plan, and
the 2015 Non-Employee Director Stock Award Plan.  Lastly, the
stockholders of the Company ratified the appointment of OUM & Co.
LLP as the Company's independent registered public accounting firm
for the Company's fiscal year ending Dec. 31, 2015.

                           About Alexza

Mountain View, California-based Alexza Pharmaceuticals, Inc., was
incorporated in the state of Delaware on Dec. 19, 2000, as FaxMed,
Inc.  In June 2001, the Company changed its name to Alexza
Corporation and in December 2001 became Alexza Molecular Delivery
Corporation.  In July 2005, the Company changed its name to Alexza
Pharmaceuticals, Inc.

The Company is a pharmaceutical development company focused on the
research, development, and commercialization of novel proprietary
products for the acute treatment of central nervous system
conditions.

Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014
compared to a net loss of $39.6 million in 2013.

As of March 31, 2015, the Company had $43.2 million in total
assets, $94.8 million in total liabilities, and a $51.7 million
total stockholders' deficit.

Ernst & Young LLP, in Redwood City, California, 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 and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


ALISAL WATER: Fitch Affirms 'BB+' Rating on $6.5MM Taxable Bonds
----------------------------------------------------------------
Fitch Ratings affirms these ratings for Alisal Water Corporation
(Alco):

   -- $6.5 million of outstanding 2007A senior secured taxable
      bonds at 'BB+';

   -- Issuer Default Rating at 'BB-'.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a security interest in pledged collateral,
which consists of all tangible and intangible assets owned by
Alco.

KEY RATING DRIVERS

FINANCIALS NARROW BUT ADEQUATE: Alco's ratings reflect the
utility's adequate but relatively weak financial metrics, including
very low liquidity levels and modest cash flows.  A rate base
increase in 2011 improved Alco's financial profile from prior
levels, but margins have weakened in recent years and are expected
to remain limited in light of mandated statewide conservation
requirements into at least the first part of 2016.

FAVORABLE REGULATORY ENVIRONMENT: The California regulatory
environment is relatively predictable and the utility has achieved
rate relief as needed, although customer charges are somewhat high.


LIMITED SERVICE AREA AND MANAGEMENT: The customer base is limited
and includes a narrow economic profile and very high unemployment.
Reflective of the size of operations, the number of employees is
relatively small, although the executive team is well qualified.

CAPITAL STRUCTURE TO CONTINUE: Capital needs are manageable, which
should help to improve Alco's elevated debt-to-equity mix over
time.

LONG-TERM SUPPLY ADEQUACY: The utility provides an essential
service and water supplies are sufficient to meet long-term
demands.  Drought conditions affecting the state have limited
impact on Alco's own supplies despite mandated conservation
requirements.
RATING SENSITIVITIES

USAGE DECLINES: Continued declines in sales volume could pressure
operations and limit capital investment even with rate base offsets
given the mismatch of revenue recovery.

CAPITAL STRUCTURE: Improvement in Alco's capital structure would
alleviate leverage concerns.

REGULATORY FRAMEWORK: Unfavorable changes in California's
regulatory environment that make it more difficult to achieve
sufficient rate base adjustments to provide adequate financial
margins would be viewed negatively.

CREDIT PROFILE

ADEQUATE BUT WEAK FINANCIAL PERFORMANCE; NEAR-TERM CHALLENGES

Operating revenues were off nearly 3% for calendar 2014 as a result
of a weak sales environment (water production was down 14%),
spurred by calls for conservation by the Governor in light of the
drought gripping the state.  Alco cut routine operating expenses
for the year to match the lost revenues but costs ended the year up
about 4% in light of around $300,000 in contract work for pipe
maintenance.  Absent this charge, operating expenses would have
been flat.

Overall, 2014 EBITDA covered interest by 1.9x (down from 2.3x in
2013) and net revenues covered total debt service by 1.3x (down
from 1.5x).  Along with the slight weakening in operating results,
cash flows from operations were down $200,000 from the prior year.
As a result, Alco's return on equity (ROE) - per Fitch's
calculation which includes interest costs - fell to under 3% from
around 6% in 2013.  Despite the weak cash flows the net positive
operating results for the year allowed Alco to increase its
liquidity slightly, with days cash rising to 15 in 2014 from 11 in
2013.

Alco has prepared an updated forecast through 2019, which includes
the impact of a state-mandated 24% cut in sales from the summer of
2015 through Feb. 2016.  Much of Alco's lost sales revenues are
expected to be recovered through various surcharges, although there
is something of a timing delay in the revenue recovery which could
lead to pressured operations if required reductions continue beyond
Feb. 2016.  On the expense side, Alco is forecasting essentially
inflationary adjustments to operating expenses and no additional
borrowings.  Based on these assumptions, financial margins will
remain tight but adequate at the current rating level, with EBITDA
coverage of interest expected to be above 2.1x and total debt
service coverage anticipated to approach or exceed 1.4x.

DEBT PROFILE REMAINS ELEVATED BUT IMMEDIATE CAPITAL NEEDS MODEST

For 2014, Alco's debt relative to equity improved marginally to 72%
from 74% the year prior as a result of amortization of existing
debt and lack of new borrowings.  Debt-to-EBITDA weakened for the
year, though, on the softer financial results, rising to 6.6x from
5.3x in 2013.

The system's elevated debt profile continues to be a major credit
factor.  However, incremental improvement in the system's debt
profile is expected over the near term given no additional
borrowings are planned through the forecast period and amortization
of existing debt will continue to occur.  Overall, Alco's capital
needs are expected to be limited through the fiscal 2019 forecast
and consist essentially of ongoing renewal and repair of assets as
they become necessary, with such costs paid from surplus net
revenues.



ALLEGIANT TRAVEL: S&P Raises CCR to 'BB', Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
corporate credit rating on Las Vegas-based Allegiant Travel Co. to
'BB' from 'BB-'.  The outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior unsecured notes to 'BB' from 'BB-'.  S&P's '4'
recovery rating on the notes remains unchanged, indicating S&P's
expectation that lenders would receive average recovery (30%-50%;
higher end of the range) in the event of a payment default.

"Our rating on Allegiant reflects the company's relatively small
market share in the U.S. airline industry, the high risk and
cyclical nature of the airline industry, and the company's low
operating cost structure," said Standard & Poor's credit analyst
Tatiana Kleiman.  "Our rating also incorporates the company's
financial profile, which remains better than those of many other
U.S. airlines that we rate."

The stable outlook reflects S&P's expectation that Allegiant's
financial risk profile will remain relatively consistent through
2016, though greater-than-expected shareholder rewards could
increase its leverage above our expectations.

S&P could lower its rating on the company if its earnings and cash
flow are weaker than S&P expects due to higher-than-expected fuel
prices, weak demand and pricing, or if Allegiant undertakes
greater-than-expected shareholder rewards, causing its FFO-to-debt
ratio to decline below 35% on a sustained basis.

S&P believes that an upgrade is unlikely over the next year based
on the company's limited market position and narrow business model,
which S&P don't expect to change significantly.  Still, over the
longer-term, S&P could raise the rating if it revises its
assessment of Allegiant's business risk profile to "fair" and the
company maintains a business risk profile that S&P considers
intermediate or better.



ALLIED NEVADA: Court Okays Key Employee Incentive Program
---------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court of the
District of Delaware has approved Allied Nevada Gold Corp., et
al.'s key employee incentive program.

The Debtors are authorized to implement the KEIP, including by
making payments to or on behalf of key employees in an amount not
to exceed $1.396 million.

On May 11, 2015, the Debtors asked the Court to approve the KEIP,
saying that their ability to maintain their business operations,
maximize the value of their assets and maximize stakeholder
recoveries through a successful and expedient restructuring process
hinges on their ability to retain and incentivize key employees
during this critical period.  The Debtors sought to implement a
postpetition incentive program to motivate certain non-insider key
employees to advance the Debtors' business and restructuring goals
during the pendency of the Chapter 11 cases.

The KEIP divides the participating employees into two tiers: (i)
nine noninsider employees that have a significant impact on the
Debtors' short-term operational performance and the Debtors'
ability to achieve certain strategic goals and (ii) 86 non-insider
employees who have an impact on the Debtors' short-term operational
performance.  The KEIP is narrowly tailored to incentivize only
those employees that are able to directly impact the Debtors'
business and restructuring goals.  Less than 25% of the Debtors'
employees are eligible to participate in the KEIP.

More information on the KEIP is available for free at:

                        http://is.gd/So6c89

                        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 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 U.S.
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.

                       *     *     *

Allied Nevada Gold Corp., et al.'s plan of reorganization
incorporates the terms of the prepetition plan support agreement
reached by the Debtors with holders of at least 67% of the
aggregate outstanding principal amount of the Notes and 100% of the
Holders of Secured ABL Claims and Secured Swap Claims.

Pursuant to the plan support agreement, each Holder of an Allowed
Secured ABL Claim will receive (i) its Pro Rata share of the
Secured ABL/Swap Cash Payments not made prior to the Effective Date
and (ii) an amount of New First Lien Term Loans in an aggregate
principal amount equal to (A) the amount of allowed claims pursuant
to Section 2.7(b) of the Plan minus (B) the amount paid in cash in
respect of the Secured ABL Claims pursuant to clause (i) of Section
2.7(c) of the Plan.  In addition, for the avoidance of doubt, any
unpaid amounts owed to the holders of Secured ABL Claims pursuant
to Section 11 of the DIP Facility Order will be due and payable in
cash on the Effective Date.

A full-text copy of the Disclosure Statement dated April 24, 2015,
is available at http://bankrupt.com/misc/ALLIEDds0424.pdf


ALLIED NEVADA: Has OK to Sell Exploration Properties to Clover
--------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court of the
District of Delaware entered an order approving the sale of Allied
Nevada Gold Corp., et al.'s exploration properties to Clover Nevada
LLC, free and clear of liens, claims, interests and encumbrances.

A copy of the order and the approved Asset Purchase Agreement is
available for free at http://is.gd/dI1Efc

Among other things, the assets to be acquired include: (a) all real
property rights and interests, mining claims, mining leases or
concessions; (b) all water rights, surface use rights, access
rights or agreements, easements and rights of way, tunnels, drifts,
power lines, pipelines and roads used or held for the use by the
Debtors primarily in connection with the exploration properties;
(c) all contracts that are executory and unexpired as of the
closing date; (d) all permits primarily used or requred for the
ownership or operation of the acquired assets; (e) the royalty or
similar interests held by the Debtors; (f) all rights to receive
rental payments or other charges, in each case, to the extent
arising under the terms of the assumed contracts, for a purchase
price that is the aggregate consideration that is the sum of (a)
$17.5 million and (b) the amount not to exceed $65,000 that the
Debtors have posted in respect of any seller security that is
transferred to the Buyer.

The Buyer will assume (a) all liabilities arising after the closing
out of or relating to the acquired assets or arising after the
closing out of or relating to the Buyer's ownership or operation of
the acquired assets; (b) all liabilities under each of the assumed
contracts that arise after or relate to the period from and after
the closing and for the cure amounts; (c) 50% of any liabilities
for transfer taxes arising with respect to the transactions
contemplated by this agreement, if any; and (d) liabilities
occurring or accruing before or after the closing date (i) arising
under or associated with noncompliance with environmental laws, the
environmental condition of any acquired assets as of the closing
date or the failure to undertake or complete reclamation
obligations required as of the closing date; (ii) arising under the
Federal Mine Safety and Health Act of 1977; and (iii) assessed by
the United States Department of Labor's Mine Safety and Health
Administration, in each case, whether relating to pre-closing or
post-closing operations or ownership of the acquired assets, in
each case.

On June 5, 2015, the Debtors entered into the Asset Purchase
Agreement dated April 27, 2015, with the Buyer, as the stalking
horse bidder, to sell the Debtors' exploration properties and
related assets, subject to the submission of higher or better
offers in an auction process.  The Court approved the bidding
procedures on April 24, 2015.  The deadline for the submission of
qualified bids was June 12, 2015, at 5:00 p.m. (prevailing Eastern
Time).  An auction was set for June 15, 2015 at 10:00 a.m.
(prevailing Eastern Time).

The auction was canceled because the bid deadline had passed and
the Debtors did not receive any qualified bids for the assets other
than the stalking horse bid.  The stalking horse bid was named the
successful bid.

The Official Committee of Equity Security Holders already withdrew
its objection to the sale, saying that it could neither negotiate
an alternate structure to the proposed transaction nor devise an
alternative sale process that could assure a recovery for the
estates that would be greater than the recovery that will result
from the proposed transaction.  The Equity Committee had said in
its objection that the Debtors failed, among other things, to
provide any evidence of the value of the assets.  The Equity
Committee had expressed its concerns about the proposed $17.5
million purchase price for the assets given the limited information
available with respect to the value of the assets.  

                        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 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 U.S.
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.

                       *     *     *

Allied Nevada Gold Corp., et al.'s plan of reorganization
incorporates the terms of the prepetition plan support agreement
reached by the Debtors with holders of at least 67% of the
aggregate outstanding principal amount of the Notes and 100% of the
Holders of Secured ABL Claims and Secured Swap Claims.

Pursuant to the plan support agreement, each Holder of an Allowed
Secured ABL Claim will receive (i) its Pro Rata share of the
Secured ABL/Swap Cash Payments not made prior to the Effective Date
and (ii) an amount of New First Lien Term Loans in an aggregate
principal amount equal to (A) the amount of allowed claims pursuant
to Section 2.7(b) of the Plan minus (B) the amount paid in cash in
respect of the Secured ABL Claims pursuant to clause (i) of Section
2.7(c) of the Plan.  In addition, for the avoidance of doubt, any
unpaid amounts owed to the holders of Secured ABL Claims pursuant
to Section 11 of the DIP Facility Order will be due and payable in
cash on the Effective Date.

A full-text copy of the Disclosure Statement dated April 24, 2015,
is available at http://bankrupt.com/misc/ALLIEDds0424.pdf


ALLIED NEVADA: Judge Extends Deadline to Remove Suits to Oct. 6
---------------------------------------------------------------
U.S. Bankruptcy Judge Mary Walrath has given Allied Nevada Gold
Corp. until Oct. 6, 2015, to file notices of removal of lawsuits
involving the company and its affiliates.

                        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 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 U.S.
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.

                       *     *     *

Allied Nevada Gold Corp., et al.'s plan of reorganization
incorporates the terms of the prepetition plan support agreement
reached by the Debtors with holders of at least 67% of the
aggregate outstanding principal amount of the Notes and 100% of the
Holders of Secured ABL Claims and Secured Swap Claims.

Pursuant to the plan support agreement, each Holder of an Allowed
Secured ABL Claim will receive (i) its Pro Rata share of the
Secured ABL/Swap Cash Payments not made prior to the Effective Date
and (ii) an amount of New First Lien Term Loans in an aggregate
principal amount equal to (A) the amount of allowed claims pursuant
to Section 2.7(b) of the Plan minus (B) the amount paid in cash in
respect of the Secured ABL Claims pursuant to clause (i) of Section
2.7(c) of the Plan.  In addition, for the avoidance of doubt, any
unpaid amounts owed to the holders of Secured ABL Claims pursuant
to Section 11 of the DIP Facility Order will be due and payable in
cash on the Effective Date.

A full-text copy of the Disclosure Statement dated April 24, 2015,
is available at http://bankrupt.com/misc/ALLIEDds0424.pdf


AMERICAN APPAREL: Annual Stockholders Meeting Set for July 16
-------------------------------------------------------------
American Apparel, Inc. has indicated in its definitive proxy
statement filed with the Securities and Exchange Commission that
its 2015 annual meeting of stockholders will be held on Thursday,
July 16, 2015, at 9:00 am Central Time at the Chicago office of
Skadden, Arps, Slate, Meagher & Flom LLP, 155 N. Wacker Dr.,
Chicago, IL 60606.  Stockholders of American Apparel who held
shares as of the close of business on the record date, June 15,
2015, are entitled to receive notice of and vote at the annual
meeting.

                      About American Apparel

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

operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

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

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

American Apparel reported a net loss of $68.8 million in 2014, a
net loss of $106 million in 2013 and a net loss of $37.3
million in 2012.

As of March 31, 2015, the Company had $271 million in total assets,
$416 million in total liabilities and a $144 million total
stockholders' deficit.

                           *     *     *

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

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


AMERICAN APPAREL: Dov Charney Files Two More Lawsuits
-----------------------------------------------------
American Apparel, Inc., disclosed in a document filed with the
Securities and Exchange Commission that Dov Charney, the Company's
former chief executive officer, filed two additional lawsuits.

Mr. Charney filed a lawsuit on June 19 in the Superior Court of the
State of California (Case No. BC 585664) against the Company and a
former director of the Company, alleging defamation, false light,
intentional interference with actual and prospective economic
relations, and a violation of California's unfair competition law.


On June 24, Mr. Charney also filed a lawsuit in the Superior Court
of the State of California (Case No. BC 586119) against the
Company, Standard General, L.P. and related entities, certain
former and current directors of the Company, and the former chief
financial officer of the Company, alleging claims for securities
fraud in violation of California Corporations Code Section 25401,
intentional and negligent misrepresentation, breach of fiduciary
duty, fraud in the inducement, conspiracy, intentional and
negligent infliction of emotional distress, and declaratory
judgment.

The Company believes that both lawsuits' claims are without merit
and intends to vigorously dispute the validity of the claims.

However, the Company said it is unable to predict the financial
outcome of these matters at this time, and any views formed as to
the viability of the claims or the financial exposure that could
result may change from time to time as the matters proceed through
their respective courses.  Should either of these matters be
decided against the Company, the Company could incur liability and
suffer reputational harm.

                       About American Apparel

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

operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

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

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

American Apparel reported a net loss of $68.8 million in 2014, a
net loss of $106 million in 2013 and a net loss of $37.3
million in 2012.

As of March 31, 2015, the Company had $271 million in total assets,
$416 million in total liabilities and a $144 million total
stockholders' deficit.

                           *     *     *

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

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


AMERICAN ENERGY - WOODFORD: Moody's Affirms 'Caa2' CFR
------------------------------------------------------
Moody's Investors Service affirmed American Energy -- Woodford,
LLC's (AEW) Caa2 Corporate Family Rating (CFR) and revised the
Probability of Default Rating (PDR) to Caa2-PD/LD from Ca-PD.
Moody's affirmed the second lien notes' Caa3 rating and raised the
Speculative Grade Liquidity Rating to SGL-3 from SGL-4. The rating
outlook remains stable. Moody's withdrew the assigned rating on
AEW's senior unsecured notes due 2022 since substantially all of
those notes have been redeemed.

Moody's considers the exchange of AEW's $339.7 million senior
unsecured notes for approximately $237.6 million second lien notes
as a distressed exchange for its senior unsecured debt, which is an
event of default under Moody's definition of default. Moody's
appended the revised Caa2-PD PDR with an "/LD" designation
indicating limited default, which will be removed three business
days thereafter.

Rating Actions:

Issuer: American Energy -- Woodford, LLC

Corporate Family Rating (Local Currency), Affirmed Caa2

Probability of Default Rating, Revised to Caa2-PD/LD from Ca-PD

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

Senior Secured Second Lien Notes, Affirmed Caa3 (LGD4)

Ratings Withdrawn:

Issuer: American Energy -- Woodford, LLC

Senior Unsecured Notes at Ca (LGD 6)

Outlook Actions:

Issuer: American Energy -- Woodford, LLC

Outlook, Remains Stable

RATINGS RATIONALE

AEW announced the closing of its offering to exchange second lien
notes for its existing senior notes at 70% of face value, including
a 5% Early Participation Consideration for existing notes tendered
as of June 8, 2015. The second lien notes interest expense will be
payable-in-kind (PIK) for three years and the second lien notes
will mature in 2020. This transaction results in meaningful upfront
debt reduction and reduced cash interest payments, however much of
the debt reduction will be reversed by the end of 2016 because of
accrual of PIK interest and planned negative free cash flow under
its development program funded on the revolver. AEW's Caa2 CFR
reflects the risks of AEW's still high financial leverage following
the exchange, limited production volumes and reduced cash flows
owing to low commodity prices. AEW's business plan has execution
risk as it plans to outspend cash flow and ramp up capital
expenditures, to grow its production from a small base. The
company's leverage metrics, production volumes and retained cash
flow metrics could improve over time if the business plan is
effectively executed, which could lead to a more sustainable
capital structure and positive ratings momentum.

The second lien notes are rated Caa3, one notch below AEW's CFR,
reflecting the credit facility's priority claim over the second
lien notes under Moody's Loss Given Default Methodology. The rating
on the remaining $10.3 million of senior unsecured notes was
withdrawn.

The stable outlook reflects the company's adequate liquidity
following completion of its exchange offer, its entry into a new
$140 million borrowing base credit facility, and a $100 million
equity contribution from its private equity sponsor, The Energy &
Minerals Group, and other parties.

AEW's SGL-3 Speculative Grade Liquidity Rating reflects its
adequate liquidity profile over the next 12 months. As a result of
these transactions, AEW has over $50 million in cash and full
availability under its $140 million borrowing base revolving credit
facility. The credit facility matures on December 31, 2018.
Financial covenants under the facility include, pro forma for the
exchange offer, Senior Net First Lien Debt / EBITDAX of no more
than 3.0x and EBITDAX / Cash Interest of no less than 3.0x. We
expect the company to comply with these covenants through
mid-2016.

Ratings could be downgraded if the company's liquidity deteriorates
or production volumes decline significantly. Ratings could be
upgraded if production growth is achieved at competitive costs and
retained cash flow to debt is sustained above 10%, combined with
adequate liquidity.

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



AMERICAN ENERGY - WOODFORD: S&P Lowers CCR to 'SD', Off CreditWatch
-------------------------------------------------------------------
Standard & Poor's Ratings Services, on June 25, 2015, lowered its
corporate credit rating on Oklahoma City-based American Energy –
Woodford LLC (AEW) to 'SD' (selective default) from 'CC'.  At the
same time, S&P lowered its issue-level rating on the company's
unsecured notes to 'D' from 'C'.  S&P removed all ratings from
CreditWatch, where it placed them with negative implications on May
27, 2015.

"The downgrade follows AEW's announcement that it has completed its
previously-announced debt-for-debt exchange," said Standard &
Poor's credit analyst Carin Dehne-Kiley.

Holders of 97% of the company's $350 million 9% unsecured notes due
2022, equating to approximately $339.7 million of aggregate
principal, received $237.6 million in aggregate principal of new
12% second-lien notes due 2020.  Because the holders of the
unsecured notes received less than par, S&P views the transaction
as a distressed exchange.  At the same time, AEW received $100
million in equity contributions from its financial sponsors (Energy
& Minerals Group, management, and certain affiliates of management)
and entered into a new revolving credit facility with a borrowing
base of $140 million.

S&P expects to review the corporate credit ratings and issue-level
ratings under the new capital structure over the next few days.
S&P's analysis will incorporate the company's improved leverage and
liquidity position, while taking into account the challenging
operating environment.



APPLIED MINERALS: Registers 51.9 Million Common Shares with SEC
---------------------------------------------------------------
Applied Minerals, Inc. filed a Form S-1 registration statement with
the Securities and Exchange Commission relating to the offer and
sale of:

   * Up to 40,931,093 shares of common stock, par value $.001    
     issuable on conversion of 10% PIK-Election Convertible Notes
     due 2018 issued on Nov. 3, 2014.  21,574,441 of those Shares
     were issuable as of the issue date on the conversion of the
     Series A Notes.  Payment-in-kind interest is interest paid by
     increasing the principal of the Series A Notes.  19,356,652
     shares is the maximum number of additional shares that may be
     issued on conversion of Series A Notes.  This number assumes
     that the Company elects to pays only payment-in-kind interest
     (not cash) and immediately prior to the 2018 maturity date,
     the maturity date to be extended from 2018 to 2023, the
     interest rate is lowered to 1% and the conversion price is
     reduced by $.10, all in accordance with the terms of the
     Notes.  Given the Company's financial condition, it is likely
     that interest payments will be made only in the form of
     payment-in-kind.

   * 10,000,000 already outstanding shares of Common Stock issued
     on Dec. 22, 2011.   

   * 1,015,086 shares issued as Liquidated Damages pursuant to the

     Section 2c of the Registration Rights Agreement of the Series

     A Notes.   

The Company's Common Stock is quoted on the OTCBB under the symbol
"AMNL."  On June 19, 2015, the closing bid quotation of the
Company's Common Stock was $ 0.56.

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

                        http://is.gd/x2FwxT

                       About Applied Minerals

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

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


APX GROUP: S&P Affirms 'B' CCR & Revises Outlook to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Provo, Utah-based APX Group Holdings
Inc. (Vivint) and revised the rating outlook to negative from
stable.

At the same time, S&P affirmed its 'B' issue-level rating on the
company's $925 million senior secured notes due 2019, with a
recovery rating of '4', indicating that lenders could expect
average (30% to 50%, in the upper half of the range) recovery in
the event of a payment default.  S&P also affirmed its 'CCC+'
issue-level rating on the company's $930 million senior unsecured
notes due 2020, with a recovery rating of '6', indicating that
lenders could expect negligible (0% to 10%) recovery in the event
of a payment default.

"The outlook revision to negative from stable reflects Vivint's
very high ongoing adjusted leverage and weak cash flow from
operations, and our expectation that those trends are likely to
continue," said Standard & Poor's credit analyst Kenneth Fleming.

"We estimate that the company's internally generated cash flow has
not been sufficient to offset the cost to replace accounts
attrition," he added.

An alarm monitoring company's ability to offset accounts attrition
costs is critical given the high level of attrition in the
industry.

S&P's corporate credit rating reflects a "weak" business risk
profile and a "highly leveraged" financial risk profile.  The
"weak" business risk profile reflects Vivint's position as one of
the largest mid-tier residential alarm monitoring companies in
North America.  The financial risk assessment reflects expectations
of negative free operating cash flow over the next two years as the
company continues to grow its subscriber base.

The negative outlook reflects Vivint's very high adjusted leverage,
significant expenditures to grow its subscriber base, and weak cash
flow from operations over the last year.

S&P could lower the rating if an increase in attrition, higher
subscriber acquisition costs, or continued weak cash flow from
operations results in internally generated cash flow that is not
sufficient to offset S&P's estimate of the cost to replace
attrition.  S&P estimates about $70 million of internally generated
cash flow from operations would offset attrition costs in 2015
(which assumes 12.5% attrition, a creation multiple of 30x, and
expensed subscriber acquisition costs of about
$130 million).  S&P may also lower the rating if the company incurs
materially more debt to fund growth.

S&P could revise the outlook to stable if the company can
demonstrate that internally generated cash flow is sufficient to
offset accounts attrition while maintaining below industry average
subscriber acquisition multiples and attrition rates.



ARCADIA INDUSTRIAL: Case Summary & 18 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Arcadia Industrial Corp.
        PO Box 161
        Glen Campbell, PA 15742-0161

Case No.: 15-70458

Nature of Business: Manufacturing

Chapter 11 Petition Date: June 26, 2015

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Johnstown)

Judge: Hon. Jeffery A. Deller

Debtor's Counsel: Gary V. Skiba, Esq.
                  YOCHIM, SKIBA & NASH
                  345 West 6th St.
                  Erie, PA 16507
                  Tel: 814-454-6345
                  Fax: 814-456-6603
                  Email: gskiba@yochim.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Timothy Shiock, president.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb15-70458.pdf


ARCH COAL: Unit Receives Imminent Danger Order
----------------------------------------------
Thunder Basin Coal Company, L.L.C., a subsidiary of Arch Coal,
Inc., received an imminent danger order on June 22, 2015, under
section 107(a) of the Federal Mine Safety and Health Act of 1977 at
the Black Thunder mine located in Campbell County, Wyoming.   The
order states that an overburden blast was initiated when two miners
were within the blast area, according to a document filed with the
Securities and Exchange Commission.

                          About Arch Coal

Arch Coal, Inc.'s primary business is the production of thermal and
metallurgical coal from surface and underground mines located
throughout the United States, for sale to utility, industrial and
steel producers both in the United States and around the world. The
Company currently operates mining complexes in West Virginia,
Maryland, Virginia, Illinois, Wyoming and Colorado.

Arch Coal reported a net loss of $558.3 million in 2014, a net loss
of $641.8 million in 2013 and a net loss of $683.7 million in
2012.

As of March 31, 2015, Arch Coal had $8.3 billion in total assets,
$6.7 billion in total liabilities and $1.5 billion in total
stockholders' equity.


                            *     *     *

The Troubled Company Reporter, on May 8, 2015, reported that Fitch
Ratings has affirmed the Issuer Default Rating (IDR) for Arch
Coal, Inc. (Arch Coal; NYSE: ACI) at 'CCC'.

The TCR, on May 6, 2015, reported that Moody's Investors Service
downgraded the corporate family rating of Arch Coal, Inc to Caa3
from Caa1 and the probability default rating to Caa3-PD from
Caa1-PD.  The downgrade follows the continued stress on the coal
sector, and the resulting deterioration in the company's credit
metrics.  At the same time, Moody's downgraded the ratings on the
senior secured term loan and bank revolving facility to Caa1 from
B2, the second lien notes to Caa3 from Caa1, and all unsecured
notes to Ca, from Caa2.  Moody's also affirmed the Speculative
Grade Liquidity rating of SGL-3.  The outlook is negative.

As reported by the TCR on June 4, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Arch Coal
Inc. to 'CCC+' from 'B'.  

"The negative outlook reflects the likelihood that global supply
and demand conditions for met coal will not support price recovery
within the year, driving Arch to pursue a restructuring
alternative," said Standard & Poor's credit analyst Chiza Vitta.


ARCHDIOCESE OF MILWAUKEE: Says Charitable Gifts Not Estate Property
-------------------------------------------------------------------
The Archdiocese of Milwaukee asks the U.S. Bankruptcy Court for the
Eastern District of Wisconsin to determine that the segregated
account required by Wis. Stat. Section 615.10 for charitable gift
annuities is not property of the bankruptcy estate under Section
541 of the Bankruptcy Code.

Since the Archdiocese began issuing charitable gift annuities, it
has maintained the Fund as a segregated account in compliance with
subchapter 615.10 of the Wisconsin Statutes.

Daryl L. Diesing, Esq., at Whyte Hirschboek Dudek S.C., in
Milwaukee, Wisconsin, asserts that because chapter 615 of the
Wisconsin Statutes precluded debts of the Archdiocese from being
paid out of the Fund, which the Archdiocese was required to
maintain pursuant to chapter 615.10 of the Wisconsin Statutes, the
Fund is not property of the Debtor's estate.  Mr. Diesing further
asserts that even if the statutes in effect as of the Petition Date
are ignored, the Fund is a trust, the assets of which the
Archdiocese holds only legal title and not an equitable interest
until the death of the annuitants.

John J. Marek, Treasurer and Chief Financial Officer of the
Archdiocese of Milwaukee, filed a declaration in support of the
motion.

The Archdiocese is represented by:

          Daryl L. Diesing, Esq.
          Bruce G. Arnold, Esq.
          Francis H. LoCoco, Esq.
          Lindsey M. Greenawald, Esq.
          WHYTE HIRSCHBOEK DUDEK S.C.
          555 East Wells Street, Suite 1900
          Milwaukee, WI 53202-3819
          Telephone: (414)978-5536
          Facsimile: (414)223-5000
          Email: ddiesing@whdlaw.com
                 barnold@whdlaw.com
                 flococo@whdlaw.com
                 lgreenawald@whdlaw.com

              About the Archdiocese of Milwaukee

The Diocese of Milwaukee was established on Nov. 28, 1843, and
was
elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX.
The
region served by the Archdiocese consists of 4,758 square
miles in
southeast Wisconsin which includes counties Dodge, Fond
du Lac,
Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha. There are 657,519 registered Catholics
in
the Region.



The Catholic Archdiocese of Milwaukee, in Wisconsin, filed
for
Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case
No.
11-20059) on Jan. 4, 2011, to address claims over sexual
abuse by
priests on minors.



The Archdiocese became at least the eighth Roman Catholic
diocese
 in the U.S. to file for bankruptcy to settle claims from
current 
and former parishioners who say they were sexually
molested by
priests.



Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C.,
in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel.

The
Official Committee of Unsecured Creditors in the bankruptcy
case
has retained Pachulski Stang Ziehl & Jones LLP as its
counsel, and
Howard, Solochek & Weber, S.C., as its local
counsel.



The Archdiocese estimated assets and debts of $10 million to
$50
million in its Chapter 11 petition.



ARCHDIOCESE OF MILWAUKEE: Says Clergy Fund Not Property of Estate
-----------------------------------------------------------------
The Archdiocese of Milwaukee asks the U.S. Bankruptcy Court for the
Eastern District of Wisconsin to determine that the Continuing
Formation of Clergy Funds are not property of the bankruptcy estate
under Section 541 of the Bankruptcy Code.

To honor the canonical obligations, Archbishop William E. Cousins
created the Office of Continuing Formation of Clergy in 1975.  Each
parish, institution, or agency pays the same amount -- initially
$150 for each priest in service -- for continuing formation.
Entities are instructed to make checks payable to the Office of
Continuing Formation -- not the Archdiocese of Milwaukee – and,
once received, the funds are held in an account managed exclusively
by the Director of the Office of Continuing Formation and the
Continuing Formation of Clergy Advisory Board for the benefit of
the priests, deacons, and parish directors.  The Continuing
Formation Fund is used to fund special study programs for deacons.

Daryl L. Diesing, Esq., at Whyte Hirschboek Dudek S.C., in
Milwaukee, Wisconsin, asserts that the Funds are a resulting trust
and are not property of the Estate, as they were given to the
Office of Continuing Formation to be custodied for the
beneficiaries and with the expectation that the Funds would be used
only for that purpose.

The Archdiocese is represented by:

          Daryl L. Diesing, Esq.
          Bruce G. Arnold, Esq.
          Francis H. LoCoco, Esq.
          Lindsey M. Greenawald, Esq.
          WHYTE HIRSCHBOEK DUDEK S.C.
          555 East Wells Street, Suite 1900
          Milwaukee, WI 53202-3819
          Telephone: (414)978-5536
          Facsimile: (414)223-5000
          Email: ddiesing@whdlaw.com
                 barnold@whdlaw.com
                 flococo@whdlaw.com
                 lgreenawald@whdlaw.com

               About the Archdiocese of Milwaukee

The Diocese of Milwaukee was established on Nov. 28, 1843, and
was
elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX.
The
region served by the Archdiocese consists of 4,758 square
miles in
southeast Wisconsin which includes counties Dodge, Fond
du Lac,
Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,

Washington and Waukesha. There are 657,519 registered Catholics
in
the Region.



The Catholic Archdiocese of Milwaukee, in Wisconsin, filed
for
Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case
No.
11-20059) on Jan. 4, 2011, to address claims over sexual
abuse by
priests on minors.



The Archdiocese became at least the eighth Roman Catholic
diocese
in the U.S. to file for bankruptcy to settle claims from
current
and former parishioners who say they were sexually
molested by
priests.



Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C.,
in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel.

The
Official Committee of Unsecured Creditors in the bankruptcy
case
 has retained Pachulski Stang Ziehl & Jones LLP as its
counsel, and
Howard, Solochek & Weber, S.C., as its local
counsel.



The Archdiocese estimated assets and debts of $10 million to
$50
million in its Chapter 11 petition.



ARKANSAS CITY: Moody's Cuts $22MM Lease Rental Bonds Rating to Caa1
-------------------------------------------------------------------
Moody's Investors Service downgrades to Caa1 from Ba1 the rating on
Arkansas City Public Building Commission's, KS lease rental revenue
bonds. The downgrade affects $22.045 million in outstanding rated
debt. The bonds are secured by an unconditional lease payment from
the City of Arkansas City, backed the city's general obligation
unlimited tax pledge. The bonds are paid in the first instance from
net revenues of the South Central Kansas Regional Medical Center
(SCKRMC) per a Pledge of Revenues Agreement, whose operations have
weakened substantially.

SUMMARY RATING RATIONALE

The downgrade to Caa1 results from the hospital's worsening
financial position, demonstrated by its material liquidity decline,
low utilization, operating losses, and limited service area. The
rating reflects the harsh impact a non-payment by the hospital
would have on the city's tax burden and general operations, since
debt service would consume 25% of current city operations. Although
city financial operations have modestly improved, the debt burden
is already substantial and supporting the hospital's debt service
as the city is obligated to would severely strain city financial
resources. The city has been subsidizing hospital operations with a
dedicated sales tax, but this has not been enough to prevent the
decline in hospital performance.

OUTLOOK

The negative outlook reflects Moody's expectation that hospital
operations will remain pressured in the near term and unlikely to
sustain debt service payments, leaving the city with the obligation
to generate tax revenues sufficient to cover payments for the lease
revenue bonds.

WHAT COULD MAKE THE RATING GO UP (or remove the negative outlook)

-- Material and sustained improvement in hospital operating
margins and growth in liquidity

-- Merger with a stronger partner and guarantee or assumption of
debt

-- Substantial growth within the city's tax base

WHAT COULD MAKE THE RATING GO DOWN

-- Inability of hospital to meet debt service obligations

-- Inability of the city to assume debt service shortfalls

-- Deteriorating financial position of the hospital

-- Declines in assessed valuation

OBLIGOR PROFILE

South Central Regional Medical Center is a 37-staffed bed hospital
located in Arkansas City, KS. The hospital is a component unit of
Arkansas City. The city is located 60 miles southeast of Wichita,
KS and 120 miles northwest of Tulsa, OK. The city's population was
12,415 according to the 2010 US census.

LEGAL SECURITY

The Bonds are special obligations of the Issuer payable as to both
principal and interest solely from the Rental Payments to be paid
by the City to the Issuer under the Lease. The Bonds are secured by
a pledge and assignment of the Pledged Property, as defined by the
Bond Resolution, which is comprised primarily of such Rental
Payments. The terms of the Lease and the schedule of lease payments
are designed to produce moneys sufficient to pay the principal of
the Bonds and interest thereon when due.

The Lease is an unconditional and absolute obligation of the City
and the City is obligated to make payments under the Lease to the
Paying Agent in amounts sufficient to pay principal and interest on
the Bonds, and to levy ad valorem taxes without limit if necessary
to make such payments. The payments made by the City to the Issuer
are exempt under the Act from the limitations imposed by the Kansas
Cash Basis and Budget Laws. The obligation of the City to make
payments under the Lease is not subject to annual appropriation or
termination during the Lease term. Pursuant to the Lease, the City
may also elect to purchase the Issuer's interest in the Project by
payment of the purchase option price set forth in the Lease, which
includes payment of the Bonds.

The City and the Hospital Board have entered into a Pledge of
Revenues Agreement under which the Hospital Board has agreed to
operate the Hospital and to provide the City with funds generated
from the operation of the Hospital sufficient to make the rental
payments under the Lease Agreement. The Hospital's obligations
pursuant to the Pledge Agreement are secured by a pledge of the
Hospital's Revenues on a parity of lien basis with any additional
Parity Obligations hereafter issued as provided in the Pledge
Agreement. Under the Pledge agreement, the Hospital Board, in
accordance with and subject to applicable legal requirements, will
fix, establish, maintain and collect such rates and charges for the
use and services furnished by or through the Hospital and will
produce Revenues sufficient to (a) pay the Debt Service
Requirements on the Bonds as and when the same become due; (b) pay
the expenses of the Hospital; (c) enable the Hospital to have in
each Fiscal Year a Historical Debt Service Coverage Ratio of not
less than 1.00 on all Hospital Obligations constituting Parity
Obligations at the time outstanding; and (d) provide reasonable and
adequate reserves for the payment of the Bonds and other Parity
Obligations and the interest thereon and for the protection and
benefit of the Hospital.




ASHLAND INC: Moody's Assigns 'Ba1' to $1.1BB Unsecured Term Loan A
------------------------------------------------------------------
Moody's Investor's Service assigned Ba1 ratings to Ashland Inc.'s
new five year $1.1 billion senior unsecured Term Loan A and the new
$1.2 billion senior unsecured revolver. The proceeds from the term
loan are expected to be used to fund contributions to the company's
U.S pension plans and to finance the tender offer, which was
announced June 16, 2015, for the company's $600 million in 3.0%
Senior Notes due March 15, 2016, and for general corporate
purposes. Some or all of the 2016 notes are likely to be tendered
in the near term, while the balance not tendered is expected to be
repaid at maturity. Moody's also affirmed the company's Corporate
Family Rating and senior unsecured ratings at Ba1 and the
Probability of Default rating at Ba1-PD; the SGL rating is affirmed
at SGL-1. The outlook for the ratings is stable.

Affirmations:

Issuer: Ashland Inc.

Corporate Family Rating (Local Currency), Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Speculative Grade Liquidity Rating, Affirmed SGL-1

Senior Unsecured Medium-Term Note Program (Local Currency),
Affirmed (P)Ba1

Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed
Ba1, LGD4

Assignments:

Issuer: Ashland Inc.

Senior Unsecured Term Loan A (Local Currency), Assigned Ba1, LGD4

Senior Unsecured Revolver (Local Currency), Assigned Ba1, LGD4

Outlook Actions:

Issuer: Ashland Inc.

Outlook, Remains Stable

Affirmations:

Issuer: Hercules Incorporated

Junior Subordinated Regular Bond/Debenture (Local Currency),
Affirmed Ba2, LGD6

Senior Secured Regular Bond/Debenture (Local Currency), Affirmed
Ba1, LGD4

Outlook Actions:

Issuer: Hercules Incorporated

Outlook, Remains Stable

RATINGS RATIONALE

"While the effect of this tender and financing will increase
reported leverage to 3.3 from 2.8 times, Moody's adjusted leverage,
which includes the unfunded pension liability as a standard
adjustment to debt, will remain unchanged on a pro forma basis,"
according to Joseph Princiotta, Moody's Vice President and the lead
analyst for Ashland.

The tendor and related financing provide several meaningful
benefits to Ashland, including reducing its pension liability and
improving the pension plans funded status, which is likely to
reduce annual contributions to the plan over the next few years.
The refinancing also serves to extend Ashland's debt maturity
profile and lower its average cost of debt, Moody's noted.

Ashland's Ba1 Corporate Family Rating (CFR) is supported by a
portfolio of specialty chemical businesses serving diverse end
markets in the US and internationally, a large revenue base with
2014 revenues of $6.1 billion, meaningful market shares in key
businesses (e.g., #1 globally in Specialty Ingredients and
Composites (non-aerospace) and #2 in the U.S. franchised quick lube
chain), and good geographic and operational diversity. The rating
is also supported by strong and improving EBITDA margins,
particularly in Specialty Ingredients (21.2% EBITDA margin in 2014,
on a company presented basis) and in Valvoline (17.6%).

Although the announced financing and related actions don't change
the Moody's-adjusted leverage -- 4.2x in the fiscal second quarter
ending March 31, 2015 -- leverage remains high for the rating
category (including Moody's adjustments that add $1.73 billion, or
$1.23 billion pro forma for the refinancing, to debt for unfunded
pension liabilities and operating leases). As a temporary
counterbalance, Moody's notes Ashland's cash balances of $911
million results in adjusted net debt/EBITDA in the March quarter of
3.4x, which is more supportive of the Ba1 rating.

The CFR also reflects asbestos-related litigation and environmental
liabilities from both the legacy Ashland business and the Hercules
business. However, the recent settlement with certain insurers
yielded nearly $400 million in cash to Ashland, most of which was
used to fund a restricted trust which will be used to pay ongoing
and future asbestos costs.

A discussion of Ashland's rating would not be complete without a
review of the recent history, Moody's noted. Following the August
2011 debt-financed acquisition of International Specialty Products
Inc. (ISP), in a transaction valued at $3.2 billion, Ashland's
management expressed a desire to de-lever, targeting a debt to
EBITDA ratio of 2.0x, and to achieve investment grade metrics.
Towards that goal, the company refinanced its debt in February 2013
such that its debt capital structure was primarily unsecured, which
would be consistent with an investment grade rating.

However, shareholder pressure (Jana Partners became an Ashland
stockholder in 2013) led Ashland to focus on using discretionary
cash flows for shareholder remuneration, and a shift in financial
policy was evident in May 2013 when the company increased the
dividend more than 50%, implemented a $150 million accelerated
share repurchase (ASR) program and announced a $600 million share
repurchase program expiring December 31, 2014. This program was
later upsized to $1.35 billion when the compnay announced its
intention to divest Water Technologies in February, 2014, and, over
the four quarters that followed, nearly all of the net proceeds
from this asset sale were used to repurchase shares.

In January of this year, the last $270 million of the $1.35 billion
program was deployed into an ASR program, and In April, 2015
Ashland's Board approved a new $1 billion share repurchase
authorization that expires December 31, 2017.

While Jana is no longer an Ashland stockholder (as of May 12,
2015), it is uncertain at this time when the company's focus will
revert to debt reduction. We believe that management will
eventually seek to lower its leverage, however, between now and
December 2017, a large portion of free cash flow, together with
some of Ashland's balance sheet cash, are expected to be used to
complete the $1 billion share repurchase program. Consequently, a
declining leverage trend over the next two years relies heavily on
growth in margins and EBITDA, Moody's noted.

Ashland's SGL-1 Speculative Grade Liquidity rating reflects its
very good liquidity position, which is supported by $911 million in
cash balances, its $1.2 billion senior unsecured revolving credit
facility, which has recently been extended to 2020 (availability of
$1.09 billion as of March 31, 2014), and expectations for positive
free cash flow generation.

The stable rating outlook anticipates an improving trend in
leverage to levels more supportive of the Ba1 ratings, while some
tangible improvement is important ahead of a meaningful decline in
cash balances. Moody's would expect to see gross leverage in the
low-to-mid 3x to be more supportive of the Ba1 ratings.

The ratings could be downgraded if Ashland does not meaningfully
improve its profitability and EBITDA such that leverage exhibits a
declining trend over the next 12-18 months to levels more
supportive of the Ba1 CFR, and before using most or all its excess
cash balances on share repurchase. Additionally, we could downgrade
the ratings if the company generates negative free cash flow or
pursues large debt-funded acquisitions or share repurchases.

There is limited upward pressure on the ratings at this time.
However, Moody's could consider an upgrade if management reaffirms
its targeted leverage at 2x and commences a meaningful debt
reduction plan.

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. Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.

Ashland Inc., headquartered in Covington, Kentucky, is focused on
growing its specialty chemicals businesses globally. Ashland
Specialty Ingredients and Ashland Performance Materials from its
core specialty chemicals businesses and through its Valvoline
brand, it is also a marketer of premium-branded automotive and
commercial lubricants. Ashland had revenues from continuing
operations of $6.1 billion for the twelve months ended December 31,
2014.



BIOMET INC: S&P Raises Corp. Credit Rating From B+, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Biomet Inc. to 'BBB' from 'B+' and removed the rating
from CreditWatch, where S&P placed it with positive implications on
March 7, 2014.  The outlook is stable.

S&P is subsequently withdrawing all ratings, including all
issue-level ratings, on Biomet.

The rating actions follow the completion of Zimmer Holdings
acquisition of Biomet Inc. for $13.35 billion.



BION ENVIRONMENTAL: Report Affirms Need for Water Spending Change
-----------------------------------------------------------------
Bion Environmental Technologies, Inc., announced that Maryland's
Chesapeake Bay Restoration Financing Strategy Final Report
concludes that a more efficient, market-based approach to financing
the state's compliance with EPA-mandated pollution reductions will
reduce costs and accelerate implementation.

Craig Scott, Bion's Communications Director, stated, "The report
further validates the need for a market-driven strategy such as
that proposed in Pennsylvania's 2013 Legislative Budget and Finance
Committee report.  Both studies determined that arbitrary 'sector
allocation' spending drives high cost public infrastructure
solutions, which ignore cost and efficiency.  And both studies
determined that sector allocation must be replaced by a competitive
bidding process that is transparent, accountable, and open to all
sectors.  Overall efforts in the Chesapeake Bay are clearly
failing; instead of continuing to spend billions on legacy
solutions, states need the flexibility to reallocate spending to
procure verified reductions from ANY source, based on cost."

The EFC report, prepared by the Environmental Finance Center (EFC)
at the University of Maryland, states that, "There is no shortage
of private capital available for financing environmental projects;
what has been missing is the appropriate structure and risk
profiles associated with the necessary investments."  The report
also states, "it is essential that financing and funding decisions
be made based on efficiency and effectiveness of projects rather
than political outcomes and motivations."

The EFC report estimates the cost for Maryland to reach its 2025
Bay targets will be $4.4 billion, with an average annual cost to
remove nitrogen of $66 per pound.  Broken down by sector, average
annual nitrogen removal costs per pound are:

  - Point source (municipal wastewater)       $43

  - Agriculture                               $44

  - On-site (septic)                         $311

  - Urban stormwater                         $633

The report concludes, "The State of Maryland has a unique
opportunity to implement a financing system that incentivizes cost
efficiency, innovation, and project effectiveness.  By changing the
foundation of how public resources are invested, the state is in a
position to not only achieve pollution reduction targets, but to do
so in the most cost effective way possible."

The challenges faced by Pennsylvania and the need for spending
reform are even greater than in Maryland.  Pennsylvania is
responsible for approximately 50 percent of the total Bay
reductions, much of which will be borne by rural communities.  The
PA Legislative Budget and Finance Committee (LBFC) study, estimated
average annual nitrogen removal cost per pound for agriculture at
$54 and urban stormwater at $386.  The LBFC study projected annual
savings up to $1.5 billion (80 percent) in Bay compliance costs by
2025, based on pricing projections provided by Bion and others, if
the state adopts a competitive bidding program to procure verified
nutrient reductions from all sources, including large-scale
agriculture projects such as those that can be implemented using
Bion's waste treatment technology.

Livestock waste is acknowledged as one of the largest sources of
excess nutrients in the watershed and, utilizing innovative
solutions like Bion's, can provide large-scale reductions at
dramatically lower cost than other sectors, such as municipal
wastewater treatment and stormwater.  Bion's technology is approved
to generate verified nutrient reductions from livestock waste that
can be used as a qualified offset to EPA nutrient reduction
mandates.

Pennsylvania, where Bion's efforts are currently focused, is
required to reduce 31.4 million pounds of nitrogen from current
levels by 2025.  Pennsylvania has already missed its 2013 target by
2 million pounds and is projected to miss its 2017 target by 14.6
million pounds.  Further, the Commonwealth's stormwater targets,
which represent only 10 percent of the state's total compliance
mandate, represent 68 percent of the total projected compliance
cost.  Bion proposes to replace the stormwater reduction mandate
with low cost solutions from livestock.

Craig Scott concluded, "The EFC study provides a clear, thoughtful
and unbiased blue print on how to meet the EPA's Chesapeake Bay
mandates more quickly and at a substantially lower cost.  We simply
have to reallocate spending to more cost-effective solutions.
While change is always difficult, a new strategy that incorporates
today's technologies and provides a transparent and accountable
process, will substantially reduce costs while accelerating
implementation.  This is about the taxpayer - the real 'owner' of
the Chesapeake Bay and the one who will ultimately bear the cost of
its restoration."

Bion's proven and patented technology platform provides verifiable
comprehensive environmental treatment of livestock waste and
recovers clean water, 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.  

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.


BOTANICAL REALTY: Hires David Carlebach as Counsel
--------------------------------------------------
Botanical Realty Associates Urban Renewal, LLC seeks authorization
from the Hon. Nancy Elizabeth S. Stong of the U.S. Bankruptcy Court
for the Eastern District of New York to employ Law Offices of David
Carlebach Esq. as counsel, nunc pro tunc to April 23, 2015.

The Debtor requires Mr. Carlebach to:

   (a) provide the Debtor with legal counsel with respect
       to its powers and duties as a debtor-in-possession in
       the continued management of its property during the
       Chapter 11 case;

   (b) prepare on behalf of the Debtor all necessary
       applications, answers, orders, reports, and other legal
       documents which may be required in connection with
       the Chapter 11 case;

   (c) provide the Debtor with legal services with respect
       to formulating and negotiating a plan of reorganization
       with creditors; and

   (d) perform such other legal services for the Debtor as
       may be required during the course of the Chapter 11
       case, including but not limited to, the institution of
       actions against third parties, objections to claims, and
       the defense of actions which may be brought by third
       parties against the Debtor.

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

Mr. Carlebach can be reached at:

       David Carlebach Esq.
       LAW OFFICES OF DAVID CARLEBACH, ESQ.
       55 Broadway, Suite 1902
       New York, NY 10006
       Tel: (212) 785-3041
       Fax: (347) 472-0094
       E-mail: david@carlebachlaw.com

                   About Botanical Realty

Brooklyn, New York-based Botanical Realty Associates Urban Renewal,
LLC, a single asset real estate company, sought for bankruptcy
protection (Bankr. E.D.N.Y. Case No. 15-41835) on April 23, 2015.

The Debtor disclosed total assets of $12,000,000 and $3,698,999 in
liabilities as of the Chapter 11 filing.

The Hon. Elizabeth S. Stong presides over the case.  David
Carlebach, Esq., at The Carlebach Law Group, in New York,
represents the Debtor.

The Debtor's Chapter 11 plan and explanatory disclosure statement
are due Aug. 21, 2015.


BPZ RESOURCES: 2015 Annual Shareholders' Meeting Held
-----------------------------------------------------
BPZ Resources, Inc. on June 19, 2015, held its 2015 Annual Meeting
of Shareholders.  Messrs. Richard Spies, Dennis G. Strauch, and
James B. Taylor were elected to serve for a term of 3 years; and
Robert L. Sovine was elected to serve for a term of 2 years.  

The shareholders did not approve, by a non-binding advisory vote,
the compensation of the named executive officers; and the
appointment of BDO USA, LLP as the independent auditors for 2015
was ratified.

                        About BPZ Resources

BPZ Energy -- http://www.bpzenergy.com/-- 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.  Opportune LLP was
engaged as financial and restructuring advisor.

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.

                           *     *     *

BPZ Resources, Inc., won approval from the U.S. Bankruptcy Court
for the Southern District of Texas, Victoria Division, of its
motion to, among other things, approve the sale of substantially
all of the Company's assets and, in connection with such sale,
establish bidding procedures and an auction.  Bids were due June
26, 2015. To the extent at least two qualified bids are received,
an auction will be held on June 30. The Court will consider
approval of the sale on July 7.


BRAND ENERGY: Bank Debt Trades at 2% Off
----------------------------------------
Participations in a syndicated loan under which Brand Energy &
Infrastructure Services is a borrower traded in the secondary
market at 97.68 cents-on-the-dollar during the week ended Friday,
June 19, 2015, according to data compiled by LSTA/Thomson Reuters
MTM Pricing and reported in the June 25, 2015, edition of The Wall
Street Journal.  This represents a decrease of 0.45 percentage
points from the previous week, The Journal relates.  Brand Energy
pays 375 basis points above LIBOR to borrow under the facility. The
bank loan matures on Nov. 12, 2020, and carries Moody's B1 rating
and Standard & Poor's B rating.  The loan is one of the biggest
gainers and losers among 257 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended June 19.



CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 13% Off
-------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
86.95 cents-on-the- dollar during the week ended Friday, June 19,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in the June 25, 2015, edition of The Wall
Street Journal.  This represents a decrease of 2.40 percentage
points from the previous week, The Journal relates. Caesars
Entertainment Inc. pays 875 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 1, 2017, and
carries Moody's withdraws its rating and Standard & Poor's D
rating.  The loan is one of the biggest gainers and losers among
257 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended June 19.



CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 6% Off
------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
93.88 cents-on-the- dollar during the week ended Friday, June 19,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in the June 25, 2015, edition of The Wall
Street Journal.  This represents a decrease of 1.83 percentage
points from the previous week, The Journal relates.  Caesars
Entertainment Inc. pays 600 basis points above LIBOR to borrow
under the facility.  The bank loan matures on September 24, 2020,
and carries Moody's B2 rating and Standard & Poor's CCC+ rating.
The loan is one of the biggest gainers and losers among 257 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended June 19.



CAESARS ENTERTAINMENT: Gets Approval of Deal With Credit Suisse
---------------------------------------------------------------
Caesars Entertainment Operating Company, Inc. received court
approval for a deal that would allow the company to obtain letters
of credit from Cayman Islands-based Credit Suisse AG.

Under the deal, Credit Suisse will issue up to $50 million in
letters of credit needed by the casino company to comply with
certain laws and regulations, gaming and energy contracts, and
insurance policies.

Caesars Entertainment entered into the agreement after lenders of
the casino company decided not to renew the letters of credit under
a 2014 credit agreement, court filings show.

The new agreement was approved by U.S. Bankruptcy Judge Benjamin
Goldgar who oversees the casino company's Chapter 11 case.

                About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies.  Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names.  The Company has its
corporate headquarters in Las Vegas.  Harrah's announced its
re-branding to Caesar's in mid-November 2010.

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

Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015. The bondholders are represented by
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP.

CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on
Jan. 15, 2015.  CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.  Kirkland & Ellis serves as
the Debtors' counsel.  AlixPartners is the Debtors' restructuring
advisors.  Prime Clerk LLC acts as the Debtors' notice and claims
agent. Judge Benjamin Goldgar presides over the cases.

The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.  The U.S.
Trustee appointed Richard S. Davis as Chapter 11 examiner.

                      *     *     *

The Troubled Company Reporter, on April 27, 2015, reported that
Fitch Ratings has affirmed and withdrawn the Issuer Default Ratings
(IDR) and issue ratings of Caesars Entertainment Operating Company
(CEOC).  These actions follow CEOC's Chapter 11 filing on Jan. 15,
2015.  Accordingly, Fitch will no longer provide ratings or
analytical coverage for CEOC.


CALMARE THERAPEUTICS: Awarded GSA Contract Extension
----------------------------------------------------
Calmare Therapeutics Incorporated has been awarded a preliminary
three-month extension of its General Services Administration
military contract (V797P-4300B).  First awarded in 2010, CTI's
contract extension is designed to continue the streamlined
procurement process for U.S. military personnel and their families
and institutional customers across the globe who acquire Calmare®
Pain Therapy Devices and its consumables.

"This extension allows us to continue offering our Calmare Pain
Therapy device to U.S. military personnel and their families
through the U.S. Veterans Administration to reduce and/or eliminate
chronic neuropathic pain," said Calmare Therapeutics President &
CEO Conrad Mir.  "With this extension, we can broaden our military
contract footprint and gain contracts with embedded device sales
components that will drive revenues - the Company's prime directive
in pursuing U.S. government sales."

Today, a large host of U.S. military hospitals and clinics rely on
CTI's Calmare Pain Mitigation Therapy.  The Company's pain
mitigation solution offers comprehensive pain mitigation whereby
pain may be eliminated for well over 3 to 4 months after the first
full treatment regimen in those patients that are responders.  With
one or two booster treatments after the first course, a patient may
have full pain elimination for a year of more without the toxic
side effects or addictive qualities of prescriptions drugs and
opiates.

                    About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

On Aug. 20, 2014, Competitive Technologies changed its name to
Calmare Therapeutics Incorporated.

As of Sept. 30, 2014, the Company had $4.53 million in total
assets, $11.8 million in total liabilities and a $7.25 million
total shareholders' deficit.

Competitive Technologies reported a net loss of $2.67 million
in 2013 following a net loss of $3 million in 2012.

Mayer Hoffman McCann CPAs, New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013, citing that the Company has incurred operating
losses since fiscal year 2006 and has a working capital deficiency
which conditions raise substantial doubt about the Company's
ability to continue as a going concern.


CALMARE THERAPEUTICS: Posts $3.4 Million Net Loss for 2014
----------------------------------------------------------
Calmare Therapeutics Incorporated filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing
a net loss of $3.4 million on $1 million of product sales for the
year ended Dec. 31, 2014, compared to a net loss of $2.6 million on
$652,792 of product sales for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $4.4 million in total assets,
$12.1 million in total liabilities and a $7.7 million total
shareholders' deficit.

Mayer Hoffman McCann CPAs, 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 operating
losses since fiscal year 2006 and has a working capital and
shareholders' deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

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

                        http://is.gd/VNiRy1

                    About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

On Aug. 20, 2014, Competitive Technologies changed its name to
Calmare Therapeutics Incorporated.


CALMARE THERAPEUTICS: Reports 2014 Year End Results
---------------------------------------------------
Calmare Therapeutics reported a net loss of $3.4 million on $1
million of product sales for the year ended Dec. 31, 2014, compared
to a net loss of $2.7 million on $653,000 of product sales for the
year ended Dec. 31, 2013.

Net loss for the quarter ended Dec. 31, 2014, increased to $645,000
or $0.03 per basic and diluted share as compared with a net loss of
$611,000 or $0.03 per basic and diluted share for the quarter ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $4.4 million in total assets,
$12.2 million in total liabilities and a $7.7 million total
shareholders' deficit.

Cash-on-hand at Dec. 31, 2014, decreased $51,000 to $6,000 from
$57,000 at Dec. 31, 2013.

"Our year-end numbers exceeded our projections and is a good
starting point for 2015," said CTI President & CEO Conrad Mir.
"Although there is much work ahead, we look forward to the promise
2015 holds with a careful vigilance on the second half of the
year."

Total expenses for the year ended Dec. 31, 2014, increased 30% or
$963,000 to $4,134,000 as compared with $3,171,000.  Total expenses
include approximately $620,000 of additional interest expense
related to the Company's 90 day Convertible Notes for the year
ended Dec. 31, 2014.

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

                      http://is.gd/f7FbZC

                    About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

On Aug. 20, 2014, Competitive Technologies changed its name to
Calmare Therapeutics Incorporated.

Mayer Hoffman McCann CPAs, New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013, citing that the Company has incurred operating
losses since fiscal year 2006 and has a working capital deficiency
which conditions raise substantial doubt about the Company's
ability to continue as a going concern.


COATES INTERNATIONAL: Registers 205 Million Common Shares with SEC
------------------------------------------------------------------
Coates International, Ltd., filed a Form S-1 registration statement
with the Securities and Exchange Commission relating to  the resale
of up to 205,000,000 shares of its common stock, par value $0.0001
per share issuable to Southridge Partners LLC, a Florida limited
liability company, a selling stockholder, pursuant to a "put right"
under an equity purchase agreement that the Company entered into
with Southridge.

The EP Agreement permits the Company to "put" up to $20,000,000 in
shares of its common stock to Southridge over a period of up to 36
months.  The Company will not receive any proceeds from the sale of
these shares of common stock.  However, the Company will receive
proceeds from the sale of securities pursuant to its exercise of
this put right offered by Southridge.  The Company will bear all
costs associated with this registration.

The Company's Common Stock is traded on OTC Pink Sheets.  Investors
can find quotes and market information for the Company at
www.otcmarkets.com under the ticker symbol "COTE".  Only a limited
public market currently exists for the Company's Common Stock.  On
June 22, 2015, the closing price of the Company's common stock was
$0.0036 per share.

On June 23, 2015, a previous equity purchase agreement with
Southridge, dated July 2, 2014, providing for the sale of up to
40,000,000 registered shares of the Company's Common Stock
terminated in accordance with its terms, as all of the registered
shares of the Company's stock had been resold under a prior
registration statement on Form S-1, which had been declared
effective on Sept. 10, 2014.

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

                       http://is.gd/f8YOCX

                           About Coates

Based in Wall Township, N.J., Coates International, Ltd.
(OTC BB: COTE) -- http://www.coatesengine.com/-- was
incorporated on August 31, 1988, for the purpose of researching,
patenting and manufacturing technology associated with a spherical
rotary valve system for internal combustion engines.  This
technology was developed over a period of 15 years by Mr. George
J. Coates, who is the President and Chairman of the Board of the
Company.

The Coates Spherical Rotary Valve System (CSRV) represents a
revolutionary departure from the conventional poppet valve.  It
changes the means of delivering the air and fuel mixture to the
firing chamber of an internal combustion engine and of expelling
the exhaust produced when the mixture ignites.

As of March 31, 2015, the Company had $2.36 million in total
assets, $7.88 million in total liabilities and a $5.52 million
total stockholders' deficiency.

In its report on the consolidated financial statements for the year
ended Dec. 31, 2014, Cowan, Gunteski & Co., P.A., expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company continues to have negative
cash flows from operations, recurring losses from operations, and a
stockholders' deficiency.


COLT DEFENSE: Projects $20.7M Net Loss in April 5 Quarter
---------------------------------------------------------
Prior to filing for Chapter 11 relief under the Bankruptcy Code,
Colt Defense and Colt Finance Corp. entered into confidential
discussions with certain holders of Colt's 8.75% Senior Notes due
2017 regarding a potential transaction relating to the Notes.  In
connection with those discussions, Colt provided certain
confidential information regarding the Company pursuant to
confidentiality agreements with the Holders.  

In accordance with terms of those confidentiality agreements, Colt
filed with the Securities and Exchange Commission its "Selected
Financial Information for the Quarters Ended April 5, 2015 and
March 30, 2014, and as of April 5, 2015 and December 31, 2014," a
copy of which is available at http://is.gd/Xc04aA

Among other things, Colt said net loss was $20,753,000 for the
quarter ended April 5, 2015 (preliminary), compared to a net loss
of $7,946,000 for the quarter ended March 30, 2014.

Colt also said that as of December 31, 2004, the Company's unfunded
pension benefit obligations were approximately $12.3 million.
Unfunded postretirement health benefit obligations were
approximately $26.4 million as of December 31, 2014.

                            About Colt

Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847.  Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy
Court for the District of Connecticut.  An investment by Zilkha &
Co. allowed CMC to confirm a chapter 11 plan and emerge from
bankruptcy in 1994.

Sometime after 1994, majority ownership of the Company transitioned
from Zilkha & Co. to Sciens Capital Management.

On June 12, 2015, Colt's previously announced exchange offer,
consent solicitation and solicitation of acceptances of a
prepackaged plan of reorganization, dated April 14, 2015, as
supplemented, with respect to its $250 million in 8.75% Senior
Notes due 2017 expired. The conditions to the exchange offer, the
consent solicitation and the prepackaged plan of reorganization
were not satisfied, and those conditions were not waived by Colt.
Colt's restructuring support agreement with Marblegate Special
Opportunities Master Fund, L.P. and Morgan Stanley Senior Funding,
Inc., the Company's senior secured term loan lenders, requires it
to file for Chapter 11 bankruptcy.

Accordingly, Colt Holding Company LLC and nine affiliates,
including Colt Defense LLC, on June 14, 2015, filed voluntary
petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under
Chapter 11 of the Bankruptcy Code to pursue a sale of the assets as
a going concern.  Colt Defense estimated $100 million to $500
million in assets and debt.

The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny
& Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent.  Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.

Wilmington Savings Fund Society, FSB, as agent under the $13.33
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.

Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.

                           *     *     *

Colt's equity sponsor, Sciens Capital Management, has agreed to act
as a stalking horse bidder in the proposed asset sale. Details of
the deal were not provided in Colt's news statement announcing the
Chapter 11 filing.  Colt, however, said it would be soliciting
competing bids and has appointed an independent committee of its
board of managers to manage the process and evaluate bids.  Colt
expects to complete the entire Chapter 11 process in 60-90 days.


CONSOLIDATED CONTAINER: S&P Alters Outlook to Neg, Affirms B- CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
U.S.-based packaging company Consolidated Container Co. LLC to
negative from stable.  S&P also affirmed its 'B-' corporate credit
rating on the company, but revised its assessment of its business
risk to "weak" from "fair," as defined in S&P's criteria.

In addition, S&P affirmed its 'B+' issue-level rating on the
company's senior secured first-lien term loan.  The recovery rating
on this debt remains '1', indicating very high (90% to 100%)
recovery prospects in the event of a payment default.  At the same
time, S&P affirmed its 'CCC' issue-level rating on the company's
second-lien term loan and unsecured notes.  The recovery rating on
this debt remains '6', indicating S&P's expectation of negligible
(0% to 10%) recovery in the event of a default.

"The negative outlook reflects our expectation that credit measures
will remain weak in 2015 due to continued soft demand in its dairy
end market, where the company generates 30% of its revenue," said
Standard & Poor's credit analyst Nadine Totri.

In 2014, weak demand in its dairy segment and underperformance of
its recently acquired resin business resulted in leverage measures
of about 9x debt to EBITDA, 3% funds from operations (FFO) to debt,
and negative free cash flow generation.

S&P's revision of Consolidated Container's business risk profile
from "fair" to "weak" reflects S&P's assessment of the company's
weakened operating margins primarily resulting from soft demand in
its dairy segment and underperformance of its recently acquired
recycled resins business.  These factors, combined with increased
selling, general, and administrative (SG&A) costs related to the
company's investments in growth, have resulted in EBITDA margins
below S&P's expectations.  The company continues to experience
sales volume declines from its largest customer, Dean Foods, a
trend S&P expects to continue.

In S&P's assessment, the company's financial risk profile remains
"highly leveraged," as defined in S&P's criteria.  S&P views
Consolidated Container's liquidity as "adequate," and expect its
cash sources to more than cover its cash needs over the next two
years, even if EBITDA declines unexpectedly.

The rating outlook is negative.  Consolidated Container's credit
measures are currently weak due to soft demand in its dairy end
market and the underperformance of its recently acquired recycled
resins business.  S&P expects credit measures to gradually improve
in 2015, supported by strong performance in the first quarter, but
still remain weak, as continued soft demand pressures earnings and
free cash generation.  S&P also expects the company to continue to
maintain "adequate" liquidity.

S&P could lower the rating if end market demand is weaker than it
expected or loss of a key customer results in sustained negative
free cash flow, causing debt to EBITDA to remain above 8.5x, and 5%
or less of FFO to debt.  S&P could also lower the rating if
liquidity issues arise or it appears likely that the company will
draw on its revolver to an extent that triggers the fixed-charge
covenant and the company is not likely to have 15% headroom.

S&P could revise the outlook to stable if it expects operating
performance to stabilize such that FFO to total debt appears likely
to remain above 5%, debt to EBITDA approaches 7x or lower on a
sustained basis, and the company is able to generate sustained
positive free cash flow.



CROWN MEDIA: Closes $425 Million Credit Facility
------------------------------------------------
Crown Media Holdings, Inc. announced the closing of its new $425
million senior secured credit facilities with, among other
financial institutions, Wells Fargo Bank, National Association, in
its capacity as administrative agent, consisting of (i) a five year
$325 million term loan facility and (ii) a five year $100 million
revolving credit facility.

Crown will use approximately $80 million of the proceeds of the
$325 million term loan facility to: (1) repay amounts due under and
terminate Crown Media's existing credit agreement; and (2) pay
fees, commissions and expenses in connection with new credit
facilities, the existing credit facilities, and certain other fees
and costs.  Crown will use approximately $245 million of the
remaining proceeds of the term loan facility to redeem Crown
Media's 10.5% senior notes due 2019.  Crown Media will use the
proceeds of the $100 million revolving credit facility for general
corporate purposes.

                   Hallmark Licensing Agreement

On June 23, 2015, Hallmark Licensing, LLC (f/k/a Hallmark
Licensing, Inc.) and Crown Media United States, LLC agreed to amend
and restate each of the Amended and Restated Trademark License
Agreement dated March 27, 2001, and the Movie Channel License
Agreement dated Jan. 1, 2004, to, inter alia, extend the terms
thereof through the earlier of (i) June 30, 2021, or (ii) the
payment in full of all obligations, and terminations of all
commitments, under the Credit Agreement.

                     Redemption of 2019 Notes

On June 25, 2015, pursuant to the Indenture dated as of July 14,
2011, among Crown Media, the guarantors named therein and The Bank
of Mellon Trust Company, N.A., as trustee, transfer agent,
registrar, authentication agent and paying agent, Crown Media
notified the Trustee of Crown Media's intent to redeem 100% of its
10.5% senior notes due 2019 that remain outstanding on July 24,
2015, and requested that on June 25, 2015, the Trustee deliver to
the holders of any outstanding 2019 Notes an irrevocable notice
that, on the Redemption Date, Crown Media will redeem all of the
2019 Notes that remain outstanding under the terms of the
Indenture.  Any 2019 Notes will be redeemed at a redemption price
of 105.250% of the principal amount thereof, plus accrued and
unpaid interest to, but excluding, the Redemption Date, or an
aggregate of approximately $286.5 million.  Pursuant to the terms
of the Indenture, interest on the 2019 Notes will cease to accrue
on and after the Redemption Date.

                         About Crown Media

Crown Media Holdings, Inc., is the corporate parent for the
portfolio of cable networks and related businesses under Crown
Media Family Networks.  The company currently operates and
distributes Hallmark Channel in both high definition (HD) and
standard definition (SD) to 86 million subscribers in the U.S.
Hallmark Channel is the nation's leading destination for quality
family programming with an ambitious slate of TV movies and
specials; original scripted series, including Cedar Cove, When
Calls the Heart, and Signed, Sealed, Delivered; as well as some of
television's most beloved sitcoms and series.  Hallmark Channel's
sibling network, Hallmark Movie Channel, is available in 54
million homes in HD and SD. One of America's fastest-growing cable
networks, Hallmark Movie Channel provides family-friendly original
movies with a mix of original films, classic theatrical releases,
and presentations from the acclaimed Hallmark Hall of Fame
library.  In addition, Crown Media Family Networks includes the
online offerings of HallmarkChannel.com and
HallmarkMovieChannel.com.

Crown Media reported net income attributable to common
stockholders of $67.7 million on $378 million of net total
revenue for the year ended Dec. 31, 2013, as compared with net
income attributable to common stockholders of $107.4 million on
$350 million of net total revenue for the year ended Dec. 31,
2012.

As of March 31, 2015, the Company had $1.05 billion in total
assets, $541 million in total liabilities, and $512 million in
total stockholders' equity.

                         Bankruptcy Warning

"Our senior secured credit facilities and the indenture governing
the Notes contain a number of covenants that impose significant
operating and financial restrictions on us which, among other
things, limit our ability to do the following:

   * incur additional debt or issue certain preferred shares;

   * pay dividends on or make distributions in respect of our
     capital stock or make other restricted payments;

   * make certain payments on debt that is subordinated or secured
     on a junior basis;

   * make certain investments;

   * sell certain assets;

   * create liens on certain assets;

   * consolidate, merge, sell or otherwise dispose of all or
     substantially all of our assets;

   * enter into certain transactions with our affiliates; and

   * designate our subsidiaries as unrestricted subsidiaries.

Any of these restrictions could limit our ability to plan for or
react to market conditions and could otherwise restrict corporate
activities.  Any failure to comply with these covenants could
result in a default under our senior secured credit facilities and
the indenture governing the Notes.  Upon a default, unless waived,
the lenders under our senior secured credit facilities could elect
to terminate their commitments, cease making further loans,
foreclose on our assets pledged to such lenders to secure our
obligations under the senior secured credit facilities and force
us into bankruptcy or liquidation.  Holders of the Notes would
also have the ability ultimately to force us into bankruptcy or
liquidation, subject to the indenture governing the Notes," the
Company said in the Annual Report for the year ended Dec. 31,
2013.

                           *     *     *

As reported by the TCR on May 28, 2012, Standard & Poor's Ratings
Services raised its corporate credit rating on Studio City,
Calif.-based cable network company Crown Media Holdings Inc. to
'B+' from 'B'.  "The upgrade reflects Crown Media's recent
operating performance, which achieved higher EBITDA and lower
leverage than our expectations," said Standard & Poor's credit
analyst Deborah Kinzer.

As reported by the TCR on July 2, 2014, Moody's Investors Service
upgraded the Corporate Family Rating (CFR) of Crown Media
Holdings, Inc. to B1 from B2, its Probability of Default Rating to
B1-PD from B2-PD, and instrument ratings as detailed below.  The
outlook is stable.  The upgrade incorporates evidence of traction
with the original programming strategy and better than expected
performance, which, combined with debt reduction, improved the
credit profile.


DAEGIS INC: NASDAQ Extends Listing Compliance Period Until Oct. 12
------------------------------------------------------------------
Daegis Inc., a global information governance, migration solutions
and development tools company, disclosed that on June 23, 2015, the
Company was notified that the NASDAQ Listing Qualifications Panel
has granted the Company's request for an extension through October
12, 2015, to evidence compliance with NASDAQ's $1.00 minimum
closing bid price requirement.  Compliance requires the Company to
have a closing bid price of at least $1.00 per share for a minimum
of 10 consecutive trading days.  Daegis is diligently working to
evidence compliance with the terms of the Panel's decision,
including exploring the possibility of achieving compliance through
the implementation of a reverse stock split.

                        About Daegis Inc.

Daegis Inc. (NASDAQ: DAEG) is a global enterprise software company
with comprehensive offerings for information governance,
application migration, data management and application development.
The company's products include leading-edge enterprise archive and
eDiscovery technology, mobile application development technology,
application migration and data management software.  Approximately
20% of Fortune 100 companies use the company's solutions.  It is
headquartered in Irving, Texas and serve our worldwide customer
base through our offices in California, New Jersey, Australia,
Canada, France, Germany and the UK.



DAYTON SUPERIOR: Moody's Assigns 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's assigned a first-time B2 Corporate Family Rating ("CFR") to
Dayton Superior Corporation ("Dayton Superior") following the
company's announcement that it will issue a 7-year $185 million
first lien term loan. The proposed term loan will be used to
refinance Dayton Superior's existing term loan and pay related
transaction fees. The B2 CFR reflects Dayton Superior's key credit
metrics and position within its end markets. The assigned CFR also
takes into consideration that company is set to benefit from
improved conditions in the non-residential construction sector,
which should translate into higher topline and EBITDA margins over
our time horizon. Moody's assigns a B3 rating on the proposed term
loan. The rating outlook is Stable.

The following ratings/assessments were affected by this action:

Corporate Family Rating assigned at B2;

Probability Default Rating assigned at B2-PD; and,

First Lien Term Loan due 2022 assigned at B3 (LGD4, 61%).

RATINGS RATIONALE

Dayton Superior has a leveraged debt capital structure that
supports the current ratings and currently limits any potential
move upward on the rating. Adjusted Debt/EBITDA was 5.1x as of
March 31, 2015. Moody's expects leverage to steadily decrease over
our time horizon. Coverage levels (measured as EBITA/Interest
expense) have been historically weak for Dayton Superior, with
EBITA/Interest expense usually below 1.0x. We anticipate coverage
levels to improve to the 1.5x-2.0x range over our time horizon (all
ratios incorporate Moody's standard adjustments). Moody's adds
about $53 million of additional debt to Dayton Superior's balance
sheet to adjust for its operating lease payments and pension
liabilities.

Dayton Superior is well positioned to benefit from expected growth
in its end markets (non-residential construction). The company is
heavily exposed to infrastructure, commercial and industrial, and
institutional construction. Moody's also considers Dayton
Superior's positioning as a leading manufacturer and distributor of
metal accessories and forms for the North American non-residential
construction market as a positive. Moody's sees Dayton Superior
ready to experience growth that should enhance both its gross and
EBITDA margins in the next 12-18 months.

Moody's anticipates Dayton Superior to maintain an adequate
liquidity profile that would provide sufficient financial
flexibility to fund working capital, capital expenditures and
service its debt. The company's primary source of short-term
liquidity --besides cash flow from operations- is its existing
(unrated) $100 million asset-based revolving credit facility
("ABL"). This ABL is set to mature in June 2017. As part of the
proposed transaction, Dayton Superior will amend this facility to
$75 million and extend it 5 years. This extension should give the
company financial flexibility to benefit from improved conditions
in the economy. We expect Dayton Superior to maintain sufficient
availability under its ABL during the next 12-18 months.

Dayton Superior posted negative free cash flows for FY 2013
attributed to a distribution. Negative free cash flows is a
limiting factor for Dayton Superior's future rating movement and
can have a negative impact on the company's overall liquidity. Low
levels of cash and equivalents is also a concern with Dayton
Superior. As of December 31, 2014, Dayton Superior had $1.5 million
in cash and equivalents. In terms of alternate sources of
liquidity, Dayton Superior's options are limited since most of the
company's assets are encumbered to secure its credit facilities.

Positive rating actions would be possible if Dayton Superior's
operating performance results in metrics that validate our
forward-looking analysis, such that EBITA/Interest expense is
sustained above 2.5x with adjusted Debt/EBITDA approaching 4.0x. A
downgrade could ensue if adjusted EBITA/Interest expense trends
towards 1.0x and adjusted Debt/EBITDA approaches 4.75x.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 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.
Please see the Credit Policy page on www.moodys.com for a copy of
these methodologies.

Headquartered in Miamisburg, Ohio, Dayton Superior Corporation
("Dayton Superior") is a leading North American manufacturer and
distributor of metal accessories and forms used in concrete
construction. Dayton Superior also makes metal accessories used in
masonry construction. The company's products are sold to
non-residential construction including infrastructure (35% of FY
2014 sales), institutional (30%), commercial and industrial (30%).
For FY 2014 residential sales were 5% of total. Oaktree Capital is
the sponsor. All our calculations include Moody's standard
adjustments.



DREAMWORKS ANIMATION: S&P Lowers CCR to 'B-', Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Glendale, Calif.-based film studio
DreamWorks Animation SKG Inc. to 'B-' from 'B'.  The rating outlook
is stable.

At the same time, S&P lowered its issue-level rating on the
company's 6.875% senior notes due 2020 to 'B-' from 'B'.  The '3'
recovery rating remains unchanged, indicating S&P's expectation for
meaningful recovery (50%-70%; upper half of the range) of principal
in the event of a payment default.

"The downgrade reflects our reassessment of DreamWorks' business
risk profile to 'vulnerable' from 'weak,'" said Standard & Poor's
credit analyst Naveen Sarma.  The revised assessment reflects
DreamWorks' reduced film slate, which makes the company more
vulnerable to the performance of individual films; its strategic
decision to greatly expand its consumer products business; and its
small scale and volatile profitability, compared with its larger
and more diversified film studio peers'.

DreamWorks is a small independent film studio that specializes in
computer-generated animated films.  The company has positioned
itself as a high-end animation studio producing sophisticated,
high-quality films in a labor- and capital-intensive development
and production cycle.  DreamWorks and the film industry both
benefit from growing international box office revenues that help
cushion a long-term secular decline in U.S. domestic theatrical
revenues.  Over the long term, DreamWorks could benefit from its
efforts to expand its TV and consumer products businesses.  S&P
would view positively the company's shift to diversify into nonfilm
businesses, given the volatility in the film business.

"The stable rating outlook reflects our view that DreamWorks'
liquidity is more than sufficient to meet its cash needs for the
next year," said Mr. Sarma.  "We view a rating change as unlikely
over the next 12 months."

Although unlikely, S&P could lower the rating on the company if it
becomes clear that its 2016 film slate or its television or
consumer products initiatives would underperform S&P's
expectations, such that its liquidity would be "less than adequate"
to meet its operating needs, and cash flow does not become positive
as expected.

S&P views an upgrade as unlikely over the next 12 months because of
the company's limited film slate and negative cash flow generation.
S&P could raise the rating if the company successfully grows its
television and consumer products businesses, such that we would
view its business risk profile as improved to "weak."  S&P could
also upgrade the company if it is able to reduce leverage from the
very high levels, while achieving and sustaining positive free cash
flow.



ERG INTERMEDIATE: Hires DLA Piper as Special Counsel
----------------------------------------------------
ERG Intermediate Holdings, LLC, et al. seek authorization from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
DLA Piper LLP (US) as special counsel, nunc pro tunc to the
April 30, 2015 petition date.

The Debtors require DLA Piper as special counsel with respect to
corporate governance, transactional, and other matters related to
the Sale and any other transactional matter designated by the
Debtors in consultation with Jones Day, the Debtors' proposed
general restructuring counsel, arising during these Chapter 11
cases.

DLA Piper will be paid at these hourly rates:

       Jack Langolis, Partner        $930
       Vincent Slusher, Partner      $780
       Andrew Zollinger, Associate   $650
       Laura Vartivarian, Associate  $605
       Rachel Nanes, Associate       $555
       Taylor Randazzo, Associate    $395
       Sherry Faulkner, Paralegal    $255

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

Prior to the Petition Date, DLA maintained two matters numbers for
the Debtors in connection with the Goldleaf Transaction ("Matter
1"); and the February Sale ("Matter 2").

In connection with Matter 1, DLA incurred a total of $924,621 in
fees and $129,569.86 in expenses for professional services rendered
commencing in or around December 2013 through February 2015. To
date, DLA has been paid a total of $619,095.25 on Matter 1 from the
Debtors.

In connection with Matter 2, DLA incurred a total of $257,489 in
fees and $524.71 in expenses for professional services rendered
from February 2015 to the Petition Date. To date, DLA has been paid
a retainer of $200,000 and a supplemental payment of $50,000 on
Matter 2 from the Debtors.

Accordingly, as of the Petition Date, DLA is owed a total of
$435,095.61 for professional services rendered on Matter 1 and
$8,013.71 for professional services rendered on Matter 2.

Jack Langlois, partner of DLA Piper, 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.

DLA Piper can be reached at:

       Vincent P. Slusher, Esq.
       DLA PIPER LLP (US)
       1717 Main Street, Suite 4600
       Dallas, TX 75201-4629
       Tel: (214) 743-4500
       Fax: (214) 743-4545
       E-mail: vincent.slusher@dlapiper.com

                        About ERG Resources

ERG Resources, LLC, is a privately owned oil & gas producer that
was formed in 1996.  Since 2010, ERG Resources and ERG Operating
Co. have been primarily engaged in the exploration and production
of crude oil and natural gas in the Cat Canyon Field in Santa
Barbara County, California.  ERG Resources owns 19,027 gross lease
acreage in the Cat Canyon Field.  ERG Resources also owns and
operates oil & gas leases representing 683 gross acres of leasehold
located in Liberty County, Texas.  The Company's corporate
headquarters is located in Houston, Texas.  Scott Y. Wood, through
two of his affiliates, owns 100% of the membership units in ERG
Intermediate Holdings LLC, the parent company.

ERG Intermediate Holdings, ERG Resources and three affiliates
sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No.
15-31858) on April 30, 2015, in Dallas, Texas.

The Debtors tapped Jones Day as counsel; DLA Piper as co-counsel;
AP Services, LLC, to provide a CRO; and Epiq Bankruptcy Solutions,
LLC.

ERG Intermediate estimated $100 million to $500 million in assets
and debt.

The U.S. Trustee overseeing the Chapter 11 case of ERG Intermediate
Holdings LLC appointed five creditors of the company to serve on
the official committee of unsecured creditors.


EVERYWARE GLOBAL: Clinton Group No Longer Owns Shares
-----------------------------------------------------
Clinton Group, Inc.; Clinton Magnolia Master Fund, Ltd.; Clinton
Spotlight Master Fund L.P.; and George E. Hall disclosed in a
SCHEDULE 13D (Amendment No. 4) filing with the Securities and
Exchange Commission that as of the close of business on June 2,
2015, they no longer owned any registered equity securities of
EveryWare Global, Inc.

Pursuant to EveryWare Global's Prepackaged Chapter 11 Plan, as
supplemented, which was confirmed by the United States Bankruptcy
Court for the District of Delaware on May 22, 2015, each share of
the Company's preferred stock and common stock and each warrant to
purchase common stock outstanding prior to the Company's emergence
from bankruptcy was canceled on June 2, the Effective Date of the
Company's Plan of reorganization.  

On the Effective Date, 282,255 shares of unvested earnout Founder
Shares of Common Stock held by CMAG were forfeited for no
consideration and the Sponsor Warrants to purchase 2,211,925 shares
of Common Stock held by CMAG were cancelled for no consideration.
It is anticipated that CMAG will receive 12,690 shares of the
Company's new common stock for the remaining 2,635,745 shares of
Common Stock beneficially owned by CMAG on the Effective Date.  

On the Effective Date, SPOT forfeited warrants to purchase 150,000
shares of Common Stock. It is anticipated that SPOT will receive
2,889 shares of the Company's new common stock in exchange for
600,000 shares of Common Stock of the Company held on the Effective
Date.

The shares of the Company's new common stock to be issued to
Clinton et al. Persons represent less than 1% of the outstanding
shares of new common stock.  

On May 13, 2015, the Company filed a Form 15, as amended on May 14,
2015 to terminate the registration of its securities under Section
13(g) of the Securities Exchange Act of 1934, as amended. The
Company's new common stock is not registered under the Securities
Exchange Act of 1934.

Clinton et al. ceased to beneficially own more than 5% of the
Company on June 2, 2015.

                     About EveryWare Global

Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a
marketer of tabletop and food preparation products for the consumer
and foodservice markets, with operations in the United States,
Canada, Mexico and Asia.  The company has more than 1,500 personnel
throughout the United States.  Sales and marketing functions are
managed from executive offices in Lancaster, Ohio, with staff
located in Melville, New York, New York City, and Oneida, New
York.

The primary operating subsidiaries, Oneida Ltd. and Anchor Hocking,
LLC, were founded in 1848 and 1873, respectively.  In 2011,
investment funds affiliated with the Monomoy Capital Partners
completed their acquisition of these companies and, in March 2012,
integrated them under the EveryWare brand.  In May 2013, a merger
was completed where EveryWare became a wholly-owned subsidiary of
ROI Acquisition Corp. ("ROI"), a special purpose acquisition
company sponsored by affiliates of the Clinton Group, Inc., and ROI
was renamed EveryWare Global Inc.

As of Sept. 30, 2014, EveryWare reported assets of $238 million and
liabilities of $380 million.

EveryWare Global, Inc., commenced a Chapter 11 bankruptcy case to
implement a prepackaged financial restructuring that converts $248
million of the long-term debt to 96% of the common stock of the
company post-emergence.  EveryWare Global filed a voluntary Chapter
11 petition (Bankr. D. Del. Case No. 15-10743) on April 7, 2015.
Twelve of its affiliates filed separate Chapter 11 petitions the
next day.  Judge Laurie Selber Silverstein presided over the
cases.

The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy
counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal
North America, LLC, to provide a CRO and Interim VP of Finance; and
Prime Clerk LLC as claims and noticing agent.

                         *     *     *

EveryWare Global, Inc., on May 22, 2015, confirmed the Company's
financial restructuring plan dated April 7, 2015, that, among other
things, will substantially reduce the Company's long-term debt.
The plan, as supplemented, provides for the cancellation of the
Company's existing common stock.  The Company's existing common
stockholders and holders of in-the-money warrants (other than the
Company's prepetition term loan lenders and their affiliates and
certain stockholders affiliated with the Company) will receive cash
equal to $0.06 per existing share of common stock.


FINJAN HOLDINGS: Stockholders Elect Two Directors
-------------------------------------------------
Finjan Holdings, Inc., held its 2015 annual meeting of stockholders
on June 24, 2015, at which the stockholders elected Michael
Eisenberg and Harry Kellogg as Class 3 directors to serve
three-year terms ending at the 2018 annual meeting of stockholders
and until their respective successors are elected and qualified or
until their earlier death, removal or resignation.  The
stockholders also ratified the appointment of Marcum LLP as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2015.

On June 24, 2015, upon the recommendation and approval of the
compensation committee of the board of directors of Finjan, the
Board adopted and approved the Israeli Appendix to the Company's
2014 Incentive Compensation Plan and a form of Israeli Option Award
Agreement for awards made under the Israeli Sub-plan.

The Israeli Sub-plan is intended to enable the Company to grant
options, and issue shares of common stock under Israeli tax laws.
Any person who is employed by the Company or any of its affiliates,
as well as any director, consultant, adviser, service provider or
controlling stockholder of the company or its affiliates that is a
resident of the State of Israel, or deemed to be a resident of the
State of Israel for payment of taxes, is eligible to receive awards
under the Israeli Sub-plan.  Options granted pursuant to Section
102 of the Ordinance may only be granted to employees, officers and
directors of the Company or its affiliates who are otherwise
eligible to receive awards under the 2014 Plan and are considered
Israeli residents for Israeli income tax purposes.  Moreover, 102
Options may only be granted under the Israeli Sub-plan after the
Company has made appropriate filings with the Israeli taxing
authority.  Non-employees and controlling stockholders that are
otherwise eligible to receive awards under the 2014 Plan and the
Israeli Sub-plan may only be awarded options granted pursuant to
Section 3(i) of the Ordinance.

The Company's board of directors may appoint a trustee for the
purposes of the Israeli Sub-plan, in accordance with the
requirements of applicable Israeli law.  The Israeli sub-plan
contains provisions relating to the appointment of such trustee in
connection with options granted pursuant to Section 102 or Section
3(i) of the Ordinance.

Solely for the purpose of determining tax liability pursuant to
Section 102(b)(3) of the Ordinance, if at the date of grant of an
option under the Israeli Sub-plan, the Company's shares are listed
on any established stock exchange or a national market system or if
the Company's shares will be registered for trading within 90 days
following the date of grant of the certain options specified in the
Israeli Sub-plan, the fair market value of the Common Stock at the
date of grant will be determined in accordance with the average
value of the Company's common stocks during the thirty trading days
preceding the date of grant or the thirty trading days following
the date of registration for trading, as the case may be.

                            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 in 2014 following a
net loss of $6.07 million 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.


FIRST DATA: Fitch Assigns 'BB/RR1' Rating on 2022 Sec. Term Loans
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to First Data Corp.'s
(FDC) senior secured term loans due 2022.  FDC's Issuer Default
Rating is 'B' with a Stable Outlook.  At March 31, 2015, the
company had $21 billion in total debt outstanding.

FDC plans to enter into term loan facilities totalling $750 million
consisting of a USD term loan and a Euro term loan. Proceeds are
expected to be used to pay down the 1st lien secured notes due
2019.  The term loan has the same primary leverage covenant as the
revolving credit facility due in June 2020 and other similar
ancillary covenants.

KEY RATING DRIVERS

   -- Leveraged Capital Structure: The rating reflects FDC's highly
leveraged capital structure.  As of March 31, 2015, total and
secured leverage were 8.2x and 5.8x, respectively.  Fitch notes
that leverage has materially declined from 10.6x in 2010 as a
result of debt reduction and EBITDA growth.  Debt reduction was
driven largely by $3.5 billion in equity private placement at First
Data Holdings, Inc. (FDC's direct parent, HoldCo) in July 2014, of
which $2.2 billion was used to pay down debt at FDC (excluding $214
million in call premiums).  Remaining proceeds were used to pay
down the 14.5% PIK notes at HoldCo, which as of December 2014, were
fully redeemed.

   -- Large Operational Scale: The Merchant Solutions business is
characterized by its large scale and global footprint with more
than six million merchants.  Existing merchant relationships and
large distribution platform (alliances and partnerships) reinforce
the company's ability to sustain its market share while providing a
segue to introduce and capitalize on emerging technologies (i.e.
Apple Pay, Clover, EMV, and Mobile Payments).  The Financial
Service business also benefits from this scale and established
relationships with card issuers as well as from long-term contracts
which have high switching costs.

   -- Diversified Customer Base: The customer base is global in
nature and consists primarily of millions of regional and local
merchants and large financial institutions.  Fitch notes, however,
that FDC is exposed to price sensitive merchants within small- and
medium-sized businesses that are more susceptible to down cycles.

   -- Fee Structure Offsets Cyclicality: Revenue has a correlation
with consumer spending, but volatility is subdued due to the
continued adoption of electronic payments, exposure to consumer
staples, pricing model (paid per transaction as well as on a
percentage of transacted amount) in Merchant Solutions, and
contractual nature of fees (based on activity level) in Financial
Services.

   -- Spending Shift: A mix shift in consumer spending patterns
favoring large discount retailers that have more leverage to
negotiate favorable fees has pressured profitability and revenue
growth.  Fitch notes that this is mitigated by increased spending
online that can generate high fees due to the higher risk
associated with the transaction.

   -- Financial Industry Consolidation: Consolidation could pose a
risk for the company, particularly in FDC's Financial Services
segment, as could changes in regulations in FDC's overall business.


   -- Emerging Competition: Despite the high barriers to entry,
this factor could be eroded by the emergence of new payment
technology in the Merchant Solutions segment.  Conversely, the
Financial Services segment has much lower exposure to emerging
competitors due to First Data's strong position in card processing
for large institutions.

KEY ASSUMPTIONS

   -- Fitch assumes revenues will grow in the low- to mid-single
digits over the near term, and that First Data's EBITDA margin will
be relatively stable in the 24% to 25% range.

   -- Fitch believes that primarily through EBITDA growth First
Data's consolidated leverage will decline to approximately 7x by
the end of 2017.

RATING SENSITIVITIES

Positive Trigger: An explicit commitment by management to maintain
leverage at or below 6x (gross leverage) could merit an upgrade
consideration.  Future developments that may lead to positive
rating action include a greater visibility and confidence in the
potential for the company to access the public equity markets with
proceeds used to reduce debt outstanding.

Negative Trigger: The ratings could be downgraded if First Data
were to experience erosion in its market share or if price
compression accelerates due to new competitive threats leading to
sustained EBITDA margins at approximately 20% or below with
negative free cash flow generation.

LIQUIDITY AND DEBT STRUCTURE

Liquidity as of March 31, 2015 consisted of cash of $340 million
(net $43 million excluding $148 million held outside the U.S. and
$149 million held at subsidiaries to fund their respective
operations).  Pro forma for the company's new revolving credit
facility, as of March 31, 2015, FDC's RCF provided an additional
$827 million of liquidity (net of $381 million drawn and $42
million in letters of credit outstanding) that can be called upon.


With respect to the new RCF, in addition to 50 basis points (bps)
reduction in the borrowing spread and reduced commitment fees,
certain amendments were made to reduce incremental facilities,
reduce the restricted payments basket, modify the equity cure
right, reduce the letters of credit sublimit and modify the excess
cash flow sweep.



FIRST NICKEL: Receives TSX Delisting Review Notice
--------------------------------------------------
First Nickel Inc. on June 26 disclosed that it has received notice
from the Toronto Stock Exchange that the TSX is reviewing the
eligibility of the Corporation's common shares for continued
listing on the TSX.

Specifically, the TSX has advised that it is reviewing whether FNI
meets the TSX's continued listing criteria in the following areas:
(i) the Corporation's financial condition and operating results;
(ii) whether the Corporation has adequate working capital and an
appropriate capital structure; and (iii) whether the share price of
FNI's common shares has been so reduced as to not warrant continued
listing.

First Nickel is being reviewed under the TSX's remedial review
process and has been granted 120 days to comply with all
requirements for continued listing.  If the Corporation cannot
demonstrate that it meets all TSX requirements set out in Part VII
of The Toronto Stock Exchange Company Manual on or before October
28, 2015, FNI's common shares will be delisted 30 days from such
date.

First Nickel intends to cooperate fully with the TSX review
process, including with respect to the consideration of listing
alternatives for its common shares.  Any continued listing or
alternate listing of the Corporation's common shares will be
dependent on a number of factors.  In light of the status of First
Nickel's operations under the current nickel price environment,
there can be no assurance that the Corporation will be able to
maintain a listing of its common shares on the TSX, or obtain an
alternate listing on another exchange.

                          About FNI

FNI is a Canadian mining and exploration company.  FNI's mission is
to be the most dynamic North American emerging base metal mining
company in which to work and invest and to be respected in the
communities in which it operates.  FNI owns and operates the
Lockerby Mine in the Sudbury Basin in northern Ontario, which
reached full production during 2013.



FORTESCUE METALS: Bank Debt Trades at 10% Off
---------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Corp. is a borrower traded in the secondary market at 90.05
cents-on-the- dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015, edition of The Wall Street Journal.
This represents a decrease of 0.249 percentage points from the
previous week, The Journal relates. Fortescue Metals Group Corp.
pays 275 basis points above LIBOR to borrow under the facility. The
bank loan matures on June 13, 2019, and carries Moody's Ba1 rating
and Standard & Poor's BB+ rating.  The loan is one of the biggest
gainers and losers among 257 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended June 19.



FRAC TECH: Bank Debt Trades at 16% Off
--------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd. is a borrower traded in the secondary market at 83.57
cents-on-the- dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015, edition of The Wall Street Journal.
This represents an decrease of 0.29 percentage points from the
previous week, The Journal relates. Frac Tech Services Ltd. pays
475 basis points above LIBOR to borrow under the facility.  The
bank loan matures on April 3, 2021, and carries Moody's Caa2 rating
and Standard & Poor's CCC+ rating.  The loan is one of the biggest
gainers and losers among 257 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended June 19.



FREESEAS INC: Effects Reverse Common Stock Split
------------------------------------------------
FreeSeas Inc. announced that the Company's Amended and Restated
Articles of Incorporation are being amended to effect a reverse
stock split of the Company's issued and outstanding common stock at
a ratio of one new share for every 50 shares currently
outstanding.

The Company anticipates that its common stock will begin trading on
a split-adjusted basis when the market opens on June 26, 2015.
FreeSeas' common stock will continue to trade under the symbol
"FREE."  The common shares will also trade under a new CUSIP number
Y26496193.

The reverse stock split will consolidate 50 shares of common stock
into one share of common stock at a par value of $.001 per share.
The reverse stock split will not affect any shareholder's ownership
percentage of FreeSeas' common shares, except to the limited extent
that the reverse stock split would result in any shareholder owning
a fractional share.  Fractional shares of common stock will be
rounded up to the nearest whole share.

After the reverse stock split takes effect, shareholders holding
physical share certificates will receive instructions from American
Stock Transfer and Trust Company LLC, the Company's exchange agent,
regarding the process for exchanging their shares.

                        About FreeSeas Inc.

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

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

Freeseas reported a net loss of $12.7 million in 2014, a net loss
of $48.7 million in 2013 and a net loss of $30.9 million in 2012.

As of Dec. 31, 2014, the Company had $64.25 million in total
assets, $39.2 million in total liabilities and $25 million total
shareholders' equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company has incurred recurring operating
losses and has a working capital deficiency.  In addition, the
Company has failed to meet scheduled payment obligations under its
loan facilities and has not complied with certain covenants
included in its loan agreements.  Furthermore, the vast majority of
the Company's assets are considered to be highly illiquid and if
the Company were forced to liquidate, the amount realized by the
Company could be substantially lower that the carrying value of
these assets.  Also, the Company has disclosed alternative methods
of testing the carrying value of its vessels for purposes of
testing for impairment during the year ended December 31, 2014.
These conditions among others raise substantial doubt about the
Company's ability to continue as a going concern.


GENE CHARLES: Court Denies Motion to Sell West Lake Building
------------------------------------------------------------
The Hon. Patrick M. Flatley of the U.S. Bankruptcy Court for the
Northern District of West Virginia denied Gene Charles Valentine
Trust's motion for order authorizing the sale of its the office
building located at 4510 East Thousand Oaks Boulevard, in West Lake
Village, California 91361.

The Court denied the sale motion because the Court no longer has
jurisdiction to approve the sale.  Since a Chapter 11 plan has been
confirmed and the assets of the Debtor have revested into the
Debtor, the Debtor need not seek court approval of the sale.

The Debtor filed the sale motion on April 14, 2015.  The Debtor
also sought court order compelling Special Servicer CIII to produce
loan statements, an account reconciliation, loan payoff detail and
other related relief under Confirmed Plan.  On Feb. 4, 2015, the
Debtor entered into an agreement for the sale of the West Lake
Building for a substantial purchase price with a certain buyer,
well over the amount asserted on U.S. Bank National Association's
proof of claim.  The West Lake Building has been listed for sale
for more than two years by broker Michael Slater of CBRE.  

On April 24, 2015, U.S. Bank, as trustee for the registered holders
of Morgan Stanley Capital I Inc., Commercial Pass-Through
Certificates, Series 2006-TOP21, by and through CIII Asset
Management, LLC, solely in its capacity as special servicer for
U.S. Bank, objected the sale, saying, "This is not the first time
the Reorganized Debtor has filed papers in the Court seeking in
essence to modify the Plan and Confirmation in order to avoid its
contractual responsibilities.  The relief sought in the Motion is
nothing more than an attempt by the Reorganized Debtor to avoid
default interest and other charges contractually due under the West
Lake loan documents by focusing on unsupported allegations of
misconduct of C-III that occurred post-confirmation, after
substantial consummation of the Plan and over which the Court
has no jurisdiction."

CIII Asset stated in its objection that the relief sought by the
Debtor in the sale motion should be denied because, among other
things: (a) the Court does not have subject matter jurisdiction to
hear the motion since the West Lake property vested in the Debtor
upon the effective date of the Plan and is no longer property of
the Chapter 11 bankruptcy estate, and (b) even if the Court should
have jurisdiction to approve the sale of the West Lake property
under the title 11 of the United States Code, it cannot effectuate
a sale of the property so since the Debtor only owns an undivided
one-half interest in the West Lake property with the John N.
Valentine Living Trust, a party over which the Court clearly has no
jurisdiction.

CIII Asset is represented by:

      Bernstein-Burkley, P.C.
      Arch W. Riley, Jr., Esq.
      Post Office Box 430
      Wheeling, WV 26003-0009
      Tel: (304) 215-1177
      Fax: (412) 456-8135
      E-mail: ARiley@bernsteinlaw.com

                   About Gene Charles Valentine

A business trust created by investment advisor and broker-dealer
agent Gene Charles Valentine sought Chapter 11 bankruptcy
protection (Bankr. N.D. W.Va. Case No. 12-01078) in Wheeling, West
Virginia on Aug. 9, 2012.  The Gene Charles Valentine Trust owns
commercial and real estate properties in West Virginia, the
Financial West Group, the Peace Point Equestrian Center and the
Aspen Manor.  The Debtor disclosed in its schedules $34,101,393 in
total assets and $22,623,554 in total liabilities.

Financial West Investment Group, Inc., doing business as Financial
West Group -- http://www.fwg.com/-- is a firm with more than 340  
registered representatives supervised by 44 Offices of Supervisory
Jurisdiction throughout the United States.  Financial West Group
is a FINRA, and SIPC member and SEC Registered Investment Advisor
(over $1 billion under control) that offers a full range of
financial products and services.  Its corporate office 32 member
staff is dedicated to providing registered representatives quality
service and technology to allow them to focus on best servicing
their investors needs.

Aspen Manor -- http://www.aspenmanorresort-- is a resort that  
claims to be the "The Jewel of the Ohio Valley."  Along with its
architectural artistry, including hand-carved ceilings, the Manor
is filled will original art, statues, historic furniture and
artifacts.

Bankruptcy Judge Patrick M. Flatley oversees the case.  The Trust
hired Mazur Kraemer Law Inc., in Weirton, W.V., as lead and local
bankruptcy counsel.  Weir & Parners LLP, in Philadelphia, serves
as co-counsel.

The Debtor on August 2, 2013 won confirmation of its Plan, which
was declared effective Aug. 27, 2013.


GENIUS BRANDS: Appoints Michael Handelman as New CFO
----------------------------------------------------
The Board of Directors of Genius Brands International, Inc.,
appointed Michael D. Handelman CPA as its new chief financial
officer effective June 26, 2015, according to a document filed with
the Securities and Exchange Commission.

Rebecca Hershinger had resigned from her position as chief
financial officer of the Company.  Her resignation was not a result
of any disagreement with the Company or its management regarding
any matters relating to the Company's operations, policies or
practices.

Mr. Handelman, age 56, has over 20 years of experience as a chief
financial officer.  From 2011 to 2015, Mr. Handelman was chief
financial officer of Lion Biotechnologies, Inc., a public
biopharmaceutical company located in Los Angeles, California,
focused on the development and commercialization of novel cancer
immunotherapy products.  At Lion Biotechnologies, Inc., he was
responsible for management of operations relating to all financial
and fiscal aspects of the company.  Mr. Handelman is a certified
public accountant and holds a degree in accounting from the City
University of New York.

Mr. Handelman will serve for an initial term of one year, subject
to renewal.  Mr. Handelman will be paid an aggregate of $60,000 for
his services, plus reimbursement of certain out-of-pocket expenses.
Mr. Handelman will receive additional payments based on an hourly
rate for services that are outside the scope of his engagement.

                        About Genius Brands

Beverly Hills, 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.

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.


GLOBALSTAR INC: Issues 13.9M Common Shares to Terrapin & Hughes
---------------------------------------------------------------
Terrapin Opportunity, L.P., purchased 6,562,398 shares of
Globalstar, Inc.'s voting common stock under a Common Stock
Purchase Agreement for an aggregate purchase price of $14 million,
which constituted the remaining amount available under the Purchase
Agreement.

Globalstar entered into the Purchase Agreement dated as of Dec. 28,
2012, with Terrapin pursuant to which the Company may, subject to
certain conditions, require Terrapin to purchase up to $30 million
of shares of its voting common stock over the 24-month term.

As previously disclosed in the Company's quarterly report on Form
10-Q for the quarter ended March 31, 2015, Hughes elected an option
to accept a pre-payment of approximately $15.5 million of
Globalstar's remaining contract milestones in Globalstar voting
common stock at a 7% discount in lieu of cash.  On June 19, 2015,
Globalstar issued 7,382,356 shares of its voting common stock to
Hughes pursuant to this agreement.  

The issuances of the shares of voting common stock to Terrapin and
Hughes are exempt from registration under the Securities Act of
1933, as amended, pursuant to the exemption for transactions by an
issuer not involving any public offering under Section 4(a)(2) of
the Securities Act.  These shares have been registered for resale
under effective registration statements.

                       About Globalstar, Inc.

Globalstar is a leading provider of mobile satellite voice and
data services.  Globalstar offers these services to commercial and
recreational users in more than 120 countries around the world.
The company's products include mobile and fixed satellite
telephones, simplex and duplex satellite data modems and flexible
service packages.  Many land based and maritime industries benefit
from Globalstar with increased productivity from remote areas
beyond cellular and landline service.  Globalstar customer
segments include: oil and gas, government, mining, forestry,
commercial fishing, utilities, military, transportation, heavy
construction, emergency preparedness, and business continuity as
well as individual recreational users.  Globalstar data solutions
are ideal for various asset and personal tracking, data monitoring
and SCADA applications.

Globalstar reported a net loss of $463 million in 2014, a net loss
of $591 million in 2013 and a net loss of $112.19 million in 2012.

As of March 31, 2015, the Company had $1.25 billion in total
assets, $1.29 billion in total liabilities, and a $39.6 million
total stockholders' deficit.


GREAT HANDS: Case Summary & 15 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Great Hands, Inc.
           dba Physical Therapy & Sports Assessment Ctr
        8380 Colesville Rd., Ste. 200
        Silver Spring, MD 20910

Case No.: 15-18996

Nature of Business: Health Care

Chapter 11 Petition Date: June 25, 2015

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Judge: Hon. Thomas J. Catliota

Debtor's Counsel: Jonathan P. Morgan, Esq.
                  MORGAN ROSE, LLC
                  416 Hungerford Drive, Suite 233
                  Rockville, MD 20850
                  Tel: (301) 838-2010
                  Fax: (301) 738-7193
                  Email: jon@morganroselaw.com

Total Assets: $1.2 million

Total Liabilities: $1.9 million

The petition was signed by Edward Lee, president.

A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mdb15-18996.pdf


H.J. HEINZ: Fitch Raises Issuer Default Rating From 'BB-'
---------------------------------------------------------
Fitch Ratings has upgraded and removed H.J. Heinz Company and its
subsidiaries' ratings from Rating Watch Positive and taken the
rating actions outlined below.  The Rating Outlook is Stable. These
rating actions reflect the refinancing related to the merger of
Kraft Foods Group (Kraft) and H.J. Heinz Company to form The Kraft
Heinz Company (Kraft Heinz) in a stock and cash transaction. The
definitive agreement was announced on March 25, 2015 and Fitch
estimates that the deal will close shortly after the Kraft
shareholders' vote on July 1, 2015, as key regulatory approvals
have been received.

Kraft shareholders will own 49% and Heinz shareholders, primarily
3G Capital (3G) and Berkshire Hathaway (Berkshire), will own 51% of
the combined entity.  In addition, Kraft's shareholders will
receive a cash payment of $16.50 per share, or roughly $10 billion,
funded by 3G and Berkshire.  The combined debt level post-merger is
expected to be approximately $33 billion, factoring 100% debt for
$8 billion in preferred stock.

Fitch has upgraded these:

H.J. Heinz Holding Corp. (to be renamed Kraft Heinz Company)
(Parent)

   -- Long-term Issuer Default Rating (IDR) to 'BBB-' from 'BB-'.

H.J. Heinz Co. (to be renamed Kraft Heinz Foods Company)

   -- Long-term IDR to 'BBB-' from 'BB-';
   -- $1.2 billion second-lien secured notes due Feb. 2025 to
      'BBB' from 'BB';
   -- $430 million senior unsecured notes to 'BBB-' from 'BB-'.

H.J. Heinz Finance Co. (debt moving to Kraft Heinz Foods Company)

   -- $1.5 billion senior unsecured notes to 'BBB-'from 'BB-'.

H.J. Heinz Finance UK Plc.

   -- 125 GBP 6.25% second lien secured notes due Feb. 2030 to
'BBB' from 'BB'.

Concurrently, Fitch has assigned the following ratings to Kraft
Foods Group, Inc.'s existing debt which will be rolled over under
the Kraft Heinz Foods Company:

   -- $8.6 billion senior unsecured notes at 'BBB-'

Fitch has also assigned these ratings:

H.J. Heinz Co. (to be renamed Kraft Heinz Foods Company):

   -- $4 billion new unsecured credit facility due 2020 at 'BBB-';
   -- $600 million new unsecured term loan due 2022 at 'BBB-';
   -- $11.5 billion unsecured notes (US$10 billion, EUR750 million,
GBP400 million) at 'BBB-'.

Kraft Canada (operating subsidiary):

   -- Long-term Issuer Default Rating (IDR) at 'BBB-';
   -- CAD1 billion unsecured notes at 'BBB-'.

The Rating Outlook is Stable.

Kraft Heinz will use proceeds from new debt issuance to pay down
approximately $10.3 billion of H.J. Heinz Co.'s first lien term
loans and second lien notes (including $3.1 billion due 2020 and
$800 million due 2025).  As a result, Fitch has withdrawn its
ratings on the following debt:

   -- $2.0 billion 1st lien secured revolving credit facility
      rated 'BB+';

   -- $6.4 billion 1st lien secured term loans due June 2019 and
      June 2020 rated 'BB+';

   -- $3.1 billion second-lien secured notes due Oct. 2020 rated
      'BB';

KEY RATING DRIVERS:

Low Investment-Grade Credit Profile: Fitch estimates that initial
pro forma debt/EBITDA leverage for Kraft Heinz will be close to 5x,
based on total pro forma debt of $33 billion and EBITDA of
approximately $6.7 billion.  Pro forma debt factors in the $8
billion preferred stock (owned by Berkshire Hathaway) as 100% debt,
since Kraft Heinz expects to refinance it with debt at the first
call date in June 2016.  Replacing the 9% preferred stock with
lower cost debt is projected to result in $450 million to $500
million annual cash savings (assuming the tax benefit of issuing
debt) relative to the current $720 million annual preferred
dividend.

Fitch estimates that leverage will trend towards the mid-3x range
by the end of 2017 due to a combination of $2 billion of expected
debt reduction and realizing a substantial portion of the targeted
$1.5 billion in annual synergies.  The company expects to achieve
both COGS and SG&A synergies through fixed cost and overhead
reduction, rationalizing the manufacturing footprint, and realizing
procurement savings on increased scale.  Fitch anticipates total
cash costs to realize these cost savings at approximately $2
billion.

Strong Owner/Operators: The ratings incorporate significant
qualitative benefits from the company's majority owners, 3G and
Berkshire.  Both have financial strength and are proven operators.
3G has increased operating profitability substantially and
delevered acquired firms including Heinz, Restaurant Brands
International, Inc. (formerly Burger King) and Anheuser Busch InBev
NV/SA (Fitch IDR 'A'/Outlook Stable).  Heinz's total debt to EBITDA
for the 12 months ended Dec. 28, 2014 was 6.2x (factoring 50%
equity credit for the $8 billion preferred stock), down
substantially from 8.9x in 2013 (3G and Berkshire had acquired the
company in June 2013).  The improvement was driven by more than $1
billion in debt repayment and a 35% EBITDA increase due to lower
overhead and manufacturing costs.

Improved Debt Structure: Kraft Heinz plans to refinance $10.3
billion of Heinz's existing secured debt (and the $8 billion
preferred stock in 2016) with lower-cost unsecured debt.  Fitch
estimates that $1.2 billion in Heinz' $2 billion second-lien notes
due in 2025, its GBP125 million second-lien notes, and
approximately $1.9 billion unsecured debt will remain outstanding,
as well as Kraft's $8.6 billion debt.

Significant Free Cash Flow (FCF) and Deleveraging: Fitch estimates
that initially, FCF will be impacted heavily by merger and
restructuring costs, as was the case in the Heinz deal two years
ago.  However, FCF should then strengthen to allow debt repayment
in the $2 billion range by the end of 2017.  FCF will also be
impacted by the company's decision to maintain Kraft's current
dividend per share on a share base that will almost double,
resulting in a pro forma annual dividend of approximately $2.7
billion, and growing thereafter.  Refraining from share repurchases
over a two-year period supports the company's commitment to debt
reduction.  Meaningful working capital improvement opportunities
are also expected to contribute to FCF generation.

Increased Size and Diversification, but Heavy Exposure to Mature
North American Market: The company will generate approximately $29
billion of combined annual revenue.  The portfolio will include
eight $1 billion-plus brands and many other large and well-known
household brands.  In the near term, Kraft Heinz will be heavily
exposed to the mature, highly competitive NA market which makes up
about 76% of sales.  Fitch believes this exposure puts significant
pressure on the top line and could result in low single-digit
organic volume declines that could potentially offset some of the
benefits from cost synergies.

Longer-term, the company should benefit from revenue synergies
resulting from greater international growth as Kraft products can
be distributed on Heinz's international networks.  Heinz generates
about 60% of its sales outside the U.S., with emerging markets
comprising approximately 25% of the firm's $11 billion annual
revenue.  However, Heinz' top line weakness remains a concern for
Fitch.  The weak top line has been pressured by soft category
trends in U.S. frozen foods as well as the company's intentional
pruning of lower margin products, with volume declines partially
offset by price increases.

KEY ASSUMPTIONS:

   -- Fitch estimates initial pro forma leverage (total debt-to-
      EBITDA) at almost 5.0x based on pro forma debt of $33
      billion and EBITDA of $6.7 billion.

   -- Fitch estimates that leverage will trend towards the mid-3x
      range by the end of 2017 due to a combination of $2 billion
      of expected debt reduction and realizing a substantial
      portion of the targeted $1.5 billion in annual synergies.

   -- No net share repurchases for the first two years post-
      transaction.

   -- Cash cost to achieve synergies estimated at approximately $2

      billion.

   -- Meaningful working capital improvement also supports the
      achievability of debt reduction.

   -- Approximately $2.7 billion initial annual dividend, growing
      moderately over forecast period.

RATING SENSITIVITIES

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

   -- Sustained weak operating trends due to continued weakness in

      top line growth and potential market share loss in major
      categories; slow progress or inability to achieve targeted
      cost synergies, leading to insufficient FCF or cash on hand
      to pay down debt, which results in total debt to EBITDA
      sustaining around the 4.0x range at the end of 2017.

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

   -- A positive rating action is not anticipated in the near- to
      intermediate-term due to the company's increased leverage
      post the transaction.

   -- Over the long term, a positive rating action could be
      supported by consistent positive organic volume growth,
      substantial and growing FCF generation, along with
      meaningful debt reduction that takes leverage down to the
      low-3x range.



HAMILTON SUNDSTRAND: Bank Debt Trades at 3% Off
-----------------------------------------------
Participations in a syndicated loan under which Hamilton
Sundstrand Industrial is a borrower traded in the secondary market
at 96.73 cents-on-the-dollar during the week ended Friday,
June 19, 2015 according to data compiled by LSTA/Thomson Reuters
MTM Pricing and reported in the June 25, 2015, edition of The Wall
Street Journal. This represents an increase of 0.27 percentage
points from the previous week, The Journal relates.  Hamilton
Sundstrand Industrial pays 300 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Dec. 10, 2019, and
carries Moody's B1 rating and Standard & Poor's B+ rating.  The
loan is one of the biggest gainers and losers among 257 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended June 19.



HIGH RIDGE: US Trustee Objects to Hiring of Bayshore as Banker
--------------------------------------------------------------
Guy G. Gebhardt, acting U.S. Trustee for Region 21, filed an
objection with the U.S. Bankruptcy Court for the Southern District
of Florida to the joint application by debtors High Ridge
Management Corp., et al., and the Official Unsecured Creditors'
Committee to employ Steven Zuckerman and Bayshore Partners, LLC as
investment banker.

The U.S. Trustee recognizes that the Selling Debtors' estates could
certainly benefit from the services of Bayshore in generating
additional potential purchasers for the Assets, and welcomes the
efforts of Bayshore in assisting in the maximization of the
potential recovery for creditors.  However, the U.S. Trustee
observed, there is no indication that the three prospective
purchasers who have appeared in this case as of May 12, 2015 --
Original Bidders -- were introduced in the sale process through the
efforts of Bayshore, and there has been no suggestion that
Bayshore's efforts led to the increase in the purchase price that
was observed on May 12.

The U.S. Trustee submits that the proposed terms of the Bayshore
retention are not reasonable pursuant to Sections 328 and 330 of
the Bankruptcy Code.  The retention motion should be denied, it
said.

The Committee and the Selling Debtors proposed that Bayshore assist
the Selling Debtors' estates with the merger and/or acquisition
Transactions, financial restructuring, recapitalization or
reorganization, specifically:

   (a) assist the Selling Debtors and Committee in evaluating the
       strategic options with respect to a recapitalization or
       sale of the Selling Debtors' business in the context of
       either a Chapter 11 Plan or a Section 363 transaction;

   (b) assist in preparing abbreviated marketing materials
       describing the Selling Debtors' business, strategy, market
       position, growth opportunities, and historical and
       projected financial information;

   (c) solicit and evaluate proposals from potential parties to a
       recapitalization and/or sale transaction;

   (d) coordinate gathering of due diligence materials to be
       provided to selected potential parties to a transaction;

   (e) assist, as requested, with negotiations with key creditor
       constituents regarding the Selling Debtors'
       recapitalization activities and a potential transaction;

   (f) assist in the facilitation of the auction to be conducted
       on June 24, 2015;

   (g) assist in the negotiation, documentation and consummation
       of one or more transactions; and

   (h) providing testimony as appropriate in connection with a
       transaction.

As compensation for the services rendered by Bayshore, the Selling
Debtors' estates propose to pay Bayshore as follows:

   (a) Monthly Advisory Fee: Waived if a Transaction is closed by
       August 15, 2015. To the extent a Transaction is not closed
       prior to August 15, 2015 and Bayshore continues to provide
       services at the Committee or Selling Debtors' request, the
       Selling Debtors' estates shall pay and Bayshore shall earn
       a monthly advisory fee of $25,000 (prorated for any partial

       month period), with the first payment due and payable
       commencing on August 15, 2015, plus

   (b) Transaction Fee: A nonrefundable cash fee (the "Transaction

       Fee") deemed earned upon the closing of a Transaction, and
       payable immediately and directly from the proceeds of such
       Transaction, as a necessary and reasonable cost of such
       Transaction, equal to the following:

       - a flat fee of $75,000 for a Transaction up to $18
         million in Consideration2 as contemplated by the stalking

         horse purchase agreement with High Ridge Management Corp.

         and Hollywood Hills Rehabilitation Center, LLC (the
         "Stalking Horse Bid"); plus

       - 7.5 % of all Consideration in excess of the Stalking
         Horse Bid up to $2 million, plus

       - 10% of all Consideration in excess of $2 million above
         the Stalking Horse Bid.
  
   (c) Except for compensation which is payable to Bayshore in
       respect of Consideration which is contingent upon the
       occurrence of some future event (e.g., the realization
       of earnings projections), compensation payable to Bayshore
       shall be paid by the Selling Debtors' estates to Bayshore
       in wired funds at Closing, as a condition of such Closing.
       With respect to compensation payable to Bayshore in respect

       of contingent Consideration, such compensation shall be
       paid by the Selling Debtors to Bayshore at the time that
       the amount of such Consideration can be determined. The
       Transaction Fee is subject to Court approval under Section
       328(a) of the Bankruptcy Code, however, Bayshore shall not
       be required to maintain time records or file fee
       applications with the Court.

   (d) reimbursable Expenses. In addition to any fees payable to
       Bayshore, and regardless of whether a Transaction is
       consummated, the Selling Debtors' estates shall reimburse
       Bayshore for its out-of-pocket and incidental expenses
       incurred in connection with its engagement, including the
       fees and expenses of its legal counsel and those of any
       advisor retained by Bayshore, which expenses shall be
       capped at $7,500, in the aggregate.

The Trustee is represented by:

       Zana M. Scarlett, Esq.
       U.S. Trustee's Office
       51 SW 1st Ave., Rm. 1204
       Miami, FL 33130
       Fax: (305) 536-7360

Bayshore can be reached at:

       Steven Zuckerman
       BAYSHORE PARTNERS, LLC
       401 E. Las Olas Boulevard, Suite 2360
       Fort Lauderdale, FL 33301
       Tel: (954) 358-3800
       Fax: (954) 358-3838

                      About High Ridge

High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills
Rehabilitation Center LLC, sought for Chapter 11 protection (Bankr.
S.D. Fla. Lead Case No. 15-16388) on April 8, 2015.

High Ridge is the landlord of Pavilion and Hollywood Hills.  High
Ridge is the 100 percent owner of the membership interests in
Hollywood Hills and Pavilion.  Prior to Jan. 14, 2014, when a
receiver was appointed, High Ridge managed the operations for
Pavilion and Hollywood Hills.

The Hon. John K. Olson presides over the jointly administered
cases.  Timothy R Bow, Esq., and Grace E. Robson, Esq., at
Markowitz Ringel Trusty + Hartog, P.A., in Fort Lauderdale,
Florida, serve as the Debtors' counsel.


HOSPITAL ACQUISITION: S&P Alters Outlook to Stable & Affirms B- CCR
-------------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Hospital Acquisition LLC (d/b/a LCI Holding Co. LLC) to stable from
positive.  At the same time, S&P affirmed the 'B-' corporate credit
rating.

"The outlook revision reflects approaching headwinds and
uncertainty from the adverse change in patient eligibility criteria
for LTAC services under Medicare at the higher LTAC-specific rate,
and our belief that a higher rating is unlikely over the next 12
months," said Standard & Poor's credit analyst David Kaplan.  Given
the company's reporting cycle with CMS, this change in
reimbursement only begins late in 2016.  S&P's base-case scenario
now assumes EBITDA will decline modestly in 2016, followed by a
more significant decline in 2017, leaving adjusted leverage that is
sustained above 5x.  Despite these headwinds, S&P expects the
company to continue to generate free cash flow through the
challenges ahead and believe the company's capital structure is
sustainable.

The stable outlook reflects S&P's expectation that Hospital
Acquisition will incur material revenue declines and margin erosion
in 2017, but be able to absorb the impact of the upcoming changes
in Medicare reimbursement and still generate material free cash
flow annually over the next few years.

S&P could lower the rating if the company cannot limit the impact
of expected revenue and margin declines in 2017.  This could lead
to the company's capital structure becoming unsustainable.  Such a
scenario could occur if EBITDA falls 30% below our base-case
expectations.

While unlikely, S&P could consider a higher rating if the company
is able to take steps to overcome the difficult reimbursement
environment and reduce leverage below 5x, or if the company adds
meaningful diversity to its business model, which could lead S&P to
revise the business risk assessment to "weak".



HYDROCARB ENERGY: KBM Reports 9.9% Stake as of June 26
------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, KBM Worldwide, Inc. disclosed that as of June 26, 2015,
it beneficially owned 2,126,779 shares of common stock of Hydrocarb
Energy Corp., which represents 9.99 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/EGrWZL

                       About Hydrocarb Energy

Hydrocarb Energy, formerly known as Duma Energy Corp, is a
publicly-traded Domestic and International energy exploration and
production company targeting major under-explored oil and gas
projects in emerging, highly prospective regions of the world.
With exploration concessions in Africa, production in Galveston
Bay and Oil Field Services in the United Arab Emirates, the
Company maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia.

Hydrocarb Energy reported a net loss of $6.55 million on $5.06
million of revenues for the year ended July 31, 2014, compared to
a net loss of $37.5 million on $7.07 million of revenues for the
year ended July 31, 2013.

As of April 30, 2015, the Company had $27.6 million in total
assets, $24.2 million in total liabilities and $3.4 million in
total equity.

"A decline in the price of our common stock could result in a
reduction in the liquidity of our common stock and a reduction in
our ability to raise additional capital for our operations.
Because our operations to date have been largely financed through
the sale of equity securities, a decline in the price of our
common stock could have an adverse effect upon our liquidity and
our continued operations.  A reduction in our ability to raise
equity capital in the future could have a material adverse effect
upon our business plan and operations, including our ability to
continue our current operations," the Company stated in its
annual report for the year ended July 31, 2014.


IAC/INTERACTIVECORP: IPO No Impact on Moody's 'Ba1' CFR
-------------------------------------------------------
Moody's Investors Service said IAC/InterActiveCorp's Ba1 Corporate
Family Rating (CFR), long-term debt ratings (Liberty Bonds at Baa3;
Senior Unsecured Notes at Ba1), SGL-1 Speculative Grade Liquidity
Rating and stable outlook are not immediately impacted by the
company's plan to pursue an initial public offering (IPO) of The
Match Group, a subsidiary that comprises IAC's online dating
websites (Match.com. Tinder and OkCupid) and non-dating
subscription businesses.

IAC/InterActiveCorp is a leading media and online company that owns
more than 150 Internet-based brands and products including: Ask.com
(search engine); About.com, Dictionary.com, Investopedia.com
(online content and reference libraries), Ask.fm (social) and
Apalon (mobile applications); The Match Group ("Match") (online
dating and non-dating, including DailyBurn, Tutor.com and The
Princeton Review); HomeAdvisor, Shoebuy (e-commerce); Vimeo
(media); and several other consumer-related applications and
portals.



INTEGRATED FREIGHT: Posts $330,000 Net Loss in Dec. 31 Quarter
--------------------------------------------------------------
Integrated Freight Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $330,000 on $4.70 million of revenue for the three
months ended Dec. 31, 2014, compared with a net loss of $583,000 on
$5.20 million of revenue for the same period in 2013.

For the nine months ended Dec. 31, 2014, the Company reported a net
loss of $60,900 on $14.7 million of revenue compared to a net loss
of $857,000 on $15.6 million of revenue for the nine months ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $4.30 million in total assets,
$16.7 million in total liabilities, and a $12.4 million total
stockholders' deficit.

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

                       http://is.gd/NQfhUE

                      About Integrated Freight

Integrated Freight Corporation, formerly PlanGraphics, Inc., (OTC
BB: IFCR) -- http://www.integrated-freight.com/-- is a Sarasota,
Florida headquartered motor freight company providing long-haul,
regional and local service to its customers.  The Company
specializes in dry freight, refrigerated freight and haz-waste
truckload services, operating primarily in well-established
traffic lanes in the upper mid-West, Texas, California and the
Atlantic seaboard.  IFCR was formed for the purpose of acquiring
and consolidating operating motor freight companies.

Integrated Freight reported a net loss of $1.43 million on $20.2
million of revenue for the year ended March 31, 2014, compared with
net income of $4.81 million on $20.1 million of revenue for the
year ended March 31, 2013.

DKM Certified Public Accountants, in Clearwater, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2014, citing that the
Company has significant net losses and cash flow deficiencies.
Those conditions raise substantial doubt about the Company's
ability to continue as a going concern.


ISTAR FINANCIAL: Tender Offer Commenced June 26
-----------------------------------------------
iStar Financial, Inc. filed a second amendment to its tender offer
statement on Schedule TO relating to an offer by the Company to all
holders of shares of its High Performance Common Stock-Series 1,
High Performance Common Stock-Series 2 and High Performance Common
Stock-Series 3 to receive: (i) the Stock Consideration, (ii) the
Cash Consideration or (iii) a combination of the Stock
Consideration and the Cash Consideration in exchange for HPU Shares
tendered by the holders thereof.  The offer commenced on June 26,
2015.

The "Stock Consideration" is the number of shares of the Company's
common stock, par value $0.001 per share, equal to the product of:
(i) the aggregate number of Common Stock Equivalents that are
attributable to the HPU Shares tendered in the Offer by a holder of
HPU Shares, multiplied by (ii) 0.565371, which represents $8.00 of
Shares based on the last reported sale price for the Shares on the
New York Stock Exchange on June 11, 2015 (which was $14.15).

"Cash Consideration" is the amount of cash equal to the product of:
(i) the aggregate number of Common Stock Equivalents that are
attributable to the HPU Shares that you tender in the Offer,
multiplied by (ii) $8.00.

A full-text copy of Offer to Exchange Letter dated June 26, 2015,
is available for free at http://is.gd/oUxHvo

                      About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

iStar Financial reported a net loss allocable to common
shareholders of $33.72 million in 2014, a net loss allocable to
common shareholders of $155.76 million in 2013 and a net loss
allocable to common shareholders of $272.99 million in 2012.

As of March 31, 2015, the Company had $5.65 billion in total
assets, $4.41 billion in total liabilities, $13.2 million in
redeemable noncontrolling interests, and $1.21 billion in total
equity.

                            *     *     *

As reported by the TCR on June 26, 2014, Fitch Ratings had
affirmed the Issuer Default Rating (IDR) of iStar Financial
at 'B'.  The 'B' IDR is driven by improvements in the company's
leverage, continued demonstrated access to the capital markets and
new sources of growth capital and material reductions in non-
performing loans (NPLs).

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to 'B2' from 'B3'.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


ITUS CORP: Effects a 1-for-25 Reverse Stock Split
-------------------------------------------------
ITUS Corporation announced that effective at 9:00 a.m. Eastern
Standard Time on Friday, June 26, 2015, the company implemented a 1
for 25 reverse stock split of its common shares.  

The company's common stock began trading on a post-reverse stock
split basis on the OTCQB under the temporary symbol "ITUSD"
effective with the open of business on June 26, 2015.  The
company's shareholders approved implementation of a reverse stock
split on Aug. 8, 2014, and the company's board of directors has
determined to take such action to help the company become eligible
for listing on The NASDAQ Stock Market.

Robert Berman, ITUS's president and CEO, stated, "The excessively
large number of outstanding ITUS shares has been an ongoing concern
raised by investors and others in the financial community.  With
the announcement of our new business direction and the launch of
exciting initiatives such as Anixa, our cancer diagnostics
subsidiary, the timing is right to clean up the capital structure
of the company as we complete our transformation and position the
company for long term success."

As a result of the reverse stock split, every 25 shares of ITUS's
issued and outstanding shares of common stock will be automatically
converted into one share of common stock.  Any fractional shares
resulting from the reverse stock split will be rounded up to the
nearest whole share.  Additionally, as a result of the reverse
stock split the number of shares of ITUS's common stock and
preferred stock authorized under our Certificate of Incorporation,
as amended, will be decreased by the same proportion as the
outstanding shares of common stock.

The reverse stock split will reduce the number of ITUS's issued and
outstanding common stock from approximately 219 million shares,
pre-reverse stock split, to approximately 8.8 million shares,
post-reverse stock split.  In most instances, the only way to
obtain new ITUS share certificates will be to physically exchange
old share certificates.  To facilitate a smooth transition, the
Company recommends that shareholders first obtain possession of
their physical stock certificates.  If necessary, shareholders
should request those certificates from their brokers, if they have
not already done so.  Shareholders will receive detailed
instructions for obtaining new share certificates from the
company's transfer agent within the next 6 weeks, and instructions
will also be made available in the "Investor" section of the ITUS
Web site.  A new CUSIP number of 45069V203 will replace the
pre-reverse split CUSIP number of 45069V104 to distinguish between
the company's pre- and post-reverse split shares of common stock.

                       About ITUS Corporation

ITUS Corp. -- http://www.ITUScorp.com/-- develops and acquires
patented technologies for the purposes of patent monetization and
patent assertion.  The company currently has 10 patent portfolios
in the areas of Key Based Web Conferencing Encryption, Encrypted
Cellular Communications, E-Paper(R) Electrophoretic Display, Nano
Field Emission Display ("nFED"), Micro Electro Mechanical Systems
Display ("MEMS"), Loyalty Conversion Systems, J-Channel Window
Frame Construction, VPN Multicast Communications, Internet
Telephonic Gateway, and Enhanced Auction Technologies.

CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014,
to reflect the Company's change in its business operations.

ITUS Corporation reported a net loss of $9.60 million on $3.66
million of total revenue for the year ended Oct. 31, 2014, compared
to a net loss of $10.08 million on $389,000 of total revenue for
the year ended Oct. 31, 2013.  The Company also reported a net loss
of $4.25 million for the year ended Oct. 31, 2012, and a net loss
of $7.37 million for the year ended Oct. 31, 2011.

As of April 30, 2015, the Company had $11.1 million in total
assets, $4.14 million in total liabilities and $6.99 million in
total shareholders' equity.


J. CREW: Debt Trades at 13% Off
-------------------------------
Participations in a syndicated loan under which J. Crew is a
borrower traded in the secondary market at 86.82 cents-on-the-
dollar during the week ended Friday, June 19, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 25, 2015 edition of The Wall Street Journal.  This
represents a decrease of 0.70 percentage points from the previous
week, The Journal relates. J. Crew pays 300 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
February 27, 2021, and carries Moody's B2 rating and Standard &
Poor's B- rating.  The loan is one of the biggest gainers and
losers among 257 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended June 19.



JACKSON HEWITT: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Jackson
Hewitt Tax Services, Inc. The Corporate Family rating was assigned
at B2, the Probability of Default rating at B2-PD, the proposed
senior secured first lien first out revolving credit facility
maturing 2020 at Ba2 and the proposed senior secured first lien
term loan due 2021 at B2. The ratings outlook is stable.

The proceeds of the proposed term loan will be used to refinancing
existing (unrated) indebtedness, pay a $100 million dividend to
shareholders and pay related fees and expenses.

Issuer: Jackson Hewitt Tax Service

Assignments:

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured Revolving Credit Facility, Assigned Ba2 (LGD1)

Senior Secured Term Loan, Assigned B2 (LGD3)

Outlook:

Outlook, at Stable

RATINGS RATIONALE

The B2 CFR reflects Jackson Hewitt's moderately high debt to
EBITDA, expected to remain about 4.5 times, modest operating scale
compared to its key competitor H&R Block, Inc. (parent company of
Block Financial, LLC, Baa2 stable) and limited free cash flow that
is expected to remain at about 2% of debt. Jackson Hewitt emerged
from bankruptcy in August 2011 and has grown revenues and rates of
profitability in each of the last four tax seasons, driving Moody's
anticipation of continued revenue growth and stable profitability.
While Moody's considers the prepared tax service industry mature
and stable, Jackson Hewitt's target customers have low incomes and
are more susceptible to economic changes, such as in unemployment,
than the average consumer. Recent changes in management, new brand
management, marketing and franchise strategies, and an over-budget
software development effort (now abandoned) highlight ongoing
business risks. The company's relationship with Wal-Mart is
mutually beneficial and a key driver of growth, but Wal-Mart could
raise the rent it charges JHT in the medium term, or chose to
partner with other tax filing services providers. Liquidity is
considered good, as cash balances after the planned dividend are
expected to be about $100 million, enough to fund the company's
cash burn until the end of the next tax season, while the unused
and fully available $30 million revolver provides additional
support.

All financial metrics cited reflect Moody's standard adjustments.

STRUCTURAL CONSIDERATIONS

The Ba2 rating on the Senior Secured Revolving Credit Facility due
2020 reflects the Probability of Default rating of JHT at B2-PD, an
overall loss given default assumption of 50% and its senior
priority over all other claims with respect to proceeds received in
connection with an enforcement of remedies or bankruptcy or other
insolvency proceeding. The B2 rating on the Senior Secured Term
Loan due 2021 reflects its junior priority to the Senior Secured
Revolving Credit Facility, as outlined above, and its senior
priority to all other claims.

The stable ratings outlook reflects Moody's expectations for 3%
revenue growth driven by modest price increases and high customer
retention, solid 20% EBITA margins and some free cash flow. The
ratings could be downgraded if Moody's comes to expect revenue
declines, lower customer retention rates, or diminished EBITA
margins, leading to no free cash flow. Shareholder friendly
financial policies, including debt-financed distributions, or
diminished liquidity could also lead to lower ratings. Given the
limited revenue size and operating scope, higher ratings are not
likely in the near term. However, in the longer term, the ratings
could be upgraded if Moody's anticipates sustainable 7% revenue
growth with revenue sources coming from a balance of tax filing and
related payment and other services, while free cash flow to debt is
expected to remain above 8% and Jackson Hewitt maintains good
liquidity and balanced financial policies.

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. Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.

Jackson Hewitt provides federal and state income tax preparation
services and related banking services to mostly low income
customers in the United States. JHT had approximately 6,200 stores
and other locations as of April 30, 2015, of which about 75% are
franchised and 25% are owned; approximately 40% of its locations
are within a Wal-Mart store. Jackson Hewitt is majority owned by
affiliates of Bayside Capital. Moody's expects revenues to be
approximately $230 million in fiscal year 2016 (ends April 30).



JTS LLC: Can Use Northrim Bank Cash Collateral Until July 31
------------------------------------------------------------
JTS, LLC, d/b/a Johnson's Tire Service, sought and obtained from
Judge Gary Spraker of the the U.S. Bankruptcy Court for the
District of Alaska interim authority to use the cash collateral
securing its prepetition indebtedness from Northrim Bank.

The Debtor's banking arrangements are with Northrim Bank, which is
owed approximately $5.3 million secured by deeds of trust on the
Debtor's office, shop and showroom facilities at 3300 Denali
Street, in Anchorage, and by security agreements covering Debtor's
inventory, equipment, accounts, general intangibles and proceeds.
In addition to the main loan, Northrim has also provided a line of
credit with a current balance of about $1.3 million secured by
inventory and receivables.  The Debtor's current cash on hand is
approximately $104,000 all of which is Northrim's cash collateral.

The Debtor tells the Court that it needs to use the money to pay
postpetition operating expenses and for inventory purchases as
required.  The Debtor will need to use approximately $340,000 in
additional funds generated postpetition to cover to pay its
operating expenses in June and its estimated cash needs for July
total $700,000.

Northrim Bank has agreed to the Debtor's use of cash collateral
from the petition date through July 31, 2015, subject to receiving
adequate protection in the form a replacement lien on the same
collateral acquired postpetition, so its overall collateral
position is not diminished.

H. Watt & Scott, Inc., SOLO, LLC, WSW, LLC, Seven C Investments,
Inc., Robert A. Scott, Glenn L. Watts, Craig A. Watts, Bruce A.
Chambers, and Lisa M. Chambers (collectively referred to as
"Judgment Creditors"), told the Court that they do not necessarily
agree with the value of inventory or other collateral for Northrim
Bank as stated in the Cash Collateral Motion.  It is important that
the Bank's secured claim and values for collateral, inventory, and
other information be set out in detail, the Judgment Creditors
alleged.

JMJ Properties Companies also objected to the cash collateral
agreement between the Debtor and Northrim Bank because it appears
to expand the rights of the Bank in certain properties of the
Debtor.  The JMJ Parties allege that Northrim Bank does not have a
lien on certain of the Debtor's properties because the Debtor does
not have and never had rights on some of those properties.

Judge Spraker directed that on or before July 10, 2015, the Debtor
must file a motion for use of cash collateral after July 31, 2015,
in which motion the Debtor may request the Court to confirm the
perfection, validity and priority of Northrim's security interests
and that the confirmation bind all parties-in-interest, the estate,
and a future Chapter 7 trustee.  The Debtor is also directed to
file and serve a notice, on or before July 3, 2015, of the cash
collateration motion and a notice of hearing on that motion, which
will be held July 24, 2015 at 1:00 p.m.

A full-text copy of the Cash Collateral Agreement is available
at http://bankrupt.com/misc/JTScashcol0617.pdf

The Debtor is represented by David H. Bundy, Esq., at David H.
Bundy, P.C., in Anchorage, Alaska.

The Judgment Creditors are represented by:

         Michelle L. Boutin, Esq.
         RCO LEGAL – ALASKA, Inc.
         911 W. 8th Avenue, Suite 200
         Anchorage, AK 99501
         Tel: (907) 754-9900
         Fax: (907) 334-5858

The JMJ Parties are represented by:

         Robert P. Crowther, Esq.
         LAW OFFICES OF ROBERT CROWTHER
         1113 W. Fireweed Lane
         Suite 200
         Anchorage, AK 99503
         Tel: (907) 274-1980
         Fax: (907) 274-2085

JTS, LLC, doing business as Johnson's Tire Service, sought Chapter
11 protection (Bankr. D. Alaska Case No. 15-00167) in Anchorage,
Alaska, on June 15, 2015, without stating a reason.  JTS, in the
business of retail tire sales and automobile maintenance and
repair, estimated $10 million to $50 million in assets and debt.
The formal schedules of assets and liabilities and the statement of
financial affairs are due June 29, 2015.  The Debtor tapped David
H. Bundy, Esq., at David H. Bundy, PC, in Anchorage, as counsel.


JTS LLC: Proposes to Employ David Bundy as Bankruptcy Counsel
-------------------------------------------------------------
JTS, LLC, seeks authority from the U.S. Bankruptcy Court for the
District of Alaska to employ David H. Bundy as bankruptcy counsel
to work in the following areas:

   (a) preparation and amendment of schedules and other required
       filings, including reports required by the U.S. Trustee;

   (b) advising and representing the Debtor with respect to the
       sale or refinancing of property of the estate;

   (c) advising and representing the Debtor in the negotiation and
       preparation of a plan of reorganization and disclosure
       statement, if the case proceeds to that point; and

   (d) other matters relating to the administration of the
       bankruptcy estate.

Mr. Bundy will bill for his services at his regular hourly rate of
$325 per hour.  Mr. Bundy will also be reimbursed for costs and
disbursements.

Mr. Bunday tells the Court that Debtor first contacted him to
discuss a possible bankruptcy filing in March, 2015, following an
adverse decision in litigation arising from the Debtor's lease of
retail premises in South Anchorage.  At that time Mr. Bundy
received a retainer of $5,000; he received a further payment of
$2,500 in early May, 2015.  The Debtor's managing member authorized
a bankruptcy filing and Mr. Bundy's employment as bankruptcy
counsel on May 26, 2015.  The Debtor provided a further retainer of
$30,000 on May 27, 2015, and Mr. Bundy deposited this in his trust
account on May 28.  On June 1, 2015, Mr. Bundy transferred $9,465
from the trust account to pay for prepetition services.  On June
15, 2015, he transferred a further $9,600 to pay for prepetition
services and the Chapter 11 filing fee.  The balance of $10,935
remains in Mr. Bundy's trust account.

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

JTS, LLC, doing business as Johnson's Tire Service, sought Chapter
11 protection (Bankr. D. Alaska Case No. 15-00167) in Anchorage,
Alaska, on June 15, 2015, without stating a reason.  JTS, in the
business of retail tire sales and automobile maintenance and
repair, estimated $10 million to $50 million in assets and debt.
The formal schedules of assets and liabilities and the statement of
financial affairs are due June 29, 2015.  The Debtor tapped David
H. Bundy, Esq., at David H. Bundy, PC, in Anchorage, as counsel.


LATTICE INC: Stockholders Elect Five Directors
----------------------------------------------
Lattice Incorporated held its annual meeting of stockholders on
June 18, 2015, at which the stockholders:

   (1) elected Paul Burgess, John Boyd, Mark V. Rosenker,
       Richard Stewart and Robert Wurwarg as directors for one-
       year terms expiring on the next annual meeting of
       stockholders;

   (2) ratified the reappointment of Rosenberg Rich Baker Berman &
       Company as the Company's independent auditors for the
       fiscal year ending Dec. 31, 2015;

   (3) approved the Lattice Incorporated 2015 Omnibus Equity
       Incentive Plan, pursuant to which the Company may issue up
       to an aggregate of 25,000,000 ordinary shares to directors,
       officers, employees and/or consultants of the Company and
       its subsidiaries;

   (4) approved, on an advisory basis, the compensation paid to
       the Company's named executive officers; and

   (5) passed a resolution that an advisory vote to approve
       executive compensation be submitted to stockholders every
       three years.

                         About Lattice Inc.

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

Lattice Inc. reported a net loss of $1.8 million on $8.94 million
of revenue for the year ended Dec. 31, 2014, compared to a net loss
of $1 million on $8.26 million of revenue in 2013.

As of March 31, 2015, the Company had $5.37 million in total
assets, $8.28 million in total liabilities and a $2.91 million
total shareholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2014, noting that
the Company has a working capital deficit and requires additional
working capital to meet its current liabilities.  The auditors said
these factors raise substantial doubt about the Company's ability
to continue as a going concern.


LEE STEEL: Court Approves Conway MacKenzie as Committee Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lee Steel
Corporation and its debtor-affiliates sought and obtained
authorization from the Hon. Marci B. McIvor of the U.S. Bankruptcy
Court for the Eastern District of Michigan to retain Conway
Mackenzie, Inc. as financial advisor to the committee.

The Office of the U.S. Trustee supported Conway Mackenzie's
retention.

The Committee requires Conway Mackenzie to:

   (a) analyze and review of Debtors' finances and cash flow
       projections;

   (b) advise the Committee and Committee counsel with respect to
       Debtors' financing, reporting, and any sale of assets or
       plan of reorganization;

   (c) prepare necessary analyses;

   (d) appear in Court and meetings to testify on behalf of the
       Committee; and

   (e) generally represent the Committee with respect to these
       cases and related proceedings, and to assist the Committee
       as appropriate with respect to the matters identified in 11

       U.S.C. section 1103.

Conway Mackenzie will be paid at these hourly rates:

       Steven R. Wybo            $545
       Jeffrey P. Gennuso        $485

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

Steven R. Wybo, senior managing director with Conway Mackenzie,
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.

Conway Mackenzie can be reached at:

       Steven R. Wybo
       CONWAY MACKENZIE INC
       401 S Old Woodward Ave Ste 340
       Birmingham, MI 48009-6621
       Tel: (248) 433-3100
       Fax: (248) 433-3143
       E-mail: swybo@conwaymackenzie.com

                          About Lee Steel

Novi, Michigan-based Lee Steel Corp., provides flat rolled steel,
including hot rolled steel, cold rolled steel, and exposed coated
products for automotive and other manufacturing industries.

Lee Steel and 2 affiliated companies -- Taylor Industrial
Properties, L.L.C., and 4L Ventures, LLC -- filed for separate
bankruptcy protection (Bankr. D. Del. Case No. 15-45784) on
April 13, 2015.  

The Hon. Marci B. McIvor presides over the cases.  Joshua A.
Gadharf, Esq., at McDonald Hopkins PLC, represents the Debtor.
Huron Business Advisory, serves as financial advisor; and Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lee Steel disclosed $63,206,282 in total assets and $62,659,806 in
total liabilities.

The U.S. Trustee for Region 9 appointed three creditors to serve on
the official committee of unsecured creditors.


LEE STEEL: Court OKs Hiring of Wolfson Bolton as Panel's Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lee Steel
Corporation and its debtor-affiliates sought and obtained
authorization from the Hon. Marci B. McIvor of the U.S. Bankruptcy
Court for the Eastern District of Michigan to retain Wolfson Bolton
PLLC as counsel to the committee, nunc pro tunc to April 30, 2015.

The Office of the U.S. Trustee also supported Wolfson Bolton's
retention.

The Committee requires Wolfson Bolton to:

   (a) advise and consult with the Committee and Debtors and other

       parties in interest concerning: (i) the proposed sales of   

       Debtors' assets; (ii) questions arising out of the
       administration of Debtors' bankruptcy estates; (iii) the
       rights and remedies of the Committee and its constituents
       vis-a-vis the assets of the Debtors' bankruptcy estates and

       the administration of these cases; (iv) the formulation of
       plans of reorganization; and (v) the claims and interests
       of secured and unsecured creditors, equity holders,
       insiders, Debtors' affiliates, and other parties in
       interest in these cases;

   (b) analyze, appear for, prosecute, defend, and represent the
       Committee in contested matters and adversary proceedings
       arising in or related to these cases; and

   (c) generally represent the Committee with respect to these
       cases and related proceedings, and to assist the Committee
       as appropriate with respect to the matters identified in 11

       U.S.C. section 1103.

Wolfson Bolton will be paid at these hourly rates:

       Scott A. Wolfson             $465
       Ryan A. Heilman              $395
       Anthony J. Kochis            $325
       Thomas J. Kelly              $195
       Members                      $325-$465
       Associates and Of Counsel    $195-$450
       Paralegals                   $175

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

Scott A. Wolfson, member of Wolfson Bolton, 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.

Wolfson Bolton can be reached at:

       Scott A. Wolfson, Esq.
       WOLFSON BOLTON PLLC
       3150 Livernois, Suite 275
       Troy, MI 48083
       Tel: (248) 247-7103
       Fax: (248) 247-7099
       E-mail: swolfson@wolfsonbolton.com

                          About Lee Steel

Novi, Michigan-based Lee Steel Corp., provides flat rolled steel,
including hot rolled steel, cold rolled steel, and exposed coated
products for automotive and other manufacturing industries.

Lee Steel and 2 affiliated companies -- Taylor Industrial
Properties, L.L.C., and 4L Ventures, LLC -- filed for separate
bankruptcy protection (Bankr. D. Del. Case No. 15-45784) on
April 13, 2015.  

The Hon. Marci B. McIvor presides over the cases.  Joshua A.
Gadharf, Esq., at McDonald Hopkins PLC, represents the Debtor.
Huron Business Advisory, serves as financial advisor; and Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lee Steel disclosed $63,206,282 in total assets and $62,659,806 in
total liabilities.

The U.S. Trustee for Region 9 appointed three creditors to serve on
the official committee of unsecured creditors.


LIFE PARTNERS: Court Extends Deadline to Remove Suits to Aug. 18
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
given Life Partners Holdings Inc. until August 18, 2015, to file
notices of removal of lawsuits involving the company.

                  About Life Partners

Life Partners Holdings, Inc. is the parent company of the world's
oldest company engaged in the secondary market for life insurance
commonly called "life settlements." Since its incorporation in
1991, Life Partners, Inc. has completed over 162,000 transactions
for its worldwide client base of over 30,000 high net worth
individuals and institutions in connection with the purchase of
over 6,500 policies totaling over $3.2 billion in face value.

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

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

J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as
counsel to the Debtor. The official committee of unsecured
creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C.,
as counsel.

Tracy A. Bolt of BDO USA, LLP, was named as examiner for the
Debtor's case.

At the behest of the U.S. Securities and Exchange Commission, the
U.S. Trustee, and the Creditors Committee, the Court ordered the
appointment of a Chapter 11 trustee.  On March 13, 2015, H. Thomas
Moran II was appointed as Chapter 11 trustee in LPHI's case.  The
Chapter 11 Trustee is represented by David M. Bennett, Esq.,
Richard B. Roper, Esq., and Katharine Battaia Clark, Esq., at
Thompson & Knight LLP, in Dallas, Texas.

The Chapter 11 Trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).
Life Partners is estimated to have $100 million to $500 million in
assets and more than $1 billion in debt. LPI Financial estimated
less than $50,000.

The U.S. Trustee for Region 6 appointed six members to the official
committee of unsecured creditors.


LOCAL CORP: Section 341 Meeting Scheduled for July 30
-----------------------------------------------------
A meeting of creditors in the bankruptcy case of Local Corporation
will be held on July 30, 2015, at 1:00 p.m. at RM 1-159, 411 W
Fourth St., Santa Ana, California.

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

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

                     About Local Corporation

Local Corporation, a publicly traded Delaware corporation (NASDAQ
symbol LOCM), is in the business of providing search results to
consumers who are searching online for local businesses, products
and services.  Founded in 1999, the Irvine, California-based
company went public in 2004 and has been one of the fastest growing
online local media businesses for a number of years, and for the
past four years it has been listed by Deloitte on its Technology
Fast 500.  The Company's search results are provided through the
Company's flagship Local.com Web site and through other proprietary
Web sites, and they are also delivered to a network of over 1,600
other Web sites that rely on search syndication services to provide
local search results to their own users.  The Company generates
revenue from ad units placed alongside its search results, which
include pay-per-click, pay-per-call, and display ad units.

Local Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 15-13153) in Santa Ana, California, on June 23, 2015.
The petition was signed by Kenneth S. Cragun as chief financial
officer.  The Debtor disclosed total assets of $38.1 million and
total debts of $8.8 million.  The case is assigned to Judge Scott C
Clarkson.  The Debtor tapped Winthrop Couchot as counsel.

The official schedules of assets and liabilities and statement of
financial affairs are due July 7, 2015.


MANUEL MEDIAVILLA: Chapter 7 Conversion Bid Denied
--------------------------------------------------
Bankruptcy Judge Mildred Caban Flores of the United States
Bankruptcy Court for the District of Puerto Rico denied PRLP 2011
Holdings LLC's motion to convert the Chapter 11 case of Manuel
Mediavilla, Inc., to one under Chapter 7 of Bankruptcy Code.

The Debtor owns several commercial real properties in Humacao,
Puerto Rico.  In 2006, the corporate debtor obtained a loan from
Banco Popular de Puerto Rico which was guaranteed by the individual
debtors and all but one of Debtors' commercial properties.  BPPR
transferred the loan to PRLP in 2011.  Debtors and PRLP were unable
to renegotiate the terms of the loan, resulting in the filing of a
local court action for collection and foreclosure proceedings.  The
local court litigation spilled over to the bankruptcy court when
the corporate and individual debtors filed for bankruptcy to
prevent the execution of a pre-judgment attachment of their rents,
the foreclosure of their real properties and with the hope of
re-negotiating the loan obligation with PRLP. Through the pendency
of this case the parties have arduously litigated their positions
resulting in the necessary extension of the confirmation process
for over a year.

Judge Caban Flores, in the same ruling, directed the Debtor to
modify its Amended Chapter 11 Joint Plan.  The Court held that in
the present case, extraordinary circumstances exist that would
prevent conversion to a Chapter 7 liquidation case.  The Debtors,
Judge Caban Flores notes, have a stable business that is generating
revenue for both creditors and the estate and the Debtors have made
improvements to the properties in the best interest of present and
future tenants.  The Court also notes that the Debtor's liquidation
analysis shows that liquidation under a Chapter 7 scenario would
not yield any dividends to unsecured creditors.

Judge Caban Flores ruled that "PRLP has failed to meet its burden
to show that conversion is in the best interest of creditors and
the estate.  The alleged benefit that a chapter 7 trustee would
bring to the table is questionable and highly speculative, possibly
yielding no benefit at all.  It has failed to show that the
Debtor's business and operations are in need of oversight, that
they cannot maximize the value of the estate or that they are
unable to provide proper distributions in accordance with the
Bankruptcy Code.

With regard to the objection filed by PRLP to confirmation of the
Plan filed by the Debtors, the Court found that, since PRLP is
being provided adequate protection payments it will not be
adversely affected if a brief and final opportunity is granted to
the Debtors to correct the classification and distribution of
PRLP's secured claims in Class 4A and 4B and its unsecured claims
in Class 6A and 6B, respectively.  The Debtor's Plan correctly
included a secured and an unsecured element for PRLP's claims for
both Debtors; therefore, the deficiencies in the current plan could
easily be cured within a reasonable period of time, Judge Caban
Flores.

Judge Caban Flores further ruled: "There is a reasonable likelihood
that a plan will be confirmed since the Debtors have a steady
stream of revenues. The largest claim has been significantly
reduced and the changes to the plan are not transcendental;
nevertheless, this determination will be made by the Court when it
analyzes the feasibility of the new plan proposed along with the
remaining objections to confirmation, which the Court cannot
entertain at this juncture since they could be affected by the
Debtors' course of action."

A full-text copy of Judge Flores' Opinion and Order dated June 16,
2015 available at http://bit.ly/1Cxt9n9from Leagle.com.

The case is IN RE MANUEL MEDIAVIAVILLA, INC., NOS. 13-2800 (MCF),
13-2802 (MCF)(D.P.R.).

Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought protection
under Chapter 11 of the Bankruptcy Code on April 11, 2013 (Bankr.
D.P.R., Case No. 13-02800).  The case is assigned to Judge Mildred
Caban Flores.

The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde &
Assoc., in San Juan, Puerto Rico.

The Scheduled Assets is $2,191,098, while the Scheduled Liabilities
is $2,484,529.

The petition was signed by Manuel Mediavilla Garcia, president.


METALICO INC: First Amendment to Merger Agreement Filed
-------------------------------------------------------
Metalico, Inc., Total Merchant Limited, a Samoan limited company
("Parent") and TM Merger Sub Corp., a Delaware corporation and a
wholly owned subsidiary of Parent ("Merger Sub"), previously
entered into an Agreement and Plan of Merger, pursuant to which
Merger Sub would be merged with and into Metalico, with Metalico
surviving as a direct wholly owned subsidiary of Parent.   

On June 26, 2015, the parties to the Merger Agreement entered into
a First Amendment to Agreement and Plan of Merger.  The Amendment
amends the date on which Parent is required to deposit the Payment
Fund less the Escrow Amount into the U.S. branch of Maybank Banking
Berhad, such that the funds must be deposited no later than three
business days prior to the date that the Company Stockholders
Meeting is held.  

The Amendment further provides Metalico with the right to terminate
the Merger Agreement and receive the Escrow Amount in the event
Parent fails to make such deposit by that time.  

                          About Metalico

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

Metalico reported a net loss attributable to the Company of $44.4
million on $476 million of revenue for the year ended Dec. 31,
2014, compared with a net loss attributable to the Company of $34.8
million on $457 million of revenue for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $191 million in total assets,
$83.1 million in total liabilities and $108 million in total
stockholders' equity.

CohnReznick LLP, in Roseland, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company anticipates that it
will not meet the maximum Leverage Ratio covenant as prescribed by
the Financing Agreement for the quarter ended March 31, 2015, and
there can be no assurance that the Company can resolve any
noncompliance with their lenders.  As a result, the Company's debt
could be declared immediately due and payable which would result in
the Company having insufficient liquidity to pay its debt
obligations and operate its business.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


METALICO INC: Total Merchant Reports 7.2% Stake as of June 15
-------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Total Merchant Limited disclosed that as of June 15,
2015, it is the beneficial owner of 5,295,957 shares of common
stock of Metalico, Inc. which represents 7.18 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/3reEqk

                          About Metalico

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

Metalico reported a net loss attributable to the Company of $44.4
million on $476 million of revenue for the year ended Dec. 31,
2014, compared with a net loss attributable to the Company of $34.8
million on $457 million of revenue for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $191 million in total assets,
$83.1 million in total liabilities and $108 million in total
stockholders' equity.

CohnReznick LLP, in Roseland, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company anticipates that it
will not meet the maximum Leverage Ratio covenant as prescribed by
the Financing Agreement for the quarter ended March 31, 2015, and
there can be no assurance that the Company can resolve any
noncompliance with their lenders.  As a result, the Company's debt
could be declared immediately due and payable which would result in
the Company having insufficient liquidity to pay its debt
obligations and operate its business.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


MOLYCORP INC: Moody's Withdraws 'Ca' CFR Over Bankr. Filing
-----------------------------------------------------------
Moody's Investors Service withdrew all ratings of Molycorp, Inc.
following the company's announcement that Molycorp and its North
American subsidiaries have filed voluntary petitions under Chapter
11 of the Bankruptcy Code in US Bankruptcy Court for the District
of Delaware on June 25, 2015.

RATINGS RATIONALE

Previously on June 1, 2015, Moody's downgraded the corporate family
rating (CFR) to Ca from Caa2, when the company announced that it
has elected to take advantage of the 30-day grace period with
respect to the $32.5 million semi-annual interest payment due June
1, 2015 on its senior secured notes. The company announced today
that it has executed a restructuring support agreement with
creditors that hold over 70% of the aggregate principal amount of
its senior secured notes, which allows for a financial
restructuring of the Company's $1.7 billion in debt.




MORGAN DREXEN: Judge Approves Closing Plan
------------------------------------------
Joseph Checkler, writing for Dow Jones' Daily Bankruptcy Review,
reported that a judge approved a plan by the trustee in charge of
debt-settlement firm Morgan Drexen Inc. to shut down the firm's
office by July 31 but pushed back a fight between the trustee and
the U.S. Internal Revenue Service to a hearing in July.

According to the report, Judge Catherine Bauer of U.S. Bankruptcy
Court in Santa Ana, Calif., said chapter 7 trustee Jeffrey I.
Golden could use some of the estate's cash as he winds down the
business over the next 60 days and pay $500 per hour to a
consultant.  The IRS , which says it is owed nearly $2 million in
taxes and that $283,000 of that is a secured claim, is concerned
Morgan Drexen might spend some of the tax money during the wind
down, the report related.

                     About Morgan Drexen

Morgan Drexen -- http://www.morgandrexen.com-- provides  
businesses across the United States, including law firms that
practice bankruptcy, with outsourced professional services. These
services are designed to reduce costs and make legal
representation affordable for consumers, especially those in
serious financial trouble. Morgan Drexen offers attorneys
automated platforms for complex document management, client
databases, paralegal and paraprofessional services, call centers,
client screening, and marketing.


MORGAN HILL PARTNERS: Judge Approves $80,000 Unsecured Loan
-----------------------------------------------------------
Morgan Hill Partners LLC received approval from U.S. Bankruptcy
Judge Arthur Weissbrodt to borrow up to $80,000 from its sole
member Manouchehr Mobedshahi.

The company will use the loan to pay taxes on its 2,380-acre
property located in Morgan Hill, California.  It will also be used
to pay maintenance fees, utilities and other corporate fees and
expenses.

The loan shall accrue 4% per annum.  No interest payments are due
until January 1, 2016, which is the maturity date of the loan.  The
only event of default is the failure to pay on the maturity date.

Mr. Mobedshahi won't receive any lien since the loan is an
unsecured loan and will have the same priority as any other
post-petition, administrative claim, according to court filings.

                    About Morgan Hill Partners

Morgan Hill Partners, LLC, sought Chapter 11 protection (Bankr.
N.D. Cal. Case No. 15-50775) in San Jose, California, on March 6,
2015.  The case is assigned to Judge Arthur S. Weissbrodt.

Michael W. Malter, Esq., at Law Offices of Binder and Malter, in
Santa Clara, California, serves as counsel.


MUSCLEPHARM CORP: Names Ryan Drexler as Chairman
------------------------------------------------
MusclePharm Corporation appointed Ryan Drexler as its new chairman.
The Company said the announcement is a part of its continued
effort to institute best-in-class corporate governance practices
and fulfills its commitment to separate the roles of CEO and
Chairman.

Mr. Drexler is an experienced investor and manages Consac, LLC,
based in Beverly Hills, California.  Consac, which invests in
publicly traded and venture companies in the health and wellness
space, has made significant investments in MusclePharm’s stock in
the public market and in private transactions.

"After an extensive search for a candidate who has both financial
expertise and substantial experience in the nutrition and health
industries, we are pleased that Ryan Drexler has agreed to join our
team," said Brad Pyatt, CEO and Founder of MusclePharm.  "His
skills and experience will help us to achieve our goals and we
welcome his wealth of experience as an investor and related
products."

Ryan Drexler has a long and successful history in the nutritional
and fitness industries.  Prior to his current position at Consac,
he served as president of Country Life Vitamins.  During his
tenure, he developed new brands that included the BioChem family of
nutrition products and led the process which resulted in the sale
of Country Life to Japanese conglomerate Kikkoman Corp.

"Mr. Drexler will help position the company as it continues
pursuing future growth opportunities and in providing us with the
investor perspective when managing our growth," said Mr. Pyatt.

In addition to separating the roles of CEO and Chairman, the
Company has announced that it will increase the number of directors
to seven, with five independent directors.  Each of the directors
will stand for election at the 2015 Annual Meeting of Stockholders
presently scheduled for Aug. 26, 2015.  The Company also has
established the position of internal auditor and completed its
first Sarbanes-Oxley internal review during 2015.

As of June 25, 2015, Mr. Drexler owns or controls approximately 1.4
million shares of the outstanding common stock of the Company.
Prior to appointment of Mr. Drexler to the Board of Directors,
Consac entered into a non-disclosure, confidentiality and
standstill agreement with the Company.

                       Employment Agreements

On June 24, 2015, the Company entered into a new executive
employment agreement with Brad Pyatt, the chief executive officer
of the Company and Richard Estalella, the president of the Company,
pursuant to which Mr. Pyatt and Mr. Estalella agreed to serve as
the chief executive officer and president of the Company for an
initial term of five years.

The Pyatt Agreement is automatically renewed for successive one
year terms after the initial five year term unless terminated by
either party at least three months prior to the end of the initial
five year term or any successive one year term, as applicable.  The
Company agrees to pay Mr. Pyatt a base salary of $425,000 for 2015,
$570,000 for 2016 and $592,000 for 2017.

The Estalella Agreement is automatically renewed for successive one
year terms after the initial five year term unless terminated by
either party at least three months prior to the end of the initial
five year term or any successive one year term, as applicable.  The
Company agrees to pay Mr. Estalella a base salary of $375,000 for
2015, $484,500 for 2016 and $503,880 for 2017.

                         About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life-
style company that develops and manufactures a full line of
National Science Foundation approved nutritional supplements that
are 100 percent free of banned substances.  MusclePharm is sold in
over 120 countries and available in over 5,000 U.S. retail
outlets, including GNC and Vitamin Shoppe.  MusclePharm products
are also sold in over 100 online stores, including
bodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm Corporation reported a net loss of $13.8 million in
2014, a net loss of $17.7 million in 2013 and a net loss of $19
million in 2012.

As of March 31, 2015, the Company had $67.9 million in total
assets, $46.9 million in total liabilities, and $20.96 million in
total stockholders' equity.


MUSCLEPHARM CORP: Wynnefield Sells 400,000 Common Shares
--------------------------------------------------------
The Wynnefield Reporting Persons disclosed in a regulatory filing
with the Securities and Exchange Commission that it sold 400,000
shares of common stock representing 38% of its position in
MusclePharm Corporation to an unrelated buyer for fear that the
Company may not be able to continue as a "going concern" for much
longer.

This, according to the Wynnefield Reporting Persons, reduced their
exposure and enabled them to realize a much needed capital loss in
a year in which their sales of shares of some portfolio companies
have generated significant capital gains.

The Wynnefield Reporting Persons previously sent the Company's
Board and CEO a letter asking the Board to take the following
actions by June 19, 2015:

   1) "Issue an immediate press release correcting any material
      misstatements regarding the Company's current liquidity and
      cash flow position.

   2) Announce the opening of a window for shareholder submission
      of nominees for election to the Company's Board, including
      nominees to fill the newly created seventh board seat, in
      accordance with Nevada corporate law.

   3) Provide a full explanation surrounding the mass resignation
      and replacement of the three independent directors of the
      Company.

   4) Engage a qualified investment bank to assist management and
      the Board to fully explore all strategic opportunities to
      increase shareholder value, including auction of the
      Company."

They made those requests because of "concerns arising from the
contradictory or disturbing filings and announcements that the
Company has made during 2015."

The Wynnefield Reporting Persons said they are committed to
continuing to press Company's Board and management to act in the
best interests of its outside shareholders.

As of June 24, 2015, the Wynnefield Reporting Persons beneficially
owned in the aggregate 640,000 shares of Common Stock, constituting
approximately 4.7% of the outstanding shares of Common Stock.  The
percentage of shares of Common Stock reported as being beneficially
owned by the Wynnefield Reporting Persons is based upon 13,492,191
shares outstanding as of May 1, 2015, as set forth in the Issuer's
quarterly report on Form 10-Q for the quarter ended March 31, 2015,
filed with the Securities and Exchange Commission on May 11, 2015.


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

                        http://is.gd/YMbiri

                         About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life-
style company that develops and manufactures a full line of
National Science Foundation approved nutritional supplements that
are 100 percent free of banned substances.  MusclePharm is sold in
over 120 countries and available in over 5,000 U.S. retail
outlets, including GNC and Vitamin Shoppe.  MusclePharm products
are also sold in over 100 online stores, including
bodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm Corporation reported a net loss of $13.8 million in
2014, a net loss of $17.7 million in 2013 and a net loss of $19
million in 2012.

As of March 31, 2015, the Company had $67.9 million in total
assets, $46.9 million in total liabilities, and $20.96 million in
total stockholders' equity.


NEXT 1 INTERACTIVE: Changes Name to Monaker Group
-------------------------------------------------
Next 1 has completed its name change and structuring to become
Monaker Group, Inc.  This is one of the final steps towards
beginning expanded growth.  For the next days, the company will
trade under the stock symbol NXOID signifying that there has been a
50 for 1 share exchange, thereafter the trading symbol will be
MKGI.

Monaker has emerged as a digital media marketing company focusing
on lifestyle enrichment for consumers in the travel, home and
employment sectors.  At the core of its marketing services are key
elements including proprietary video-centered technology and
established partnerships currently being leveraged to enhance
reach.

Video is quickly becoming consumer's preferred method of searching
and educating themselves prior to purchases.  Monaker's video
creation technology and film libraries combine to create lifestyle
video offerings that can be shared through trusted distribution
systems of its major partners.  The end result is better engagement
with consumers who gain in-depth information on related products
and services helping to both inform and fulfill purchases.  Unlike
traditional marketing companies that simply charge for advertising
creation, Monaker holds licenses and/or expertise in the travel,
real estate and employment sectors allowing it to capture fees at
the point of purchase while the majority of transactions are
handled by Monaker's partners.  This should allow the company to
capture greater revenues while eliminating much of the typical
overhead associated with fulfillment.

Monaker has core holdings in each of its key areas:
   - Travel - Maupintour Extraordinary Vacations, NextTrip.com,
              Stingy Travel and Voyage.TV

   - Home - www.HomeAndAwayClub.com and 35% ownership of RealBiz
            Media Group, Inc. (OTCQB: RBIZ)

   - Employment - 51% ownership in www.NameYourFee.com

Additionally, the company is continually expanding strategic
partnerships and is already working with some of the largest
partners in their respective industries including:

  - I.C.E., Inc. (key membership rewards company with 55 million
    members, handling loyalty fulfillment for several Fortune 500  

    companies)

  - Jasper Group, Inc. (employment specialist with over 6000
    recruiting partners)

  - Launch 360 Media, Inc. (operates R&R Television Network into
    34 million North American Homes)

The Company expects product and revenue growth through its
partner's customer base utilizing its digital platforms and by
developing specialized mobile apps for both the travel and
employment sectors.  Monaker will also utilize its reach through
R&R TV (with currently 34 million households in their network) to
heighten awareness of current and new offerings.  Monaker Group -
through its ownership in Maupintour, NameYourFee.com and RealBiz
Media Group, Inc. will assist consumers at home, work and play.

                        About Monaker Group

About Monaker Group: Monaker Group, Inc. is a digital media
marketing company focusing on lifestyle enrichment for consumers in
the travel, home and employment sectors.  Core to its marketing
services are key elements including proprietary video-centered
technology and established partnerships that enhance its reach.
Video is quickly becoming consumer's preferred method of searching
and educating themselves prior to purchases.  Monaker's video
creation technology and film libraries combine to create lifestyle
video offerings that can be shared both to its customers and
through trusted distribution systems of its major partners.  The
end result is better engagement with consumers who gain in-depth
information on related products and services helping to both inform
and fulfill purchases.  Unlike traditional marketing companies that
simply charge for advertising creation, Monaker holds licenses
and/or expertise in the travel, real estate and employment sectors
allowing it to capture fees at the point of purchase while the
majority of transactions are handled by Monaker's partners.  This
should allow the company to capture greater revenues while
eliminating much of the typical overhead associated with
fulfillment.  Monaker core holdings include Maupintour,
NameYourFee.com, RealBiz Media Group - helping it to deliver
marketing solutions to consumers at home, work and play.

                     About Next 1 Interactive

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

Next 1 Interactive reported a net loss of $50,486 on $1.1 million
of total revenues for the year ended Feb. 28, 2015, compared to a
net loss of $18.3 million on $1.5 million of total revenues for the
year ended Feb. 28, 2014.

As of Feb. 28, 2015, the Company had $7.1 million in total assets,
$13.1 million in total liabilities and a $6 million total
stockholders' deficit.

D'Arelli Pruzansky, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Feb. 28, 2015, citing that the Company has incurred
an operating loss of $5,437,235 and net cash used in operations of
$2,624,822 for the year ended Feb. 28, 2015, and the Company had an
accumulated deficit of $86,078,617 and a working capital deficit of
$12,811,302 at February 28, 2015.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


NEXT GENERATION: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Next Generation Technology Inc.
        614 West 157th Street
        New York, NY 10032

Case No.: 15-11695

Nature of Business: Technology

Chapter 11 Petition Date: June 26, 2015

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

Debtor's Counsel: Douglas J. Pick, Esq.
                  PICK & ZABICKI LLP
                  369 Lexington Avenue, 12th Floor
                  New York, NY 10017
                  Tel: (212) 695-6000
                  Fax: (212) 695-6007
                  Email: dpick@picklaw.net

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lalit Deo, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nysb15-11695.pdf


NII HOLDINGS: Plan of Reorganization Declared Effective
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York on
June 19, 2015, entered Findings of Fact, Conclusions of Law and
Order confirming pursuant to Section 1129(a) and (b) of the
Bankruptcy Code the First Amended Joint Plan of Reorganization
Proposed by NII Holdings, Inc., its debtor-affiliates; and their
Official Committee of Unsecured Creditors.

On June 26, 2015, NII Holdings satisfied the conditions of the
Confirmation Order and the Plan of Reorganization became
effective.

On June 26, NII Holdings also filed with the Securities and
Exchange Commission a Form S-8 Registration Statement under the
Securities Act of 1933, to register 5,263,158 shares of common
stock, par value $0.001 per share, issuable pursuant to the NII
Holdings, Inc. 2015 Incentive Compensation Plan.  A copy of the
Form S-8 is available at http://is.gd/hTmJrx

NII Holdings previously engaged in discussions with (a) certain of
the holders of the senior notes issued by the Company's
subsidiaries, NII Capital Corp. and NII International Telecom
S.C.A., and their advisors and (b) members of the Official
Committee of Unsecured Creditors appointed in the bankruptcy cases
and their advisors regarding a potential restructuring of the
Senior Notes and the reorganization of the Company and certain of
its subsidiaries. Those discussions culminated in the plan of
reorganization that was confirmed by the Court.

Pursuant to confidentiality agreements between the Holders and the
Company and between the members of the Committee and the Company,
and at the request of the Holders and certain members of the
Committee, the Company provided certain information to the Holders
through the effective date of the Plan. The Company also agreed to
make the Disclosed Information publicly available.  The Disclosed
Information is available on the Company's website --
http://www.nii.com/-- through the "2014-15 Restructuring
Information" link that is included within the "Financial
Information" link on the Investor Relations page.  The Disclosed
Information consists of:

     1. NII business plan as of December 26, 2014
     2. Management presentation to Creditors' Committee dated
October 20, 2014
     3. Liquidity data as of January 11, 2015
     4. Miscellaneous financial and investor data

The Disclosed Information includes prospective financial
information, forecasts and other information generally not
disclosed by the Company.

A copy of the Court's Findings of Fact, Conclusions of Law and
Order is available at http://is.gd/ZzMUFx

A copy of the approved Chapter 11 Plan is available at
http://is.gd/6HwvfX

On Jan. 26, 2015, the Debtors reached an agreement for the sale of
their operations in Mexico, operated by non-debtor Comunicaciones
Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875
billion, subject to adjustments.  The sale transaction was approved
on March 23, 2015.  The sale was completed April 30, 2015.

As a result of the sale transaction, the Debtors on March 13, 2015,
filed the First Amended Plan, which provides improved recoveries
and recoveries that include cash distributions.  The Amended Plan
is co-sponsored by the Creditors Committee.

The Plan strengthens the Company's balance sheet by restructuring
$4.35 billion in senior unsecured notes issued by subsidiaries that
were part of the bankruptcy proceedings.  Under the Plan, holders
of that debt will receive a combination of cash and common stock of
the reorganized company in varying amounts based on the series of
senior notes held.  The new common stock to be issued under the
Plan is expected to trade on the NASDAQ Stock Exchange under the
Company's former ticker symbol "NIHD" shortly after emergence.

                    About NII Holdings, Inc.

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

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

The Debtors tapped Jones Day's Scott J. Greenberg, Esq. and Michael
J. Cohen, Esq., as counsel and Prime Clerk LLC as claims and
noticing agent.  NII Holdings disclosed $1.22 billion in assets and
$3.068 billion in liabilities as of the Chapter 11 filing.

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


OCEAN RIG: Bank Debt Trades at 13% Off
--------------------------------------
Participations in a syndicated loan under which Ocean Rig is a
borrower traded in the secondary market at 87.40 cents-on-the-
dollar during the week ended Friday, June 19, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 25, 2015 edition of The Wall Street Journal.  This
represents a decrease of 1.68 percentage points from the previous
week, The Journal relates.  Ocean Rig pays 450 basis points above
LIBOR to borrow under the facility. The bank loan matures on July
17, 2021, and carries Moody's withdrawn rating and Standard &
Poor's B+ rating.  The loan is one of the biggest gainers and
losers among 257 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended June 19.


ORCKIT COMMUNICATIONS: Adds Proposed Sale to Meeting Agenda
-----------------------------------------------------------
The temporary liquidator of Orckit Communications Ltd., Adv. Lior
Dagan, received a letter on behalf of Mr. Izhak Tamir and May
Patents Ltd. containing a proposal to be added to the agenda of the
General Meeting.  

According to the Proposal, the Temporary Liquidator will perform a
bidding procedure for the sale of (i) the Company as a public shell
company following the arrangement among the Company and its
creditors under Section 350 of the Israeli Companies Law,
5759-1999, and according to the terms and conditions of the
arrangement as set forth in the Proxy Statement and/or (ii) all of
the Company's patents and patent applications.

If the bidding procedure will not result in a higher bid than the
bid proposed for the acquisition of the Company as a public shell
company described in the Proxy Statement (the offer from Gali
Lieberman and Adv. Victor Teshuva), then Mr. Tamir and May Patents
Ltd. will acquire the Company as a public shell company for
$150,000 in accordance with the rest of the terms and conditions of
the Arrangement.

The General Meeting will be held as scheduled on June 28, 2015, at
4:00 p.m., Israel time, but due to the foregoing addition to the
agenda, votes via proxy will be accepted until June 30, 2015, at
2:00 p.m., Israel time.

                  About Orckit Communications Ltd.
                    (in temporary liquidation)

Orckit facilitates the delivery by telecommunication providers of
high capacity broadband residential, business and mobile services
over wireline or wireless networks with its Orckit-Corrigent family
of products.  Orckit was founded in 1990 and became publicly traded
in 1996.  Orckit's shares are traded on the OTCQB and the Tel Aviv
Stock Exchange and is headquartered in Tel-Aviv, Israel.

Kesselman & Kesselman, in Tel Aviv, Israel, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has a capital deficiency, recurring losses,
negative cash flows from operating activities and has significant
future commitments to repay its convertible subordinated notes.
These facts raise substantial doubt as to the Company's ability to
continue as a going concern.

Orckit reported a net loss of $5.9 million in 2013, a net loss of
$4.5 million in 2012 and a net loss of $17.5 million in 2011.
As of Dec. 31, 2013, the Company had $7.51 million in total
assets, $21.54 million in total liabilities and a $14.03 million
total capital deficiency.


PARAGON OFFSHORE: Bank Debt Trades at 24% Off
---------------------------------------------
Participations in a syndicated loan under which Paragon Offshore is
a borrower traded in the secondary market at 76.50
cents-on-the-dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015 edition of The Wall Street Journal.
This represents a decrease of 0.40 percentage points from the
previous week, The Journal relates.  The Company pays 275 basis
points above LIBOR to borrow under the facility.  The bank loan
matures on July 14, 2021, and carries Moody's Ba1 rating and
Standard & Poor's BB+ rating.  The loan is one of the biggest
gainers and losers among 257 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended June 19.



PEABODY ENERGY: Debt Trades at 16% Off
--------------------------------------
Participations in a syndicated loan under which Peabody Energy
Power Corp is a borrower traded in the secondary market at 83.48
cents-on-the- dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015 edition of The Wall Street Journal.
This represents a decrease of 3.77 percentage points from the
previous week, The Journal relates. Peabody Energy Power Corp pays
325 basis points above LIBOR to borrow under the facility.  The
bank loan matures on September 20, 2020, and carries Moody's Ba3
rating and Standard & Poor's BB+ rating.  The loan is one of the
biggest gainers and losers among 257 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended June
19.



PEABODY ENERGY: Moody's Cuts Corporate Family Rating to 'B3'
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Peabody Energy
Corporation, including the corporate family rating (CFR) to B3 from
B2, probability of default rating (PDR) to B3-PD from B2-PD, the
ratings on senior secured credit facility to B1 from Ba3, the
ratings on second lien debt to B3 from B2, the ratings on senior
unsecured notes to Caa1 from B3, and the junior subordinated
debenture ratings to Caa2 from Caa1. Moody's also changed the
speculative grade liquidity rating to SGL-3 from SGL-2. The outlook
is negative.

Downgrades:

Issuer: Peabody Energy Corporation

Corporate Family Rating, Downgraded to B3 from B2

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

Speculative Grade Liquidity Rating, Changed to SGL-3 from SGL-2

Junior Subordinated Conv./Exch. Bond/Debenture (Local Currency) ,
Downgraded to Caa2, LGD6 from Caa1, LGD6

Senior Secured Bank Credit Facility (Local Currency), Downgraded
to B1, LGD2 from Ba3,LGD2

Senior Secured Regular Bond/Debenture (Local Currency), Downgraded
to B3, LGD3 from B2, LGD3

Senior Unsecured Regular Bond/Debenture (Local Currency),
Downgraded to Caa1, LGD5 from B3,LGD5

Outlook Actions:

Issuer: Peabody Energy Corporation

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade reflects our expectation of continued deterioration
in the company's credit metrics, more precipitous than we had
forecasted previously, due to the ongoing decline in the seaborne
metallurgical coal markets. We anticipate that the company's Debt/
EBITDA, as adjusted, will approach 9x in 2015. Although we
anticipate some recovery in 2016, we expect the leverage to remain
elevated at around 7x. Absent asset sales, the company will
generate negative free cash flows in 2015 and 2016.

Benchmark prices for high quality met coal for the third quarter of
2015 settled at $93/ metric tonne. The second quarter benchmark of
$110 was already tracking roughly $10 below the settlements from
the past four quarters. Once supply cuts take effect, we expect
prices to improve somewhat; however, any material recovery is
increasingly appearing unlikely over the next 18 months. We
estimate that the approximately 300 million-ton seaborne market is
currently oversupplied by roughly 5%-10%. Global suppliers, mostly
in Australia and the US, have already announced over 30 million
metric tonnes of supply cuts since early 2014. However, these are
slow to take hold. Production volumes are also being propped up by
cost curves shifting lower, due to falling oil prices and
currencies weakening against the US dollar, particularly the
Australian dollar, the source of over half of global met coal
production. Despite the downward trend of the global cost curve, we
believe a significant portion of global met coal production remains
uneconomic and further production cuts will be necessary to bring
the markets back into balance.

The B3 corporate family rating continues to reflect pressures on
the company's US thermal coal business from increased regulatory
pressure and low natural gas prices. That said, Peabody's rating
reflects its significant size and scale, broadly diversified
reserves and production base, efficient surface mining operations,
and a solid portfolio of long-term coal supply agreements with
electric utilities. The rating also incorporates its competitive
cost structure compared to other US-based producers, as well as
operational risks inherent in the coal industry.

The B1 rating on the secured facility, two notches above the B3
CFR, reflects the security provided by the collateral package,
which includes a claim on certain US properties and various stock
pledges. The B3 rating on the second lien notes, in line with the
CFR, reflects their relative position in the capital structure with
respect to claim on collateral, behind the senior secured credit
facility but ahead of the Caa1 rated unsecured notes and Caa2
subordinated debentures.

The speculative grade liquidity rating of SGL-3 reflects adequate
liquidity, including cash and cash equivalents of $637 million,
$1.5 billion available under $1.65 billion revolver and $34 million
of available capacity under the accounts receivable securitization
program as of March 31, 2015. We expect Peabody to be in compliance
with the covenants under its secured credit facility, although
headroom under covenants is expected to tighten. Peabody has
several alternatives for arranging back-door liquidity if
necessary. Peabody's large number of mines and its operational
diversity across the PRB and Illinois Basin give it the flexibility
to sell non-core assets if necessary.

The negative outlook reflects our expectation that metallurgical
coal markets will remain weak over the next eighteen months, while
the company's Debt/ EBITDA, as adjusted, will approach 9x in 2015.

A ratings upgrade is unlikely but would be considered if Debt/
EBITDA were to approach 6x, with roughly neutral free cash flows.

A further downgrade would be considered if liquidity deteriorated,
free cash flows were persistently negative, and/or Debt/ EBITDA
exceeded 8x on a sustained basis.



PETERSBURG REGENCY: Burt Wants Disbursement of Insurance Proceeds
-----------------------------------------------------------------
Jim Burt, by and through his undersigned counsel Porzio, Bromberg
and Newman, P.C., on his own behalf and on behalf of 12 creditors
of the Debtor Petersburg Regency, LLC, filed on June 16, 2015, a
cross-motion for distribution of $9,993,325.14 in estate funds
currently on deposit with the Circuit Court of Petersburg,
Virginia.

A copy of the Cross-Motion is available for free at:

                      http://is.gd/VAewkr

On May 7, 2015, the Debtor objected to a distribution scheme that
had been ordered in the Virginia interpleader action three weeks
earlier.  The Debtor's objection focused on five creditors who
allegedly had been "shut out" of the distribution scheme ordered by
the Virginia Court: (i) A.H. Realty, (ii) R. Oshinsky & Co., Inc.,
(iii) ThysenKrupp Elevator, (iv) Specialized Environmental, and (v)
William Spier.  According to the Debtor, it filed the
New Jersey bankruptcy proceeding in order to protect the valid
claims of the Shut-Out Creditors that had not been fairly addressed
the Virginia interpleader court's order.

In the intervening period following the May 7 status conference
with the Court, the secured creditors addressed in the Virginia
distribution order have: (i) voluntarily discounted their
distributions further than they had agreed to do in the Virginia
interpleader, and (ii) engaged in discussions with certain of the
Shut-Out Creditors, reaching agreement with two of the five, i.e.
A.H. Realty and Thyssenkrupp Elevator.  The secured creditors have
further created an additional pot of $237,301.50 for the remaining
three non-consenting creditors.  

In a motion the Debtor filed on Feb. 25, 2015, seeking to dismiss
the Virginia involuntary, the Debtor successfully argued that
because amounts owed to its secured creditors exceeded the
interpleader funds, secured creditors would take all, and a
bankruptcy proceeding would therefore be "futile," would provide no
added value, and would waste time and judicial resources.

The proposal contained in this Cross-Motion resolves all but three
of the creditors' claims, and also resolves the Debtor's concern
that a long, drawn out bankruptcy including a plan process, would
be a wasteful "no value added" proposition, particularly where,
as the Debtors pointed out in Virginia, the secured creditors take
all.

David Edelberg, Esq., at Nowell Amoroso Klein Bierman, P.A., the
attorney for the Debtor, said in a court filing dated June 19, 2015
-- a copy of which is available for free at http://is.gd/3DO2EZ--
that the petitioning creditors acknowledged in their involuntary
bankruptcy petition for the Debtor that their claims are unsecured,
yet the improved distribution motion pays the Petitioning Creditors
in full.  LeClairRyan is also reducing its claim by a paltry 6%,
the Debtor's counsel stated.  According to the Debtor's counsel,
Ittleson, LeClairRyan, James Burt and the Petitioning Creditors
seek to bypass all scrutiny of their claims in order to obtain
outsized recoveries.  Thus, the improved motion's distribution
scheme fails to distribute funds on a fair and rational basis.
Moreover, the secured creditors' claim that there is no equity in
the insurance proceeds is undermined by their failure to seek
relief from the automatic stay.

The Debtor's counsel said that the Debtor communicated settlement
offers to both Ittleson and LeClairRyan weeks ago without success.
The Debtor is asking the Court to consider conducting a settlement
conference, as previously suggested by the Court.  

Mr. Burt is represented by:

      Porzio, Bromberg & Newman, P.C.
      Warren J. Martin Jr., Esq.
      Michael J. Naporano, Esq.
      Rachel A. Parisi, Esq.
      100 Southgate Parkway
      P.O. Box 1997
      Morristown, NJ 07962-1997
      Tel: (973) 538-4006
      Fax: (973) 538-5146
      E-mail: wjmartin@pbnlaw.com
              mjnaporano@pbnlaw.com
              raparisi@pbnlaw.com

                     About Petersburg Regency

Petersburg Regency, LLC, commenced a Chapter 11 bankruptcy case
(Bankr. D.N.J. Case No. 15-17169) in Newark, New Jersey, on April
20, 2015.  The case is assigned to Judge Vincent F. Papalia.

An involuntary bankruptcy case was previously filed against the
company (Bankr. E.D. Va. Case No. 15-30526) but the case was
dismissed by consent order in March 2015.

The Debtor tapped David Edelberg, Esq., at Nowell Amoroso Klein
Bierman, P.A., in Hackensack, New Jersey, as counsel.

According to the docket, the Debtor's exclusive period to file a
plan expires on Aug. 18, 2015.


PETERSBURG REGENCY: Fights LeClairRyan's Motion to Dismiss Case
---------------------------------------------------------------
Petersburg Regency, LLC, has filed an objection to LeClairRyan, A
Professional Corporation's motion for dismissal of the Debtor's
Chapter 11 case.

The Debtor says that it filed its Chapter 11 Petition in order to
include all creditors in the same venue where the Debtor's
insurance litigation has been pending for 11 years.  The Debtor
states that its Chapter 11 case is designed to test the validity of
claims, the validity of liens, obtain additional assets through
litigation, and arrange a fair distribution to all creditors.
According to the Debtor, it has engaged in good faith negotiations
with its creditors in an effort to resolve the distribution of the
approximately $10.2 million in insurance proceeds arising from the
insurance litigation.

To date, Debtor has reached an agreement on a payment amount with
several significant creditors, including: (i) a secured creditor
having a large, seven figure claim; (ii) a second secured creditor;
and (iii) an unsecured creditor asserting a seven figure claim.  As
a result, Debtor has filed a Plan of Reorganization.

In addition, Debtor has filed an adversary complaint seeking to
determine the nature, validity and extent of liens upon the
Insurance Proceeds; and to recover damages for the abhorrent
conduct by one or more of Debtor's creditors.

A copy of the Debtor's objection to the dismissal motion is
available for free at http://is.gd/zPPlcn

Accoridng to LeClairRyan's May 21, 2015 dismissal motion, the
Debtor's hurriedly-filed bankruptcy petition is fraught with bad
faith and should be dismissed with prejudice.  LeClairRyan says in
its motion that among other earmarks of the Debtor's abuse of
bankruptcy law are: (1) the Debtor's admitted lack of any assets
around which to reorganize, as evidenced by its concessions
in an involuntary bankruptcy proceeding in Virginia just two months
ago that its secured debts exceed the value of its assets; (2) its
counsel's endorsement on an order in Virginia state court last
month distributing 100% of its only asset to its secured creditors;
(3) the Debtor's misrepresentation in its application to employ
counsel regarding its intention to repair a hotel which it no
longer owns, which is scheduled for demolition by the City of
Petersburg, Virginia, and which is beyond repair; (4) the Debtor's
initial defective corporate resolution to support its filing; and
(5) the Debtor's lack of good standing with the State of New Jersey
New Jersey.

LeClairRyan claims that the Debtor's petition does not serve a
valid bankruptcy purpose, was improperly filed to obtain a tactical
litigation advantage, and should be dismissed, and that LeClair
should be awarded its fees associated with its dismissal motion as
an appropriate sanction for the Debtor's bad faith filing.

A copy of the dismissal motion is available for free at:

                       http://is.gd/0IrwOb

LeClairRyan says in a June 19, 2015 court filing -- a copy of which
is available for free at http://is.gd/ft7LEE-- that in an effort
to adorn this case with trappings of legitimacy, the Debtor has
responded to LeClairRyan's motion by filing a proposed Chapter 11
plan as well as a misguided adversary complaint which seeks to
avoid various liens and asserts other non-core causes of action
against LeClairRyan and others.  The filing of a plan, according to
LeClairRyan, does not establish that a case was filed in good
faith, and, neither does the filing of an adversary complaint for
the purpose of attempting to rearrange priorities among creditors
and asserting causes of action which exist outside of bankruptcy.

As set forth in LeClairRyan's dismissal motion, "[t]wo inquiries
are especially relevant to the issue of good faith: '(1) whether
the petition serves a valid bankruptcy purpose, and (2) whether the
petition is filed merely to obtain a tactical litigation
advantage.'"  LeClairRyan says that the Debtor has fallen woefully
short of addressing both inquiries, and it is thus clear that this
case should be dismissed as a bad faith filing.

LeClairRyan is represented by:

      Webber McGill LLC
      Douglas J. McGill, Esq.
      760 Route 10, Suite 104
      Whippany, New Jersey 07981
      Tel: (973) 739-9559
      Fax: (973) 739-9575
      E-mail: dmcgill@webbermcgill.com

                     About Petersburg Regency

Petersburg Regency, LLC, commenced a Chapter 11 bankruptcy case
(Bankr. D.N.J. Case No. 15-17169) in Newark, New Jersey, on April
20, 2015.  The case is assigned to Judge Vincent F. Papalia.

An involuntary bankruptcy case was previously filed against the
company (Bankr. E.D. Va. Case No. 15-30526) but the case was
dismissed by consent order in March 2015.

The Debtor tapped David Edelberg, Esq., at Nowell Amoroso Klein
Bierman, P.A., in Hackensack, New Jersey, as counsel.

According to the docket, the Debtor's exclusive period to file a
plan expires on Aug. 18, 2015.


PHOTOMEDEX INC: Completes Sale of XTRAC and VTRAC Businesses
------------------------------------------------------------
PhotoMedex, Inc., and its subsidiary PhotoMedex Technology, Inc.
entered into an asset purchase agreement with MELA Sciences, Inc.,
according to a regulatory filing with the Securities and Exchange
Commission.  Under the Asset Purchase Agreement, MELA acquired the
XTRAC excimer laser business and the VTRAC excimer lamp business
from PTECH, certain international intellectual property rights held
by Photo Therapeutics Ltd., the Company's subsidiary in the United
Kingdom, and the stock of PhotoMedex India Private Limited, the
Company's subsidiary in India, for a total purchase price of $42.5
million in cash.  The sale was completed on June 22, 2015.

Under the Escrow Agreement, $750,000 of the Purchase Price has been
placed into an escrow account held by U.S. Bank National
Association as Escrow Agent.  The Company will use a portion of the
non-escrowed proceeds to repay indebtedness under the Credit
Agreement, and the remaining portion of the non-escrowed proceeds
to pay fees in connection with the transaction.

The Purchase Price is subject to a post-closing working capital
adjustment, pursuant to which the Purchase Price paid to the
Company at closing will be adjusted up or down by an amount equal
to the difference between the net working capital of the
Transferred Business as of June 22, 2015, and a target net working
capital of $0, subject to a $450,000 collar (if applicable) and a
maximum payment in either direction of $500,000.

The Asset Purchase Agreement provides that MELA will make offers of
employment to certain employees of the Transferred Business.  In
addition, the Company has assigned to MELA the leases for its
facilities located in Horsham, Pennsylvania, and Carlsbad,
California.

The Asset Purchase Agreement contains customary representations,
warranties and covenants by each of the Company, PTECH and MELA, as
well customary indemnification provisions among the parties.

The parties entered into several ancillary agreements as part of
this transaction, including an Escrow Agreement and a Transition
Services Agreement.

Under the Transition Services Agreement, MELA will continue to
provide certain accounting, human resources, IT support and other
services to the Company, while the Company will continue to provide
certain marketing, benefit, payroll and other services to MELA, for
periods ranging from approximately one month to up to approximately
ten months following the closing.  During those periods, each of
the Company and MELA will arrange to transition the services it
receives to its own personnel.  The Company and PTECH will also
have the right to continue occupying certain portions of the
Horsham, Pennsylvania facility until Dec. 31, 2015.

On June 23, 2015, the Company repaid in full the outstanding
balances of its revolving line of credit and term loan (including
all unpaid interest) under the Credit Agreement, dated as of
May 12, 2014, by and between the Company, JPMorgan Chase Bank,
N.A., as Administrative Agent, First Niagara Bank, N.A. and PNC
Bank, National Association, each as Co-Syndication Agents, J.P.
Morgan Securities LLC, as Lead Arranger and Bookrunner, and the
other Lenders party thereto.  Pursuant to the Payoff Letter,
effective as of June 23, 2015, and all other termination and
release documents in connection therewith, the Company and its
subsidiaries have been released from all of their obligations,
including any guarantee and collateral obligations, in connection
with the Credit Agreement.  The Company has used the proceeds from
the sale of the Transferred Business, as well as its subsidiary in
India, to complete payment of the outstanding revolving line of
credit and term loan under the Credit Agreement and ancillary
costs, which totaled $40.3 million.

                         About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

PhotoMedex and its subsidiaries has entered into a second
amended and restated forbearance agreement with the lenders that
are parties to the credit agreement dated May 12, 2014, and with JP
Morgan Chase, as administrative agent for the Lenders pursuant to
which the Lender have agreed to forbear from exercising their
rights and remedies with respect to certain events of default from
Aug. 25, 2014, until April 1, 2016, or earlier if an event of
default occurs, according to a document filed with the Securities
and Exchange Commission in March 2015.

As of March 31, 2015, the Company had $105.7 million in total
assets, $71.4 million in total liabilities, and $34.3 million in
total stockholders' equity.

                        Bankruptcy Warning

"If, in the future, PhotoMedex is required to obtain similar
forbearance agreements as a result of our inability to meet the
terms of the credit agreement, there can be no assurance that those
forbearance agreements will be available on commercially reasonable
terms or at all.  If, as or when required, we are unable to repay,
refinance or restructure our indebtedness under those credit
facilities, or amend the covenants contained therein, the lenders
could elect to terminate their commitments under the credit
facilities and institute foreclosure proceedings against our
assets.  Under such circumstances, we could be forced into
bankruptcy or liquidation.  In addition, any additional events of
default or declaration of acceleration under one of those
facilities or the forbearance agreement could also result in an
event of default under one or more of these agreements.  Such a
declaration would have a material adverse impact on our liquidity,
financial position and results of operations," the Company stated
in its 2014 annual report.


PRESSURE BIOSCIENCES: Hires MaloneBailey as New Accountants
-----------------------------------------------------------
The Board of Directors of Pressure BioSciences, Inc. dismissed
Marcum LLP as the Company's independent registered public
accounting firm on June 23, 2015, according to a Form 8-K document
filed with the Securities and Exchange Commission.  The Board
engaged MaloneBailey, LLP, as replacement.

The report of Marcum on the audited financial statements of the
Company for the fiscal years ended Dec. 31, 2014, and Dec. 31,
2013, did not contain any adverse opinion or disclaimer of opinion,
nor was it qualified or modified as to uncertainty, audit scope, or
accounting principles, except for the addition of a paragraph
expressing substantial doubt about the Company's ability to
continue as a going concern.

Marcum informed the Company that, at the completion of the 2013
and 2014 audits, there was a material weakness in the Company's
internal controls related to: (1) a lack of sufficient segregation
of duties; and (2) a lack of sufficient personnel in the accounting
function.

The Company's Board of Directors discussed this material weakness
with Marcum.  The Company said it has authorized Marcum to respond
fully to the inquiries of Malone concerning this material
weakness.

                    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.

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.

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, the auditors
said.


PRINTPACK HOLDINGS: Plant Closure No Impact on Moody's B3 Rating
----------------------------------------------------------------
Moody's Investors Service says Printpack Holdings, Inc.'s (B3
stable) announcement that it will close its Fredericksburg, VA,
label and shrink wrap plant in the first quarter of 2016 and move
production to other facilities is credit positive as the plan will
reduce costs and improve EBITDA. The planned closure has no ratings
impact as the plant generates less than 5% of the company's sales
and closure-related costs are not significant. Printpack will face
some execution risk as the new plan adds complexity to its ongoing
restructuring initiatives, some of which that have faced delays.



RADIAN GROUP: Moody's Hikes Senior Unsecured Debt Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service, has upgraded the rating of Radian Group
Inc.'s senior unsecured debt to B1, with positive outlook.

Today's rating action concludes Moody's review of Radian Group's
ratings for upgrade, and was prompted by the announcement by Radian
Group (NYSE: RDN), that it has completed its offering of $350
million of 5.25% Senior Notes due in 2020, and entered into
agreements to purchase an aggregate of $389 million principal
amount of its Convertible Senior Notes due in 2017.

Moody's stated that the debt issuance is credit positive for Radian
Group because it meaningfully improves the holding company's debt
maturity profile and better aligns it with the expected timing of
dividend capacity from its subsidiaries. Moody's added, that while
the debt issuance is also positive for Radian Guaranty Inc. (Radian
Guaranty -- insurance financial strength Ba1, positive), the
group's lead mortgage insurance subsidiary, the company has not yet
implemented its plan to attain compliance with the private mortgage
insurer eligibility requirements (PMIERs).

RATINGS RATIONALE

The upgrade reflects Moody's view that the debt issuance
meaningfully improves the holding company's debt maturity profile
and relieves near-term liquidity pressure on the group as it
balances holding company debt maturities with the capital needs of
Radian Guaranty. In addition, Moody's noted that the less onerous
final PMIERs reduced the amount of additional capital required at
Radian Guaranty, further relieving the demand on holding company
liquidity resources. As a result of this rating action, Radian
Group's senior unsecured debt rating now reflects Moody's standard
notching for insurance ratings, and is three-notches lower than the
insurance financial strength rating of its lead mortgage insurance
subsidiary, Radian Guaranty.

Moody's noted that the successful completion of the debt issuance
and repurchase provides the group with additional flexibility in
balancing debt maturities and capital contributions to Radian
Guaranty. As of April 1, 2015, Radian Group reported approximately
$707 million in available cash and liquid investments, with
approximately $646 million and $700 million in senior unsecured,
and convertible debt due in 2017 and 2019, respectively. Due to the
statutory requirement to build up its contingency reserve, Radian
Guaranty is not expected to have any dividend capacity within that
timeframe. Following the debt refinancing, Radian Group will have
approximately $257 million and $700 million in debt due in 2017 and
2019, respectively, followed by $350 million in senior notes due in
2020.

Moody's outlook for Radian Group's B1 senior debt rating is
positive, and reflects the group's recent access to capital markets
on favorable terms, and the improving credit profile of Radian
Guaranty, its lead mortgage insurance subsidiary.

RATING DRIVERS

Moody's noted that the following factors could lead to an upgrade:
1) Improved capital adequacy, either through an appropriate form of
risk-transfer or contribution of additional capital, sufficient to
ensure comfortable compliance with the PMIER requirements; 2)
Increased certainty about the range of potential outcomes in the
group's tax dispute with the IRS.

The following factors could lead to a downgrade: 1) significant,
adverse development in Radian's insured mortgage portfolio; 2)
Radian's inability to meet PMIER requirements within the allowed
transition period or; 3) a deterioration in Radian Group's ability
to meet its debt service requirements over the next few years.

LIST OF RATING ACTIONS

The following ratings have been upgraded, with positive outlook:

Issuer: Radian Group Inc.

Senior unsecured debt at B1, from B2;

Senior unsecured shelf at (P)B1, from (P)B2;

Senior subordinate shelf at (P)B2, from (P)B3;

Subordinate shelf at (P)B2, from (P)B3;

Preferred shelf at (P)B3, from (P)Caa1;

Preferred non-cumulative shelf at (P)B3, from (P)Caa1.

The principal methodology used in these ratings was Mortgage
Insurers published in April 2015.

Radian Group Inc. is a US-based holding company that owns a
mortgage insurance platform comprised of Radian Guaranty, Radian
Insurance and Radian Mortgage Assurance. The group also has
investments in other financial services entities. As of March 31,
2015, Radian Group had approximately $6.8 billion in total assets
and $2.2 billion in shareholder's equity.



RADIOSHACK CORP: Fights Salus' Bid to Convert Case to Ch. 7
-----------------------------------------------------------
Salus Capital Partners, LLC's motion to convert RadioShack
Corporation, et al.'s Chapter 11 cases to Chapter 7 liquidation met
objections from the Debtor, the Official Committee of Unsecured
Creditors, and the landlords.

As reported by the Troubled Company Reporter on June 18, 2015,
Salus asks the Court for to covert the Debtors' Chapter 11 cases to
cases under Chapter 7.  Salus' counsel, Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Wilmington, Delaware,
tells the Court that since commencing the Chapter 11 cases, the
Debtors have sold, or are in the process of selling, substantially
all of their assets.  Mr. Clark notes that once that sale process
is completed, the Debtors have nothing further to achieve in
Chapter 11.  He further tells the Court that there is no longer a
viable business to reorganize, nor an advantage to liquidating the
Debtors' remaining assets, which primarily consist of potential
litigation claims, under Chapter 11.

The Debtors say in its objection -- a copy of which is available
for free at http://is.gd/jpmBko-- that with the agreement of their
secured lenders, including Salus, the Debtors have proceeded to
liquidate the vast majority of their assets pursuant to processes
and expedited timelines discussed and approved prior to the
commencement of the bankruptcy cases.  By all measures, the
liquidation has been extraordinarily successful, generating
substantial recoveries for the benefit of creditors.  Despite that
success and an acknowledgment that the liquidation process is not
yet complete, Salus requests that the Court halt the ongoing and
unfinished liquidation process to invoke the drastic remedy of a
Chapter 7 conversion.  

According to the Debtors, the estates are not administratively
insolvent and the Debtors have not accrued administrative expenses
at unsustainable levels or beyond their ability to pay.  As Salus
well knows based on its involvement in every budget negotiation
since the outset of these cases, the Debtors have met their ongoing
obligations as they have come due.  Additionally, expenses
have remained within budget despite higher than anticipated
professional fees and the Debtors have not been in violation of any
of the disbursement covenants associated with those budgets.
Further, the Debtors have sufficient cash, collateral carve-outs
and an agreed subordination by Salus (which Salus acknowledges in
its Motion to Convert) to pay anticipated future expenses
and anticipated priority claims.

The Official Committee of Unsecured Creditors is objecting to the
conversion motion, calling the motion as nothing more than a
self-serving attempt by Salus to improve its under secured status
at the expense of all other constituencies which have worked
diligently to bring the complex Chapter 11 cases towards a
successful conclusion on July 22, 2015, pursuant to the Debtors'
plan of liquidation.  The Debtors, according to the Committee, have
proposed the feasible Plan which will be confirmed on July 22,
2015.  Also, the record of these proceedings make clear that the
Debtors' assets have been maximized not diminished, for the benefit
of Salus, the Committee says.

A copy of the Committee's objection is available for free at:

                      http://is.gd/knsVXh

Landlords Basser-Kaufman, Blumenfeld Development Group, Ltd., DDR
Corp., Equity One Inc., GGP Limited Partnership, Gregory Greenfield
& Associates, Ltd., Forest City Enterprises, Jones Lang LaSalle
Americas, Inc., Philips International Holding Corp., Read
Investments LLC, Regency Centers LP, Rouse Properties, Rush
Properties, and Weingarten Realty Investors are also objecting the
conversion motion, saying that Salus provides no details as to how
they will comply with their contractual obligation to fund the
Salus Carve-Out and provide for the immediate payment of the
Landlords' stub rent claims.  Instead, Salus proposes to create an
entirely new class of Chapter 7 administrative claims that would
likely stand ahead of the Landlords' Chapter 11 administrative
claims, and threaten both the timing and payment of those
stub rent claims.  A copy of the Landlords' objection is available
for free at http://is.gd/3T1RNU

The Landlords are represented by:

      Kelley Drye & Warren LLP
      James S. Carr, Esq.
      Robert L. LeHane, Esq.
      Gilbert R. Saydah Jr., Esq.
      101 Park Avenue
      New York, New York 10178
      Tel: (212) 808-7800
      Fax: (212) 808-7897
      E-mail: jcarr@kelleydrye.com
              rlehane@kelleydrye.com
              gsaydah@kelleydrye.com

                  About RadioShack Corporation

Headquartered in Fort Worth, Texas, RadioShack (OTCMKTS: RSHCQ) --
http://www.radioshackcorporation.com-- is a retailer of mobile  
technology products and services as well as products related to
personal and home technology and power supply needs.  RadioShack's

retail network includes more than 4,300 company-operated stores in

the United States, 270 company-operated stores in Mexico, and
approximately 1,000 dealer and other outlets worldwide.

RadioShack Corporation and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge
Kevin J. Carey presides over the case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy
counsel.

David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor. Maeva Group, LLC, is the Debtors' Turnaround
advisor. Lazard Freres & Co. LLC is the Debtors' investment banker.
A&G Realty Partners is the Debtors' real estate advisor. Prime
Clerk is the Debtors' claims and noticing agent.

In their petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the
Official Committee of Unsecured Creditors as co-counsel. Houlihan
Lokey Capital, Inc. serves as financial advisor and investment
banker.  

The bankruptcy case is assigned to Judge Brendan L. Shannon.


RADIOSHACK CORP: Hello, RS Legacy Corporation!
----------------------------------------------
RadioShack Corporation on June 22, 2015, filed a Certificate of
Amendment to the Company's Restated Certificate of Incorporation,
as amended, to change its name from RadioShack Corporation to RS
Legacy Corporation. The Amendment was adopted in accordance with
Section 303 of the General Corporation Law of the State of Delaware
and under an order by the Bankruptcy Court in the Chapter 11 Cases.
The Company filed the Amendment with the Secretary of State of the
State of Delaware, and the Amendment became effective on June 22,
2015.

The change of corporate name was effected to satisfy one of the
Company's obligations under the Purchase Agreement, dated May 15,
2015, between the Company, other sellers party thereto and General
Wireless Operations Inc. relating to the sale of the Company's
brand name and customer data.

                  About RadioShack Corporation

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

RadioShack Corporation and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge
Kevin J. Carey presides over the case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul
M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy
counsel.

David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor. Maeva Group, LLC, is the Debtors'
Turnaround
advisor. Lazard Freres & Co. LLC is the Debtors' investment
banker.
A&G Realty Partners is the Debtors' real estate advisor. Prime
Clerk is the Debtors' claims and noticing agent.

In their petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent
the
Official Committee of Unsecured Creditors as co-counsel. Houlihan
Lokey Capital, Inc. serves as financial advisor and investment
banker.  

The bankruptcy case is assigned to Judge Brendan L. Shannon.

                            *     *     *

In March 2015, Judge Shannon authorized RadioShack to sell about
1,700 of its stories to a unit of New York hedge fund Standard
General.  The buyer outlasted RadioShack's largest creditor, Salus
Capital Partners, in the auction for the stores.  The winning bid
by Standard General's unit, General Wireless Operations Inc., is
valued at about $160 million.  Salus offered $129 million cash bid.
Other RadioShack locations will be closed.

In June 2015, RadioShack won Bankruptcy Court approval to sell to
General Wireless the Company's brand name and customer data for
$26.2 million in cash and the assumption of specified liabilities.

RadioShack also offloaded other assets and locations abroad.  The
Company sold its Mexican business to retailer Grupo Gigante for
$31.8 million.  Gigante acquired RadioShack de Mexico, including
251 stores, brands and trademarks, via Gigante's unit Office Depot
de Mexico.  

On June 12, 2015, RadioShack filed a bankruptcy liquidation plan
explaining how its remaining assets will be distributed.
RadioShack also changed its name to "RS Legacy Corporation" as part
of the sales to General Wireless.

Standard General is represented in the case by Debevoise & Plimpton
LLP's Jonathan E. Levitsky, Esq.

Salus is represented by Anthony W. Clark, Esq., and Jason M.
Liberi, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Wilmington, Delaware; and Jay M. Goffman, Esq., Mark A. McDermott,
Esq., and Christine A. Okike, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in New York.


RADIOSHACK CORP: Judge Approves Protocols Protecting Customer Data
------------------------------------------------------------------
RadioShack Corp. obtained court approval of its agreement with two
major wireless carriers to implement protocols protecting customer
data.

The order, issued by U.S. Bankruptcy Judge Brendan Shannon,
authorizes the electronics retailer to implement protocols
protecting confidential information of customers of Verizon
Wireless and AT&T Mobility LLC.

A copy of the court order is available for free at
http://is.gd/P5gsdf

The agreement resolves the wireless carriers' objections to the
sale of RadioShack's customer data to General Wireless Operations
Inc.  Both had expressed fear the sale would violate their
contracts with the retailer protecting customer privacy.

Judge Shannon on June 4 approved the sale of RadioShack's customer
data and trademarks following an auction where General Wireless
emerged as the winning bidder.  The retailer will get $26.2 million
in cash from the sale, court filings show.

                  About RadioShack Corporation

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

RadioShack Corporation and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge
Kevin J. Carey presides over the case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel.


David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor. Maeva Group, LLC, is the Debtors' Turnaround
advisor. Lazard Freres & Co. LLC is the Debtors' investment banker.
A&G Realty Partners is the Debtors' real estate advisor. Prime
Clerk is the Debtors' claims and noticing agent.

In their petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the
Official Committee of Unsecured Creditors as co-counsel. Houlihan
Lokey Capital, Inc. serves as financial advisor and investment
banker.  

The bankruptcy case is assigned to Judge Brendan L. Shannon.


REICHHOLD HOLDINGS: Sells 4 Surplus Properties for $5.135-Mil.
--------------------------------------------------------------
Reichhold Holdings US, Inc., and its affiliated debtors ask the
U.S. Bankruptcy Court for the District of Delaware to approve the
sale of four properties in an amount totaling $5,135,000.

The properties to be sold are the following:

   (1) 400 Doremus Avenue, in Newark, New Jersey, to Value
Industry, Inc., for $3,500,000;

   (2) 46 Albert Avenue, in Newark, New Jersey, to Albert and
Cornelia, LLC, for $435,000;

   (3) 45-5 Cornelia Street, in Newark, New Jersey, to Albert and
Cornelia, LLC, for $700,000; and

   (4) 3101 South California Avenue, in Chicago, Illinois, to
Pioneer Environmental Services, LLC, for $500,000.

Marion M. Quirk, Esq., at Cole Schotz P.C., in Wilmington,
Delaware, tells the Court that sound business reasons exist for the
sales.  Ms. Quirk says that the Debtors and their advisors
determined that, after analyzing the viable options for the
Debtors' business, a plan to exit bankruptcy as a stand-alone going
concern business was not a likely option and, accordingly, the
Debtors sold all their operating assets to Reichhold, LLC.

Ms. Quirk further tells the Court that following the sale, the
Debtors further explored how to best proceed with selling the
Properties and their other remaining assets.  She says the
Properties are not used in the operation of the Debtors' business,
nor are they revenue-producing assets.  She adds that while there
are tenants at the Albert Avenue, Cornelia Street, and Chicago
Properties, the rent they pay does not result in any appreciable
net income for the Debtors.

Ms. Quirk notes that the Purchasers have submitted the following
good faith deposits: Doremus Avenue Property - $350,000; Albert
Avenue Property - $43,500; Cornelia Street Property  - $70,000; and
Chicago Property - $50,000.

The Debtors' motion is scheduled for hearing on July 13, 2015 at
10:30 a.m.  The deadline for the submission of objections is set on
July 6.

The Debtors are represented by:

          Norman L. Pernick, Esq.
          Marion M. Quirk, Esq.
          David W. Giattino, Esq.
          COLE SCHOTZ P.C.
          500 Delaware Avenue, Suite 1410
          Wilmington, DE 19801
          Telephone: (302)652-3131
          Facsimile: (301)652-3117
          Email: npernick@coleschotz.com
                 mquirk@coleschotz.com
                 dgiattino@coleschotz.com
                 
            -- and --

          Gerald H. Gline, Esq.
          Kenneth L. Baum, Esq.
          COLE SCHOTZ P.C.
          25 Main Street
          Hackensack, NJ 07602-0800
          Telephone: (201)489-3000
          Facsimile: (201)489-1536
          Email: ggline@coleschotz.com
                 kbaum@coleschotz.com

                          About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/--  has       
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.  Concurrent with this purchase, Reichhold completed
a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan
Investment
Management, Inc., Third Avenue Management LLC, and Simplon
Partners
LP.  

On April 1, 2015, the U.S. Trustee named three non-union retirees
of Debtors to serve as the official Non-Union Retiree Committee.
Each of the Retiree Committee members is receiving retiree welfare
benefits from one or more of the Debtors.  The Retiree Committee
tapped the law firm of Stahl Cowen Crowley Addis LLC as its
counsel.


RESEARCH SOLUTIONS: Elects Ex-Elsevier CEO John Regazzi to Board
----------------------------------------------------------------
Research Solutions, Inc., has elected John Regazzi to its board of
directors.  His appointment increases the total number of board
members to seven, with four members serving independently.

Regazzi is an information services and IT industry innovator, with
more than four decades of experience.  He is currently managing
director of Akoya Capital Partners, a sector focused private
investment firm, where for the last few years he has served as its
professional information services sector leader.  He has also been
a professor at the Long Island University's College of Education,
Information and Technology since 2005, and has served as dean of
LIU's College of Information and Computer Science.

Before joining Akoya Capital Partners, Regazzi served for several
years as CEO of Elsevier Inc. and managing director of the
NYSE-listed Reed Elsevier, the world's largest publisher and
information services company for journal and related scientific,
technical and medical content.  At Reed Elsevier, he oversaw its
expansive electronic publishing portfolio, with a program staff of
3,000 and revenues exceeding $1 billion.  He was previously CEO of
Engineering Information, which he helped turnaround before being
acquired by Reed Elsevier.

"John brings an extraordinary depth of experience, skill and
knowledge to our board," said Research Solutions president and CEO,
Peter Derycz.  "He joins us at a pivotal stage, with our transition
to a fully digital solution for accessing high-value STM
information, as it continues to accelerate and gain traction with
major corporate and academic users.  We expect John's deep
understanding of STM content sourcing and delivery to help guide
the global expansion and reach of our Article Galaxy platform."

As a recognized industry thought leader, Regazzi has designed,
launched, and managed some of the most innovative and well-known
information services in the professional communities, including the
Engineering Village, Science Direct, Scirus and Scopus, as well as
numerous other electronic information services dating back to the
early days of the online and CD-ROM industries.

Regazzi made his first mark on the information industry at
H.W.Wilson Company, which was founded in 1888 as the nation's first
publisher of indexing service, monographs and library reference
materials.  As its vice president, he was the first to bring a
publisher online with their own distribution services, successfully
challenging the industry of established aggregation services.  He
also helped launch the content CD-ROM industry, creating the first
commercially available CD-ROM text database and delivering the
keynote address at Microsoft's first CD-ROM conference.

He has served on a variety of corporate and industry boards,
including the British Standards Institute Group and the American
Institute of Physics, and he recently was appointed and serves as
chairman of the board of National Technical Information Service, a
division of the U.S. Department of Commerce.  He currently serves
as chairman of LawLogix Group and Inflexxion, both Akoya portfolio
companies.

Regazzi's accomplishments have been recognized with a number of
awards, including the St. John's University President's Award,
Columbia University's Joseph Wheeler Award, and American Library
Association's Dartmouth Medal.  He also received the American
Society for Information Science Award for Outstanding Doctoral
Dissertation.  He has published numerous articles in leading trade
publications, as well as two noted books regarding the information
industry.

Regazzi earned his BS from St. Johns University, MA from University
of Iowa, MS from Columbia University, and PhD. in Information
Science from Rutgers University.

                     About Research Solutions

Research Solutions, Inc. provides research information services
and software to research-intensive industries in the Life Sciences
and other fields.  The Encino, California-based Company delivers
copyrighted copies of published content, including articles from
published journals, to content users in hard copy or electronic
form.

The Company reported a net loss of $1.87 million for the fiscal
year ended June 30, 2014, compared with net income of $192,000 for
the year ended June 30, 2013.

As of March 31, 2015, Research Solutions had $8.25 million in total
assets, $7.39 million in total liabilities and $866,194 in total
stockholders' equity.


RITE AID: Completes Acquisition of EnvisionRx
---------------------------------------------
Rite Aid has completed its previously announced acquisition of
Envision Pharmaceutical Services from leading global private
investment firm TPG and other shareholders in a transaction valued
at approximately $2 billion, including approximately $1.8 billion
in cash and approximately 27.9 million Rite Aid shares.

"The completion of this acquisition is an important step in our
strategy to expand Rite Aid's retail healthcare platform and
enhance our health and wellness offerings," said Rite Aid chairman
and CEO John Standley.  "EnvisionRx's talented management team and
valued associates are a tremendous addition to our Rite Aid family.
The combination of EnvisionRx's broad suite of PBM and
pharmacy-related businesses with Rite Aid's retail platform will
provide our customers and patients with an integrated offering
across retail, specialty and mail-order channels."

EnvisionRx CEO Frank Sheehy added, "As part of Rite Aid, we are
well positioned to deliver a truly integrated healthcare offering
which will provide tremendous benefits to both plan sponsors and
patients.  Our work is already well underway and we look forward to
accelerating our efforts now that the transaction is complete."

Sharad Mansukani, a senior advisor to TPG and the former chairman
of EnvisionRx, said, "TPG is proud to have partnered with
EnvisionRx's founders and excellent management team in building a
business that is truly set apart from other PBMs.  We are confident
EnvisionRx will enjoy many years of success as part of Rite Aid."

EnvisionRx will operate as a wholly owned subsidiary of Rite Aid
led by Frank Sheehy and current management.  EnvisionRx's
headquarters will remain in Twinsburg, Ohio.

The transaction, which was announced in February 2015, is expected
to be accretive to Rite Aid's earnings per share in Rite Aid's
fiscal year 2017.

Citigroup Global Markets Inc. served as financial advisor to Rite
Aid and Skadden, Arps, Slate, Meagher & Flom LLP was the company's
legal advisor.  J.P. Morgan served as exclusive financial advisor
to EnvisionRx, and Cleary Gottlieb Steen & Hamilton LLP acted as
its M&A legal counsel and Baker & Hostetler LLP acted as its
regulatory legal counsel.

                        About Rite Aid Corp.

Rite Aid is a drugstore chain with 4,570 stores in 31 states and
the District of Columbia.

The Company disclosed in its annual report for the year ended
Feb. 28, 2015, that it is highly leveraged.  Its substantial
indebtedness could limit cash flow available for its operations and
could adversely affect its ability to service debt or obtain
additional financing if necessary.

As of May 30, 2015, the Company had $10.5 billion in total assets,
$10.4 billion in total liabilities and $152.7 million in total
stockholders' equity.

                           *     *     *

In March 2015, Moody's Investor Service confirmed its 'B2'
Corporate Family Rating of Rite Aid.  The confirmation reflects
Moody's expectation that Rite Aid will maintain debt to EBITDA
below 7.0 times after closing the acquisition of Envision
Pharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid, including the
corporate credit rating, which S&P raised to 'B' from 'B-'.

In April 2014, Fitch Ratings upgraded its ratings on Rite Aid,
including its Issuer Default Rating to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


ROADRUNNER ENTERPRISES: Automatic Stay Lifted on Four Properties
----------------------------------------------------------------
The Hon. Kevin R, Huennekens of the U.S. Bankruptcy Court for the
Eastern District of Virginia granted Virginia Commonwealth Bank
formerly known as First Federal Savings Bank of VA, to modify the
stay order permitting Virginia Commonwealth and its successors and
assigns to enforce the lien of its deed of trust as it pertains to
the debtor Roadrunner Enterprises Inc.'s real property located at:

   1. County of Chesterfield known as 16400 Happy Hill Road,
Colonial Heights, Virginia;

   2. County of Sussex known as 29134 Forestview Drive, Waverly,
Virginia;

   3. County of Sussex known as 29187 Forestview Drive, Waverly,
Virginia; and
  
   4.  29208 Meadowniew Drive, Waverly, Virginia.

The Court ordered that the relief will extend to the purchaser at
the foreclosure sale to allow the purchaser to take action under
state law, as may be necessary, to obtain possession of the
property.

                   About Roadrunner Enterprises

Headquartered in Chesterfield County, Virginia, Roadrunner
Enterprises Inc. owns the Roadrunner Campground and more than 70
rental properties, lots, and other real estate interests.

Roadrunner Enterprises filed for Chapter 11 bankruptcy protection
(Bank. E.D. Va. Case No. 15-30604) on Feb. 6, 2015.  The petition
was signed by Carl Adenauer, president.  David K. Spiro, Esq., at
Hirschler Fleischer, P.C., serves as the Debtor's counsel.  Judge
Kevin R. Huennekens presides over the case.  The Debtor estimated
assets and liabilities of at least $10 million.



SAVANNA ENERGY: S&P Raises Rating on Sr. Unsecured Debt to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issue-level
rating on Calgary, Alta.-based Savanna Energy Services Corp.'s
senior unsecured debt to 'B+' from 'B'.  At the same time, Standard
& Poor's revised its recovery rating on the debt to '4' from '5'.
The recovery rating indicates S&P's expectation of modest (30%-50%,
at the lower end of the range) recovery for senior unsecured
debtholders under S&P's simulated default scenario.  Standard &
Poor's also affirmed its 'B+' long-term corporate credit rating on
the company.  The outlook is stable.

The rating actions reflect recent revisions to the assumptions
underpinning S&P's estimated enterprise value at the time of its
simulated default for Savanna in 2019.  S&P estimates the company's
default year EBITDA using the average of its 2010-2014 actual
EBITDA and S&P's forecast 2015 EBITDA for the company, reduced by
S&P's assumed 50% haircut in the default year.  The recovery rating
revision reflects S&P's reduced estimate of Savanna's senior debt
outstanding at the time of default, which is now limited to 85% of
the availability under its revolving credit facility.

Although S&P projects the company's forecast revenues and cash flow
to weaken, in tandem with decreased oil and gas drilling activity,
Savanna has quickly reduced operating and general and
administrative costs, and capital spending in an effort to
stabilize profit margins and preserve liquidity.  "As a result, we
are projecting the company's profitability metrics should remain
appropriate for the 'B+' corporate credit rating," said Standard &
Poor's credit analyst Michelle Dathorne.

The ratings reflect Standard & Poor's view of the scope of
Savanna's operations in its three principal markets; the quality of
the company's rig fleet; and Savanna's profitability profile, which
ranks in the bottom quartile of the contract drilling global rated
peer group (based on S&P's assessment of the company's EBITDA
margins and return on capital).  S&P believes the company's cash
flow protection metrics, which benefit from moderate debt levels
despite S&P's expectation of reduced cash flow generation during
its 2015-2017 cash flow forecast period, somewhat offset these
weaknesses.

The stable outlook reflects Standard & Poor's expectation that
Savanna's recent efforts to reduce its operating and general and
administrative costs, as well as its near-term curtailed capital
spending, should ensure its cash flow and leverage metrics remain
within the ranges that support the 'B+' corporate credit rating.
Although the company has made several small dispositions as part of
its efforts to rationalize its operations, S&P expects its overall
business risk profile will be fairly stable during its 2015-2016
utlook period.

Assuming S&P's assessment of Savanna's overall business risk
profile does not change, a negative rating action would occur if
the company's cash flow adequacy and leverage profile deteriorated
during the outlook period.  Specifically, S&P could lower the
rating if its estimate of Savanna's three-year weighted average
FFO-to-debt fell below 30%, with no expectation of an improvement
during this timeframe.  And assuming the cash flow volatility
incorporated in S&P's current base case scenario remains
unchanged.

S&P's base-case scenario assumes the scale and scope of Savanna's
operations and its profitability profile will remain largely
unchanged during the outlook period.  Nevertheless, a positive
rating action could occur if the company strengthens and sustains
its weighted-average FFO-to-debt above 45% in current industry
conditions.  Although S&P do not expect Savanna's business risk
profile to improve during the outlook period, a positive rating
action could also occur if the company is able to strengthen its
profitability profile, such that S&P's estimate of its EBITDA
margin and return on capital move into the "average" ranking for
the global contract drilling peer group.



SEADRILL LTD: 2021 Bank Debt Trades at 22% Off
----------------------------------------------
Participations in a syndicated loan under which Seadrill Ltd. is a
borrower traded in the secondary market at 79.61 cents-on-the-
dollar during the week ended Friday, June 19, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 25, 2015, edition of The Wall Street Journal.  This
represents a decrease of 1.38 percentage points from the previous
week, The Journal relates. Seadrill Ltd. pays 300 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
February 17, 2021, and carries Moody's Ba3 rating and Standard &
Poor's BB- rating.  The loan is one of the biggest gainers and
losers among 257 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended June 19.



SEANERGY MARITIME: Registers $200 Million Worth of Securities
-------------------------------------------------------------
Seanergy Maritime filed a Form F-3 registration statement with the
Securities and Exchange Commission relating to the sale of the
Company's common stock, preferred stock, debt securities, warrants,
purchase contracts, rights and units.

The aggregate offering price of all securities issued under this
prospectus may not exceed $200,000,000.  The securities issued
under this prospectus may be offered directly or through
underwriters, agents or dealers.

The Company's common shares are traded on the Nasdaq Capital Market
under the symbol "SHIP."

The aggregate market value of the Company's outstanding common
stock held by non-affiliates is $1,164,999, based on 46,556,771
shares of common stock outstanding, of which 1,765,150 are held by
non-affiliates, and a closing price on the Nasdaq Capital Market of
$0.66 on June 22, 2015.

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

                      http://is.gd/LZuOHy

                        About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

Ernst & Young (Hellas) Certified Auditors-Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that following the disposal of the Company's entire fleet in
early 2014 in the context of its restructuring plan, the Company
was unable to generate sufficient cash flow to meet its obligations
and sustain its continuing operations that raise substantial doubt
about the Company's ability to continue as a going concern.

As of Dec. 31, 2014, the Company had $3.26 million in total assets,
$592,000 in total liabilities, and $2.67 million in total
stockholders' equity.

The Company disclosed net income of $80.3 million on $2.01 million
of net vessel revenue for the year ended Dec. 31, 2014, compared
with net income of $10.9 million on $23.1 million of net vessel
revenue for the year ended Dec. 31, 2013.


SEQUENOM INC: KPMG Replaces Ernst & Young as Auditors
-----------------------------------------------------
Sequenom, Inc., disclosed with the Securities and Exchange
Commission that it notified Ernst & Young LLP of its dismissal as
the Company's independent registered public accounting firm
effective June 19, 2015.  The decision to change independent
registered public accounting firm was approved by the Company's
Audit Committee.

The audit reports of Ernst & Young LLP on the consolidated
financial statements of the Company as of and for the years ended
Dec. 31, 2014, and 2013 did not contain any adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles.

During the two fiscal years ended Dec. 31, 2014, and 2013, and the
subsequent interim period through June 19, 2015, the Company said
it had no disagreements with Ernst & Young LLP on any matter of
accounting principles or practices, financial statement disclosure,
or auditing scope or procedure.

On June 19, the Company selected KPMG LLP as its new independent
registered public accounting firm, subject to completion of its
standard client acceptance procedures.  The decision to engage KPMG
LLP as the Company's independent registered public accounting firm
was approved by the Audit Committee.  During the years ended Dec.
31, 2014, and 2013, and through June 19, 2015, the Company did not
consult with KPMG LLP regarding any matter.

                           About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of March 31, 2015, Sequenom had $145.4 million in total assets,
$160.5 million in total liabilities and a $15.1 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SIGA TECHNOLOGIES: Bankruptcy Filing Prompted Nasdaq Delisting
--------------------------------------------------------------
SIGA Technologies, Inc., was delisted by The Nasdaq Stock Market
LLC in May.  The Company said the delisting is a consequence of its
bankruptcy filing in September 2014.

SIGA received the delisting notice on May 20, 2015, from the
Hearings Advisor for The Nasdaq Stock Market, stating that Nasdaq
has determined that the Company's securities will be delisted from
Nasdaq. On May 21, 2015, Nasdaq filed a Form 25-NSE with the
Securities and Exchange Commission to remove the Company's
securities from listing and registration on Nasdaq. The Form 25-NSE
stated that Nasdaq had determined that the Company no longer
qualified for listing on Nasdaq pursuant to Nasdaq Listing Rule
5110(b).

The Company's common stock was suspended from trading on the Nasdaq
Global Market on March 20, 2015 and has traded on the OTC Markets
under the "SIGAQ" symbol since that time.

The Company's Chapter 11 filing was precipitated by its ongoing
litigation with PharmAthene, Inc.

                      About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in
Madison
Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor disclosed total assets of $131,669,746 and $7,954,645
in
liabilities as of the Chapter 11 filing.

The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP.  The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.

In June 2015, Judge Lane denied SIGA Technologies's motion to
disband the Statutory Creditors' Committee.


SPIRE CORP: Issues $250,000 Promissory Note to Roger Little
-----------------------------------------------------------
Spire Corporation, on June 22, 2015, issued a secured promissory
note to Roger G. Little, chairman of the Company's Board of
Directors, pursuant to which the Company is obligated to pay Mr.
Little an aggregate principal amount of $250,000, according to a
document filed with the Securities and Exchange Commission.  The
Company will use proceeds from the Note to fund certain ordinary
course operating expenses and other ordinary course obligations.

The Note is due and payable on the earlier of 1) the Company's
receipt of a down payment from a specific customer, or 2) within
five business days of its closing a financial debt transaction. The
term of the of Note shall not extend beyond Sept. 30, 2015.  The
Note is non-interest bearing, except in the event of default, when
the outstanding principal balance of the Note would then bear
interest at a rate of 12% per annum.  Events of default under the
Note include (i) the Company's failure to pay the amounts
thereunder when due, subject to a grace period as specified in the
Note; (ii) a default by the Company pursuant to the terms of the
Security Agreement; or (iii) certain events of bankruptcy of the
Company.

The Company also agreed to pay Mr. Little a loan fee of $25,000 no
later than the Maturity Date.  The Note and the loan fee may be
prepaid, in whole or in part, at any time by the Company without
penalty.

On June 22, 2015, the Company entered into a security agreement
with Mr. Little, pursuant to which it granted Mr. Little a security
interest in certain of its collateral as security for the Company's
obligations under the Note.

                         About Spire Corp

Bedford, Massachusetts-based Spire Corporation currently develops,
manufactures and markets customized turn-key solutions for the
solar industry, including individual pieces of manufacturing
equipment and full turn-key lines for cell and module production
and testing.

Spire Corporation reported a net loss of $8.52 million in 2013, as
compared with a net loss of $1.85 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed
$9.73 million in total assets, $15.6 million in total liabilities,
and a $5.87 million total stockholders' deficit.

McGladrey LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company incurred an operating loss from continuing operations
of $8.4 million and cash used in operating activities of
continuing operations was $5.2 million.  The Company's credit
agreement with a bank is due to expire on April 30, 2014.  These
factors raise substantial doubt about its ability to continue as a
going concern.


STAFFORD LOGISTICS: S&P Affirms 'B-' CCR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services revised its assessment of
Stafford Logistics Holdings Inc.'s liquidity score to "adequate"
from "less than adequate," as defined in S&P's criteria.  At the
same time, S&P affirmed its 'B-' corporate credit rating on the
company.  The outlook remains stable.

"Our rating affirmation reflects our view that despite its limited
scale of operations and types of services offered, Stafford's
profitability will remain relatively solid during the remainder of
2015," said Standard & Poor's credit analyst James Siahaan.

Demand for its long haul waste transportation services appears
modestly favorable, as construction spending continues to drive
waste volumes.  The company has taken steps to mitigate the impact
of higher labor and maintenance costs by refreshing a portion of
its truck fleet, which has resulted in lower fuel expense.  The
ratings also reflect the company's status as a portfolio company of
financial sponsor Kinderhook Industries, along with its high debt
leverage.  S&P estimates the company's adjusted debt to EBITDA
ratio was 6x for the 12 months ended March 31, 2015.

S&P's revision of Stafford's liquidity score reflects S&P's
expectation that the company's projected liquidity sources will
exceed uses by at least 1.2x over the next 12 months.  S&P
recognizes that the company's headroom under the credit facility's
net leverage covenants is limited at present, even when S&P do not
include potential acquisitions; however, the company remains in
compliance with the covenants, as it received an equity cure in the
third quarter of 2014, and headroom levels improved during the past
two sequential quarters.  While the net leverage covenant steps
down at the end of the second quarter, S&P anticipates the company
to remain in compliance and to take timely steps to remain so.



STANDARD REGISTER: Committee Defends Retention of Professionals
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of The Standard Register Company, et al., filed an omnibus
reply to objections to retention applications of its selected
professionals filed by:

   a) Bank of America, N.A., as administrative and collateral
agent;

   b) Silver Point Finance, LLC; and

   c) the Debtors.

The Committee has asked the U.S. Bankruptcy Court for the District
of Delaware for permission to retain (i) Lowenstein Sandler LLP as
counsel; (ii) Polsinelli PC as Delaware and conflicts counsel;
(iii) Zolfo Cooper, LLC as financial and forensic advisor;
and (iv) Jefferies LLC as investment banker.

The Committee explained that:

   1. retention of Committee advisors is necessary for the
committee to acquit its fiduciary duties and is warranted under the
circumstances;

   2. Section 328(a) is the appropriate standard of review of
financial advisor professional fees; and

   3. it requires retention of both Zolfo and Jefferies; and

   4. the Jefferies' fee and expense structure must be approved
under Section 328(a) of the Bankruptcy Code.

Bank of America, N.A., in its capacity as administrative and
collateral agent under the Prepetition ABL Loan Agreement and as
administrative and collateral agent under the ABL DIP Loan
Agreement, submitted a limited objection and reservation of
rights to the applications filed by the Committee to retain (i)
Lowenstein Sandler as counsel; (ii) Polsinelli as Delaware and
conflicts counsel; (iii) Zolfo Cooper as financial and forensic
advisor; and (iv) Jefferies as investment banker.

The ABL Agent objected to the application to retain Zolfo Cooper
and Jefferies on the limited ground that the Committee proposes for
Zolfo Cooper's and Jefferies' compensation be pre-approved by the
Court under Section 328(a) of the Bankruptcy Code, denying any
party-in-interest the opportunity to object to any fees and
expenses sought by Zolfo Cooper and Jefferies, even though Zolfo
Cooper and Jefferies will be billing time and compensated on an
hourly fee basis.

The ABL Agent also objected to the application to retain Jefferies
on the limited grounds that the Committee proposes for Jefferies to
receive a substantial fee upon a closing of a sale of the Debtors'
assets without Jefferies having added any value to the sale
process.

The Debtors, in their omnibus objection to Committee retention
applications, said that they question whether two financial
advisors are necessary under the circumstances of the case, and the
fee arrangements that those advisors have requested.

                     About Standard Register

Standard Register -- http://www.standardregister.com/-- provides  

market-specific insights and a compelling portfolio of workflow,
content and analytics solutions to address the changing business
landscape in healthcare, financial services, manufacturing and
retail markets.  The Company has operations in all U.S. states and
Puerto Rico, and currently employs 3,500 full-time employees and 16
part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L. Shannon
and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.



TALLGRASS OPERATIONS: Moody's Withdraws 'Ba3' CFR
-------------------------------------------------
Moody's Investors Servicehas withdrawn all assigned ratings for
Tallgrass Operations LLC, including the Ba3 Corporate Family
Rating, following the repayment of all of its rated debt. The
company recently announced that it had extinguished all of its
rated debt effective May 12, 2015.

Issuer: Tallgrass Operations LLC

Ratings Withdrawn:

Ba3 Corporate Family Rating

Ba3-PD Probability of Default Rating

Loss Given Default Assessment LGD4 - 50%

SGL-3 Speculative Grade Liquidity Rating

Ba3, LGD4 - 50% Senior Secured Bank Credit Facility

Stable rating outlook withdrawn



TH AGRICULTURE: Ruling Favors Insurers in Audit Right Suit
----------------------------------------------------------
The Court of Chancery for Delaware granted the AIU Insurance
Company and other insurers' motion for declaratory judgment and
denied the motions to dismiss and for summary judgment in the case
captioned AIU INSURANCE COMPANY, AMERICAN HOME ASSURANCE COMPANY,
BIRMINGHAM FIRE INSURANCE COMPANY OF PENNSYLVANIA, GRANITE STATE
INSURANCE COMPANY, LEXINGTON INSURANCE COMPANY, and NATIONAL UNION
FIRE INSURANCE COMPANY OF PITTSBURGH, PA, Plaintiffs, v. PHILIPS
ELECTRONICS NORTH AMERICA CORPORATION, T H AGRICULTURE & NUTRITION
L.L.C., and THE T H AGRICULTURE & NUTRITION L.L.C. ASBESTOS
PERSONAL INJURY TRUST, Defendants, C.A. No. 9852-VCN, (Del. Ch.).

On November 24, 2008, facing substantial asbestos-related
liability, THAN commenced Chapter 11 bankruptcy proceedings before
the United States Bankruptcy Court for the Southern District of New
York.  THAN sought to confirm a prepackaged plan of reorganization
pursuant to Section 524(g) of the Bankruptcy Code.  Section 524(g)
allows a debtor facing significant asbestos liabilities to channel
current and future claims to a trust created specifically to assume
them.  After a channeling injunction is entered by a federal
district court, the debtor company is relieved of its asbestos
liabilities.  In 2009, AIG entered into a settlement agreement with
Defendants T H Agriculture & Nutrition, L.L.C. (THAN) and Philips
Electronics North America Corporation (PENAC) to resolve
then-pending insurance coverage litigation.  Because the
Plaintiffs' settlement payments would be based on future
disbursements by Defendant T H Agriculture & Nutrition L.L.C.
Asbestos Personal Injury Trust, the Plaintiffs negotiated for a
prospective right to audit those payments and distributions.

On July 2, 2014, AIG filed a complaint with the Delaware Court,
naming THAN, PENAC, and the Trust as Defendants.  AIG seeks
declaratory relief regarding the nature and extent of its audit
rights under the Settlement Agreement.  It also charges PENAC and
THAN with breach of the Settlement Agreement, the Trust with
tortious interference with AIG's rights under the Settlement
Agreement, and all three defendants with breach of the Plan.  The
Trust moved to dismiss the claims against it for failure to state a
claim or, in the alternative, for summary judgment in its favor.
THAN and PENAC moved to dismiss the breach of contract claims
against them.  AIG subsequently filed a cross-motion for summary
judgment on all of its counts.  In response, THAN and PENAC
cross-moved for summary judgment on the declaratory judgment count.
It is focused on the parties' differing interpretations of the
nature of Plaintiffs' audit right.  The Plaintiffs believe that the
Defendants have violated their rights by barring an audit unless
they consent to certain limitations.  The Defendants argue that
because the Plaintiffs' audit right is limited, it has not been
impaired.

The Delaware Court granted AIG's motion for declaratory judgment.
It found out that AIG is entitled to declaratory judgment on the
scope of its audit right, as described supra, Section III.A.  AIG
may audit the payments and distributions of the Trust at its own
expense, no more than once per year.  While the Settlement
Agreement restricts AIG's use of information obtained through an
audit, the agreement does not limit the proper purposes for its
investigation.  It denied the remaining motions to dismiss and
motions for summary judgment on Counts I-IV.  It ordered the
Counsel to confer and to submit an implementing form of order.
Further, the Delaware Court ruled that even if the Defendants'
interpretation would not leave Section 2.3's second sentence
superfluous, it remains the case that the Settlement Agreement's
plain language only restricts how AIG can use information.
Although one might initially question the usefulness under the
circumstances of a broad right to audit payments and distributions,
the Court cannot deny AIG that opportunity without rewriting the
Settlement Agreement.  Additionally, Section 2.4 illustrates that
AIG's audit right is not hollow. An audit restricted to assessing
whether claimants have been paid as stated could uncover some
accounting errors.  Further, nothing in Section 2.4(b) requires
AIG's suspicions of fraud to arise from an audit. Indeed, AIG has
alleged in this action that it "has a reasonable suspicion that
fraudulent claims have been submitted to and paid by the Asbestos
PI Trust."  It has cited bases for its concerns and submitted a
supporting expert report.  Apparently, AIG is already in a position
to raise the issue of fraud with the Trust's trustees if it so
desires.  The Court has determined that AIG is entitled to judgment
in its favor on its fifth count (for declaratory relief).  

Nonetheless, despite both sides having moved for judgment on the
other contract-related counts, there are unresolved factual
questions that prevent judgment for any party, the Delaware Court
ruled.  The uncertainty surrounding the negotiation and approval of
the Cooperation Agreement and the Plan, it is possible to infer
reasonably that the Trust procured a breach of the Settlement
Agreement.  Again, AIG alleges that entry into the Cooperation
Agreement rendered it impossible for PENAC and THAN to fulfill
their obligations under the Settlement Agreement.  While the Trust
did not technically exist until November 2009, AIG alleges that it,
"and its predecessors, representatives and constituencies had full
knowledge of the Settlement Agreement, and the broad and robust
audit rights that Plaintiffs have under the Settlement Agreement"
before the agreement was executed or was approved by the Bankruptcy
Court.  The role that the Trust's representatives played in THAN's
bankruptcy proceeding is a contested factual issue.  They were
allegedly involved with the negotiations surrounding AIG's audit
right. AIG argues that the Trust then insisted on the Cooperation
Agreement with full knowledge of AIG's Settlement Agreement-rights.
While it is conceivable that the Trust induced THAN and PENAC to
agree to conditions that would impair AIG's right to audit, the
record cannot support summary judgment for either party, the
Delaware Court further ruled.

A full-text copy of the Memorandum Opinion dated June 4, 2015, is
available at http://is.gd/n0nW3rfrom Leagle.com.

Marc S. Casarino, Esq. -- casarinom@whiteandwilliams.com  of White
and Williams LLP and John S. Favate, Esq. and Henry T. M.
LeFevre-Snee, Esq. -- of Hardin Kundla McKeon & Poletto P.A. serve
as counsel for Plaintiffs

David J. Baldwin, Esq. -- dbaldwin@potteranderson.com  -- Jennifer
C. Wasson, Esq.  -- jwasson@potteranderson.com  and Andrew H.
Sauder, Esq. -- asauder@potteranderson.com  of Potter Anderson &
Corroon LLP and Kenneth H. Frenchman, Esq. --
kfrenchman@kasowitz.com  and Alana S. Klein, Esq. --
asklein@kasowitz.com  of Kasowitz, Benson, Torres & Friedman LLP
serve as counsel for Defendants Philips Electronics North America
Corporation and T H Agriculture & Nutrition L.L.C.


TORNANTE-MDP JOE: S&P Revises Outlook to Stable & Affirms 'B' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on New York City-based Tornante-MDP Joe Holding LLC to
stable from negative and affirmed the 'B' corporate credit rating
and senior secured issue-level ratings.

"The revision of the outlook to stable from negative reflects our
view that EBITDA growth in 2015 will allow the company to improve
credit measures and build in cushion compared to thresholds at
which we could lower the rating (total adjusted debt to EBITDA
above 6x and EBITDA coverage of interest expense below 2x)," said
Standard & Poor's credit analyst Carissa Schreck.

S&P expects Tornante-MDP Joe to benefit from increased product
pricing and new product launches in its confectionery segment and a
modest increase in demand for products in its sports and
entertainment segment in 2015 and 2016.  S&P believes Tornante-MDP
Joe will also benefit from cost efficiencies gained through
restructuring in 2014.  As a result, S&P's base-case forecast is
for EBITDA to increase around 30% in 2015, following a weak 2014.
In addition, S&P expects EBITDA to increase in the low-single-digit
percentage area in 2016, in line with consumer discretionary
spending.  Given these expectations, S&P expects adjusted debt to
EBITDA improves to and is sustained in the 5x area and EBITDA
interest coverage in the 3x area through 2016.  S&P believes these
credit measures provide a cushion compared to thresholds in the
unexpected event of near-term volatility in product demand or
operating missteps.

The affirmation of the 'B' corporate credit rating reflects S&P's
assessment of the company's business risk profile as "vulnerable"
and S&P's assessment of the company's financial risk assessment as
"highly leveraged," according to S&P's criteria.

The stable rating outlook reflects S&P's expectation for sustained
improvement in operating performance through 2016, resulting in
credit measures that provide a cushion compared to thresholds in
the unexpected event of near-term volatility in product demand or
operating missteps.

S&P would consider lower ratings if operating performance
meaningfully declines, resulting in an impairment to the company's
liquidity profile, a decline in EBITDA coverage of interest expense
to below 2x, a sustained level of adjusted debt to EBITDA above 6x,
or S&P's belief that the company could breach the financial
covenant under the credit agreement.

Higher ratings are unlikely at this time given S&P's forecast for
operating performance through 2016 and the company's financial
sponsor ownership.  However, S&P could raise the rating if it
believes adjusted debt to EBITDA would be sustained below 4x.



TRANS-LUX CORP: Files Form S-1 Registration Statement with SEC
--------------------------------------------------------------
Trans-Lux Corporation filed a Form S-1 registration statement with
the Securities and Exchange Commission relating to the
distribution, at no charge, to holders of its common stock
transferable subscription rights to purchase up to [__] shares of
our Series B Convertible Preferred Stock at a subscription price of
$[__] per share.

The Series B Preferred carries a 5.0% cumulative annual dividend on
the Stated Value of $[__] per share and will be convertible into
shares of the Company's common stock at an initial conversion price
of $[__] per share, representing a conversion ratio of
[approximately] [__] shares of common stock for each share of
Series B Preferred held at the time of conversion, subject to
adjustment.

The subscription rights will expire if they are not exercised
before 5:00 p.m., Eastern Time, on [__], 2015, the expiration date
for the rights offering, unless the Company extends the rights
offering period.

The closing price of the Company's common stock on June 24, 2015,
was $3.00.  The Company's common stock is quoted on the OTC Pink
under the symbol "TNLX."

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

                        http://is.gd/ewPMk2

                     About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.

Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4
million of total revenues for the year ended Dec. 31, 2014,
compared with a net loss of $1.86 million on $20.9 million of total
revenues for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $14.8 million in total
assets, $17.6 million in total liabilities and a $2.76 million in
total stockholders' deficit.

BDO USA, LLP, 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 and has a significant working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.  Further, the auditors said, the Company is in default of
the indenture agreements governing its outstanding 9 1/2%
Subordinated debentures which were due in 2012 and its 8 1/4%
Limited convertible senior subordinated notes which were due in
2012 so that the trustees or holders of 25% of the outstanding
Debentures and Notes have the right to demand payment immediately.
Additionally, the Company has a significant amount due to their
pension plan over the next 12 months.


TROCOM CONSTRUCTION: M&T Bank Balks at Surety Program Motion
------------------------------------------------------------
Manufacturers and Traders Trust Company also known as M&T Bank
filed with the U.S. Bankruptcy Court for the Eastern District of
New York a partial opposition to the motion for a final order
relating to Trocom Construction Corp.'s surety program motion.

M&T objected to paragraph 2 of the final order to the extent that
it does not include the quoted language, which was included in the
interim order.

According to M&T, paragraph 2 of the interim surety order entered
May 21, 2015, provided that the surety bond program be maintained
"in accordance with the same practices and procedures in effect on
the Petition Date."

M&T also objected to the language in paragraph 3 of the final
order, which authorizes the Debtor "to (i) provide cash collateral
and letter of credit collateral to secure the surety bonds, solely
to the extent agreed upon by the Debtor and the surety."

Paragraph 3 of the proposed final order was deleted in its entirety
from the interim order.

On May 21, 2015, the Court entered a interim order authorizing the
Debtor to maintain, continue, and renew its surety bond program
without interruption, including with respect to obligations arising
under the surety bond program on account of prepetition or
postpetition surety bonds issued on behalf of the Debtor, and to
pay all postpetition obligations relating to the surety bond
program.

                     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.  

Judge Nancy Hershey Lord presides over the case.  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.



UNIVERSITY GENERAL: Donald Sapaugh Steps Down From Board
--------------------------------------------------------
Donald W. Sapaugh resigned from the Board of Directors of
University General Health System, Inc. on June 4, 2015.  He remains
as the president of the companies comprising University General's
senior living business segment.

                   About University General

University General Health System, Inc. (OTCQB: UGHS) with
headquarters in Houston, Texas, is a multi-specialty health care
provider that delivers concierge physician- and patient-oriented
services. UGHS and its consolidated subsidiaries operate, amongst
others, a general acute care hospital, ambulatory surgical centers,
hyperbaric wound care centers, diagnostic imaging centers, physical
therapy centers, and senior living centers.

UGHS owns the University General Hospital, a 72-bed, general acute
care hospital in the heart of the Texas Medical Center in Houston,
Texas.

UGHS and its affiliated entities sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 15-31086) in Houston, Texas, on
Feb. 27, 2015.  The case is assigned to Judge Letitia Z. Paul.

The Debtors have tapped John F Higgins, IV, Esq., Aaron James
Power, Esq., and Joshua W. Wolfshohl, Esq., at Porter Hedges LLP,
in Houston, Texas, as counsel.  Upshot Services, LLC, is the
claims
and noticing agent.

U.S. Trustee Judy A. Robbins formed a nine-member panel of
unsecured creditors in the Chapter 11 cases of the Debtors.


VANTAGE DRILLING: 2017 Bank Debt Trades at 18% Off
--------------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 82.17
cents-on-the- dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015 edition of The Wall Street Journal.
This represents an increase of 0.38 percentage points from the
previous week, The Journal relates. Vantage Drilling Co. pays 400
basis points above LIBOR to borrow under the facility.  The bank
loan matures on October 25, 2017, and carries Moody's B3 rating and
Standard & Poor's B- rating.  The loan is one of the biggest
gainers and losers among 257 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended June 19.



VANTAGE DRILLING: 2019 Bank Debt Trades at 30% Off
--------------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 69.92
cents-on-the- dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015 edition of The Wall Street Journal.
This represents an increase of 0.67 percentage points from the
previous week, The Journal relates. Vantage Drilling Co. pays 400
basis points above LIBOR to borrow under the facility.  The bank
loan matures on April 14, 2019, and carries Moody's B3 rating and
Standard & Poor's B- rating.  The loan is one of the biggest
gainers and losers among 257 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended June 19.



VUZIX CORP: Stockholders Elect Five Directors
---------------------------------------------
Vuzix Corporation held its annual meeting of stockholders at the
Doubletree Hotel at 1111 Jefferson Road, Rochester, in New York, on
June 23, 2015, at which the stockholders elected Paul J. Travers,
Grant Russell, William Lee, Alexander Ruckdaeschel and Michael
Scott as directors of the Company to serve until the 2016 annual
meeting of stockholders or until their successors have been elected
and qualified, and ratified the board of directors' appointment of
Freed Maxick, CPAs, P.C. as the Company's independent registered
public accounting firm for 2015.

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

The net loss for the year 2014 was $7.87 million versus a net loss
of $10.1 million in 2013.

As of March 31, 2015, the Company had $26.2 million in total
assets, $3.06 million in total liabilities and $23.1 million in
total stockholders' equity.


WALTER ENERGY: Debt Trades at 49% Off
-------------------------------------
Participations in a syndicated loan under which Walter Energy Inc.
is a borrower traded in the secondary market at 50.53
cents-on-the-dollar during the week ended Friday, June 19, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 25, 2015 edition of The Wall Street Journal.
This represents a decrease of 0.36 percentage points from the
previous week, The Journal relates.  Walter Energy Inc. pays 575
basis points above LIBOR to borrow under the facility.  The bank
loan matures on March 14, 2018, and carries Moody's Ca rating and
Standard & Poor's D rating.  The loan is one of the biggest gainers
and losers among 257 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended June 19.



WASHINGTON HEIGHTS: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Washington Heights Parking, LLC
        ABC Management, PO Box 470
        New York, NY 10033

Case No.: 15-11687

Type of Business: Real Estate

Chapter 11 Petition Date: June 26, 2015

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

Judge: Hon. Martin Glenn

Debtor's Counsel: Gary B. Sachs, Esq.
                  SACHS & ASSOCIATES
                  20 Crescent Drive
                  Albertson, NY 11507
                  Tel: (516) 396-0129
                  Fax: (516) 277-1857
                  Email: gsachs43@gmail.com

Total Assets: $26.6 million

Total Liabilities: $15.7 million

The petition was signed by Jose Espinal, managing member.

List of Debtor's five Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
NYC Water Board                      Utilities          $4,500

Citrin Cooperman                     Accounting         $8,000
                                      Services

Marshall Schiff                    Legal Services      $25,000

Workers Compensation Board           Insurance         $58,000

Angel Abeu                             Loans          $175,000


WEST CORP: Closes Secondary Stock Offering and Share Repurchase
---------------------------------------------------------------
West Corporation announced the closing of the underwritten public
offering of 7,000,000 shares of common stock by certain of its
existing stockholders at a public offering price of $30.75 per
share.  The underwriter of the offering has a 30-day option to
purchase up to an additional 1,050,000 shares of common stock from
the selling stockholders at the public offering price, less
underwriting discounts and commissions.

All of the shares of common stock in the offering were sold by
investors related to Thomas H. Lee Partners, L.P. and Quadrangle
Group LLC.  Neither the Company nor the Company's management sold
any shares of common stock in the offering, and the Company did not
receive any proceeds from the offering by the selling
stockholders.

In addition, the Company repurchased 1,000,000 shares of common
stock from the selling stockholders in a private transaction,
concurrently with the closing of the offering.  The shares were
repurchased at a price of $30.36 per share, for an aggregate
purchase price of $30,360,000.

The underwriter of the offering was Morgan Stanley.

A shelf registration statement relating to these securities was
filed and became effective with the Securities and Exchange
Commission on March 9, 2015.  Information about the offering is
available in the prospectus supplement filed with the SEC on
June 22, 2015.  Copies of the prospectus supplement and the
accompanying prospectus relating to the offering may be obtained by
contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department:
180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at
(866) 718-1649 or by emailing prospectus@morganstanley.com.

                      About West Corporation

Omaha, Neb.-based West Corporation is a global provider of
communication and network infrastructure solutions.  West helps
manage or support essential enterprise communications with
services that include conferencing and collaboration, public safety
services, IP communications, interactive services such as automated
notifications, large-scale agent services and telecom services.

West Corp reported net income of $158 million in 2014 following
net income of $143 million in 2013.

As of March 31, 2015, the Company had $3.54 billion in total
assets, $4.19 billion in total liabilities, and a $648 million
total stockholders' deficit.

                         Bankruptcy Warning

"Our failure to comply with these debt covenants may result in an
event of default which, if not cured or waived, could accelerate
the maturity of our indebtedness.  If our indebtedness is
accelerated, we may not have sufficient cash resources to satisfy
our debt obligations and we may not be able to continue our
operations as planned.  If our cash flows and capital resources are
insufficient to fund our debt service obligations and keep us in
compliance with the covenants under our Amended Credit Agreement or
to fund our other liquidity needs, we may be forced to reduce or
delay capital expenditures, sell assets or operations, seek
additional capital or restructure or refinance our indebtedness
including the notes.  We cannot ensure that we would be able to
take any of these actions, that these actions would be successful
and would permit us to meet our scheduled debt service obligations
or that these actions would be permitted under the terms of our
existing or future debt agreements, including our Senior Secured
Credit Facilities and the indenture that governs the notes.  The
Amended Credit Agreement and the indenture that governs the notes
restrict our ability to dispose of assets and use the proceeds from
the disposition.  As a result, we may not be able to consummate
those dispositions or use the proceeds to meet our debt service or
other obligations, and any proceeds that are available may not be
adequate to meet any debt service or other obligations then due.

If we cannot make scheduled payments on our debt, we will be in
default, and as a result:

   * our debt holders could declare all outstanding principal and
     interest to be due and payable;

   * the lenders under our Senior Secured Credit Facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing our borrowings; and

   * we could be forced into bankruptcy or liquidation," the
     Company said in its quarterly report for the period ended
     March 31, 2015.

                          *     *     *

As reported by the TCR on June 21, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on West Corp. to 'BB-'
from 'B+'.  The upgrade reflects Standard & Poor's view that lower
debt leverage and a less aggressive financial policy will
strengthen the company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor Service
upgraded West Corporation's Corporate Family Rating to 'B1' from
'B2'.  "The CFR upgrade to B1 reflects West's shift to a more
conservative capital structure and financial policies as a publicly
owned company," stated Moody's analyst Suzanne Wingo.


WORLD SURVEILLANCE: Defaults on DeCarlo & La Jolla Settlements
--------------------------------------------------------------
World Surveillance Group Inc., disclosed with the Securities and
Exchange Commission that on April 15, 2015, it defaulted on a
monthly installment payment in the amount of $3,333 which was due
and payable pursuant to that certain Settlement Agreement entered
between the Company and DeCarlo Group, LLC on July 9, 2014.  The
Company has paid a total of $31,664 in accordance with the Decarlo
Settlement Agreement and currently owes the remaining amount of
$53,336 payable in monthly installments of $3,333 from April 2015
through July 2016.  The Company has also not made the May 2015 and
June 2015 payments.

In addition, on April 19, 2015, the Company defaulted on a monthly
installment payment in the amount of $20,000 which was due and
payable pursuant to that certain Settlement Agreement entered
between the Company and La Jolla Cove Investors on Nov. 18, 2014.
The Company has paid a total of $210,000 in accordance with the La
Jolla Cove Investors Settlement Agreement and currently owes the
remaining amount of $80,000 payable in monthly installments of
$20,000 from April 2015 through July 2015.  The Company has also
not made the May 2015 and June 2015 payments.

                    About World Surveillance

World Surveillance Group Inc. designs, develops, markets and sells
autonomous lighter-than-air (LTA) unmanned aerial vehicles (UAVs)
capable of carrying payloads that provide persistent security
and/or wireless communication from air to ground solutions at low,
mid and high altitudes.  The Company's airships, when integrated
with electronics systems and other high technology payloads, are
designed for use by government-related and commercial entities
that require real-time intelligence, surveillance and
reconnaissance or communications support for military, homeland
defense, border control, drug interdiction, natural disaster
relief and maritime missions.  The Company is headquartered at the
Kennedy Space Center, in Florida.

World Surveillance reported a net loss of $3.41 million on
$559,000 of net revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $3.36 million on $272,000 of net
revenues for the year ended Dec. 31, 2012.

Rosen Seymour Shapss Martin & Company LLP, in New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has experienced significant losses
and negative cash flows, resulting in decreased capital and
increased accumulated deficits.  These conditions raise
substantial doubt about its ability to continue as a going
concern.

As of Sept. 30, 2014, the Company had $6.14 million in total
assets, $17.3 million in total liabilities, all current, and a
$11.1 million total stockholders' deficit.

                         Bankruptcy Warning

"We have incurred substantial indebtedness and may be unable to
service our debt.

"Our total indebtedness at September 30, 2014 was $17,292,275.  A
portion of such indebtedness reflects judicial judgments against
us that could result in liens being placed on our bank accounts or
assets.  We are continuing to review our ability to reduce this
debt level due to the age and/or settlement of certain payables
but we may not be able to do so.  This level of indebtedness
could, among other things:

   * make it difficult for us to make payments on this debt and
     other obligations;

   * make it difficult for us to obtain future financing;

   * require us to redirect significant amounts of cash from
     operations to servicing the debt;

   * require us to take measures such as the reduction in scale of
     our operations that might hurt our future performance in
     order to satisfy our debt obligations; and

   * make us more vulnerable to bankruptcy or an unwanted
     acquisition on terms unsatisfactory to us," the Company
     stated in its quarterly report for the period ended Sept. 30,
     2014.


XZERES CORP: Reports $10.7 Million Net Loss for Fiscal 2015
-----------------------------------------------------------
Xzeres Corp. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $10.7 million
on $4.4 million of gross revenues for the year ended Feb. 28, 2015,
compared to a net loss of $9.5 million on $4 million of gross
revenues for the year ended Feb. 28, 2014.

As of Feb. 28, 2015, the Company had $7.1 million in total assets,
$18.3 million in total liabilities and a $11.2 million total
stockholders' deficit.

KLJ & Associates, LLP, in Edina, MN, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Feb. 28, 2015, citing that the Company has incurred losses
from operations, has negative working capital and is in need of
additional capital to grow its operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.

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

                        http://is.gd/awAwip

                         About XZERES Corp.

Headquartered in Wilsonville, Oregon, XZERES Corp. designs,
develops, and markets distributed generation, wind power systems
for the small wind (2.5kW-100kW) market as well as power
management solutions.


ZIONS BANCORP: Moody's Assigns Ba1 Subordinated Debt Rating
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
rating outlook on the bank subsidiaries of Zions Bancorporation and
affirmed all Zions entities' ratings. Zions' bank subsidiaries,
including its lead bank, Zions First National Bank, have long-term
deposit ratings of Baa1, short-term deposit ratings of Prime-2,
issuer ratings of Ba1 and baseline credit assessments of baa3. The
subordinated debt of the holding company is rated Ba1.

RATINGS RATIONALE

The change in outlook to positive from stable is based on Moody's
view that improvements to Zions' centralized risk management have
enhanced the bank's ability to maintain a solid balance sheet.

Zions has restored a solid balance sheet with good asset quality
metrics and relatively high capital, compared to its US peers. It
recently sold the last of its trust preferred CDOs, which
eliminated their risk and reduced a longstanding credit risk
concentration. Moody's viewed the CDOs in aggregate with Zions'
commercial real estate (CRE) loans because of the high correlation
between the two asset classes' performance. In 2008, the amount of
Zions' CDOs and CREs peaked, at approximately 5.4 times its
tangible common equity. With the sale of the CDOs, the
concentration has declined to less than twice its tangible common
equity. The sale generated a pre-tax loss of $137 million; however,
Zions' capital will remain relatively strong, at an expected common
equity Tier 1 ratio of approximately 11.8% at June 30, 2015.

In Moody's view, the changes in risk management over the past two
years should help Zions' reduce its earnings volatility and better
defend its balance sheet. The company appointed its first chief
risk officer in 2013 and since then has expanded its risk function
staff, established risk limits and risk oversight committees at the
corporate and affiliate levels and made board oversight more
comprehensive. However, Zions' centralized enterprise risk
management is relatively new compared to its large regional bank
peers and has not been tested through an economic cycle.

Moody's views Zions' business mix as narrow because of the CRE
focus and the reliance on net interest income. Ratings could be
upgraded if the company can improve profitability as a result of
better cost management; Zions' successful execution of
restructuring initiatives would support these efforts. Moody's also
noted that Zions' average loan growth has been a moderate 3% over
the last year but could increase as the company seeks to improve
its earnings. As its loan book grows, Zions will need to show that
its enhanced risk management can control its CRE exposure and
maintain its good asset quality, and reduce potential earnings
volatility.

A downgrade is possible if there is a rebuilding of asset
concentrations, a decline in capital or a reversal of improvements
in asset quality.



[*] Robert Burns Joins Deloitte's Advisory Practice as Director
---------------------------------------------------------------
Deloitte on June 26 disclosed that Robert Burns, former deputy
director of the Federal Deposit Insurance Corporation's complex
financial institutions group, has joined its ranks.  Mr. Burns
works within Deloitte Advisory, the market-leading risk and
financial advisory practice of Deloitte & Touche LLP, as a director
in its banking and securities regulatory offering helping U.S. and
international banking clients on their resolution planning, capital
stress testing, liquidity coverage, regulatory reporting and credit
risk management efforts.

A 25-year veteran of the financial regulator, Mr. Burns was most
recently the senior executive responsible for risk analysis and
supervisory programs of systemically important financial
institutions.  In that role, he was at the forefront of the FDIC's
efforts to review all SIFI resolution plans (better known
informally as "living wills") and led the subsequent efforts with
banks to "make significant progress" to address the gaps seen by
regulators.

"The regulatory landscape for banking institutions continues to
become only more complex and banks are in various stages of a
multi-year transition to evolve their regulatory compliance
efforts," said Kevin McGovern, Deloitte Advisory partner, Deloitte
& Touche LLP, and governance, regulatory and risk strategies
leader.  "Areas like living wills, stress testing and liquidity
coverage are among the mission-critical areas and adding Robert to
our ranks only bolsters the team's extensive knowledge of some of
the biggest challenges that the banks of all sizes face today."

Mr. Burns served in numerous roles in his 25 years with the FDIC,
including as the associate director in the large bank branch team,
a section chief in the complex financial institutions branch and a
senior bank examiner in the large financial institutions group. His
work included a number of key policy initiatives stemming from the
Dodd-Frank Act, in particular the stress testing exercise, as well
as credit-risk issues like leveraged lending.  He was also
responsible for numerous big-bank risk analysis and supervisory
programs at some of the nation's largest banks and served as the
FDIC's lead representative at several large complex institutions'
stress situations during the financial crisis.

"This is a time of transformation for the biggest financial
institutions, as they turn the page from rules being finalized over
the past few years to shifting to the even bigger task of
implementa­tion and compliance," said Mr. Burns.  "Whether nailing
down the final details of their recovery and resolution plans or
changing their structure and increasing optionality on a broader
level, there is a lot for bank executives to chew on."

                    About Deloitte Advisory

Deloitte Advisory helps organizations turn critical and complex
business issues into opportunities for growth, resilience and
long-term advantage.  The firm's market-leading teams help its
clients manage strategic, financial, operational, technological,
and regulatory risk to maximize enterprise value, while its
experience in mergers and acquisitions, fraud, litigation, and
reorganizations helps clients move forward with confidence.

Within the last 18 months, Deloitte's market-leading risk advisory
services practice has added luminaries from government and
industry, and provided valuable insights to clients through
contributions from individuals including:

   -- David Wright, formerly the senior vice president and deputy
director of the Federal Reserve Bank of San Francisco's supervision
and regulation division.

   -- Mary Galligan, who had a 25-year career with the Federal
Bureau of Investigation, where she was Special Agent in Charge of
Cyber and Special Operations for the New York office

   -- Dr. Elisabeth Hagen, former undersecretary for Food Safety at
the Department of Agriculture (USDA)

   -- Keith Darcy, former executive director of the Ethics &
Compliance Officer Association (ECOA).

There are more than 1,500 professionals focused on providing risk
and regulatory insights to Deloitte Advisory's banking and
securities clients.  These professionals include senior supervisory
officials and examiners formerly from the Federal Reserve, the
Office of the Comptroller of the Currency, the Securities and
Exchange Commission, the Financial Industry Regulatory Authority,
the Commodity Futures Trading Commission and the FDIC.


[^] BOND PRICING: For the Week from June 22 to 26, 2015
-------------------------------------------------------
  Company               Ticker  Coupon Bid Price  Maturity Date
  -------               ------  ------ ---------  -------------
Affinion
  Investments LLC       AFFINI  13.500    46.000      8/15/2018
Alpha Natural
  Resources Inc         ANR      9.750     7.250      4/15/2018
Alpha Natural
  Resources Inc         ANR      7.500    25.500       8/1/2020
Alpha Natural
  Resources Inc         ANR      6.000     8.503       6/1/2019
Alpha Natural
  Resources Inc         ANR      6.250     7.400       6/1/2021
Alpha Natural
  Resources Inc         ANR      3.750     8.250     12/15/2017
Alpha Natural
  Resources Inc         ANR      4.875     7.285     12/15/2020
Alpha Natural
  Resources Inc         ANR      7.500    23.000       8/1/2020
Alpha Natural
  Resources Inc         ANR      7.500    25.125       8/1/2020
Altegrity Inc           USINV   13.000    48.000       7/1/2020
Altegrity Inc           USINV   14.000    42.500       7/1/2020
Altegrity Inc           USINV   14.000    35.000       7/1/2020
American Eagle
  Energy Corp           AMZG    11.000    35.000       9/1/2019
American Eagle
  Energy Corp           AMZG    11.000    35.500       9/1/2019
Arch Coal Inc           ACI      7.000    15.500      6/15/2019
Arch Coal Inc           ACI      7.250    13.750      6/15/2021
Arch Coal Inc           ACI      7.250    27.125      10/1/2020
Arch Coal Inc           ACI      9.875    20.100      6/15/2019
Arch Coal Inc           ACI      8.000    21.250      1/15/2019
Arch Coal Inc           ACI      8.000    24.875      1/15/2019
BPZ Resources Inc       BPZR     8.500    14.000      10/1/2017
Black Elk Energy
  Offshore Operations
  LLC / Black Elk
  Finance Corp          BLELK   13.750    15.020      12/1/2015
Caesars Entertainment
  Operating Co Inc      CZR     10.000    28.563     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      6.500    36.670       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.750    27.250       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     12.750    25.750      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    27.563     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      5.750    36.652      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    28.000     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      5.750    12.250      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.750    27.625       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.000    27.125     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    28.000     12/15/2018
Cal Dive
  International Inc     CDVI     5.000     4.750      7/15/2017
Champion
  Enterprises Inc       CHB      2.750     0.250      11/1/2037
Chassix Holdings Inc    CHASSX  10.000     8.000     12/15/2018
Chassix Holdings Inc    CHASSX  10.000     8.000     12/15/2018
Chassix Holdings Inc    CHASSX  10.000     8.000     12/15/2018
Claire's Stores Inc     CLE     10.500    62.288       6/1/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    28.030     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    27.125     11/15/2017
Colt Defense LLC /
   Colt Finance Corp    CLTDEF   8.750    27.125     11/15/2017
Consolidated
  Communications Inc    CNSL    10.875   114.388       6/1/2020
Dendreon Corp           DNDN     2.875    69.000      1/15/2016
Endeavour
  International Corp    END     12.000    11.500       3/1/2018
Endeavour
  International Corp    END     12.000    10.750       3/1/2018
Endeavour
  International Corp    END     12.000    10.750       3/1/2018
Energy Conversion
  Devices Inc           ENER     3.000     7.875      6/15/2013
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU     10.000     5.250      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU     10.000     5.375      12/1/2020
Energy XXI Gulf
  Coast Inc             EXXI     9.250    57.000     12/15/2017
Energy XXI Gulf
  Coast Inc             EXXI     7.750    37.200      6/15/2019
FBOP Corp               FBOPCP  10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP     13.125     1.879       4/2/2018
Federal Farm
  Credit Banks          FFCB     2.330    99.876      6/30/2020
Federal Home
  Loan Banks            FHLB     1.625   100.000     12/27/2018
Federal Home
  Loan Banks            FHLB     1.400   100.029      3/27/2018
Federal Home
  Loan Banks            FHLB     2.000   100.011       4/1/2020
Federal Home
  Loan Banks            FHLB     0.421    99.994       4/2/2019
Federal Home
  Loan Banks            FHLB     1.200   100.000     12/27/2017
Federal Home
  Loan Banks            FHLB     1.450   100.000      6/27/2018
Federal Home
  Loan Banks            FHLB     1.450   100.000      6/27/2018
Federal National
  Mortgage Association  FNMA     2.050   100.000     12/30/2019
Federal National
  Mortgage Association  FNMA     1.050   100.000      6/27/2017
Fleetwood
  Enterprises Inc       FLTW    14.000     3.557     12/15/2011
GT Advanced
  Technologies Inc      GTAT     3.000    29.250      10/1/2017
Gevo Inc                GEVO     7.500    59.500       7/1/2022
Goodrich
  Petroleum Corp        GDP      5.000    49.000      10/1/2032
Gymboree Corp/The       GYMB     9.125    39.700      12/1/2018
Hercules Offshore Inc   HERO    10.250    35.500       4/1/2019
Hercules Offshore Inc   HERO    10.250    35.000       4/1/2019
Hercules Offshore Inc   HERO     8.750    34.000      7/15/2021
James River Coal Co     JRCC     3.125     0.133      3/15/2018
Las Vegas Monorail Co   LASVMC   5.500     0.010      7/15/2019
Lehman Brothers
  Holdings Inc          LEH      5.000     9.125       2/7/2009
Lehman Brothers
  Holdings Inc          LEH      4.000     9.125      4/30/2009
MF Global
  Holdings Ltd          MF       6.250    32.750       8/8/2016
MF Global
  Holdings Ltd          MF       1.875    20.000       2/1/2016
MF Global
  Holdings Ltd          MF       9.000    20.000      6/20/2038
MF Global
  Holdings Ltd          MF       3.375    32.000       8/1/2018
MModal Inc              MODL    10.750    10.125      8/15/2020
Magnetation LLC /
  Mag Finance Corp      MAGNTN  11.000    31.000      5/15/2018
Magnetation LLC /
  Mag Finance Corp      MAGNTN  11.000    35.000      5/15/2018
Magnetation LLC /
  Mag Finance Corp      MAGNTN  11.000    29.625      5/15/2018
MarkWest Energy
  Partners LP /
  MarkWest Energy
  Finance Corp          MWE      6.500   104.500      8/15/2021
Molycorp Inc            MCP     10.000    34.500       6/1/2020
Molycorp Inc            MCP      6.000     1.100       9/1/2017
Molycorp Inc            MCP      5.500     1.383       2/1/2018
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Quicksilver
  Resources Inc         KWKA     9.125    12.900      8/15/2019
Quicksilver
  Resources Inc         KWKA    11.000    13.750       7/1/2021
RadioShack Corp         RSH      6.750     3.125      5/15/2019
RadioShack Corp         RSH      6.750     1.989      5/15/2019
RadioShack Corp         RSH      6.750     1.989      5/15/2019
Sabine Oil & Gas Corp   SOGC     7.250    19.900      6/15/2019
Sabine Oil & Gas Corp   SOGC     9.750    16.989      2/15/2017
Sabine Oil & Gas Corp   SOGC     7.500    21.250      9/15/2020
Sabine Oil & Gas Corp   SOGC     7.500    20.500      9/15/2020
Sabine Oil & Gas Corp   SOGC     7.500    20.500      9/15/2020
Samson Investment Co    SAIVST   9.750     4.575      2/15/2020
Saratoga Resources Inc  SARA    12.500     9.470       7/1/2016
Starbucks Corp          SBUX     6.250   110.701      8/15/2017
Swift Energy Co         SFY      7.125    57.938       6/1/2017
TMST Inc                THMR     8.000    14.000      5/15/2013
Terrestar Networks Inc  TSTR     6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    12.500       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500    12.188      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    15.250       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500    14.500      11/1/2016
US Shale Solutions Inc  SHALES  12.500    49.500       9/1/2017
US Shale Solutions Inc  SHALES  12.500    52.000       9/1/2017
Venoco Inc              VQ       8.875    31.011      2/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc       VRS     11.375    35.250       8/1/2016
Verso Paper
  Holdings LLC /
  Verso Paper Inc       VRS     11.750    28.327      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc       VRS      8.750    12.000       2/1/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc       VRS     11.750    24.250      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc       VRS     11.750    24.250      1/15/2019
Walter Energy Inc       WLT      9.875     5.979     12/15/2020
Walter Energy Inc       WLT      8.500     4.901      4/15/2021
Walter Energy Inc       WLT      9.875     5.375     12/15/2020
Walter Energy Inc       WLT      9.875     5.375     12/15/2020


                            *********

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 ***