TCR_Public/150724.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, July 24, 2015, Vol. 19, No. 205

                            Headlines

3 MEO LLC: Case Summary & Largest Unsecured Creditor
ABENGOA YIELD: Moody's Assigns Ba3 Corporate Family Rating
ALPHA NATURAL: S&P Lowers Rating on 2nd-Lien Notes to 'CCC+'
AMERICAN LIBERTY: Hires Foreman & Kessler as Special Counsel
AMERICAN LIBERTY: Hires Quilling Selander as General Counsel

AMERICAN LIBERTY: Taps Skibell Bohach as Special Counsel
AMERICAN LIBERTY: Wants to Hire Allie Beth as Real Estate Brokers
AMERICAN POWER: Matthew Steenwyk Reports 21.7% Stake
AMERICAN SAMOA: Moody's Assigns Ba3 Rating on Series 2015A/B Bonds
ANDALAY SOLAR: Files Preliminary Prospectus with SEC

ARAMARK SERVICES: Moody's Hikes Corporate Family Rating to Ba3
ASHLEY RIVER: Court Approves Marina Property Sale Protocol
ATLANTIC & PACIFIC: Has Interim OK to Obtain $50M in DIP Loan
BAHA MAR: Disappointed With Bahamas Govt. Response to Ch. 11 Filing
BAHA MAR: U.S. Trustee Forms 7-Member Creditors' Committee

BAXANO SURGICAL: Plan Gets Overwhelming Majority of "Yes" Votes
BERNARD L. MADOFF: Trustee's Firm Seeks Payment of Legal Fees
BON-TON STORES: Names William Tracy Chief Operating Officer
BRANTLEY LAND: Has Authority to Employ C. James McCallar as Atty.
BRANTLEY LAND: U.S. Trustee Won't Appoint Creditors Committee

BROOKLYN RENAISSANCE: Files List of Largest Unsecured Creditors
CAESARS ENTERTAINMENT: Challenge Period Extended to Aug. 7
CAESARS ENTERTAINMENT: Reaches Agreement on Debt Restructuring
CAL DIVE INT'L: Exclusive Plan Filing Date Extended to Sept. 29
CAL DIVE INT'L: Pneumatic's $4,000 Claim Sold to Sierra Liquidity

CAST & CREW: Moody's Assigns B3 Corporate Family Rating
CHOICE HOTELS: S&P Raises Sr. Unsecured Debt Rating to 'BB+'
COLDWATER CREEK: $149,000 in Claims Switched Hands in July 2015
COLT DEFENSE: Takes Aim at Landlord, Owner Over Restructuring
CORINTHIAN COLLEGES: Amends Chapter 11 Liquidation Plan

CORNERSTONE HOMES: Court Approves LeClairRyan as Trustee's Counsel
CORNERSTONE HOMES: Court Okays Barclay Damon as Trustee's Counsel
COUTURE HOTEL: Mansa Capital Balks at Use of Cash Collateral
DELIAS INC: Panel Hires Berkeley Research as Substitute Advisor
DOLE FOOD: Moody's Hikes Corporate Family Rating to B2

DUNE ENERGY: Court Approves Asset Sales to Trimont & White Marlin
ESCO MARINE: Court Approves Duff & Phelps as Financial Advisors
FAMILY CHRISTIAN: Lease Decision Date Extended to Sept. 9
FINJAN HOLDINGS: Files Second Lawsuit Against Blue Coat
FIRST DATA: Fitch Says IPO Filing a Positive Credit Development

FJK PROPERTIES: Seeks Reconsideration of Ch. 11 Dismissal Order
GAMING & LEISURE: Moody's Affirms 'Ba1' Corporate Family Rating
GOLDEN COUNTY: $281,000 in Claims Switched Hands in July 2015
GOLDEN COUNTY: Wants to Change Name & Caption; Hearing on Aug. 24
GOODYEAR TIRE: S&P Assigns 'BB' Corp. Credit Rating

HDGM ADVISORY: Court Grants Harold Garrison's Bid for Stay Relief
HUGHES SATELLITE: Moody's Affirms 'B2' Corporate Family Rating
HYPNOTIC TAXI: Case Summary & 20 Largest Unsecured Creditors
IMPERIAL METALS: To Issue up to 5,500,797 Rights Shares
LAKESIDE FEDERAL: Placed in Liquidation Due to Insolvency

LATEX FOAM: July 28 Hearing on Further Access to Cash Collateral
LEHMAN BROTHERS: Administrators Set Aug. 14 Proofs of Debt Deadline
LEHMAN COMMERCIAL: Sept. 1 Proofs of Debt Deadline Set
LTS GROUP: Moody's Confirms 'B2' Corporate Family Rating
MARINA DISTRICT FINANCE: Fitch Assigns 'BB-' Rating to $650MM Loan

MILAGRO OIL & GAS: Proposes Guidelines to Protect NOLs
MILAGRO OIL & GAS: Seeks Approval of $15MM Financing
MILAGRO OIL & GAS: Taps Prime Clerk as Claims Agent
MONTREAL MAINE: Chapter 15 Recognition Hearing Slated for Aug. 20
MONTREAL MAINE: Plan Confirmation Hearing Set for September 24

MOSS FAMILY: Can Hire Beachwalk Realty as Broker
NAARTJIE CUSTOM: Court Dismisses Chapter 11 Bankruptcy Case
NATHAN REUTER: 8th Cir. Tosses Appeal Over Default Judgment
NET DATA: Has Until Sept. 21 to Assume or Reject Unexpired Leases
NET ELEMENT: Amends 40 Million Shares Resale Prospectus

NORTHEAST HOUSING: Moody's Affirms Ba1 Rating on Series 2007-A
OAKLAND PHYSICIANS: Case Summary & 20 Largest Unsecured Creditors
PATRIOT COAL: $45,000 in Claims Transferred Between June & July
PATRIOT COAL: Alvarez & Marsal OK'd as Chief Restructuring Officer
PATRIOT COAL: Centerview Partners Approved as Investment Banker

PATRIOT COAL: Court Orders Formation of Retiree Committee
PATRIOT COAL: DIP Lenders File Rule 2019 Statement
PATRIOT COAL: Kirkland and Ellis Approved as Bankruptcy Counsel
PATRIOT COAL: Morgan Lewis Files Rule 2019 Statement
PODS LLC: Moody's Confirms 'B2' Corporate Family Rating

PRIME HEALTHCARE: S&P Affirms 'B+' CCR & Rates Unsec. Notes 'B+'
QUICKSILVER RESOURCES: Management Team Meets with 2nd Lien Lenders
ROADRUNNER ENTERPRISES: Lender Agrees to Continued Cash Use
SABINE OIL: Yang Steps Down as SVP-Land & Legal, Gen. Counsel
SANTA CRUZ BERRY: K&M Seeks to Buy Interest in Corralitos Farms

SANTA CRUZ BERRY: Names R.F. Koontz as Responsible Individual
SANTA CRUZ BERRY: Wins Interim OK to Use Cash Collateral
SEARS HOLDINGS: Amends Credit Facility with BofA, et al.
SOUTHERN FILM: Seeks to Make Distributions to Creditors
SPENDSMART NETWORKS: Agrees to Lease Office Space from Sea Oak

STAFFORD LOGISTICS: Moody's Affirms Caa1 Corporate Family Rating
STANDARD REGISTER: Committee Asks for Revision to Jefferies Order
STANDARD REGISTER: McKinsey's Kevin Carmody to Serve as CEO
TEXAS REGENCY: Ch. 11 Case is SARE Case, TD Bank Says
TRAILBLAZER FEDERAL: Closes; Chrome Assumes Members and Shares

U.S. STEEL: Fitch Affirms 'BB-' Issuer Default Rating
UNIVERSAL COOPERATIVES: Sept. 3 Plan Confirmation Hearing
UTSTARCOM HOLDINGS: GHP Horwath Replaces PwC as Accountants
VERMILLION INC: Jack Schuler Reports 18% Stake as of July 17
VISION SOLUTIONS: Moody's Affirms 'B2' Corporate Family Rating

VISUALANT INC: Receives 9th Patent on ChromaID Technology
WAYNE COUNTY, MI: Moves Closer to State Oversight
WOLVERINE WORLD: S&P Affirms 'BB' Corporate Credit Rating
XINERGY LTD: Court Approves Hiring of Zolfo Cooper and CRO
Z'TEJAS SCOTTSDALE: Case Summary & 20 Top Unsecured Creditors

Z'TEJAS SCOTTSDALE: Section 341 Meeting Set for August 25
ZD LLC: Case Summary & 7 Largest Unsecured Creditors
ZOGENIX INC: Extends Term of Emery Lease to November 2022
[^] BOOK REVIEW: Lost Prophets -- An Insider's History

                            *********

3 MEO LLC: Case Summary & Largest Unsecured Creditor
----------------------------------------------------
Debtor: 3 MEO, LLC
        3226 Dijon Avenue
        Ocean Springs, MS 39564

Case No.: 15-11846

Chapter 11 Petition Date: July 22, 2015

Court: United States Bankruptcy Court
       Eastern District of Louisiana (New Orleans)

Judge: Hon. Jerry A. Brown

Debtor's Counsel: Edwin M. Shorty, Jr., Esq.
                  EDWIN M. SHORTY, JR. & ASSOCIATES
                  650 Poydras Street, Suite 2515
                  New Orleans, LA 70130
                  Tel: (504) 207-1370
                  Fax: (504) 207-0850
                  Email: EShorty@eshortylawoffice.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Thanh Chau, owner/president.

The Debtor listed VFC Properties 35 LLC as its largest unsecured
creditor holding a claim of $2.9 million.

A copy of the petition is available at:

              http://bankrupt.com/misc/laeb15-11846.pdf


ABENGOA YIELD: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
(CFR) to Abengoa Yield PLC (ABY), a subsidiary of Abengoa S.A.
(ABG, B2 stable). Moody's also assigned a B1(LGD4) rating to ABY's
existing $255 million senior unsecured notes due November 2019.
Additionally, Moody's assigned a Ba3-PD Probability of Default
(PDR) Rating, as well as a Speculative Grade Liquidity Rating (SGL)
of SGL-3. The rating outlook is stable.

RATINGS RATIONALE

Abengoa Yield's Ba3 Corporate Family Rating reflects the scale and
diversity of its cash flows; however the rating is constrained by
high debt leverage, structural subordination due to sizeable levels
of project-level debt, the unproven nature of the yieldco business
model and a limited track record with regard to its asset and risk
management policies.

ABY's cash flow diversity by business segment is strong, with
around 60% of cash available for distribution (CAFD) coming from
renewable projects (mostly solar), around 16% from gas-fired
generation, approximately 15% from electricity transmission and
around 3% from water desalinization. ABY's asset portfolio mix is a
credit positive as it diversifies technology risk, operating risk
as well as political and regulatory risks.

ABY's geographical diversity is concentrated in a few locations,
including Spain, Mexico and the US. The US assets are located in
California and Arizona (Mojave and Solane) and have strong utility
company counterparties, Pacific Gas & Electric Company (PG&E, A3
stable) and Arizona Public Service (APS, A2 stable), respectively.
These two US solar projects are critical to ABY because they
generate net operating losses (NOLs) that are utilized to offset
federal income taxes.

ABY's existing portfolio has a contracted average life of about 23
years with over 80% of the counterparties having an investment
grade credit profile;. the remaining off-takers are not rated. ABY
looks to mitigate its currency and repatriation risks by
maintaining a minimum of 90% of its CAFD in US$ and has a currency
hedging policy to cover the Euro exposure with its parent, ABG.

ABY has also executed a Right-of-First-Offer (ROFO) agreement with
parent ABG which provides a visible source of asset growth and
mitigates acquisition and construction risk. So far there have been
eighteen fully operational projects dropped-into ABY and total
assets will amount to approximately $10 billion by the end of
2015.

As of the 1Q 2015, ABY had $3.5 billion of non-recourse long term
project debt which equates to a significant amount of ongoing
project-level debt amortization each year. In addition, new drop-in
projects are expected to increase long-term project debt by around
$1.5 billion by the end of 2015. Thus, net project debt will amount
to around $5.0 billion which, compared to other total return
companies in the market, creates material structural debt
subordination risk.

"We expect that ABY's high consolidated debt to EBITDA ratio, which
is between 7.0x to 8.0x times, will moderate to approximately 6.0x
by 2018. Similarly, we see ABY's cash flow pre-working capital (CFO
pre-WC) to debt is expected to be around 8.0% by 2018 in a "no
asset growth" scenario that features no additional debt or
incremental acquisitions. Although ABY is expected to incur
additional debt to fund future acquisitions, a "no asset growth"
scenario is used as a reference point to illustrate future cash
flows relative to the existing debt structure."

In general, the yieldco's untested business model is a constraint
for the rating. There is very little history of financial policies
or the implementation of asset and risk management polices across
different regions and business segments. The growth strategy of ABY
is to maintain a balanced and diversified portfolio, while limiting
exposure to both riskier locations and to wind-generation. The size
of ABY's portfolio is expected to increase by an additional $3.0
billion in equity in assets by 2018/2019. A major part of this
portfolio growth will likely take place in countries like Mexico,
Chile and some EMEA countries (mostly in South Africa). This growth
strategy is focused on developing countries, thereby potentially
increasing political and regulatory risks, as well as incorporating
more complex credit dynamics. For example, we think the exposure to
more sophisticated hedging strategies in riskier countries will
lead to more complexity, financial engineering at project level,
and higher exposure to political/ regulatory risk.

Liquidity

ABY's liquidity is adequate and consistent with the assigned SGL-3
rating. ABY has a modest amount of maintenance capital expenditures
at the project level which are incorporated into their operating
and maintenance agreements with ABG. ABY is expected to generate
stable free cash flow over the next 18-24 months and any further
need for liquidity is mainly limited to distributions and its own
debt service obligations. At March 31, 2015 ABY had approximately
$267 million of cash on hand, a fully drawn $125 million revolving
credit facility due in 2018, and $255 million of unsecured senior
notes due in November 2019. ABY has recently upsized its credit
line with a revolver tranche B for an additional $290 million which
remains undrawn. This upsizing is incorporated into the assigned
SGL-3 rating.

Outlook

ABY's stable outlook reflects the scale and diversity of its steady
cash flows, the long-term contracted portfolio, and the high credit
quality of its counterparties.

What could change the rating -- up

The unproven nature of the yieldco business model, the limited
track record of asset and risk management policies, high debt
leverage and structural subordination limit the prospects of ABY
being upgraded. However, as ABY executes and delivers on its
business plan, establishes a track record in managing its
portfolio, achieves its financial objectives and successfully
integrates new projects into its business platform, upward rating
movement could be possible.

What could change the rating -- down

ABY's rating could come under pressure should successful execution
of the yieldco business model prove to be more challenging than
expected. For instance, if newly acquired projects are not as
accretive as expected, if holding company debt increases to fund
acquisitions and/or dividends or if ABY has difficulties accessing
the equity market, ABY's rating could be pressured.


ALPHA NATURAL: S&P Lowers Rating on 2nd-Lien Notes to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
issue-level rating on Bristol, Va.–based coal miner Alpha Natural
Resources Inc.'s second-lien notes due 2020 to 'CCC+' from 'B-'.
S&P also revised the recovery rating on the notes to '3' from '2'.
The '3' recovery rating indicates meaningful recovery (50% to 70%;
lower half of the range) in the event of a payment default.

RECOVERY ANALYSIS

Key analytical factors

   -- In the first quarter of 2015, Alpha Natural Resources
      completed the repurchase of $593 million in unsecured notes
      and issued $214 million in senior secured second-lien notes.

   -- The company repurchased the notes at a discount, resulting
      in a reduction of roughly $379 million in consolidated net
      debt.

   -- The new second-lien notes and $117 million of balance sheet
      cash funded the repurchase.  This increased second-lien debt

      to $714 million from $500 million, which reduced second-lien

      recovery expectations.  As a result, S&P revised the
      recovery rating to '3' from '2'.

   -- S&P continues to assess recovery prospects for Alpha's
      secured and unsecured debt on the basis of a reorganization
      value of about $2 billion.

Simulated default assumptions

   -- Year of default: 2018
   -- EBITDA at emergence: $400 million
   -- Implied enterprise value (EV) multiple: 5x
   -- Gross EV: $2 billion

Simplified waterfall

   -- Estimated stressed valuation (after 5% admin. costs):
      $1.9 billion
   -- Estimated priority claims (capital leases and accounts
      receivable securitization facility): $270 million
   -- Remaining value to cover other debt: $1.63 billion
      -----------------------------------------------------------
   -- Estimated senior secured loan claims ($610 million revolving

      credit borrowings and $620 million term loan): $740 million
   -- Senior secured note recovery expectations: > 100%
   -- Senior secured note recovery rating: '1'
   -- Senior secured note issue rating: 'B'
   -- Remaining value to cover senior unsecured debt: $400 million
      -----------------------------------------------------------
   -- Estimated senior unsecured note claims: $740 million
   -- Senior unsecured note recovery expectations: 50%-70%
     (lower half of the range)
   -- Senior unsecured note recovery rating: '3'
   -- Senior unsecured note rating: 'CCC+'
Note: Estimated claim amounts include about six months' accrued but
unpaid interest.

Ratings List

Alpha Natural Resources Inc.
Corporate Credit Rating                CCC+/Negative/--

Downgraded; Recovery Ratings Revised

Alpha Natural Resources Inc.
                                        To                 From
Second-lien Notes                       CCC+               B-
  Recovery Rating                       3L                 2L

Ratings Unchanged

Alpha Natural Resources Inc.
Senior Secured Debt                    B
  Recovery Rating                       1
Senior Unsecured                       CCC-
  Recovery Rating                       6

Massey Energy Co.
Senior Unsecured Debt                  CCC-
  Recovery Rating                       6


AMERICAN LIBERTY: Hires Foreman & Kessler as Special Counsel
------------------------------------------------------------
American Liberty Oil Company, LP asks permission from the Hon.
Stacy G. Jernigan of U.S. Bankruptcy Court for the Northern
District of Texas to employ Foreman & Kessler, Ltd. as special
counsel.

The Debtor requires Foreman & Kessler to assist with the Pending
Illinois Lawsuit because the practitioners in the firm represented
the Debtor in such matters prior to the Petition Date and have
considerable experience in matters of this character, are admitted
to practice in Illinois, and are well qualified to represent the
Debtor in this case.

The Debtor has been informed that the normal hourly billing rates
of Foreman & Kessler range from $175 to $200 per hour for
shareholders.

Foreman & Kessler will also be reimbursed for reasonable
out-of-pocket expenses incurred.

David M. Foreman, partner of Foreman & Kessler, 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.

Foreman & Kessler can be reached at:

       David M. Foreman, Esq.
       FOREMAN & KESSLER, LTD.
       204 E. Main Street
       Salem, IL 62881
       Tel: (618) 548-8900

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


AMERICAN LIBERTY: Hires Quilling Selander as General Counsel
------------------------------------------------------------
American Liberty Oil Company, LP seeks authorization from the Hon.
Stacy G. Jernigan of U.S. Bankruptcy Court for the Northern
District of Texas to employ Quilling, Selander, Lownds, Winslett &
Moser, P.C. as general counsel.

The Debtor requires Quilling Selander to:

   (a) furnish legal advice to the Debtor with regard to its
       powers, duties and responsibilities as a debtor-in-
       possession and the continued management of its affairs
       and assets under Chapter 11;

   (b) prepare, for and on behalf of the Debtor, all necessary
       applications, motions, answers, orders, reports and other
       legal papers;

   (c) prepare a disclosure statement and plan of reorganization
       and other services incident thereto;

   (d) investigate and prosecute preference and fraudulent
       transfers actions arising under the avoidance powers of the

       Bankruptcy Code; and

   (e) perform all other legal services for the Debtor which may
       be necessary herein.

Quilling Selander will be paid at these hourly rates:

       Shareholders            $300-$450
       Associates              $185-$275
       Paralegals              $75-$125

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

Timothy A. York, attorney of Quilling Selander, 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.

Quilling Selander can be reached at:

       Timothy A. York, Esq.
       QUILLING, SELANDER, LOWNDS,
       WINSLETT & MOSER, P.C.
       2001 Bryan Street, Suite 1800
       Dallas, TX 75201
       Tel: (214) 871-2100
       Fax: (214) 871-2111

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


AMERICAN LIBERTY: Taps Skibell Bohach as Special Counsel
--------------------------------------------------------
American Liberty Oil Company, LP seeks authorization from the Hon.
Stacy G. Jernigan of U.S. Bankruptcy Court for the Northern
District of Texas to employ Skibell, Bohach & Archer, P.C. as
special counsel.

The Debtor selected Skibell Bohach to assist with the Kaufman
County Final Judgment, the Pending Henderson County Lawsuit, and
the Debtor's Breach of Contract Action.

Skibell Bohach will be paid at these hourly rates:

       Shareholders and "Of Counsel"      $275-$325
       Associates                         $225-$250
       Paralegals                         $90-$125

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

Skibell Bohach is owed approximately $26,000 in unpaid attorneys'
fees for work done for the Debtor prior to the Petition Date.
However, Eric D. Archer, David E. Bird, and Skibell Bohach have
advised the Debtor that they will not represent or hold any
interest adverse to the debtor or the estate with respect to the
matter on which they are to be employed and the Debtor believes
they are therefore qualified to represent the bankruptcy estate
under Section 327(e).

David E. Bird, attorney of Skibell Bohach, 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.

Skibell Bohach can be reached at:

       David E. Bird, Esq.
       SKIBELL, BOHACH & ARCHER, P.C.
       17110 Dallas Parkway, Suite 214
       Dallas, TX 75248
       Tel: (214) 750-6300
       Fax: (214) 363-0719

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


AMERICAN LIBERTY: Wants to Hire Allie Beth as Real Estate Brokers
-----------------------------------------------------------------
American Liberty Oil Company, LP seeks authorization from the Hon.
Stacy G. Jernigan of U.S. Bankruptcy Court for the Northern
District of Texas to employ Allie Beth Allman & Associates and
Moreland Properties as real estate brokers ("AAA/MP") for the
bankruptcy estate.

The Debtor entered into a listing agreement with AAA/MP to market
and sell the property located at 22027 Moulin Drive, Spicewood,
Texas 78669.

Under the terms of the Listing Agreement, AAA/MP would be paid a
commission of 6% of the gross sales price at closing of a sale of
the Property.

AAA/MP 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.

AAA/MP can be reached at:

       ALLIE BETH ALLMAN & ASSOCIATES
       5015 Tracy St #102
       Dallas, TX 75205
       Tel: (214) 521-7355

       MORELAND PROPERTIES, INC.
       3825 Lake Austin Blvd #501
       Austin, TX 78703
       Tel: (512) 480-0848

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


AMERICAN POWER: Matthew Steenwyk Reports 21.7% Stake
----------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Matthew van Steenwyk and his affiliates disclosed that
as of July 21, 2015, they beneficially owned 12,729,302 shares of
common stock of American Power Group Corporation, which represents
21.7 percent of the shares outstanding.  Mr. Van Steenwyk is the
manager of Arrow and trustee of the Betty Van Steenwyk Rollover
IRA.  A copy of the regulatory filing is available at:

                        http://is.gd/r3LsuL

                     About American Power Group

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

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

As of March 31, 2015, the Company had $7.76 million in total
assets, $5.37 million in total liabilities and $2.39 million total
stockholders' equity.


AMERICAN SAMOA: Moody's Assigns Ba3 Rating on Series 2015A/B Bonds
------------------------------------------------------------------
Moody's Investors Service has assigned an initial Ba3 rating to the
Territory of American Samoa's $40.5 million General Revenue and
Refunding Bonds Series 2015A (Tax-Exempt) and $32.5 million General
Revenue and Refunding Bonds Series 2015B (Federally Taxable), to be
issued through the American Samoa Economic Development Authority.

  Issue: General Revenue and Refunding Bonds,
  Series 2015A (Tax-Exempt); Rating: Ba3;
  Sale Amount: $40,455,000;
  Expected Sale Date: 08-10-2015;
  Rating Description: General Obligation

  Issue: General Revenue and Refunding Bonds,
  Series 2015B (Federally Taxable); Rating: Ba3;
  Sale Amount: $32,490,000;
  Expected Sale Date: 08-10-2015;
  Rating Description: General Obligation

SUMMARY RATING RATIONALE

The rating reflects American Samoa's status as a US territory which
receives generous operating and capital assistance from the federal
government, as well as its low long-term liabilities. The rating
also factors in the territory's small and volatile economy, low
income levels, weak financial position, and financial management
challenges. Additionally, there are risks associated with changes
in American Samoa's banking system, including the loss of the
territory's only US-based retail bank and its planned replacement
with a government owned charter bank.

OUTLOOK

Outlooks are usually not assigned to state and local government
credits with this amount of debt outstanding.

WHAT COULD MAKE THE RATING GO UP

-- Diversification and growth of economy

-- Sustained improvement in financial management and financial
    position

WHAT COULD MAKE THE RATING GO DOWN

-- Further weakening of financial position

-- Economic deterioration

-- Loss of US federal support

OBLIGOR PROFILE

American Samoa is a chain of seven small islands in the Pacific
about 2,700 miles southwest of Hawaii and 2,300 miles northeast of
New Zealand, that became a US territory in 1900. While that region
is generally not prone to hurricanes, the territory did experience
a major tsunami in 2009.

LEGAL SECURITY

The bonds will be special limited obligations of American Samoa,
secured by a pledge of specific revenues. As defined by the bond
indenture, the revenues comprise of personal income taxes,
corporate income taxes, and certain excise taxes that include a tax
on imported beer, malt extract, alcoholic beverages, motor
vehicles, and others. The pledge of tax revenues is subject to the
prior deduction of certain legislative earmark deductions. These
pledged taxes are collected by the territory and transferred to the
trustee on the 15th of each month on a one-sixth, one-twelfth
basis. Fiscal 2014 pledged revenues provide 15.1 times coverage of
peak debt service, and the territory has a standard debt service
reserve fund. If the territory chooses to issue additional bonds,
historical pledged revenue must be at least 4.0 times average
annual debt service. While these pledged taxes are the main source
of revenue, the bonds are also backed by the full faith and credit
of the territory.

USE OF PROCEEDS

Proceeds will be used to take out outstanding loans to the pension
system, and to help capitalize a proposed a charter bank to be
owned and operated by the government.



ANDALAY SOLAR: Files Preliminary Prospectus with SEC
----------------------------------------------------
Andalay Solar, Inc. filed a Form S-1 registration statement with
the Securities and Exchange Commission relating to the resale of up
to 150,000,000 shares of its common stock, par value $0.001 per
share, by the selling stockholder, Southridge Partners II LP.

All of those shares represent shares that Southridge has agreed to
purchase if put to it by the Company pursuant to, and subject to
the volume limitations and other limitation of, the terms of the
Equity Purchase Agreement the Company entered into with them on
Dec. 10, 2014.

On Dec. 11, 2014, the Company filed a Registration Statement on
Form S-1 to register 85,000,000 shares of common stock related to
the Company's December Equity Purchase Agreement with Southridge
and on Jan. 16, 2015, the SEC declared the Registration Statement
effective.  To date, the Company has drawn down approximately
$1,105,000 from the sale of 84,113,042 shares of common stock from
the December Equity Agreement, and still have available to sell
approximately 887,000 shares of common stock under the Registration
Statement on Form S-1 if all conditions under the December Equity
Purchase Agreement are met.  Subject to the terms and conditions of
the December Equity Purchase Agreement the Company has the right to
"put," or sell, up to $5,000,000 worth of shares of the Company's
common stock to Southridge, of which approximately $1,105,000 worth
of shares have been sold and approximately $3,895,000 remains
available for sale.

A copy of the Form S-1 prospectus is available for free at:

                       http://is.gd/20sgn2

                       About Andalay Solar

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

Andalay Solar reported a net loss attributable to common
stockholders of $1.87 million for the year ended Dec. 31, 2014,
compared with a net loss attributable to common stockholders of
$3.85 million for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $2.55 million in total
assets, $4.68 million in total liabilities and a $2.12 million
total stockholders' deficit.

Burr Pilger Mayer, Inc., in San Jose, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's significant
operating losses and negative cash flow from operations raise
substantial doubt about its ability to continue as a going concern.


ARAMARK SERVICES: Moody's Hikes Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded Aramark Services, Inc.'s credit
ratings. The Corporate Family rating (CFR) was upgraded to Ba3 from
B1, the Probability of Default rating (PDR) was upgraded to Ba3-PD
from B1-PD, the senior secured was upgraded to Ba3 from B1 and the
senior unsecured was upgraded to B2 from B3. These actions conclude
the review for upgrade initiated on June 16, 2015 upon the adoption
of Moody's updated approach for standard adjustments for operating
leases, which is explained in the cross-sector rating methodology
"Financial Statement Adjustments in the Analysis of Non-Financial
Corporations", published on June 15, 2015. Moody's also affirmed
the Speculative Grade Liquidity rating at SGL-2. The ratings
outlook is stable.

Issuer: Aramark Services, Inc.

Actions:

Corporate Family Rating, Upgraded to Ba3 from B1

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Senior Secured, Upgraded to Ba3, LGD3 from B1, LGD3

Senior Unsecured, Upgraded to B2, LGD6 from B3, LGD6

Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook:

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The upgrade of the CFR to Ba3 reflects improved financial leverage
upon the adoption of Moody's updated approach for standard
adjustments for operating leases and Moody's expectations for debt
to EBITDA of about 4.8 times today to decline and remain below 4.5
times through modest EBITDA growth and some debt reduction over the
next 12 to 18 months. Moody's considers Aramark's business stable
and predictable, with long term contracts and fixed asset
investments providing meaningful competitive barriers. However,
recent declines in profitability, with EBITA margins down by about
100 basis points to 5.3% over the past two years, heightened
capital expenditures and volatility in working capital could lead
to negative free cash flow in fiscal 2015 (ends September). With
substantial investments being made in new and expanded contracts,
Moody's expects low single digit constant currency revenue growth
over the next two years and a gradual improvement in EBITA margins.
Cost management initiatives will likely be a prominent focus for
the new senior management team. Financial policies are considered
evolving since Aramark was until recently majority-owned by a
consortium of private equity investors who have either sold their
investment or should complete doing so soon.

All financial metrics cited reflect Moody's standard adjustments.

The SGL-2 rating reflects good liquidity from cash balances
expected to be at least $100 million, about $100 million of free
cash flow in 2016 and $730 million of revolving credit facilities
Moody's anticipates will be used seasonally.

The stable ratings outlook reflects Moody's expectations for low
single digit revenue growth and over $1.3 billion a year of EBITDA.
The ratings could be downgraded if, as a result of some combination
of poor results from operations, acquisitions or
shareholder-friendly actions, Moody's expects debt to EBITDA to be
maintained above 5 times or retained cash flow to debt to remain
below 12%. The ratings could be upgraded if Aramark achieves
sustained revenue growth, stable profitability as measured by EBITA
margins of at least 6% and demonstrates conservative financial
policies such that we expect sustained debt to EBITDA around 4
times and retained cash flow to debt at least 16%.

Aramark is a provider of food and related services to a broad range
of institutions and the second largest uniform and career apparel
business in the United States. Aramark is owned by public
shareholders. Moody's expects revenues of about $15 billion in
2015.



ASHLEY RIVER: Court Approves Marina Property Sale Protocol
----------------------------------------------------------
Judge Martin Glenn of the United States Bankruptcy Court for
Southern District of New York grants a motion for approval of sale
procedures and broker application.

Two motions have been filed concerning the proposed sale of a
parcel of real property located in South Carolina (Marina
Property), an asset indirectly owned in part by Debtor Emerald
Investments, LLC, by virtue of its 70% non-voting membership
interest in the entity that owns the Marina Property -- non-debtor
Ashley River Properties II, LLC.  The motion to approve marketing,
bidding, and sale procedures for a sale of the Marina Property was
filed by Ian J. Gazes, as Chapter 11 trustee of the Debtors, ARP
II, and Kriti Ripley, LLC.  The Trustee also filed an application
to retain Colliers International Charleston, LLC, as commercial
real estate broker in connection with the proposed sale.  

The Trustee proposes to market and potentially hold an auction of
the Marina Property to monetize Emerald's primary asset, its 70%
non-voting membership interest in ARP II.

Judge Glenn granted the motions for approval of sale procedures and
application to retain broker and overrules the two objections to
the motion and application.  The Court concludes that the Trustee
established that he exercised his sound business judgment in
determining to proceed with a sale of the Marina Property under the
terms of the Sale Procedures.  The Court concludes that the terms
of the Sale Procedures are appropriate, particularly since the
Debtors have few funds available to further finance their Chapter
11 cases.  While the parties also dispute the value of the Marina
Property, the Court finds that a market test through a sale process
represents the best procedure to determine its value.  However, the
Court is not resolving any party's entitlement to distributions of
sale proceeds at this time.  If a sale of the Marina Property is
successful, proceeds of the sale will be held in escrow pending a
later determination of how they will be distributed pursuant to a
confirmed Chapter 11 plan, unless the case is converted to case
under Chapter 7.

The bankruptcy cases are In re: ASHLEY RIVER CONSULTING, LLC,
Chapter 11, Debtor, Case No. 14-13406 (MG) (Bankr. S.D.N.Y.). and
In re: EMERALD INVESTMENTS, LLC, Debtor, Case No. 14-13407 (MG),
(Bankr. S.D.N.Y.).

A full-text copy of Judge Martin Glenn's Memorandum Opinion and
Order dated July 10, 2015, is  available at http://is.gd/67NT5t
from Leagle.com.

Ian J. Gazes, Esq. -- ian@gazesllc.com -- of Gazes LLC as Trustee
for Ashley River Consulting, LLC and Emerald Investments, LLC.

Thomas A. Pitta, Esq. -- tpitta@emmetmarvin.com -- of Emmet, Marvin
& Martin, LLP, serves as counsel for Kriti Ripley, LLC and Ashley
River Properties II, LLC.

David Y. Wolnerman, Esq. -- dwolnerman@wwlawgroup.com -- and
Randolph E. White, Esq. -- rwhite@wwlawgroup.com -- of White &
Wolnerman, PLLC serve as counsel for the Gayla Longman Family
Irrevocable Trust.

David M. Hillman, Esq. -- david.hillman@srz.com -- Karen S. Park,
Esq. -- karen.park@srz.com -- and Parker J. Milender, Esq. --
parker.milender@srz.com -- of Schulte Roth & Zabel LLP serve as
counsel for Schulte Roth & Zabel LLP.


ATLANTIC & PACIFIC: Has Interim OK to Obtain $50M in DIP Loan
-------------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York gave The Great Atlantic & Pacific Tea Company,
Inc., et al., interim authority to obtain $50.0 million from the
$100.0 million in secured third priority postpetition financing
from Fortress Credit Corp., and a consortium of lenders.

The DIP Loan accrues interest at LIBOR + 11.5%.  Default interest
rate is the base rate plus 2.00% per annum.  The Debtors, under the
DIP Loan Documents, are required to sell their stores, other real
estate, and personal property having a minimum value of $275.0
million.

The Debtors are also given interim authority to use cash collateral
securing their prepetition indebtedness.  As of the Petition Date,
the Debtors are liable to the following lenders:

     Prepetition ABL Secured Parties         $198,063,821
     Prepetition Term Loan Lenders           $262,500,000

Also, as of the Petition Date, the outstanding face amount of the
Prepetition PIK Notes was $215 million and the outstanding face
amount of the Prepetition Convertible Notes was $250 million.

The final hearing on the financing motion will be held on Aug. 10,
2015, at 10:00 a.m. (Eastern Time).  Objections are due Aug. 5.

                     About Atlantic & Pacific

Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea
Company, Inc., and its affiliates are one of the nation's oldest
leading supermarket and food retailers, operating approximately 300
supermarkets, beer, wine, and liquor stores, combination food and
drug stores, and limited assortment food stores across six
Northeastern states.  The primary retail operations consist of
supermarkets operated under a variety of well known trade names, or
"banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food
Basics, The Food Emporium, Best Cellars, and A&P Liquors.  The
Company currently employs approximately 28,500 employees, over 90%
of whom are members of one of twelve local unions whose members are
employed by the Debtors under the authority of 35 separate
collective bargaining agreements (collectively, the "CBAs").

Then with 429 stores, A&P and its affiliates filed Chapter 11
petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and
in 2012 emerged from Chapter 11 bankruptcy as a privately held
company with 320 supermarkets.

On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors
each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching
deals for the going concern sales of 120 stores.  The Debtors are
seeking joint administration under Case No. 15-23007.

As of Feb. 28, 2015, the Debtors reported total assets of $1.6
billion and liabilities of $2.3 billion.

The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore
Group L.L.C., as investment banker, FTI Consulting, Inc., as
financial advisor, Hilco Real Estate, LLC, as real estate advisor,
and Prime Clerk LLC, as claims and noticing agent.


BAHA MAR: Disappointed With Bahamas Govt. Response to Ch. 11 Filing
-------------------------------------------------------------------
Baha Mar Ltd. on July 22 issued the following statement with regard
to the Bahamian Supreme Court ruling:

"We respect Justice Winder's ruling and look forward to
understanding his reasoning, but we are nonetheless disappointed by
the result.  We are even more disappointed in the way the
Government has responded to our Chapter 11 filing over the past
several weeks.  We hope the Government will stand by its word to be
an impartial mediator in our efforts to protect our investment and
bring the project to completion.  We do not believe [Wednes]day's
ruling, for which the Government strenuously argued, assures the
necessary protection of the assets of Baha Mar, and we do not
believe that it is best for the over 2,500 current employees of
Baha Mar.  We note that the stay granted by the U.S. Bankruptcy
Court remains in effect, and takes on increased importance in light
of this ruling, as all parties must still address that prohibition
on the exercise of remedies.  Nonetheless, we are continuing to do
everything we can through direct discussions with the relevant
constituencies and stakeholders to ensure the survival of Baha Mar.
We reiterate what we told the Court.  We are making progress
toward reaching a consensual resolution.  If all the parties are
willing, this resolution can happen.  For the sake of all
concerned, not least our employees, it must happen."

                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is Kobre
& Kim LLP.  The Debtors' construction counsel is Glaser Weil Fink
Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime Clerk
LLC.


BAHA MAR: U.S. Trustee Forms 7-Member Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 3 appointed seven creditors of Baha Mar
Enterprises Ltd. and its affiliates to serve on the official
committee of unsecured creditors.

The unsecured creditors are:

     (1) Yates-Osprey, a Joint Venture
         Attn: Dodds Dehmer
         500 Greymont Suite A
         Jackson, MS 39202
         Phone: 601-351-2015
         Fax: 601-354-7965

     (2) Purchasing Solutions International Inc.
         Attn: Mike Williams
         6100 Western Place, Suite 901
         Fort Worth, TX 76107
         Phone: 817-862-8774
         Fax: 817-862-9774

     (3) Schadler Kramer Group LLC dba SK&G
         Attn: Bernard Opie
         8912 Spanish Ridge Avenue
         Las Vegas, NV 89148
         Phone:702-478-4000
         Fax: 702-478-4001

     (4) Suddath Global Logistics Bahamas, LTD
         Attn: Robert Thomas
         815 Main Street
         Jacksonville, FL
         Phone: 904-390-7100

     (5) AECOM Technical Services Inc.
         Attn: Margaret Pendergast
         28485 DuPont Blvd.
         Millsboro, DE 19966
         Phone: 302-933-0200
         Fax: 302-933-0320

     (6) Terracon Consultants Inc.
         Attn: Michael Yost
         18001 W. 106th Street, Suite 300
         Olathe, Kansas
         Phone: 913-577-0354
         Fax: 913-599-5727

     (7) SBE Hotel Management LLC
         Attn: Bernard Acosta
         5900 Wilshire Blvd, 31st Floor
         Los Angeles, CA 90036
         Phone: 323-655-8000
         Fax: 323-655-8001

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                        About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAXANO SURGICAL: Plan Gets Overwhelming Majority of "Yes" Votes
---------------------------------------------------------------
Catherine Nownes-Whitaker, an employee of Rust Consulting/Omni
Bankruptcy, filed a declaration notifying the U.S. Bankruptcy Court
for the District of Delaware that an overwhelming majority of
creditors voted to accept Baxano Surgical, Inc.'s Amended Chapter
11 Plan.

According to Ms. Nownes-Whitaker, 100% holders of Class 1 - Other
Priority Claims, 100% of Class 2 - Hercules Allowed Secured Claim,
and 97.50% of Class 3 - General Unsecured Claims voted to accept
the plan.  A full-text copy of Ms. Nownes-Whitaker's Voting Results
Declaration is available at http://is.gd/IMp6r4

The Debtors amended its Plan on July 22 to provide, among other
things, that the initial liquidation trustee will be John L. Palmer
and to provide additional language with respect to the Internal
Revenue Services' objection.

In Paragraph 12 of the Debtor's proposed Order Confirming the
Second Amended Chapter 11 Plan of Reorganization, the Debtor has
included the following language:

   "Notwithstanding any provision to the contrary in the Second
Amended Plan or this Order confirming the Second Amended Plan,
nothing shall affect the ability of the Internal Revenue Service
(the "IRS") to pursue any non-debtors to the extent allowed by
non-bankruptcy law for any liabilities that may be related to any
federal tax liabilities owed by the Debtor.  IRS Allowed
Administrative Claims shall be paid in full on the later of the
applicable due date and the Effective Date.  All IRS Allowed
Administrative Claims not paid in full on the later of the
applicable due date and the Effective Date due to a dispute on
which the IRS eventually prevails shall accrue interest and
penalties to the extent provided by non-bankruptcy law (but only to
the extent permitted by applicable bankruptcy law) until paid in
full. Finally, in accordance with 28 U.S.C. Section 1334(b), the
district courts shall have original, but not exclusive,
jurisdiction over civil proceedings related to any Claims asserted
by the IRS."

Following the amendment of the Plan, the IRS withdrew its objection
to confirmation.

A blacklined version of the Second Amended Plan dated July 22,
2015, is available at http://is.gd/rB2cYo

                        About Baxano Surgical

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

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

The Debtor, in an amended schedules, disclosed $24,810,590 in
assets and $26,984,139 in liabilities as of the Chapter 11 filing.

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

The Debtor filed with the Court a Chapter 11 liquidating plan
following the sale of all of its operating assets.

Following the Effective Date, a liquidation trustee will liquidate
the remaining accounts receivable, rights to return of deposits,
refunds of unearned insurance premiums and preference claims.  In
addition, assuming a law firm can be identified that is willing to
undertake an investigation of the viability of any Causes of Action
against current and former directors and officers, on terms
acceptable to the Liquidation Trustee, the investigation will be
undertaken.

The Official Committee of Unsecured Creditors selected Pillsbury
Winthrop Shaw Pittman LLP and Morris, Nichols, Arsht & Tunnell LLP
as co-counsel.  The Committee also tapped Urbanowicz Consulting,
LLC, as consultant.


BERNARD L. MADOFF: Trustee's Firm Seeks Payment of Legal Fees
-------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that the law firm leading the charge to recover the funds
that Bernard Madoff stole from investors is seeking payment of
$40.1 million for four months of work during which an army of
lawyers struck deals to recover hundreds of millions of dollars.

According to the report, liquidation trustee Irving Picard and his
law firm, Baker & Hostetler LLP, on July 22 filed papers asking a
bankruptcy judge to authorize the fees as well as to release $12
million in previously approved fees that haven't yet been paid.

                    About Bernard L. Madoff

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

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

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

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

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

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced  distributions to victims.  As of the end
of May 2015, the SIPA Trustee has recovered more than $10.699
billion and has distributed approximately $7.576 billion.  When
additional settlements awaiting distribution are taken into
account, the recovery in the Madoff liquidation proceeding totals
$10.734 billion.


BON-TON STORES: Names William Tracy Chief Operating Officer
-----------------------------------------------------------
The Bon-Ton Stores, Inc., announced the appointment of William
Tracy to the position of chief operating officer of the Company,
effective July 27, 2015.  Mr. Tracy will have responsibility for
Stores, Information Systems, Supply Chain, Distribution &
Logistics, Omnichannel Strategy, Real Estate, and Human Resources.

Mr. Tracy, age 61, joins Bon-Ton from Hudson's Bay Company where he
most recently served as executive vice president - Supply Chain,
Logistics & Omni Channel Fulfillment, and Global Sourcing.  His
previous position with Hudson's Bay was executive vice president -
Supply Chain, Omni Channel Fulfillment & Information Services.  He
has had previous experience as chief operating officer at Fortunoff
and Nine West Corporation and served in various senior leadership
capacities at Lord & Taylor and Abraham & Straus Department Stores,
which included Merchandise Planning, Facilities and Store Planning,
Store Operations, Distribution and Logistics, Human Resources and
Information Systems.  Mr. Tracy has over 30 years of retail
experience and has a Bachelor of Arts degree from Adelphi
University.

Kathryn Bufano, president and chief executive officer, stated, "We
are excited to have an executive with Bill's experience and talents
join our team as Chief Operating Officer.  He shares my vision of
optimizing technology to gain efficiency and reach our existing and
new customers and improving our ability to provide fashion for the
family to our customers in the most efficient and cost effective
manner possible."

The Offer Letter does not provide for a term of employment and
provides for an initial base salary of $650,000 per year.  The
Offer Letter provides that Mr. Tracy will be paid a signing bonus
of $230,000, net of all applicable taxes, with one-half paid at the
first pay period after the Effective Date and on-half paid in April
2016, at such time as the Company typically pays bonuses under its
bonus program.  The Offer Letter provides that Mr. Tracy is
eligible for a bonus under The Bon-Ton Stores, Inc. Amended and
Restated Cash Bonus Plan under the following parameters: a target
bonus of 75% of base salary, a threshold bonus of 37.5% of base
salary, and a maximum bonus of 150% of base salary.

The Offer Letter provides that Mr. Tracy will receive a grant of
120,000 restricted shares of the Company's common stock pursuant to
the terms of the Restricted Stock Agreement and the Company's 2009
Omnibus Incentive Plan.  Those restricted shares will vest if Mr.
Tracy remains employed by the Company on July 27, 2018.  If Mr.
Tracy's employment is terminated without cause prior to vesting,
the restricted shares will vest in annual increments over the
remaining vesting period.

The Company has agreed to reimburse Mr. Tracy for commuting
expenses up to $50,000 per year and to make a one-time
reimbursement of up to $7,500 for accounting expenses relating to
the transition.  Mr. Tracy will also be eligible to participate in
the Company's health plans and other plans and programs generally
available to the Company's employees and executives.

                       About Bon-Ton Stores

Bon-Ton Stores, a Pennsylvania corporation, was founded in 1898
and is a department store operator in the United States, offering a
broad assortment of brand-name fashion apparel and accessories for
women, men and children.  The Company's merchandise offerings also
include cosmetics, home furnishings and other goods.  The Company
currently operate 270 stores in 26 states in the Northeast, Midwest
and upper Great Plains under the Bon-Ton, Bergner's, Boston Store,
Carson's, Elder-Beerman, Herberger's and Younkers nameplates,
encompassing a total of approximately 25 million square feet.

Bon-Ton Stores reported a net loss of $6.97 million on $2.75
billion of net sales for the fiscal year ended Jan. 31, 2015,
compared to a net loss of $3.55 million on $2.77 billion of net
sales for the fiscal year ended Feb. 1, 2014.  The Company reported
a net loss of $21.6 million for the fiscal year ended Feb. 2,
2013.

As of May 2, 2015, the Company had $1.6 billion in total assets,
$1.5 billion in total liabilities and $54.4 million in total
shareholders' equity.

                           *     *     *

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

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

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


BRANTLEY LAND: Has Authority to Employ C. James McCallar as Atty.
-----------------------------------------------------------------
Judge John S. Salis of the U.S. Bankruptcy Court for the Southern
District of Georgia authorized Brantley Land & Timber Company, LLC,
to employ the services of C. James McCallar, Jr., Tiffany E. Caron,
and L. Rachel Wilson as attorneys, after determining that the
attorneys have no adverse interest to those of the Debtor's
estate.

Brantley Land & Timber Company, LLC, a real estate developer in
Brantley County, Georgia, has filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Ga. Case No. 15-20584) in Brunswick, Georgia,
on July 16, 2015.

The Debtor, which is controlled by the receiver, tapped McCallar
Law Firm as counsel.


BRANTLEY LAND: U.S. Trustee Won't Appoint Creditors Committee
-------------------------------------------------------------
Guy G. Gebharst, Acting U.S. Trustee for Region 21, notified the
U.S. Bankruptcy Court for the Southern District of Georgia,
Brunswick Division, that he is not attempting to form a committee
of unsecured creditors in the Chapter 11 case of Brantley Land &
Timber Company, LLC, at this time.

Brantley Land & Timber Company, LLC, a real estate developer in
Brantley County, Georgia, has filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Ga. Case No. 15-20584) in Brunswick, Georgia,
on July 16, 2015.

The Debtor, which is controlled by the receiver, tapped McCallar
Law Firm as counsel.


BROOKLYN RENAISSANCE: Files List of Largest Unsecured Creditors
---------------------------------------------------------------
Brooklyn Renaissance, LLC, filed with the U.S. Bankruptcy Court for
the Eastern District of New York a list disclosing its three
largest unsecured creditors:

   Creditor                      Nature of Claim   Claim Amount
   --------                      ---------------   ------------
Maspeth Federal Savings          557 Union Street    $1,436,000
56-18 69th Street                Brooklyn, NY
Maspeth, NY 11378

Maspeth Federal Savings          65 Fourth Street      $775,000
                                 Brooklyn, NY

M&T Bank                         Loan proceeds used    $175,000
One M&T Plaza                    for Debtor property
Buffalo, NY 14240

                About Brooklyn Renaissance

Brooklyn Renaissance, LLC, sought Chapter 11 bankruptcy protection
(Bankr. E.D.N.Y. Case No. 15-43122) on July 6, 2015 in Brooklyn,
without stating a reason.  The Debtor estimated $10 million to $50
million in assets and less than $10 million in debt.  James McGown,
the managing member, signed the petition.  The case is assigned to
Judge Nancy Hershey Lord.  The Debtor tapped Jonathan S. Pasternak,
Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, in
White Plains, New York, as counsel.  According to the docket, the
Debtor's Chapter 11 plan and disclosure statement are due Nov. 3,
2015.


CAESARS ENTERTAINMENT: Challenge Period Extended to Aug. 7
----------------------------------------------------------
Caesars Entertainment Operating Company, Inc., et al., ask the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division, to approve a stipulation extending the
challenge period regarding leveraged buyout.

The Debtors said they reached agreement with certain of their
senior secured first lien lenders and noteholders regarding
extending the challenge period to August 7, 2015.

Caesars Entertainment Operating Company, Inc., et al. are
represented by:

          James H.M. Sprayregen, Esq.
          David R. Seligman, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          300 North LaSalle
          Chicago, Illinois 60654
          Tel.: 312 862-2000
          Fax: 312 862-2200
          Email: james.sprayregen@kirkland.com
                 david.seligman@kirkland.com

             -- and --

          Paul M. Basta, Esq.
          Nicole L. Greenblatt, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          601 Lexington Avenue
          New York, New York 10022-4611
          Tel.: (212) 446-4800
          Fax: (212) 446-4900
          Email: paul.basta@kirkland.com
            nicole.greenblatt@kirkland.com

The Statutory Unsecure Claimholders' Committee is represented by:

          Martin J. Bienenstock, Esq.
          Philip M. Abelson, Esq.
          Vincent Indelicato, Esq.
          Proskauer Rose LLP
          Eleven Times Square
          New York, New York 10036
          Tel: 212 969-3000
          Fax: 212 969-2900
          Email: pabelson@proskauer.com
                 mbienenstock@proskauer.com
                 vindelicato@proskauer.com

             -- and --

          Jeff J. Marwil, Esq.
          Mark K. Thomas, Esq.
          Paul V. Possinger, Esq.
          Brandon W. Levitan, Esq.
          Proskauer Rose LLP
          70 W. Madison St.
          Chicago, Illinois 60602-4342
          Tel: 312 962-3550
          Fax: 312 962-3551
          Email: jmarwil@proskauer.com
                 mthomas@proskauer.com
                 pposinger@proskauer.com
                    blevitan@proskauer.com

                    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.

In addition, Fitch has affirmed the IDR and issue rating of Chester
Downs and Marina LLC (Chester Downs) and the ratings have been
simultaneously withdrawn for business reasons.


CAESARS ENTERTAINMENT: Reaches Agreement on Debt Restructuring
--------------------------------------------------------------
Caesars Entertainment Corporation and Caesars Entertainment
Operating Company, Inc. have entered into a restructuring agreement
with holders of a significant amount of CEOC's second-lien notes.
This agreement provides for a substantial improvement in recoveries
for second lien noteholders and adds to the group of creditors
supporting CEOC's restructuring plan.  The agreement will go
effective when holders owning greater than 50% of second lien debt
sign the agreement.  With the public announcement of the terms of
this enhanced restructuring agreement, Caesars Entertainment and
CEOC will seek to gain further support.

Pursuant to the agreement, second lien noteholders who sign the
agreement by the date holders owning greater than 50% of second
lien debt sign the agreement (or 10 days after that date if
occurring before Aug. 19, 2015), will receive a forbearance fee.
Holders eligible to receive the fee will receive their pro rata
share of at least $200 million in convertible notes to be issued by
Caesars Entertainment in consideration for forbearing in respect to
certain alleged defaults.  These holders also have the potential to
receive an additional $200 million of convertible notes either
directly or through an enhanced class recovery.

In addition, Caesars Entertainment and CEOC have agreed to several
improvements from the Restructuring Support Agreement announced on
Jan. 14, 2015, as follows:

  * Caesars Entertainment will contribute an additional $200
    million of Caesars Entertainment convertible notes to the
    class of second lien noteholders if the class votes in favor
    of CEOC's plan of reorganization.  If the class does not vote
    in favor, the additional notes shall be distributed to second
    lien noteholders who have signed the agreement as an
    additional fee;

  * Caesars Entertainment will contribute approximately 5% common

    equity stake in PropCo (or cash) to the class of second lien
    noteholders;

  * Caesars Entertainment will contribute an additional
    approximately 5% common equity stake in PropCo (or cash) to
    the class of second lien noteholders if the class of second
    lien noteholders votes in favor of CEOC’s plan of
    reorganization.  If the class does not vote in favor, the
    additional equity (or cash) shall be distributed to second
    lien noteholders who have signed the agreement as an
    additional fee;

  * Under certain conditions, second lien noteholders will have
    the opportunity to purchase, at plan value, a minimum of 2.5%
    of the PropCo Common Stock to be issued to first lien
    noteholders and a maximum of 100% of such stock;

  * Caesars Entertainment has agreed to grant PropCo a call right
    to purchase the real estate associated with Harrah's New
    Orleans, consistent with the previously granted call right
    granted for the real estate underlying Harrah’s Atlantic City

    and Harrah's Laughlin.

Consistent with the Restructuring Support and Forbearance Agreement
dated Jan. 14, 2015, and supported by more than 80% of first-lien
noteholders, CEOC voluntarily commenced a Chapter 11 reorganization
on Jan. 15, 2015.  The restructuring plan contemplates that CEOC
will convert its corporate structure by separating virtually all of
its US-based gaming operating assets and real property assets into
two companies, including an operating entity and a newly formed,
publicly traded real estate investment trust that will directly or
indirectly own a newly formed property company.

The proposed transactions would reduce CEOC's debt by approximately
$10 billion, providing for the exchange of approximately $18.4
billion of outstanding debt for $8.6 billion of new debt.  Annual
interest expense would be reduced by approximately 75%, from
approximately $1.7 billion to approximately $450 million.  PropCo
would lease its real property assets to OpCo in exchange for annual
lease payments of $635 million, subject to certain adjustments,
with the lease payments guaranteed by Caesars Entertainment.

The restructuring plan is subject to approval by the bankruptcy
court and the receipt of required gaming regulatory approvals.

Caesars Entertainment and CEOC are continuing to work to obtain
additional support from other CEOC creditors.

A copy of the Restructuring Support and Forbearance Agreement is
available at http://is.gd/7TWD68

                    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.

In addition, Fitch has affirmed the IDR and issue rating of
Chester Downs and Marina LLC (Chester Downs) and the ratings have
been simultaneously withdrawn for business reasons.


CAL DIVE INT'L: Exclusive Plan Filing Date Extended to Sept. 29
---------------------------------------------------------------
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware extended Cal Dive International, Inc., et
al.'s filing exclusivity period and solicitation exclusivity period
are extended through and including Sept. 29, 2015, and Nov. 30,
2015.

In support of the extension motion, Amanda R. Steele, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware, told the
Court that the Debtors are at a crucial point in their Chapter 11
cases as significant deadlines, imposed by both the Bid Procedures
Order and DIP Facility Agreement, are rapidly approaching.  As a
result, the Debtors' management and advisors are focused nearly
exclusively on maximizing the value realized through the sale
process for the benefit of their estates, creditors, and other
parties in interest, Ms. Steele said.  Maintaining the exclusive
right to file and solicit votes on a plan of reorganization is
critical to the Debtors' ability to complete the sale process and
achieve their remaining goals in their cases as efficiently and
expeditiously as possible, Ms. Steele asserted.  She said that from
an informational standpoint, the Debtors have not and will not be
in a position to formulate a plan until conclusion of the sale
process, the outcome of which will necessarily serve as the
starting point for any plan proposed in their Chapter 11 cases.

                         About Cal Dive

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.  Cal Dive and
its U.S. subsidiaries filed simultaneous voluntary petitions
(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.

Through the Chapter 11 process, the Company intends to sell non-
core assets and intends to reorganize or sell as a going concern
its core subsea contracting business.

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

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

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel;
and Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


CAL DIVE INT'L: Pneumatic's $4,000 Claim Sold to Sierra Liquidity
-----------------------------------------------------------------
In the Chapter 11 cases of Cal Dive International, Inc., et al.,
one claim switched hands on July 8, 2015:

     Transferee                 Transferor          Claim Amount
     ----------                 ----------          ------------
Sierra Liquidity Fund, LLC   Pneumatic Specialties,    $4,011.97
                             Inc.

                         About Cal Dive

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.  Cal Dive and
its U.S. subsidiaries filed simultaneous voluntary petitions
(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.

Through the Chapter 11 process, the Company intends to sell non-
core assets and intends to reorganize or sell as a going concern
its core subsea contracting business.

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

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

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel;
and Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


CAST & CREW: Moody's Assigns B3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
("CFR") and B3-PD Probability of Default Rating ("PDR") to Cast &
Crew Payroll, LLC ("Cast & Crew"). Additionally, Moody's assigned a
B2 rating to Cast & Crew's proposed senior secured first lien
credit facility consisting of a $65 million revolving credit
facility and $270 million term loan, and assigned a Caa2 rating to
Cast & Crew's proposed $95 million senior secured second lien term
loan. The proceeds of the new debt financing will be used to
partially fund the purchase of the issuer by Silver Lake from ZM
Capital ("ZMC"). The ratings outlook is stable.

Moody's assigned the following ratings to Cast & Crew Payroll,
LLC:

Corporate Family Rating- B3

Probability of Default Rating- B3-PD

Senior Secured Revolving Credit Facility expiring 2020 -- B2
(LGD3)

Senior Secured First Lien Term Loan due 2022 -- B2 (LGD3)

Senior Secured Second Lien Term Loan due 2023 -- Caa2 (LGD5)

Outlook is Stable

RATINGS RATIONALE

The B3 CFR reflects the credit risks associated with Cast & Crew's
relatively small revenue base and high debt to EBITDA leverage
while also considering the company's exposure to the growing, but
somewhat cyclical market for film and television content production
in the entertainment industry. As a leading provider of payroll
processing, production accounting software, workers' compensation
coverage, and related services within this sector, Cast & Crew
maintains relationships at multiple corporate levels with large
studios and production companies. However, the issuer's principal
customer associations are centered on service agreements for
individual film and television productions. While these
arrangements provide a meaningful degree of diversification within
the company's overall concentration in the entertainment industry,
Cast & Crew's business visibility is somewhat limited over the
intermediate term by uncertainty surrounding the life cycle of a
particular production. Additionally, the ratings reflect the risks
related to the company's ability to effectively manage workers
compensation insurance claims as well as the possibility of
organized labor interruptions within the industry that can be
protracted and weigh on operating performance. Studios are also
managing content and production costs closely to ensure spending
efficiency and this could periodically create downward pressure or
restrain the growth of Cast & Crew's revenue base.

On a pro forma basis, Cast & Crew's debt-to-EBITDA metrics (Moody's
adjusted) are relatively high although the risks associated with
leverage are partially offset by a meaningful equity cushion. The
company's credit profile is also supported by Cast & Crew's
entrenched position within its niche market that should benefit
from expanding production budgets, allowing the company to reduce
debt-to-EBITDA by approximately 0.5x in the coming 12 months.
Moreover, the company's strong market presence is enhanced by entry
barriers associated with its long term customer relationships and
nearly 40 years of industry expertise during which Cast & Crew has
developed critical specialization in understanding the specific
complexities inherent to media production payroll processing.

Moody's expects the company to generate limited free cash flow of
less than $10 million in FY16 as the issuer completes a two-year
cycle of above average capital expenditures. However, $10 million
in cash on Cast & Crew's balance sheet at closing and an undrawn
$65 million five-year revolver support the company's good liquidity
position. The revolving credit facility will have a springing
covenant, which is not expected to be in effect over the next 12-18
months, as excess availability should remain above the minimum
levels. There are no financial maintenance covenants on the term
loans.

The stable ratings outlook reflects Moody's projection for 12%
revenue growth in FY16 as incremental film and television content
production spending in the entertainment industry continues to
support Cast & Crew's top line expansion. Moody's expects the
company to experience moderate erosion in adjusted EBITDA margins
in the coming twelve months as Cast & Crew's recent investments in
its sales infrastructure increase costs. However, the issuer's
strong profitability metrics should recover in subsequent years as
further sales growth drive operating leverage benefits.

What Could Change the Rating - Up

The ratings could be upgraded if Cast & Crew effectively expands
revenues and EBITDA to sustain moderate deleveraging and increase
free cash flow to debt above 5%.

What Could Change the Rating - Down

The ratings could be lowered if revenue and EBITDA contracts
materially from current levels, the company begins to generate weak
or negative free cash flow , or liquidity deteriorates.

Cast & Crew is a leading provider of technology-enabled payroll
processing, production accounting software, workers compensation
coverage, and related value-added services to a large and growing
base of clients across the entertainment industry. The company is
in the process of being acquired by Silver Lake.




CHOICE HOTELS: S&P Raises Sr. Unsecured Debt Rating to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issue-level
rating on Rockville, Md.-based Choice Hotels International Inc.'s
senior unsecured debt issues to 'BB+' (the same as the corporate
credit rating) from 'BB' and revised its recovery rating on the
debt issues to '3' from '5.'  The '3' recovery rating indicates
S&P's expectation for meaningful (50% to 70%; lower half of the
range) recovery for lenders in the event of a payment default.  S&P
also assigned the company's new $450 million senior unsecured
revolving credit facility due 2020 S&P's 'BB+' issue-level rating,
with a '3' recovery rating, in line with the current ratings on the
company's unsecured debt.

The favorable revision of the unsecured debt recovery rating
reflects the company's refinancing of its senior secured credit
facility.  Given that the previous secured credit facility had a
priority claim on the company's assets, the refinancing of the
facility removed the security pledge of the company's assets and
results in a higher emergence value available, and higher recovery
prospects for, unsecured lenders in the event of a default.

The corporate credit rating on Choice remains 'BB+'.  The rating
outlook is stable.

"The 'BB+' corporate credit rating reflects our assessment of
Choice's business risk profile as 'strong' and our assessment of
the company's financial risk profile as 'aggressive,' according to
our criteria," said Standard & Poor's credit analyst Carissa
Schreck.

The stable rating outlook reflects S&P's forecast for modest
improvement in credit measures given its expectation for continued
good operating performance at Choice.  Good levels of free cash
flow and a strong liquidity profile also support the stable
outlook.

Rating downside is limited at this time because S&P expects modest
growth in Choice's RevPAR over the next two years.  However, S&P
could lower the rating if operating performance meaningfully
declines, or if Choice pursues debt financed acquisitions or more
significant returns to shareholders, such that total adjusted debt
to EBITDA is sustained above 5x and FFO to total debt is sustained
below 12%.

S&P could raise its rating if it believes Choice will sustain debt
to EBITDA below 4x and FFO to debt above 20%.  However, Choice's
current financial policy to allow gross debt to EBITDA to increase
up to 4x constrains the current rating on the company.



COLDWATER CREEK: $149,000 in Claims Switched Hands in July 2015
---------------------------------------------------------------
In the Chapter 11 case of CWC Liquidation Inc., formerly known as
Coldwater Creek Inc., one claim switched hands on July 18, 2015:

     Transferee                 Transferor          Claim Amount
     ----------                 ----------          ------------
Wells Fargo Bank, N.A.,     Steeplegate Mall, LLC    $149,161.75
as Trustee for the
Registered Holders of
Bank of America Commercial
Mortgage, Inc., Commercial
Mortgage Pass-Through
Certificates, Series
2004-6

                         About Coldwater Creek

Coldwater Creek is a multi-channel retailer that offers its
merchandise through retail stores across the country, its catalog
and its e-commerce Web site, http://www.coldwatercreek.com/  

Originally founded in Sandpoint, Idaho in 1984 as a direct,
catalog-based marketer, Coldwater evolved into a multi-channel
specialty retailer operating 334 premium retail stores, 31 factory
outlet stores and seven day spa locations throughout the United
States.

As of the bankruptcy filing, the Debtors domestically employ a
total of approximately 5,990 employees throughout their retail
locations, corporate headquarters and distribution, design and call
centers.

Coldwater Creek Inc. and its debtor-affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10867) on
April 11, 2014, to liquidate their assets.

Coldwater Creek disclosed assets of $721 million plus undetermined
amount and liabilities of $425 million plus undetermined amount.
Affiliate Coldwater Creek U.S. Inc. estimated $100 million to $500
million in assets and liabilities.

The Debtors have drawn $37.5 million and have $10 million in
letters of credit outstanding under a senior secured credit
facility (ABL facility) provided by lenders led by Wells Fargo
Bank, National Association, as agent.  The Debtors also owe $96
million, which includes accrued interest and approximately $23
million representing a prepayment premium payable, under a term
loan from lenders led by CC Holding Agency Corporation, as agent.

Aside from the funded debt, the Debtors have accumulated a
significant amount of accrued and unpaid trade and other unsecured
debt in the normal course of their business.

The Debtors have tapped Young Conaway Stargatt & Taylor, LLP, and
Shearman & Sterling LLP as attorneys, Perella Weinberg Partners LP
as financial advisor, Alvarez & Marsal as restructuring advisor,
and Prime Clerk LLC as claims and noticing agent.

The U.S. Trustee for Region Three named seven creditors to serve on
the official committee of unsecured creditors.  Lowenstein Sandler
LLP represents the Committee.

CWC Liquidation Inc., formerly known as Coldwater Creek Inc.,
notified the Bankruptcy Court that the effective date of its
Modified Third Amended Joint Plan of Liquidation occurred on Sept.
26, 2014.

The Troubled Company Reporter, on Dec. 29, 2014, reported that the
Bankruptcy Court entered a final decree closing the Chapter 11
cases of consolidated non-lead debtors in the cases of CWC
Liquidation Inc. formerly known as Coldwater Creek Inc, et al.


COLT DEFENSE: Takes Aim at Landlord, Owner Over Restructuring
-------------------------------------------------------------
Matt Jarzemsky and Peg Brickley, writing for Dow Jones' Daily
Bankruptcy Review, reported that Colt Defense LLC is backing a bid
by its creditors for a probe of the ties between its landlord and
its majority owner and whether the two are acting in concert to
hold the company's restructuring hostage.

According to the report, citing a bankruptcy court filing, the
storied gun maker's unsecured creditors said they suspect Colt's
private-equity owner Sciens Capital Management LLC also controls
the landlord of Colt's headquarters and main manufacturing plant.
Colt's unsecured creditors committee is "gravely concerned that
Sciens continues to control the landlord" and is using that
leverage to try to retain control of the company through its
chapter 11 restructuring, the report said, further citing the court
filing.

                        About Colt Defense

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 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.

On June 16, 2015, the Court directed the joined administration of
the assets.

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.

The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.

                           *     *     *

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.

Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.


CORINTHIAN COLLEGES: Amends Chapter 11 Liquidation Plan
-------------------------------------------------------
Corinthian Colleges, Inc., et al., filed with the U.S. Bankruptcy
Court for the District of Delaware a first amended and modified
combined disclosure statement and Chapter 11 plan of liquidation.

The Combined Plan incorporates a compromise between the Debtors,
the Official Committee of Unsecured Creditors, the Student
Committee and the Prepetition Secured Parties as to the
Distribution of the Debtors' assets already liquidated or to be
liquidated over time to the Holders of Allowed Claims in accordance
with the terms of the Combined Plan and Disclosure Statement and
the priority of claims provisions of the Bankruptcy Code.

The Combined Plan provides for the Prepetition Secured Parties to
release any liens they may otherwise have upon, and forgo any
recoveries from, the Student Refund Reserve, thereby enabling the
Debtors to transfer their rights and interest in those funds (in
the approximate amount of $4.3 million) to the Student Trust.

Bank of America, N.A., in its capacity as administrative agent for
the prepetition first lien secured lenders under the Fourth Amended
and Restated Credit Agreement, dated May 17, 2012, reserved all
rights with respect to the motion to approve the disclosure
statement and solicitation procedures, including, without
limitation, the right to supplement, augment, alter and/or modify
its reservation of rights, the right to seek adjournment of the
hearing on the motion, and/or the right to object to confirmation
of the Combined Disclosure Statement and Plan on any grounds prior
to the confirmation hearing.

A full-text copy of the First Amended Plan, dated July 21, 2015, is
available at http://bankrupt.com/misc/CCIds0721.pdf

The Debtors are represented by Mark D. Collins, Esq., Michael J.
Merchant, Esq., Marisa A. Terranova, Esq., and Amanda R. Steele,
Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware.

BofA is represented by:

         Jeremy W. Ryan, Esq.
         Etta R. Mayers, Esq.
         POTTER ANDERSON & CORROON LLP
         1313 North Market Street, Sixth Floor
         P.O. Box 951
         Wilmington, DE 19899-0951
         Tel: (302) 984-6000
         Fax: (302) 658-1192

            -- and --

         Jennifer C. Hagle, Esq.
         Anna Gumport, Esq.
         SIDLEY AUSTIN LLP
         555 West Fifth Street, Suite 4000
         Los Angeles, CA 90013
         Tel: (213) 896-6000
         Fax: (213) 896-6600

                    About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015, to complete an
orderly wind down of its operations.  The cases are jointly
administered Case No. 15-10952.

Judge Kevin J. Carey presides over the case.  Richards, Layton &
Finger, P.A., represents the Debtors in their restructuring
efforts; FTI Consulting, Inc., serves as restructuring advisors;
and Rust Consulting/Omni Bankruptcy serves as claims and noticing
agent.

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

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


CORNERSTONE HOMES: Court Approves LeClairRyan as Trustee's Counsel
------------------------------------------------------------------
Michael H. Arnold, the Chapter 11 trustee of Cornerstone Homes,
Inc. sought and obtained permission from the Hon. Paul R. Warren of
the U.S. Bankruptcy Court for the Western District of New York to
employ LeClairRyan as special counsel for the Trustee.

LeClairRyan will provide services to the Trustee in connection with
the prosecution of a certain claims arising from the debtor's
business dealings with, and related to the claims of Elmira Savings
Bank, The Community Preservation Corporation, First Citizens
Community Bank, and Lyons National Bank.

The Court ordered that compensation for LeClairRyan will be allowed
upon application and order of the Court.

The Trustee 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.

LeClairRyan can be reached at:

       LECLAIRRYAN
       885 Third Avenue
       Sixteenth Floor
       New York, NY 10022
       Tel: (212) 697-6555
       Fax: (212) 986-3509

                      About Cornerstone Homes

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

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

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

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

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

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

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

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


CORNERSTONE HOMES: Court Okays Barclay Damon as Trustee's Counsel
-----------------------------------------------------------------
Michael H. Arnold, the Chapter 11 trustee of Cornerstone Homes,
Inc. sought and obtained permission from the Hon. Paul R. Warren of
the U.S. Bankruptcy Court for the Western District of New York to
employ Barclay Damon LLP as special counsel for the Trustee.

The Trustee requires Barclay Damon to provide all necessary legal
services in connection with the sale of certain real property, file
and respond to any motions, and provide general legal services as
required by the Trustee.

The maximum hourly rate of Barclay Damon is $310 per hour. In the
absence of any complications, for a simple real estate transaction
a flat fee of $500 may apply.

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

The Trustee 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.

Barclay Damon can be reached at:

       BARCLAY DAMON LLP
       2000 HSBC Plaza
       100 Chestnut Street
       Rochester, NY 14604
       Tel: (585) 295-4400
       Fax: (585) 295-4401

                      About Cornerstone Homes

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

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

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

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

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

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

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

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


COUTURE HOTEL: Mansa Capital Balks at Use of Cash Collateral
------------------------------------------------------------
Mansa Capital LLC, secured lender of Couture Hotel Corporation
f.k.a. Hugh Black-St Mary Enterprises Inc., objected to the amended
motion to determine the extent of cash collateral and to permit
payment of professional fees and expenses of counsel for the
Debtor.

Mansa is the primary secured lender and holds a perfected, first
priority security interest in, among other things, the Dallas Hotel
and an any personal property of the Debtor, including proceeds and
revenues, related to the Dallas and Corpus Hotels.

The Debtor has asked the U.S. Bankruptcy Court for the Northern
District of Texas to determine that (i) it held $70,071 in its
operating accounts pre-petition and (ii) the funds are not the cash
collateral of Mansa or any other lender.  The Debtor further
requests that the Court authorize it to use the funds to pay its
professionals' fees.

The Debtor's requests should be denied, Mansa Capital told the Hon.
Barbara J. Houser.

John B. Hauser, financial advisor to Mansa Capital, added none of
the financial information provided to Mansa by the Debtor indicates
that the Debtor held $70,071 in its operating accounts as of Oct.
7, 2014.  An "Account Activity" statement from Wells Fargo, dated
Oct. 10, 2014, provided by the Debtor to Mansa, states that the
balance in the Debtor's Dallas operating account was $16,512 on
Oct. 9, 2014.  According to the on-line information for the
Debtor's bank accounts, the lowest closing balance in the Debtor's
Dallas operating account following the Petition Date was $7,084 on
Jan. 6, 2015.  At that same time, as of January 6, 2015, the Debtor
had already written and issued checks placing current claims on
such monies in the amount of $65,627, which checks remained
outstanding as of that date.

Mr. Hauser added that, when these outstanding checks are netted out
against the closing balance on Jan. 6, 2015, the Debtor's operating
account was overdrawn in the amount of -$58,542.52 (a negative
amount).  The lowest closing balance on the Debtor's Corpus Christi
account following the Petition Date was 31,122 as of Oct. 10, 2014.
Even when this balance is added to the lowest intermediate balance
on the Dallas operating account, the total remains a negative
number, he pointed out.

Mansa Capital is represented by:

     Charles S. Kelley, Esq.
     MAYER BROWN LLP
     700 Louisiana Street, Suite 3400
     Houston, TX 77002-2730
     Tel: +1 713 238 2634
     Fax: +1 713 238 4634
     Email: ckelley@mayerbrown.com

                          About Couture Hotel

Couture Hotel Corporation, fka Hugh Black-St Mary Enterprises,
Inc., owns and operates four hotels: a Wyndham Garden Inn in
Dallas, Texas, consisting of 356 rooms and remodeled in 2013; a
Howard Johnson in Corpus Christi, Texas, consisting of 140 rooms
and remodeled in 2012; a Howard Johnson in Las Vegas, Nevada,
consisting of 110 rooms and remodeled in 2012; and an independent
hotel in Las Vegas, Nevada (formerly branded as a Value Place),
consisting of 121 rooms and also remodeled in 2012. The Las Vegas
hotels are located at one of the entrances to Nellis Air Force base
in North Las Vegas.  The Debtor owns the real property and
improvements, as well as the franchise rights to the hotels (except
for Las Vegas Value Place).

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

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

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


DELIAS INC: Panel Hires Berkeley Research as Substitute Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of dELiA*s, Inc. and
its debtor-affiliates seeks authorization from the U.S. Bankruptcy
Court for the Southern District of New York to retain Berkeley
Research Group, LLC, as substitute financial advisor to the
Committee, nunc pro tunc to June 1, 2015.

The Committee requires Berkeley Research to:

   (a) actively monitor the "going out of business" ("GOB")
       process to ensure the process proceeds in the most
       efficient manner to maximize recoveries to unsecured
       creditors;

   (b) review offers received for the Debtors' assets, on a GOB
       basis;

   (c) develop a monthly monitoring report to enable the Committee

       to effectively evaluate the Debtors' liquidity and wind-
       down activities on an ongoing basis;

   (d) advise and assist the Committee with respect to any debtor-
       in-possession financing arrangements and use of cash;

   (e) scrutinize cash disbursements on an on-going basis for the
       period subsequent to the commencement of these cases;

   (f) advise and assist the Committee in its analysis and
       monitoring of the Debtors' and non-Debtor affiliates'
       historical, current and projected financial affairs,
       including, schedules of assets and liabilities and
       statement of financial affairs;

   (g) prepare certain valuation analyses of the Debtors' and if
       applicable the non-Debtor affiliates' businesses and assets

       using various professionally accepted methodologies;

   (h) evaluate intangible asset portfolio and develop strategies
       to maximize returns;

   (i) advise and assist the Committee and counsel in reviewing
       and evaluating any court motions, applications, or other
       forms of relief filed or to be filed by the Debtors, or any

       other parties-in-interest;

   (j) attend Committee meetings and court hearings as may be
       required;

   (k) advise and assist the Committee in identifying and
       reviewing any preference payments, fraudulent conveyances,
       and other potential causes of action that the Debtors'
       estates may hold against insiders and third parties;

   (l) analyze intercompany and related party transactions;

   (m) develop strategies to maximize recoveries from the Debtors'

       assets and advise and assist the Committee with such
       strategies;

   (n) review and provide analysis of any bankruptcy plan and
       disclosure statement relating to the Debtors including, if
       applicable, the development and analysis of any bankruptcy
       plans proposed by the Committee;

   (o) monitor Debtors' claims management process, analyze claims,

       analyze guarantees, and summarize claims by entity;

   (p) monitor wind down of both Debtors and non-Debtor entities;

   (q) render such other general business consulting or assistance

       as the Committee or its counsel may deem necessary,
       consistent with the role of a financial advisor; and

   (r) other potential services, including: render expert
       testimony, issue expert reports and or litigation and
       forensic work that has not yet been identified but as may
       be requested from time to time by the Committee and its
       counsel.

Berkeley Research will be paid at these hourly rates:

       Ed Ordway                   $895
       David Galfus                $870
       Rick Wright                 $595
       Joseph Woodmansee           $425
       James Geraghty              $250
       Managing Director           $350-$1,250
       Director                    $475-$640
       Staff                       $250-$475
       Support Staff               $125-$325

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

As discussed and agreed with the Committee, in the event that
Berkeley Research's total cumulative fees divided by actual hours
charged (the "Blended Hourly Rate") exceeds $450 per hour, Berkeley
Research have agreed to discount their submitted fee applications
by the amount the Blended Hourly rate exceeds $450 per hour
multiplied by the actual hours charged.  The discount represents
approximately a 15% discount off of their standard hourly rates.

Edwin N. Ordway, Jr., managing director of Berkeley Research,
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.

Berkeley Research can be reached at:

       Edwin N. Ordway, Jr.
       BERKELEY RESEARCH GROUP, LLC
       104 West 40th Street, 16th Floor
       New York, NY 10018
       Tel: (212) 782-1400
       Fax: (212) 782-1479

                       About DELIA*S INC.

Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiA*s brand products are sold
through the Company's mall-based retail stores, direct mail
catalogs and e-commerce Web sites.

On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have requested that
their cases be jointly administered under Case No. 14-23678.

As of the bankruptcy filing, dELiA*s owns and operates 92 stores in
29 states.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,
as investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47.0 million in total
assets and $50.5 million in liabilities.

The Debtors have sought court approval of a deal for Gordon
Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC, to
launch going-out-of-business sales.


DOLE FOOD: Moody's Hikes Corporate Family Rating to B2
------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
(CFR) of Dole Food Company, Inc. (Dole) to B2 from B3. Moody's also
upgraded the Probability of Default Rating to B2-PD from B3-PD, the
senior secured term loan rating to B1 (LGD 3) from B2 (LGD 3), and
the senior secured note rating to B3 (LGD 5) from Caa1 (LGD 5). The
Speculative Grade Liquidity Rating was affirmed at SGL-3. The
outlook is stable.

RATING RATIONALE

The upgrade of Dole's CFR reflects the reduction in adjusted debt
due to changes in Moody's approach for capitalizing operating
leases as well as higher operating efficiencies, both leading to
stronger financial metrics. The updated approach for standard
adjustments for operating leases is explained in the cross-sector
rating methodology Financial Statement Adjustments in the Analysis
of Non-Financial Corporations, published on June 15, 2015.

Higher operating efficiencies are the result of earnings
improvement driven by reduced headcount and reinvestment in the
business. The company intends to continue upgrading farm equipment
and farming practices over time at the farms it purchased in 2014
and 2015. These upgrades will increase operating efficiency at
these farms and improve their earnings. In addition, Dole has three
new ships on order with delivery scheduled for the fourth quarter
of 2015, the first quarter of 2016 and the second quarter of 2016.
These new ships are larger and more efficient than the existing
West Coast ships. Debt to EBITDA is down significantly to 4.5 times
at March 28, 2015 from 7.4 times at December 28, 2013 primarily due
to Moody's changed approach for capitalizing operating leases and
earnings improvement and Moody's expects further leverage
improvement as operating efficiencies are realized over the next 12
to 18 months.

Dole's B2 Corporate Family Rating reflects moderately high
financial leverage, low margins, earnings and cash flow volatility
inherent in the company's commodity oriented business, and adequate
liquidity. These factors are partially offset by the company's
sophisticated production and logistics infrastructure that provides
it a competitive advantage, its good market position as one of a
few large fresh fruit and fresh vegetable producers in the U.S. and
Europe, and its decent scale and operational diversity.

The stable outlook reflects our expectation that liquidity will
remain adequate and leverage will decline through improved earnings
from increased vertical integration and farm upgrade initiatives.

The ratings could be downgraded if debt to EBITDA is sustained
above 5.5 times, if operating performance deteriorates or if there
is a weakening in liquidity. Ratings could also be downgraded if
there is a significant adverse outcome in the existing shareholder
litigation.

The ratings could be upgraded if the company sustains debt to
EBITDA below 4.0 times, maintains cash flow to net debt in the mid
to high-teens, improves its operating margins, successfully
resolves the shareholder litigation, and improves its liquidity
profile.

Moody's has taken the following rating actions:

-- Corporate Family Rating upgrade to B2 from B3;

-- Probability of Default Rating upgraded to B2-PD from B3-PD;

-- Senior Secured Term Loan Rating upgraded to B1 (LGD 3) from B2

    (LGD 3);

-- Senior Secured Note Rating upgraded to B3 (LGD 5) from Caa1
    (LGD 5);

-- Speculative Grade Liquidity Rating affirmed at SGL-3.

The outlook is stable

Dole Food Company, Inc. (Dole) is a leading producer of fresh fruit
and fresh vegetables. Revenues were $4.8 billion for the 12 months
ending March 28, 2015. Dole is a private company owned by its
Chairman and CEO David Murdock.


DUNE ENERGY: Court Approves Asset Sales to Trimont & White Marlin
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, Austin
Division, has approved separate sales of the assets of Dune Energy,
Inc., pursuant to sale agreements with Trimont Energy (NOW), LLC
and with White Marlin Oil and Gas Company, LLC.

Trimont and White Marlin were declared the successful bidders with
respect to two different asset packages.

On April 8, 2015, a bidding procedures order was entered by the
Bankruptcy Court establishing procedures for the sale of
substantially all of the assets of the Debtors, pursuant to which,
among other things, qualified bidders would submit qualifying bids
by June 5, 2015.  Following entry of the Bidding Procedures Order,
the Debtors determined to extend the bid deadline until June 19.

On June 30, 2015, the Debtors conducted the Auction contemplated by
the Bidding Procedures Order.  At the conclusion of the Auction,
Trimont and White Marlin Oil were declared the successful bidders
with respect to two different asset packages in accordance with the
Bidding Procedures Order for the Auction.  Trimont was declared the
backup successful bidder in the event the sale to White Marlin
fails to close.

Pursuant to the Purchase and Sale Agreement dated as of June 30,
2015, as amended, with Trimont, it agreed to purchase the Garden
Island Bay field and the Bateman Lake field from the Debtors for
$1, the assumption of real estate tax liabilities and the
assumption of all related plugging and abandonment liabilities.

Trimont also agreed to assume certain of the Debtors' executory
contracts and pay costs necessary to cure defaults under such
contracts.

Pursuant to the Purchase and Sale Agreement dated as of June 24,
2015, as amended, with White Marlin, it agreed to purchase
Abbeville North, Bayou Couba, Chocolate Bayou, Comite, Lake Bouef
SW, Leeville, Los Mogotes, Malo Domingo, Manchester SW, Manchester
W, and Toro Grande Fields from the Debtors for $19 million and the
assumption of plugging and abandonment liabilities as set forth in
the White Marlin PSA.

White Marlin also agreed to assume certain of the Debtors'
executory contracts and pay costs necessary to cure defaults under
such contracts.

The Trimont PSA and the White Marlin PSA contain customary
representations and warranties as well as various covenants. The
closing of the transactions contemplated by the Trimont PSA and the
White Marlin PSA are subject to various conditions precedent as
specified in each agreement, including the entry of orders of the
Bankruptcy Court approving each agreement.

On July 10, 2015, the Bankruptcy Court entered orders approving the
sales on the terms set forth in the Trimont PSA and the White
Marlin PSA. Following the Bankruptcy Court's approval of the
Trimont PSA and the White Marlin PSA, on July 15, 2015, the Debtors
entered into the Trimont PSA and the White Marlin PSA.

Based on the Company's debt and other obligations, the Company does
not expect to be able to distribute any proceeds as a result of the
Chapter 11 Cases to the Company's stockholders and therefore
believes that the shares of its common stock are worthless.

Trimont is represented by:

     BAKERHOSTETLER LLP
     Attn: Thomas Wearsch, Esq.
     3200 PNC Center
     1900 E. Ninth St.
     Cleveland, OH 44114
     Tel: 216-861-7303
     E-mail: mbooher@bakerlaw.com

White Marlin is represented by:

     John K. Howie
     PARALLEL RESOURCE PARTNERS, LLC
     919 Milam Street, Suite 550
     Houston, TX 77002
     Telephone: (713) 238 9516
     Facsimile: (713) 238-9501

          - and -

     Louis J. Davis, Esq.
     BAKER & MCKENZIE LLP
     700 Louisiana, Suite 3000
     Houston, TX 77002
     Telephone: (713) 427-5031
     Facsimile: (713) 427-4099

A copy of the Purchase and Sale Agreement, dated as of June 30,
2015, between Dune Energy, Inc., Dune Operating Company and Dune
Properties, Inc. and Trimont Energy (NOW), LLC, as amended, is
available at http://is.gd/e57Dbv

A copy of the Purchase and Sale Agreement, dated as of June 24,
2015, between Dune Energy, Inc., Dune Operating Company and Dune
Properties, Inc. and White Marlin Oil and Gas Company, LLC, as
amended, is available at http://is.gd/iEOuXV

A copy of the Bankruptcy Court Sale Order Approving the Trimont
Purchase and Sale Agreement, entered July 10, 2015, is available at
http://is.gd/QeNTtT

A copy of the Bankruptcy Court Sale Order Approving the White
Marlin Purchase and Sale Agreement, entered July 10, 2015, is
available at http://is.gd/mHZpo1

                        About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy
company based in Houston, Texas.  Since May 2004, the Company has
been engaged in the exploration, development, acquisition and
exploitation of natural gas and crude oil properties, with
interests along the Louisiana/Texas Gulf Coast.  The Company's
properties cover over 90,000 gross acres across 27 producing oil
and natural gas fields.

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

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

The Debtors listed $229 million in total assets and $144 million
in total debts as of Sept. 30, 2014.  In their schedules, Dune
Energy
Inc., et al., disclosed $263,337,172 in assets and $107,981,306 in
liabilities.

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


ESCO MARINE: Court Approves Duff & Phelps as Financial Advisors
---------------------------------------------------------------
ESCO Marine, Inc. and its debtor-affiliates sought and obtained
permission from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Duff & Phelps Canada Restructuring, Inc. as
financial advisors, nunc pro tunc to the March 7, 2015 petition
date.

The Debtor require Duff & Phelps to:

   (a) assist in the financial management of the Debtor, including

       assisting the Debtor in general accounting, financial
       reporting and cash management;

   (b) assist the Debtor in its dealings with Callidus, including
       working with the Debtor to submit funding requests and
       other reports to Callidus;

   (c) assist the Debtor to prepare financial projections and
       other financial analyses that will be required during those

       proceedings, including those requested by Callidus;

   (d) review the Debtor's receipts and disbursements and
       reporting to Callidus thereon;

   (e) assist the Debtor to formulate a strategic plan (including
       any sale or realization process in the Chapter 11
       Proceedings), including assisting in the evaluation and
       implementation thereof; and

   (f) review, comment on, and assist in the preparation of
       materials filed and to be filed with the Bankruptcy Court
       in the Chapter 11 Proceedings.

Duff & Phelps will be paid at these hourly rates:

       Robert Kofman, Managing Director        $575
       David Sieradzki, Managing Director      $500
       Noah Goldstein, Vice President          $325
       Adam Zeldin, Analyst                    $275

Duff & Phelps will also be reimbursed for reasonable out-of-pocket
expenses incurred.

David Sieradzki, managing director of Duff & Phelps, 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.
Duff & Phelps can be reached at:

       David Sieradzki
       DUFF & PHELPS CANADA
       RESTRUCTURING, INC.
       333 Bay Street, 14th Floor
       Toronto, ON M5H 2R2
       Tel: (416) 932-6030
       E-mail: david.sieradzki@duffandphelps.com.

                         About ESCO Marine

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

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

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

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

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


FAMILY CHRISTIAN: Lease Decision Date Extended to Sept. 9
---------------------------------------------------------
Judge John T. Gregg of the U.S. Bankruptcy Court for the Western
District of Michigan extended the deadline by which Family
Christian, LLC, and its affiliated debtors must assume or reject
nonresidential leases up to September 9, 2015.

Family Christian, LLC is represented by:

          A. Todd Almassian, Esq.
          Greg J. Ekdahl, Esq.
          KELLER & ALMASSIAN, PLC
          230 East Fulton Street
          Grand Rapids, MI 49503
          Telephone: (616)364-2100
          Email: talmassian@kalawgr.com
                 gekdahl@kalawgr.com

             -- and --

          Erich N. Durlacher, Esq.
          Brad Baldwin, Esq.
          BURR FORMAN LLP
          171 17th St., NW, Suite 1100
          Atlanta, GA 30363
          Telephone: (404)815-3000
          Email: edurlacher@burr.com
                 bbaldwin@burr.com

About Family Christian

Family Christian Holding, LLC, is the sole owner and member of
Family Christian, LLC, which operates and runs Family Christian
stores, one of the largest retail sellers of Christian books,
music, DVDs, church supplies, and other faith based merchandise.

Family Christian, LLC, Family Christian Holding, LLC, and FCS
Giftco, LLC, filed Chapter 11 bankruptcy petitions (Bankr. W.D.
Mich. Lead Case No. 15-00643) on Feb. 11, 2015.  The petition was
signed by Chuck Bengochea as president and CEO.  The Debtors
estimated assets and liabilities of $50 million to $100 million.

The Debtors are being represented by Todd Almassian, Esq., at
Keller & Almassian PLC, and Erich Durlacher, Esq., Brad Baldwin,
Esq., Bryan Glover, Esq., at Burr & Forman LLP as counsel.

The U.S. Trustee for Region 9 appointed seven creditors of Family
Christian LLC to serve on the official committee of unsecured
creditors.


FINJAN HOLDINGS: Files Second Lawsuit Against Blue Coat
-------------------------------------------------------
Finjan Holdings, Inc., announced that its subsidiary, Finjan, Inc.
has filed a second patent infringement lawsuit against Blue Coat
Systems, Inc., alleging infringement of seven Finjan patents
relating to new infringing Blue Coat products and services.

The Complaint (5:15-cv-03295, Docket No. 1), filed July 15, 2015,
in the U.S. District Court for the Northern District of California,
alleges that Blue Coat's new products and services infringe seven
Finjan patents.  In particular, Finjan is asserting infringement of
U.S. Patent Nos. 6,154,844; 6,965,968; 7,418,731; 8,079,086;
8,225,408; 8,566,580; 8,677,494; four of which are being asserted
against Blue Coat for the first time.

Finjan is seeking a jury trial; entry of judgment of direct and
indirect infringement of certain claims of each of the asserted
patents by Blue Coat; preliminary and permanent injunction against
Blue Coat and its officers, among others, from infringing the
asserted patents; and damages to be determined by a jury.

"We remain committed to protecting the value of Finjan's patented
technologies for our shareholders and existing licensees to our
growing portfolio," stated Phil Hartstein, Finjan's president and
CEO.  "Blue Coat continues to launch new products and services, and
more recently has had an ownership change representing a potential
catalyst to accelerate their use of the technology.  This most
recent filing is intended to preserve our case as we pursue fair
value in a license with Blue Coat."

This original case against Blue Coat (CAND-13-cv-03999-BLF) will be
proceeding to trial on July 20, 2015, with all six patents included
in Finjan's first complaint against Blue Coat.  Those patents
include 6,804,780; 6,154,844; 7,418,731; 6,965,968; 7,058,822 and
7,647,633.  The trial in the first case is expected to last for two
weeks.

Finjan has filed patent infringement lawsuits against FireEye,
Proofpoint, Sophos, Symantec, and Palo Alto Networks relating to,
collectively, more than 20 patents in the Finjan portfolio.

                            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 Says IPO Filing a Positive Credit Development
---------------------------------------------------------------
Fitch Ratings believes First Data Corporation's (FDC) execution of
a successful initial public offering (IPO) would be a positive
development for FDC's credit profile. FDC recently filed a
preliminary prospectus regarding an IPO of its common stock, and
indicated that the proceeds from the IPO will be used to pay down
debt. At March 31, 2015, the company had $21 billion in total debt
outstanding. Fitch's Issuer Default Rating (IDR) for FDC is 'B'
with a Stable Outlook.

FDC did not disclose the expected proceeds from the IPO but used
the standard $100 million placeholder to calculate registration
fees for the filing. FDC's reduction in leverage following the debt
repayment could lead to a positive rating action, once the debt
reduction is completed. Fitch would consider an upgrade if the debt
reduction following the offering reduces total gross leverage to
6.0x or below.

Fitch's current 'B' IDR 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).

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.

Fitch currently rates FDC as follows:

-- Senior secured revolving credit facility and term loans
    'BB/RR1';
-- Senior secured notes 'BB/RR1'.
-- Junior secured notes 'CCC+/RR6';
-- Senior unsecured notes 'CCC+/RR6';
-- Senior subordinated notes 'CCC/RR6'.

The Rating Outlook is Stable.


FJK PROPERTIES: Seeks Reconsideration of Ch. 11 Dismissal Order
---------------------------------------------------------------
FJK Properties, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Florida, West Palm Beach Division, to
reconsider its order dismissing the Chapter 11 case due to the
Debtor's failure to file certain required documents.

Robert C. Furr, Esq., at Furr and Cohen, P.A., in Boca Raton,
Florida, tells the Court that the Debtor has acted in good faith
and that its failure to file schedules of assets and liabilities
timely is a result of the unusual circumstances surrounding Mr.
Frederick J. Keitel, III, Esq.'s admissibility to practice before
the Court.

Mr. Keitel is an attorney licensed to practice in the State of
Florida.  Mr. Keitel believed that he was admitted to practice
before the United States District Court for the Southern District
of Florida and the United States Bankruptcy Court for the Southern
District of Florida.  Mr. Furr tells the Court that the Debtor's
Schedules were completed and submitted for filing, but were
rejected because Mr. Keitel could not in good faith sign the
documents stating that he was admitted to practice before the
Court.  He further tells the Court that the Debtor has complied
with all other requirements of the Bankruptcy Code, the Federal
Rules of Bankruptcy Procedure, and the Local Rules of the United
States Bankruptcy Court for the Southern District of Florida.  He
says that should the Court approve the Motion, the Debtor requests
an extension 15 days from the entry of an order approving the
Motion, to file its schedules.  Mr. Furr adds that in the
alternative, to the extent that the Court does not find that a
reconsideration of the Dismissal Order is warranted, the Debtor
requests that the Court shorten the 180-day prejudice period to the
time when an order granting the Motion is entered.

Creditors PJC Holdings, LLC, and PJC Funding, LLC, opposed the
Debtor's Motion to Reconsider, saying the Debtor attempts to
distance itself from the actions of its sole officer and owner by
arguing that its failure to file its schedules was the fault of its
"previous counsel," Mr. Keitel.  PJC tells the Court that the
Debtor neglects to inform that its sole officer and owner and its
attorney were one and the same person, and that Mr. Keitel is also
a party to some of the subject loan documents and a guarantor of
the loans.

FJK Properties, Inc., is represented by:

          Robert C. Furr, Esq.
          FURR AND COHEN, P.A.
          2255 Glades Road, Suite 337W
          Boca Raton, FL 33431
          Telephone: (561)395-0500
          Facsimile: (561)338-7532
          Email: rfurr@furrcohen.com

PJC Holdings, LLC and PJC Funding, LLC are represented by:

          Leslie C. Adams, Esq.
          HAILE, SHAW & PFAFFENBERGER, P.A.
          660 U.S. Highway One, Third Floor
          North Palm Beach, FL 33408
          Telephone: (561)627-8100
          Facsimile: (561)622-7603
          Email: ladams@haileshaw.com

              About FJK Properties

FJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 15-19494) on May 26, 2015.  The Debtor estimated
assets of $10 millin to $50 million and debts of $1 million to $10
million.  Frederick J. Keitel, Esq., serves as the Debtor's
counsel.  Hon. Paul G. Hyman, Jr., is assigned to the case.


GAMING & LEISURE: Moody's Affirms 'Ba1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Gaming &
Leisure Properties, Inc. (corporate family rating at Ba1) and its
subsidiary, GLP Capital, LP (senior debt at Ba1). The outlook
remains stable. Today's ratings affirmation follows the REIT's
announced agreement to acquire the real estate assets of Pinnacle
Entertainment for about $5 billion.

The following ratings were affirmed with a stable outlook:

Gaming & Leisure Properties, Inc. -- corporate family rating at
Ba1

GLP Capital, L.P. -- senior unsecured debt at Ba1

RATINGS RATIONALE

Moody's ratings affirmation and stable outlook reflects our
expectation that GLPI will retain strong credit metrics pro forma
for this transaction. The REIT expects to finance the acquisition
of Pinnacle's real estate via a combination of common stock to
existing Pinnacle shareholders (fixed exchange ratio of 0.85 GLPI
shares for each Pinnacle share), follow-on common equity (~$1
billion) and incremental debt (~$2 billion). Pro forma, GLPI
expects to maintain leverage around 5.5x net debt/EBITDA, which is
adequate for its existing rating category.

Moody's notes credit strengths associated with this transaction, as
GLPI will be increasing its size and scale, as well as diversifying
its tenant base. The REIT's asset base will increase to 35
properties from 21 properties and it will be enhancing its
geographic diversification by expanding into two new states. GLPI's
largest tenant, Penn National Gaming, Inc., will decrease from 97%
to 52% of its rental revenues. Tenant concentration remains a key
credit challenge for GLPI, but it is making progress in achieving
its growth and diversification goals.

Moody's also notes that the REIT's triple-net master lease
agreements with Penn and Pinnacle offer stable cash flows with
adequate lease coverage. Pinnacle's initial rent payment is being
set at a level that allows property-level EBITDAR coverage of
1.9x.

Offsetting these benefits, Moody's notes that GLPI is assuming
market risk as it will need to execute a large common equity
offering in order to maintain its stated leverage targets. Moody's
also notes that the REIT retains very large tenant concentrations
in a volatile industry that is experiencing challenging operating
fundamentals, despite recent signs of improvement. Given the
specialized nature of gaming real estate, Moody's views this as a
specialized asset type with limited alternative uses in a stress
scenario.

Moody's stable outlook reflects our expectation that the REIT will
issue substantial common equity in conjunction with financing the
Pinnacle transaction so as to maintain Net Debt/EBITDA around 5.5x.
We also expect the REIT to maintain adequate liquidity, proactively
accessing the long-term debt portion of the expected financing
mix.

Moody's stated that an upgrade is unlikely over the intermediate
term as GLPI works to close and integrate a large acquisition for
which it needs to access substantial amounts of external debt and
equity capital. Longer term, an upgrade would likely reflect
increased tenant diversification with the largest tenant comprising
closer to 20% of total rents. The REIT would also need to
demonstrate stable operating performance, with ample rent coverage
for each of its largest tenants. Maintenance of modest leverage,
with Net Debt/EBITDA around 5x and fixed charge coverage above 3.5x
would also be needed for an upgrade.

Negative rating pressure would result should leverage rise with Net
Debt/EBITDA above 6x on a sustained basis. Fixed charge coverage
below 3.0x or deterioration in tenant credit quality would also
result in a ratings downgrade, as would any liquidity challenges
associated with closing the Pinnacle transaction.

Moody's last rating action for Gaming & Leisure Properties, Inc.
was on October 4, 2013, when the ratings were assigned with a
stable outlook.

GLPI (NASDAQ: GLPI) is engaged in the business of acquiring,
financing, and owning real estate property to be leased to gaming
operators in "triple net" lease arrangements, pursuant to which the
tenant is responsible for all facility maintenance, insurance
required in connection with the leased properties and the business
conducted on the leased properties, taxes levied on or with respect
to the leased properties and all utilities and other services
necessary or appropriate for the leased properties and the business
conducted on the leased properties.



GOLDEN COUNTY: $281,000 in Claims Switched Hands in July 2015
-------------------------------------------------------------
In the Chapter 11 cases of Golden County Foods and its affiliates
GCF Franchisee, Inc., and GCF Holdings II, Inc., 13 claims switched
hands between July 9 and 15, 2015:

     Transferee                 Transferor          Claim Amount
     ----------                 ----------          ------------
Argo Partners              Allied Marketing           $72,414.25

Argo Partners              Automated Sonix Corp        $6,170.32

Argo Partners              BC Adhesives               $24,187.60

Argo Partners              Belson Co.                  $5,843.26

Argo Partners              Koss Industrial, Inc.       $7,833.95

Argo Partners              Orbis                      $21,957.13

Argo Partners              Qvest LLC                 $121,417.00

Argo Partners              Service First Staffin       $7,692.00

Argo Partners              Transmotion LLC             $3,763.77

Argo Partners              UltraSource LLC             $3,824.60

Liquidity Solutions, Inc.  Hach Company                $3,111.18

Liquidity Solutions, Inc.  Ideal Stainless             $1,415.59
                           Systems Inc.

Liquidity Solutions, Inc.  RefrigiWear, Inc.           $1,578.94

                  About Golden County Foods

Golden County and its affiliates GCF Franchisee, Inc., and
GCF Holdings II, Inc., filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 15-11062 to 15-11064) on May
15, 2015.

Mark D. Collins, Esq., and Tyler D. Semmelman, Esq., at
Richards, Layton & Finger, P.A., represent the Debtor in their
restructuring effort.  The Debtors also hired Neligan Foley LLP
as local counsel.

The Debtors estimated assets and debts at $10 million to
$50 million.

The U.S. Trustee for Region 3 appointed seven creditors to serve
on the Official Committee of Unsecured Creditors.


GOLDEN COUNTY: Wants to Change Name & Caption; Hearing on Aug. 24
-----------------------------------------------------------------
Golden County and its affiliates GCF Franchisee, Inc., and GCF
Holdings II, Inc., seek entry of a court order approving (a) these
name changes: (i) Golden County Foods, Inc., to Plover Appetizer
Co.; (ii) GCF Franchisee, Inc., to Plover Appetizer Franchisee Co.;
and (iii) GCF Holdings II, Inc., to Plover Appetizer Holding
Co.; and (b) authorizing the Debtors to amend the caption of the
cases to Plover Appetizer Co., fka Golden County Foods, Inc., et
al.

The U.S. Bankruptcy Court for the District of Delaware will hold a
hearing on Aug. 24, 2015, at 11:00 a.m. to consider the Debtors'
request.  Objections to the motion must be filed by July 31, 2015,
at 4:00 p.m.

  Old Debtor Name          New Debtor Name           Case Number
  ---------------          ---------------           -----------
Golden County Foods,  Plover Appetizer Co.            15-11062  
Inc.

GCF Franchisee, Inc.  Plover Appetizer                15-11063
                      Franchisee Co.

GCF Holdings II,      Plover Appetizer                15-11064
Inc.                  Holding Co.

The asset purchase agreement requires the Debtors to cease using
the name "Golden County" and any derivations thereof.

On June 11, 2015, the Debtors filed the Debtors' motion for entry
of an order approving the sale of substantially all of the assets
of Golden County Foods, Inc., with the Court.  On July 2, 2015, the
Court approved the sale and the stalking horse agreement.  The
Court authorized the Debtors to enter into that certain amended and
restated asset purchase agreement, dated as of July 2, 2015, made
by and between Monogram Appetizers, LLC, and Golden County Foods,
Inc.  Pursuant to the asset purchase agreement, the purchaser has
purchased "the sole right to use the name 'Golden County' or
similar names or any service marks, trademarks, trade names,
identifying symbols, logos, emblems or signs containing or
comprising the foregoing, . . . ."

On July 15, 2015, the Debtors and the purchaser closed the
transaction contemplated by the asset purchase agreement.

Additionally, the Debtors request that the Court authorize the
Clerk of the U.S. Bankruptcy Court for the District of Delaware and
other parties in interest to take whatever actions that are
necessary to update the ECF filing system and their respective
records to reflect the name changes, including the insertion of the
docket entry in case numbers 15-11062, 15-11063, and 15-11064.

                  About Golden County Foods

Golden County and its affiliates GCF Franchisee, Inc., and
GCF Holdings II, Inc., filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 15-11062 to 15-11064) on May
15, 2015.

Mark D. Collins, Esq., and Tyler D. Semmelman, Esq., at
Richards, Layton & Finger, P.A., represent the Debtor in their
restructuring effort.  The Debtors also hired Neligan Foley LLP
as local counsel.

The Debtors estimated assets and debts at $10 million to
$50 million.

The U.S. Trustee for Region 3 appointed seven creditors to serve
on the Official Committee of Unsecured Creditors.


GOODYEAR TIRE: S&P Assigns 'BB' Corp. Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
issue-level rating on Goodyear Dunlop Tires Europe B.V.'s (GDTE's)
EUR250 million senior unsecured notes to 'BB' from 'BB+' and
revised its recovery rating on the notes to '3' from '2'.  The '3'
recovery rating indicates S&P's expectation of meaningful recovery
(50%-70%; upper half of the range) in the event of a default.  All
of S&P's other issue-level and recovery ratings on The Goodyear
Tire & Rubber Co. remain unchanged.

S&P's recovery ratings on unsecured debt issued by corporate
entities that S&P rates 'BB-' or higher are generally capped at '3'
to account for the risk that their recovery prospects are at a
greater risk of being impaired by the issuance of additional
priority or pari passu debt prior to default.  S&P had previously
not applied this cap to the EUR250 million senior unsecured notes
given its valuation of GDTE, the amount of value available to the
unsecured notes, and the entity's status as a joint venture which,
in S&P's opinion, provided a measure of ring-fencing with regard to
debt incurrence (as evidenced by the fact that the equity was not
pledged), thereby affording a '2' recovery rating to the notes.
While S&P's valuation of GDTE has not declined, the company's June
announcement that its joint-venture agreement with Sumitomo Rubber
Industries Ltd. would end (making GDTE a wholly owned subsidiary of
The Goodyear Tire & Rubber Co. when the dissolution is effective)
and its decision to upsize GDTE's senior secured revolving credit
facility effective May 2015 (increased from EUR400 million to
EUR550 million), therefore reducing the value available to the
senior unsecured notes in the event of a simulated default, have
led S&P to apply the cap.  GDTE's EUR250 million senior unsecured
notes are guaranteed by Goodyear and its subsidiaries that
guarantee Goodyear's notes.  The guarantee lapses if the Goodyear
notes are rated investment grade.  S&P views these notes as
structurally senior to the U.S. senior unsecured notes since they
benefit from the aforementioned guarantees.

RATINGS LIST

The Goodyear Tire & Rubber Co.
Corporate Credit Rating             BB/Stable/--

Rating Lowered; Recovery Rating Revised
                                     To        From
Goodyear Dunlop Tires Europe B.V.
EUR250 Mil. Senior Unsecured Notes  BB        BB+
  Recovery Rating                    3H        2H


HDGM ADVISORY: Court Grants Harold Garrison's Bid for Stay Relief
-----------------------------------------------------------------
The Hon. James M. Carr of the U.S. Bankruptcy Court for the
Southern District of Indiana entered an order granting Harold D.
Garrison's motion for relief from automatic stay imposed in the
Chapter 11 cases of HDGM Advisory Services, LLC, and HDG Mansur
Investment Services, Inc., to permit defense costs to be advanced
to, or paid on behalf of, Mr. Garrison under the policies.

The automatic stay imposed is lifted to (i) permit Mr. Garrison,
Brian Reeves and Thomas Kmiecik to request that the Federal
Insurance Company make, and (ii) permit Federal to make, payments
under the policies for defense costs in connection with claims to
and for the benefit of the individuals.

The court order will not apply to, and no stay relief is being
granted in respect of, (i) alleged defense costs incurred prior to
June 29, 2015, and (ii) alleged defense costs not incurred in (a)
the pending non-dischargeability lawsuits, (b) the pending
regulatory investigations, or (c) any additional matters that may
arise following June 29, 2015.

Federal issued the Asset Management Protector Policy No. 8221-4869
to the HSBC Amanah Global Properties Income Fund (the HSBC Policy),
which covers claims made during the period Aug. 1,
2012, to Aug. 1, 2013, and has a maximum aggregate coverage limit
of $5 million.  The Funds, the Debtors, and Mr. Garrison are
insureds under the HSBC Policy.

Federal issued the Asset Management Protector Policy No. 8224-1480
(the HDG Policy) to HDG Mansur Capital Group LLC, which covers
claims made during the period from July 26, 2011, to July 26, 2012,
and has a maximum aggregate coverage limit of $5 million.  The
Debtors and Mr. Garrison allege that they are insureds under the
HDG Policy.

The policies cover only certain wrongful acts committed in
connection with the operation of the GPIF-I Equity Co., LTD., and
GPIF-I Finance Co., LTD. (the Funds).  They cannot be deemed to
cover, for example, any counterclaims of Mr. Garrison or anyone
else against the Funds.  To date, Federal has paid Debtors and Mr.
Garrison a total of approximately $2.88 million from the HSBC
Policy, and a total of approximately $887,000 from the HDG Policy,
for these alleged defense costs.  While the Funds have objected to
the status of these defense costs, no determination of the validity
of these defense costs has been made by any court, and Federal has
itself alleged that these defense costs were not paid from the
correct policies.

On June 19, 2015, the motion met objections from: (i) the Debtors
and examiner John R. Humphrey; (ii) the Funds; and (iii) plaintiffs
KFH Capital Investment Company, K.S.C.C., Kuwait Finance House Real
Estate Company, K.S.C.C., Finzels Reach Limited, and Bristol
Holdings Company Limited.

The Debtors and the Examiner filed an objection, on a limited
basis, only to the extent that any order lifting the stay could
constitute a determination of the allocation of the defense costs
advanced between the policies and the applicable limits
under those policies.  The Debtors and Examiner had no objection to
the lifting of the stay so long as there would be no determination
concerning the allocation of costs.  The Debtors and Examiner said
they are currently pursuing resolution of the insurance coverage
issues and proceeds as part of a more global resolution of the
bankruptcy cases.  The Debtors and Examiner requested that any
order granting Mr. Garrison's motion provide that the order has no
bearing on the allocation of costs between the HSBC Policy and HDG
Policy, and that the Court grant all further relief as is just and
appropriate.

The Funds filed an omnibus opposition to the motion, saying that
most of the issues raised in the motion have been previously heard,
and as a result stay relief has been denied, by the Court.  In July
2014, Federal filed a motion seeking stay relief in the HDGM case,
seeking to continue to pay what it labels "defense costs" allegedly
incurred by covered parties under two insurance policies issued by
Federal.  Following the Funds' and the Debtors' objections, the
Court denied the Federal motion through an order entered in
November 2014.  Because the Federal motion failed for a number of
threshold reasons, the Court was not required to rule as to whether
Federal had established "cause" for relief from stay.

According to the Funds, Mr. Garrison, failed to establish "cause"
for stay relief to release proceeds of the policies.  Mr. Garrison
argued that (a) he may be incurring unidentified defense costs in
connection with an undefined SEC investigation, and in connection
with the non-dischargeability complaint filed recently by the
Funds; (b) his defense costs are allegedly covered by the policies
despite all the evidentiary questions never answered in the Federal
motion, and Mr. Garrison has priority to receive his alleged
defense costs under the policies before the Funds (or any of Mr.
Garrison's other victims) receive any payments under the
policies for the losses they suffered as a result of Mr. Garrison's
misconduct; and (c) despite the millions of dollars of losses
suffered by Mr. Garrison's victims, there will be no harm to the
bankruptcy estates of the HDG Debtors or Mr. Garrison if Mr.
Garrison continues to deplete the remaining policies to pay his
legal fees and expenses.  The Funds claimed that Mr. Garrison's
argument is flawed in two fundamental and independently fatal
respects: (1) there is no evidence that any legal fees and expenses
sought to be paid from the Policies are valid defense costs payable
under the policies; and (2) even if the legal fees and expenses
sought to be paid are proven to be valid defense costs payable
under the policies, Mr. Garrison has not shown cause to grant stay
relief to pay the defense costs.

KFH claimed that Mr. Garrison is taking an argument tailored to his
litigation with GPIF and, in the proposed order, is attempting to
obtain relief with respect to his litigation with KFH.  

KFH is represented by:

      King & Spalding LLP
      Jesse H. Austin, III, Esq.
      Jonathan W. Jordan, Esq.
      Admitted pro hac vice
      1180 Peachtree Street, 31st Floor
      Atlanta, Georgia 30309
      Tel: (404) 572-3100
      E-mail: jaustin@kslaw.com
              jjordan@kslaw.com

               and

      Krieg Devault LLP
      Martha R. Lehman, Esq.
      Mark R. Wenzel, Esq.
      One Indiana Square, Suite 2800
      Indianapolis, IN 46204-2079
      Tel: (317) 238-6277
      Fax: (317) 636-1507
      E-mail: mwenzel@kdlegal.com

The Funds are represented by:

      Bingham Greenebaum Doll LLP
      Thomas C. Scherer, Esq.
      10 West Market Street, #2700
      Indianapolis, Indiana 46204-2982
      Tel: (317) 635-8900
      Fax: (317) 236-9907
      E-mail: tscherer@bgdlegal.com

                   and

      Wilmer Cutler Pickering Hale And Dorr LLP
      Charles C. Platt, Esq.
      George W. Shuster, Jr., Esq.
      Admitted Pro Hac Vice
      7 World Trade Center
      250 Greenwich Street
      New York, New York 10007
      Tel: (212) 230-8000
      Fax: (212) 230-8888
      E-mail: charles.platt@wilmerhale.com
              george.shuster@wilmerhale.com

                   About HDGM Advisory Services

HDGM Advisory Services, LLC ("MAS") and HDG Mansur Investments
Services, Inc. ("MISI") invest in and develop real estate around
the world.  They also provided management and investment services
to real estate funds that were set up as an investment vehicle for
religious Muslims.  MISI developed Finzels Reach, a real estate
development in Bristol England.  MAS and MISI are directly
or indirectly owned by Harold D. Garrison, who is also a debtor in
possession in a separate chapter 11 case.

MAS and MISI sought Chapter 11 bankruptcy protection (Bankr. S.D.
Ind. Case No. 14-04797 and 14-04798) in Indianapolis, Indiana, on
May 21, 2014.  On May 28, 2014, the Hon. James M. Carr directed
the joint administration the cases, under the lead case -- HDGM
Advisory, Case No. 14-04797.

MAS disclosed $20.3 million in assets and $7.99 million in
liabilities as of the Chapter 11 filing.  MISI disclosed $20.4
million in assets and $12.4 million in liabilities.  According to
a court filing, the Debtors don't have any secured creditors.

The Debtors have tapped Michael W. Hile, Esq., and Christine K.
Jacobson, Esq., at Katz & Korin PC, as counsel.

An affiliate of the Debtors, Hamilton Proper Partners Golf
Partnership, L.P., sought bankruptcy protection (Bankr. S.D. Ind.
Case No. 14-00461) on Jan. 24, 2014.

The Debtors has until Sept. 28, 2015, to solicit acceptances to
their Joint Plan of Reorganization, as amended.  On Nov. 10, 2014,
Debtors filed their First Amended Joint Plan of Reorganization and
their Disclosure Statement.  In the Amended Plan, the Debtors
proposed that their estates be liquidated by a Liquidating Trust
that would liquidate assets and claims and distribute recoveries in
accord with the practices of the Bankruptcy Code.


HUGHES SATELLITE: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service changed Hughes Satellite Systems
Corporation's (Hughes) ratings outlook to stable from negative,
while also affirming the company's B2 corporate family rating
(CFR), B2-PD probability of default rating (PDR), speculative grade
liquidity (SGL) rating of SGL-3 (adequate liquidity), Ba3 senior
secured notes' rating, and B3 senior unsecured notes rating.

The change in outlook was prompted by Moody's updated expectation
that the company will have an adequate funding cushion for its
three 2016 satellite launches. Moody's updated expectation reflects
cash flow improvements resulting from last year's purchase and
lease-back of five satellites previously owned by Dish Network
Corporation (Dish, Ba3 negative), a sister corporation.

The following summarizes Hughes ratings and the recent ratings and
outlook actions:

Rating and outlook actions:

Issuer: Hughes Satellite Systems Corporation

Outlook, Changed to Stable from Negative

Speculative Grade Liquidity Rating, Affirmed at SGL-3

Corporate Family Rating, Affirmed at B2

Probability of Default Rating, Affirmed at B2-PD

Senior Secured Regular Bond/Debenture, Affirmed at Ba3 (LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed at B3 (LGD5)

RATINGS RATIONALE

Hughes' B2 corporate family rating is based primarily on
expectations of cash flow self-sufficiency, whereby the end of
2016, Hughes will maintain an adequate funding cushion of nearly
$100 million, modest free cash flow to debt of approximately 3%,
and leverage of debt-to-EBITDA approaching nearly 5x. The rating is
constrained by uncertain demand and return economics for the
consumer broadband internet business, revenue concentration from
Dish relationship (some 25%-to-30% of annual revenues), and opaque
strategy and financial objectives.

Rating Outlook

The rating outlook is stable based on expectations of a stable
business portfolio and an adequate funding cushion, despite
expectations of modest credit metric deterioration, with leverage
of debt-to-EBITDA approaching 5x (~4.8x at 31Mar15) and FCF/Debt of
about 3% (~4.7% at 31Mar15). In both cases, measures incorporate
Moody's standard adjustments and are pro forma for assumed capital
leases for EchoStar XIX, EchoStar XXI, and EchoStar XXIII, all of
which currently reside on the balance sheet of Hughes' parent
company, EchoStar Corporation (not rated).

What Could Change the Rating - Up

The rating could be upgraded if Moody's expected:

-- Sustained FFO margin above 40% (24.6% PF at 31Mar15)

-- Sustained debt-to-EBITDA leverage below 2.5x (4.8x PF at March

    31, 2015)

-- Positive industry fundamentals

-- Solid liquidity arrangements

Given the company's capital intensity and the historically slow
ramp-up of the consumer broadband operation, an upgrade is not
anticipated over the next couple of years.

What Could Change the Rating - Down

The rating could be downgraded if Moody's expected:

-- Sustained FFO margin below 20% (24.6% PF at 31Mar15)

-- Sustained debt-to-EBITDA leverage above 5x (4.8x PF at March
    31, 2015)

-- Deterioration in industry fundamentals

-- Weaker liquidity arrangements

Corporate Profile

Based in Englewood, Colorado, Hughes Satellite Systems Corporation
(Hughes) is a private, wholly-owned subsidiary of EchoStar
Corporation (EchoStar, not rated), an Englewood, Colorado-based
global provider of satellite operations and satellite-based
transmission capacity.



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

      Debtor                                      Case No.
      ------                                      --------
      Hypnotic Taxi LLC                           15-43300
      330 Butler Street
      Brooklyn, NY 11217

      Bombshell Taxi LLC                          15-43301
      Bourbon Taxi LLC                            15-43302
      Butterfly Taxi LLC                          15-43303
      Candy Apple Taxi LLC                        15-43304
      Chianti Taxi LLC                            15-43305
      Chopard Taxi, Inc.                          15-43306
      Cupcake Taxi LLC                            15-43307
      Dorit Transit Inc.                          15-43308
      France Taxi LLC                             15-43309
      Hennessey Taxi Inc.                         15-43310
      Iceberg Taxi Inc.                           15-43311
      Marseille Taxi LLC                          15-43312
      Merlot Taxi LLC                             15-43313
      Milkyway Cab Corp.                          15-43314
      Palermo Taxi Inc.                           15-43315
      Pinot Noir Taxi LLC                         15-43316
      Pointer Taxi LLC                            15-43317
      Pudding Taxi Inc.                           15-43318
      Stoli Taxi Inc.                             15-43319
      Vodka Taxi LLC                              15-43320
      VSOP Taxi Inc.                              15-43321

Type of Business: The Debtors each own either two or
                  three medallions issued by the New York City
                  Taxi and Limousine Commission that permit taxi
                  services to be performed by the Debtors.

Chapter 11 Petition Date: July 22, 2015

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

Judge: Judge Carla E. Craig

Debtors' Counsel: Maeghan McLoughlin, Esq.
                  KLESTADT WINTERS JURELLER SOUTHARD & STEVENS LLP
                  570 Seventh Avenue, 17th floor
                  New York, NY 10018
                  Tel: 212-972-3000
                  Fax: 212-972-2245
                  Email: mmcloughlin@klestadt.com

                     - and -

                  Fred Stevens, Esq.
                  KLESTADT WINTERS JURELLER SOUTHARD & STEVENS LLP
                  570 Seventh Ave., 17th Floor
                  New York, NY 10018
                  Tel: 212-972-3000
                  Fax: 212-972-2245
                  Email: fstevens@klestadt.com

Debtors'          Joshua Rizack, Esq.
Chief             Senior Managing Director
Restructuring     THE RISING GROUP CONSULTING, INC.
                  4 Pheasant Lane
                  Westport, CT 06880
                  Tel: (203) 227-4115
                  E-mail: JRizack@TheRisingGroup.com

  Consolidated Summary of Debtors' Assets and Liabilities
                       (Unaudited)

Assets:

Taxi Medallions (46)                              $43,700,000
Vehicles (46)                                        $572,100
Insider Affiliate Receivable                      $11,659,797
(per tax returns/books)

Liabilities:
Citibank, N.A.                                    $32,000,000
(Contingent, Unliquidated and Disputed)

Citibank, N.A.                                     $1,637,939
(Contingent, Unliquidated and Disputed

New York State and New York City Tax Liens           $919,717

Unsecured Tax Claims of City of New York               $7,844

Accounts Payable (vendor and non-tax judgments)       $76,784

Personal Injury and Related Claims -             Undetermined
(Contingent, Unliquidated, Disputed)

The petition was signed by Evgeny Freidman, sole and managing
member.

Consolidated List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Josette Marie                      Personal Injury     $1,000,000
Tenas-Reynard                          Claim
4 Rue Perrault
7500 Paris France

Juan Abreau                        Personal Injury        Unknown
                                       Claim

Shelly King                        Personal Injury        Unknown
                                       Claim

Peri Edelstein                     Personal Injury        Unknown
                                       Claim

Edward Landreth                    Personal Injury        Unknown
                                       Claim

Steve Stankovski                   Personal Injury        Unknown
                                       Claim

Martha Torres                      Personal Injury        Unknown
                                       Claim

American Transit Inc. Co.             Subrogee-           $55,000
                                    Kelvin Estevez

Hereford Insurance                 Dream Boat Cab.        $25,545
                                   Corp. Insured                   
      

Jeremy Joseph                      Personal Injury        $25,000

USAA Casualty                      Outstanding Claim      $15,860

MCI Taxi                                Claim             $10,000

O Halkidikiotis Taxi                    Claim              $9,139

Gregory S. Root                    Service Provider        $8,425
                                     for BI claim

Hudson Insurance Co.               Heng S. Li-insured      $8,245

NPR Medical Care                   Service provider for    $5,200
                                        BI Claim

High Point Safety Ins. Co.         Subrogee of Edward      $5,160
                                        O'Connor

AAA Insurance a/s/o Angelo               Claim             $4,319
Santamaria

Unity Fuels LLC                      PI Claim              $3,929

Elrac, LLC a/k/a Enterprise        Motor Vehicle           $3,477
Rent A Car


IMPERIAL METALS: To Issue up to 5,500,797 Rights Shares
-------------------------------------------------------
Imperial Metals Corporation is issuing to the holders of its
outstanding common shares of record at the close of business on
July 27, 2015, rights to subscribe for additional Common Shares.

A maximum of 5,500,797 Rights Shares will be issuable pursuant to
the Rights Offering, representing approximately 7.28% of the issued
and outstanding Common Shares on July 21, 2015.  The maximum number
of Rights Shares issuable is subject to adjustment for rounding and
assuming no convertible securities are exercised into Common Shares
before the Record Date.

The Rights Offering will result in maximum proceeds of
approximately $44 million from the sale of the Rights Shares, less
estimated expenses of the Rights Offering in the amount of
approximately $0.8 million, inclusive of the Stand-By Fee.  The
maximum net proceeds are subject to adjustment for rounding and
assuming no convertible securities are exercised into Common Shares
before the Record Date.

Rights will be evidenced by transferable rights certificates.  Each
registered holder of Common Shares on the Record Date will receive
one Right for each Common Share held.  Every 13.73 Rights plus the
sum of $8.00 are required to subscribe for one Rights Share.  The
Rights expire at 2:00 p.m. (Vancouver time) on
Aug. 20, 2015, after which time unexercised Rights will be void and
of no value.

Computershare Investor Services Inc. will act as the subscription
agent for the Rights Offering and is also the registrar and
transfer agent for the Common Shares.

A copy of the Form F-1 prospectus is available at:

                        http://is.gd/ocRfFy

                          About Imperial

Imperial is a Canadian mining company active in the acquisition,
exploration, development, mining and production of base and
precious metals.  The Corporation's principal business and
registered and records office address is located at Suite 200, 580
Hornby Street, Vancouver, British Columbia, V6C 3B6, Canada.

                           *    *     *

As reported by the TCR on May 22, 2015, Standard & Poor's Ratings
Services said it downgraded Vancouver-based Imperial Metals Corp.
to 'CCC' from 'CCC+', and placed the company on CreditWatch with
developing implications.  "The downgrade follows the company's
announcement that it will not meet the June 1 date for completion
of its Red Chris mine, which is required under the terms of the
company's senior secured credit facility," said Standard & Poor's
credit analyst Jarrett Bilous.

The TCR reported on Nov. 25, 2014, that Moody's Investors Service
downgraded Imperial Metals Corporation's Corporate Family rating to
Caa1 from B2, Probability of Default rating to Caa1-PD from B2-PD,
and senior unsecured rating to Caa2 from B3.  "We downgraded
Imperial Metal's ratings over Moody concern that the company may
not have sufficient liquidity to fund its near term cash needs",
said Darren Kirk, Moody's vice president and senior credit officer.


LAKESIDE FEDERAL: Placed in Liquidation Due to Insolvency
---------------------------------------------------------
The National Credit Union Administration on July 16, 2015,
liquidated Lakeside Federal Credit Union of Hammond, Indiana.

Member deposits are federally insured by the National Credit Union
Share Insurance Fund. Administered by NCUA, the Share Insurance
Fund insures individual accounts up to $250,000, and a member's
interest in all joint accounts combined is insured up to $250,000.
The Share Insurance Fund separately protects IRA and KEOGH
retirement accounts up to $250,000. The Share Insurance Fund has
the backing of the full faith and credit of the United States.

NCUA's Asset Management and Assistance Center will issue
correspondence in the near future to individuals holding verified
share accounts in the credit union. Members with additional
questions about their insurance coverage may contact the Center
toll-free at 877-715-0777 FREE Monday through Friday between
8 a.m. and 5 p.m., Central. Individuals may also visit the
MyCreditUnion.gov website at any time for more information about
insurance coverage.

NCUA made the decision to liquidate Lakeside Federal Credit Union
and discontinue its operations after determining the credit union
was insolvent and had no prospect for restoring viable operations.

Lakeside Federal Credit Union served 2,280 members and had assets
of approximately $8.9 million, according to the credit union's most
recent Call Report. Chartered in 1950, Lakeside Federal Credit
Union served members, employees and their families of the Trans
Union Corporation in Lincolnshire and Chicago, Illinois, as well as
members, employees and their families of Union Tank Car Company,
Trans Union Systems Corporation and several smaller employers in
northwest Indiana.

Lakeside is the fifth federally insured credit union liquidation in
2015.



LATEX FOAM: July 28 Hearing on Further Access to Cash Collateral
----------------------------------------------------------------
Judge Alan H. W. Shiff of the United States Bankruptcy Court for
the District of Connecticut, Bridgeport Division, signed a
fourteenth interim stipulation and order authorizing Latex Foam
International, LLC, et al.'s use of cash collateral and granting
adequate protection to SummitBridge National Investments IV LLC,
successor-in-interest to Wells Fargo Bank, a National Banking
Association.

Wells Fargo provided financing to Latex in the original principal
amount of $34,000,000 pursuant to the Loan Agreement entered into
by Wells Fargo, Latex and Latex International West Coast, Inc.  LIW
was dissolved on Dec. 30, 2011.  The loans advanced under the Loan
Agreement are secured by substantially all assets of the Debtors.

As adequate protection, SummitBridge is granted first priority,
valid and perfected replacement liens on and security interests in
all of the Debtors' assets.  Any diminution in the value of the
prepetition liens in favor of SummitBridge that is not compensated
by postpetition collateral will constitute a cost and expense of
administration in the bankruptcy case in accordance with Section
503(b)(1) of the Bankruptcy Code.

Previously, the Bankruptcy Court signed the thirteenth interim
stipulation authorizing the Debtors to use cash collateral and
granting adequate protection to SummitBridge until June 30, 2015.

A hearing will be held on July 28, 2015, at 10:00 a.m., to consider
the Debtors' continued use of cash collateral.

Latex Foam International, LLC, et al. are represented by:

          James Berman, Esq.
          Zeisler & Zeisler, P.C.
          10 Middle Street, 15th Floor
          Bridgeport, Connecticut, 06604
          Tel.: 203 368-5480
          Fax: 203 367-9678
          Email: jberman@zeislaw.com

Secured Creditor is represented by:

          Scott M. Esterbrook, Esq.
          Reed Smith LLP
          1717 Arch Street
          Philadelphia, Pennsylvania 19103
          Tel.: 215 851 8146
          Fax: 215 851 1420
          Email: sesterbrook@reedsmith.com

                About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions as
president.  The Debtors are seeking joint administration of their
cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its counsel,
and Reid and Reige, P.C. as its local counsel.


LEHMAN BROTHERS: Administrators Set Aug. 14 Proofs of Debt Deadline
-------------------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, A.V. Lomas,
S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint Administrators of
Lehman Brothers Lease & Finance No. 1 Limited, intend to make a
distribution (by way of paying a final dividend) to the
preferential creditors (if any) and to the unsecured,
non-preferential creditors of LBL&F.

Proofs of debt may be lodged at any point up to (and including)
August 14, 2015, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt forms,
please visit http://is.gd/UzPOOa

Please complete and return a proof of debt form, together with
relevant supporting documents to PricewaterhouseCoopers LLP, 7 More
London Riverside, London SE1 2RT marked for the attention of Claire
Taylor.  Alternatively, you can email a completed proof of debt
form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the prescribed
part of LBL&F's net property which is required to be made available
for the satisfaction of LBL&F's unsecured debts pursuant to section
176A of the Insolvency Act 1986.  There are no floating charges
over the assets of LBL&F and accordingly, there shall be no
prescribed part.  All of LBL&F's net property will be available for
the satisfaction of LBL&F's unsecured debts.

                      About Lehman Brothers

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

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

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

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

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

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

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

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

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


LEHMAN COMMERCIAL: Sept. 1 Proofs of Debt Deadline Set
------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, A.V. Lomas,
S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint Administrators of
Lehman Commercial Mortgage Conduit Limited, intend to make a
distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to the unsecured,
non-preferential creditors of LCMC.

Proofs of debt may be lodged at any point up to (and including)
September 1, 2015, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt forms,
please visit http://is.gd/elC7Vi

Please complete and return a proof of debt form, together with
relevant supporting documents to PricewaterhouseCoopers LLP, 7 More
London Riverside, London SE1 2RT marked for the attention
of Jennifer Hills.  Alternatively, you can email a completed proof
of debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the prescribed
part of LCMC's net property which is required to be made available
for the satisfaction of LCMC's unsecured debts pursuant to section
176A of the Insolvency Act 1986.  There are
no floating charges over the assets of LCMC and accordingly, there
shall be no prescribed part.  All of LCMC's net property will be
available for the satisfaction of LCMC's unsecured debts.

                       About Lehman Brothers

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

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

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

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

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

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

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

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

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


LTS GROUP: Moody's Confirms 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service confirmed the B2 Corporate Family Rating
and B2-PD Probability of Default Rating of LTS Group Holdings LLC
("LTS" or "the company"). Moody's also confirmed the B1 rating of
LTS Buyer LLC's 1st lien senior secured credit facilities and the
Caa1 rating of the 2nd lien senior secured term loan. Finally,
Moody's assigned a B1 rating to the proposed $829 million
incremental 1st lien term lien, a B1 rating to the company's
proposed $75 million revolver, and a Caa1 rating to the proposed
$157 million incremental 2nd lien term loan. The use of these
proceeds will be used to fund the acquisition purchase price for
Fibertech Networks ("Fibertech") and to pay down the current
outstanding revolver.

These rating actions conclude the review of the ratings initiated
on April 29, 2015 when the company announced its plans to merge
with Fibertech in an all-cash transaction for approximately $1.9
billion. The transaction is expected to close in the third quarter
of 2015. The rating outlook is stable.

The confirmation of LTS's B2 Corporate Family ratings reflects
Moody's expectation that the company will operate with high
leverage and low FCF/Debt post-transaction over the next year.
However, the larger scale of the combined company in conjunction
with cost and capex synergies realized will likely reduce leverage
(Moody's adjusted) below 6x within twelve to eighteen months after
the merger.

Issuer: LTS Group Holdings LLC

Probability of Default Rating, Confirmed at B2-PD

Corporate Family Rating, Confirmed at B2

Outlook Actions:

Issuer: LTS Group Holdings LLC

Outlook, Changed To Stable From Rating Under Review

Confirmations:

Issuer: LTS Buyer LLC

Senior Secured Revolving Credit Facility (Local Currency),
Confirmed at B1, LGD3

Senior Secured 1st Lien Term Loan (Local Currency), Confirmed at
B1, LGD3

Senior Secured 2nd Lien Term Loan (Local Currency), Confirmed at
Caa1, LGD5

Assignments:

Issuer: LTS Buyer LLC

Senior Secured Revolving Credit Facility (Local Currency), Assigned
B1, LGD3

Senior Secured 1st Lien Term Loan (Local Currency), Assigned B1,
LGD3

Senior Secured 2nd Lien Term Loan (Local Currency), Assigned Caa1,
LGD5

Outlook Actions:

Issuer: LTS Buyer LLC

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

LTS's B2 Corporate Family Rating reflects the company's strong
growth profile, stable base of contracted recurring revenues,
historically low churn rates, valuable fiber optic network assets
covering over 30,000 fiber route miles and Moody's expectation of
margin expansion from the synergies realized by integrating
Fibertech. These strengths are offset by relatively high leverage
(over 6x Moody's adjusted Debt to EBITDA) and high capital
intensity. The rating also incorporates relatively low cash
balances, the private equity ownership structure and a seasoned and
proven management team.

The stable outlook incorporates Moody's expectation that financial
leverage will decline over the next 12 months through EBITDA growth
but still remain very high. The outlook also reflect Moody's belief
that LTS will execute crisply from an operational perspective and
that the integration of Fibertech will progress smoothly.
Consequently, we expect revenue growth will remain strong and that
the company will begin to be in a position to generate positive
free cash flow in 2016.

Given Moody's expectation that leverage will remain high and that
the majority of available cash will be used to reinvest in the
business in lieu of debt repayment, an upgrade of the ratigns is
not anticipated in the near term. However, Moody's could upgrade
LTS' ratings if adjusted leverage approaches 4x (Moody's adjusted)
and FCF/Debt is above 10%.

Downward rating pressure could develop if liquidity becomes
strained or if capital intensity increases such that the company is
unable to generate sustainable positive free cash flow.
Additionally, debt financed acquisitions which result in a
deterioration in cash flow or an increase in leverage could result
in a downgrade.



MARINA DISTRICT FINANCE: Fitch Assigns 'BB-' Rating to $650MM Loan
------------------------------------------------------------------
Fitch Ratings assigns a 'BB-/RR2' rating to Marina District Finance
Company, Inc's (Borgata) $650 million senior secured incremental
term loan due 2023 and upgrades Borgata's Issuer Default Rating
(IDR) to 'B' from 'B-'. Fitch also affirms Boyd Gaming Corp's
(Boyd) and Peninsula Gaming LLC's (Peninsula) IDRs at 'B'.
Borgata's Rating Outlook is revised to Stable from Positive, and
Boyd's and Peninsula's Rating Outlooks remain at Stable.

Peninsula is wholly-owned by Boyd but remains as a stand-alone
restricted group. Borgata is a 50/50 JV between Boyd and MGM
Resorts International (MGM) and is managed by Boyd. Fitch believes
that there is strong rating linkage between Boyd and Peninsula
credit groups and largely analyzes the two restricted groups on a
consolidated basis. Fitch views the rating linkage between Boyd and
Borgata as weak and views the credit profiles largely on a
stand-alone basis.

BORGATA KEY RATING DRIVERS

Fitch's upgrade of Borgata's IDR to 'B' from 'B-' reflects Borgata
improved operations. The Atlantic City market's surviving eight
casinos, including Borgata, benefitted from the closure of four
casinos in 2014, which removed excess capacity out of the market.
Atlantic City also had about three years now to adjust to the new
competition in surrounding jurisdictions without significant new
casino openings in the interim period. As a result of the easing
competitive environment and property tax adjustments Borgata's LTM
EBITDA for period ending March 31, 2015 improved to $173 million
from a trough EBITDA of $113 million in FY2013. Accordingly FCF
improved to $74 million from $34 million also helped by reduced
interest cost related to a refinancing and debt reduction. Leverage
is 4.2x as of March 31, 2015, which together with further reduction
in debt provides cushion against moderate operating pressure in the
future.

The upgrade also takes into account the refinancing of the 9.875%
senior secured notes, which will save approximately $10 million -
$12 million in interest cost per year and improves liquidity. The
new term loan comes with a $230 million delay draw portion that can
be used along with FCF to paydown the original term loan ($325
million outstanding as of March 31, 2015) and the $14 million
outstanding on the revolver. The current credit facility matures in
2018 and the new term loan matures 2023. The covenants on the
incremental term loan also offer additional protections relative to
the original credit facility. The new term loan's excess cash flow
sweep remains intact until leverage declines below 2.5x compared to
the existing facility where the sweeps decline once leverage
declines below 3.75x. There is also an event trigger, which is
triggered if additional licenses are granted in Pennsylvania
(within 75 miles of Borgata) or in New Jersey (outside Atlantic
City) in which event Borgata cannot pay distributions unless pro
forma leverage is less than 3x.

Borgata's 'B' IDR takes into account the possibility of additional
competition in Philadelphia, New York's Catskills region and
northern New Jersey. The likely timing for the Catskills $1 billion
casino is 2017, and Fitch expects modest impact on Atlantic City's
gaming revenues of approximately 5%. The Philadelphia project's
sponsors are facing law suits from the losing license applicants
and an incumbent Philadelphia casino; therefore, timing there is
less certain. However, the impact from another Philadelphia casino
should be muted given that the area already has four casinos.

In New Jersey several bills were introduced this year to allow
casinos outside Atlantic City. Although such measures are gaining
political momentum and have tentative support from the governor
they still need to pass a referendum. Given the short deadline to
pass a bill so that the measure can make the 2015 referendum, law
makers said that they will hold the bill until 2016. Fitch places a
less than 50/50 probability on an expansion measure passing in the
near to medium term (one to three years). The idea of casinos being
developed outside Atlantic City has not gained much traction yet
with the general population as shown by a 2015 Fairleigh Dickenson
University with 56% opposing and 37% for casinos outside Atlantic
City.

Two well publicized casino proposals in North Jersey include a $1
billion Hard Rock branded casino at Meadowlands and a $4.6 billion
casino resort in Jersey City. Both proposals would be in close
proximity to New York City and the more populated areas of North
Jersey. Legislative proposals to date generally included high tax
rates and revenue share mechanisms with Atlantic City. Should an
expansion pass a referendum in 2016 it would take another two to
three years at the minimum to grant licenses and open the new
casinos (the Meadowland proposal includes a temporary facility that
can open sooner).

Although casinos in North Jersey would hurt Borgata there are
several offsetting factors which should leave Borgata with a viable
business model and under moderate stress scenarios with positive
FCF. Fitch estimates that Borgata can withstand approximately a
15%-20% gaming revenue decline before its FCF starts to approach
negative. This assumes conservatively that the debt remains at
current levels and maintenance capex remains high at about $25
million per year. Fitch believes a 15%-20% revenue stress is
realistic but is on the high side given Borgata's advantage in
terms of its well established loyalty database, brand recognition,
high quality amenities and a tax rate advantage. It is also
possible that Borgata can further benefit from other casino
closures in Atlantic City. Borgata has shown an ability to
consolidate market share through the recently difficult operation
environment with its market share growing to 27% (LTM period ending
June 2015) from 17% in 2006, Atlantic City's peak year.

BOYD/PENINSULA KEY RATING DRIVERS

Boyd's 'B' IDR reflects a diversified asset base and healthy free
cash flow (FCF) profile. These positive credit considerations are
offset by Boyd's high, albeit sustainable, leverage and significant
exposure to weaker regional casino markets.

Fitch calculates gross leverage for Boyd for period ending March
31, 2015 at 7.2x, which includes Peninsula along with the $152
million seller's note at Peninsula's HoldCo. This offers minimal
equity cushion as regional assets typically trade in 7x-8x multiple
range (a bit higher now given the REIT-spin off potential).
However, Fitch deems Boyd's capital structure sustainable when
taking into account Boyd's healthy FCF profile. Boyd's stand-alone
leverage is slightly better at 7x, but Fitch believes including
Peninsula in Boyd's ratios is appropriate given the high likelihood
that Boyd merges Peninsula into its restricted group in the near to
medium term. Boyd has stated that it intends to merge Peninsula
into its restricted group and Peninsula's unsecured notes' call
premium steps down to 104.188 this August.

Boyd's FCF is strong for its rating level and reflects a limited
development pipeline, heavy mix of LIBOR based bank debt and $920
million in federal-level NOLs as of Dec. 31, 2014. Fitch estimates
Boyd's discretionary FCF run-rate at approximately $175 million,
which includes about $75 million of FCF at Peninsula.

Fitch's estimate for Boyd's FCF run-rate incorporates (estimates
include Peninsula):

-- $536 million of latest 12 months (LTM) property EBITDA for
    period ending March 31, 2015;
-- $60 million of corporate expense;
-- $200 million of interest expense;
-- $0 of income tax;
-- $100 million of maintenance CapEx.

The strong FCF profile offsets the risk associated with Boyd's
operating mix, which Fitch views unfavorably with a large exposure
to mature and competitive regional markets.

BORGATA KEY ASSUMPTIONS

Fitch's expectations are based on the agency's internally produced,
conservative rating case forecasts. They do not represent the
forecasts of rated issuers individually or in aggregate. Key Fitch
forecast assumptions include:

-- Fitch projects low single-digit revenue growth in 2015-2016
    and mid-single-digit declines in 2017 as competitive
    properties open in New York and Pennsylvania.

-- Free cash flow (FCF) is used to prepay the term loans.

-- Distributions to owners begin in 2018.

BOYD KEY ASSUMPTIONS

Fitch's expectations are based on the agency's internally produced,
conservative rating case forecasts. They do not represent the
forecasts of rated issuers individually or in aggregate. Key Fitch
forecast assumptions include:

-- Fitch projects flat same store revenue growth across Boyd's
    operating segments with the Las Vegas segments performing
    better relative to the regional markets.

-- Fitch assumes that state and federal NOLs absorb all tax
    liability through the rating case horizon.

-- Fitch has not incorporated any dividends or share repurchases
    in its rating case projections.

BORGATA RATING SENSITIVITIES

Positive: Borgata's IDR will likely be capped at 'B' IDR in the
near to medium term due to the potential for increased competition.
However, future developments that may, individually or
collectively, lead to positive rating action include:

-- Sentiment for expanding gaming outside Atlantic City
    diminishes significantly;

-- Discretionary run-rate FCF sustaining at close to or above
    $100 million.

Negative: No negative rating action is expected over the next 12-24
months given Borgata's strong financial profile. However, negative
rating action may result from:

-- Debt/EBITDA approaching 7x;

-- Discretionary run-rate FCF/debt declining below 5%.

There could be rating pressure should New Jersey legalize casinos
outside Atlantic City. If that occurs Fitch's decision to
potentially revise Borgata's Outlook to Negative or downgrade its
IDR will depend on the scope of the expansion measure passed (e.g.
number of licenses, tax rate, etc.); the locations, size and
amenities of the proposed projects; the operating outlook for
Atlantic City absent the expansion and management's response in
terms of capital allocation decisions and operational adjustments.


BOYD RATING SENSITIVITIES

Positive: No positive rating action is expected over the next 12 to
24 months given the company's high leverage. However, positive
rating action may result from:

-- Debt/EBITDA declining below 6x;

-- Discretionary run-rate FCF exceeding $200 million;

-- Regional markets remaining stable or growing on same-store
    basis;

-- Consolidation of Peninsula into Boyd's restricted group.

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

-- Boyd's debt/EBITDA ratio excluding Borgata moving towards 8x;

-- Discretionary run-rate FCF declining towards or below $75
    million;

-- Operating pressure with same-store revenues declining over an
    extended period;

-- Boyd pursuing a REIT spin-off or an M&A activity that would
    result in rent adjusted leverage to increase.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Boyd Gaming Corp

-- IDR affirmed at 'B'; Outlook Stable;
-- Senior secured credit facility affirmed at 'BB/RR1';
-- Senior unsecured notes affirmed at 'CCC+/RR6'.

Peninsula Gaming LLC

-- IDR affirmed at 'B'; Outlook Stable;
-- Senior secured credit facility affirmed at 'BB/RR1';

Peninsula Gaming LLC (Peninsula Gaming Corp. as co-issuer)

-- Senior unsecured notes affirmed at 'CCC+/RR6'.

Marina District Finance Company, Inc.

-- IDR upgraded to 'B' from 'B-'; Outlook revised to Stable from
    Positive;
-- Senior secured revolver upgraded to 'BB/RR1' from 'BB-/RR1';
-- Senior secured notes due 2018 and the incremental term loan
    due 2018 upgraded to 'BB-/RR2' from 'B+/RR2';
-- Incremental term loan due 2023 assigned 'BB-/RR2' rating.


MILAGRO OIL & GAS: Proposes Guidelines to Protect NOLs
------------------------------------------------------
Milagro Oil & Gas, Inc., and its affiliated debtors won interim
approval from the U.S. Bankruptcy Court for the District of
Delaware to set notification and objection procedures regarding
certain transfers of beneficial interests in equity securities of
the Debtors.

A final hearing is slated for Aug. 21.

The Debtors have experienced losses from the operation of their
business, having failed to post positive net earnings since 2008.
As a result, the Debtors estimate that their federal income tax net
operating losses are approximately $217 million as of the
conclusion of the first quarter of 2015 ("NOLs"), and they expect
to have incurred additional NOLs since then through the Petition
Date, which amounts could be even higher when the Debtors emerge
from chapter 11.  Assuming NOLs of $220 million, for example, this
would translate into future reductions of the Debtors' federal
income tax liabilities of approximately $77 million based on a
corporate federal income tax rate of 35%. These tax savings could
substantially enhance the Debtors' cash position for the benefit of
parties in interest and contribute to the Debtors' efforts to
maximize value for the benefit of creditors.

Because an "ownership change" may negatively impact the Debtors'
utilization of their NOLs, the Debtors proposed these procedures:

   * Any "substantial equityholder" -- entity that beneficially
owns at least (i) 1,275 units (representing approximately 4.5% of
the 28,400 issued and outstanding units) of Milagro Holdings, LLC
or (ii) 121,500 shares of Series A Preferred Stock (representing
approximately 4.5% of the 2,700,000 issued and outstanding shares)
of Milagro Oil & Gas, Inc.; -- must serve and file a declaration on
or before the later of (i) 14 days after the date of the interim
order approving the procedures and (ii) 14 days after becoming a
substantial equityholder.

   * At least 28 days prior to effectuating any transfer of the
equity securities that would result in another entity becoming a
substantial equityholder, the parties to such transaction must
serve and file a notice of the intended stock transaction.

   * The Debtors have 15 calendar days after receipt of the stock
transaction notice to object to the proposed transaction.

   * If the Debtors do not object, the proposed transaction may
proceed.

   * Any transfer of the equity securities in violation of the
procedures will be null and void ab initio.

                      About Milagro Oil

Based in Houston, Texas, Milagro Oil & Gas, Inc., is an independent
oil and gas company primarily engaged in the acquisition,
exploration, exploitation, development, production and sale of oil
and natural gas reserves.  Milagro's historic geographic focus has
been along the onshore Gulf Coast area, primarily in Texas,
Louisiana and Mississippi.  Milagro has 1,200 wells in South Texas,
along the Gulf Coast and in Louisiana.

As of March 31, 2015, the book value of Milagro's total assets and
liabilities was approximately $390 million and $468 million,
respectively.

On July 15, 2015, Milagro Oil & Gas, its parent Milagro Holdings,
LLC, and four affiliated entities each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the District of Delaware.
The cases are pending before the Honorable Kevin Gross and are
jointly administered under In re Milagro Holdings, Case No.
15-11520.

The Debtors tapped (i) Porter Hedges LLP as general counsel; (ii)
Young Conaway Stargatt & Taylor, LLP, as local counsel; (iii) Zolfo
Cooper, LLC, as restructuring advisors; and (iv) Prime Clerk LLC as
claims and noticing agent.

Noteholders that are parties to the RSA have tapped (i) Akin Gump
Strauss Hauer & Feld LLP, as legal counsel, (ii) Richards, Layton &
Finger, P.A., as Delaware legal counsel, and (iii) Blackstone
Advisory Partners L.P., as financial advisor.

The first lien agent, TPG Specialty Lending, Inc., is represented
by, Schulte Roth & Zabel LLP.  Equity holder ACON Funds Management
is represented by Hogan Lovells US LLP.  White Oak is represented
by Locke Lord LLP.


MILAGRO OIL & GAS: Seeks Approval of $15MM Financing
----------------------------------------------------
Milagro Oil & Gas, Inc., and its affiliated debtors will ask the
U.S. Bankruptcy Court for the District of Delaware at a hearing on
Aug. 21, 2015, to seek final approval of new money revolving loans
of up to $15 million from existing first lien lenders led by TPG
Specialty Lending, Inc., as administrative agent.

Judge Kevin Gross on July 17 entered an interim order authorizing
the Debtors to access DIP financing and use cash collateral.  A
copy of the document is available for free at:

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

The first lien lenders, who are already owed $87,625,000 under a
first lien secured term loan provided prepetition, have agreed to
provide the Debtors access to financing and cash collateral on
these terms:

   * Borrowers: Milagro Exploration, LLC and Milagro Producing,
LLC

   * Guarantors: MOG and each of MOG's direct and indirect
wholly-owned subsidiaries that are not borrowers.

   * DIP Agent: TPG Specialty Lending, Inc. ("TSL")

   * DIP Lenders: TSL, the lenders under the Prepetition First Lien
Obligations and/or other lending institutions and investment
vehicles selected by TSL.

   * DIP Facility: The $15,000,000 DIP Revolving Facility, of which
$11 million will be made available upon entry of the Interim Order;
provided that, after entry of the Interim Order, $8,000,000 of the
DIP Revolving Facility will only be available to be used to fund
cash collateral requirements to secure the Borrowers' surety bond
obligations solely to the extent that such surety bond provider
requires such cash collateral; and The Term Loan, subject to the
entry of the Final Order, in an amount equal to the
dollar-for-dollar conversion of the Prepetition First Lien
Obligations outstanding under the Prepetition First Lien Loan
Documents into DIP Obligations.

   * Uses of Proceeds/Roll-Up: The DIP Facility will be used to (i)
fund working capital and general corporate requirements of the
Debtors, bankruptcy-related costs and expenses and (ii) repay the
Prepetition First Lien Obligations in full, subject to entry of the
Final Order.

   * Termination Date: The date that is the earliest of: (i) the
35th day after the date of entry of the Interim Order, if the Final
Order has not yet been entered; (ii) the date of final indefeasible
payment and satisfaction in full in cash of the DIP Obligations and
the termination of the commitments under the DIP Facility; (iii)
the date of substantial consummation of a confirmed plan of
reorganization in the Chapter 11 cases; (iv) the date of
consummation of a sale or other disposition of all or substantially
all of the assets of the Debtors; (v) Nov. 15, 2015; (vi) the
filing by any Debtor of a motion with the Bankruptcy Court seeking
the conversion of any of the Chapter 11 cases to a case Chapter 7
case or dismissal of the Chapter 11 cases; and (vii) any date on
which the DIP Loans and DIP Obligations accelerate or otherwise
become due and payable following the occurrence of any Event of
Default under the DIP Loan Documents.

   * Use of Cash Collateral: The Debtors are authorized to use Cash
Collateral subject to and in accordance with the terms, conditions,
and limitations set forth in the Interim Order, the Approved Budget
(and permitted variances) and the DIP Loan Documents, without
further approval by the Court.

   * Interest Rates/Default Rate: (1) LIBO Rate Loans will bear
interest at the LIBO Rate (Reserve Adjusted), which is subject to a
floor of 1.00%, plus an Applicable Margin of 9.50%. (2) Base Rate
Loans will bear interest at the Alternate Base Rate, which is
subject to a floor of 3.50%, plus an Applicable Margin of 8.50%.
(3) Default Rate: (a) In the case of principal on any DIP Loan,
subject to Applicable Law, the rate of interest that otherwise
would be applicable to such DIP Loan plus 2% per annum; and (b) in
the case of overdue interest, fees, and other monetary Obligations,
subject to Applicable Law, the Base Rate from time to time in
effect, plus the Applicable Margin for DIP Loans accruing interest
at the Base Rate, plus 2% per annum.

   * Fees: (1) Commitment Fee: The Debtors agree to pay to the DIP
Agent for the account of each DIP Lender a fee of 0.75% per annum
for unfunded Revolving Loan Commitments.  (2) Facility Fee: The
Borrowers agree to pay to the DIP Agent for the account of each DIP
Lender with a Revolving Loan Commitment in accordance with its
Percentage, a facility fee in an amount equal to 3.00% of the
aggregate amount of the Revolving Loans Commitments. (3)
Professional Fees and Expense: Subject to the Fee Review
Procedures, the Debtors are obligated to pay the professional fees
and expenses of the DIP Agent and DIP Lenders.

   * Liens and Priorities of DIP Obligations:  The DIP Agent will
be granted valid, enforceable and fully perfected first priority
priming liens and senior security interests, first priority liens
on unencumbered property, and junior priority liens subject to the
prior payment of the Carve-Out.  In addition, the DIP Agent will be
granted an allowed superpriority administrative expense claim
pursuant to section 364(c)(1) of the Bankruptcy Code in each of the
Debtor's Chapter 11 Cases.

   * Carve-Out: The liens and superpriority claims are subject to
prior payment of: (i) fees payable to the United States Trustee
pursuant to 28 U.S.C. Sec. 1930(a)(6) or to the Clerk of the
Bankruptcy Court, (ii) fees of retained professionals, including
unpaid professional fees incurred or accrued on or after the date
on which the DIP Agent provides written notice of the occurrence of
a Termination Event, in an aggregate amount not to exceed
$500,000.

   * Prepetition First Lien Lenders' Adequate Protection: As
adequate protection in respect of any diminution claim, the
Prepetition First Lien Agent and the Prepetition First Lien Lenders
will be granted the adequate protection in the form of (i) valid,
perfected, postpetition security interests and liens in and on all
of the DIP Collateral subject and subordinate to the DIP Liens
and/or payment of any DIP Obligations, (ii) a superpriority claim
subordinate and subject only to the DIP Superpriority Claim, prior
payment of the Carve-Out and the Prepetition First Lien
Obligations, and (iii) payment of all accrued or incurred and
unpaid fees, costs and expenses in respect of the Prepetition First
Lien Obligations and all other accrued or incurred and unpaid fees,
costs and disbursements, accrued or incurred, and (iv) payment of
interest on the Prepetition First Lien Obligations in cash, as and
when such interest is payable, at the non-default rate, and (v) the
right to "credit bid" their respective claims against the Debtors
up to the full amount of (x) for the Prepetition First Lien Agent,
the Prepetition First Lien Obligations and (y) for the DIP Agent,
the DIP Obligations, during any sale of all or any portion of the
DIP Collateral or Prepetition Collateral, as applicable, or any
deposit or liquidated damages in connection with such sale.

   * Prepetition Second Lien Noteholders' Adequate Protection:  As
adequate protection in respect of any diminution claim, holders of
the Debtors' second lien notes and the trustee will be granted
adequate protection in the form of replacement liens, and a
superiority claim.

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

                      About Milagro Oil

Based in Houston, Texas, Milagro Oil & Gas, Inc., is an independent
oil and gas company primarily engaged in the acquisition,
exploration, exploitation, development, production and sale of oil
and natural gas reserves.  Milagro's historic geographic focus has
been along the onshore Gulf Coast area, primarily in Texas,
Louisiana and Mississippi.  Milagro has 1,200 wells in South Texas,
along the Gulf Coast and in Louisiana.

As of March 31, 2015, the book value of Milagro's total assets and
liabilities was approximately $390 million and $468 million,
respectively.

On July 15, 2015, Milagro Oil & Gas, its parent Milagro Holdings,
LLC, and four affiliated entities each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the District of Delaware.
The cases are pending before the Honorable Kevin Gross and are
jointly administered under In re Milagro Holdings, Case No.
15-11520.

The Debtors tapped (i) Porter Hedges LLP as general counsel; (ii)
Young Conaway Stargatt & Taylor, LLP, as local counsel; (iii) Zolfo
Cooper, LLC, as restructuring advisors; and (iv) Prime Clerk LLC as
claims and noticing agent.

Noteholders that are parties to the RSA have tapped (i) Akin Gump
Strauss Hauer & Feld LLP, as legal counsel, (ii) Richards, Layton &
Finger, P.A., as Delaware legal counsel, and (iii) Blackstone
Advisory Partners L.P., as financial advisor.

The first lien agent, TPG Specialty Lending, Inc., is represented
by, Schulte Roth & Zabel LLP.  Equity holder ACON Funds Management
is represented by Hogan Lovells US LLP.  White Oak is represented
by Locke Lord LLP.


MILAGRO OIL & GAS: Taps Prime Clerk as Claims Agent
---------------------------------------------------
Milagro Oil & Gas, Inc., and its affiliated debtors sought and
obtained approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Prime Clerk LLC as the claims and noticing
agent in the Chapter 11 cases.

Although the Debtors have not yet filed their schedules of assets
and liabilities, they anticipate that there will be thousands of
entities to be noticed in the Chapter 11 cases.  Local Rule
2002-1(f) provides that "[i]n all cases with more than 200
creditors or parties in interest listed on the creditor matrix,
unless the Court orders otherwise, the debtor shall file [a] motion
[to retain a claims and noticing agent] on the first day of the
case or within seven (7) days thereafter."  In view of the number
of anticipated claimants and the complexity of the Debtors'
businesses, the Debtors submit that the appointment of a claims and
noticing agent is required by Local Rule 2002-1(f) and is otherwise
in the best interests of both the Debtors' estates and their
creditors.

For its claims and noticing services, Prime Clerk will charge the
Debtors at these hourly rates:

                                    Hourly Rate
                                    -----------
     Analyst                           $45
     Technology Consultant            $100
     Consultant                       $140
     Senior Consultant                $170
     Director                         $195

For the firm's solicitation, balloting and tabulation services, the
rates are:

                                    Hourly Rate
                                    -----------
     Solicitation Consultant          $195
     Director of Solicitation         $210

The firm will charge $0.10 per page for printing, $0.08 per page
for fax noticing, and no charge for e-mail noticing.  Hosting of
the case Web site is free of charge and on-line claim filing
services are free of charge.  For data administration and
management, the firm will charge $0.10 per record per month for
data storage, maintenance and security.

Prior to the Petition Date, the Debtors provided Prime Clerk a
retainer in the
amount of $45,000.

The claims agent can be reached at:

         PRIME CLERK LLC
         830 3rd Avenue, 9th Floor
         New York, NY 10022
         Attn: Shai Waisman
         Tel: (212) 257-5450
         E-mail: swaisman@primeclerk.com

                      About Milagro Oil

Based in Houston, Texas, Milagro Oil & Gas, Inc., is an independent
oil and gas company primarily engaged in the acquisition,
exploration, exploitation, development, production and sale of oil
and natural gas reserves.  Milagro's historic geographic focus has
been along the onshore Gulf Coast area, primarily in Texas,
Louisiana and Mississippi.  Milagro has 1,200 wells in South Texas,
along the Gulf Coast and in Louisiana.

As of March 31, 2015, the book value of Milagro's total assets and
liabilities was approximately $390 million and $468 million,
respectively.

On July 15, 2015, Milagro Oil & Gas, its parent Milagro Holdings,
LLC, and four affiliated entities each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the District of Delaware.
The cases are pending before the Honorable Kevin Gross and are
jointly administered under In re Milagro Holdings, Case No.
15-11520.

The Debtors tapped (i) Porter Hedges LLP as general counsel; (ii)
Young Conaway Stargatt & Taylor, LLP, as local counsel; (iii) Zolfo
Cooper, LLC, as restructuring advisors; and (iv) Prime Clerk LLC as
claims and noticing agent.

Noteholders that are parties to the RSA have tapped (i) Akin Gump
Strauss Hauer & Feld LLP, as legal counsel, (ii) Richards, Layton &
Finger, P.A., as Delaware legal counsel, and (iii) Blackstone
Advisory Partners L.P., as financial advisor.

The first lien agent, TPG Specialty Lending, Inc., is represented
by, Schulte Roth & Zabel LLP.  Equity holder ACON Funds Management
is represented by Hogan Lovells US LLP.  White Oak is represented
by Locke Lord LLP.


MONTREAL MAINE: Chapter 15 Recognition Hearing Slated for Aug. 20
-----------------------------------------------------------------
Robert J. Keach, Esq., Chapter 11 trustee of Montreal Maine &
Atlantic Railway Ltd., and the monitor expect that the U.S.
Bankruptcy Court for the District of Maine will convene a hearing
on Aug. 20, 2015, at 9:00 a.m. (ET) to consider:

     -- the petition for recognition as foreign proceeding and
related relief, and

     -- the monitor's motion for entry of an order recognizing and
enforcing the plan sanction order of the Quebec Superior Court.

                      About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., operated the train that
derailed and exploded in July 2013, killing 47 people and
destroying part of Lac-Megantic, Quebec.

The Company sought bankruptcy protection (Bankr. D. Maine Case No.
13-10670) on Aug. 7, 2013, with the aim of selling its business.
Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,
meanwhile, filed for protection from creditors in Superior Court of
Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., serves as Chapter 11 trustee.  Michael A. Fagone, Esq., and
D. Sam Anderson, Esq. serves as his counsel.  Development
Specialists, Inc., serves as his financial advisor; and Gordian
Group, LLC, serves as his investment banker.

Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.
The law firm of Verrill Dana represents the Debtor in its
restructuring effort.

Justice Martin Castonguay oversees the case in Canada.  Andrew
Adessky at Richter Consulting was named CCAA monitor.  The CCAA
Monitor is represented by Sylvain Vauclair at Woods LLP.  MM&A
Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur
Henderson LLP.

The U.S. Trustee appointed a four-member official committee of
derailment victims.  The Official Committee is represented by
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins, Esq.,
at Paul Hastings LLP.

The unofficial committee of wrongful death claimants is represented
by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul, P.A.;
Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,
Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at The
Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, Green
Toups & Terrell LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75% of the $25 million in
available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.


MONTREAL MAINE: Plan Confirmation Hearing Set for September 24
--------------------------------------------------------------
The Hon. Peter G. Cary of the U.S. Bankruptcy Court for the
District of Maine scheduled a hearing on Sept. 24, 2015, at 9:00
a.m. (ET) at 537 Congress Street, Second Floor in Portland, Maine,
to confirm the plan of liquidation dated July 7, 2015, filed by
Robert J. Keach, Esq., Chapter 11 trustee of Montreal Maine &
Atlantic Railway Ltd., following the approval of the adequacy of
the trustee's disclosure statement describing that plan.

As reported in the Troubled Company Reporter on May 11, 2015, the
plan was filed by the Trustee on March 31, 2015.  The plan proposes
a liquidation of the Debtor's assets and the creation,
implementation and distribution of a substantial settlement fund
(known as the indemnity fund under the CCAA Plan) for the benefit
of all victims of the train derailment in 2013 that killed 47
people.  The Plan is funded in part by contributions and settlement
agreements with various parties with potential liability arising
out of the derailment, and including, without limitation, such
parties' insurance companies.  In exchange for their contributions,
claims against such parties will be released, and future claims
enjoined.

The Trustee's Chapter 11 plan will distribute C$275 million (US$220
million) to creditors, including families of the 48 people who died
during the 2013 trail derailment accident.  According to the
Disclosure Statement, the Plan proposes to satisfy claims on
account of the derailment as follows:

  * Government agencies, including the Province of Quebec, city of
Lac-Megantic and the Canadian government will split over C$123
million in full and final satisfaction of their allowed claims.

  * Families of those who died are expected to receive over C$77
million to satisfy their allowed wrongful death claims.  The WD
Trust will have more than C$77 million available for distribution
to wrongful death claimants.  In exchange for a share of the
beneficial interest in the WD Trust, the claimants will be forever
barred, estopped, and enjoined from asserting claims against the
released parties, which includes the insurance companies.

  * Holders of allowed derailment moral damages and personal-injury
claims are in line for over C$34 million.

  * Holders of allowed derailment property damage claims are to
receive over C$28 million.

  * Holders of allowed derailment subrogated insurance claims will
receive over C$11 million.

  * If the aggregate value of the derailment property damage claims
is reduced below C$75 million, any difference between C$75 million
and the revised aggregate value of these claims will be allowed and
added, on a pro-rated basis, to the value of the other derailment
claims.

With respect to non-derailment claims, the estate representative
will distribute the Debtor's cash and convert to cash all other
remaining property of the Debtor, including causes of action.  The
Plan provides:

  * Assets are expected to be sufficient to pay all administrative
expense claims and priority tax claims.

  * Holders of secured claims are unimpaired.

  * General unsecured claims are estimated at $22 million.
Depending on the amount of residual assets, which is dependent on
the outcome of litigation or settlements, holders of allowed
general unsecured claims will receive distributions on a range of
3% to 71% of the allowed amount of their claims.

  * There will be no recovery for holders of subordinated claims
unless and until all allowed general unsecured claims are paid in
full.  At this time, the Trustee does not expect that holders of
subordinated claims will receive anything under the Plan.

  * There will be no recovery for holders of equity interests
unless and until all allowed claims are paid in full.  At this
time, the Trustee does not expect that holders of equity interests
will receive any distributions under the Plan.

Holders of derailment claims and unsecured claims are impaired and
thus entitled to vote on the Plan.

As holders of subordinated claims and equity interests won't be
receiving anything, they're deemed to reject the Plan.

A copy of the Disclosure Statement is available for free at
http://bankrupt.com/misc/Montreal_M_Liq_Plan_DS.pdf

                      About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., operated the train that
derailed and exploded in July 2013, killing 47 people and
destroying part of Lac-Megantic, Quebec.

The Company sought bankruptcy protection (Bankr. D. Maine Case No.
13-10670) on Aug. 7, 2013, with the aim of selling its business.
Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,
meanwhile, filed for protection from creditors in Superior Court of
Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., serves as Chapter 11 trustee.  Michael A. Fagone, Esq., and
D. Sam Anderson, Esq. serves as his counsel.  Development
Specialists, Inc., serves as his financial advisor; and Gordian
Group, LLC, serves as his investment banker.

Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.
The law firm of Verrill Dana represents the Debtor in its
restructuring effort.

Justice Martin Castonguay oversees the case in Canada.  Andrew
Adessky at Richter Consulting was named CCAA monitor.  The CCAA
Monitor is represented by Sylvain Vauclair at Woods LLP.  MM&A
Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur
Henderson LLP.

The U.S. Trustee appointed a four-member official committee of
derailment victims.  The Official Committee is represented by
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins, Esq.,
at Paul Hastings LLP.

The unofficial committee of wrongful death claimants is represented
by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul, P.A.;
Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,
Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at The
Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, Green
Toups & Terrell LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75% of the $25 million in
available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.


MOSS FAMILY: Can Hire Beachwalk Realty as Broker
------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Indiana
authorized Moss Family Limited Partnership and Beachwalk LP to
employ Beachwalk Realty LLC as their broker to sell certain
property named Lot 136B located at 102 Mary Lane in Michigan City,
Indiana.

Thomas J. Moss, broker with the firm, assured the Court that the
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

                       About Moss Family

Moss Family Limited Partnership and Beachwalk, L.P., filed Chapter
11 petitions (Bankr. N.D. Ind. Case Nos. 12-32540 and 12-32541) on
July 17, 2012.  Judge Harry C. Dees, Jr., presides over the case.
Daniel Freeland, Esq., at Daniel L. Freeland & Associates, P.C.,
represents the Debtors.  Moss Family disclosed $6,609,576 in assets
and $6,299,851 in liabilities as of the Chapter 11 filing.

The Debtors' Amended Joint Chapter 11 Plan dated Dec. 3, 2013,
provides that unsecured claims will be fully paid and satisfied by
use of the proceeds from the sale of LaPorte Judgment Lien
Property.


NAARTJIE CUSTOM: Court Dismisses Chapter 11 Bankruptcy Case
-----------------------------------------------------------
The Hon. William T. Thurman of the U.S. Bankruptcy Court for the
District of Utah will overrule the objection of Patrick S. Layng,
the U.S. Trustee for Region 19, to the motion to dismiss the
Chapter 11 case filed by Naartjie Custom Kids, Inc., and the
Official Committee of Unsecured Creditors.

A full-text copy of Judge Thurman's memorandum decision is
available for free at http://is.gd/ayKvI6

As reported in the Troubled Company Reporter on June 19, 2015,
according to the U.S. Trustee, after nine months in chapter 11, and
after the liquidation of all of its assets, the Debtor has proposed
a "structured dismissal" of the case instead of proposing a simple
liquidating plan of reorganization.  The U.S. Trustee said the U.S.
Bankruptcy Court for the District of Utah must deny the motion to
dismiss because, among other things:

   1. the Bankruptcy Code does not provide any statutory authority
for such dismissals; and

   2. the proposed structured dismissal of the case does not
provide creditors with the rights and notice provided and required
under Section 1129 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on May 18, 2015, the
Debtor and the Committee, in their motion, noted that confirmation
of a plan and conversion of the Chapter 11 case will only require
additional expenses.

The Debtor's counsel, Jeffrey M. Armington, Esq., at Dorsey &
Whitney LLP, in Salt Lake City, Utah, related that (a) the Debtor
has completed its claims reconciliation process, (b) the Debtor has
completed the sale of its interests in its wholly owned South
African subsidiary ZA One Proprietary Limited and the Debtor's
intellectual property to Truworths Limited, and all of the proceeds
of the sales due to the Debtor have been transferred to the
Debtor's estate, (c) the Debtor has complied with all of the terms
and conditions of the Settlement Term Sheet and the settlement
order, (d) the Debtor has given at least 14 days' notice to all
parties listed on the creditor matrix in the Chapter 11 case of its
estimated distribution of funds pursuant to the settlement term
sheet, and that objections to the estimated distribution of funds,
if any, have been withdrawn, waived, settled or overruled, (e) all
U.S. Trustee fees attributable to the Debtor have been paid in
full, and (f) the Court has entered orders with respect to final
fee applications.

Mr. Armington further related that the Debtor and the Creditors'
Committee have conferred with Target Ease International and the
Secured Noteholders, who are members of the Settlement Parties, and
both parties supported the motion.

Mr. Armington asserted that the Debtor has sold substantially all
of its assets and the remaining funds can most efficiently be
distributed through a dismissal as opposed to a plan, which would
only serve to substantially increase the administrative expenses
and threaten and delay recoveries to creditors.  With few remaining
assets to administer, conversion to Chapter 7 would impose
additional administrative costs with no corresponding benefit to
the Debtor's creditors, Mr. Armington further asserted.

                     About Naartjie Custom Kids

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

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

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


NATHAN REUTER: 8th Cir. Tosses Appeal Over Default Judgment
------------------------------------------------------------
The United States Court of Appeals for the Eighth Circuit ruled on
Nathan and Kathleen Reuter's appeals in the case captioned Tana S.
Cutcliff; James A. Fields; Joshua P. Haeflinger; LaDonna S.
Henderson, (as Trustee for LaDonna S. Henderson Living Trust);
Patricia A. Reitz, (as Trustee for Frances L. Reitz Trust); Terry
J. Schippers; James D. Teegarden, II; Michael S. Trom; James D.
Fields, Plaintiffs-Appellees, v. Nathan Paul Reuter; Vertical
Group, LLC, Defendants, Kathleen Reuter, Intervenor-Appellant, Tana
S. Cutcliff; James A. Fields; Joshua P. Haeflinger; LaDonna S.
Henderson, (as Trustee for LaDonna S. Henderson Living Trust);
Patricia A. Reitz, (as Trustee for Frances L. Reitz Trust); Terry
J. Schippers; James D. Teegarden, II; Michael S. Trom; James D.
Fields, Plaintiffs-Appellees, v. Nathan Paul Reuter,
Defendant-Appellant, Vertical Group, LLC, Defendant, Kathleen
Reuter, Intervenor, NOS. 14-1429, 14-1730 (8th Cir.).

A lawsuit was brought against Nathan Reuter and Vertical Group, LLC
for their alleged roles in perpetrating a scheme where victims were
"lured" into making "high-yield, zero-risk investment" from which
their money was "appropriated."

Shortly after the district court entered an order of default
against Vertical Group, Nathan filed for Chapter 11 bankruptcy. The
bankruptcy court found that the plaintiffs' claims against Nathan
were non-dischargeable and rejected his Chapter 11 plan. The court
also determined that Nathan's bankruptcy estate acquired his
interest in the Kathleen S. Reuter Revocable Trust, a trust into
which Nathan and his wife, Kathleen Reuter, had transferred assets
before his bankruptcy was filed. The court later converted Nathan's
bankruptcy to a Chapter 7 bankruptcy.

The bankruptcy trustee tried to reach the assets in the Kathleen
Trust. The plaintiffs also sought to reach the assets in the
Kathleen Trust to collect the Vertical Group judgment from the
assets of the trust that have been determined to be property of
Nathan's bankruptcy estate. The matter was referred to bankruptcy
court. The bankruptcy court recommended awarding actual damages,
punitive damages, and attorneys' fees to the plaintiffs. The
district court adopted the bankruptcy court's proposed findings of
fact and conclusions of law and entered a default judgment against
Vertical Group. Nathan and Kathleen each lodged an appeal. Vertical
Group did not.

The appellate court dismissed Nathan's appeal for lack of standing.
It explained that because Nathan's powers as a co-trustee became
the property of his bankruptcy estate, it is the bankruptcy
trustee, as the legal representative of the bankrupt estate, who
has the capacity to sue and be sued. Kathleen, however, has
standing to appeal due to her interest with respect to the Kathleen
Trust.

The 8th Circuit affirmed the district court's judgment as to
Kathleen's appeal. It held that referring the proceeding to the
bankruptcy court was permitted by 28 U.S.C. Section 157(a) because
the plaintiffs intended to use a judgment in this case to access a
trust in which Nathan's bankruptcy estate has rights. The appellate
court also found no abuse of discretion in awarding punitive
damages without an evidentiary hearing.

A copy of the June 30, 2015 decision is available at
http://is.gd/3eeTvpfrom Leagle.com.

Nathan Paul Reuter sought Chapter 11 protection (Bankr. W.D. Mo.
Case No. 07-21128) on July 27, 2007; was represented by James F. B.
Daniels, Esq., at McDowell Rice Smith & Buchanan, P.C.; and
estimated less than $1 million in assets and more than $1 million
in debts at the time of the filing.


NET DATA: Has Until Sept. 21 to Assume or Reject Unexpired Leases
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended until Sept. 21, 2015, Net Data Centers, Inc.'s time to
assume or rejects its leases of nonresidential real property
located at 2260 East El Segundo Boulevard, El Segundo, California,
and 600 West 7th Street, Suite 520, 550 and 560, Los Angeles,
California.

The Debtor is a party to nine unexpired leases of non-residential
real property, on which it operates eight data centers, four in New
Jersey and Virginia (involving five leases), and four in Los
Angeles County (involving three leases), and a corporate office
located in El Segundo, California.  The nine leases are grouped
with four landlords.

The Court also ordered that the Debtor will pay accruing
postpetition rent and charges under the terms of its leases with
the Digital Realty Landlords.  In the event any postpetition lease
obligation under either of Debtor's leases with the Digital Realty
Landlords is not timely paid, the affected landlord may serve
written notice of default to Debtor and Debtor's attorneys.  If
Debtor fails to cure the default within 14 calendar days, the
affected landlord may file and serve a declaration under penalty of
perjury specifying the default and notice of default given
hereunder, together with a proposed order rejecting the particular
lease, which the Court may grant without further notice or
hearing.

On June 10, the Digital Realty Landlords submitted their limited
objection with respect to data centers located in El Segundo and
downtown Los Angeles, California, stating that given the Debtor's
irregular postpetition rent payments, any extension of time under
Bankruptcy Code Section 365(d)(4)(B), if timely granted, must be
conditioned on Debtor's prompt and timely payment of accruing
postpetition rent and charges.

DuPont Fabros Technology, L.P., et al., Lemur Properties LLC,
Grizzly Ventures LLC, Fox Properties LLC, and Whale Ventures LLC,
in their limited objection to the motion, stated that as of the
June 10 filing of the objection, the Debtor failed to pay an rent
at all for June on any of the Dupont leases, which was due June 1,
2015.  According to DuPont parties, they do not oppose to an
extension, they just wanted immediate payment of the June rent and
continued performance and timely payment in full of all
postpetition rent due under the DuPont leases.

The Debtor has replied to the objection of DRT, stating that it
has completed its business stabilization plan and is prepared to
reject unprofitable leases as it downsizes to achieve
profitability.

Landlords Digital 2260 East El Segundo, LLC and GIP 7th Street, LLC
are represented by:

         Michael S. Greger, Esq.
         ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP
         1900 Main Street, 5th Floor
         Irvine, CA 92614-7321
         Tel: (949) 553-1313
         Fax: (949) 553-8354

              - and -

         Ivan M. Gold, Esq.
         ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP
         Three Embarcadero Center, 12th Floor
         San Francisco, CA 94111-4074
         Tel: (415) 837-1515
         Fax: (415) 837-1516

Dupont Fabros Technology, L.P., et al., are represented by:

         Robert L. Eisenbach III, Esq.
         J. Michael Kelley, Esq.
         COOLEY LLP
         101 California Street, 5th Floor
         San Francisco, CA 94111-580
         Tel: (415) 693-2000
         Fax: (415) 693-2222
         E-mail: reisenbach@cooley.com

The Debtor is represented by:

         Paul A. Beck, Esq.
         Lewis R. Landau, Esq.
         Law Offices of Paul A. Beck, APC
         13701 Riverside Drive, Suite 701
         Sherman Oaks, CA 91423
         Tel: (818) 501-1141
         Fax: (818) 501-1241
         E-mail: pab@pablaw.org
                 lew@landaunet.com

                      About Net Data Centers

Net Data Centers, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 15-12690) on Feb. 23, 2015.  Pervez P.
Delawalla, the president & CEO, signed the petition.  The Hon.
Sheri Bluebond is assigned to the case.  William F Govier, Esq., at
Lesnick Prince & Pappas LLP, serves as counsel to the Debtor.

The Debtor disclosed $9,110,070 in assets and $5,236,687 in
liabilities as of the Chapter 11 filing.

The U.S. trustee appointed three creditors to serve on the
Official Committee Of Unsecured Creditors.



NET ELEMENT: Amends 40 Million Shares Resale Prospectus
-------------------------------------------------------
Net Element, Inc. filed with the Securities and Exchange Commission
an amended Form S-3 registration statement
relating to the resale, from time to time, in one or more
offerings, by certain selling securityholders, of up to 40,000,000
shares of Common Stock of Net Element, Inc., in amounts, at prices,
and on terms that will be determined at the time these securities
are offered.  This amount is calculated based on an expected:

    (i) 18,800,000 shares of Common Stock that are issuable upon
        conversion of an aggregate principal amount of $5,000,000
        and interest of 7% per annum on Senior Convertible Notes;
        and

   (ii) 21,200,000 shares of Common Stock, which equals the
        estimated number of shares of Common Stock underlying
        certain warrants issued in connection with the Notes,
        which shares of Common Stock the Company is contractually
        obligated to reserve for issuance in connection with the
        exercise of the Warrants.

The Company's Common Stock is listed on The NASDAQ Capital Market
under the symbol "NETE."  On July 20, 2015, the last reported price
of a share of the Company's Common Stock on The NASDAQ Capital
Market was $0.22.

A copy of the Form S-3/A is available at http://is.gd/suVUEM

                         About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

As of March 31, 2015, the Company had $14.02 million in total
assets, $10.3 million in total liabilities and $3.73 million in
total stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The accounting firm
said that the Company has suffered recurring losses from operations
and has used substantial amounts of cash to fund its operating
activities that raise substantial doubt about its ability to
continue as a going concern.


NORTHEAST HOUSING: Moody's Affirms Ba1 Rating on Series 2007-A
--------------------------------------------------------------
Moody's Investors Service, has affirmed the Ba1 rating on Northeast
Housing LLC's (PA) Taxable Military Housing Revenue Refunding
Bonds, Series 2007-A Class I. The outlook on Class I debt has been
revised to positive. Moody's has upgraded to Ba3 from B1 Series
2007-B Class II debt. The outlook on Class II debt is stable.

-- Series 2007-A-1 (Class I) $251,950,000 outstanding, affirmed
    at Ba1 with positive outlook;

-- Series 2007-A-2 (Class I) $24,340,000 outstanding, affirmed at

    Ba1 with positive outlook; and

-- Series 2007-B (Class II) $69,085,000 outstanding, upgraded to
    Ba3 with stable outlook.

SUMMARY RATING RATIONALE

The rating actions are based on solid financial performance,
improved occupancy, and an increase in the basic allowance for
housing (BAH) for 2015. In addition, the project's debt service
reserve fund is funded by a surety bond provided by Ambac Assurance
Corporation (unrated by Moody's).

OUTLOOK

The positive outlook on Class I debt is based on strong financial
performance and BAH increases. The stable outlook on Class II debt
is based on the project's financial position and performance which
is sufficient to meet debt service.

What Could Change the Rating Up

-- Improvement of financial performance and achievement of high
    occupancy levels for several more reporting periods

-- Cash funding of debt service reserve fund, replacement of the
    surety provider or an upgrade of the current surety bond
    provider while maintaining strong financial performance

What Could Change the Rating Down

-- Stressed occupancy levels or decline in the BAH that results
    in a significant decline in debt service coverage

-- Unexpected spike in operating expenses which materially
    reduces revenue available to pay debt service

-- Downsizing or closure of any of the seven naval installations
    that support the housing units

OBLIGOR PROFILE

Northeast Housing, LLC (the Issuer) was formed as a Delaware
limited liability company on November 1, 2004 for the purpose of
leasing, constructing, rehabilitating, developing, operating and
selling properties at 7 installations comprising Navy Northeast
located in Maine, Rhode Island, Connecticut, New York, and New
Jersey.

LEGAL SECURITY

The bonds are special limited obligations of the issuer, as such,
the bonds are secured solely by the revenues and trust estate
assets pledged to bondholders pursuant to the Master Trust
Indenture and Security Agreement.

USE OF PROCEEDS

Not Applicable.



OAKLAND PHYSICIANS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Oakland Physicians Medical Center, LL.C.
        c/o Butzel Long
        Thomas B. Radom
        41000 Woodward Avenue
        Stoneridge West
        Bloomfield Hills, MI 48304

Case No.: 15-51011

Nature of Business: Health Care

Chapter 11 Petition Date: July 22, 2015

Court: United States Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Hon. Walter Shapero

Debtor's Counsel: Thomas B. Radom, Esq.
                  BUTZEL LONG, A PROFESSIONAL CORPORATION
                  41000 Woodward Avenue
                  Bloomfield Hills, MI 48304
                  Tel: (248) 258-1413
                  Fax: (248) 258-1439
                  Email: Radom@butzel.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Yatinder M. Singhal, M.D.,
member/chairman of the Board.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mieb15-51011.pdf


PATRIOT COAL: $45,000 in Claims Transferred Between June & July
---------------------------------------------------------------
In the Chapter 11 cases of Patriot Coal Corp. and its affiliated
debtors, 3 claims switched hands between June 24, 2015, and July
16, 2015:

     Transferee                 Transferor          Claim Amount
     ----------                 ----------          ------------
Claims Recovery Group LLC   Cross Pump And             $8,022.00
                            Equipment Co

Claims Recovery Group LLC   Grace Equipment Co        $11,000.00

Claims Recovery Group LLC   Greer Industries Inc      $26,039.28

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia
and Ohio) and Southern Illinois basin (in Kentucky and Illinois)
and their operations consist of eight active mining complexes in
West Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in
Richmond, Virginia, on May 12, 2015.  The cases are assigned to
Judge Keith L. Phillips.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

Patriot Coal estimated more than $1 billion in assets and debt.


PATRIOT COAL: Alvarez & Marsal OK'd as Chief Restructuring Officer
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
authorized Patriot Coal Corporation, et al., to (i) employ Alvarez
& Marsal North America LLC to provide a chief restructuring officer
and other personnel, and (ii) designate Raymond Edward Dombrowski,
Jr., as the Debtor's CRO.

A&M will apply any amounts of its prepetition retainer remaining,
as a credit toward postpetition fees and expenses, after such
postpetition fees and expenses are approved pursuant to the first
order of the Court awarding fees and expenses to A&M.

For the month of April 2015, A&M will receive a fixed fee of
$150,000 a month for the services of Mr. Dombrowski and a fixed fee
of $250,000 for two additional personnel.  As of May 1, 2015, A&M
will be paid a monthly fee of $650,000 for full time engagement
personnel (including Mr. Dombrowski) as well as such other
personnel as necessary for claims administration, preparation of
statements and schedules, bankruptcy reporting and facilitation of
due diligence requests from various constituencies.

Should additional engagement personnel be required, the fees for
those services will be based on these hourly rates:

        Managing Directors    $750 to $950
        Directors             $550 to $750
        Analysts/Associates   $350 to $550

In addition to the fees, A&M will, subject to the discretion of the
Debtors' Board and the approval of the Bankruptcy Court, be
permitted to seek as additional compensation a completion fee of up
to $3 million.

A&M will be reimbursed for its reasonable out-of-pocket expenses.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia
and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter
11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond,
Virginia, on May 12, 2015.  The cases are assigned to Judge Keith
L. Phillips.

Patriot Coal estimated more than $1 billion in assets and debt.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

The directed the U.S. Trustee to form an official committee of
retirees at the behest of Patriot Coal Non-Union Retiree VEBA.

                        *     *     *

The deadline to file bids for the Debtors' assets is Sept. 4, 2015,
at 5:00 p.m.  An auction will take place on Sept. 9, at 10:00 a.m.


Patriot Coal has filed with the Bankruptcy Court a letter of intent
for a proposed sale of a substantial majority of its operating
assets to Blackhawk Mining, LLC, as well as a motion outlining
bidding procedures.  Under the terms of the letter of intent,
Blackhawk would issue to Patriot's secured lenders new debt
securities totaling approximately $643 million plus Class B Units
providing them an ownership stake in Blackhawk.  In addition,
Blackhawk would assume or replace surety bonds supporting
reclamation and related liabilities associated with the purchased
assets.



PATRIOT COAL: Centerview Partners Approved as Investment Banker
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
authorized Patriot Coal Corporation, et al., to employ Centerview
Partners LLC as investment banker, nunc pro tunc to the Petition
Date.

Centerview Partners is expected to provide:

   a. general financial advisory and investment banking services;
   b. restructuring services;
   c. sale services:; and
   d. financing services.

The Debtors intend for Centerview's services to complement, and not
duplicate, the services to be rendered by any other professional
retained in the cases.

Marc D. Puntus, a partner at Centerview and the co-head of its Debt
Advisory and Restructuring Group, tells the Court that the Debtor
agreed to these fee structure, among other things:

   1. a monthly financial advisory fee of $175,000;

   2. a transaction fee contingent upon the consummation of such
restructuring or comprehensive sale and payable at the closing
thereof equal to $7,000,000;

   3. a partial sale transaction fee equal to 2.0% of aggregate
consideration, contingent upon the consummation of any such partial
sale and payable at the closing thereof; and

   4. a federal sale transaction fee equal to 2.0% of the aggregate
consideration.

Prior to the Petition Date, the Debtors paid Centerview an initial
retainer fee of $150,000 in November 2014 and an additional
retainer fee of $175,000 in April 2015.  In addition, the Debtors
paid $175,000 in Monthly Advisory Fees for the months of March,
April, and May and $41,003 as reimbursement for Centerview's
expenses billed through May 11, 2015, all pursuant to the terms of
the engagement letter.  As of the Petition Date, Centerview did
not
hold a prepetition claim against the Debtors for fees or expenses
related to services rendered in connection with the engagement.

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

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new Chapter
11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond,
Virginia, on May 12, 2015.  The cases are assigned to Judge Keith
L. Phillips.

Patriot Coal estimated more than $1 billion in assets and debt.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

The directed the U.S. Trustee to form an official committee of
retirees at the behest of Patriot Coal Non-Union Retiree VEBA.

                        *     *     *

The deadline to file bids for the Debtors' assets is Sept. 4, 2015,
at 5:00 p.m.  An auction will take place on Sept. 9, at 10:00 a.m.


Patriot Coal on June 3 disclosed that it has filed with the
Bankruptcy Court a letter of intent for a proposed sale of a
substantial majority of its operating assets to Blackhawk Mining,
LLC, as well as a motion outlining bidding procedures.  The
contemplated transaction would be consummated pursuant to a chapter
11 plan and is subject to documentation of a definitive asset
purchase agreement, bankruptcy court approval of the sale,
confirmation of a chapter 11 plan, and other customary conditions.

Patriot's mining operations and customer shipments will continue in
the ordinary course during the sale process.

Under the terms of the letter of intent, Blackhawk would issue to
Patriot's secured lenders new debt securities totaling
approximately $643 million plus Class B Units providing them an
ownership stake in Blackhawk.  In addition, Blackhawk would assume
or replace surety bonds supporting reclamation and related
liabilities associated with the purchased assets.



PATRIOT COAL: Court Orders Formation of Retiree Committee
---------------------------------------------------------
The Hon. Keith L. Phillips of the Bankruptcy Court for the Eastern
District of Virginia has entered an order directing the U.S.
Trustee to appoint an official retiree committee pursuant to
Section 1114(d) of the Bankruptcy Code as the exclusive authorized
representative of all of non-union retirees in the Chapter 11 cases
of Patriot Coal Corporation, et al.

The Court also ordered that professional legal fees incurred on
behalf of the Retiree Committee chargeable to the Debtors will not
exceed $235,000.00 (exclusive of costs) unless otherwise agreed to
by the Debtors or by further order of the Court.

As reported in the Troubled Company Reporter on June 26, 2015,
reported that the Patriot Coal Non-Union Retiree VEBA, on behalf of
itself and its board members in their personal capacity, Patriot
Coal retirees John Wills, Jim Gillenwater and John Knab, along with
retiree Liz Wills and other similarly-situated non-union retirees,
asked the Court to direct the appointment of an official committee
of retirees pursuant to Section 1114 of the Bankruptcy Code.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia
and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter
11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond,
Virginia, on May 12, 2015.  The cases are assigned to Judge Keith
L. Phillips.

Patriot Coal estimated more than $1 billion in assets and debt.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

The directed the U.S. Trustee to form an official committee of
retirees at the behest of Patriot Coal Non-Union Retiree VEBA.

                        *     *     *

The deadline to file bids for the Debtors' assets is Sept. 4, 2015,
at 5:00 p.m.  An auction will take place on Sept. 9, at 10:00 a.m.
Patriot Coal filed with the Bankruptcy Court a letter of intent for
a proposed sale of a substantial majority of its operating assets
to Blackhawk Mining, LLC, as well as a motion outlining bidding
procedures.  Under the terms of the letter of intent, Blackhawk
would issue to Patriot's secured lenders new debt securities
totaling approximately $643 million plus Class B Units providing
them an ownership stake in Blackhawk.  In addition, Blackhawk would
assume or replace surety bonds supporting reclamation and related
liabilities associated with the purchased assets.



PATRIOT COAL: DIP Lenders File Rule 2019 Statement
--------------------------------------------------
A group of lenders that committed to provide $100 million loan to
get Patriot Coal Corp. and its affiliates through bankruptcy filed
a statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure.

In the court filing, the lenders disclosed that Kramer Levin
Naftalis & Frankel LLP and McGuireWoods LLP serve as their legal
counsel in connection with the companies' Chapter 11 cases.

The lenders are comprised of funds and accounts managed or advised
by Knighthead Capital Management LLC, Caspian Capital LP, Midtown
Acquisitions LP, and Hudson Bay Absolute Return Credit
Opportunities Master Fund Ltd.

The lenders hold a majority of Patriot's outstanding $247 million
senior secured term loan facility, and approximately 75% of the
company's $306 million 15% second lien PIK toggle notes due
December 15, 2023, according to the court filing.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in
Richmond, Virginia, on May 12, 2015.  The cases are assigned to
Judge Keith L. Phillips.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

Patriot Coal estimated more than $1 billion in assets and debt.


PATRIOT COAL: Kirkland and Ellis Approved as Bankruptcy Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia has
authorized Patriot Coal Corporation, et al., to employ Kirkland and
Ellis International LLP as counsel, nunc pro tunc to Petition
Date.

The Court also authorized the employment of Kutak Rock LLP as
co-counsel.

Stephen E. Hessler, partner at K&E, told the Court that K&E's
hourly rates are:

         Billing Category                       U.S. Range
         ----------------                       ----------
         Partners                             $665 - $1,375
         Of Counsel                           $480 - $1,245
         Associates                           $480 -   $890
         Paraprofessionals                    $170 -   $380

In the 90 days prior to the Petition Date, the Debtors made classic
retainer payments to K&E totaling $3,250,000 in the aggregate.

Mr. Hessler assured the Court that K&E is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter
11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond,
Virginia, on May 12, 2015.  The cases are assigned to Judge Keith
L. Phillips.

Patriot Coal estimated more than $1 billion in assets and debt.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

The directed the U.S. Trustee to form an official committee of
retirees at the behest of Patriot Coal Non-Union Retiree VEBA.

                        *     *     *

The deadline to file bids for the Debtors' assets is Sept. 4, 2015,
at 5:00 p.m.  An auction will take place on Sept. 9, at 10:00 a.m.


Patriot Coal on June 3 disclosed that it has filed with the
Bankruptcy Court a letter of intent for a proposed sale of a
substantial majority of its operating assets to Blackhawk Mining,
LLC, as well as a motion outlining bidding procedures.  The
contemplated transaction would be consummated pursuant to a chapter
11 plan and is subject to documentation of a definitive asset
purchase agreement, bankruptcy court approval of the sale,
confirmation of a chapter 11 plan, and other customary conditions.

Patriot's mining operations and customer shipments will continue in
the ordinary course during the sale process.

Under the terms of the letter of intent, Blackhawk would issue to
Patriot's secured lenders new debt securities totaling
approximately $643 million plus Class B Units providing them an
ownership stake in Blackhawk.  In addition, Blackhawk would assume
or replace surety bonds supporting reclamation and related
liabilities associated with the purchased assets.



PATRIOT COAL: Morgan Lewis Files Rule 2019 Statement
----------------------------------------------------
John Goodchild III, Esq., at Morgan, Lewis & Bockius LLP, in
Philadelphia, Pennsylvania, disclosed that his firm serves as
counsel to these creditors in the Chapter 11 cases of Patriot Coal
Corp. and its affiliated debtors:

     (1) United Mine Workers of America
         1974 Pension Trust
         2121 K Street N.W.
         Washington, DC 20037

     (2) United Mine Workers of America
         1992 Benefit Plan
         2121 K Street N.W.
         Washington, DC 20037

     (3) United Mine Workers of America
         Combined Benefit Fund
         2121 K Street N.W.
         Washington, DC 20037

Mr. Goodchild disclosed that the firm represents the creditors in
their capacity as health and retirement benefit plans to which
certain of the Debtors have historically contributed.  

Each creditor may hold claims against or interests in the Debtors,
Mr. Goodchild also said in a statement he filed in court pursuant
to Rule 2019 of the Federal Rules of Bankruptcy Procedure.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in West
Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in
Richmond, Virginia, on May 12, 2015.  The cases are assigned to
Judge Keith L. Phillips.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

Patriot Coal estimated more than $1 billion in assets and debt.


PODS LLC: Moody's Confirms 'B2' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service confirmed the Corporate Family Rating
(CFR) and Probability of Default Rating of PODS LLC (PODS) at B2
and B2-PD, respectively. Concurrently, Moody's confirmed the
ratings of the company's $50 million revolving credit facility,
$410 million first lien term loan and $150 million second lien term
loan at B1, B1 and Caa1, respectively. The rating outlook is
stable.

These actions conclude the review for upgrade initiated on June 16,
2015 upon the adoption of Moody's updated approach for standard
adjustments for operating leases, which is explained in the
cross-sector rating methodology Financial Statement Adjustments in
the Analysis of Non-Financial Corporations, published on June 15,
2015. The confirmation reflects PODS' improved leverage as a result
of the aforementioned revision to Moody's approach for capitalizing
operating leases, offset by the company's still-elevated leverage
profile of nearly 6.0x for the last twelve months ending March
2015.

RATINGS RATIONALE

The B2 CFR and stable outlook incorporate Moody's expectation of
continued revenue growth as the PODS concept expands further in the
moving and storage industry. As well, the rating reflects the
anticipated benefits from the full integration of recently acquired
franchises and the favorable financial impact of their operational
results and associated cost savings.

Moody's believes the portable moving and storage idea is an
efficient and useful market concept with above GDP growth
potential. Introduced in 1998, PODS has the largest number of
portable storage containers; however, certain companies in the
moving and storage industries are attempting to compete, some of
which aim to replicate the PODS offering to some degree. Balanced
against the attractive revenue trajectory and market outlook, the
company has a high debt burden of nearly 6.0x Debt/EBITDA on a
Moody's adjusted basis for the last twelve months ending March
2015, although declining leverage from term loan repayments using
excess free cash flow as acquisition activities slow supports the
forward-looking ratings and stable outlook.

The stable outlook reflects Moody's expectation over the next 12-18
months for revenue growth in the high single-digits, and operating
margins increasing to 16%-17% as the franchise roll-up strategy
bears fruit.

The ratings could be downgraded if Debt/EBITDA increases above
6.5x, if free cash flow becomes negative or if EBIT/Interest
approaches 1x. A weakening of liquidity, signaled by a sustained
long-term draw under the company's revolving credit facility, would
also create negative rating pressure.

Moody's could consider upgrading PODS' ratings if, among other
things, the company's Debt/EBITDA were to decline below 5.5x on a
sustained basis, if FFO/Debt were to exceed 20%, and if
EBIT/Interest were to exceed 2x, along with maintenance of a solid
liquidity profile.

PODS (R) provides residential and commercial services in the moving
and storage industry in 46 US states, Canada, Australia and the UK.
Founded in 1998, the PODS network has completed more than 500,000
long-distance moves, exceeded 2 million deliveries and has more
than 150,000 PODS containers in service. We forecast annual revenue
of about $400 million in 2015.



PRIME HEALTHCARE: S&P Affirms 'B+' CCR & Rates Unsec. Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on acute-care hospital operator Prime Healthcare
Services Inc. following the company's announcement that it is
issuing debt to refinancing its existing term loan, fund a
distribution to shareholders, and fund pending acquisitions.  The
outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating and '3'
recovery rating to Prime's proposed $700 million senior unsecured
notes, reflecting S&P's expectation for meaningful (50%-70%, at the
low end of the range) recovery in the event of payment default.

"The affirmation follows Prime's announced refinancing.  While
leverage (excluding the run-rate pro forma EBITDA impact of pending
acquisitions) is increasing to about 4.8x from about 4x as a result
of the transaction, we expect leverage to decline to around 4x by
the end of 2015 and to the mid-3x range by the end of 2016," said
credit analyst Shannan Murphy.  "This is consistent with our prior
expectation that Prime would remain acquisitive, but that the pace
of acquisitions will not impede the company's ability to maintain
leverage between 3.5x and 4x over time and to generate funds from
operations (FFO) to total debt in the high teens to low-20% area.
This is consistent with our assessment of a "significant" financial
risk profile."

The rating outlook is stable, reflecting S&P's expectation that
Prime will remain acquisitive, but that the company will be able to
quickly integrate and turn around acquired hospitals, allowing it
to sustain pro forma in the mid- to high-3x range over time.

S&P could lower the rating if Prime encounters significant
difficulty in integrating recently acquired hospitals, resulting in
leverage that S&P expects to be sustained over 4x over time.
Alternatively, S&P could also lower the rating if the company is
meaningfully more acquisitive than we currently expect.  Assuming
no acquired EBITDA (because the company typically acquires
unprofitable or minimally profitable hospitals), S&P believes the
company has about $300 million of incremental debt capacity to
pursue this same strategy at the current rating.  This is in
addition to S&P's base-case expectation of around $100 million in
annual acquisition spending, which it assumes can be funded out of
cash flow.

A higher rating would require Prime to maintain leverage below 3x
over time.  Given the company's stated focus on acquisition-driven
growth and its current closely held ownership structure, S&P views
this as unlikely over the next year.


QUICKSILVER RESOURCES: Management Team Meets with 2nd Lien Lenders
------------------------------------------------------------------
Certain members of Quicksilver Resources Inc.'s management were
scheduled to meet on July 21, 2015, with certain of the Company's
second lien lenders and noteholders and their respective advisors
and representatives.  During the meeting, the Company was expected
to disclose certain prospective financial information, projections,
operational data and other information to the Second Lien Lenders.


The presentation was prepared by Houlihan Lokey, the Company's
financial advisors in its Chapter 11 proceedings.  A copy of the
presentation is available at http://is.gd/F2F9yc

The unaudited financial information, projections, operational data
and other information were prepared solely in connection with these
discussions and are being furnished only because they were provided
to such parties.  The projections do not purport to present the
Company's financial condition in accordance with accounting
principles generally accepted in the United States. The Company's
independent accountants have not examined, compiled or otherwise
applied procedures to the projections and, accordingly, do not
express an opinion or any other form of assurance with respect to
the projections.

The projections were prepared for internal use, capital budgeting
and other management decisions and are subjective in many respects
and thus subject to interpretation. While they may be presented
with numeric specificity, the projections reflect numerous
assumptions made by management of the Company with respect to
financial condition, business and industry performance, general
economic, market and financial conditions, and other matters, all
of which are difficult to predict, and many of which are beyond the
Company's control. Accordingly, there can be no assurance that the
assumptions made in preparing the projections will prove accurate.

It is expected that there will be differences between actual and
projected results, and the differences may be material, if actual
events adversely differ from one or more of our key assumptions or
due to the occurrence of unforeseen events occurring subsequent to
the preparation of the projections. The inclusion of the
projections in the presentation should not be regarded as an
indication that the Company or its affiliates or representatives
consider the projections to be a reliable prediction of future
events, and the projections should not be relied upon as such.
Neither the Company nor any of its affiliates or representatives
has made or makes any representation to any person regarding the
ultimate performance of the Company compared to the projections,
and none of them undertakes any obligation to publicly update the
projections to reflect circumstances existing after the date when
the projections were made or to reflect the occurrence of future
events, even in the event that any or all of the assumptions
underlying the projections are shown to be in error.

                 About Quicksilver Resources Inc.

Quicksilver Resources Inc. (OTCMKTS: KWKAQ) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America
from unconventional reservoirs including shale gas, and coal bed
methane.  Following more than 30 years of operating as a private
company, Quicksilver became public in 1999.

The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana.  The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta.

Quicksilver Resources Inc. and certain of its affiliates filed
voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No.
15-10585) on March 17, 2015.  Quicksilver's Canadian subsidiaries
were not included in the chapter 11 filing.

The bankruptcy cases are assigned to Judge Laurie Selber
Silverstein.  The Company's legal advisors are Akin Gump Strauss
Hauer & Feld LLP in the U.S. and Bennett Jones in Canada.
Richards
Layton & Finger, P.A., is legal co-counsel in the cases.  Houlihan
Lokey Capital, Inc. is serving as financial advisor.  Garden City
Group Inc. is the claims and noticing agent.

The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.

The U.S. Trustee for Region 3 appointed five creditors to serve on
the official committee of unsecured creditors.  The Committee
retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel;
and Landis Rath & Cobb LLP as Delaware counsel.  It retained
Capstone Advisory Group, LLC and Capstone Valuation Services, LLC
as financial advisors; and Moelis & Company LLC as investment
banker.


ROADRUNNER ENTERPRISES: Lender Agrees to Continued Cash Use
-----------------------------------------------------------
Judge Kevin R. Huennekens of the United States Bankruptcy Court for
the Eastern District of Virginia, Richmond Division, approved a
stipulation entered into by and between Roadrunner Enterprises,
Inc., and Presidential Bank, FSB, to extend the period during which
the Debtor may use cash collateral.

The parties agreed that the Interim Cash Collateral Order will be
modified as follows: as adequate protection for the Debtor's use of
the cash collateral, on or before June 5, 2015, the Debtor will
make payment to Presidential in the amount of $1,740, and on or
before July 5, 2015, the Debtor will make payment to Presidential
in the amount of $1,740.

Roadrunner Enterprises, Inc. is represented by:

          David K. Spiro, Esq.
          Rachel A. Greenleaf, Esq.
          Hirschler Fleischer, P.C.
          The Edgeworth Building
          2100 East Cary Street
          Post Office Box 500
          Richmond, Virginia 23218
          Tel.: 804 771-9500
          Fax: 804 644-0957
          Email: dspiro@hf-law.com
                 rgreenleaf@hf-law.com
                                   
Presidential Bank, FSB is represented by:

          Jonathan E. Levine, Esq.
          Nicole S. Allnut, Esq.
          Levine, Daniels & Allnut, PLLC
          5311 Lee Highway
          Arlington, Virginia 22207
          Tel.: 703 525-2668
          Fax: 703 525-8393
          Email: jonathan.levine@levinedaniels.com
                 Nicole.allnut@levinedaniels.com

The U.S. Trustee is represented by:

          Robert B. Van Arsdale, Esq.
          Office of the United States Trustee
          701 East Broad Street
          Richmond, Virginia 23219
          Tel.: 804 771-2310
          Fax: 804 771-2330
          Email: Robert B. Van Arsdale@usdoj.com

             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.


SABINE OIL: Yang Steps Down as SVP-Land & Legal, Gen. Counsel
-------------------------------------------------------------
Timothy D. Yang on July 20, 2015, resigned from his position as
Senior Vice President, Land & Legal, General Counsel, Chief
Compliance Officer and Secretary of Sabine Oil & Gas Corporation,
effective July 24, 2015, to pursue other opportunities. Mr. Yang's
resignation did not result from any disagreement with the Company
regarding any matter related to the Company's operations, policies
or practices.

                       About Sabine Oil & Gas

Sabine Oil & Gas Corp. is an independent energy company engaged in
the acquisition, production, exploration, and development of
onshore oil and natural gas properties in the U.S.  The Company's
current operations are principally located in the Cotton Valley
Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in
South Texas, the Granite Wash in the Texas Panhandle, and the
North
Louisiana Haynesville.  The Company operates, or has joint working
interests in, approximately 2,100 oil and gas production sites
(approximately 1,800 operating and approximately 315
non-operating)
and has approximately 165 full-time employees.

Sabine Oil and its affiliated entities sought Chapter 11
protection
(Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15,
2015.

The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, as counsel; Lazard Freres & Co. LLC, as
investment banker, and Prime Clerk LLC as notice, claims and
balloting agent.  The Debtors also tapped Zolfo Cooper Management,
LLC, to provide Jonathan A. Mitchell as CRO and other additional
personnel.


SANTA CRUZ BERRY: K&M Seeks to Buy Interest in Corralitos Farms
---------------------------------------------------------------
K&M Enterprises, LLC, asks the United States Bankruptcy Court for
the Northern District of California, San Jose Division, to lift the
automatic stay imposed in the Chapter 11 cases of Santa Cruz Berry
Farming Company, LLC, to allow the purchasing members of K&M to
enforce their rights under a Buy/Sell Agreement dated January 1,
2003.

K&M Enterprises, as agent for The Edward and M. Jean Kelly 1993
Revocable Trust as Amended, The Kelly Children's 23 LLC, The Edward
and Linda Ortega Living Trust Dated June 19, 2003, The Carlos
Ortega Living Trust  Dated May 9, 2003, and Mario and Angelica
Renteria, relates that under the Buy/Sell Agreement, purchasing
members of K&M has the right to buy the interest of Debtor
Corralitos Farms, LLC.

The bankruptcy court will convene a hearing on August 14, 2015 at
10:00 a.m., to consider approval of the request.

Santa Cruz Berry Farming Company, LLC, is represented by:

           Thomas A. Vogele, Esq.
           Brendan M. Loper, Esq.
           THOMAS VOGELE & ASSOCIATES, APC
           3199 Airport Loop Road, Suite A-3
           Costa Mesa, CA 92626
           Tel.: 714 641-1232
           Fax: 888 391-4105
           Email: tvogele@tvalaw.com
                  Bloper@tvalaw.com

K& M Enterprises, LLC is represented by:

          Effie F. Anastassiou, Esq.
          Stephen J. Beals, Esq.
          ANASTASSIOU & ASSOCIATES
          242 Capitol Street
          Post Office Box 2210
          Salinas, CA 93902
          Tel.: 831 754-2501
          Fax: (831) 754-0621

             About Santa Cruz Berry Farming

Watsonville, California-based Santa Cruz Berry Farming grows
conventional and organic strawberries.  The privately owned company
was founded by and is currently managed by Fritz Koontz.  Seven
Seas Berry Sales, a division of the Tom Lange Co., is the sales
agent for the Company.

Santa Cruz Berry Farming Company, LLC, and Corralitos Farms, LLC,
commenced Chapter 11 bankruptcy cases (Bankr. N.D. Cal. Case Nos.
15-51771 and 15-51772) in San Jose, California, on May 25, 2015.

The Debtors tapped Thomas A. Vogele, Esq., at Thomas Vogele and
Associates, APC, in Costa Mesa, California, as counsel.


SANTA CRUZ BERRY: Names R.F. Koontz as Responsible Individual
-------------------------------------------------------------
Santa Cruz Berry Farming Company, LLC, filed with the to the United
States Bankruptcy Court for the Northern District of California,
San Jose Division, an application for an order designating Robert
Fritz Koontz as Manager and Responsible Individual.

The Debtor asserted that Mr. Koontz is familiar with the Debtor's
assets and operations, and is competent to perform the duties and
obligations of the debtor-in possession.

Santa Cruz Berry Farming Company, LLC is represented by:

           Thomas A. Vogele, Esq.
           Brendan M. Loper, Esq.
           THOMAS VOGELE & ASSOCIATES, APC
           3199 Airport Loop Road, Suite A-3
           Costa Mesa, California 92626
           Tel.: 714 641-1232
           Fax: 888 391-4105
           Email: tvogele@tvalaw.com

             About Santa Cruz Berry Farming

Watsonville, California-based Santa Cruz Berry Farming grows
conventional and organic strawberries.  The privately owned company
was founded by and is currently managed by Fritz Koontz.  Seven
Seas Berry Sales, a division of the Tom Lange Co., is the sales
agent for the Company.

Santa Cruz Berry Farming Company, LLC, and Corralitos Farms, LLC,
commenced Chapter 11 bankruptcy cases (Bankr. N.D. Cal. Case Nos.
15-51771 and 15-51772) in San Jose, California, on May 25, 2015.

The Debtors tapped Thomas A. Vogele, Esq., at Thomas Vogele and
Associates, APC, in Costa Mesa, California, as counsel.


SANTA CRUZ BERRY: Wins Interim OK to Use Cash Collateral
--------------------------------------------------------
Judge M. Elaine Hammond of the United States Bankruptcy Court for
the Northern District of California gave Santa Cruz Berry Farming
Company, LLC, further interim authority to use cash collateral
securing its prepetition indebtedness.

The Debtor has an immediate need to use cash collateral to continue
its business operations and avoid immediate and irreparable harm.

Creditor California Coastal Rural Development Corporation, Tom
Lange Company, Inc., and Tom Lange Company International, Inc.,
complain that the secured lenders of the Debtors are not adequately
protected.  Further, the creditors believe that the Debtors will be
unable to meet their stated projections for revenues to be derived
from the sale of the crops, primarily because they have not hired a
professional company to do the marketing and sale of the crops,
since the relationship with TLC, its prior marketing firm, was
abruptly terminated a few days ago.  Without a professional company
to market the Crops, the Debtors will be unable to secure the
amount of income required to provide any type of return to secured
creditors.  The Debtors, according to the creditors, have totally
disregarded CAL Coastal's security interest in the Crops, and
proceeds derived therefrom, and have been selling the strawberries
to third parties on a cash basis, clearly violating CAL Coastal's
security interest in the Crops.  This manner of selling the
strawberries is also unlikely to provide a return to the secured
creditors, beyond growing, harvesting and packing costs, the
creditors told the Court.

The Debtor and Tom Lange entered into a stipulation allowing the
Debtor to further interim use of cash collateral to pay only
certain necessary expenses incurred by the Debtor's estate to avoid
irreparable harm.

A hearing to consider further approval of the Cash Collateral
request is set for August 13, 2015, at 10:30 a.m.

Santa Cruz Berry Farming Company, LLC, is represented by:

          Thomas A. Vogele, Esq.
          Brendan M. Loper, Esq.
          THOMAS VOGELE & ASSOCIATES, APC
          3199 Airport Loop Road, Suite A-3
          Costa Mesa, California 92626
          Tel.: 714 641-1232
          Fax: 888 391-4105
          Email: tvogele@tvalaw.com
                 bloper@tvalaw.com

Secured Creditors Tom Lange Company, Inc. and Tom Lange Company
International, Inc. are represented by:

          William S. Brody, Esq.
          Joseph M. Welch, Esq.
          Buchalter Nemer
          A Professional Corporation
          1000 Wilshire Boulevard, Suite 1500
          Los Angeles, California 90017
          Tel.: 213 891-0700
          Fax: 213 896-0400
          Email: wbrody@bulchalter.com
                 jwelch@buchalter.com

California Coastal Rural Development Corporation is represented
by:

          Effie F. Anastassiou, Esq.
          Stephen J. Beals, Esq.
          ANASTASSIOU& ASSOCIATES
          242 Capitol Street
          Post Office Box 2210
          Salinas, California 93902
          Tel.: 831 754-2501
          Fax: 831 754-0621

             About Santa Cruz Berry Farming

Watsonville, California-based Santa Cruz Berry Farming grows
conventional and organic strawberries.  The privately owned company
was founded by and is currently managed by Fritz Koontz.  Seven
Seas Berry Sales, a division of the Tom Lange Co., is the sales
agent for the Company.

Santa Cruz Berry Farming Company, LLC, and Corralitos Farms, LLC,
commenced Chapter 11 bankruptcy cases (Bankr. N.D. Cal. Case Nos.
15-51771 and 15-51772) in San Jose, California, on May 25, 2015.

The Debtors tapped Thomas A. Vogele, Esq., at Thomas Vogele and
Associates, APC, in Costa Mesa, California, as counsel.


SEARS HOLDINGS: Amends Credit Facility with BofA, et al.
--------------------------------------------------------
Sears Holdings Corporation, Sears Roebuck Acceptance Corp. and
Kmart Corporation entered into a Third Amended and Restated Credit
Agreement with a syndicate of lenders, including Bank of America,
N.A., as agent.  The Credit Agreement amends and restates the
Company's existing asset-based credit facility.  The Credit
Agreement provides a $3.275 billion asset-based revolving credit
facility, including a $1.0 billion letter of credit sub-facility.
The maturity date for $1.971 billion of the revolving credit
facility has been extended to July 20, 2020, while $1.304 billion
retains the existing maturity date of April 8, 2016.  The Credit
Agreement also governs the Company's existing term loan, which
retains its maturity date of June 30, 2018.  The Credit Agreement
includes an accordion feature that allows the Borrowers to use
existing collateral for the facility to obtain up to $1.0 billion
of additional borrowing capacity, subject to borrowing base
requirements, as well as a "FILO" ("first in last out") tranche
feature that allows an additional $500 million of capacity.  The
Credit Agreement also increases the Company's ability to undertake
short-term borrowings from $500 million to $750 million.

Revolving advances under the Credit Agreement will bear interest at
a rate equal to, at the election of the Borrowers, either the
London Interbank Offered Rate or the Bank's prime rate, in either
case plus an applicable margin dependent on the Company's
consolidated leverage ratio.  The margin with respect to borrowings
under the extended commitments ranges from 3.25% to 3.75% for LIBOR
loans and from 2.25% to 2.75% for Base Rate loans. The margin with
respect to borrowings under the non-extended commitments remains
2.00% to 2.50% for LIBOR loans and 1.00% to 1.50% for Base Rate
loans.  The Credit Agreement also provides for the payment of fees
with respect to issued and undrawn letters of credit at a rate
equal to the margin applicable to LIBOR loans and a commitment fee
with respect to unused amounts of the facility at a rate, depending
on facility usage, between 0.375% and 0.625% per annum, with a
minimum of 0.50% applicable to commitments under the extended
tranche.  From and after April 8, 2016, such commitment fees with
respect to the extended tranche will change to a flat 0.50%.

The Credit Agreement is secured by a first lien on substantially
all of the domestic inventory and credit card and pharmacy
receivables of the Company and its subsidiaries and determines
borrowing availability pursuant to a borrowing base formula.  The
Credit Agreement is guaranteed by all domestic subsidiaries of the
Company that own inventory or credit card or pharmacy receivables.

At July 20, 2015, the Borrowers had cash of $2.1 billion, no
revolver borrowings and $659 million of letters of credit
outstanding under the Credit Agreement.  The Borrowers'
availability under the Credit Agreement was approximately $1.2
billion.

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared to
a net loss attributable to Holdings' shareholders of $1.36 billion
for the year ended Feb. 1, 2014.  As of May 2, 2015, Sears Holdings
had $13.3 billion in total assets, $14.5 billion in total
liabilities, and a $1.20 billion total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SOUTHERN FILM: Seeks to Make Distributions to Creditors
-------------------------------------------------------
Southern Film Extruders, Inc., asks the U.S. Bankruptcy Court for
the Middle District of North Carolina, Greensboro Division, to
authorize the Disbursing Agent to make a partial distribution of
Available Cash to Class IX General Unsecured Creditors with Allowed
Claims and to estimate certain claims, if necessary, for the
purpose of distribution.

James K. Talcott, Esq., at J. Talcott Law, PLLC, in Greensboro,
North Carolina, tells the Court that the only matter pending
resolution, and one which is delaying the final distribution to
General Unsecured Creditors, is the allowance or disallowance of
the claims of certain salesmen for commissions.  Mr. Talcott notes
that these Commission Claims, to any extent allowed, may be Chapter
11 COA claims, unsecured priority claims and/or Class IX General
Unsecured Claims. He adds that these claims were filed in 2013 and
the total amount presently of record for these claims is $290,172.

Mr. Talcott further tells the Court that the Disbursing Agent has
been advised that some salesmen have abandoned their Commission
Claims and this total figure may be closer to $200,000.  Mr.
Talcott says that the Disbursing Agent is also aware that some of
the salesmen intend to amend their claims to include a Cost of
Administration element and that such amended claims may be higher
in amount than originally asserted.

Mr. Talcott tells the Court that the Disbursing Agent is concerned
that Class IX General Unsecured Creditors have been required to
wait almost two years for any recovery on their claims, and that it
may require another year or more before the last remaining claims
of the commission salesmen are resolved thus allowing for a final
distribution of dividends of Available Cash to unsecured creditors.
He asserts that to reduce delay and unnecessary hardship, the
Disbursing Agent the Court must enter an Order in Aid of
Consummation, as contemplated by the Confirmed Plan, to authorize a
partial distribution, Pro-Rata, to Class IX creditors, with such
partial distribution to be in the amount of $800,000.  He adds that
a partial distribution would leave, as Available Cash for payment
of potentially allowed claims of commission salesmen, the sum of
$400,000, or more.  

Mr. Talcott believes this amount proposed to be held back or
escrowed to be more than sufficient to pay any Disputed Claims
which may ultimately be allowed by the Court.  He says that upon
the final resolution of the Disputed Claims there quickly would be
calculated and made the final distribution to Class IX creditors,
final reports would be prepared and filed and the case closed with
the entry of a Final Decree.

Mr. Talcott further says that entry of an Order in Aid of
Consummation granting the relief requested herein will clearly be
of great benefit to all Class IX-General Unsecured Creditors as
they will finally receive some recovery on their claims accrued
over two years ago.

Six claimants -- Howard L. Regan, Jr., John Scott Leven, John L.
Barnes, Jr., Thomas R. Donaldson, Lanny Brooks Rampley, and Gaston
Robert Baker, Jr. -- responded to the Debtor's Motion, saying
nothing of record has been filed by or on behalf of any of the Six
Claimants stating or suggesting that the aggregate amount of their
claims is $290,172.

The Claimants' counsel, David F. Meschan, Esq., at David F.
Meschan, PLLC, in Greensboro, North Carolina, tells the Court that
none of the Six Claimants have abandoned any claims, and none of
them, or their counsel, have indicated to anyone that the "total
figure" of their claims "may be closer to $200,000."  Mr. Meschan
asks the Court that a hearing of the Motion be continued until the
time as a deadline for filing administrative expense claims has
been set by the Court and passed, so that the Court will have the
benefit of knowing the aggregate amount of any and all such
administrative expense claims, including those of the Six
Claimants, or, if the Motion is heard on July 7, 2015, that it be
denied at that time, without prejudice.

Southern Film Extruders, Inc. is represented by:

          James K. Talcott, Esq.
          J. TALCOTT LAW, PLLC
          Post Office Box 4891
          Greensboro, North Carolina 27404
          Telephone: (336)420-0595
          Email: jim@jtalcottlaw.com

The Six Claimants are represented by:

          David F. Meschan, Esq.
          DAVID F. MESCHAN, PLLC
          125 South Elm Street, Suite 500 (274010
          Post Office Box 29248
          Greensboro, NC 27429
          Telephone: (336)500-0655
          Facsimile: (336)378-9968
          Email: dmeschan@meschanlaw.com

              About Southern Film Extruders

Southern Film Extruders, Inc., is the business of developing and
manufacturing specialized film used in packaging various products.
It has two plants in High Point, North Carolina.

On July 25, 2013, an involuntary Chapter 7 petition was filed
against Southern Film.  In response thereto, Southern Film filed a
Chapter 11 petition (Bankr. M.D.N.C. Case No. 13-11026) on Aug. 4,
2013.

The Debtor experienced severe cash flow issues as a result of the
loss of its largest customer prompted the bankruptcy filing.

John L. Barnes, Jr., signed the Chapter 11 petition as vice
president.  The Debtor estimated assets of at least $10 million and
debts of at least $1 million.  Charles M. Ivey, III, Esq., at Ivey,
McClellan, Gatton, & Talcott, LLP, represents the Debtor as
counsel.

The Official Committee of Unsecured Creditors is represented
by
Hendren & Malone, PLLC.

The Bankruptcy Court on April 11, 2014, entered an order approving
the plan of liquidation filed in the bankruptcy case of Southern
Film Extruders, Inc.  The Debtor filed the "Plan of Liquidation for
the Purpose of Distribution" on Dec. 23, 2013, along with an
accompanying Disclosure Statement.


SPENDSMART NETWORKS: Agrees to Lease Office Space from Sea Oak
--------------------------------------------------------------
SpendSmart Networks, Inc., entered into a lease agreement with Sea
Oak, LP, under which the Company has agreed to lease approximately
2,913 square feet of office space to be located at 3450 Broad
Street, Suite 104, San Luis Obispo, CA 93401, to be utilized for
additional sales personnel.  The term of the lease will commence on
July 17, 2015, and continue for 40 months.  The Company has an
option to renew the lease for two renewal terms of three years
each.

Under the lease agreement, the first four months are rent-free and
then the base rent will be approximately $4,136 per month for the
following 12 months.  The base rent will increase to approximately
$4,748 per month for the twelve months thereafter and $4,864 per
month for the 12 months thereafter.  In addition to monthly base
rent, the Company will pay its pro rata share of the Landlord's
common area operating expenses associated with the premises.  If
the Company exercises its option to renew the lease, the base rent
will be negotiated between the parties to determine the appropriate
market rate at that time.

                     Convertible Note/Warrant

On July 15, 2015, the Company issued a Convertible Promissory Note
to holder Techno-Ventures in the principal amount of $400,000
inclusive of interest.  The Note is for a term of six months.  The
Note bears interest at 12 percent per annum.  The Note is secured
by the assets of the Company.  The Note may be converted into
shares of the Company's common stock at $0.75 per share.  The
Company also issued the holder warrants to purchase 500,000 shares
of the Company's common stock.  The warrants have an exercise price
of $0.75 per share and have a term of two years.  The Company plans
to use net proceeds from the sale of the note for general working
capital.

The Company raised gross proceeds of $376,000 and issued warrants
to acquire 500,000 shares of common stock.

                    About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systems
and a suite of digital engagement and marketing services that help
local merchants build relationships with consumers and drive
revenues.  These services are implemented and supported by a vast
network of certified digital marketing specialists, aka "Certified
Masterminds," who drive revenue and consumer relationships for
merchants via loyalty programs, mobile marketing, mobile commerce
and financial tools, such as prepaid card and reward systems.  We
enter into licensing agreements for our proprietary loyalty
marketing solution with "Certified Masterminds" which sell and
support the technology in their respective markets.  The Company's
products aim to make Consumers' dollars go further when they spend
it with merchants in the SpendSmart network of merchants, as they
receive exclusive deals, earn rewards and ultimately build a
connection with their favorite merchants.

SpendSmart Networks incurred a net loss of $12.2 million on $4.03
million of total revenues for the year ended Dec. 31, 2014,
compared to a net loss of $14.09 million on $0 of total revenues
for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $10.1 million in total
assets, $2.91 million in total liabilities, and $7.18 million in
total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has recurring net
losses since inception and has yet to establish a profitable
operation.  These factors among others raise substantial doubt
about the ability of the Company to continue as a going concern.


STAFFORD LOGISTICS: Moody's Affirms Caa1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed ratings, including the Caa1
Corporate Family Rating, of Stafford Logistics Holdings, Inc.
Concurrently, a rating of Caa1 has been assigned to a planned $195
million senior secured credit facility. The new credit facility
will extend maturities and increase debt to fund an acquisition,
equipment purchases and stock repurchases. The rating outlook is
Stable.

RATINGS RATIONALE

The Caa1 rating considers low interest coverage and elevated
financial leverage for a waste services company (debt to revenues
above 110% and debt to EBITDA of 5.8x at Q1-2015). Limited earnings
and the company's ambitious capital spending program constrain free
cash flow. The rating appreciates the fleet investments that
Stafford undertakes, which could ultimately help improve
efficiency. But the company's appetite for acquisitions before
achieving healthier operating performance adds risk as well.

The stable rating outlook recognizes the basic services nature of
the waste transfer station-to-landfill hauling business and past
willingness of the Stafford's financial sponsor to financially
support the company. The planned credit facility aims to set
maintenance covenant test thresholds in a manner that should lessen
risk of covenant breach. (At present, the risk of a near-term
covenant breach, when the benefit of a Q3-2014 equity cure falls
away, seems pronounced.) The planned transaction should add total
liquidity as the revolver commitment and borrowing capacity will
increase by about $10 million each, and cash is expected to
decrease by about half that amount.

The rating could improve with better liquidity on a long term
basis, debt/EBITDA under 5.0x, and annual free cash flow of at
least $10 million. The ratings could be downgraded with tight
liquidity, debt/EBITDA approaching 7x or poor free cash flow
generation.

Ratings:

Assignments:

Issuer: Stafford Logistics, Inc.

Senior Secured Bank Credit Facility, Assigned Caa1 (LGD3)

Affirmations:

Issuer: Stafford Logistics Holdings Inc.

Probability of Default Rating, Affirmed Caa2-PD

Corporate Family Rating, Affirmed Caa1

Outlook Actions:

Issuer: Stafford Logistics Holdings Inc.

Outlook, Remains Stable

Issuer: Stafford Logistics, Inc.

Outlook is Stable

Upon close of the transaction, the Corporate Family and Probability
of Default Ratings will transition to Stafford Logistics, Inc. The
ratings assigned herein are subject to review of final
documentation.

Stafford Logistics, Inc. operates under the name Custom Ecology and
is the operating subsidiary of Stafford Logistics Holdings, Inc.
Stafford's revenues were $132 million in 2014. The company
primarily provides long distance (50 miles or more) hauling of
solid waste from transfer stations to regional landfills on behalf
of solid waste collection customers. The company is majority-owned
by funds affiliated with Kinderhook Industries, a private equity
firm.


STANDARD REGISTER: Committee Asks for Revision to Jefferies Order
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of The Standard Register Company, et al., asks the U.S.
Bankruptcy Court for the District of Delaware to reconsider its
June 10, 2015 order and enter a revised order authorizing retention
of Jefferies LLC as its investment banker.

On June 10, the Court entered an order authorizing the Committee to
retain Jefferies as its investment banker.  

The Committee, the Debtors, Silver Point Finance, LLC, on June 19,
entered into a settlement agreement (i) authorizing the sale of
substantially all of the Debtors' assets; (ii) authorizing the
assumption and assignment of certain executory contracts and
unexpired leases.

The Settlement Agreement has been approved by the Bankruptcy Court.
As set forth in the Settlement Agreement, all parties thereto have
agreed to revised terms of retention for Jefferies including a
$750,000 reduction in the amount of the Jefferies transaction fee
and approval of Jefferies' retention pursuant to Sec. 328 of the
Bankruptcy Code.

Accordingly, the Committee wants the Court to enter a revised order
to provide, "Notwithstanding anything to the contrary in the
Application or Engagement Letter, Jefferies will only be entitled
to a Transaction Fee for consummation of a Chapter 11 plan for the
Debtors pursuant to Chapter 11 of the Bankruptcy Code.  The
Transaction Fee will be in an amount equal to (A) $1,000,000 if the
Committee either supports or does not file and prosecute any
material objection to such plan (or, if the Committee does file and
prosecute any material objection to such plan, such objection is
either withdrawn, settled or otherwise consensually resolved) and
(B) $750,000 if the Committee does prosecute any material objection
to such plan and such objection is not settled or withdrawn.

                     About Standard Register

Standard Register 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.



STANDARD REGISTER: McKinsey's Kevin Carmody to Serve as CEO
-----------------------------------------------------------

The Standard Register Company, et al., ask the U.S. Bankruptcy
Court for the District of Delaware for authorization to modify the
engagement of McKinsey Recovery & Transformation Services U.S. LLC,
as approved pursuant to an order authorizing the Debtors to (I)
employ McKinsey Recovery & Transformation Services U.S., LLC to
provide interim management services, and (II) designate Kevin
Carmody as chief restructuring officer, nunc pro tunc to the
Petition Date.

The Debtors seek authorization to appoint Mr. Carmody as the
Debtors' interim president, chief executive officer, and director,
in addition to his current role as CRO, and approve Mr. Carmody's
go-forward service in any and all capacities served by Mr. Morgan
with respect to all applicable Debtors.

On April 13, 2015, the Court authorized the Debtors to employ
McKinsey RTS to provide restructuring consulting services.  In
connection therewith, McKinsey RTS has provided restructuring
consultants and temporary staffing to the Debtors during the
pendency of the Chapter 11 cases, during which time Mr. Carmody has
served as the Debtors' CRO.

The McKinsey RTS retention order provides, among other things, that
in the event the Debtors seek to have McKinsey RTS personnel
assume executive officer positions that are different than the
positions disclosed in the motion, or to materially modify the
terms of the CRO engagement letter, as modified, by either
(i) modifying the functions of the personnel, (ii) adding new
personnel, or (iii) altering or expanding the scope of the CRO
Engagement Letter, as modified herein, a motion to modify the
retention shall be filed.

The Debtors related that on June 18, 2015, the Debtors' current CEO
and a member of the Debtors' board of directors, Joseph Morgan,
advised the board that he would be stepping down, effective June
26, 2015, from his position on the board, and his service as an
officer of the Debtors would similarly terminate at that time.  In
light thereof, also on June 18, the board elected Mr. Carmody to
serve as interim president, chief executive officer, and director
during the ongoing wind-down of the Debtors' estates, and in any
and all capacities served by Mr. Morgan with respect to all
applicable Debtors.  In connection therewith, McKinsey RTS and the
Debtors executed that certain first amendment to the amended and
restated agreement, dated March 2, 2015, between McKinsey Recovery
& Transformation Services U.S., LLC and The Standard Register
Company.  Mr. Carmody's appointment will take effect on June 26,
2015.

Mr. Carmody's compensation will remain unchanged and the McKinsey
RTS retention order, as modified, will continue to control his, and
McKinsey RTS', relationship with the Debtors.

                     About Standard Register

Standard Register 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.



TEXAS REGENCY: Ch. 11 Case is SARE Case, TD Bank Says
-----------------------------------------------------
TD Bank N.A. asks the U.S. Bankruptcy Court for the Southern
District of Texas to determine that the Chapter 11 case of Texas
Regency Apartments, L.P., is a "single asset real estate" case and
that the Debtor is subject to the single asset real estate
provisions of Section 362(d)(3) of the Bankruptcy Code.

Scott R. Cheatham, Esq., at Adams and Reese LLP, in New Orleans,
Louisiana, tells the Court that businesses that simply lease its
property to tenants as the owner, like an apartment house, falls
within the scope of the definition of a single asset real estate.
Mr. Cheatham further tells the Court that the Debtor's Schedules
and Amended Schedule B state that the Debtor's primary asset is the
Apartment Complex.  He says the only other assets it has are
security deposits from tenants and escrow accounts for maintenance
and tax payments on the Apartment Complex.  He adds that the
Debtor's Amended Statement of Financial Affairs shows that the
Debtor's only source of income is rents.  Accordingly, he
concludes, accepting the Debtor's own statements in filings with
the Court as true, the criteria are satisfied and the case is a
"single asset real estate" case as defined in Section 101(51B).

TD Bank N.A. is represented by:

          Scott R. Cheatham, Esq.
          ADAMS & REESE LLP
          701 Poydras Street, Suite 4500
          New Orleans, LA 70139
          Telephone: (504)581-3234
          Facsimile: (504)566-0210
          Email: scott.cheatham@arlaw.com

             -- and --

          John T. Rogerson, Esq.
          Jamie W. Olinto, Esq.
          ADAMS AND REESE LLP
          501 Riverside Avenue, 7th Floor
          Jacksonville, FL 32202
          Telephone: (904)355-1700
          Email: john.rogerson@arlaw.com
                 jamie.olinto@arlaw.com

                 About Texas Regency Apartments

Texas Regency Apartments, L.P., owner of the Regency Square
Apartments at 7222 Bellerive Dr., Houston, Texas, sought Chapter 11
protection (Bankr. S.D. Tex. Case No. 15-33188) in Houston, Texas,
on June 10, 2015.  Gordon Steele signed the petition chief
financial officer.  The Debtor disclosed total assets of $11.1
million and total liabilities of $11.4 million.

The Debtor tapped Matthew Hoffman, Esq., at the Law Offices of
Matthew Hoffman, P.C., as counsel.  Judge David R. Jones presides
over the case.


TRAILBLAZER FEDERAL: Closes; Chrome Assumes Members and Shares
--------------------------------------------------------------
The National Credit Union Administration on July 10, 2015,
liquidated Trailblazer Federal Credit Union of Washington,
Pennsylvania.

Chrome Federal Credit Union of Washington, Pennsylvania,
immediately assumed Trailblazer's members and deposits. Chrome
Federal Credit Union is a federal credit union serving 11,120
members and holding assets of $131.5 million, according to its most
recent Call Report.

Accounts of the new Chrome Federal Credit Union members remain
insured by the National Credit Union Share Insurance Fund.
Administered by NCUA, the Share Insurance Fund insures individual
accounts up to $250,000, and a member's interest in all joint
accounts combined is insured up to $250,000. The Share Insurance
Fund separately protects IRA and KEOGH retirement accounts up to
$250,000. The Share Insurance Fund has the backing of the full
faith and credit of the United States. Individuals may visit the
MyCreditUnion.gov website at any time for more information about
their insurance coverage.

NCUA made the decision to liquidate Trailblazer Federal Credit
Union and discontinue operations after determining the credit union
was insolvent and had no prospect for restoring viable operations.
NCUA's Asset Management and Assistance Center will take charge of
certain assets of the closed credit union.

At the time of liquidation and prior to the assumption of its
members and shares by Chrome Federal Credit Union, Trailblazer
Federal Credit Union served 1,535 members and had assets of $4.1
million, according to the credit union's most recent Call Report.
Chartered in 1956, Trailblazer Federal Credit Union served the
employees of Pennsylvania's Washington County and their immediate
family members.

Trailblazer Federal Credit Union is the fourth federally insured
credit union liquidation in 2015.



U.S. STEEL: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed United States Steel Corporation's Issuer
Default Rating (IDR) and debt ratings at 'BB-'.  The Rating Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect U.S. Steel's leading market positions in
flat-rolled and tubular steel in the U.S., together with its high
degree of control over its raw materials offset by the high fixed
costs of integrated steel producers.

U.S. Steel is the second largest North American flat-rolled steel
producer with capacity of 19.4 million tons; 2014 shipments were 14
million tons. U.S. Steel is the largest integrated North American
tubular producer, with capacity of 2.8 million tons; 2014 shipments
were 1.7 million tons. U.S. Steel also operates a five million ton
per year integrated steel operation in Kosice, Slovakia.

U.S. Steel's production of iron ore pellets including from its
share of joint ventures was 25 million tons in 2014, accounting for
a significant share of its needs. In 2014, North American raw steel
produced was 17 million tons and, assuming 1.3 tons of iron ore
pellets are needed to produce 1 ton of raw steel, 22 million tons
of iron ore pellets were consumed.

The U.S. steel industry is challenged by low capacity utilization
(about 77% on average for 2014 and 72% on average year to date
2015). Permanent closure at U.S. Steel Canada's Hamilton Works raw
steelmaking operations and at the former RG Steel LLC plants should
improve capacity utilization as should growth in construction
demand. Growth in construction should also improve capacity
utilization although lower rig counts driven by the drop in oil
prices has reduced demand for oil country tubular goods which is a
headwind to improved capacity utilization. Fitch Ratings believes
that margins are vulnerable when capacity utilization is below 80%
and that capacity utilization could remain below 80% through 2015.

The domestic steel market has shown supply discipline, but global
overcapacity and lack of discipline elsewhere has limited pricing
power. Increased supply of iron ore and coking coal coupled with
slower growth in steel production has resulted in raw materials
deflation.

As of Dec. 31, 2014, defined benefit pension plans were underfunded
by $966 million on a GAAP basis. Pension and other post-employment
benefit costs were $312 million for 2014 and cash payments were
$545 million including the $140 million voluntary contribution to
the main U.S. defined benefit pension plan. Costs guidance for 2015
is $240 million and cash payments are expected to be $300 million
(excluding any VEBA contributions and voluntary pension
contributions). The company has voluntarily contributed $140
million per year to the main defined pension plan over each of the
past nine years.

Fitch expects EBITDA of at least $700 million and free cash flow to
be positive for 2015.

Key Assumptions:

-- Fitch expects 2015 to be a trough year for domestic flat
    rolled and tubular products with modest improvement in 2016
    and 2017;

-- Fitch expects capital expenditures at guidance;

-- Pricing is expected to improve in 2016 and 2017 but Fitch
    believes upside is limited given global over supply. For 2015,

    Fitch Base Case price assumptions are $700/ton for the Flat-
    rolled product segment, $1450/ton for the Tubular segment, and

    $575/ton for the U.S. Steel Europe Segment;

-- Cost improvement is anticipated with Carnegie Way initiatives.

RATING SENSITIVITIES

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

-- Lack of material improvement in top line results or absence of

    liquidity enhancements over the next 12 - 18 months.

-- Sustained through the cycle adjusted debt/EBITDAR of > 3.5x

Positive: Future developments that may lead to a positive rating
action include:

-- Debt levels materially reduced and free cash flow generation
    that is expected to be positive on average.

-- Sustained through the cycle adjusted debt/EBITDAR of < 3.0x

LIQUIDITY AND DEBT STRUCTURE

U.S. Steel generated operating EBITDA of $1.4 billion and $528
million of free cash flow after capital expenditures of $501
million and dividends of $29 million for the latest 12 months (LTM)
ended March 31, 2015. As of March 31, 2015, cash on hand was $1.3
billion; total debt was $3.5 billion; the $875 million inventory
facility maturing July 20, 2016 and the $625 million receivables
facility maturing July 12, 2016 were undrawn. The inventory
facility has a 1.00:1.00 fixed-charge coverage ratio requirement
only at such times as availability under the facility is less than
$87.5 million. Fitch expects U.S. Steel to generate annual free
cash flow of about $100 million on average.

Total Liquidity of $2.8 billion at March 31, 2015 compares with
2015 guidance of capital expenditure at $550 million, cash pension
and other benefits at $300 million, and Fitch estimated net
financial costs at $230 million.

At March 31, 2015, total debt/operating EBITDA was 2.6x. Fitch
expects leverage to pop over 4x in 2015 given near term pricing and
volume weakness but return to below 4x thereafter. Near-term
scheduled maturities of debt are $378 million in 2015; $45 million
in 2016; $500 million in 2017, $503 million in 2018 and $58 million
in 2019. The 2015 maturity includes the $316 million convertible
notes due in 2019. The Companies' Creditor Arrangement Act
(CCAA) filing by U.S. Steel Canada (USSC) on September 16, 2014 is
an event of default under the terms of the Province Note (C$150
million due 2015) loan agreement between USSC and the Province of
Ontario. Failure by USSC to pay the Province Note would constitute
an event of default under the indenture for the convertible notes
that would enable the trustee or the holders of not less than 25%
convertible notes to declare them immediately due and payable. The
notes are trading over par and Fitch does not expect these notes to
be put. The Province Note is not guaranteed by U.S. Steel.

FULL LIST OF RATING ACTIONS

-- Long-term IDR affirmed at 'BB-&';

-- Senior secured credit facility upgraded to 'BB+';
    and assigned a Recovery Rating of RR1;

-- Senior unsecured notes affirmed at &'BB-'; and assigned a
    Recovery Rating of RR4.


UNIVERSAL COOPERATIVES: Sept. 3 Plan Confirmation Hearing
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will convene
a hearing to consider confirmation of Universal Cooperatives, Inc.,
et al.'s Joint Plan of Liquidation on Sept. 3, 2015, at 10:30 a.m.
(ET), following approval of the disclosure statement explaining the
Plan on July 20.

The deadline to vote on the Plan and file objections to
confirmation of the Plan is Aug. 27, 2015, at 4:00 p.m. (ET).

The Modified Plan incorporates a settlement with the Pension
Benefit Guaranty Corporation.  The Plan Settlement Agreement
provides, among other terms, that on account of the PBGC Liens and
the Pension Claims for unpaid minimum funding contributions to the
Pension Plan, PBGC is allowed the PBGC Allowed Administrative Claim
in the amount of $1,084,101, which claim will be paid in full on or
prior to the Effective Date.  PBGC is also allowed the Allowed PBGC
GUC Claims in the amount of $14,277,666, which Claims are Allowed
against each Debtor.

The Plan, which is co-proposed by the Official Committee of
Unsecured Creditors, follows the sale of Bridon Cordage LLC's and
Heritage Trading Company, LLC's assets, as well as certain of
Universal's assets, to BCHU Acquisition LLC, for approximately
$22,460,000, and Universal's Eagen, Minnesota headquarters to
Gloria Real Estate Holdings for $3,800,000.

A full-text copy of the Approved Disclosure Statement dated April
21, 2015, is available at http://bankrupt.com/misc/UCIds0721.pdf

The Debtors are represented by Robert S. Brady, Esq., Andrew L.
Magaziner, Esq., and Travis G. Buchanan, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware; and Mark L.
Prager, Esq., Michael J. Small, Esq., and Emil P. Khatchatourian,
Esq., at Foley & Lardner LLP, in Chicago, Illinois.

                  About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its members
to procure, and/or manufacture, and distribute high quality
products at competitive prices. Universal has 14 voting members and
over 50 associate members.  

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
14-11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection
Alliance, LLC; Agrilon International, LLC; and zavalon, Inc.  UCI
do Brasil, a majority-owned subsidiary located in Brazil, is not a
debtor in the Chapter 11 cases.  

The cases are assigned to Judge Mary F. Walrath.  

Universal Cooperatives disclosed $12.09 million in assets and $29.3
million in liabilities as of the Chapter 11 filing.  

The Debtors have tapped Travis G. Buchanan, Esq., Robert S.
Brady, Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan,
Esq., at Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager,
Esq., Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at
Foley  & Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.  

Bank of America, N.A., as agent for the DIP Lenders, is represented
by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M.
Gartland, Esq., at Winston & Strawn, LLP.  

The United States Trustee for Region 3 appointed seven members
to the Official Committee of Unsecured Creditors, which is
represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and
Timothy R. Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland,
New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at  Venable LLP, in Wilmington, Delaware.


UTSTARCOM HOLDINGS: GHP Horwath Replaces PwC as Accountants
-----------------------------------------------------------
UTStarcom announced that it has dismissed PricewaterhouseCoopers
Zhong Tian LLP and appointed GHP Horwath, P.C. as the Company's
independent auditor effective July 21, 2015.  The Company's Audit
Committee and Board of Directors participated in and approved the
decision to change the Company's independent registered public
accounting firm.

During the two most recent fiscal years and through the date of
termination, there were no disagreements between the
Company and PwC on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure.

The Company said it will endeavor to work with GHP Horwath to
complete interim procedures in conjunction with the Company's
second quarter earnings announcement.  The Company is currently
working with PwC and GHP Horwath to ensure a smooth transition.

Mr. William Wong, UTStarcom's chief executive officer, commented,
"PwC has been the Company's auditor since its IPO in 2000.  We
would like to thank them for the quality service they have provided
and the professionalism they have demonstrated over many years.  We
look forward to working with GHP Horwath going forward and do
expect to effect a smooth transition with the assistance of both
firms."

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.

As of March 31, 2015, the Company had $258 million in total assets,
$150 million in total liabilities, and $108 million in total
equity.


VERMILLION INC: Jack Schuler Reports 18% Stake as of July 17
------------------------------------------------------------
Jack W. Schuler disclosed in an amended Schedule 13D filed with the
Securities and Exchange Commission that as of July 17, 2015, he
beneficially owned 9,499,679 shares of common stock of
Vermillion, Inc., which represents 18 percent of the shares
outstanding.

As of July 17, 2015, Jack W. Schuler Living Trust may be deemed to
beneficially own  2,826,650 common shares, representing 5.4 percent
of the shares outstanding.

As of July 17, 2015, George Schuler may be deemed to beneficially
own, in the aggregate 8,104,558, representing approximately 15.1%
of the Shares outstanding.  

Mr. Schuler serves as sole trustee to the Living Trust, a living
trust established by Mr. Schuler and organized under the laws of
the State of Illinois.  In that capacity, Mr. Schuler may be deemed
to beneficially own the shares held by the Living Trust.

As of July 17, 2015, each of the Tino Trust, Tanya Trust and
Therese Trust ceased to be the beneficial owner of more than 5% of
the Shares.

A copy of the regulatory filing is available for free at:

                        http://is.gd/Hr2GwG

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.2 million in 2014, a net loss
of $8.81 million in 2013 and a net loss of $7.14 million in 2012.

As of March 31, 2015, the Company had $18.67 million in total
assets, $3.48 million in total liabilities and $15.19 million in
total stockholders' equity.


VISION SOLUTIONS: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Vision Solutions, Inc.'s
("Vision") ratings, including its B2 Corporate Family Rating (CFR),
and revised its ratings outlook to negative, reflecting execution
risks related to Vision's ongoing efforts to stem declining
revenues and significant debt maturities in July 2016 that cannot
be funded with current balance sheet liquidity.

RATINGS RATIONALE

The B2 CFR reflects Vision's continued challenges with declining
license sales, particularly from the former Double-Take business.
At LTM April 30, 2015 leverage (Moody's adjusted) was approximately
5x which Moody's considers very high given the continued revenue
challenges. This is partially mitigated by the expectation that the
company will continue to produce healthy levels of free cash flow,
which combined with required debt amortization and excess cash flow
sweep requirements of the debt facilities, could drive
de-leveraging to under 5x over the next year. Vision also benefits
from a predictable maintenance revenue base and has a strong
position as a provider of sophisticated high availability, recovery
and related software for key IBM System i and Windows based server
platforms.

With regards to liquidity, at April 30, 2015 Vision had
approximately $15.0 million of cash and cash equivalents on hand
and Moody's expects free cash flow of about $20 million over the
next year. However, Vision's $15 million revolver is set to expire
on July 23, 2015, its $280 million senior secured first lien term
loan is set to expire on July 23, 2016 (of which about $185 million
is outstanding as of July 2015) and its $90 million second lien
credit facility expires on July 23, 2017. Accordingly, Moody's
expects Vision to refinance its credit facility over the coming
months.

The negative outlook reflects execution risks related to Vision's
ongoing efforts to stem declining revenues and significant debt
maturities in July 2016 that cannot be funded with current balance
sheet liquidity. Moody's expects the company to generate free cash
flow of $20 million over the next year while leverage declines to
under 5x.

The ratings could be downgraded if i) Vision fails to refinance its
secured credit facilities by October 31, 2015 ii) revenues continue
to decline meaningfully or iii) profitability or cash flow
generation erodes.

An upgrade is unlikely in the near term given the company's
persistent revenue declines and aggressive financial policies. Over
the medium term, the ratings could be raised if Vision shows
sustained improvement in revenues and EBITDA, successfully
refinances its pending debt maturities, and if leverage is expected
to be sustained at less than 4.0x.

Moody's has affirmed the following ratings:

Issuer: Vision Solutions, Inc.

Corporate Family Rating -- B2

Probability of Default Rating -- B2-PD

-- Senior Secured First Lien Revolving Credit Facility due July
    23, 2015 -- B1, LGD 3 (to be withdrawn upon expiration)

-- Senior Secured First Lien Term Loan Credit Facility due July
    23, 2016 -- B1, LGD 3

-- Senior Secured Second Lien Term Loan Credit Facility due July
    23, 2017 -- Caa1, LGD 5

Outlook Actions:

Outlook: Changed to Negative, from Stable

Vision Solutions, Inc., headquartered in Irvine, CA, is a provider
of recovery and related software for IBM Power Systems and Windows
based servers. Vision is majority owned and controlled by the
private equity firm, Thoma Bravo. The company had sales of
approximately $149.1 million for fiscal year ending October 31,
2014.



VISUALANT INC: Receives 9th Patent on ChromaID Technology
---------------------------------------------------------
Visualant, Inc., announced that it has received its ninth patent on
its ChromaID technology.

The newly issued patent describes a fluid sampling device that
simplifies spectral analysis to produce an accurate but inexpensive
chromatic fingerprint for fluid samples.  The use of the ChromaID
in identifying, authenticating and diagnosing fluids extends the
reach of the technology through its unique use of an array of
variable wavelength LED emitters and photodiode detectors to
measure the scattering of electromagnetic energy from a fluid.

The Visualant ChromaID technology as applied to identification,
authentication and diagnostics of fluids allows for a wide variety
of real-time real world applications.  They include, but are not
limited to:

* Determining if water is potable

* Looking for the presence of water in aviation jet fuel

* Checking for counterfeit fluids including olive oil, wine and
   spirits

* Confirming that the correct fluid is flowing through the IV
   drip line

* Identifying known contaminants in various fluids

* Determining if milk is spoiled

The patent issued by the United States Office of Patents and
Trademarks is US Patent No. 9,041,920 B2 and is entitled "Device
for Evaluation of Fluids using Electromagnetic Energy."

The prior patents issued to Visualant relate to its foundational
ChromaID technology and several applications thereof.  Visualant's
ChromaID technology was invented when Dr. Thomas Furness, a
professor at the University of Washington and pioneer in the field
of virtual reality, recognized that every material exhibited a
unique light signature when stimulated by visible and invisible
structured coherent light sources.

Ron Erickson, Visualant founder and CEO stated, "This latest patent
extends the reach of our intellectual property into the broad
category of fluids.  Large, important markets can be served by our
low cost, flexible ChromaID as applied to fluids.  We are already
in discussions with several potential partners regarding the
application of ChromaID to fluid analysis and identification. An
example is our recent announcement involving milk.  This new patent
further extends our portfolio, a core element of Visualant's asset
base.  We have a number of additional patents pending and expect to
continue to file new patents to extend the reach of our
intellectual property."

                        About Visualant Inc.

Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998.  The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.

Visualant reported a net loss of $1 million on $7.98 million of
revenue for the year ended Sept. 30, 2014, compared to a net loss
of $6.60 million on $8.57 million of revenue for the year ended
Sept. 30, 2013.

As of June 30, 2015, the Company had $2.6 million in total assets,
$5.6 million in total liabilities, all current, and a $3 million
total stockholders' deficit.

PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Sept. 30, 2014.  The independent auditors noted that
the Company has sustained a net loss from operations and has an
accumulated deficit since inception.  These factors, according to
the auditors, raise substantial doubt about the Company's ability
to continue as a going concern.


WAYNE COUNTY, MI: Moves Closer to State Oversight
-------------------------------------------------
The Associated Press reported that Michigan's most populous county
moved a step closer to state oversight on July 22 after Gov. Rick
Snyder determined that Wayne County -- which is home to the city of
Detroit -- is in a financial emergency.  Gov. Snyder's announcement
came a day after a state-appointed review team came to the same
conclusion, the report said.

                         *     *     *

The Troubled Company Reporter, on June 26, 2015, reported that
Moody's Investors Services has affirmed the Ba3 rating on the
general obligation limited tax (GOLT) debt of Wayne County, MI.
The county has a total of $654 million of long-term GOLT debt
outstanding, of which $336 million is rated by Moody's.  An
additional $144 million of short-term GOLT delinquent tax
anticipation notes (DTANs) are outstanding, with a sale for an
additional $186.9 million of short-term DTANs.

The TCR, on March 16, 2015, reported that Fitch Ratings has
downgraded the ratings for the following Wayne County, Michigan
bonds:

-- $186.3 million limited tax general obligation (LTGO) bonds
    issued by Wayne County to 'B' from 'BB-';

-- $51.3 million building authority (stadium) refunding bonds,
   series 2012 (Wayne County LTGO) issued by Detroit/Wayne County
   Stadium Authority to 'B' from 'BB-';

-- $203.5 million building authority bonds issued by Wayne County
   Building Authority to 'B' from 'BB-';

-- Wayne County unlimited tax general obligation (ULTGO) (implied)
   to 'B' from 'BB'.

On Feb. 10, 2015, the TCR reported that Moody's Investors Services
has downgraded to Ba3 from Baa3 the rating on the general
obligation limited tax (GOLT) debt of Wayne County, MI. The county
has a total of $695 million of long-term GOLT debt outstanding, of
which $336 million is rated by Moody's.  An additional $302
million
of short-term GOLT delinquent tax anticipation notes are
outstanding. The outlook remains negative.

The TCR, on Feb. 9, 2015, also reported that Fitch Ratings has
placed the following Wayne County ratings on Rating Watch
Negative:

  -- $190.9 million limited tax general obligation (LTGO) bonds
     issued by Wayne County 'BB-';

  -- $54.9 million building authority (stadium) refunding bonds,
     series 2012 (Wayne County LTGO) issued by Detroit/Wayne
     County Stadium Authority 'BB-';

  -- $207.2 million building authority bonds issued by Wayne
     County Building Authority 'BB-';

  -- Wayne County unlimited tax general obligation (ULTGO)
     (implied) 'BB'.


WOLVERINE WORLD: S&P Affirms 'BB' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned Rockford, Mich.-based
Wolverine World Wide Inc.'s new first-lien $500 million revolver
and $450 million first-lien term loan its 'BBB-' issue-level rating
and '1' recovery rating, indicating S&P's expectation of very high
recovery (90%-100%) in the event of a payment default.

The revolver terminates in five years and the term loan matures in
five years.  Terms and conditions are substantially similar to the
existing first-lien credit agreement.

All of S&P's ratings on the company, including the 'BB' corporate
credit rating and 'BBB-' first-lien debt rating, remain unchanged.
The recovery rating of '1' on the first-lien facilities is also
unchanged.  The outlook is stable.

The ratings on Wolverine World Wide reflect its consistent
operating performance, improving credit metrics from continuing
debt reduction, portfolio of well-known footwear brands, and solid
market position in the U.S. footwear market as well as its
participation in the highly competitive footwear industry.

RATINGS LIST

Wolverine World Wide Inc.
Corporate credit rating            BB/Stable/--

Ratings Assigned

Wolverine World Wide Inc.
Senior secured                     
  $500 mil. revolver                BBB-
   Recovery rating                  1
  $450 mil. 1st lien term ln        BBB-
   Recovery rating                  1


XINERGY LTD: Court Approves Hiring of Zolfo Cooper and CRO
----------------------------------------------------------
Xinergy Ltd. and its debtor-affiliates sought and obtained
permission from Hon. Paul M. Black of the U.S. Bankruptcy Court for
the Western District of Virginia to employ Zolfo Cooper Management,
LLC to provide interim management services and designate Sherman
Edmiston as chief restructuring officer, nunc pro tunc to June 15,
2015.

Mr. Edmiston will serve as the Debtors' CRO and Zolfo Cooper will
assign Associate Directors to perform other services as needed
pursuant to the services agreement between the Debtors, Zolfo
Cooper and Edmiston to provide interim management services dated
June 5, 2015 (the "Agreement"). Mr. Edmiston will lead the team
assigned by Zolfo Cooper to provide to the Debtors the services
specified in the Agreement. Zolfo Cooper, Mr. Edmiston and
Associate Directors will provide management services related to the
Debtors and prepare financial projections, projected cash flows and
capital needs analysis prior to and upon an exit from chapter 11,
and such other restructuring areas and issues as he may identify
and which are customarily performed by a chief  restructuring
officer, in consultation with and upon the consent of the Debtors'
chief executive officer and chief financial officer, and is such a
manner as he deems necessary or appropriate in his sole discretion
and manner consistent with the business judgment rule, as more
specifically set forth in the Agreement.

As set forth in the Agreement, Zolfo Cooper's, Mr. Edmiston's, and
the Associate Directors' compensation shall consist of the
following:

   (a) Standard Hourly Rates. Zolfo Cooper's fees for the services

       will be based on the hours charged at their standard hourly

       rates that are in effect when the services are rendered;
       Zolfo Cooper's rates generally are revised semiannually.
       The billing rates for professionals who may be assigned to
       this engagement in effect on the date of the Agreement, are

       as follows:

          Managing Directors     $775-$925
          Professional Staff     $265-$770
          Support Personnel      $60-$310
          Sherman Edmiston       $825

   (b) Expenses - Reimbursement of Mr. Edmiston, Associate
       Directors, and Zolfo Cooper's reasonable out-of-pocket
       expenses including, but not limited to, costs of travel,
       reproduction, legal counsel, any applicable state sales or
       excise tax, and other direct expenses.

Sherman Edmiston, managing director of Zolfo Cooper, 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.
Zolfo Cooper can be reached at:

       Elizabeth S. Kardos, Esq.
       ZOLFO COOPER MANAGEMENT, LLC
       101 Eisenhower Parkway, 3rd Floor
       Roseland, NJ 07068
       Tel: (212) 561-4045
       Fax: (212) 213-1749

                         About Xinergy Ltd.

Xinergy is a U.S. producer of metallurgical and thermal coal with
mineral reserves, mining operations and coal properties located in
the Central Appalachian ("CAPP") regions of West Virginia and
Virginia.  Xinergy's operations principally include two active
mining complexes known as South Fork and Raven Crest located in
Greenbrier and Boone Counties, West Virginia.  Xinergy also leases
or owns the mineral rights to properties located in Fayette,
Nicholas and Greenbrier Counties, West Virginia and Wise County,
Virginia. Collectively, Xinergy leases or owns mineral rights to
approximately 72,000 acres with proven and probable coal reserves
of approximately 77 million tons and additional estimated reserves
of 40 million tons.

Xinergy Ltd. and 25 subsidiaries commenced Chapter 11 bankruptcy
cases (Bankr. W.D. Va. Lead Case No. 15-70444) on April 6, 2015.
The cases have been assigned to Judge Paul M. Black.  The cases are
being jointly administered for procedural purposes.

Xinergy Ltd. disclosed $36,968,445 in assets and $215,000,000 in
liabilities as of the Chapter 11 filing.

The Debtors tapped Hunton & Williams LLP as attorneys; Global
Hunter Securities, as financial advisor, and American Legal Claims
Services, LLC as claims, noticing and balloting agent.

The U.S. Trustee appointed a two member official committee of
unsecured creditors.  The Committee tapped to retain McGuireWoods
LLP as lead counsel, and Whiteford, Taylor & Preston, LLP as its
local counsel.


Z'TEJAS SCOTTSDALE: Case Summary & 20 Top Unsecured Creditors
-------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

         Debtor                                 Case No.
         ------                                 --------
         Z'Tejas Scottsdale, LLC                15-09178
         6909 E. Greenway Parkway, Suite 195
         Scottsdale, AZ 85254

         Z'Tejas 6th Street, LLC                15-09180
         Z'Tejas Avery Ranch, LLC               15-09184
         Z'Tejas Bellevue, LLC                  15-09188
         Z'Tejas Bethany Home LLC               15-19193
         Z'Tejas Chandler, LLC                  15-19194
         Z'Tejas Costa Mesa, LLC                15-09195
         Z'Tejas GP, LLC                        15-09198
         Z'Tejas Grill Gateway, LLC             15-09200
         Z'Tejas Holdings, Inc.                 15-09201
         Z'Tejas, Inc.                          15-09203
         Z'Tejas La Cantera, LLC                15-09205
         Z'Tejas LP, LLC                        15-09207
         Z'Tejas of Arboretum, LLC              15-09208
         Z'Tejas Restaurant Holdings, LP        15-09210
         Z'Tejas Salt Lake City, LLC            15-09212
         Z'Tejas Summerlin, LLC                 15-09213
         Z'Tejas Tempe, LLC                     15-09214
         Taco Guild Osborn LLC                  15-09215

Type of Business: Restaurant Operator

Chapter 11 Petition Date: July 22, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Paul Sala

Debtors'          John W. Lucas, Esq.
General           Jason H. Rosell, Esq.
Counsel:          PACHULSKI STANG ZIEHL & JONES LLP
                  150 California Street, 15th Floor
                  San Francisco, CA 94111
                  Tel: (415) 263-7000
                  Fax: (415) 263-7010
                  Email: jlucas@pszjlaw.com
                         jrosell@pszjlaw.com

Debtors'          Randy Nussbaum, Esq.
Co-Counsel:       Dean M. Dinner, Esq.
                  John Parzych, Esq.
                  NUSSBAUM GILLIS & DINNER, P.C.
                  14850 N. Scottsdale Road, Suite 45O
                  Scottsdale, AZ 85254
                  Tel: 480-609-0011
                  Fax: 480-609-0016
                  Email: rnussbaum@ngdlaw.com
                         ddinner@ngdlaw.com
                         jparzych@ngdlaw.com

Debtors'          MASTODON VENTURES, INC.
Investment
Banker:

Z'Tejas Scottsdale's Estimated Assets: $0 to $50,000

Z'Tejas Scottsdale's Estimated Debts: $0 to $50,000

The petition was signed by Steven Micheletti, manager & president.

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
RPAI Southwest Management LLC           Rent             $686,517

Lynn K. Reissenweber
VP of Property Management
2021 South Spring Road Suite 200
Oak Brook, IL 60523

La Cantera Specialty Retail, LP         Rent             $370,715
Brian Schroeder
The Shops at La Cantera Phase II
General Manager
15900 La Cantera Parkway
Suite 6698
San Antonio, TX 78256

US Foodservice                        Trade Debt         $270,711
James T. Rimmer
National Accounts Credit Manager
9399 W Higgins Road
Suite 500
Rosemont, IL 60018

Wasserstrom Company                   Trade Debt         $268,207
Dan Miller
Senior Credit Analyst
477 S Front Street
Columbus, OH 43215

Grand Avenue Produce Co Inc.          Trade Debt          $54,128

Shea and Tatum Associates                Rent             $46,203

South Coast Plaza                        Rent             $45,427

Corvirtus Inc.                        Trade Debt          $39,104

Brothers Produce of Austin            Trade Debt          $33,016

ARC CafeUSA001 LLC                        Rent            $29,075

Lawton Commercial Service             Trade Debt          $21,666

Farmers Insurance Group               Insurance           $20,931

1110 W 6th Street Property               Rent             $19,404

Grant Thornton LLP                   Professional         $19,123
                                       Services

IMG College, LLC                      Trade Debt          $18,500

City of Austin Utilities               Utilities          $17,448

Hilltop-Scottsdale LLC                    Rent            $16,920

Pandora Media Inc.                    Trade Debt          $16,064

Minuteman Industries                  Professional        $14,469
DBA Minuteman Plumbing                  Services
and Drain Services

Merschman Legal Group, PLLC           Professional        $13,975
                                        Services


Z'TEJAS SCOTTSDALE: Section 341 Meeting Set for August 25
---------------------------------------------------------
A meeting of creditors in the bankruptcy case of Z'Tejas
Scottsdale, LLC will be held on Aug. 25, 2015, at 9:00 a.m. at US
Trustee Meeting Room, 230 N. First Avenue, Suite 102, in Phoenix,
Arizona.

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.

Scottsdale, Arizona-based Z'Tejas Scottsdale, LLC and 18 of its
affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Ariz.
Lead Case No. 15-09178) on July 22, 2015.  Steven Micheletti signed
the petitions as manager and president.  Nussbaum Gillis & Dinner,
P.C. serves as the Debtor's counsel.  Judge  Judge Paul Sala
presides over the cases.

The Debtors do business as "Z'Tejas" and "Z'Tejas Southwestern
Grill," and operate a full-service, casual dining restaurant
founded in 1989 by Larry Foels and Guy Villavso.  

The Debtors currently employ approximately 300 full time employees
and 425 part-time employees.  The Debtors' work-force is not
unionized.  The Debtors intend to utilize the Chapter 11 process to
facilitate a sale of their business operation as a going concern.


ZD LLC: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------
Debtor: ZD, LLC
        A Nevada Limited Liability Company
        P.O. Box 427
        Markleeville, CA 96120

Case No.: 15-51013

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 22, 2015

Court: United States Bankruptcy Court
       District of Nevada (Reno)

Judge: Hon. Bruce T. Beesley

Debtor's Counsel: Alan R Smith, Esq.
                  THE LAW OFFICES OF ALAN R. SMITH
                  505 Ridge St
                  Reno, NV 89501
                  Tel: (775) 786-4579
                  Email: mail@asmithlaw.com

Total Assets: $8 million

Total Liabilities: $4 million

The petition was signed by Tatiana Golovina, manager.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/nvb15-51013.pdf


ZOGENIX INC: Extends Term of Emery Lease to November 2022
---------------------------------------------------------
Zogenix, Inc., entered into a third amendment to office lease with
Emery Station Joint Venture, LLC, amending the Office Lease by and
between the Company and Emery Station dated Oct. 31, 2006.  The
Lease Amendment extends the term of the Original Lease to Nov. 30,
2022, and adds 9,916 rentable square feet to the Company's existing
12,118 rentable square feet in Emeryville, California.

The Lease Amendment is effective as of July 16, 2015, and Emery
Station will deliver possession of the new premises within 45 days
of that date.  Prior to Oct. 1, 2015, the monthly base rent for the
Company's existing premises remains unchanged.  Following
Oct. 1, 2015, the monthly base rent for the existing premises will
be $39,383.  The monthly base rent for the new premises will be
$32,227, provided that such rent for the new premises will be
abated for 60 days following the earlier of (a) the date the
Company occupies the new premises for the purpose of conducting
business and (b) the latter of (i) 21 days after Emery Station
delivers the new premises and (ii) Oct. 1, 2015.  The base rent for
both the existing premises and new premises will increase 3% on a
yearly basis throughout the term.

The Lease Amendment also contains an option for the Company to
expand its space leased from Emery Station under certain
conditions, as well as a renewal option for an additional five year
term upon the expiration date.

                        About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of March 31, 2015, the Company had $180 million in total assets,
$146 million in total liabilities, and $34.3 million in total
stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


[^] BOOK REVIEW: Lost Prophets -- An Insider's History
------------------------------------------------------
Author: Alfred L. Malabre, Jr.
Publisher: Beard Books
Softcover: 256 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at http://is.gd/KNTLyr

Alfred Malabre’s personal perspective on the U.S. economy over
the
past four decades is firmly grounded in his experience and
knowledge. Economics Editor of The Wall Street Journal from 1969
to 1993 and author of its weekly “Outlook” column, Malabre was
in
a singular position to follow the U.S. economy in recent decades,
have access to the major academic and political figures
responsible for economic affairs, and get behind the crucial
economic stories of the day. He brings to this critical overview
of the economy both a lively, often provocative, commentary on the
picture of the turns of the economy. To this he adds sharp
analysis and cogent explanation.

In general, Malabre does not put much stock in economists. “In
sum, the profession’s record in the half century since Keynes
and
White sat down at Bretton Woods [after World War II] provokes
dismay.” Following this sour note, he refers to the belief of a
noted fellow economist that the Nobel Prize in this field should
be discontinued. In doing so, he also points out that the Nobel
for economics was not one originally endowed by Alfred Nobel, but
was one added at a later date funded by the central bank of Sweden
apparently in an effort to give the profession of economists the
prestige and notice of medicine, science, literature and other
Nobel categories.

Malabre’s view of economists is widespread, although rarely
expressed in economic circles. It derives from the plain fact
that modern economists, even hugely influential ones such as John
Meynard Keynes, are wrong as many times as they are right. Their
economic theories have proved incomplete or shortsighted, if not
basically wrong-headed. For example, Malabre thinks of the
leading economist Milton Friedman and his “monetarist
colleagues”
as “super salespeople, successfully merchandising.an economic
medicine that promised far more than it could deliver” from
about
the 1960s through the Reagan years of the 1980s. But the author
not only cites how the economy has again and again disproved the
theories and exposed the irrelevance of wrong-headedness of the
policy recommendations of the most influential economists of the
day. Malabre also lays out abundant economic data and describes
contemporary marketplace and social activities to show how the
economy performs almost independently of the best analyses and
ideas of economists.

Malabre does not engage in his critiques of noted economists and
prevailing economic ideas of recent decades as an end in itself.
What emerges in all of his consistent, clear-eyed, unideological
analysis and commentary is his own broad, seasoned view of
economics-namely, the predominance of the business cycle. He
compares this with human nature, which is after all the substance
of economics often overlooked by professional and academic
economists with their focus on monetary policy, exchange rates,
inflation, and such. “The business cycle, like human nature, is
here to stay” is the lesson Malabre aims to impart to readers
interested in understanding the fundamental, abiding nature of
economics. In Lost Prophets, in language that is accessible and
jargon-free, this author, who has observed, written about, and
explained economics from all angles for several decades,
persuasively makes this point.

In addition to holding a top position at The Wall Street Journal,
Malabre is also the author of the books, Understanding the New
Economy and Beyond Our Means, which received the George S. Eccles
Prize from the Columbia Business School as the best economics book
of 1987.



                            *********

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
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The TCR subscription rate is $975 for 6 months delivered via
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firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***